Opal Fuels director steps down ahead of annual meeting

Opal Fuels Inc. (NASDAQ:OPAL), a company specializing in gas and other services combined with annual revenue of nearly $300 million, announced today that board member Kevin Fogarty will not seek re-election at the upcoming 2025 Annual Meeting of Stockholders. His decision to leave the board was not due to disagreements with the company’s operations, policies, or practices. According to InvestingPro data, the company’s net income is expected to grow this year.

Fogarty, who has been with the company for an unspecified tenure, will continue his duties until the annual meeting. The board expressed gratitude for his service and commitment during his time with Opal Fuels. The announcement comes as the company, currently valued at $48.6 million, prepares for its next earnings release on May 8, 2025.

The announcement, filed with the Securities and Exchange Commission (SEC) on Friday, April 25, 2025, did not specify the reasons for Fogarty’s departure beyond stating that it was not related to any dispute. The company’s filing also did not indicate a successor or any changes to the board’s composition following Fogarty’s departure. The news comes during a challenging period for the company, with its stock down approximately 68% over the past year. For deeper insights into OPAL’s performance and outlook, investors can access comprehensive analysis through InvestingPro, which offers exclusive financial metrics and 12 additional ProTips.

Opal Fuels, previously known as ArcLight Clean Transition Corp. II, has its principal executive offices in White Plains, New York. The company’s Class A common stock is listed on The Nasdaq Stock Market under the ticker OPAL.

This report is based on a press release statement and provides investors and the public with information about changes in the company’s leadership as required by the SEC.

In other recent news, Opal Fuels Inc. reported its fourth quarter 2024 financial results, revealing a net loss of $5.4 million and revenue of $80.02 million, both falling short of analyst expectations. The company’s earnings per share (EPS) was reported at -$0.05, significantly missing the forecasted $0.18, while revenue was also below the anticipated $91.24 million. The company attributed these results to the timing and pricing of environmental credit sales. Despite the financial setbacks, Opal Fuels expanded its renewable natural gas (RNG) projects from 2 to 11 in 2024, increasing its annual design capacity significantly. Looking forward, the company has provided guidance for 2025, projecting an adjusted EBITDA between $90 million and $110 million, with expectations for RNG production to grow to between 5,000,000 and 5,400,000 MMBtus. In a separate development, Fortistar LLC, a major shareholder of Opal Fuels, converted 50 million Class D shares into Class B shares, reducing its voting power. This strategic move aims to support the inclusion of Opal Fuels’ Class A common stock in various stock market indices, though the company noted that such inclusion is not guaranteed.

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