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Reportable Segments and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Reportable Segments and Geographic Information
10. REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION
The Company is organized into three operating segments based on the characteristics of its renewable power generation, dispensing portfolio, production and sale of renewable gas, and nature of other products and services.
Our reportable segments disclosure is aligned with the information and internal reporting provided to our Chief Operating Decision Makers (“CODM”). Our Co-CEOs jointly fulfill the role of the CODM. The CODM evaluates performance based on segment net income. For all of the segments, the CODM uses segment net income in the annual budgeting and monthly forecasting process. The CODM considers budget-to-current forecast and prior forecast-to-current forecast variances for segment net income on a monthly basis for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.
The three operating segments are RNG Fuel, Fuel Station Services and Renewable Power. The Company has determined that each of the three operating segments meets the characteristics of a reportable segment under U.S. GAAP.
•RNG Fuel. The RNG Fuel segment relates to all RNG supply directly related to the generation and sale of brown gas and environmental credits, and consists of:
◦RNG supply operating facilities – This includes the generation, extraction, and sale of RNG - plus associated RINs and LCFSs from landfills.
◦Development and construction – RNG facilities in which long term gas right contracts have been, or are in the process of being ratified and the construction of RNG generation facilities.
•Fuel Station Services. Through its Fuel Station Services segment, the Company provides construction and maintenance services to third-party owners of vehicle Fueling Stations and performs fuel dispensing activities including generation and minting of environmental credits. This segment includes:
◦Service and maintenance contracts for RNG/CNG fueling sites and a manufacturing division that builds Compact Fueling Systems and Defueling systems.
◦Third-party CNG construction of fueling stations - design/build and serve as general contractor for typically guaranteed maximum price or fixed priced contracts for customers usually lasting less than one year.
◦RNG and CNG fuel dispensing stations for vehicle fleets - This includes both the dispensing and sale of brown gas and the environmental credit generation and monetization. The Company operates Fueling Stations that dispense gas for vehicles. This also includes the development and construction of these facilities.
•Renewable Power. The Renewable Power segment generates renewable power and associated environmental credits through methane-rich landfills which is then sold to public utilities throughout the United States. The Renewable Power portfolio operates primarily in Southern California.
•Corporate. Corporate consists of activities managed and maintained at the Company’s corporate level that are not attributable to, nor allocated among, the Company’s reportable segments. These costs primarily consist of executive, accounting, finance, and sales support activities, as well as stock-based compensation. Corporate expenses are presented separately as they do not reflect the operating performance of the Company’s reportable segments.
During the fourth quarter of 2025, the Company changed the presentation of information reviewed by the CODM to allocate certain Corporate general and administrative costs, including consulting, insurance, and payroll expenses, to the related reportable segments. Segment information has been retrospectively revised to reflect this change. For the year ended December 31, 2024, amounts reallocated from Corporate to RNG Fuel, Fuel Station Services, and Renewable Power were $10,737, $1,831, and $4,165, respectively.
For the year ended December 31, 2024, substantially all of the Company’s assets and revenue‑generating activities were domiciled in the United States, except for ISCC Carbon Credit agreements. All of the Company’s ISCC Carbon Credit agreements were terminated during 2024. During the year ended December 31, 2025, Fuel Station Services entered into a sales‑type lease in Canada (see Note 7. Leases for additional details). All other assets and revenue-generating activities were domiciled in the United States for the year ended December 31, 2025.
Transactions between reportable segments are accounted for using market‑based pricing. Intersegment revenues and expenses are eliminated in consolidation.
The following table reflects the financial data used to calculate each reportable segment’s income (loss) and includes reconciliations to Opal’s consolidated revenue and consolidated net income for the year ended December 31, 2025:
RNG FuelFuel Station ServicesRenewable PowerTotal SegmentsCorporateTotal
Revenue from external customers$101,656 $214,551 $32,768 $348,975 $— $348,975 
Intersegment revenues553 20,220 — 20,773 — 20,773 
102,209 234,771 32,768 369,748 — 369,748 
Reconciliation of Revenue
Elimination of intersegment revenues(20,773)
Total revenues101,656 214,551 32,768 348,975 — 348,975 
Segment and Corporate Expenses
Less: (1)
Cost of sales49,282 166,778 26,734 242,794 — 242,794 
Income from equity method investments(2,627)— — (2,627)— (2,627)
Interest and financing expense, net26,316 36 (78)26,274 — 26,274 
Project development and startup costs14,942 — — 14,942 — 14,942 
Depreciation, amortization, and accretion12,062 6,407 4,001 22,470 — 22,470 
Other corporate expenses— — — — 38,226 38,226 
Stock-based compensation— — — — 6,499 6,499 
Other segment items (2)
10,233 3,033 3,466 16,732 — 16,732 
Segment (loss) income(8,552)38,297 (1,355)28,390 (44,725)(16,335)
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit52,746 
Net income$36,411 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown in the line Cost of sales and no intersegment profit was recognized
(2) Other segment items for each reportable segment include:
•RNG - payroll, consulting, insurance and other expenses
•Fuel Station Services - gain on RNG dispensing and payroll
•Renewable Power - payroll, consulting, insurance and other expenses
The following table reflects certain other financial data for the reportable segments as of December 31, 2025:
RNG FuelFuel Station ServicesRenewable PowerTotal SegmentsCorporateTotal
Other segment disclosures
Investment in other entities$231,223 $— $— $231,223 $— $231,223 
Segment assets$675,988 $196,853 $28,740 $901,581 $57,888 $959,469 
For the year ended December 31, 2025, the Company made the following cash payments for capital expenditures:
RNG FuelFuel Station ServicesRenewable PowerTotal SegmentsCorporateTotal
Cash paid for purchases of property, plant and equipment$42,991 $26,656 $1,092 $70,739 $— $70,739 
The following table reflects the financial data used to calculate each reportable segment’s income (loss) and includes reconciliations to Opal’s consolidated revenue and consolidated net income for the year ended December 31, 2024:
RNG FuelFuel Station ServicesRenewable Power
Total Segments
CorporateTotal
Revenue from external customers$88,420 $166,875 $44,677 $299,972 $— $299,972 
Intersegment revenues518 18,948 — 19,466 — 19,466 
88,938 185,823 44,677 319,438 — 319,438 
Reconciliation of Revenue
Elimination of intersegment revenues— (19,466)
Total revenues88,420 166,875 44,677 299,972 — 299,972 
Segment and Corporate Expenses
Less: (1)
Cost of sales38,552 128,804 32,495 199,851 — 199,851 
Income from equity method investments(13,235)— — (13,235)— (13,235)
Interest and financing expense, net19,574 168 (132)19,610 — 19,610 
Project development and start up costs19,109 — — 19,109 — 19,109 
Depreciation, amortization and accretion8,252 5,612 4,021 17,885 — 17,885 
Other corporate expenses— — — — 28,137 28,137 
Stock-based compensation— — — — 6,452 6,452 
Other segment items (2)
10,737 614 5,393 16,744 — 16,744 
Segment income (loss)5,431 31,677 2,900 40,008 (34,589)5,419 
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit8,906 
Net income$14,325 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown in line Cost of sales and no intersegment profit was recognized
(2) Other segment items for each reportable segment include:
•RNG - payroll, consulting, insurance and other expenses
•Fuel Station Services - payroll expenses, gain on RNG dispensing and asset impairment
•Renewable Power - payroll, consulting, insurance and other expenses, and asset impairment
The following table reflects certain other financial data for the reportable segments for the year ended December 31, 2024:
RNG FuelFuel Station ServicesRenewable Power
Total Segments
CorporateTotal
Other segment disclosures
Investment in other entities
$223,594$—$—$223,594$—$223,594
Segment assets$635,927$179,304$30,517$845,748$35,329$881,077
For the year ended December 31, 2024, the Company made the following cash payments for capital expenditures:
RNG FuelFuel Station ServicesRenewable Power
Total Segments
CorporateTotal
Cash paid for purchases of property, plant and equipment$108,825 $18,414 $— $127,239 $— $127,239 
The following table reflects revenues from external customers by type for the reportable segments:
Year Ended December 31,
20252024
RNG Fuel
Brown gas sales$13,652 $4,745 
Environmental attributes86,315 82,317 
Other1,689 1,358 
Total RNG Fuel101,656 88,420 
Fuel Station Services
OPAL owned stations20,957 17,659 
Environmental attributes51,305 41,726 
RNG marketing (1)
43,947 34,593 
Third party station service and maintenance27,976 24,984 
Construction49,040 39,767 
Lease revenues (2)
21,326 8,146 
Total Fuel Station Services214,551 166,875 
Renewable Power
Electricity sales21,960 22,713 
Environmental attributes (3)
6,467 17,484 
Capacity3,214 3,109 
Lease revenues (4)
932 970 
Other (5)
195 401 
Total Renewable Power32,768 44,677 
Total revenues$348,975 $299,972 
Revenue from contracts with customers$326,717 $290,856 
Revenue from lease arrangements$22,258 $9,116 
(1) Revenues from RNG marketing in the Fuel Station Services segment relate to revenues earned from Environmental Attribute generation and monetization services.
(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 $7,734 and $— respectively, for the years ended December 31, 2025 and 2024, from customers domiciled outside of United States. All remaining lease revenue relates to operating leases.
(3) Includes revenues of $— and $16,286 respectively, for the years ended December 31, 2025 and 2024, from customers domiciled outside of United States.
(4) Renewable Power operating lease revenue relates to revenue from power purchase agreements where we determined that we transferred the right to control the use of the power plant to the purchaser.
(5) Includes management fee revenues earned from management of operations of equity method entities
The tables below outline the revenue from customers that comprise 10% or more of our consolidated revenue, along with their respective percentages of revenue by each segment.
Year Ended December 31,
20252024
Customer A
Revenue
Percentage of total revenue
Revenue
Percentage of total revenue
RNG Fuel67,643 19.4 %$68,416 22.8 %
Fuel Station Services42,874 12.3 %36,131 12.0 %
Renewable Power6,822 2.0 %6,912 2.3 %
Total
$117,339 33.7 %$111,459 37.1 %
Year Ended December 31,
20252024
Customer B
Revenue
Percentages of total revenue
Revenue
Percentage of total revenue
Fuel Station Services$— — %$42,028 14.0 %