OPAL Fuels Inc. OPAL
OPAL Fuels Inc. (including its subsidiaries, the "Company," "OPAL," "we," "us" or "our") is a vertically integrated leader in the capture and conversion of biogas into low carbon intensity renewable natural gas ("RNG") and Renewable Power. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. RNG is chemically identical to the natural gas used for cooking, heating homes and fueling natural gas engines, with one significant difference: RNG is produced by recycling methane emissions created by decaying organic waste as opposed to natural gas which is a fossil fuel pumped from the ground. We have participated in the biogas-to-energy industry for over 20 years.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $326.7M | $290.9M | $251.1M | $230.7M | $162.0M | — |
| R&D | $14.9M | $19.1M | $4.9M | $6.4M | — | — |
| SG&A | $64.0M | $53.1M | $51.3M | $51.4M | $29.4M | — |
| Total operating expenses | $341.6M | $278.8M | $249.1M | $228.0M | $155.1M | — |
| Operating income | $7.4M | $21.2M | $7.0M | $7.6M | $11.0M | — |
| Interest expense | $27.5M | $21.5M | — | — | — | — |
| Pre-tax income | -$16.3M | $5.4M | $127.0M | $32.6M | $40.8M | — |
| Income tax | $52.7M | $8.9M | $0 | $0 | $0 | — |
| Net income | $36.4M | $14.3M | $127.0M | $32.6M | $40.8M | — |
| EPS, basic | 0.15 | 0.02 | 0.70 | 0.13 | 0.00 | — |
| EPS, diluted | 0.15 | 0.02 | 0.69 | 0.12 | 0.00 | — |
| Shares, diluted (wtd. avg.) | $29.3M | $27.7M | $27.5M | $26.1M | $0 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $24.4M | $24.3M | $47.2M | $77.2M | $42.1M | $15.4M |
| Short-term investments | — | $0 | $9.9M | $65.0M | $0 | — |
| Receivables | $61.8M | $46.5M | $27.6M | $31.1M | $25.4M | — |
| Total current assets | $122.7M | $116.8M | $128.1M | $212.0M | $87.0M | — |
| Goodwill | $54.6M | $54.6M | $54.6M | $54.6M | $54.6M | — |
| Other intangibles | — | $1.3M | $1.6M | $2.2M | $2.9M | — |
| Total assets | $959.5M | $881.1M | $754.6M | $644.9M | $380.8M | — |
| Accounts payable | — | — | — | — | $18.8K | — |
| Total current liabilities | $104.2M | $103.6M | $74.3M | $152.9M | $142.1M | — |
| Long-term debt | $361.3M | $285.0M | $196.5M | $88.3M | $134.1M | — |
| Total liabilities | $461.7M | $416.0M | $297.1M | $267.0M | $285.9M | — |
| Retained earnings | -$1.3M | -$137.0M | -$467.2M | -$800.8M | $0 | — |
| Total equity | -$12.9M | -$148.4M | -$477.9M | -$774.2M | $1.2M | $6.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $36.5M | $31.4M | $38.3M | -$1.4M | $18.9M | — |
| Depreciation and amortisation | $22.5M | $17.9M | $14.6M | $13.1M | $10.7M | — |
| Stock-based compensation | $6.5M | $6.5M | $5.9M | $1.5M | $639.0K | — |
| Capital expenditure | $70.7M | $127.2M | $113.8M | $131.4M | $89.6M | — |
| Investing cash flow | -$77.3M | -$134.6M | -$74.1M | -$184.0M | -$117.2M | — |
| Financing cash flow | $41.6M | $83.5M | $5.9M | $220.6M | $125.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-017908.
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