Reportable Segments and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting Information, by Segment

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 Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	101,656	$	214,551	$	32,768	$	348,975	$	—	$	348,975
Intersegment revenues	553		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 revenues	101,656		214,551		32,768		348,975		—		348,975

Segment and Corporate Expenses
Less: (1)
Cost of sales	49,282		166,778		26,734		242,794		—		242,794
Income from equity method investments	(2,627)		—		—		(2,627)		—		(2,627)
Interest and financing expense, net	26,316		36		(78)		26,274		—		26,274
Project development and startup costs	14,942		—		—		14,942		—		14,942
Depreciation, amortization, and accretion	12,062		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 benefit											52,746
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 Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
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 Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Cash paid for purchases of property, plant and equipment	$	42,991	$	26,656	$	1,092	$	70,739	$	—	$	70,739


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	88,420	$	166,875	$	44,677	$	299,972	$	—	$	299,972
Intersegment revenues	518		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 revenues	88,420		166,875		44,677		299,972		—		299,972

Segment and Corporate Expenses
Less: (1)
Cost of sales	38,552		128,804		32,495		199,851		—		199,851
Income from equity method investments	(13,235)		—		—		(13,235)		—		(13,235)
Interest and financing expense, net	19,574		168		(132)		19,610		—		19,610
Project development and start up costs	19,109		—		—		19,109		—		19,109
Depreciation, amortization and accretion	8,252		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 benefit											8,906
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 Fuel	Fuel Station Services	Renewable Power	Total Segments	Corporate	Total
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 Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Cash paid for purchases of property, plant and equipment	$	108,825	$	18,414	$	—	$	127,239	$	—	$	127,239

Revenue by Major Customers by Reporting Segments

The following table reflects revenues from external customers by type for the reportable segments:


	Year Ended December 31,
	2025		2024
RNG Fuel
Brown gas sales	$	13,652	$	4,745
Environmental attributes	86,315		82,317
Other	1,689		1,358
Total RNG Fuel	101,656		88,420
Fuel Station Services
OPAL owned stations	20,957		17,659
Environmental attributes	51,305		41,726
RNG marketing (1)	43,947		34,593
Third party station service and maintenance	27,976		24,984
Construction	49,040		39,767
Lease revenues (2)	21,326		8,146
Total Fuel Station Services	214,551		166,875
Renewable Power
Electricity sales	21,960		22,713
Environmental attributes (3)	6,467		17,484
Capacity	3,214		3,109
Lease revenues (4)	932		970
Other (5)	195		401
Total Renewable Power	32,768		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,
	2025				2024
Customer A	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue
RNG Fuel	67,643		19.4	%	$	68,416	22.8	%
Fuel Station Services	42,874		12.3	%	36,131		12.0	%
Renewable Power	6,822		2.0	%	6,912		2.3	%
Total	$	117,339	33.7	%	$	111,459	37.1	%


	Year Ended December 31,
	2025				2024
Customer B	Revenue		Percentages of total revenue		Revenue		Percentage of total revenue
Fuel Station Services	$	—	—	%	$	42,028	14.0	%