OPAL Fuels Inc. Reports Q3 2025 Earnings: RNG Growth Amid Revenue Decline

OPAL Fuels Inc. (NASDAQ: OPAL) saw its shares drop 6.48% to $2.02 despite reporting a 30% year-over-year surge in renewable natural gas (RNG) production. Revenue for Q3 2025 fell 1% to $83.4 million, while net income declined to $11.4 million from $17.1 million in the same period last year. Adjusted EBITDA also softened to $19.5 million, down from $31.1 million in Q3 2024.

Co-CEO Adam Comora highlighted sequential RNG production growth of 8% and the recent operational launch of the Atlantic RNG Project, which adds approximately 0.3 million metric tons of capacity. Construction has begun on the CMS RNG Project in North Carolina, signaling continued expansion efforts.

Management reaffirmed full-year guidance, suggesting confidence in meeting 2025 targets despite near-term headwinds. The market's negative reaction contrasts with the company's operational progress, indicating potential undervaluation of its RNG growth trajectory.