OPAL Fuels Inc.
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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FY2024 · Filed Mar 17, 2025
OPAL$1.30-8.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets as of December 31, 202 and
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except per share data)
| December 31,2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents (includes $358 and $166 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | $24,310 | $38,348 |
| Accounts receivable, net (includes $435 and $33 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 32,013 | 27,623 |
| Accounts receivable, related party | 14,522 | 18,696 |
| Restricted cash - current (includes $972 and $4,395 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 972 | 4,395 |
| Short term investments | — | 9,875 |
| Fuel tax credits receivable | 5,639 | 5,345 |
| Contract assets | 11,075 | 6,790 |
| Parts inventory (includes $29 and $29 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 10,294 | 10,191 |
| Convertible note receivable | 760 | — |
| Environmental credits held for sale | 6,314 | 172 |
| Prepaid expense and other current assets (includes $144 and $107 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 11,051 | 6,005 |
| Derivative financial assets, current portion | 238 | 633 |
| Total current assets | 117,188 | 128,073 |
| Capital spares | 4,380 | 3,468 |
| Property, plant, and equipment, net (includes $25,428 and $26,626 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 458,258 | 339,493 |
| Operating right-of use assets | 12,731 | 12,301 |
| Investment in other entities | 223,594 | 207,099 |
| Note receivable - variable fee component | 2,509 | 2,302 |
| Derivative financial assets, non-current portion | 448 | — |
| Other long-term assets | 2,085 | 1,162 |
| Intangible assets, net | 1,330 | 1,604 |
| Restricted cash - non-current (includes $2,315 and $1,850 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 3,946 | 4,499 |
| Goodwill | 54,608 | 54,608 |
| Total assets | $881,077 | $754,609 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Accounts payable (includes $22 and $744 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 16,419 | 13,901 |
| Accounts payable, related party (includes $426 and $1,046 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 7,932 | 7,024 |
| Fuel tax credits payable | 4,422 | 4,558 |
| Accrued payroll (includes $45 and $— at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 9,580 | 9,023 |
| Accrued capital expenses | 23,238 | 15,128 |
| Accrued environmental credit rebates | 5,391 | 4,057 |
| Accrued expenses and other current liabilities (includes $974 and $647 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 9,529 | 10,188 |
|---|---|---|
| Contract liabilities | 9,276 | 6,314 |
| OPAL Term Loan, current portion | 10,865 | — |
| Sunoma loan, current portion (includes $1,756 and $1,608 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 1,756 | 1,608 |
| Derivative financial liability, current portion | 9 | — |
| Operating lease liabilities - current portion | 780 | 638 |
| Other current liabilities (includes $— and $92 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 1,595 | 92 |
| Asset retirement obligation, current portion | 2,804 | 1,812 |
| Total current liabilities | 103,596 | 74,343 |
| Asset retirement obligation, non-current portion | 5,082 | 4,916 |
| OPAL Term Loan, net of debt issuance costs | 266,630 | 176,532 |
| Sunoma loan, net of debt issuance costs (includes $18,373 and $20,010 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 18,373 | 20,010 |
| Operating lease liabilities - non-current portion | 12,155 | 11,824 |
| Earn out liabilities | 304 | 1,900 |
| Derivative liabilities - non-current portion | 63 | — |
| Other long-term liabilities (includes $2,495 and $211 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs) | 9,842 | 7,599 |
| Total liabilities | 416,045 | 297,124 |
| Commitments and contingencies | ||
| Redeemable preferred non-controlling interests | 130,000 | 132,617 |
| Redeemable non-controlling interests | 482,863 | 802,720 |
| Stockholders' (deficit) equity | ||
| Class A common stock, $0.0001 par value, 340,000,000 shares authorized as of December 31, 2024; shares issued: 30,065,260 and 29,701,146 at December 31, 2024 and December 31, 2023, respectively; shares outstanding: 28,429,477 and 28,065,363 at December 31, 2024 and December 31, 2023 | 3 | 3 |
| Class B common stock, $0.0001 par value, 160,000,000 shares authorized as of December 31, 2024; 71,500,000 and none issued and outstanding as of December 31, 2024 and December 31, 2023 | 7 | — |
| Class C common stock, $0.0001 par value, 160,000,000 shares authorized as of December 31, 2024; None issued and outstanding as of December 31, 2024 and December 31, 2023 | — | — |
| Class D common stock, $0.0001 par value, 160,000,000 shares authorized as of December 31, 2024; 72,899,037 and 144,399,037 issued and outstanding at December 31, 2024 and December 31, 2023 | 7 | 14 |
| Additional paid-in capital | — | — |
| Accumulated deficit | (137,004) | (467,195) |
| Accumulated other comprehensive (loss) income | 152 | (15) |
| Class A common stock in treasury, at cost; 1,635,783 and 1,635,783 shares at December 31, 2024 and December 31, 2023, respectively | (11,614) | (11,614) |
| Total Stockholders' (deficit) equity attributable to the Company | (148,449) | (478,807) |
| Non-redeemable non-controlling interests | 618 | 955 |
| Total Stockholders' (deficit) equity | (147,831) | (477,852) |
| Total liabilities, Redeemable preferred, Redeemable non-controlling interests and Stockholders' (deficit) equity | $881,077 | $754,609 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.