0001628280-26-017908
SEC filingOPAL Fuels Inc. reported total revenues of $349.0 million for FY 2025, up 16% YoY from $299.972 million, driven by strong growth in Fuel Station Services (+29% to $214.551 million) and RNG Fuel (+15% to $101.656 million), offset by a 27% decline in Renewable Power to $32.768 million due to termination of an ISCC Carbon Credit contract. Operating income fell 65% to $7.4 million amid higher operating expenses ($341.6 million, +23% YoY), including increased SG&A (+20%) and depreciation (+26%). Net income rose sharply to $36.4 million from $14.325 million, boosted by a $52.7 million income tax benefit (up 492% YoY) from ITC sales and PTC recognition. Net income attributable to Class A common stockholders was $4.3 million, up 663% YoY. Cash from operations improved to $36.5 million (+16% YoY), while capex remained high at $70.7 million. Liquidity stood at $168.2 million as of December 31, 2025. Post-year-end, the company raised $120 million in preferred units and drew $128.4 million in term loans to redeem $100 million preferred units and repay revolver debt, signaling strengthened balance sheet for RNG expansion amid favorable regulatory tailwinds like IRA incentives.
OPAL Fuels achieved FY 2025 revenues of $349.0M, a 16% YoY increase from $299.972M, fueled by Fuel Station Services expansion and RNG Fuel growth. Operating income declined 65% to $7.4M due to 23% higher operating expenses ($341.6M), driven by new facility depreciation and SG&A. Net income surged 154% to $36.4M, propelled by a $52.7M tax benefit from ITC/PTC monetization. Attributable to Class A stockholders: $4.3M (+663% YoY). Operating cash flow rose 16% to $36.5M, supporting $77.3M investing outflows. Balance sheet shows total assets $959.5M, liabilities $461.7M, stockholders' deficit -$10.1M. Liquidity $168.2M provides runway for growth.
Revenues segmented as RNG Fuel $101.656M (+15% YoY, brown gas +$8.9M, attributes +$4.0M), Fuel Station Services $214.551M (+29% YoY, attributes/marketing +$18.9M, construction/leases +$22.5M), Renewable Power $32.768M (-27% YoY, ISCC loss -$16.3M offset by RTC). Total contracts $326.717M (+12%), leases $22.258M (+144%). Growth from new facilities (Prince William, Polk), higher dispensing (161.9M GGEs vs 150.2M), despite RIN price drops.
No explicit gross margins disclosed; operating margin ~2.1% (down from ~7.1% YoY) on higher costs: project dev -$22%, SG&A +20% (fees/legal +$6M), dep +26% (new assets). Equity investments income fell 80% to -$2.6M on RIN prices. Tax benefit drove profitability; interest expense +28% to -$27.5M on higher debt.
Ops cash $36.5M (+16% YoY) from net income/non-cash adjustments, offset by working capital. Investing -$77.3M (PPE -$70.7M, equity contrib +distrib net -$11M). Financing +$41.6M (loans +$53M net). Cash equiv $24.4M; total cash/restricted $47.2M (up from $28.3M). Debt $361.3M (OPAL Term $341.6M); liquidity $168.2M. Assets $959.5M (PPE $495.6M, investments $231.2M); equity deficit -$10.1M.
Anticipate $154M capex next 12 months for RNG/fuel stations/equity projects. Sufficient liquidity for 12+ months; pursuing equity/debt for growth. Post-12/31/25: $120M preferred raise, $128.4M term draw redeemed $100M preferred/$20M revolver. Risks: RIN/LCFS volatility, regulatory changes (IRA/BRRR), construction delays (e.g., Central Valley disputes).