OPAL Fuels Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
OPAL$1.45+5.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001628280-25-038997
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001628280-25-050643
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 168 previous paragraphs and 172 current paragraphs.
111 unchanged; 50 reworded; 10 added; 7 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Recent Developments
Current report
On October 6, 2025, the Company's Atlantic RNG facility commenced commercial operations. This project represents approximately 0.3 million MMBtu for Opal's 50% ownership share of annual design capacity.
Current report
In October 2025, the Company began construction of the CMS Concord RNG facility in North Carolina. This project represents approximately 0.7 million MMBtu for Opal's 70% ownership share of annual design capacity.
Current report
(3) Excludes Sunoma and Biotown
Current report
(7) COD date is October 2025.
Current report
Revenue from Fuel Station Services increased by $6.3 million or 14%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This is primarily related to an increase in GGE volume from OPAL-owned and third-party stations and project construction timing.
Current report
Revenue from Fuel Station Services increased by $27.6 million, or 23%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This is primarily related to a $8.3 million increase in revenues from RIN and LCFS minting services from the new facilities (Prince William and Polk), a $20.7 million increase in RIN volume, a $5.7 million increase in GGE volume, a $2.7 million increase due to services driven by higher GGE volume and rate, a $1.5 million increase due to project construction timing, a $0.7 million increase in brown gas sales, and a $12.5 million decrease due to RIN price reduction.
Current report
Other income decreased by $0.5 million or 80% the three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily related to a decrease in other income from environmental attributes and insurance gain.
Current report
Net income attributable to non-redeemable non-controlling interests remained flat for the nine months ended September 30, 2025, compared to nine months ended September 30, 2024.
Current report
Dividends on redeemable preferred non-controlling interests remained flat for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024.
Removed paragraphs (7)
Previous report
Revenue from Fuel Station Services increased by $7.8 million or 20%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This is primarily due to a $7.0 million increase in RIN volume, a $2.9 million increase in RIN and LCFS minting services (new RNG facilities Prince William, Sapphire, and Polk),
Previous report
$2.0 million in GGE volume, and $0.7 million in brown gas sales, partially offset by a $5.5 million decrease in third party RIN sales primarily due to lower prices.
Previous report
Revenue from Fuel Station Services increased by $21.3 million, or 28%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This is primarily due to a $13.9 million increase in revenues from RIN and LCFS minting services (new RNG facilities Prince William, Sapphire, and Polk), a $8.9 million increase in RIN volume, and a $3.5 million increase in GGE volume and $0.9 million increase in GGE price, offset by a $5.4 million decrease in third party RIN sales due to lower price, and a $0.6 million decrease in third party sales of LCFSs due to the timing of inventory sales.
Previous report
Other income increased by $0.6 million, or 147% the three months ended June 30, 2025 compared to the three months ended June 30, 2024 mainly due to increase in unrealized gains.
Previous report
Net income (loss) attributable to redeemable non-controlling interests
Previous report
Net income attributable to non-redeemable non-controlling interests remained flat for the six months ended June 30, 2025, compared to six months ended June 30, 2024.
Previous report
Dividends on redeemable preferred non-controlling interests remained flat for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024.
Reworded paragraphs (50)
Previous wording
In this Management's Discussion and Analysis of Financial Condition and Results of Operations section, references to "OPAL," "we," "us," "our," and the "Company" refer to OPAL Fuels Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024, and the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on March 17, 2025. In addition to historical information, this discussion and analysis includes certain forward-looking statements which reflect our current expectations. The Company's actual results may materially differ from these forward-looking statements.
Current wording
In this Management's Discussion and Analysis of Financial Condition and Results of Operations section, references to "OPAL," "we," "us," "our," and the "Company" refer to OPAL Fuels Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024, and the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on March 17, 2025. In addition to historical information, this discussion and analysis includes certain forward-looking statements which reflect our current expectations. The Company's actual results may materially differ from these forward-looking statements.
Previous wording
Critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. We have described below what we believe are our most critical accounting policies, because they generally involve a comparatively higher degree of judgment in their application. For a detailed description of all our accounting policies, see Note 1. Summary of Significant Accounting Policies, to our condensed consolidated financial statements included herein and the section titled “Critical Accounting Policies and Estimates” contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to our critical accounting policies since our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
Critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. For a detailed description of all our accounting policies, see Note 1. Summary of Significant Accounting Policies, to our condensed consolidated financial statements included herein and the section titled “Critical Accounting Policies and Estimates” contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to our critical accounting policies since our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
Demand for our converted biogas and associated Environmental Attributes, including RINs and LCFS credits, is heavily influenced by United States federal and state energy regulations together with commercial interest in renewable energy products. Markets for RINs and LCFS credits arise from regulatory mandates that require refiners and blenders to incorporate renewable content into transportation fuels. The EPA annually sets proposed renewable volume obligations ("RVOs") for D3 RINs in accordance with the mandates established by the Energy Independence and Security Act of 2007. In June 2023, the EPA set RVOs for 2023 through 2025 via a new Set rule. This 3 year RVO is expected to reduce volatility in RIN pricing for the associated period. On the state level, the economics of RNG are enhanced by low-carbon fuel initiatives, particularly well-established programs in California, Washington and Oregon (with several other states also actively considering LCFS initiatives similar to those in California, Washington and Oregon). Federal and state regulatory developments could result in significant future changes to market demand for the RINs and LCFS credits we produce. This would have a corresponding impact to our revenue, net income, and cash flow.
Current wording
Demand for our converted biogas and associated Environmental Attributes, including RINs and LCFS credits, is heavily influenced by United States federal and state energy regulations together with commercial interest in renewable energy products. Markets for RINs and LCFS credits arise from regulatory mandates that require refiners and blenders to incorporate renewable content into transportation fuels. The EPA sets proposed RVOs for D3 RINs in accordance with the mandates established by the Energy Independence and Security Act of 2007. In June 2023, the EPA set RVOs for 2023 through 2025 via a new Set rule. This 3 year RVO is expiring at the end of this year. In June 2025, the EPA announced a proposed "Set 2 Rule" to establish RVOs for 2026 and 2027, with rule finalization expected in late 2025 or early 2026. Until the rules and RVOs are finalized, there may be uncertainty as to RIN pricing for the associated period. On the state level, the economics of RNG are enhanced by low-carbon fuel initiatives, particularly well-established programs in California, Washington and Oregon (with several other states also actively considering LCFS initiatives similar to those in California, Washington and Oregon). Federal and state regulatory developments could result in significant future changes to market demand for the RINs and LCFS credits we produce. This would have a corresponding impact to our revenue, net income, and cash flow.
Previous wording
(1)Relates to sales of Environmental Attributes under Purchase and Sale agreements and Renewable Power sale agreements with NextEra.
Current wording
(1)Relates to sales of Environmental Attributes under Purchase and Sale agreements and Renewable Power sale agreements.
Previous wording
Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024
Current wording
Results of Operations for the Three and Nine Months Ended September 30, 2025 and 2024
Previous wording
The following table summarizes the operational data achieved for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes the operational data achieved for the three and nine months ended September 30, 2025 and 2024:
Previous wording
RNG Facility Capacity and Utilization Summary
Current wording
Landfill RNG Facility Capacity and Utilization Summary
Previous wording
(3)Utilization of Inlet Gas is measured as RNG Fuel Volume Produced divided by the Volume of Inlet Gas. Utilization of Inlet Gas varies over time depending on availability and efficiency of the facility and the quality of landfill gas (i.e., concentrations of methane, oxygen, nitrogen, and other gases). The Company generally expects Utilization of Inlet Gas to be in the range of 80% to 90%. Excludes Sunoma and Biotown.
Current wording
(4)Utilization of Inlet Gas is measured as RNG Fuel Volume Produced divided by the Volume of Inlet Gas. Utilization of Inlet Gas varies over time depending on availability and efficiency of the facility and the quality of landfill gas (i.e., concentrations of methane, oxygen, nitrogen, and other gases). The Company generally expects Utilization of Inlet Gas to be in the range of 80% to 90%. Excludes Sunoma and Biotown.
Previous wording
(1) Design Capacity for Renewable Power facilities is the manufacturer’s expected capacity at ISO conditions for each facility and may not reflect actual production from the projects, which depends on many variables including, but not limited to, (i) quantity and quality of the biogas, (ii) operational up-time of the facility, including dispatch and maintenance downtime and (iii) actual efficiency of the facility.
Current wording
(1) Nameplate Capacity for Renewable Power facilities is the manufacturer’s expected capacity at ISO conditions for each facility and may not reflect actual production from the projects, which depends on many variables including, but not limited to, (i) quantity and quality of the biogas, (ii) operational up-time of the facility, including dispatch and maintenance downtime and (iii) actual efficiency of the facility.
Previous wording
(2) Design Capacity Utilization for Renewable Power facilities is measured as Renewable Power Produced divided by Design Capacity for the period. Given (i) built-in un-utilized capacity from historical designs, (ii) availability (a function of higher maintenance requirements compared to RNG facilities) and (iii) commencement of operations of the Emerald RNG facility, which will result in low levels of dispatch for the Arbor Hills facility (which will operate on a standby basis but remain in the operating portfolio), the Company’s Design Capacity Utilization is expected to remain below 50%.
Current wording
(2) Nameplate Capacity Utilization for Renewable Power facilities is measured as Renewable Power Produced divided by Design Capacity for the period. Given (i) built-in un-utilized capacity from historical designs, (ii) availability (a function of higher maintenance requirements compared to RNG facilities) and (iii) commencement of operations of the Emerald RNG facility, which will result in low levels of dispatch for the Arbor Hills facility (which will operate on a standby basis but remain in the operating portfolio), the Company’s Design Capacity Utilization is expected to remain below 50%.
Previous wording
(5)Please see Part II, Item 1: Legal Proceedings and Note 12 - Commitments and Contingencies to the financial statements.
Current wording
(5)Please see Part II, Item 1: Legal Proceedings and Note 12 - Commitments and Contingencies to the condensed consolidated financial statements.
Previous wording
Comparison of the Three and Six Months Ended June 30, 2025 and 2024
Current wording
Comparison of the Three and Nine Months Ended September 30, 2025 and 2024
Previous wording
The following table presents the period-over-period change for each line item in the Company's statement of operations for the three and six months ended June 30, 2025 and 2024.
Current wording
The following table presents the period-over-period change for each line item in the Company's statement of operations for the three and nine months ended September 30, 2025 and 2024.
Previous wording
Revenue from RNG Fuel increased by $5.7 million or 29% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase was primarily driven by a $3.8 million increase in brown gas sales due to increase in price and a $1.7 million increase in the sale of environmental attributes. The increase in environmental attributes was related to $5.1 million increase in green gas sales, and $4.5 million increase from the Prince William and Polk facilities, which commenced operations in the second and fourth quarters of 2024, respectively. The increase was partially offset by a $5.3 million decline due to lower RIN prices and $2.5 million decrease in volume.
Current wording
Revenue from RNG Fuel decreased by $2.9 million or 11% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This decrease was primarily related to a $2.3 million increase in brown gas sales due to an increase in price and natural gas swap gain and a $5.3 million decrease in the sale of environmental attributes. The decrease in environmental attributes was primarily related to a $4.3 million increase in green gas sales, a $4.3 million increase from new facilities (Prince William and Polk), a $6.2 million decrease in RIN volume, and a $7.7 million decrease due to RIN price reduction.
Previous wording
Revenue from RNG Fuel increased by $15.6 million, or 42%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This increase was primarily driven by a $4.2 million increase in brown gas sales due to increase in price and an $11.2 million in the sale of environmental attributes. The increase in environmental attributes was related to $13.7 million increase from the new facilities, $1.9 million increase in RIN volume, and $5.1 million increase in RIN sales on production. The increase was partially offset by a decrease of $9.3 million due to RIN price reduction.
Current wording
Revenue from RNG Fuel increased by $12.6 million, or 20%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This increase was primarily related to a $6.5 million increase in brown gas sales due to increase in price and volume and a $5.9 million increase in the sale of environmental attributes. The increase in environmental attributes was primarily related to a $4.3 million increase in green gas sales, a $14.2 million increase from the new facilities (Prince William and Polk), a $4.1 million increase in RIN volume, and a $17.0 million decrease due to RIN price reduction.
Previous wording
Revenue from Renewable Power decreased by $3.9 million, or 32%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This is primarily due to a $3.2 million loss of revenue resulting from the termination of the ISCC contract in the fourth quarter of 2024, related to the Pioneer, Old Dominion, and West Covina facilities.
Current wording
Revenue from Renewable Power decreased by $4.1 million, or 32%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This is primarily related to a $4.0 million decrease from the termination of an ISCC Carbon Credit contract in the fourth quarter of 2024, related to the Pioneer, Old Dominion, and West Covina facilities.
Previous wording
Revenue from Renewable Power decreased by $6.9 million, or 31%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. This is primarily due to a $6.2 million loss of revenue resulting from the termination of the ISCC contract in the fourth quarter of 2024, related to the Pioneer, Old Dominion, and West Covina facilities.
Current wording
Revenue from Renewable Power decreased by $11.0 million, or 31%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. This is primarily related to an $11.4 million decrease from the termination of an ISCC Carbon Credit contract in the fourth quarter of 2024, related to the Pioneer, Old Dominion, and West Covina facilities.
Previous wording
Cost of sales from RNG Fuel increased by $3.1 million, or 37%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This increase is primarily attributable to $1.4 million increase from Prince William, which commenced operations in the second quarter of 2024, and a $2.2 million increase from Polk, which began operations in the fourth quarter of 2024. The increase was partially offset by a decline in volumes from Sunoma.
Current wording
Cost of sales from RNG Fuel increased by $1.8 million, or 18%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This increase is primarily related to a $2.2 million increase from Polk, which commenced operations in the fourth quarter of 2024, and an $0.5 million decrease from Prince William due to decrease in production volumes.
Previous wording
Cost of sales from RNG Fuel increased by $6.9 million, or 41%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This increase is primarily attributable to a $4.0 million increase from Prince William, which commenced operations in the second quarter of 2024, and a $3.2 million increase from Polk, which began operations in the fourth quarter of 2024.
Current wording
Cost of sales from RNG Fuel increased by $8.7 million, or 33%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This increase is primarily related to $5.6 million increase from Polk, which commenced operations in the fourth quarter of 2024, $4.3 million increase from Prince William, which commenced operations in the second quarter of 2024, $1.6 million decrease from GreenTree.
Previous wording
Cost of sales from Fuel Station Services increased by $7.8 million, or 25%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This is primarily due to an increase of $4.0 million in FPA tolling expense, $1.7 million increase in dispensing fees due to higher credit sales, $1.1 million increase in construction cost and, $0.6 million increase in services and other costs.
Current wording
Cost of sales from Fuel Station Services increased by $6.6 million, or 20%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This is primarily related to a $2.5 million increase in dispensing fees, a $1.7 million increase in FPA tolling expense, a $2.2 million increase in construction costs, and an $0.4 million increase in services and other costs.
Previous wording
Cost of sales from Fuel Station Services increased by $17.2 million, or 28%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This is primarily due to a increase of $13.8 million in dispensing fees,$5.5 million increase in FPA tolling expense, offset by decrease in expenditure of $2.1 million in equipment, parts construction and other costs, which are in line with the decrease in construction revenues.
Current wording
Cost of sales from Fuel Station Services increased by $23.8 million, or 25%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This is primarily related to a $14.0 million increase in dispensing fees, a $7.2 million increase in FPA tolling expense, and a $2.9 million increase in construction costs.
Previous wording
Cost of sales from Renewable Power decreased by $2.0 million, or 22%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This is primarily due to a $1.3 million decrease in royalties related to the corresponding decrease in ISCC revenues, and a $1.0 million decrease in expenses, which was primarily driven by the timing of major maintenance and other expenses.
Current wording
Cost of sales from Renewable Power decreased by $1.9 million, or 24%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This is primarily related to an $0.9 million decrease in royalties related to the corresponding decrease in ISCC Carbon Credit revenues and a $1.0 million decrease primarily driven by the timing of major maintenance and other expenses.
Previous wording
Cost of sales from Renewable Power decreased by $4.5 million, or 25% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This is primarily due to a $2.2 million decrease in royalties related to corresponding decrease in ISCC revenues, and a $2.5 million decrease in expenses, which was primarily driven by the timing of major maintenance and other expenses.
Current wording
Cost of sales from Renewable Power decreased by $6.4 million, or 24% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This is primarily related to a $3.1 million decrease in royalties related to corresponding decrease in ISCC Carbon Credit revenues, and a $3.3 decrease primarily driven by the timing of major maintenance and other expenses.
Previous wording
Project development and startup costs increased by $0.5 million, or 18%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This is primarily due to virtual pipeline costs related to Prince William and Polk facilities.
Current wording
Project development and startup costs decreased by $4.3 million, or 63%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This is primarily related to virtual pipeline costs related to Prince William and Polk facilities.
Previous wording
Project development and startup costs increased by $5.8 million, or 157%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This is primarily due to virtual pipeline costs related to Prince William and Polk facilities.
Current wording
Project development and startup costs increased by $1.6 million, or 15%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This is primarily related to virtual pipeline costs related to Prince William and Polk facilities.
Previous wording
Selling, general, and administrative expenses increased by a total of $3.8 million, or 27%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This is primarily due to increases in professional fees, compensation costs, stock compensation, and general corporate expenses.
Current wording
Selling, general, and administrative expenses increased by a total of $1.7 million, or 13%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This is primarily related to increases in professional fees, compensation costs, and advocacy expenses offset by stock compensation.
Previous wording
Selling, general, and administrative expenses increased by a total of $6.6 million, or 24%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This is primarily due to an increase in professional fees, compensation costs, stock compensation, and general corporate expenses.
Current wording
Selling, general, and administrative expenses increased by a total of $8.3 million, or 21%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This is primarily related to an increase in professional fees, compensation costs, stock compensation, and general corporate expenses.
Previous wording
Depreciation, amortization, and accretion increased by a total of $1.0 million, or 23%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This is primarily due to depreciation expense on Prince William and Polk, which became operational in the second and fourth quarters of 2024, respectively.
Current wording
Depreciation, amortization, and accretion increased by a total of $0.9 million, or 19%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This is primarily related to depreciation expense on Polk, which became operational in the fourth quarter of 2024.
Previous wording
Depreciation, amortization, and accretion increased by a total of $3.2 million, or 40%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This is primarily due to depreciation expense on Prince William and Polk, which became operational in the second and fourth quarter of 2024, respectively, as well as additional depreciation expense on fuel station services.
Current wording
Depreciation, amortization, and accretion increased by a total of $4.1 million, or 32%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This is primarily related to depreciation expense on Prince William and Polk, which became operational in the second and fourth quarter of 2024, respectively, as well as additional depreciation expense on fuel station services.
Previous wording
Net income attributable to equity method investments decreased by $1.8 million, or 48%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This is primarily attributable to a decrease in the realized price of RINs sold on operating facilities.
Current wording
Net income attributable to equity method investments decreased by $3.2 million, or 83%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This is primarily related to a decrease in the realized price of RINs sold on operating facilities.
Previous wording
Net income attributable to equity method investments decreased by $6.8 million, or 85% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This is primarily attributable to a decrease in the realized price of RINs sold on operating facilities.
Current wording
Net income attributable to equity method investments decreased by $10.0 million, or 84% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This is primarily related to a decrease in the realized price of RINs sold on operating facilities.
Previous wording
Interest and financing expenses, net increased by $1.4 million, or 28%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This is primarily due to an increase in the drawn balance of the OPAL Term Loan.
Current wording
Interest and financing expenses, net increased by $1.9 million, or 37%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This is primarily related to an increase in the drawn balance of the OPAL Term Loan.
Previous wording
Interest and financing expenses, net increased by $3.5 million, or 39%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This is primarily due to an increase in the drawn balance of the OPAL Term Loan.
Current wording
Interest and financing expenses, net increased by $5.4 million, or 38%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This is primarily related to an increase in the drawn balance of the OPAL Term Loan.
Previous wording
Change in fair value of derivatives decreased by $0.8 million or 100% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, due to a lower gain in the current year associated with the mark-to-market adjustments to the earnout liabilities.
Current wording
Change in fair value of derivatives decreased by $0.3 million or 100% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, due to no gain associated with the mark-to-market adjustments to the earnout liabilities in the current period.
Previous wording
Change in fair value of derivatives decreased by $0.9 million or 76% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to a lower gain in the current year associated with the mark-to-market adjustments to the earnout liabilities.
Current wording
Change in fair value of derivatives decreased by $1.2 million or 81% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to a lower gain associated with the mark-to-market adjustments to the earnout liabilities in the current period.
Previous wording
Other income increased by $0.9 million, or 86%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. mainly due to increase in unrealized gains.
Current wording
Other income increased by $0.4 million, or 25%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily related to an increase in gain on note receivable.
Previous wording
Income tax benefit increased by $13.7 million or 100% for three months ended June 30, 2025 compared to the three months ended June 30, 2024. This is due to receipt of net proceeds from sale of Investment Tax Credits ("ITCs") for Prince William.
Current wording
Income tax benefit increased by $5.7 million or 64% for three months ended September 30, 2025 compared to the three months ended September 30, 2024. This is primarily related to receipt of net proceeds from sale of Investment Tax Credits ("ITCs") for Polk.
Previous wording
Income tax benefit increased by $21.7 million or 100% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This is due to receipt of net proceeds from sale of ITCs for Prince William and Sapphire.
Current wording
Income tax benefit increased by $27.4 million or 307% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This is primarily related to receipt of net proceeds from sale of ITCs for Prince William, Sapphire and Polk.
Previous wording
Net income (loss) attributable to redeemable non-controlling interests increased by $4.7 million, or 629%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The net income for the three months ended June 30, 2025 and 2024 reflects the portion of earnings belonging to OPAL Fuels equity holders. The increase is primarily attributable to higher net income in the current period compared to the same prior-year period.
Current wording
Net income attributable to redeemable non-controlling interests decreased by $4.8 million, or 40%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The net income for the three months ended September 30, 2025 and 2024 reflects the portion of earnings belonging to OPAL Fuels equity holders. The decrease is primarily attributable to lower net income in the current period compared to the same prior-year period.
Previous wording
Net income (loss) attributable to redeemable non-controlling interests for the six months ended June 30, 2025 increased by $5.2 million, or 218%, compared to six months ended June 30, 2024. The increase is primarily attributable to higher net income in the current period compared to the same prior-year period.
Current wording
Net income attributable to redeemable non-controlling interests for the nine months ended September 30, 2025 increased by $0.4 million, or 4%, compared to the nine months ended September 30, 2024. The increase is primarily attributable to higher net income in the current period compared to the same prior-year period.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net income attributable to redeemable non-controlling interests