REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of 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 the Company's consolidated revenue and consolidated net income for the three months ended March 31, 2026:


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	21,638	$	44,566	$	7,171	$	73,375	$	—	$	73,375
Intersegment revenues	142		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 revenues	21,638		44,566		7,171		73,375		—		73,375

Segment and Corporate Expenses
Less: (1)
Cost of sales	12,829		35,390		5,630		53,849		—		53,849
Loss from equity method investments	1,757		—		—		1,757		—		1,757
Interest and financing expense, net	6,335		(432)		(19)		5,884		—		5,884
Project development and startup costs	1,815		—		—		1,815		—		1,815
Depreciation, amortization, and accretion	3,093		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 benefit											5,709
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 Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
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 Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Cash paid for purchases of property, plant and equipment		$	19,382	$	4,985	$	—	$	24,367	$	—	$	24,367


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	27,599	$	50,678	$	7,130	$	85,407	$	—	$	85,407
Intersegment revenues	138		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 revenues	27,599		50,678		7,130		85,407		—		85,407

Segment and Corporate Expenses
Less: (1)
Cost of sales	12,153		39,722		6,762		58,637		—		58,637
Loss from equity method investments	722		—		—		722		—		722
Interest and financing expense, net	6,017		63		(15)		6,065		—		6,065
Project development and startup costs	6,081		—		—		6,081		—		6,081
Depreciation, amortization, and accretion	2,959		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 benefit											8,037
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 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 three months ended March 31, 2025, the Company made the following cash payments for capital expenditures:


	Three months ended March 31, 2025
	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Cash paid for purchases of property, plant and equipment	$	4,680	$	6,886	$	—	$	11,566	$	—	$	11,566

Schedule of Revenue by Major Customers by Reporting Segments

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


	Three Months Ended March 31,
(in thousands)		2026		2025		$ Change
RNG Fuel
Brown gas sales		$	2,821	$	1,457	$	1,364
Environmental attributes		18,230		25,830		(7,600)
Other		587		312		275
Total RNG Fuel		21,638		27,599		(5,961)
Fuel Station Services
OPAL owned stations		5,951		4,906		1,045
Environmental attributes		11,498		17,252		(5,754)
RNG marketing (1)		9,691		11,274		(1,583)
Third party station service and maintenance		6,800		7,070		(270)
Construction		4,899		7,991		(3,092)
Lease revenues (2)		5,727		2,185		3,542
Total Fuel Station Services		44,566		50,678		(6,112)
Renewable Power
Electricity sales		5,792		5,256		536
Environmental attributes (3)		713		821		(108)
Capacity		383		749		(366)
Lease revenues (4)		232		256		(24)
Other (5)		51		48		3
Total Renewable Power		7,171		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,
	2026				2025
Customer A	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue
RNG Fuel	16,917		23.1	%	$	20,101	23.5	%
Fuel Station Services	10,856		14.8	%	15,344		18.0	%
Renewable Power	872		1.2	%	1,166		1.4	%
Total	$	28,645	39.0	%	$	36,611	42.9	%


	Three Months Ended March 31,
	2026				2025
Customer B	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue

Fuel Station Services	7,843		10.7	%	—		—	%

Total	$	7,843	10.7	%	$	—	—	%