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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Total revenues $ 66,550 $ 47,184 $ 168,814 $ 104,968
Operating expenses:        
Selling, general, and administrative 15,751 7,922 34,561 19,107
Depreciation, amortization, and accretion 3,258 2,613 9,816 6,672
Total expenses 68,499 44,030 169,456 102,559
Operating (loss) income (1,949) 3,154 (642) 2,409
Other (expense) income:        
Interest and financing expense, net (776) (2,354) (7,184) (5,659)
Change in fair value of derivative instruments, net (1,908) (27) (1,580) (10)
Other income 6,308 6,308
Gain on acquisition of equity method investment 19,818
Income from equity method investments 3,694 3,658 2,392
Income before provision for income taxes 5,369 773 560 18,950
Provision for income taxes
Net income 5,369 773 560 18,950
Net income (loss) attributable to redeemable non-controlling interests 4,161 (2,584)
Net loss attributable to non-redeemable non-controlling interests (325) (216) (824) (414)
Paid-in-kind preferred dividends [1] 2,658 5,093
Net income attributable to OPAL Fuels 989 19,364
Net loss attributable to Class A common stockholders $ (1,125) $ (1,125)
Basic (in Shares) 25,671,390 25,671,390
Diluted (in Shares) 25,823,772 25,823,772
Basic (in Dollars per share) [2] $ (0.04) $ (0.04)
Diluted (in Dollars per share) [2] $ (0.06) $ (0.06)
RNG fuel        
Revenues:        
Total revenues $ 32,381 $ 17,892 $ 83,196 $ 37,066
Operating expenses:        
Cost of sales 20,959 11,973 51,843 23,053
Fuel station services        
Revenues:        
Total revenues 23,227 18,387 55,524 35,560
Operating expenses:        
Cost of sales 20,886 15,458 49,643 29,775
Renewable Power        
Revenues:        
Total revenues 10,942 10,905 30,094 32,342
Operating expenses:        
Cost of sales $ 7,645 $ 6,064 $ 23,593 $ 23,952
[1] Paid-in-kind preferred dividend is allocated between redeemable non-controlling interests and Class A common stockholders basis their weighted average percentage of ownership. Please see Note.14 Redeemable non-controlling interests, redeemable preferred non-controlling interests and stockholders’ equity for additional information.
[2] Loss per share information has not been presented for the periods prior to the Business Combination (as defined in Note 3, Business Combination), as it would not be meaningful to the users of these unaudited condensed consolidated financial statements, Refer to Note 3, Business Combination.