OPALMEDIUM SIGNALFINANCIAL10-K

OPAL Fuels expanded operations with increased revenue and project count while experiencing substantially reduced operating profitability and higher leverage.

The company successfully grew its revenue base by 16% and expanded its renewable energy portfolio from 26 to 27 projects, demonstrating operational momentum in the renewable fuels sector. However, the substantial decline in operating income signals margin compression and execution challenges that investors should monitor closely as the company scales.

Comparing 2026-03-16 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

OPAL delivered solid top-line growth with revenue increasing 16% to $349 million, while operating income declined substantially due to higher SG&A expenses that outpaced revenue gains. The balance sheet shows mixed signals with stockholders' equity improving meaningfully from deeply negative levels, though total debt increased 17% and overall leverage remains elevated. The company reduced capital expenditures significantly while maintaining positive operating cash flow growth, suggesting a more disciplined approach to capital allocation.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+91.3%
-$148.4M→-$12.9M

Equity base grew 91.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Income
P&L
-65.1%
$21.2M→$7.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Capital Expenditure
Cash Flow
-44.4%
$127.2M→$70.7M

Capex reduced 44.4% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Accounts Receivable
Balance Sheet
+32.8%
$46.5M→$61.8M

Receivables surged 32.8% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

R&D Expense
P&L
-21.8%
$19.1M→$14.9M

R&D spending cut 21.8% — could signal cost discipline or concerning reduction in innovation investment.

SG&A Expense
P&L
+20.4%
$53.1M→$64.0M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Total Debt
Balance Sheet
+17.5%
$307.5M→$361.3M

Debt rose 17.5% — additional borrowing for investment or operations; monitor coverage ratios.

Revenue
P&L
+16.3%
$300.0M→$349.0M

Revenue growing 16.3% — solid top-line momentum, watch margins for quality of growth.

Total Liabilities
Balance Sheet
+11%
$416.0M→$461.7M

Liabilities increased 11% — monitor debt-to-equity ratio and interest coverage.

Operating Cash Flow
Cash Flow
+10.5%
$33.0M→$36.5M

Operating cash flow grew 10.5% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-17
ADDED
As of March 16, 2026 , a total of 29,001,120 shares of Class A common stock, par value $0.0001 per share, 121,500,000 shares of Class B common stock, par value $0.0001 per share and 22,899,037 shares of Class D common stock, par value $0.0001 per share were outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A.
Exhibits and Financial Statement Schedules 70 Signatures 76 References in this Annual Report on Form 10-K (this Form 10-K or Annual Report ) to we, us, our, OPAL Fuels, OPAL, the Company and similar terms all refer to OPAL Fuels Inc.
This includes new projects and referrals from existing partners.
Our Projects As of December 31, 2025, we owned and operated 27 projects, 12 of which are RNG projects and 15 of which are Renewable Power projects.
+7 more — sign up free →
REMOVED
As of March 13, 2025 , a total of 28,429,477 shares of Class A common stock, par value $0.0001 per share, 71,500,000 shares of Class B common stock, par value $0.0001 per share and 72,899,037 shares of Class D common stock, par value $0.0001 per share were outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A.
Exhibit s and Financial Statement Schedules 73 Signatures 78 References in this Annual Report on Form 10-K (this Form 10-K or Annual Report ) to we, us, our, OPAL Fuels, OPAL, the Company and similar terms all refer to OPAL Fuels Inc.
This includes new projects and referrals from existing partners .
Our Projects As of December 31, 2024, we owned and operated 26 projects, 11 of which are RNG projects and 15 of which are Renewable Power projects.
+7 more — sign up free →
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