Opal Fuels Inc. ( (OPAL) ) has released its Q3 earnings. Here is a breakdown of the information Opal Fuels Inc. presented to its investors.
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Opal Fuels Inc., a company operating in the renewable energy sector, specializes in converting biogas into renewable natural gas (RNG) and renewable power, with a focus on the heavy-duty trucking and industrial sectors.
In its latest earnings report for the third quarter of 2024, Opal Fuels highlighted strong financial performance and strategic advancements in its renewable natural gas projects. The company has successfully brought multiple RNG facilities online and is on track to meet its annual guidance.
Key financial metrics include a revenue increase of 18% for the third quarter, reaching $84 million, and a 30% rise for the nine months ending September, totaling $219.9 million. Net income for the quarter was $17.1 million, a significant improvement from $0.2 million the previous year, with adjusted EBITDA growing to $31.1 million from $16.5 million. Operationally, the company has expanded its RNG production and sales, with notable projects commencing operations in recent months.
Looking ahead, Opal Fuels maintains a positive outlook, driven by its vertically integrated business model and favorable market conditions for biogas capture and utilization. The company continues to focus on executing its strategic objectives and advancing its construction projects to enhance capacity and performance.
