By IPO Edge Editorial Staff
OPAL Fuels Inc. (Nasdaq: OPAL), a producer and distributor of renewable natural gas (RNG), posted a surge in third-quarter revenue and issued full-year guidance.
Revenue for the three months ended September 30 totaled $66.6 million, up 41% from last year. Adjusted EBITDA, meanwhile, was $25.5 million, up 130%.
For the full year, the company expects adjusted Ebitda to range between $60.0 million and $63.0 million. RNG production for the full year is anticipated to range between 2.2 million MMBtu and 2.3 million MMBtu.
Adam Comora, Co-CEO of OPAL Fuels, commented, “We are pleased to report our third quarter earnings. First, and most importantly we continue to execute on our strategic goals and operational priorities. As of today, six RNG projects are in operation and seven are in construction. These construction projects are expected to come online throughout 2023 and into 2024. Second, we are on a solid trajectory towards realizing the significant long-term earnings power of our company. We also continue to grow our development portfolio adding to our pipeline of future RNG projects further supporting our long-term growth.”
Jonathan Maurer, Co-CEO of OPAL Fuels, stated, “The passage of the Inflation Reduction Act and recent industry consolidation are clear endorsements of the RNG industry and the strength of our integrated business model. Over OPAL Fuels’ long operating history in this sector, never has a period of positive momentum existed like the present. Our portfolio of RNG projects combined with our integrated downstream operations enable us to offer a differentiated value proposition that resonates with our customers and partners.”
OPAL Fuels went public in July after completing a merger with ArcLight Clean Transition Corp. II.