OPAL Fuels Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations for the months ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenues: | ||||
| RNG fuel(1) | $22,489 | $22,921 | $67,948 | $75,650 |
| Fuel station services(2) | 49,740 | 51,722 | 147,370 | 149,426 |
| Renewable power(3) | 7,262 | 8,714 | 20,947 | 24,144 |
| Total revenues | 79,491 | 83,357 | 236,265 | 249,220 |
| Operating expenses: | ||||
| Cost of sales - RNG fuel | 9,138 | 13,466 | 27,496 | 41,216 |
| Cost of sales - Fuel station services | 35,289 | 40,230 | 111,041 | 118,683 |
| Cost of sales - Renewable power | 7,296 | 6,562 | 20,551 | 22,157 |
| Project development and startup costs | 2,744 | 2,543 | 7,860 | 12,101 |
| Selling, general and administrative | 12,432 | 11,316 | 36,524 | 38,197 |
| Depreciation, amortization, and accretion | 5,040 | 5,223 | 15,133 | 16,258 |
| Impairment loss | 14 | — | 4,156 | — |
| (Income) loss from equity method investments | (1,293) | (839) | 423 | (2,483) |
| Total operating expenses | 70,660 | 78,501 | 223,184 | 246,129 |
| Operating income | 8,831 | 4,856 | 13,081 | 3,091 |
| Other expense | ||||
| Interest and financing expense | (8,927) | (7,185) | (24,218) | (20,272) |
| Interest income | 742 | 287 | 3,603 | 942 |
| Other income, net | 1,014 | 129 | 1,111 | 2,450 |
| Total other expenses | (7,171) | (6,769) | (19,504) | (16,880) |
| Net income (loss) before provision for income taxes | 1,660 | (1,913) | (6,423) | (13,789) |
| Provision for income taxes | — | — | (183) | — |
| Net income (loss) | 1,660 | (1,913) | (6,606) | (13,789) |
| Net loss attributable to redeemable non-controlling interest | (4,501) | (3,847) | (22,984) | (18,295) |
| Net income attributable to non-redeemable non-controlling interest | 575 | 93 | 794 | 329 |
| Accretion of the redeemable preferred non-controlling interest to its redemption amount | 6,528 | 2,617 | 20,416 | 7,851 |
| Net loss attributable to Class A common stockholders | $(942) | $(776) | $(4,832) | $(3,674) |
| Weighted average shares outstanding of Class A common stock: | ||||
| Basic | 29,641,216 | 28,279,527 | 29,193,870 | 28,090,014 |
| Diluted | 29,641,216 | 28,279,527 | 29,193,870 | 28,090,014 |
| Per share amounts: | ||||
| Basic | $(0.03) | $(0.03) | $(0.17) | $(0.13) |
| Diluted | $(0.03) | $(0.03) | $(0.17) | $(0.13) |
(1)Includes revenues from related parties of $0 and $17,825 for the three months ended September 30, 2026 and 2025, respectively.
Includes revenues from related parties of $16,917 and $55,658 for the nine months ended September 30, 2026 and 2025, respectively.
(2) Includes revenues from related parties of $2,664 and $11,492 for the three months ended September 30, 2026 and 2025, respectively.
Includes revenues from related parties of $19,022 and $40,921 for the nine months ended September 30, 2026 and 2025, respectively.
(3) Includes revenues from related parties of $0 and $2,022 for the three months ended September 30, 2026 and 2025, respectively.
Includes revenues from related parties of $872 and $4,676 for the nine months ended September 30, 2026 and 2025, respectively.
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