OPAL Fuels Inc.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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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.
Mar 31, 2026 · Filed May 11, 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)
| March 31,2026 | December 31,2025 | |
|---|---|---|
| Assets(1) · (Unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $133,241 | $24,408 |
| Accounts receivable, net of allowances of $806 and $469, respectively(2) | 42,636 | 61,806 |
| Restricted cash - current | 926 | 1,210 |
| Contract assets | 6,782 | 8,276 |
| Parts inventory | 12,201 | 10,964 |
| Prepaid expense and other current assets | 17,615 | 16,018 |
| Total current assets | 213,401 | 122,682 |
| Property, plant, and equipment, net | 512,546 | 495,634 |
| Investments in other entities | 224,282 | 231,223 |
| Net investment in sales-type lease | 10,651 | 8,224 |
| Restricted cash - non-current | 2,807 | 2,700 |
| Goodwill | 54,608 | 54,608 |
| Other long-term assets | 42,307 | 44,398 |
| Total assets | 1,060,602 | 959,469 |
| Liabilities and Stockholders' Equity (Deficit)(1) | ||
| Current liabilities: | ||
| Accounts payable(3) | 9,631 | 19,004 |
| Contract liabilities | 5,070 | 6,296 |
| Loan, current portion | 19,473 | 15,062 |
| Accrued expenses and other current liabilities | 62,890 | 63,857 |
| Total current liabilities | 97,064 | 104,219 |
| Loans, net of debt issuance costs | 427,698 | 337,063 |
| Other long-term liabilities | 23,946 | 20,430 |
| Total liabilities | 548,708 | 461,712 |
| Redeemable preferred non-controlling interests | 150,000 | 130,000 |
| Redeemable non-controlling interests | 343,467 | 377,898 |
| Stockholders' equity (deficit) | ||
| Class A common stock, $0.0001 par value, shares issued: 31,993,327 and 30,633,161 as of March 31, 2026 and December 31, 2025, respectively; shares outstanding: 30,357,544 and 28,997,378 as of March 31, 2026 and December 31, 2025, respectively | 3 | 3 |
| Class B common stock, $0.0001 par value, 121,500,000 issued and outstanding as of March 31, 2026 and December 31, 2025 | 12 | 12 |
| Class C common stock, $0.0001 par value; none issued and outstanding as of March 31, 2026 and December 31, 2025 | — | — |
| Class D common stock, $0.0001 par value, 22,899,037 shares issued and outstanding as of March 31, 2026 and December 31, 2025 | 2 | 2 |
| Retained earnings (accumulated deficit) | 19,632 | (1,307) |
| Accumulated other comprehensive income (loss) | 184 | (26) |
| Class A common stock in treasury, at cost; 1,635,783 as of March 31, 2026 and December 31, 2025 | (11,614) | (11,614) |
| Total stockholders' equity (deficit) attributable to the Company | 8,219 | (12,930) |
| Non-redeemable non-controlling interests | 10,208 | 2,789 |
| Total stockholders' equity (deficit) | 18,427 | (10,141) |
| Total liabilities, redeemable preferred, redeemable non-controlling interests and stockholders' equity (deficit) | $1,060,602 | $959,469 |
(1) Includes amounts related to consolidated VIEs, which are presented separately in the table below.
(2) Includes related‑party amounts of $15,327 and $13,318 as of March 31, 2026 and December 31, 2025, respectively.
(3) Includes related‑party amounts of $3,046 and $8,951 as of March 31, 2026 and December 31, 2025, respectively.
The following table presents the aggregated assets and liabilities of consolidated VIEs, which are included in the consolidated balance sheets above.
| March 31,2026 | December 31,2025 | |
|---|---|---|
| Assets of consolidated VIEs, included in total assets above: | ||
| Cash and cash equivalents | $13,105 | $87 |
| Accounts receivable | — | 38 |
| Restricted cash - current | 926 | 1,210 |
| Prepaid expense and other current assets | 156 | 131 |
| Property, plant, and equipment, net | 41,828 | 42,603 |
| Restricted cash - non-current | 2,807 | 2,740 |
| Total assets of consolidated VIEs | 58,822 | 46,809 |
| Liabilities of consolidated VIEs, included in total liabilities above: | ||
| Accounts payable | 292 | 390 |
| Accounts payable, related party | 357 | 227 |
| Loan, current portion | 2,394 | 2,457 |
| Accrued expenses and other current liabilities | 3,289 | 12,431 |
| Loan, net of debt issuance costs | 16,146 | 16,618 |
| Other long-term liabilities | 629 | 582 |
| Total liabilities of consolidated VIEs | $23,107 | $32,705 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.