OPAL Fuels Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
View on SEC.govAbout 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, 2026 · Filed Nov 9, 2026
OPAL$1.42-2.1%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001628280-26-054995
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001628280-26-072348
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 177 previous paragraphs and 178 current paragraphs.
109 unchanged; 50 reworded; 19 added; 18 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
During the quarter ended September 30, 2026, we early adopted ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, and concurrently changed our accounting principle for transferable Section 48 investment tax credits (“ITCs”) and Section 45Z clean fuel production tax credits (“45Z credits”). We now account for these credits as government grants by analogy to ASU 2025-10, rather than under ASC 740, Income Taxes, and have applied the change retrospectively; see Note 1. Summary of Significant Accounting Policies, to our condensed consolidated financial statements for further information. Applying this policy requires judgment, including whether it is probable that we will comply with the credits’ qualification requirements, such as prevailing wage requirements, and sell the credits, the expected sale proceeds net of transaction costs, and whether any obligation to return proceeds to buyers is probable.
Current report
Federal and state environmental and tax incentive programs, including the Clean Fuel Production Credit under Section 45Z and ITCs, are important components of the economics of certain of our projects. The amount of benefits we may generate under these programs depends on, among other factors, qualifying production or investment levels, satisfaction of applicable eligibility requirements, emissions intensity in the case of Section 45Z credits, and our ability to transfer or otherwise monetize the credits. The cash proceeds ultimately realized from transferable credits may also be affected by prevailing market conditions and transfer discounts.
Current report
Changes in applicable laws, regulations or administrative guidance, eligibility requirements, credit rates, emissions factors, transferability provisions or market pricing for transferable credits could affect the amount, timing and ultimate realization of these benefits and could materially affect the economics of our projects and our results of operations.
Current report
Revenues - Disaggregated
Current report
Revenue from RNG Fuel decreased by $7.7 million, or 10%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. This decrease was primarily due to a reduction in unrealized mark-to-market gains associated with brown gas marketing and trading activities of $0.4 million, and decrease in environmental attributes of $7.3 million. The environmental attributes was primarily related to one additional green gas sale in 2025 of $5.1 million, higher marketing fees of $2.6 million, Sunoma reserve release $0.5 million and lower RIN price of $0.2 million offset by higher production volume of $1.1 million.
Current report
Revenue from Fuel Station Services decreased by $2.1 million, or 1%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. This decrease was primarily attributable to $15.7 million due to cancellations and delay in construction projects offset by increase of $2.6 million due to higher marketing fees, $2.0 million increase in LCFS credit sales and pricing, $8.5 million increase from FPA tolling is driven by higher tolling GGEs and increased pass-through costs and a $0.5 million increase in third-party service revenue due to higher service rates.
Current report
Cost of sales from RNG Fuel decreased by $4.3 million, or 32%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was primarily attributable to $7.9 million 45z (net of RECs and transaction costs), lower royalties due to YTD adjustment, lower Gas $0.3 million and lower SG&A $0.3 million offset by ($4.8) O&M non-labor including maintenance at Imperial, Polk, Greentree and Prince William.
Current report
Cost of sales from RNG Fuel decreased by $13.7 million, or 33%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily attributable to $18 million of 45z offset by higher major maintenance of $1.6 million due to equipment issues which have been rectified driving consistent sequential production growth primarily at Imperial and Prince William and higher O&M expenses of $2.0 million driven by media and H2S.
Current report
Cost of sales from Fuel Station Services decreased by $7.6 million, or 6%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily attributable to $11.5 million decrease in construction equipment, parts and oil expenses due to delays in project activity, offset by $1.3 million of higher dispensing fees from higher dispensing volumes $10.7 million net of lower NRV writedown $9.4, $0.5 million higher FPA tolling due to higher volumes and $2.1 million higher service due to higher service GGEs and timing of maintenance, labor and compensation costs
Current report
Cost of sales from Renewable Power increased by $0.7 million, or 11%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase was primarily attributable to a $1.3 million increase in major maintenance, royalties and well field expenses in Old Dominion and a $0.4 million increase in major maintenance expenses in Pioneer and Miramar offset by lower expenses in SD Miramar, Taunton and Albany due to the timing of expenditures and closure of sites.
Current report
Selling, general, and administrative expenses increased by $1.1 million, or 10%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase was primarily attributable to $1.4 million of Stock Compensation expense.
Current report
Selling, general, and administrative expenses decreased by $1.7 million, or 4%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease primarily $3.4 million of lower compensation costs, $1.0 million of lower legal expenses, and $0.6 million of lower directors and officers insurance expense. These decreases were partially offset by $1.5 million of higher stock based compensation expense, $1.1 million of higher segment general and administrative expenses, $0.4 million of higher other expenses and $0.3 million of higher information technology expenses.
Current report
Impairment loss was primarily attributable to impairment charges recorded in Q2 on of $3.6 million related to certain long-lived assets in its Renewable Power segment following strategic decisions to convert those facilities to RNG production operations and $0.6 million related to certain long-lived assets in its Fuel Station Services segment.
Current report
(Income) loss from equity method investments
Current report
Net income attributable to equity method investments increased by $0.5 million, or 54%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This is primarily related to a higher production primarily due to Atlantic reduced by lower production in Sapphire and Pine Bend offset by operating expenses primarily higher non-labor and maintenance expenses.
Current report
Net loss attributable to equity method investments increased by $2.9 million, or 117% for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 due to net income of $2.5 million to $0.4 million loss. This is primarily related to a higher operating expenses including non-Labor, major maintenance and Utilities offset by higher production in Atlantic reduced by lower production in Emerald, Sapphire and Pine Bend.
Current report
Provision for income taxes
Current report
Net income attributable to non-redeemable non-controlling interest increased $0.5 million, or 518%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase is primarily attributable to higher income in the current period compared to the same prior-year period.
Current report
Net income attributable to non-redeemable non-controlling interest increased $0.5 million, or 141%, for the nine months ended September 30, 2026, compared to nine months ended September 30, 2025. The increase is primarily attributable to higher income in the current period compared to the same prior-year period.
Removed paragraphs (18)
Previous report
*Less than 10%
Previous report
(6) Expected Commercial Operation Date (“COD”) for commencement of the RNG projects in construction is based on the Company’s estimate as of the date of this report. CODs are estimates and are subject to change as a result of, among other factors out of the Company’s control: (i) regulatory/permitting approval timing, (ii) disruption in supply chains and (iii) construction timing.
Previous report
Revenues
Previous report
Revenue from RNG Fuel decreased by $7.3 million, or 14%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This decrease was primarily related to $7.3 million decrease in the sale of environmental attributes. The decrease in environmental attributes was primarily related to $4.5 million decrease in RIN volume, $1.6 million decrease in green gas sales and a $1.2 million decrease due to lower LCFS sales.
Previous report
Revenue from Fuel Station Services decreased by $0.1 million, or —%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily attributable to a $5.9 million decrease in construction revenue due to project timing, a $0.5 million decrease resulting from lower RIN volumes, and a $0.4 million decrease due to lower RIN prices. These decreases were partially offset by a $4.4 million increase in lease revenue, a $1.7 million increase in RIN and LCFS minting revenue, a $0.3 million increase in service revenue driven by higher GGE volumes and service rates, and a $0.2 million increase attributable to higher GGE volumes at OPAL-owned stations.
Previous report
Cost of sales from RNG Fuel increased by $0.9 million, or 8%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily attributable to higher royalty expense of $0.5 million, primarily resulting from a first-quarter catch-up adjustment, higher non-labor and major maintenance costs of $0.5 million, and higher gas expense of $0.2 million. These increases were partially offset by a $0.4 million decrease in utility and labor costs.
Previous report
Cost of sales from RNG Fuel increased by $1.5 million, or 7%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily attributable to a $2.6 million increase in transportation and gas expense, a $0.3 million increase in utilities expense, and a $0.2 million increase in labor costs, partially offset by a $1.6 million decrease in royalty expense.
Previous report
Cost of sales from Fuel Station Services decreased by $2.7 million, or 3%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily attributable to a $3.3 million decrease in construction costs resulting from project delays, and by a $0.5 million decrease in dispensing fees this is partially offset by a $1.1 million increase in service-related labor and compensation costs.
Previous report
Cost of sales from Renewable Power decreased by $0.6 million, or 9%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily attributable to a $0.7 million reduction in major maintenance expense and a $0.2 million decrease in labor costs. These decreases were partially offset by a $0.3 million increase in non-labor and other operating expenses due to the timing of expenditures.
Previous report
Selling, general, and administrative expenses decreased by a total of $3.2 million, or 18%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily attributable to lower compensation costs of $1.8 million, information technology expenses of $0.5 million, directors' and officers' ("D&O") insurance expense of $0.5 million, and advocacy costs of $0.2 million.
Previous report
Selling, general, and administrative expenses decreased by a total of $4.0 million, or 12%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily attributable to lower compensation costs of $1.1 million, legal expenses of $1.1 million, D&O insurance expense of $0.5 million, professional fees of $0.5 million, lower travel and entertainment of $0.3 million and other expenses of $0.5 million.
Previous report
Impairment loss increased by $4.1 million, or 100%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. This was primarily attributable to impairment charges recorded on certain renewable energy facilities following strategic decisions to convert those facilities to RNG production operations.
Previous report
Net loss attributable to equity method investments increased by $3.6 million, or 290% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This is primarily related to a decrease in the realized price of RINs sold on operating facilities.
Previous report
Income tax benefit
Previous report
Income tax benefit decreased by $8.9 million or 65% for three months ended June 30, 2026 compared to the three months ended June 30, 2025. This is primarily driven by lower generation of transferable tax credits in 2026 compared to 2025.
Previous report
Income tax benefit decreased by $11.3 million or 52% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This is primarily driven by lower generation of transferable tax credits in 2026 compared to 2025.
Previous report
Net (loss) income attributable to redeemable non-controlling interest
Previous report
Net income attributable to non-redeemable non-controlling interest remained flat for the six months ended June 30, 2026, compared to six months ended June 30, 2025.
Reworded paragraphs (50)
Previous wording
In this Management's Discussion and Analysis of Financial Condition and Results of Operations section, references to "OPAL," "we," "us," "our," and the "Company" refer to OPAL Fuels Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025, and the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on March 16, 2026. In addition to historical information, this discussion and analysis includes certain forward-looking statements which reflect our current expectations. The Company's actual results may materially differ from these forward-looking statements.
Current wording
In this Management's Discussion and Analysis of Financial Condition and Results of Operations section, references to "OPAL," "we," "us," "our," and the "Company" refer to OPAL Fuels Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements as of September 30, 2026 and for the three and nine months ended September 30, 2026 and 2025, and the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on March 16, 2026. In addition to historical information, this discussion and analysis includes certain forward-looking statements which reflect our current expectations. The Company's actual results may materially differ from these forward-looking statements.
Previous wording
Critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. For a detailed description of all our accounting policies, see Note 1. Summary of Significant Accounting Policies, to our condensed consolidated financial statements included herein and the section titled “Critical Accounting Policies and Estimates” contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting policies since our Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
Critical accounting policies involve significant judgments and uncertainties and may result in materially different reported results under different assumptions and conditions. For a detailed description of our accounting policies, see Note 1. Summary of Significant Accounting Policies, to our condensed consolidated financial statements included herein and the section titled “Critical Accounting Policies and Estimates” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting policies since that Annual Report, except as follows.
Previous wording
Loss (income) from equity method investments
Current wording
During the third quarter of 2026, we changed our accounting policy for transferable Section 45Z credits and ITCs from accounting for such credits under income tax accounting guidance to accounting for them as government grants. Under the new policy, Section 45Z credits are accounted for as income-related grants and recognized as a reduction of cost of sales when the qualifying fuel is produced and sold. ITCs are accounted for as asset-related grants and reduce the carrying amount of the related property, plant and equipment or investment in an equity method investee, as applicable, with the resulting benefit recognized over the useful life of the underlying asset through lower depreciation expense or through income from equity method investments. The change in accounting policy affects the classification and timing of recognition of these benefits in our financial statements but does not change the underlying economics of the credits or the cash proceeds ultimately realized from their transfer.
Previous wording
Results of operations for the three and six months ended June 30, 2026 and 2025:
Current wording
Results of operations for the three and nine months ended September 30, 2026 and 2025:
Previous wording
The following table summarizes the operational data achieved for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes the operational data achieved for the three and nine months ended September 30, 2026 and 2025:
Previous wording
(1)Design Capacity for RNG facilities is measured as the volume of feedstock biogas that the facility is capable of accepting at the inlet and processing during the associated period. Design Capacity is presented as our ownership share (i.e., net of joint venture partners’ ownership) of the facility and is calculated based on the number of days in the period. New facilities that come online during a quarter are pro-rated for the number of days in commercial operation.
Current wording
(1)Design Capacity for RNG facilities is measured as the volume of feedstock biogas that the facility is designed to accept at the inlet and processing during the associated period. Design Capacity is presented as our ownership share (i.e., net of joint venture partners’ ownership) of the facility and is calculated based on the number of days in the period. New facilities that come online during a quarter are pro-rated for the number of days in commercial operation. Excludes Sunoma and Biotown.
Previous wording
(2)Inlet Design Capacity Utilization is measured as the Volume of Inlet Gas for a period, divided by the total Design Capacity for such period. The Volume of Inlet Gas varies over time depending on, among other factors, (i) the quantity and quality of waste deposited at the landfill, (ii) waste management practices by the landfill, and (iii) the construction, operations and maintenance of the LFG collection system used to recover the LFG. The Design Capacity for each facility will typically be correlated to the amount of LFG expected to be generated by the landfill during the term of the related gas rights agreement. We expect Inlet Design Capacity Utilization to be in the range of 75-85% on an aggregate basis over the next several years. Typically, newer facilities perform at the lower end of this range and demonstrate increasing utilization as they mature and the biogas resource increases at open landfills. Excludes Sunoma and Biotown.
Current wording
(2)Inlet Design Capacity Utilization is measured as the Volume of Inlet Gas for a period, divided by the total Design Capacity for such period. The Volume of Inlet Gas varies over time depending on, among other factors, (i) the quantity and quality of waste deposited at the landfill, (ii) waste management practices by the landfill, and (iii) the construction, operations and maintenance of the LFG collection system used to recover the LFG. The Design Capacity for each facility will typically be correlated to the amount of LFG expected to be generated by the landfill during the term of the related gas rights agreement. We expect Inlet Design Capacity Utilization to be in the range of 75-85% on an aggregate basis over the next several years. Typically, newer facilities perform at the lower end of this range and demonstrate increasing utilization as they mature and the biogas resource increases at open landfills. Excludes Sunoma and Biotown. Lower design Utilization due to LFG flow constraints at New River, Sapphire and Polk
Previous wording
(4) Utilization of Inlet Gas is measured as RNG Fuel Volume Produced divided by the Volume of Inlet Gas. Utilization of Inlet Gas varies over time depending on availability and efficiency of the facility and the quality of LFG (i.e., concentrations of methane, oxygen, nitrogen, and other gases). We generally expect Utilization of Inlet Gas to be in the range of 80% to 90%. Excludes Sunoma and Biotown.
Current wording
(4) Utilization of Inlet Gas is measured as RNG Fuel Volume Produced divided by the Volume of Inlet Gas. Utilization of Inlet Gas varies over time depending on availability and efficiency of the facility and the quality of LFG (i.e., concentrations of methane, oxygen, nitrogen, and other gases). We generally expect Utilization of Inlet Gas to be in the range of 80% to 90%. Excludes Sunoma and Biotown. Utilization was impacted by various equipment-related operational issues at Imperial, Emerald, Sapphire, Pine Bend and Polk. Certain corrective measures have been implemented that are designed to address these issues and improve utilization toward the target range.
Previous wording
Comparison of the three and six months ended June 30, 2026 and 2025
Current wording
Comparison of the three and nine months ended September 30, 2026 and 2025
Previous wording
The following table presents the period-over-period change for each line item in our condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025.
Current wording
The following table presents the period-over-period change for each line item in our condensed consolidated statements of operations for the three and nine months ended September 30, 2026 and 2025.
Previous wording
(2)Fuel Station Services lease revenue relates to revenue from fuel purchasing agreements where we determined that we transferred the right to control the use of the station to the purchaser. Includes sales-type lease revenues of $—, $—, $2,246, and $—for the three months ended June 30, 2026 and 2025, and the six months ended June 30, 2026 and 2025, respectively, from customers domiciled outside of the United States. All remaining lease revenue relates to operating leases.
Current wording
(2)Fuel Station Services lease revenue relates to revenue from fuel purchasing agreements under which we determined that we transferred the right to control the use of the station to the purchaser. This includes sales-type lease revenues of $1,915, $—, $4,161, and $— for the three months ended September 30, 2026 and 2025, and the nine months ended September 30, 2026 and 2025, respectively, from customers domiciled outside of the United States. All remaining lease revenue relates to operating leases.
Previous wording
Revenue from RNG Fuel decreased by $1.3 million or 5% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This decrease was primarily due to a reduction in unrealized mark-to-market gains associated with brown gas marketing and trading activities of $1.8 million, offset by increase in environmental attributes of $0.5 million.
Current wording
Revenue from RNG Fuel decreased by $0.4 million or 2% for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease primarily reflected a reduction in unrealized mark-to-market gains associated with brown gas marketing and trading activities of $0.2 million, and decrease in environmental attributes of $0.2 million. Environmental attributes decrease was driven by higher marketing fees of $1.7 million and lower green gas net volumes $0.7 million offset by higher RIN pricing impact of $1.8 million and higher volumes $0.4 million.
Previous wording
Revenue from Fuel Station Services increased by $6.0 million or 13%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily attributable to an $6.5 million increase in LCFS credit sales, a $1.6 million increase resulting from higher RIN volumes, a $0.1 million increase due to higher RIN prices, a $0.9 million increase in lease revenue, $0.4 million increase from higher tolling GGEs and a $0.6 million increase in third-party service revenue due to higher service rates. These increases were partially offset by a $2.9 million decrease attributable to delays in construction projects and a $1.2 million decrease resulting from eliminations.
Current wording
Revenue from Fuel Station Services decreased by $2.0 million or 4%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This decrease was primarily attributable to $9.8 million due to cancellations and delays in construction projects offset by increase of $1.7 million higher marketing fees, $0.9 million increase in LCFS credit sales, a $0.6 million higher RIN volumes, a $0.5 million higher RIN prices, $3.8 million increase from FPA tolling is driven by higher tolling GGEs and pass-through costs partially offset by loss of lease type revenues, and a $0.2 million increase in third-party service revenue due to higher service rates.
Previous wording
Revenue from Renewable Power decreased by $1.8 million, or 22%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily driven by a $1.7 million decline in environmental attribute revenue, primarily at the West Covina facility.
Current wording
Revenue from Renewable Power decreased by $1.5 million, or 17%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was primarily driven by a $1.6 million decline in environmental attribute revenue, primarily at the West Covina facility.
Previous wording
Revenue from Renewable Power decreased by $1.7 million, or 11%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily attributable to a $1.7 million decline in environmental attribute revenue, primarily at the West Covina facility.
Current wording
Revenue from Renewable Power decreased by $3.2 million, or 13%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily attributable to a $3.3 million decline in environmental attribute revenue, primarily at the West Covina and Santa Cruz facilities and Other revenues of $1.1 million offset by $1.4 million increase in electricity sales, primarily in Old Dominion.
Previous wording
Cost of sales from Fuel Station Services increased by 1.6 million, or 4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The increase was primarily attributable to a $5.1 million increase in dispensing fees and a $0.8 million increase in service-related labor and compensation costs, partially offset by a $3.1 million decrease in construction equipment, parts, and oil expense due to delays in project activity and a $1.1 million decrease in FPA tolling expense, reflecting a large FPA cost recognized in the prior-year period.
Current wording
Cost of sales from Fuel Station Services decreased by $4.9 million, or 12%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The decrease was primarily attributable to $5.0 million decrease in construction equipment, parts and oil expenses due to delays in project activity, and $1.5 million decrease in service-related maintenance, labor and compensation costs, partially offset by $1.2 million in FPA tolling due to higher tolling expenses due to timing and $0.3 million higher dispensing fees.
Previous wording
Cost of sales from Renewable Power decreased by $1.7 million, or 13% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily attributable to lower major maintenance expense of $1.5 million, primarily at two facilities, as well as a $0.2 million decrease in labor costs.
Current wording
Cost of sales from Renewable Power decreased by $1.6 million, or 7% for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily attributable to lower O&M and major maintenance expense of $2.4 million, primarily at Sycamore, Arbor Hills, FM3 and Taunton/ Albany due to closure of sites offset by higher major maintenance of $0.9 million at old Dominion.
Previous wording
Project development and startup costs decreased by $0.2 million, or 5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The decrease was primarily attributable to lower virtual pipeline costs, partially offset by higher project development and startup activities.
Current wording
Project development and startup costs increased by $0.2 million, or 8%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The increase was primarily attributable to higher project development and startup activities.
Previous wording
Project development and startup costs decreased by $4.4 million, or 46%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily attributable to lower virtual pipeline costs.
Current wording
Project development and startup costs decreased by $4.2 million, or 35%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily attributable to lower virtual pipeline costs.
Previous wording
Depreciation, amortization, and accretion decreased by a total of $0.1 million, or 2%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This is primarily related to lower depreciation expense in Renewable Power.
Current wording
Depreciation, amortization, and accretion decreased by a total of $0.2 million, or 3%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This is primarily related to lower depreciation expense in Renewable Power.
Previous wording
Depreciation, amortization, and accretion decreased by a total of $0.4 million, or 4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily attributable to lower depreciation expense resulting from the prior-year recognition of the remaining asset retirement obligation ("ARO") balance.
Current wording
Depreciation, amortization, and accretion decreased by a total of $1.1 million, or 7%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily attributable to lower depreciation expense resulting from the prior-year recognition of the remaining asset retirement obligation ("ARO") balance.
Previous wording
Interest and financing expenses, net increased by $2.0 million, or 30%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This is primarily related to an increase in the average outstanding loan balance.
Current wording
Interest and financing expenses, net increased by $1.7 million, or 24%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This is primarily related to an increase in the average outstanding loan balance.
Previous wording
Interest and financing expenses, net increased by $2.2 million, or 17%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This is primarily related to an increase in the average outstanding loan balance.
Current wording
Interest and financing expenses, net increased by $3.9 million, or 19%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. This is primarily related to an increase in the average outstanding loan balance.
Previous wording
Interest income increased by $1.8 million or 678%, for the three months ended June 30, 2026 compared to the year ended June 30, 2025 primarily due to interest income from sales-type-lease.
Current wording
Interest income increased by $0.5 million or 159%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to interest income from sales-type-leases.
Previous wording
Interest income increased by $2.2 million or 337%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to interest income from sales-type-lease.
Current wording
Interest income increased by $2.7 million or 282%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to interest income from sales-type-leases and money market accounts.
Previous wording
Other income decreased by $0.4 million or 37% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily related to change in fair value of warrants.
Current wording
Other income increased by $0.9 million or 686% for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily related to change in fair value of warrants.
Previous wording
Other income decreased by $2.2 million, or 96%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The decrease was primarily attributable to a gain on a note receivable and a gain from the write-off of a lease liability recognized during the 2025 period, with no comparable gains recognized in 2026.
Current wording
Other income decreased by $1.3 million, or 55%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The decrease was primarily attributable to a gain on a note receivable and a gain from the write-off of a lease liability recognized during the 2025 period, with no comparable gains recognized in 2026.
Previous wording
Net income attributable to non-redeemable non-controlling interest remained flat for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Current wording
Provision for income taxes remained flat for the periods presented.
Previous wording
Net loss attributable to equity method investments increased by $2.6 million, or 130%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This is primarily related to a decrease in the realized price of RINs sold on operating facilities and lower production primarily at Pine Bend and Emerald.
Current wording
Net loss attributable to redeemable non-controlling interest
Previous wording
Net (loss) income attributable to redeemable non-controlling interest decreased by $11.1 million, or 279%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The net (loss) income for the three months ended June 30, 2026 and 2025 reflects the portion of earnings belonging to OPAL Fuels equity holders. The decrease is primarily attributable to higher loss in the current period compared to the same prior-year period.
Current wording
Net loss attributable to redeemable non-controlling interest increased by $0.7 million, or 17%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The net loss for the three months ended September 30, 2026 and 2025 reflects the portion of earnings belonging to OPAL Fuels equity holders. The increase is primarily attributable to higher loss in the current period compared to the same prior-year period.
Previous wording
Net (loss) income attributable to redeemable non-controlling interest for the six months ended June 30, 2026 decreased by $22.5 million, or 802%, compared to the six months ended June 30, 2025. The decrease is primarily attributable to higher loss on the portion of earnings belonging to OPAL Fuels equity holders in the current period compared to the same prior-year period.
Current wording
Net loss attributable to redeemable non-controlling interest for the nine months ended September 30, 2026 increased by $4.7 million, or 26%, compared to the nine months ended September 30, 2025. The increase is primarily attributable to higher loss on the portion of earnings belonging to OPAL Fuels equity holders in the current period compared to the same prior-year period.
Previous wording
Accretion of the redeemable preferred non-controlling interest to its redemption amount increased by $1.7 million or 66% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This is primarily driven by accretion to redemption value following the issuance of redeemable preferred non-controlling interests in March 2026.
Current wording
Accretion of the redeemable preferred non-controlling interest to its redemption amount increased by $3.9 million or 149% for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This is primarily driven by accretion to redemption value following the issuance of redeemable preferred non-controlling interests in March 2026.
Previous wording
Accretion of the redeemable preferred non-controlling interest to its redemption amount increased by $8.7 million or 165% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This is primarily driven by accretion to redemption value following the issuance of redeemable preferred non-controlling interests in March 2026.
Current wording
Accretion of the redeemable preferred non-controlling interest to its redemption amount increased by $12.6 million or 160% for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. This is primarily driven by accretion to redemption value following the issuance of redeemable preferred non-controlling interests in March 2026.
Previous wording
As of June 30, 2026, our liquidity was $162.3 million, consisting of $19.3 million of unused capacity under the revolver, $51.6 million of undrawn preferred stock facility commitments and $91.4 million of cash and cash equivalents. Refer to Note 3. Loans.
Current wording
As of September 30, 2026, our liquidity was $122.0 million, consisting of $10.8 million of unused capacity under the revolver, $25.2 million of undrawn preferred stock facility commitments and $86.0 million of cash and cash equivalents. Refer to Note 3. Loans.
Previous wording
During the six months ended June 30, 2026, the Company drew $128.4 million under its term loan facility pursuant to its existing credit agreement. A portion of the proceeds from the borrowing was used to repay $20.0 million outstanding under the revolving loan facility. As of June 30, 2026, the Company had utilized $30.7 million of availability under the revolver loan to provide for the issuance of letters of credit to support the operations of the Borrower and the Guarantors.
Current wording
During the nine months ended September 30, 2026, the Company drew $128.4 million under its term loan facility pursuant to its existing credit agreement. A portion of the proceeds from the borrowing was used to repay $20.0 million outstanding under the revolving loan facility. As of September 30, 2026, the Company had utilized $39.2 million of availability under the revolver loan to provide for the issuance of letters of credit to support the operations of the Borrower and the Guarantors.
Previous wording
During the six months ended June 30, 2026, the Company commenced principal payments under its credit agreement. In addition, beginning in the first quarter of 2026, the Company is subject to a quarterly cash sweep pursuant to which, within two business days after the required delivery of quarterly financial statements, a percentage of distributable cash is required to be applied to repay outstanding borrowings, with the applicable percentage determined based on the Company’s consolidated debt to cash flow ratio. If the required financial statements are not delivered within the specified timeframe, 100% of distributable cash is required to be applied to the cash sweep.
Current wording
During the nine months ended September 30, 2026, the Company commenced principal payments under its credit agreement. In addition, beginning in the first quarter of 2026, the Company is subject to a quarterly cash sweep pursuant to which, within two business days after the required delivery of quarterly financial statements, a percentage of distributable cash is required to be applied to repay outstanding borrowings, with the applicable percentage determined based on the Company’s consolidated debt to cash flow ratio. If the required financial statements are not delivered within the specified timeframe, 100% of distributable cash is required to be applied to the cash sweep.
Previous wording
As of June 30, 2026 and December 31, 2025, the outstanding loan balance (current and non-current) excluding deferred financing costs was $421.6 million and $341.6 million, respectively.
Current wording
As of September 30, 2026 and December 31, 2025, the outstanding loan balance (current and non-current) excluding deferred financing costs and including revolving borrowings was $396.7 million and $341.6 million, respectively.
Previous wording
We have the ability, during the delayed draw availability period, which expired in March 2026, and subject to the satisfaction of certain credit and project-related conditions precedent, to join other newly acquired subsidiaries with comparable renewable projects in development under the credit facility for comparable funding. As of June 30, 2026, we are in compliance with the financial covenants under the OPAL Term Loan.
Current wording
During the delayed draw availability period, which expired in March 2026, we had the ability, subject to the satisfaction of certain credit and project-related conditions precedent, to join other newly acquired subsidiaries with comparable renewable projects in development under the credit facility for comparable funding. This delayed draw feature was no longer available as a source of liquidity as of September 30, 2026 and is not included in the liquidtity sources described above. As of September 30, 2026, we are in compliance with the financial covenants under the OPAL Term Loan.
Previous wording
On August 27, 2020, Sunoma, an indirect wholly-owned subsidiary of ours entered into a debt agreement (the "Sunoma Loan Agreement") with Live Oak Banking Company for an aggregate principal amount of $20 million. Sunoma paid $0.6 million in financing fees. The amounts outstanding under the Sunoma Loan are secured by the assets of Sunoma. On July 19, 2022, Sunoma completed the conversion of the construction loan into a permanent loan and increased the commitment from $20.0 to $23.0 million. The maturity date is July 19, 2033. The outstanding loans under the Sunoma Loan Agreement bear interest at an annual fixed rates of 7.8% and 8.2% per annum during the term.
Current wording
On August 27, 2020, Sunoma, an indirect subsidiary of ours entered into a debt agreement (the "Sunoma Loan Agreement") with Live Oak Banking Company for an aggregate principal amount of $20.0 million. Sunoma paid $0.6 million in financing fees. The amounts outstanding under the Sunoma Loan are secured by the assets of Sunoma. On July 19, 2022, Sunoma completed the conversion of the construction loan into a permanent loan and increased the commitment from $20.0 million to $23.0 million. The maturity date is July 19, 2033. The outstanding loans under the Sunoma Loan Agreement bear interest at annual fixed rates of 7.8% and 8.2% during the term.
Previous wording
As of June 30, 2026 and December 31, 2025, the outstanding loan balance (current and non-current) excluding deferred financing costs was $18.2 million and $19.1 million, respectively.
Current wording
As of September 30, 2026 and December 31, 2025, the outstanding loan balance (current and non-current) excluding deferred financing costs was $17.7 million and $19.1 million, respectively.
Showing the first 40 of 50 pairs. Open the source sections for the rest.