Short answer
OPAL Fuels Inc. (OPAL) filed its fiscal 2025 10-K annual report with the SEC on Mar 16, 2026. It reported revenue of $327M (+12.3% year over year) and net income of $4M.
- Top risk flagged: Regulatory risk: EPA Renewable Volume Obligations (RVOs) under Energy Independence and Security Act of 2007 set for 2023-2025, impacting demand and RIN pricing volatility
FY2025 key financial metrics · XBRL
- Revenue
- $327M
- +12.3% YoY
- Net income
- $4M
- +663.5% YoY
- Operating margin
- 2.3%
- −5.0 pp YoY
- EPS (diluted)
- $0.15
- +650.0% YoY
- ROE
- -33.1%
- −32.7 pp YoY
- Operating cash flow
- $36M
- +10.5% YoY
Source: XBRL data from the OPAL Fuels Inc. (OPAL) FY2025 10-K on SEC EDGAR. USD.
OPAL Fuels Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Production, sale, and delivery of renewable natural gas (RNG) fuel, fuel station services, and renewable power generation
- New emphasis: Commencement of operations at new RNG facilities (Prince William and Polk) increased contribution to revenue and depreciation expenses
- Strategic shift: Redemption of $100M NextEra Series A preferred units funded by $120M new preferred equity issuance, adjusting capital structure and investor base
- Quantitative highlight: Revenues grew 16% to $349M in 2025; RNG fuel volumes produced up 29% to 4.9 million MMBtus; operating income declined 65% to $7.4M due to higher expenses
- Noteworthy fact: $52.7M income tax benefit earned in 2025, a 492% increase, driven by sale of investment tax credits and production tax credits recognition
Management Discussion & Analysis
- Majority stockholder controls 89.5% voting power via Class B/D shares, limiting other stockholders' influence
- No cash dividends planned; earnings retained for operations, expansions, and debt repayment
- Risks from potential stock dilution due to future Class A common stock issuances and resale of registered shares (~163.7M shares)
- Market risks include dual-class structure impact on share price, tariff uncertainties, potential credit rating downgrades, and Nasdaq listing compliance risks
Risk Factors
- Regulatory risk: EPA Renewable Volume Obligations (RVOs) under Energy Independence and Security Act of 2007 set for 2023-2025, impacting demand and RIN pricing volatility
- Macroeconomic risk: Exposure to natural gas and diesel commodity prices affecting RNG demand as alternative fuels
- Operational risk: Inlet Design Capacity Utilization at RNG facilities stable at 75% in 2025, constrained by landfill biogas quality and availability
- Competitive risk: Potential market disruption from emerging hydrogen Fueling Stations, a recent diversification initiative by OPAL Fuels
- Financial risk: $180M Series A preferred units with 12% annual compounding quarterly distributions, senior to other equity except pari passu units
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.