OPAL Fuels (NASDAQ:OPAL) announced its fourth-quarter and full-year 2025 financial results on Monday, highlighting a year of robust operational growth and strategic capital management.
The White Plains, New York-based producer of renewable natural gas (RNG) reported full-year revenue of $349 million, representing a 16% increase compared to 2024, supported by higher production volumes and steady demand for low-carbon transportation fuels.
The company achieved a major milestone in profitability, reporting a full-year net income of $36.4 million, or $0.15 per diluted share.
This marks a sharp improvement from the $14.3 million reported in the previous year.
For the fourth quarter specifically, net income reached $16.2 million, swinging from a net loss of $5.4 million in the same period of 2024.
Adjusted EBITDA for the year remained stable at $90.2 million, bolstered by the successful sale of $42.9 million in Investment Tax Credits (ITCs) under the Inflation Reduction Act (IRA).
In tandem with its earnings, OPAL Fuels unveiled a significant recapitalization aimed at lowering its cost of capital.
In March 2026, the company closed a $180 million preferred stock facility with an affiliate of its majority shareholder, Fortistar.
At closing, $120 million was issued, with approximately $100 million immediately utilized to fully redeem high-cost Series A Preferred Units previously held by Mendocino Capital.
The remaining $60 million of the facility is available for future draw-downs to fund the company’s extensive pipeline of RNG projects currently under construction.
Operationally, the company continues to benefit from the vertical integration of its business, which spans from landfill gas capture to the distribution of fuel through its proprietary heavy-duty fueling stations.
Management noted that the successful monetization of the IRA tax credits and the new, more favorable financing terms position OPAL to accelerate its growth in the high-margin RNG market throughout 2026.