OPAL Fuels Inc.

Listed Company

OPALCIK 0001842279NasdaqEmerging GrowthGas & Other Services CombinedE9FY ends Dec 31

Period

FY 2025

Revenue

$348.98M

Net Income

$36.41M

Total Assets

$959.47M

Equity

$-12.93M

Shares Out

25.67M

Op. Cash Flow

$36.50M

Business

OPAL Fuels Inc. is a vertically integrated company that captures and converts biogas into low carbon intensity renewable natural gas (RNG) and Renewable Power and markets and distributes RNG to transportation and industrial customers. It produces pipeline‑quality RNG and Renewable Power, generates and monetizes environmental attributes (e.g., RINs, LCFS credits, RECs), and designs, constructs, operates and services Fueling Stations and related equipment, with emerging hydrogen fueling work. Its principal business segments are Biogas Conversion Projects and Fueling Stations/Dispensing and Monetization, plus Renewable Power. OPAL operates across the United States, serving heavy and medium‑duty trucking fleets, utilities, and environmental‑credit markets via pipeline injection and virtual pipeline transport.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	349	300	256	236	166
Project development and start up costs	15	19	5	6	—
Selling, general and administrative	64	53	51	51	29
Depreciation, amortization, and accretion	22	18	15	13	11
Impairment loss	0	2	0	—	—
Income from equity method investments	−3	−13	−6	−6	2
Total operating expenses	342	279	249	228	155
Operating income	7	21	7	8	11
Interest and financing expense	−28	−22	—	—	—
Interest income	1	2	—	—	—
Other income	3	4	—	—	—
Total other expenses	−24	−16	—	—	—
Net (loss) income before income tax benefit	−16	5	127	33	41
Income tax benefit	53	9	0	0	0
Net income	36	14	127	33	41
Net income attributable to redeemable non-controlling interest	21	3	97	22	41
Net income attributable to non-redeemable non-controlling interest	330,000	443,000	−349,000	−1	−804,000
Dividends on redeemable preferred non-controlling interests	10	10	11	8	210,000
Net income attributable to Class A common stockholders	4	561,000	19	3	0
Basic (in shares)	28	28	27	26	0
Diluted (in shares)	29	28	27	26	0
Basic (in dollars per share)	0.15	0.02	0.7	0.13	0
Diluted (in dollars per share)	0.15	0.02	0.69	0.12	0

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	24	24	38	40	39
Accounts receivable, net of allowance of $469 and $, respectively (2)	62	47	28	31	25
Restricted cash - current	1	972,000	4	32	0
Contract assets	8	11	7	10	8
Parts inventory	11	10	10	7	5
Prepaid expense and other current assets	16	24	6	8	5
Total current assets	123	117	128	212	87
Property, plant, and equipment, net	496	458	339	297	170
Investments in other entities	231	224	207	52	47
Net investment in sales-type lease	8	0	—	—	—
Restricted cash - non-current	3	2	4	4	3
Goodwill	55	55	55	55	55
Other long-term assets	44	26	1	1	489,000
Total assets	959	881	755	645	381
Accounts payable	19	17	—	23	13
Contract liabilities	6	9	6	8	10
Loan, current portion	15	13	2	380,000	756,000
Accrued expenses and other current liabilities	64	65	10	10	7
Total current liabilities	104	104	74	153	142
Loan, net of debt issuance costs	337	285	20	22	16
Other long-term liabilities	20	27	8	825,000	5
Total liabilities	462	416	297	267	286
Commitments and contingencies Note 15	—	—	—	—	—
Accumulated deficit	−1	−137	−467	−801	0
Accumulated other comprehensive (loss) income	−26,000	152,000	−15,000	195,000	0
Class A common stock in treasury, at cost; 1,635,783 shares as of December 31, 2025 and 2024	−12	−12	−12	0	—
Total stockholders' deficit attributable to the Company	−13	−148	−479	−801	14,000
Non-redeemable non-controlling interests	3	618,000	955,000	26	1
Total stockholders' deficit	−10	−148	−478	−774	1
Total liabilities, redeemable preferred, redeemable non-controlling interests and stockholders' deficit	959	881	755	645	381

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	6	6	6	1	639,000
Allowance for accounts receivable	2	85,000	—	499,000	0
Assets' impairment	0	2	—	—	—
Reduction of carrying amount of operating lease right-of-use assets	771,000	679,000	643,000	770,000	0
Distributions from return on investments in other entities	6	14	12	0	—
Deferred income taxes	−16	0	—	—	—
Amortization of deferred financing costs	2	1	—	2	1
Gain on dispositions	−4	−321,000	—	—	—
Paid-in-kind interest income	−193,000	−207,000	−360,000	−286,000	−406,000
Change in fair value of derivative financial instruments	−2	−892,000	−270,000	4	−645,000
Accounts receivable	−20	−301,000	3	−6	−3
Parts inventory	−670,000	−103,000	−3	−2	−899,000
Prepaid expenses and other current and long-term assets	11	−19	2	−3	−3
Accounts payable	2	3	7	10	3
Accrued expenses and other current and non-current liabilities	−7	5	3	3	−1
Net cash provided by operating activities	36	31	38	−1	19
Purchase of property, plant, and equipment	−71	−127	−114	−131	−90
Proceeds from sale of short-term investments	0	10	55	−65	—
Distributions from return of investments in other entities	11	4	5	2	4
Cash paid, related to investments in other entities	−22	−22	—	−597,000	−2
Cash received from (paid for) note receivable	1	−750,000	—	—	—
Proceeds from disposal of property, plant and equipment	3	828,000	0	—	—
Net cash used in investing activities	−77	−135	−74	−184	−117
Proceeds from loans	70	100	197	40	75
Repayment of loans	−17	−2	−76,000	−202,000	−194,000
Financing costs paid to other third parties	−1	−629,000	−10	−8	−4
Proceeds from issuance of shares of Class A common stock under the ATM program, net	0	170,000	366,000	0	—
Repayment of principal portion of finance lease liabilities	−1	0	−993,000	0	—
Payment of preferred dividends	−10	−13	−17	0	—
Distribution to non-redeemable non-controlling interest	−150,000	−703,000	−333,000	0	—
Cash paid for income taxes related to net share settlement of equity awards	−391,000	−627,000	−896,000	0	—
Capital contribution from non-redeemable non-controlling interests	2	0	—	0	21
Net cash provided by financing activities	42	84	6	221	125
Net increase (decrease) in cash, restricted cash, and cash equivalents	738,000	−20	—	—	—
Interest paid, net of $2,531 and $3,212 capitalized, respectively	28	23	7	7	4
Lease liabilities arising from obtaining right-of-use assets	2	2	9	801,000	0
Purchase of property, plant and equipment included in accrued expenses and other current liabilities	25	23	15	12	6

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro