OPAL Fuels (US:OPAL)2025-11-07 16:00Financial Performance - The company reported an Adjusted EBITDA of $19.5 million for the third quarter of 2025, while RNG production reached 1.3 million MMBtu[13] - Third quarter 2025 RNG production increased by 30% compared to the third quarter of 2024[14] - The company's liquidity as of September 30, 2025, was $183.8 million, including $138.4 million of unused capacity under a senior secured credit facility, $15.5 million of unused capacity under the associated revolver, and $29.9 million in cash and cash equivalents[19] - Full year 2025 Adjusted EBITDA is projected to range between $90 million and $110 million[55] Factors Affecting Performance - Third quarter 2025 Adjusted EBITDA was 37% lower compared to the third quarter of 2024, primarily due to lower RIN prices and the expiration of the ISSC pathway[14] - Fuel Station Services (FSS) Adjusted EBITDA was 4% lower compared to the third quarter of 2024 due to lower RIN prices[14] - The company anticipates putting approximately 2.0 million annual MMBtu of RNG annual design capacity into construction in 2025[55] Business Segments - The company currently has 12 operating RNG assets with a design capacity of 9.1 million RNG MMBtu annually[35] - Fuel Station Services (FSS) segment revenue increased from $50 million in 2021 to $167 million in 2024[45] - The company projects 30%-50% Adjusted EBITDA growth from the Fuel Station Services segment in 2025 compared to 2024[55]