v3.26.1
REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
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 and six months ended June 30, 2026 and 2025. Transactions between reportable segments are accounted for using market‑based pricing. Intersegment revenues and expenses are eliminated in consolidation.
For the three months ended June 30, 2025, amounts reallocated from Corporate to RNG Fuel, Fuel Station Services, and Renewable Power were $2,834, $658, and $1,160, respectively. For the six months ended June 30, 2025, amounts reallocated from Corporate to RNG Fuel, Fuel Station Services, and Renewable Power were $5,126, $994, and $2,122, 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 loss for the three months ended June 30, 2026:
RNG FuelFuel Station ServicesRenewable PowerTotal SegmentsCorporateTotal
Revenue from external customers$23,821 $53,064 $6,514 $83,399 $— $83,399 
Intersegment revenues142 9,576 — 9,718 — 9,718 
23,963 62,640 6,514 93,117 — 93,117 
Reconciliation of Revenue
Elimination of intersegment revenues(9,718)
Total revenues23,821 53,064 6,514 83,399 — 83,399 
Segment and Corporate Expenses
Less: (1)
Cost of sales12,282 40,362 6,285 58,929 — 58,929 
Loss from equity method investments597 — — 597 — 597 
Interest and financing expense, net7,596 (1,027)(23)6,546 — 6,546 
Project development and startup costs3,301 — — 3,301 — 3,301 
Impairment loss— 547 3,595 4,142 — 4,142 
Depreciation, amortization, and accretion3,143 1,606 418 5,167 — 5,167 
Other corporate expenses— — — — 7,828 7,828 
Stock-based compensation— — — — 2,060 2,060 
Other segment items (2)
2,324 217 1,173 3,714 — 3,714 
Segment (loss) income(5,422)11,359 (4,934)1,003 (9,888)(8,885)
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit4,738 
Net loss$(4,147)
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 loss for the six months ended June 30, 2026:

RNG FuelFuel Station ServicesRenewable PowerTotal SegmentsCorporateTotal
Revenue from external customers$45,459 $97,630 $13,685 $156,774 $— $156,774 
Intersegment revenues284 14,607 — 14,891 — 14,891 
45,743 112,237 13,685 171,665 — 171,665 
Reconciliation of Revenue
Elimination of intersegment revenues(14,891)
Total revenues45,459 97,630 13,685 156,774 — 156,774 
Segment and Corporate Expenses
Less: (1)
Cost of sales25,111 75,752 11,915 112,778 — 112,778 
Loss from equity method investments2,354 — — 2,354 — 2,354 
Interest and financing expense, net13,932 (1,460)(42)12,430 — 12,430 
Project development and startup costs5,116 — — 5,116 — 5,116 
Impairment loss— 547 3,595 4,142 — 4,142 
Depreciation, amortization, and accretion6,236 3,164 1,380 10,780 — 10,780 
Other corporate expenses— — — — 18,836 18,836 
Stock-based compensation— — — — 4,115 4,115 
Other segment items (2)
4,796 154 1,460 6,410 — 6,410 
Segment (loss) income(12,086)19,473 (4,623)2,764 (22,951)(20,187)
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit10,447 
Net loss$(9,740)
(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 June 30, 2026:
RNG FuelFuel Station ServicesRenewable PowerTotal SegmentsCorporateTotal
Other segment disclosures
Investment in other entities$234,298 $— $— $234,298 $— $234,298 
Segment assets$719,905 $191,151 $22,108 $933,164 $107,080 $1,040,244 
For the six months ended June 30, 2026, 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$45,461 $7,219 $— $52,680 $— $52,680 
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 June 30, 2025:
RNG FuelFuel Station ServicesRenewable PowerTotal SegmentsCorporateTotal
Revenue from external customers$25,130 $47,026 $8,300 $80,456 $— $80,456 
Intersegment revenues138 4,892 — 5,030 — 5,030 
25,268 51,918 8,300 85,486 — 85,486 
Reconciliation of Revenue
Elimination of intersegment revenues(5,030)
Total revenues25,130 47,026 8,300 80,456 — 80,456 
Segment and Corporate Expenses
Less: (1)
Cost of sales11,414 38,731 6,899 57,044 — 57,044 
Income from equity method investments(1,962)— — (1,962)— (1,962)
Interest and financing expense, net6,387 (7)(13)6,367 — 6,367 
Project development and startup costs3,477 — — 3,477 — 3,477 
Depreciation, amortization, and accretion2,995 1,317 952 5,264 — 5,264 
Other corporate expenses— — — — 9,647 9,647 
Stock-based compensation— — — — 2,205 2,205 
Other segment items (2)
3,692 (311)1,160 4,541 — 4,541 
Segment (loss) income(873)7,296 (698)5,725 (11,852)(6,127)
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit13,686 
Net income$7,559 
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 six months ended June 30, 2025:

RNG FuelFuel Station ServicesRenewable Power
Total Segments
CorporateTotal
Revenue from external customers$52,729 $97,704 $15,430 $165,863 $— $165,863 
Intersegment revenues276 9,285 — 9,561 — 9,561 
53,005 106,989 15,430 175,424 — 175,424 
Reconciliation of Revenue
Elimination of intersegment revenues(9,561)
Total revenues52,729 97,704 15,430 165,863 — 165,863 
Segment and Corporate Expenses
Less: (1)
Cost of sales23,567 78,453 13,661 115,681 — 115,681 
Income from equity method investments(1,240)— — (1,240)— (1,240)
Interest and financing expense, net12,404 56 (28)12,432 — 12,432 
Project development and startup costs9,558 — — 9,558 — 9,558 
Depreciation, amortization, and accretion5,954 3,351 1,901 11,206 — 11,206 
Other corporate expenses— — — — 20,317 20,317 
Stock-based compensation— — — — 3,956 3,956 
Other segment items (2)
4,939 (163)2,057 6,833 — 6,833 
Segment (loss) income(2,453)16,007 (2,161)11,393 (24,273)(12,880)
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit21,723 
Net income$8,843 

(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 and gain on RNG dispensing
•Renewable Power - payroll, consulting, insurance and other expenses
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 six months ended June 30, 2025, 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$20,108 $12,874 $427 $33,409 $— $33,409 
The following table reflects revenues from external customers by type for the reportable segments:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
RNG Fuel
Environmental attributes$20,424 $19,941 $38,654 $45,771 
Brown gas sales and other3,397 5,189 6,805 6,958 
Total RNG Fuel23,821 25,130 45,459 52,729 
Fuel Station Services
OPAL owned stations5,102 5,916 11,053 10,822 
Environmental attributes and RNG marketing (1)
30,994 22,774 52,183 51,300 
Third party station service and maintenance7,125 6,534 13,925 13,604 
Construction6,329 9,183 11,228 17,174 
Lease revenues (2)
3,514 2,619 9,241 4,804 
Total Fuel Station Services53,064 47,026 97,630 97,704 
Renewable Power
Electricity sales4,915 4,324 10,707 9,580 
Environmental attributes1,158 2,767 1,871 3,588 
Lease revenues (3)
190 391 422 647 
Other (4)
251 818 685 1,615 
Total Renewable Power6,514 8,300 13,685 15,430 
Total revenues$83,399 $80,456 $156,774 $165,863 
Revenue from contracts with customers$79,695 $77,446 $147,111 $160,412 
Revenue from lease arrangements$3,704 $3,010 $9,663 $5,451 
(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 $— for the three months ended June 30, 2026 and 2025, and the six months ended June 30, 2026 and 2025, respectively, from customers domiciled outside of the United States. All remaining lease revenue relates to operating leases.
(3) 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.
(4) 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.
Six Months Ended June 30,
20262025
Customer A
Revenue
Percentage of total revenue
Revenue
Percentage of total revenue
RNG Fuel$35,455 23 %$37,833 23 %
Fuel Station Services29,396 19 %25,455 15 %
Renewable Power1,690 1 %2,654 1 %
Total
$66,541 43 %$65,942 39 %
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.
Three Months Ended June 30,
20262025
Customer A
Revenue
Percentage of total revenue
Revenue
Percentage of total revenue
RNG Fuel18,538 22 %$17,732 22 %
Fuel Station Services18,540 22 %10,476 13 %
Renewable Power818 1 %1,488 2 %
Total
$37,896 45 %$29,696 37 %