Reportable Segments and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Interest Expense on Borrowings, Depreciation, Amortization and Accretion and Cash Paid for Purchases, Plant and Equipment

The following table reflects the financial data used to calculate each reportable segment’s net income (loss) and includes reconciliations to Opal’s consolidated revenue and consolidated net income (loss) for the three and nine months ended September 30, 2025:

Nine Months Ended September 30, 2025	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Consolidated
Revenue from external customers	$	75,650	$	149,426	$	24,144	$	249,220	$	—	$	249,220
Intersegment revenues	415		14,679		—		15,094		—		15,094
Reconciliation of Revenue
Elimination of intersegment revenues	(415)		(14,679)		—		(15,094)		—		(15,094)
Total revenues	75,650		149,426		24,144		249,220		—		249,220
Less: (1)
Cost of sales and other operating costs	35,341		118,683		19,578		173,602		41,465		215,067
Income from equity method investments	(1,877)		—		—		(1,877)		—		(1,877)
Interest and financing expense, net	19,333		45		(48)		19,330		—		19,330
Project development and startup costs	12,101		—		—		12,101		—		12,101
Other income	—		—		(64)		(64)		(815)		(879)
Depreciation, amortization, and accretion	8,985		4,924		2,863		16,772		—		16,772
Other segment items (2)	(214)		(1,076)		—		(1,290)		6,057		4,767
Segment income (loss)	1,981		26,850		1,815		30,646		(46,707)		(16,061)
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit											36,290
Net income											$	20,229

Three Months Ended September 30, 2025	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Consolidated
Revenue from external customers	$	22,921	$	51,722	$	8,714	$	83,357	$	—	$	83,357
Intersegment revenues	139		5,394		—		5,533		—		5,533
Reconciliation of Revenue
Elimination of intersegment revenues	(139)		(5,394)		—		(5,533)		—		(5,533)
Total revenues	22,921		51,722		8,714		83,357		—		83,357
Less: (1)
Cost of sales and other operating costs	11,774		40,230		5,917		57,921		11,858		69,779
Income from equity method investments	(637)		—		—		(637)		—		(637)
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	3,031		1,573		962		5,566		—		5,566
Other segment items (2)	(27)		81		1		55		2,334		2,389
Segment (loss) income	(692)		9,849		1,854		11,011		(14,192)		(3,181)
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit											14,567
Net income											$	11,386

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.

(2) Other segment items for each reportable segment includes:

•Fuel Station Services - gain on RNG dispensing, and gain on asset disposal

•Corporate - information technology expense, legal and professional advisor fees, and other overhead expenses

Geographic Information: The Company's assets and revenue generating activities are domiciled in the United States.

The following table reflects certain other financial data for the reportable segments as of September 30, 2025:

	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Consolidated
Other segment disclosures
Investment in other entities	$	227,545	$	—	$	—	$	227,545	$	—	$	227,545
Segment assets	660,922		184,555		30,658		876,135		40,614		$	916,749

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		Consolidated
Cash paid for purchases of property, plant and equipment	$	44,259	$	16,140	$	491	$	60,890	$	—	$	60,890

The following table reflects the financial data used to calculate each reportable segment’s net income (loss) and includes reconciliations to Opal’s consolidated revenue and consolidated net income (loss) for the three and nine months ended September 30, 2024:

Nine months ended September 30, 2024	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Consolidated
Revenue from external customers	$	63,036	$	121,794	$	35,119	$	219,949	$	—	$	219,949
Intersegment revenues	388		15,059		—		15,447		—		15,447
							0
Reconciliation of Revenue							0
Elimination of intersegment revenues	(388)		(15,059)		—		(15,447)		—		(15,447)
Total revenues	63,036		121,794		35,119		219,949		—		219,949
Less: (1)
Cost of sales and other operating costs	26,644		94,882		25,931		147,457		34,028		181,485
Income from equity method investments	(11,828)		—		—		(11,828)		—		(11,828)
Interest and financing expense, net	13,969		119		(112)		13,976		—		13,976
Project development and startup costs	10,523		—		—		10,523		—		10,523
Other income	—		—		(349)		(349)		(11)		(360)
Depreciation, amortization, and accretion	5,482		4,183		3,012		12,677		—		12,677
Other segment items (2)	(627)		(443)		27		(1,043)		3,733		2,690
Segment income (loss)	18,873		23,053		6,610		48,536		(37,750)		10,786
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit											8,906
Net income											$	19,692

Three Months Ended September 30, 2024	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Consolidated
Revenue from external customers	$	25,864	$	45,395	$	12,788	$	84,047	$	—	$	84,047
Intersegment revenues	129		4,520		—		4,649		—		4,649
Reconciliation of Revenue
Elimination of intersegment revenues	(129)		(4,520)		—		(4,649)		—		(4,649)
Total revenues	25,864		45,395		12,788		84,047		—		84,047
Less: (1)
Cost of sales and other operating costs	9,985		33,609		7,774		51,368		10,715		62,083
Income from equity method investments	(3,822)		—		—		(3,822)		—		(3,822)
Interest and financing expense, net	4,958		95		(27)		5,026		—		5,026
Project development and startup costs	6,803		—		—		6,803		—		6,803
Other income	—		—		(349)		(349)		(11)		(360)
Depreciation, amortization, and accretion	2,124		1,574		999		4,697		—		4,697
Other segment items (2)	(300)		(145)		(2)		(447)		1,866		1,419
Segment income (loss)	6,116		10,262		4,393		20,771		(12,570)		8,201
Reconciliation of profit or loss (segment income / (loss))
Income tax benefit											8,906
Net income											$	17,107

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.

(2) Other segment items for each reportable segment includes:

•Fuel Station Services - gain on recognition of RINs

•Corporate - gain on mark-to-market for OPAL and Sponsor Earnout Awards, loss on extinguishment of debt, insurance other overhead expenses

The following table reflects certain other financial data for the reportable segments as of December 31, 2024:

	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Consolidated
Other segment disclosures
Investment in other entities	$	223,594	$	—	$	—	$	223,594	$	—	$	223,594
Segment assets	635,927		179,304		30,517		$	845,748	$	35,329	$	881,077

For the nine months ended September 30, 2024, the Company made the following cash payments for capital expenditures:

	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Consolidated
Cash paid for purchases of property, plant and equipment	$	56,195	$	16,610	$	—	$	72,805	$	—	$	72,805

Schedule of Revenue by Major Customers by Reporting Segments

The tables below outline the revenue from our major customer, along with respective percentages of revenue by each segment.

	Nine Months Ended September 30,
	2025				2024
Customer A	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue
RNG Fuel	$	55,658	22	%	$	54,174	25	%
Fuel Station Services	34,653		14	%	27,885		13	%
Renewable Power	4,676		2	%	5,129		2	%
Total	$	94,987	38	%	$	87,188	40	%

	Three Months Ended September 30,
	2025				2024
Customer A	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue
RNG Fuel	$	17,825	21	%	$	22,798	27	%
Fuel Station Services	9,198		11	%	10,616		13	%
Renewable Power	2,022		2	%	1,799		2	%
Total	$	29,045	34	%	$	35,213	42	%

Customer B was below 10% of the consolidated revenues in three and nine months ended September 30, 2025:

	Three Months Ended September 30,			Nine Months Ended September 30,
	2024			2024
Customer B	Revenue	Percentage of total revenue		Revenue	Percentage of total revenue
Fuel Station Services	11,503	14	%	31,880	14	%