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OPAL Fuels Inc.

For the period ended Sep 30, 2025. Filed Nov 7, 2025.

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About 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$1.30-8.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Condensed Consolidated Statements of Cash Flows for the and

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

Nine Months EndedSeptember 30,
20252024
Cash flows from operating activities:
Net income$20,229$19,692
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and accretion16,77212,677
Stock-based compensation4,8584,312
Allowance for accounts receivable2,454—
Income from equity method investments(1,877)(11,828)
Distributions from return on investment in equity method investments8,05913,661
Gain on nonmonetary asset(1,100)—
Gain on lease termination(600)—
Reduction of carrying amount of operating lease right-of-use assets575555
Write-offs of capitalized costs299—
Amortization of deferred financing costs1,5241,310
Paid-in-kind interest income(156)(207)
Change in fair value of commodity swaps(921)494
Gain on note receivable(815)(11)
Unrealized gain on derivative financial instruments(281)(1,457)
Changes in operating assets and liabilities
Accounts receivable(3,536)(11,986)
Accounts receivable, related party(7,169)3,563
Fuel tax credits receivable2,375(620)
Contract assets(1,571)(2,858)
Parts inventory(1,788)(300)
Prepaid expense and other current and long-term assets8,593(3,751)
Accounts payable(1,138)(775)
Accounts payable, related party(507)1,356
Fuel tax credits payable(1,353)(34)
Accrued payroll(969)(1,053)
Accrued expenses and other current and non-current liabilities(468)9,859
Operating lease liabilities - current and non-current(574)(517)
Contract liabilities(898)(165)
Net cash provided by operating activities40,01731,917
Cash flows from investing activities:
Purchase of property, plant, and equipment(60,890)(72,805)
Payment for short-term investments—(791)
Distributions from return of investment in equity method investment6,2361,756
Cash paid to equity method investments(16,656)(13,956)
Cash received from (paid for) note receivable1,377(750)
Net cash used in investing activities(69,933)(86,546)
Cash flows from financing activities:
Proceeds from OPAL Term Loan and Revolving loan60,00045,000
Financing costs paid to other third parties(1,250)(629)
Repayment of OPAL Revolving Loan(15,000)—
Repayment of Sunoma Loan(1,295)(1,193)
Repayment of principal portion of finance lease liabilities(1,144)(43)
Payment of preferred dividends(7,852)(10,469)
Distribution to non-redeemable non-controlling interest(150)(628)
Capital contribution from non-redeemable non-controlling interests1,991—
Proceeds from issuance of shares of Class A common stock under the ATM program, net58170
Cash paid for taxes related to net share settlement of equity awards(387)(627)
Net cash provided by financing activities34,97131,581
Net increase (decrease) in cash, restricted cash, and cash equivalents5,055(23,048)
Cash, restricted cash, and cash equivalents, beginning of period29,22847,242
Cash, restricted cash, and cash equivalents, end of period$34,283$24,194
Supplemental disclosure of cash flow information
Interest paid, net of $2,082 and $3,093 capitalized, respectively$20,523$8,628
Tax benefit received36,2908,906
Noncash investing and financing activities:
Accrual for asset retirement obligation included in property, plant and equipment—499
Right-of-use assets arising from lease modifications—1,218
Right-of-use assets for finance leases included in property, plant and equipment58—
Accrual for purchase of property, plant and equipment included in accrued and payable capital expenditures10,01424,721
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