OPAL Fuels Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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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$1.30-8.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets as of and December 31,
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share and per share data)
| September 30,2025 | December 31,2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents (includes $119 and $358 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | $29,928 | $24,310 |
| Accounts receivable, net of allowances of $2,454 and $—, respectively (includes $17 and $435 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 31,113 | 32,013 |
| Accounts receivable, related party | 21,691 | 14,522 |
| Restricted cash - current (includes $906 and $972 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 1,077 | 972 |
| Fuel tax credits receivable | 3,264 | 5,639 |
| Contract assets | 12,646 | 11,075 |
| Parts inventory | 12,082 | 10,294 |
| Prepaid expense and other current assets (includes $1,100 and $144 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 10,984 | 18,363 |
| Total current assets | 122,785 | 117,188 |
| Property, plant, and equipment, net (includes $30,931 and $25,428 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 484,351 | 458,258 |
| Investment in other entities | 227,545 | 223,594 |
| Other long-term assets | 24,182 | 23,483 |
| Restricted cash - non-current (includes $2,633 and $2,315 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 3,278 | 3,946 |
| Goodwill | 54,608 | 54,608 |
| Total assets | 916,749 | 881,077 |
| Liabilities and Stockholders' Equity (Deficit) | ||
| Current liabilities: | ||
| Accounts payable (includes $178 and $22 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 15,281 | 16,419 |
| Accounts payable, related party (includes $83 and $426 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 7,425 | 7,932 |
| Fuel tax credits payable | 3,069 | 4,422 |
| Accrued payroll (includes $39 and $45 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 8,611 | 9,580 |
| Accrued and payable capital expenditures | 10,014 | 23,238 |
| Accrued environmental credit rebates | 4,593 | 5,391 |
| Accrued expenses and other current liabilities (includes $1,148 and $974 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 14,880 | 14,717 |
| Contract liabilities | 8,378 | 9,276 |
| OPAL Term Loan - current portion | 9,349 | 10,865 |
| Sunoma Loan - current portion (includes $1,861 and $1,756 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 1,861 | 1,756 |
| Total current liabilities | 83,461 | 103,596 |
| OPAL Term Loan, net of debt issuance costs | 313,324 | 266,630 |
| Sunoma Loan, net of debt issuance costs (includes $17,071 and $18,373 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 17,071 | 18,373 |
| Operating lease liabilities - non-current portion | 11,940 | 12,155 |
| Other long-term liabilities (includes $1,307 and $2,495 at September 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) | 8,157 | 15,291 |
| Total liabilities | 433,953 | 416,045 |
|---|---|---|
| Redeemable preferred non-controlling interests | 130,000 | 130,000 |
| Redeemable non-controlling interests | 342,528 | 482,863 |
| Stockholders' equity (deficit) | ||
| Class A common stock, $0.0001 par value, 340,000,000 shares authorized as of September 30, 2025 and December 31, 2024; shares issued: 30,631,960 and 30,065,260 at September 30, 2025 and December 31, 2024, respectively; shares outstanding: 28,996,177 and 28,429,477 at September 30, 2025 and December 31, 2024, respectively | 3 | 3 |
| Class B common stock, $0.0001 par value, 160,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 121,500,000 issued and outstanding as of September 30, 2025 and 71,500,000 issued and outstanding as of December 31, 2024 | 12 | 7 |
| Class C common stock, $0.0001 par value, 160,000,000 shares authorized as of September 30, 2025 and December 31, 2024; none issued and outstanding as of September 30, 2025 and December 31, 2024 | — | — |
| Class D common stock, $0.0001 par value, 160,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 22,899,037 shares issued and outstanding at September 30, 2025 and 72,899,037 issued and outstanding as of December 31, 2024 | 2 | 7 |
| Retained earnings (accumulated deficit) | 19,089 | (137,004) |
| Accumulated other comprehensive (loss) income | (12) | 152 |
| Class A common stock in treasury, at cost; 1,635,783 at September 30, 2025 and December 31, 2024 | (11,614) | (11,614) |
| Total Stockholders' equity (deficit) attributable to the Company | 7,480 | (148,449) |
| Non-redeemable non-controlling interests | 2,788 | 618 |
| Total Stockholders' equity (deficit) | 10,268 | (147,831) |
| Total liabilities, Redeemable preferred non-controlling interests, Redeemable non-controlling interests and Stockholders' equity (deficit) | $916,749 | $881,077 |
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