OPAL Fuels Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), OPAL Fuels Inc reported revenue of $349.0M (+16.3% year on year) and net income of $36.4M (+154.2% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenues | $349.0M | $300.0M | $256.1M | $235.5M |
| Cost of sales | $242.8M | $199.9M | $183.9M | $172.0M |
| Project development and start up costs | $14.9M | $19.1M | $4.9M | — |
| Selling, general and administrative | $64.0M | $53.1M | $51.3M | $48.6M |
| Depreciation, amortization, and accretion | $22.5M | $17.9M | $14.6M | $13.1M |
| Impairment loss | $0 | $2.0M | — | — |
| Income from equity method investments | ($2.6M) | ($13.2M) | ($5.5M) | $5.8M |
| Total operating expenses | $341.6M | $278.8M | $249.1M | $233.8M |
| Operating income | $7.4M | $21.2M | $7.0M | $1.8M |
| Interest and financing expense | ($27.5M) | — | — | — |
| Interest income | $1.2M | — | — | — |
| Other income | $2.5M | $2.2M | $124.5M | $1.9M |
| Total other expenses | ($23.7M) | — | — | — |
| Net (loss) income before income tax benefit | ($16.3M) | $5.4M | $127.0M | $32.6M |
| Income tax benefit | $52.7M | $8.9M | $0 | $0 |
| Net income | $36.4M | $14.3M | $127.0M | $32.6M |
| Net income attributable to redeemable non-controlling interest | $21.3M | $2.9M | $97.4M | $22.4M |
| Net income attributable to non-redeemable non-controlling interest | $330.0K | $443.0K | ($349.0K) | ($1.2M) |
| Dividends on redeemable preferred non-controlling interests | $10.5M | $10.5M | $11.0M | $7.9M |
| Net income attributable to Class A common stockholders | $4.3M | $561.0K | $18.9M | $3.4M |
| Basic (in shares) | 28.1M | 27.6M | 27.1M | 25.8M |
| Diluted (in shares) | 29.3M | 27.7M | 27.5M | 26.1M |
| Basic (in dollars per share) | $0.15 | $0.02 | $0.70 | $0.13 |
| Diluted (in dollars per share) | $0.15 | $0.02 | $0.69 | $0.12 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenues | $83.4M | $73.4M | $83.4M | $80.5M |
| Cost of sales | $58.9M | $53.8M | $57.9M | $57.0M |
| Project development and startup costs | $3.3M | $1.8M | $2.5M | $3.5M |
| Selling, general and administrative | $14.3M | $15.2M | $14.4M | $17.5M |
| Depreciation, amortization, and accretion | $5.2M | $5.6M | $5.6M | $5.3M |
| Impairment loss | $4.1M | — | — | — |
| Loss (income) from equity method investments | $597.0K | $1.8M | ($637.0K) | ($2.0M) |
| Total operating expenses | $86.4M | $78.2M | $79.8M | $81.3M |
| Operating loss | ($3.0M) | ($4.8M) | $3.6M | ($827.0K) |
| Interest and financing expense | ($8.6M) | ($6.6M) | — | — |
| Interest income | $2.1M | $760.0K | — | — |
| Other income, net | $672.0K | ($575.0K) | — | — |
| Total other expenses | ($5.9M) | ($6.5M) | ($6.8M) | ($5.3M) |
| Net loss before income tax benefit | ($8.9M) | ($11.3M) | ($3.2M) | ($6.1M) |
| Income tax benefit | $4.7M | $5.7M | $14.6M | — |
| Net (loss) income | ($4.1M) | ($5.6M) | $11.4M | $7.6M |
| Net (loss) income attributable to redeemable non-controlling interest | ($7.1M) | ($12.6M) | $7.2M | $4.0M |
| Net income attributable to non-redeemable non-controlling interest | $137.0K | $82.0K | $93.0K | $160.0K |
| Accretion of the redeemable preferred non-controlling interest to its redemption amount | $4.4M | $9.5M | — | — |
| Net (loss) income attributable to Class A common stockholders | ($1.5M) | ($2.6M) | $1.4M | $800.0K |
| Basic (in shares) | 29.6M | 28.3M | 28.3M | 28.3M |
| Diluted (in shares) | 29.6M | 28.3M | 29.6M | 29.2M |
| Basic (in dollars per share) | -$0.05 | -$0.09 | $0.05 | $0.03 |
| Diluted (in dollars per share) | -$0.05 | -$0.09 | $0.05 | $0.03 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $24.4M | $24.3M | $38.3M | $40.4M |
| Accounts receivable, net of allowance of $469 and $—, respectively (2) | $61.8M | $46.5M | $27.6M | $31.1M |
| Restricted cash - current | $1.2M | $972.0K | $4.4M | $32.4M |
| Contract assets | $8.3M | $11.1M | $6.8M | $9.8M |
| Parts inventory | $11.0M | $10.3M | $10.2M | $7.3M |
| Prepaid expense and other current assets | $16.0M | $11.1M | $6.0M | $7.6M |
| Total current assets | $122.7M | $117.2M | $128.1M | $212.0M |
| Property, plant, and equipment, net | $495.6M | $458.3M | $339.5M | $297.3M |
| Investments in other entities | $231.2M | $223.6M | $207.1M | $51.8M |
| Net investment in sales-type lease | $8.2M | — | — | — |
| Restricted cash - non-current | $2.7M | $3.9M | $4.5M | $4.4M |
| Goodwill | $54.6M | $54.6M | $54.6M | $54.6M |
| Other long-term assets | $44.4M | $2.1M | $1.2M | $1.5M |
| Total assets | $959.5M | $881.1M | $754.6M | $644.9M |
| Accounts payable | $19.0M | $24.4M | $20.9M | $22.7M |
| Contract liabilities | $6.3M | $9.3M | $6.3M | $8.0M |
| Loan, current portion | $15.1M | $1.8M | $1.6M | $380.0K |
| Accrued expenses and other current liabilities | $63.9M | $9.5M | $14.2M | $9.6M |
| Total current liabilities | $104.2M | $103.6M | $76.4M | $152.9M |
| Loan, net of debt issuance costs | $337.1M | $18.4M | $20.0M | $21.7M |
| Other long-term liabilities | $20.4M | $9.8M | $7.6M | $825.0K |
| Total liabilities | $461.7M | $416.0M | $297.1M | $267.0M |
| Redeemable non-controlling interests | $507.9M | $612.9M | $935.3M | $1.2B |
| Common stock | $17.0K | $17.0K | $17.0K | $17.0K |
| Accumulated deficit | ($1.3M) | ($137.0M) | ($467.2M) | ($800.8M) |
| Accumulated other comprehensive (loss) income | ($26.0K) | $152.0K | ($15.0K) | $195.0K |
| Class A common stock in treasury, at cost; 1,635,783 shares as of December 31, 2025 and 2024 | -11.6M | -11.6M | -11.6M | — |
| Total stockholders' deficit attributable to the Company | ($12.9M) | ($148.4M) | ($478.8M) | ($800.6M) |
| Non-redeemable non-controlling interests | $2.8M | $618.0K | $955.0K | $26.4M |
| Total stockholders' deficit | ($10.1M) | ($147.8M) | ($477.9M) | ($774.2M) |
| Total liabilities, redeemable preferred, redeemable non-controlling interests and stockholders' deficit | $959.5M | $881.1M | $754.6M | $644.9M |
| Common stock, par value (in dollars per share) | $0.00 | — | — | — |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $91.4M | $133.2M | $29.9M | $29.3M |
| Accounts receivable, net of allowances of $806 and $469, respectively | $37.5M | $42.6M | $31.1M | $29.1M |
| Restricted cash - current | $915.0K | $926.0K | $1.1M | $979.0K |
| Contract assets | $6.6M | $6.8M | $12.6M | $10.6M |
| Parts inventory | $12.6M | $12.2M | $12.1M | $13.0M |
| Prepaid expense and other current assets | $14.3M | $17.6M | $11.0M | $11.8M |
| Total current assets | $163.3M | $213.4M | $122.8M | $123.5M |
| Property, plant, and equipment, net | $525.8M | $512.5M | $484.4M | $477.1M |
| Investments in other entities | $234.3M | $224.3M | $227.5M | $224.6M |
| Net investment in sales-type lease | $10.6M | $10.7M | — | — |
| Restricted cash - non-current | $2.9M | $2.8M | $3.3M | $3.3M |
| Goodwill | $54.6M | $54.6M | $54.6M | $54.6M |
| Other long-term assets | $48.7M | $42.3M | $24.2M | $22.5M |
| Total assets | $1.0B | $1.1B | $916.7M | $905.5M |
| Accounts payable | $13.1M | $9.6M | $22.7M | $27.9M |
| Contract liabilities | $3.1M | $5.1M | $8.4M | $8.6M |
| Loan, current portion | $18.9M | $19.5M | $9.3M | $6.2M |
| Accrued expenses and other current liabilities | $54.8M | $62.9M | $14.9M | $13.0M |
| Total current liabilities | $89.9M | $97.1M | $83.5M | $98.2M |
| Loans, net of debt issuance costs | $412.8M | $427.7M | $17.1M | $17.5M |
| Other long-term liabilities | $21.2M | $23.9M | $8.2M | $8.8M |
| Total liabilities | $523.9M | $548.7M | $434.0M | $432.3M |
| Redeemable non-controlling interests | $478.5M | $493.5M | $472.5M | $495.5M |
| Common stock | $17.0K | $17.0K | $17.0K | $17.0K |
| Retained earnings (accumulated deficit) | $37.5M | $19.6M | $19.1M | ($13.4M) |
| Accumulated other comprehensive income (loss) | $416.0K | $184.0K | ($12.0K) | $2.0K |
| Class A common stock in treasury, at cost; 1,635,783 as of June 30, 2026 and December 31, 2025 | ($11.6M) | ($11.6M) | ($11.6M) | ($11.6M) |
| Total stockholders' equity (deficit) attributable to the Company | $26.4M | $8.2M | $7.5M | ($25.0M) |
| Non-redeemable non-controlling interests | $11.5M | $10.2M | $2.8M | $2.7M |
| Total stockholders' equity (deficit) | $37.9M | $18.4M | $10.3M | ($22.3M) |
| Total liabilities, redeemable preferred, redeemable non-controlling interests and stockholders' equity (deficit) | $1.0B | $1.1B | $916.7M | $905.5M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $36.4M | $14.3M | $127.0M | $32.6M |
| Depreciation, amortization, and accretion | $22.5M | — | — | — |
| Stock-based compensation | $6.5M | $6.5M | $5.9M | $1.5M |
| Allowance for accounts receivable | $2.5M | — | — | $499.0K |
| Assets' impairment | $0 | — | — | — |
| Reduction of carrying amount of operating lease right-of-use assets | $771.0K | $679.0K | $643.0K | $770.0K |
| Income from investments in other entities | ($2.6M) | ($13.2M) | ($5.5M) | ($5.8M) |
| Distributions from return on investments in other entities | $5.6M | $14.3M | $12.2M | — |
| Deferred income taxes | ($16.5M) | — | — | — |
| Amortization of deferred financing costs | $1.9M | $1.1M | $1.7M | $1.9M |
| Gain on dispositions | ($3.6M) | — | — | — |
| Paid-in-kind interest income | ($193.0K) | ($207.0K) | ($360.0K) | ($286.0K) |
| Change in fair value of derivative financial instruments | ($2.4M) | $0 | ($270.0K) | $3.9M |
| Accounts receivable | ($19.8M) | ($4.5M) | $2.9M | ($6.2M) |
| Parts inventory | ($670.0K) | ($103.0K) | ($2.9M) | ($2.2M) |
| Prepaid expenses and other current and long-term assets | $11.3M | ($5.3M) | $2.2M | ($3.1M) |
| Accounts payable | $1.9M | $2.5M | $6.7M | $10.1M |
| Accrued expenses and other current and non-current liabilities | ($7.1M) | $75.0K | $3.3M | $3.2M |
| Net cash provided by operating activities | $36.5M | $33.0M | $38.3M | ($1.4M) |
| Purchase of property, plant, and equipment | ($70.7M) | ($127.2M) | ($113.8M) | ($131.4M) |
| Proceeds from sale of short-term investments | $0 | $9.9M | $55.1M | — |
| Distributions from return of investments in other entities | $11.4M | $4.3M | $4.8M | $2.1M |
| Cash paid, related to investments in other entities | ($22.4M) | — | — | ($597.0K) |
| Cash received from (paid for) note receivable | $1.4M | — | — | — |
| Proceeds from disposal of property, plant and equipment | $3.0M | $828.0K | — | — |
| Net cash used in investing activities | ($77.3M) | ($134.6M) | ($74.1M) | ($184.0M) |
| Proceeds from loans | $70.0M | $100.0M | $196.6M | $40.0M |
| Repayment of loans | ($17.0M) | $0 | ($76.0K) | ($202.0K) |
| Financing costs paid to other third parties | ($1.3M) | ($629.0K) | ($10.3M) | ($8.3M) |
| Proceeds from issuance of shares of Class A common stock under the ATM program, net | 0 | 170.0K | 366.0K | — |
| Repayment of principal portion of finance lease liabilities | ($1.2M) | $0 | ($993.0K) | — |
| Payment of preferred dividends | ($10.5M) | ($13.1M) | ($16.5M) | — |
| Distribution to non-redeemable non-controlling interest | ($150.0K) | ($703.0K) | ($333.0K) | — |
| Cash paid for income taxes related to net share settlement of equity awards | ($391.0K) | ($627.0K) | ($896.0K) | — |
| Capital contribution from non-redeemable non-controlling interests | $2.0M | — | — | $0 |
| Net cash provided by financing activities | $41.6M | $83.5M | $5.9M | $220.6M |
| Net increase (decrease) in cash, restricted cash, and cash equivalents | $738.0K | — | — | — |
| Cash, restricted cash, and cash equivalents, beginning of period | $27.6M | $47.2M | $77.2M | $42.1M |
| Cash, restricted cash, and cash equivalents, end of period | $28.3M | $29.2M | $47.2M | $77.2M |
| Interest paid, net of $2,531 and $3,212 capitalized, respectively | $27.8M | $22.9M | $6.9M | $7.0M |
| Lease liabilities arising from obtaining right-of-use assets | $1.5M | $2.4M | $9.0M | $801.0K |
| Purchase of property, plant and equipment included in accrued expenses and other current liabilities | $24.6M | $23.2M | $15.1M | $11.9M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net (loss) income | ($9.7M) | ($5.6M) | $20.2M | $8.8M |
| Depreciation, amortization, and accretion | $10.8M | $5.6M | $16.8M | — |
| Stock-based compensation | $4.1M | $2.1M | $4.9M | $4.0M |
| Allowance for accounts receivable | $571.0K | $337.0K | $2.5M | — |
| Assets' impairment | $4.1M | — | — | — |
| (Loss) income from investments in other entities | $2.4M | $1.8M | ($1.9M) | ($1.2M) |
| Distributions from return on investments in other entities | $669.0K | $414.0K | $8.1M | $2.6M |
| Deferred income taxes | ($10.6M) | ($5.7M) | — | — |
| Other | $1.2M | ($448.0K) | — | — |
| Accounts receivable | $23.7M | $18.9M | ($3.5M) | $474.0K |
| Parts inventory | ($1.6M) | ($1.2M) | ($1.8M) | ($2.7M) |
| Prepaid expenses and other current and long-term assets | $10.8M | $8.8M | $8.6M | $7.8M |
| Accounts payable | ($5.0M) | ($9.1M) | ($1.1M) | $3.2M |
| Accrued expenses and other current and non-current liabilities | ($7.8M) | ($2.9M) | ($468.0K) | ($2.2M) |
| Net cash provided by operating activities | $23.7M | $12.9M | $40.0M | $21.8M |
| Purchase of property, plant, and equipment | ($52.7M) | ($24.4M) | ($60.9M) | ($33.4M) |
| Distributions from return of investments in other entities | $7.0M | $6.0M | $6.2M | $9.1M |
| Cash paid, related to investments in other entities | ($13.5M) | ($978.0K) | ($16.7M) | ($11.7M) |
| Proceeds from disposal of property, plant and equipment | $700.0K | — | — | — |
| Net cash used in investing activities | ($58.5M) | ($19.4M) | ($69.9M) | ($36.0M) |
| Proceeds from loans | $128.4M | $128.4M | $60.0M | $40.0M |
| Repayment of loans | ($49.5M) | ($33.1M) | ($15.0M) | ($15.0M) |
| Proceeds from redeemable preferred non-controlling interest and warrants issuance, net of issuance costs | $124.6M | $116.7M | — | — |
| Redemption of redeemable preferred non‑controlling interest | ($100.0M) | ($100.0M) | — | — |
| Financing costs paid to other third parties | ($947.0K) | ($435.0K) | ($1.3M) | ($1.3M) |
| Proceeds from issuance of shares of Class A common stock under the ATM program, net | 0 | — | 58.0K | 58.0K |
| Repayment of principal portion of finance lease liabilities | ($678.0K) | ($328.0K) | ($1.1M) | ($707.0K) |
| Payment of preferred dividends | ($7.3M) | ($3.4M) | ($7.9M) | ($5.2M) |
| Distribution to non-redeemable non-controlling interest | ($65.0K) | ($65.0K) | ($150.0K) | ($110.0K) |
| Cash paid for taxes related to net share settlement of equity awards | ($1.4M) | $0 | ($387.0K) | ($387.0K) |
| Capital contribution from non-redeemable non-controlling interests | $8.6M | $7.4M | $2.0M | $2.0M |
| Net cash provided by financing activities | $101.7M | $115.1M | $35.0M | $18.5M |
| Net increase in cash, restricted cash, and cash equivalents | $66.9M | $108.7M | $5.1M | — |
| Cash, restricted cash, and cash equivalents, beginning of period | $28.3M | $28.3M | $29.2M | $29.2M |
| Cash, restricted cash, and cash equivalents, end of period | $95.2M | $137.0M | $34.3M | $33.5M |
| Interest paid, net of $1,327 and $1,241 capitalized, respectively | $14.7M | $6.7M | $20.5M | $13.3M |
| Issuance of warrants in connection with redeemable preferred non-controlling interest financing | $2.8M | $2.8M | — | — |
| Purchase of property, plant and equipment included in accrued expenses and other current liabilities | $19.9M | $24.6M | $10.0M | $24.9M |
OPAL Fuels Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.