REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)

9 Months Ended

Sep. 30, 2026

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 September 30, 2026:


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	22,489	$	49,740	$	7,262	$	79,491	$	—	$	79,491
Intersegment revenues	189		360		—		549		—		549
	22,678		50,100		7,262		80,040		—		80,040
Reconciliation of Revenue
Elimination of intersegment revenues											(549)
Total revenues	22,489		49,740		7,262		79,491		—		79,491

Segment and Corporate Expenses
Less: (1)
Cost of sales	9,138		35,289		7,296		51,723		—		51,723
Income from equity method investments	(1,293)		—		—		(1,293)		—		(1,293)
Interest and financing expense, net	8,279		(78)		(16)		8,185		—		8,185
Project development and startup costs	2,744		—		—		2,744		—		2,744
Impairment loss	—		14		—		14		—		14
Depreciation, amortization, and accretion	2,782		1,546		712		5,040		—		5,040
Other corporate expenses	—		—		—		—		7,304		7,304
Stock-based compensation	—		—		—		—		2,271		2,271
Other segment items (2)	325		1,482		36		1,843		—		1,843
Segment income (loss)	514		11,487		(766)		11,235		(9,575)		1,660

Reconciliation of profit or loss (segment income / (loss))
Provision for income taxes											—
Net income											$	1,660

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 nine months ended September 30, 2026:


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	67,948	$	147,370	$	20,947	$	236,265	$	—	$	236,265
Intersegment revenues	473		14,967		—		15,440		—		15,440
	68,421		162,337		20,947		251,705		—		251,705
Reconciliation of Revenue
Elimination of intersegment revenues											(15,440)
Total revenues	67,948		147,370		20,947		236,265		—		236,265

Segment and Corporate Expenses
Less: (1)
Cost of sales	27,496		111,041		20,551		159,088		—		159,088
Loss from equity method investments	423		—		—		423		—		423
Interest and financing expense, net	22,210		(1,537)		(58)		20,615		—		20,615
Project development and startup costs	7,860		—		—		7,860		—		7,860
Impairment loss	—		561		3,595		4,156		—		4,156
Depreciation, amortization, and accretion	8,331		4,710		2,092		15,133		—		15,133
Other corporate expenses	—		—		—		—		25,992		25,992
Stock-based compensation	—		—		—		—		6,386		6,386
Other segment items (2)	1,243		1,636		156		3,035		—		3,035
Segment income (loss)	385		30,959		(5,389)		25,955		(32,378)		(6,423)

Reconciliation of profit or loss (segment income / (loss))
Provision for income taxes											(183)
Net loss											$	(6,606)

(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 September 30, 2026:


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Other segment disclosures
Investment in other entities	$	213,400	$	—	$	—	$	213,400	$	—	$	213,400
Segment assets	$	742,013	$	205,472	$	30,810	$	978,295	$	46,319	$	1,024,614

For the nine months ended September 30, 2026, 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	$	61,720	$	9,259	$	—	$	70,979	$	—	$	70,979

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 September 30, 2025:


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	22,921	$	51,722	$	8,714	$	83,357	$	—	$	83,357
Intersegment revenues	139		5,394		—		5,533		—		5,533
	23,060		57,116		8,714		88,890		—		88,890
Reconciliation of Revenue
Elimination of intersegment revenues											(5,533)
Total revenues	22,921		51,722		8,714		83,357		—		83,357

Segment and Corporate Expenses
Less: (1)
Cost of sales	13,466		40,230		6,562		60,258		—		60,258
Income from equity method investments	(839)		—		—		(839)		—		(839)
Interest and financing expense, net	6,929		(11)		(20)		6,898		—		6,898
Project development and startup costs	2,543		—		—		2,543		—		2,543
Depreciation, amortization, and accretion	2,688		1,573		962		5,223		—		5,223
Other corporate expenses	—		—		—		—		9,563		9,563
Stock-based compensation	—		—		—		—		902		902
Other segment items (2)	210		445		67		722		—		722
Segment (loss) income	(2,076)		9,485		1,143		8,552		(10,465)		(1,913)

Reconciliation of profit or loss (segment income / (loss))
Provision for income taxes											—
Net loss											$	(1,913)


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	75,650	$	149,426	$	24,144	$	249,220	$	—	$	249,220
Intersegment revenues	415		14,679		—		15,094		—		15,094
	76,065		164,105		24,144		264,314		—		264,314
Reconciliation of Revenue
Elimination of intersegment revenues											(15,094)
Total revenues	75,650		149,426		24,144		249,220		—		249,220

Segment and Corporate Expenses
Less: (1)
Cost of sales	41,216		118,683		22,157		182,056		—		182,056
Income from equity method investments	(2,483)		—		—		(2,483)		—		(2,483)
Interest and financing expense, net	19,333		45		(48)		19,330		—		19,330
Project development and startup costs	12,101		—		—		12,101		—		12,101
Depreciation, amortization, and accretion	8,471		4,924		2,863		16,258		—		16,258
Other corporate expenses	—		—		—		—		29,752		29,752
Stock-based compensation	—		—		—		—		4,858		4,858
Other segment items (2)	665		282		190		1,137		—		1,137
Segment (loss) income	(3,653)		25,492		(1,018)		20,821		(34,610)		(13,789)

Reconciliation of profit or loss (segment income / (loss))
Provision for income taxes											—
Net loss											$	(13,789)

(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 as of December 31, 2025:


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Other segment disclosures
Investment in other entities	$	206,723	$	—	$	—	206,723		$	—	$	206,723
Segment assets	$	624,847	$	196,853	$	28,740	$	850,440	$	57,888	$	908,328

For the nine months ended September 30, 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	$	44,259	$	16,140	$	491	$	60,890	$	—	$	60,890

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025			2026		2025
RNG Fuel
Environmental attributes	$	18,868	$	19,061		$	57,522	$	64,832
Brown gas sales and other	3,621		3,860			10,426		10,818
Total RNG Fuel	22,489		22,921			67,948		75,650
Fuel Station Services
OPAL owned stations	7,790		4,778			18,843		15,600
Environmental attributes and RNG marketing (1)	24,152		20,379			76,335		71,679
Third party station service and maintenance	7,334		7,122			21,259		20,726
Construction	4,412		14,203			15,640		31,377
Lease revenues (2)	6,052		5,240			15,293		10,044
Total Fuel Station Services	49,740		51,722			147,370		149,426
Renewable Power
Electricity sales	5,419		5,137			16,126		14,716
Environmental attributes	791		2,416			2,662		6,004
Lease revenues (3)	268		228			690		875
Other (4)	784		933			1,469		2,549
Total Renewable Power	7,262		8,714			20,947		24,144

Total revenues	$	79,491	$	83,357		$	236,265	$	249,220

Revenue from contracts with customers	$	73,171	$	77,889		$	220,282	$	238,301
Revenue from lease arrangements	$	6,320	$	5,468		$	15,983	$	10,919

(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 $1,915, $—, $4,161, and $— for the three months ended September 30, 2026 and 2025, and the nine months ended September 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.


	Nine Months Ended September 30,
	2026				2025
Customer A	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue
RNG Fuel	$	53,158	22	%	$	55,658	22	%
Fuel Station Services	44,039		19	%	34,653		14	%
Renewable Power	2,839		1	%	4,676		2	%
Total	$	100,036	42	%	$	94,987	38	%


	Three Months Ended September 30,
	2026				2025
Customer A	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue
RNG Fuel	17,703		22	%	$	17,825	21	%
Fuel Station Services	14,643		18	%	9,198		11	%
Renewable Power	1,149		1	%	2,022		2	%
Total	$	33,495	42	%	$	29,045	34	%

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details