Filing Flows › Opal Fuels (OPAL) › Q2 2025
Opal Fuels (OPAL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Opal Fuels (OPAL) reported revenue of $80.5M for the second quarter 2025 (Q2 2025), +13% from a year earlier and -6% from the quarter before. Operating margin was -1.0%, net earnings $7.6M (9.4% of revenue).
Opal Fuels, Q2 2025: revenue $80.5M (+13% year over year), operating margin -1.0%, net earnings $7.6M, operating cash flow −$7.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $80.5M | -6% | +13% |
| Operating profit | −$827K | — | — |
| Net earnings | $7.6M | +489% | — |
| Operating cash flow | −$7.9M | -127% | — |
What changed
Revenue was $80.5M in Q2 2025, up 13% year over year and down 6% from the previous quarter. Fuel Station Services was the largest line at 58% of revenue. Fuel Station Services added $7.8M year over year (up 20%), 82% of the total change. Renewable Power Segment declined 32%.
Operating costs exceeded revenue by $827K, an operating margin of -1.0%. Total costs grew 25% against revenue growth of 13%. The fastest-growing cost line was SG&A (+27%). Net earnings were $800K.
Operating cash flow was −$7.9M. Non-cash charges added back $5.3M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $22.9M. Capital expenditures of $21.8M exceeded it, leaving free cash flow of −$29.7M.
Questions
What was Opal Fuels' revenue in the second quarter 2025?
Opal Fuels (OPAL) reported revenue of $80.5M for the second quarter 2025 (Q2 2025), +13% from a year earlier and -6% from the quarter before.
Was Opal Fuels profitable in the second quarter 2025?
Operating loss was $827K (-1.0% of revenue) and net earnings $7.6M.
Source: Opal Fuels 10-Q on SEC EDGAR.