OPAL on Nasdaq

OPAL Fuels Inc.

Gas and other services combined company, listed on Nasdaq (OPAL).

Price unavailable

Last updated Oct 18, 2026.

Overview

$326.7MRevenue, fiscal 20252
$36.4MNet income, fiscal 20252

Compare with Clean Energy Fuels Corp., Montauk Renewables, Inc. or UGI Corporation, or pick any stock.

  • TickerOPAL on Nasdaq
  • IndustryGas & Other Services Combined
  • Business address200 Clarendon Street, 55Th Floor, Boston, Ma 021163
  • Filer categoryAccelerated filer, Smaller reporting company, Emerging growth company3

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2.3%Operating margin2
11.1%Net margin2
12.3%Revenue growth, 20252
-$34.2MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Fuel Station Services brought in 61% of the revenue OPAL Fuels Inc. broke down this way in fiscal 2025.

  1. Fuel Station Services$214.6M261%up 29% from 2024
  2. Renewable Natural Gas Fuel Supply$101.7M229%up 15% from 2024
  3. Renewable Power$32.8M29%down 27% from 2024
Business segments by year
Business segments20242025
Fuel Station Services$166.9M$214.6M
Renewable Natural Gas Fuel Supply$88.4M$101.7M
Renewable Power$44.7M$32.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development5¢$14.9M
  • Selling, general and admin20¢$64.0M
  • Other costs49¢$158.6M
  • Income tax16¢$52.7M
  • Profit11¢$36.4M

Out of $326.7M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$70.7M

Out of $36.5M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2

Financial statements

Revenue4562$326.7M in 2025+102% since 2021
0$100.0M$200.0M$300.0M$400.0M2021: $162.0M$162.0M20212022: $230.7M$230.7M2022+42%2023: $251.1M$251.1M2023+9%2024: $290.9M$290.9M2024+16%2025: $326.7M$326.7M2025+12%
Operating income4562$7.4M in 2025−33% since 2021
0$10.0M$20.0M$30.0M2021: $11.0M$11.0M20212022: $7.6M$7.6M2022−31%2023: $7.0M$7.0M2023−7%2024: $21.2M$21.2M2024+201%2025: $7.4M$7.4M2025−65%
Net income7562$36.4M in 2025
-$50.0M0$50.0M$100.0M$150.0M2021: -$16.2M-$16.2M20212022: $32.6M$32.6M20222023: $127.0M$127.0M2023+290%2024: $14.3M$14.3M2024−89%2025: $36.4M$36.4M2025+154%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-12-312024-12-31
Project development and start up costs$14.9M$19.1M
Selling, general and administrative$64.0M$53.1M
Depreciation, amortization, and accretion$22.5M$17.9M
Impairment loss$0$2.0M
Income from equity method investments-$2.6M-$13.2M
Total operating expenses$341.6M$278.8M
Operating income$7.4M$21.2M
Interest and financing expense-$27.5M-$21.5M
Interest income$1.2M$1.9M
Other income$2.5M$3.8M
Total other expenses-$23.7M-$15.8M
Net (loss) income before income tax benefit-$16.3M$5.4M
Income tax benefit$52.7M$8.9M
Net income$36.4M$14.3M
Net income attributable to redeemable non-controlling interest$21.3M$2.9M
Net income attributable to non-redeemable non-controlling interest$330.0K$443.0K
Dividends on redeemable preferred non-controlling interests$10.5M$10.5M
Net income attributable to Class A common stockholders$4.3M$561.0K
Basic (in shares)28.1M shares27.6M shares
Diluted (in shares)29.3M shares27.7M shares
Basic (in dollars per share)$0.15$0.02
Diluted (in dollars per share)$0.15$0.02
Total revenues$349.0M$300.0M

Compare OPAL Fuels Inc. with another company

Leadership

Who has led OPAL Fuels Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Adam Comora2022–now
  2. Jonathan Gilbert Maurer2022–now

Chair

  1. Daniel R. Revers2021–2022

Chief financial officer

  1. Marco F. Gatti2021
  2. Ann T. Anthony2022–2023
  3. Scott Contino2023
  4. Kazi Hasan2025–now

Chief operating officer

  1. Kerrick S. Knauth2021
  2. Anthony Falbo2022–2024
2025
Board members and other officers (22)

Former names

  • ArcLight Clean Transition Corp. IIFeb 4, 2021 to Jul 21, 20223

Timeline

  1. Jul 25, 2022New chief executive Adam Comora becomes CEO12
  2. Jul 25, 2022New chief executive Jonathan Gilbert Maurer becomes CEO13

Filings

456 filings to the SEC since October 2021: 5 annual reports, 19 quarterly reports, 81 major events, 186 insider forms, 51 large holders, 114 other. The latest 20:

  1. Sep 17, 2026EFFECT EDGAR
  2. Sep 14, 2026S-3/A EDGAR
  3. Sep 8, 20264 EDGAR
  4. Sep 4, 2026S-3 EDGAR
  5. Sep 2, 20264 EDGAR
  6. Sep 2, 20264 EDGAR
  7. Aug 13, 2026SCHEDULE 13G/A EDGAR
  8. Aug 10, 202610-Q EDGAR
  9. Aug 10, 20268-K EDGAR
  10. Jul 28, 20268-K EDGAR
  11. Jun 22, 20268-K EDGAR
  12. Jun 15, 20264 EDGAR
  13. Jun 4, 20264 EDGAR
  14. Jun 3, 20268-K EDGAR
  15. May 21, 20264 EDGAR
  16. May 20, 20268-K EDGAR
  17. May 20, 20264 EDGAR
  18. May 20, 20264 EDGAR
  19. May 18, 20264 EDGAR
  20. May 11, 20268-K EDGAR

The 456 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 51 such filings since October 2021, the latest 10:

  1. Aug 13, 2026SCHEDULE 13G/A
  2. Apr 7, 2026SCHEDULE 13G/A
  3. Mar 10, 2026SCHEDULE 13D/A
  4. Jan 8, 2026SCHEDULE 13G/A
  5. Dec 3, 2025SCHEDULE 13D/A
  6. Oct 7, 2025SCHEDULE 13G
  7. Aug 7, 2025SCHEDULE 13G/A
  8. May 15, 2025SCHEDULE 13G/A
  9. May 9, 2025SCHEDULE 13G/A
  10. Apr 23, 2025SCHEDULE 13D/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 78. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Invesco Ltd.4,078,082$9.0M0.0%+866,072
Ares Management LLC3,059,533$6.7M0.3%No change
Electron Capital Partners, LLC1,800,000$4.0M0.2%No change
BlackRock, Inc.1,405,752$3.1M0.0%+155,469
Vanguard Capital Management LLC1,005,343$2.2M0.0%−902
Yaupon Capital Management LP810,183$1.8M0.1%+29,491
UBS Group AG596,160$1.3M0.0%+114,213
Geode Capital Management, LLC546,611$1.2M0.0%+24,415
Rockefeller Capital Management L.P.453,632$998.0K0.0%No change
SIR Capital Management, L.P.373,849$822.5K0.1%No change
Goldman Sachs Group Inc351,564$773.4K0.0%+94,174
Inspire Investing, LLC309,787$681.5K0.0%+89,762
Marshall Wace, Llp258,126$567.9K0.0%+33,681
J. Derek Lewis & Associates Inc.248,500$546.7K0.1%−11,500
State Street Corp238,686$525.1K0.0%+14,558
Aqr Capital Management LLC193,801$426.4K0.0%+129,582
Vanguard Fiduciary Trust Co167,256$368.0K0.0%+30,922
Northern Trust Corp162,881$358.3K0.0%−11,253
Vanguard Portfolio Management LLC150,493$331.1K0.0%+22,702
Adage Capital Partners Gp, L.l.c.115,000$253.0K0.0%No change
WINTON GROUP Ltd67,780$149.1K0.0%+55,213
Morgan Stanley64,406$141.7K0.0%−38,591
Susquehanna International Group, Llp57,266$126.0K0.0%−28,898
Dimensional Fund Advisors LP54,038$118.9K0.0%+20,401
Shay Capital LLC42,629$93.8K0.0%+5

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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