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 Statements of Cash Flows for the and
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| 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 accretion | 16,772 | 12,677 |
| Stock-based compensation | 4,858 | 4,312 |
| Allowance for accounts receivable | 2,454 | — |
| Income from equity method investments | (1,877) | (11,828) |
| Distributions from return on investment in equity method investments | 8,059 | 13,661 |
| Gain on nonmonetary asset | (1,100) | — |
| Gain on lease termination | (600) | — |
| Reduction of carrying amount of operating lease right-of-use assets | 575 | 555 |
| Write-offs of capitalized costs | 299 | — |
| Amortization of deferred financing costs | 1,524 | 1,310 |
| 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 receivable | 2,375 | (620) |
| Contract assets | (1,571) | (2,858) |
| Parts inventory | (1,788) | (300) |
| Prepaid expense and other current and long-term assets | 8,593 | (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 activities | 40,017 | 31,917 |
| 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 investment | 6,236 | 1,756 |
| Cash paid to equity method investments | (16,656) | (13,956) |
| Cash received from (paid for) note receivable | 1,377 | (750) |
| Net cash used in investing activities | (69,933) | (86,546) |
| Cash flows from financing activities: | ||
| Proceeds from OPAL Term Loan and Revolving loan | 60,000 | 45,000 |
| 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 interests | 1,991 | — |
| Proceeds from issuance of shares of Class A common stock under the ATM program, net | 58 | 170 |
|---|---|---|
| Cash paid for taxes related to net share settlement of equity awards | (387) | (627) |
| Net cash provided by financing activities | 34,971 | 31,581 |
| Net increase (decrease) in cash, restricted cash, and cash equivalents | 5,055 | (23,048) |
| Cash, restricted cash, and cash equivalents, beginning of period | 29,228 | 47,242 |
| 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 received | 36,290 | 8,906 |
| 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 equipment | 58 | — |
| Accrual for purchase of property, plant and equipment included in accrued and payable capital expenditures | 10,014 | 24,721 |
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