v3.26.1
REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION 7. Reportable Segments and Geographic Information
7. REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION
The Company is organized into three operating segments.
During the fourth quarter of 2025, the Company changed the presentation of information reviewed by the Chief Operating Decision Makers (“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. All the assets and revenue-generating activities, aside from sales‑type lease in Canada, were domiciled in the United States for the three months ended March 31, 2026 and 2025. Transactions between reportable segments are accounted for using market‑based pricing. Intersegment revenues and expenses are eliminated in consolidation.
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 three months ended March 31, 2025, amounts reallocated from Corporate to RNG Fuel, Fuel Station Services, and Renewable Power were $2,292, $336, and $962, respectively.
The following table reflects the financial data used to calculate each reportable segment’s income (loss) and includes reconciliations to the Company's consolidated revenue and consolidated net income for the three months ended March 31, 2026:
RNG FuelFuel Station ServicesRenewable PowerTotal SegmentsCorporateTotal
Revenue from external customers$21,638 $44,566 $7,171 $73,375 $— $73,375 
Intersegment revenues142 5,031 — 5,173 — 5,173 
21,780 49,597 7,171 78,548 — 78,548 
Reconciliation of Revenue
Elimination of intersegment revenues(5,173)
Total revenues21,638 44,566 7,171 73,375 — 73,375 
Segment and Corporate Expenses
Less: (1)
Cost of sales12,829 35,390 5,630 53,849 — 53,849 
Loss from equity method investments1,757 — — 1,757 — 1,757 
Interest and financing expense, net6,335 (432)(19)5,884 — 5,884 
Project development and startup costs1,815 — — 1,815 — 1,815 
Depreciation, amortization, and accretion3,093 1,558 962 5,613 — 5,613 
Other corporate expenses— — — — 11,008 11,008 
Stock-based compensation— — — — 2,055 2,055 
Other segment items (2)
2,472 (63)287 2,696 — 2,696 
Segment (loss) income(6,663)8,113 311 1,761 (13,063)(11,302)
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit5,709 
Net loss$(5,593)
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. 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 March 31, 2026:
RNG FuelFuel Station ServicesRenewable PowerTotal SegmentsCorporateTotal
Other segment disclosures
Investment in other entities$224,282 $— $— $224,282 $— $224,282 
Segment assets$702,171 $181,650 $28,228 $912,049 $148,553 $1,060,602 
For the three months ended March 31, 2026, the Company made the following cash payments for capital expenditures:
Three months ended March 31, 2026
RNG FuelFuel Station ServicesRenewable PowerTotal SegmentsCorporateTotal
Cash paid for purchases of property, plant and equipment$19,382 $4,985 $— $24,367 $— $24,367 
The following table reflects the financial data used to calculate each reportable segment’s income (loss) and includes reconciliations to the Company's consolidated revenue and consolidated net (loss) income for the three months ended March 31, 2025:
RNG FuelFuel Station ServicesRenewable PowerTotal SegmentsCorporateTotal
Revenue from external customers$27,599 $50,678 $7,130 $85,407 $— $85,407 
Intersegment revenues138 4,393 — 4,531 — 4,531 
27,737 55,071 7,130 89,938 — 89,938 
Reconciliation of Revenue
Elimination of intersegment revenues(4,531)
Total revenues27,599 50,678 7,130 85,407 — 85,407 
Segment and Corporate Expenses
Less: (1)
Cost of sales12,153 39,722 6,762 58,637 — 58,637 
Loss from equity method investments722 — — 722 — 722 
Interest and financing expense, net6,017 63 (15)6,065 — 6,065 
Project development and startup costs6,081 — — 6,081 — 6,081 
Depreciation, amortization, and accretion2,959 2,034 949 5,942 — 5,942 
Other corporate expenses— — — — 10,670 10,670 
Stock-based compensation— — — — 1,751 1,751 
Other segment items (2)
1,247 148 897 2,292 — 2,292 
Segment (loss) income(1,580)8,711 (1,463)5,668 (12,421)(6,753)
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit8,037 
Net income$1,284 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. 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 as of December 31, 2025:
RNG FuelFuel Station ServicesRenewable Power
Total Segments
CorporateTotal
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 three months ended March 31, 2025, the Company made the following cash payments for capital expenditures:
Three months ended March 31, 2025
RNG FuelFuel Station ServicesRenewable Power
Total Segments
CorporateTotal
Cash paid for purchases of property, plant and equipment$4,680 $6,886 $— $11,566 $— $11,566 
The following table reflects revenues from external customers by type for the reportable segments:
Three Months Ended March 31,
(in thousands)20262025$ Change
RNG Fuel
Brown gas sales$2,821 $1,457 $1,364 
Environmental attributes18,230 25,830 (7,600)
Other587 312 275 
Total RNG Fuel21,638 27,599 (5,961)
Fuel Station Services
OPAL owned stations5,951 4,906 1,045 
Environmental attributes11,498 17,252 (5,754)
RNG marketing (1)
9,691 11,274 (1,583)
Third party station service and maintenance6,800 7,070 (270)
Construction4,899 7,991 (3,092)
Lease revenues (2)
5,727 2,185 3,542 
Total Fuel Station Services44,566 50,678 (6,112)
Renewable Power
Electricity sales5,792 5,256 536 
Environmental attributes (3)
713 821 (108)
Capacity383 749 (366)
Lease revenues (4)
232 256 (24)
Other (5)
51 48 3 
Total Renewable Power7,171 7,130 41 
Total revenues$73,375 $85,407 $(12,032)
Revenue from contracts with customers$67,416 $82,966 $(15,550)
Revenue from lease arrangements$5,959 $2,441 $3,518 
(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 $2,246 and $— respectively, for the for the three months ended March 31, 2026 and 2025, from customers domiciled outside of the United States. All remaining lease revenue relates to operating leases.
(3) Includes revenues of $— and $3,617 respectively, for the for the three months ended March 31, 2026 and 2025, from customers domiciled outside of the 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 the Company's consolidated revenue, along with their respective percentages of revenue by each segment.
Three Months Ended March 31,
20262025
Customer A
Revenue
Percentage of total revenue
Revenue
Percentage of total revenue
RNG Fuel16,917 23.1 %$20,101 23.5 %
Fuel Station Services10,856 14.8 %15,344 18.0 %
Renewable Power872 1.2 %1,166 1.4 %
Total
$28,645 39.0 %$36,611 42.9 %
Three Months Ended March 31,
20262025
Customer B
Revenue
Percentage of total revenueRevenuePercentage of total revenue
Fuel Station Services7,843 10.7 %— — %
Total
$7,843 10.7 %$— — %