Opal Fuels Inc.
opalfuels.comWhat Do They Do?
Builds, operates, and services natural-gas fueling stations for trucking fleets; also converts landfill and dairy-farm biogas into renewable natural gas and electricity for fleet customers and utilities.
10-K for FY2025, filed Mar 16, 2026We also design, develop, construct, operate and service Fueling Stations for trucking fleets across the country that use natural gas to…View ↗
We typically secure our Biogas Conversion Projects through a combination of long-term gas rights, manure supply agreements and property…View ↗
We are a leading provider of RNG marketing and dispensing in the alternative vehicle fuels market for heavy and medium-duty trucking fleets…View ↗
Power Purchase Agreements. Our Renewable Power projects have associated Power Purchase Agreements (“PPAs”) with creditworthy utility…View ↗
How Do They Make Money?
It sells renewable natural gas and the fuel credits generated when it is dispensed, sells renewable power to utilities under power agreements, and builds and services fueling stations. Construction customers are billed as work progresses or milestones are met; advance construction billings are applied over the contract term.
10-K for FY2025, filed Mar 16, 2026We typically secure our Biogas Conversion Projects through a combination of long-term gas rights, manure supply agreements and property…View ↗
We are a leading provider of RNG marketing and dispensing in the alternative vehicle fuels market for heavy and medium-duty trucking fleets…View ↗
Power Purchase Agreements. Our Renewable Power projects have associated Power Purchase Agreements (“PPAs”) with creditworthy utility…View ↗
Fueling Station Construction and Services. We have significant experience in the engineering, design, construction and operation of Fueling…View ↗
Contract assets consist primarily of costs and estimated earnings in excess of billings and retainage receivables. Costs and estimated…View ↗
Contract liabilities consist of billings in excess of costs and estimated earnings and other deferred construction revenue. Billings in…View ↗
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10-K for FY2025, filed Mar 16, 2026
FY2025 revenue by reportable segment ↗
$349M
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10-K for FY2025, filed Mar 16, 2026
$349M ↗
| Segment | Share | Revenue |
|---|---|---|
|
RNG Fuel Supply
|
29%
FY2022: 60%
|
RNG Fuel Supply, FY2025
$101.7M Sources
|
|
Fuel Station services
|
61%
FY2022: 50%
|
Fuel Station services, FY2025
$214.6M Sources
|
|
Renewable Power Segment
|
9.4%
FY2022: 20%
|
Renewable Power Segment, FY2025
$32.8M Sources
|
Who Are Their Customers?
Trucking fleets buy fuel through OPAL's fueling stations; public utilities buy renewable power under power purchase agreements, and third-party fueling-station owners hire OPAL for construction and maintenance.
10-K for FY2025, filed Mar 16, 2026We are a leading provider of RNG marketing and dispensing in the alternative vehicle fuels market for heavy and medium-duty trucking fleets…View ↗
Power Purchase Agreements. Our Renewable Power projects have associated Power Purchase Agreements (“PPAs”) with creditworthy utility…View ↗
RNG Fuel. The RNG Fuel segment relates to all RNG supply directly related to the generation and sale of brown gas and environmental…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$34.2M.
10-K for FY2025, filed Mar 16, 2026
$7.4MView ↗
10-K for FY2025, filed Mar 16, 2026
$36.4MView ↗
10-K for FY2025, filed Mar 16, 2026
−$34.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
−$4.1MView ↗
- ▼ Now a loss
- vs $7.6M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Oct 19, 2026
Co-CEO Jonathan Maurer plans to retire
Adam Comora will become sole CEO; Maurer plans to support the transition as a senior adviser.
Sources
8-K, filed Oct 21, 2026
On October 19, 2026, Jonathan Maurer, Co-Chief Executive Officer of OPAL Fuels Inc. (the “Company”), notified the Company that he intends…View ↗
Growing. Revenue grew 2.1x in 4 years, from $166.1M in FY2021 to $349M in FY2025, about 20% a year.
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