OPAL Fuels Inc.
For the period ended Dec 31, 2025. Filed Mar 16, 2026.
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FY2025 · Filed Mar 16, 2026
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Consolidated Balance Sheets as of December 31, 202 and
CONSOLIDATED BALANCE SHEETS
| December 31,2025 | December 31, 2024 | |
|---|---|---|
| Assets (1) | ||
| Current assets: | ||
| Cash and cash equivalents | $24,408 | $24,310 |
| Accounts receivable, net of allowance of $469 and $—, respectively (2) | 61,806 | 46,535 |
| Restricted cash - current | 1,210 | 972 |
| Contract assets | 8,276 | 11,075 |
| Parts inventory | 10,964 | 10,294 |
| Prepaid expenses and other current assets | 16,018 | 23,583 |
| Total current assets | 122,682 | 116,769 |
| Property, plant, and equipment, net | 495,634 | 458,258 |
| Investments in other entities | 231,223 | 223,594 |
| Net investment in sales-type lease | 8,224 | — |
| Restricted cash - non-current | 2,700 | 2,298 |
| Goodwill | 54,608 | 54,608 |
| Other long-term assets | 44,398 | 25,550 |
| Total assets | 959,469 | 881,077 |
| Liabilities and Stockholders' Deficit (1) | ||
| Current liabilities: | ||
| Accounts payable (3) | 19,004 | 17,111 |
| Contract liabilities | 6,296 | 9,276 |
| Loans, current portion | 15,062 | 12,621 |
| Accrued expenses and other current liabilities | 63,857 | 64,588 |
| Total current liabilities | 104,219 | 103,596 |
| Loans, net of debt issuance costs | 337,063 | 285,003 |
| Other long-term liabilities | 20,430 | 27,446 |
| Total liabilities | 461,712 | 416,045 |
| Redeemable preferred non-controlling interests | 130,000 | 130,000 |
| Redeemable non-controlling interests | 377,898 | 482,863 |
| Stockholders' deficit | ||
| Class A common stock, $0.0001 par value; shares issued: 30,633,161 and 30,065,260 at December 31, 2025 and 2024, respectively; shares outstanding: 28,997,378 and 28,429,477 at December 31, 2025 and 2024, respectively | 3 | 3 |
| Class B common stock, $0.0001 par value; 121,500,000 issued and outstanding as of December 31, 2025 and 71,500,000 issued and outstanding as of December 31, 2024 | 12 | 7 |
| Class C common stock, $0.0001 par value; none issued and outstanding as of December 31, 2025 and 2024 | — | — |
| Class D common stock, $0.0001 par value; 22,899,037 shares issued and outstanding as of December 31, 2025 and 72,899,037 issued and outstanding as of December 31, 2024 | 2 | 7 |
| Accumulated deficit | (1,307) | (137,004) |
| Accumulated other comprehensive (loss) income | (26) | 152 |
| Class A common stock in treasury, at cost; 1,635,783 shares as of December 31, 2025 and 2024 | (11,614) | (11,614) |
| Total stockholders' deficit attributable to the Company | (12,930) | (148,449) |
| Non-redeemable non-controlling interests | 2,789 | 618 |
| Total stockholders' deficit | (10,141) | (147,831) |
| Total liabilities, redeemable preferred, redeemable non-controlling interests and stockholders' deficit | $959,469 | $881,077 |
(1) Includes amounts related to consolidated VIEs, which are presented separately in the table below.
(2) Includes related‑party amounts of $13,318 and $14,522 as of December 31, 2025 and 2024, respectively.
(3) Includes related‑party amounts of $8,951 and $7,932 as of December 31, 2025 and 2024, respectively.
The following table presents the aggregated assets and liabilities of consolidated VIEs, which are included in the consolidated balance sheets above.
| December 31,2025 | December 31, 2024 | |
|---|---|---|
| Assets of consolidated VIEs, included in total assets above: | ||
| Cash and cash equivalents | $87 | $358 |
| Accounts receivable | 38 | 435 |
| Restricted cash - current | 1,210 | 972 |
| Prepaid expense and other current assets | 131 | 173 |
| Property, plant, and equipment, net | 42,603 | 25,428 |
| Restricted cash - non-current | 2,740 | 2,315 |
| Total assets of consolidated VIEs | 46,809 | 29,681 |
| Liabilities of consolidated VIEs, included in total liabilities above: | ||
| Accounts payable | 390 | 22 |
| Accounts payable, related party | 227 | 426 |
| Loan, current portion | 2,457 | 1,756 |
| Accrued expenses and other current liabilities | 12,431 | 1,019 |
| Loan, net of debt issuance costs | 16,618 | 18,373 |
| Other long-term liabilities | 582 | 2,495 |
| Total liabilities of consolidated VIEs | $32,705 | $24,091 |
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