OPAL Fuels(NASDAQ) OPAL

OPAL Fuels turns landfill and farm waste into renewable natural gas for trucks. It builds and operates fueling stations for fleets using cleaner fuels. Its services help trucking companies reduce diesel use and emissions.

Products and Services

• Fuel Station Services: Builds, operates, and maintains fueling stations for natural gas and hydrogen vehicles, mainly for commercial fleets.
• RNG Fuel (29.1%): Produces and sells renewable natural gas made from landfill and dairy waste, used as vehicle fuel.
• Renewable Power (9.4%): Generates and sells electricity from biogas, mainly to utilities, and sells related renewable energy credits.
• Environmental Attribute Management: Manages and sells credits like RINs and LCFS, which are government incentives for using cleaner fuels.
• Construction & Services: Designs and builds fueling stations for third parties and provides ongoing maintenance.

Growth and Expansion

• Expanded RNG production with five new projects under construction in 2025.
• Entered hydrogen fueling station design and construction in 2025.
• Formed long-term partnerships with landfill and dairy owners for gas rights, often over 20 years.
• Secured a $120 million preferred equity investment and $128.4 million term loan in March 2026.

What Makes OPAL Fuels Stand Out

OPAL Fuels controls the full process from waste capture to fuel delivery, keeping more value in-house. The company specializes in managing government credits, which are a major revenue source. Its long-term site agreements and in-house engineering support stable operations and project growth.

Five Things You Need to Know

• Total revenue was $349 million in FY 2025, up 16% from FY 2024.
• Fuel Station Services made up 61.5% of revenue in FY 2025.
• Net income was $36.4 million in FY 2025, up 154% from FY 2024, mainly due to tax benefits.
• Operating income fell 65% to $7.4 million in FY 2025, as costs rose faster than sales.
• Customer A accounted for 34% of total revenue in FY 2025, showing high customer concentration risk.

Bottom Line

OPAL Fuels has grown by expanding renewable gas projects and entering hydrogen fueling. Its integrated model and focus on environmental credits support its position in the clean fuel market.