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DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Derivatives Fair Values on Balance Sheet (Details) - Commodity swap contracts - Not Designated as Hedging Instrument, Economic Hedge - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Current portion of unrealized gain on commodity swaps	$ 2,539	$ 1,933
Current portion of unrealized loss on commodity swaps	0	(92)
Non - current portion of unrealized gain on commodity swaps	0	149
Total commodity swaps - unrealized gain	$ 2,539	$ 1,990

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Accounts receivable

^[1]

$ 18,918

$ 8,689

Accounts payable

^[2]

(9,088)

4,621

Interest capitalized

398

524

Related Party

Accounts receivable

(2,009)

7,461

Accounts payable

$ (6,055)

$ (2,299)

[1]	Includes (increase) decrease from related parties of $(2,009) and $7,461 for the three months ended March 31, 2026 and 2025, respectively
[2]	Includes decrease from related parties of $(6,055) and $(2,299) for the three months ended March 31, 2026 and 2025, respectively

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Cash flows from operating activities:

Net (loss) income

$ (5,593)

$ 1,284

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation, amortization, and accretion

5,613

5,942

Stock-based compensation

2,055

1,751

Allowance for accounts receivable

337

Loss from investments in other entities

1,757

722

Distributions from return on investments in other entities

414

956

Deferred income taxes

(5,709)

Other

(448)

1,240

Changes in operating assets and liabilities:

Accounts receivable

^[1]

18,918

8,689

Parts inventory

(1,237)

(2,566)

Prepaid expenses and other current and long-term assets

8,799

10,810

Accounts payable

^[2]

(9,088)

4,621

Accrued expenses and other current and non-current liabilities

(2,902)

(3,770)

Net cash provided by operating activities

12,916

29,679

Cash flows from investing activities:

Purchase of property, plant, and equipment

(24,367)

(11,566)

Distributions from return of investments in other entities

5,961

7,939

(978)

(5,650)

Net cash used in investing activities

(19,384)

(9,277)

Cash flows from financing activities:

Proceeds from loans

128,382

Repayment of loans

(33,058)

(423)

Proceeds from redeemable preferred non-controlling interest and warrants issuance, net of issuance costs

116,670

Redemption of redeemable preferred non‑controlling interest

(100,000)

Financing costs paid to other third parties

(435)

(1,250)

Repayment of principal portion of finance lease liabilities

(328)

Payment of preferred dividends

(3,444)

(2,617)

Distribution to non-redeemable non-controlling interest

(65)

(60)

Cash paid for taxes related to net share settlement of equity awards

(382)

Capital contribution from non-redeemable non-controlling interests

7,402

Net cash provided by (used in) financing activities

115,124

(4,732)

Net increase in cash, restricted cash, and cash equivalents

108,656

15,670

Cash, restricted cash, and cash equivalents, beginning of period

28,318

29,228

Cash, restricted cash, and cash equivalents, end of period

136,974

44,898

Supplemental disclosure of cash flow information

Interest paid, net of $398 and $524 capitalized, respectively

6,749

6,625

Noncash investing and financing activities:

Issuance of warrants in connection with redeemable preferred non-controlling interest financing

2,760

Purchase of property, plant and equipment included in accrued expenses and other current liabilities

$ 24,632

$ 26,808

[1]	Includes (increase) decrease from related parties of $(2,009) and $7,461 for the three months ended March 31, 2026 and 2025, respectively
[2]	Includes decrease from related parties of $(6,055) and $(2,299) for the three months ended March 31, 2026 and 2025, respectively

STOCK-BASED COMPENSATION - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,055	$ 1,751
2022 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	2,055	1,622
Parent equity awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 0	$ 129

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Warrants issued	$ 2,760	$ 0
Fair value adjustment of warrants	710
Fair value of warrants	$ 3,470

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

5. DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Commodity Swap Contracts

The following table summarizes the effect of commodity swaps on the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025:


	Location of Gain (Loss) Recognized	Three Months Ended March 31,
			2026		2025
Derivatives not designated as hedging instruments:
Commodity swaps - realized	Revenues - Renewable Power		(143)		(92)
Commodity swaps - unrealized	Revenues - Renewable Power		92		(13)
Commodity swaps - realized	Revenues - RNG Fuel		(937)		67
Commodity swaps - unrealized	Revenues - RNG Fuel		458		(1,328)
Total realized and unrealized net loss			$	(530)	$	(1,366)

The following table summarizes the derivative assets and liabilities related to commodity swaps as of March 31, 2026 and December 31, 2025:


	Fair Value
	March 31, 2026		December 31, 2025		Location of Fair value recognized in Balance Sheet
Derivatives not designated as hedging instruments:
Current portion of unrealized gain on commodity swaps	$	2,539	$	1,933	Prepaid expense and other current assets
Current portion of unrealized loss on commodity swaps	—		(92)		Accrued expenses and other current liabilities
Non - current portion of unrealized gain on commodity swaps	—		149		Other long-term assets

Total commodity swaps - unrealized gain	$	2,539	$	1,990

There were no amounts offset in the condensed consolidated balance sheets as of the period-end dates. In addition, there were no collateral balances with counterparties outstanding as of the period-end dates.

Warrants

During the three months ended March 31, 2026, the Company issued the Warrants with an initial estimated fair value of $2,760. Changes in fair value of $710 were recognized in other (expense) income, net, resulting in an estimated fair value of $3,470 as of March 31, 2026. The key inputs into the Black-Scholes option pricing model for the Warrants were as follows for the relevant periods:


	As of March 31, 2026			As of March 6, 2026
Risk-free interest rate	4.2		%	4.0		%
Expected term (years)	7.92			8.00
Expected volatility	59.1		%	57.7		%
Exercise price	$	2.67		$	2.67
Stock price	$	2.52		$	2.12

Recurring Fair Value Measurements

There were no transfers of assets between Level 1, Level 2, or Level 3 of the fair value hierarchy as of March 31, 2026 and December 31, 2025.

The Company's assets and liabilities that are measured at fair value on a recurring basis include the following as of March 31, 2026 and December 31, 2025, set forth by level, within the fair value hierarchy:


	Fair values as of March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	128,317	$	—	$	—	$	128,317
Interest rate swap contracts	—		600		—		600
Commodity swap contracts	—		2,539		—		2,539
Liabilities:
Warrants	—		—		3,470		3,470


	Fair values as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	22,969	$	—	$	—	$	22,969

Commodity swap contracts	—		2,082		—		2,082

INVESTMENTS IN OTHER ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments in Other Entities

The following table presents the Company's ownership interests and carrying values of Investment in Other Entities:


	Pine Bend			Noble Road			GREP			Land2Gas			Paragon			Other			Total
Percentage of ownership	50		%	50		%	20		%	50		%	50		%	50		%
Balance at December 31, 2025	$	19,864		$	20,755		$	594		$	36,554		$	153,456		$	—		$	231,223
Balance at March 31, 2026	$	18,604		$	19,710		$	323		$	34,811		$	150,684		$	150		$	224,282

The following table summarizes the loss from equity method investments:


	Three Months Ended March 31,
		2026		2025
Revenue		$	27,311	$	22,517
Gross profit		3,244		2,815
Net loss (1)		(2,284)		(2,266)

(1) Net loss from equity method investments represents the Company's portion of the net loss from equity method investments including amortization of any basis differences.

A summary of financial information for our portion of the assets and liabilities in equity method investees in the aggregate is as follows:


	March 31, 2026		December 31, 2025
Current assets	$	15,837	$	27,566
Noncurrent assets	306,088		305,900
Total assets	321,925		333,466
Current liabilities	41,082		35,874
Noncurrent liabilities	77,702		81,288
Total liabilities	$	118,784	$	117,162

REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table reflects the financial data used to calculate each reportable segment’s income (loss) and includes reconciliations to the Company's consolidated revenue and consolidated net income for the three months ended March 31, 2026:


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	21,638	$	44,566	$	7,171	$	73,375	$	—	$	73,375
Intersegment revenues	142		5,031		—		5,173		—		5,173
	21,780		49,597		7,171		78,548		—		78,548
Reconciliation of Revenue
Elimination of intersegment revenues											(5,173)
Total revenues	21,638		44,566		7,171		73,375		—		73,375

Segment and Corporate Expenses
Less: (1)
Cost of sales	12,829		35,390		5,630		53,849		—		53,849
Loss from equity method investments	1,757		—		—		1,757		—		1,757
Interest and financing expense, net	6,335		(432)		(19)		5,884		—		5,884
Project development and startup costs	1,815		—		—		1,815		—		1,815
Depreciation, amortization, and accretion	3,093		1,558		962		5,613		—		5,613
Other corporate expenses	—		—		—		—		11,008		11,008
Stock-based compensation	—		—		—		—		2,055		2,055
Other segment items (2)	2,472		(63)		287		2,696		—		2,696
Segment (loss) income	(6,663)		8,113		311		1,761		(13,063)		(11,302)

Reconciliation of profit or loss (segment income / (loss))
Income tax benefit											5,709
Net loss											$	(5,593)

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown in the line Cost of sales and no intersegment profit was recognized.

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

•RNG - payroll, consulting, insurance and other expenses

•Fuel Station Services - gain on RNG dispensing and payroll

•Renewable Power - payroll, consulting, insurance and other expenses

The following table reflects certain other financial data for the reportable segments as of March 31, 2026:


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Other segment disclosures
Investment in other entities	$	224,282	$	—	$	—	$	224,282	$	—	$	224,282
Segment assets	$	702,171	$	181,650	$	28,228	$	912,049	$	148,553	$	1,060,602

For the three months ended March 31, 2026, the Company made the following cash payments for capital expenditures:


	Three months ended March 31, 2026
		RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Cash paid for purchases of property, plant and equipment		$	19,382	$	4,985	$	—	$	24,367	$	—	$	24,367


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	27,599	$	50,678	$	7,130	$	85,407	$	—	$	85,407
Intersegment revenues	138		4,393		—		4,531		—		4,531
	27,737		55,071		7,130		89,938		—		89,938
Reconciliation of Revenue
Elimination of intersegment revenues											(4,531)
Total revenues	27,599		50,678		7,130		85,407		—		85,407

Segment and Corporate Expenses
Less: (1)
Cost of sales	12,153		39,722		6,762		58,637		—		58,637
Loss from equity method investments	722		—		—		722		—		722
Interest and financing expense, net	6,017		63		(15)		6,065		—		6,065
Project development and startup costs	6,081		—		—		6,081		—		6,081
Depreciation, amortization, and accretion	2,959		2,034		949		5,942		—		5,942
Other corporate expenses	—		—		—		—		10,670		10,670
Stock-based compensation	—		—		—		—		1,751		1,751
Other segment items (2)	1,247		148		897		2,292		—		2,292
Segment (loss) income	(1,580)		8,711		(1,463)		5,668		(12,421)		(6,753)

Reconciliation of profit or loss (segment income / (loss))
Income tax benefit											8,037
Net income											$	1,284

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown in line Cost of sales and no intersegment profit was recognized.

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

•RNG - payroll, consulting, insurance and other expenses

•Fuel Station Services - payroll expenses, gain on RNG dispensing and asset impairment

•Renewable Power - payroll, consulting, insurance and other expenses, and asset impairment

The following table reflects certain other financial data for the reportable segments for as of December 31, 2025:


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments	Corporate		Total
Other segment disclosures
Investment in other entities	$	231,223	$	—	$	—	231,223	$	—	$	231,223
Segment assets	$	675,988	$	196,853	$	28,740	901,581	$	57,888	$	959,469

For the three months ended March 31, 2025, the Company made the following cash payments for capital expenditures:


	Three months ended March 31, 2025
	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Cash paid for purchases of property, plant and equipment	$	4,680	$	6,886	$	—	$	11,566	$	—	$	11,566

Schedule of Revenue by Major Customers by Reporting Segments

The following table reflects revenues from external customers by type for the reportable segments:


	Three Months Ended March 31,
(in thousands)		2026		2025		$ Change
RNG Fuel
Brown gas sales		$	2,821	$	1,457	$	1,364
Environmental attributes		18,230		25,830		(7,600)
Other		587		312		275
Total RNG Fuel		21,638		27,599		(5,961)
Fuel Station Services
OPAL owned stations		5,951		4,906		1,045
Environmental attributes		11,498		17,252		(5,754)
RNG marketing (1)		9,691		11,274		(1,583)
Third party station service and maintenance		6,800		7,070		(270)
Construction		4,899		7,991		(3,092)
Lease revenues (2)		5,727		2,185		3,542
Total Fuel Station Services		44,566		50,678		(6,112)
Renewable Power
Electricity sales		5,792		5,256		536
Environmental attributes (3)		713		821		(108)
Capacity		383		749		(366)
Lease revenues (4)		232		256		(24)
Other (5)		51		48		3
Total Renewable Power		7,171		7,130		41

Total revenues		$	73,375	$	85,407	$	(12,032)

Revenue from contracts with customers		$	67,416	$	82,966	$	(15,550)
Revenue from lease arrangements		$	5,959	$	2,441	$	3,518

(1) Revenues from RNG marketing in the Fuel Station Services segment relate to revenues earned from Environmental Attribute generation and monetization services.

(2) Fuel Station Services lease revenue relates to revenue from fuel purchasing agreements where we determined that we transferred the right to control the use of the station to the purchaser. Includes sales-type lease revenues of $2,246 and $— respectively, for the for the three months ended March 31, 2026 and 2025, from customers domiciled outside of the United States. All remaining lease revenue relates to operating leases.

(3) Includes revenues of $— and $3,617 respectively, for the for the three months ended March 31, 2026 and 2025, from customers domiciled outside of the United States.

(4) Renewable Power operating lease revenue relates to revenue from power purchase agreements where we determined that we transferred the right to control the use of the power plant to the purchaser.

(5) Includes management fee revenues earned from management of operations of equity method entities

The tables below outline the revenue from customers that comprise 10% or more of the Company's consolidated revenue, along with their respective percentages of revenue by each segment.


	Three Months Ended March 31,
	2026				2025
Customer A	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue
RNG Fuel	16,917		23.1	%	$	20,101	23.5	%
Fuel Station Services	10,856		14.8	%	15,344		18.0	%
Renewable Power	872		1.2	%	1,166		1.4	%
Total	$	28,645	39.0	%	$	36,611	42.9	%


	Three Months Ended March 31,
	2026				2025
Customer B	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue

Fuel Station Services	7,843		10.7	%	—		—	%

Total	$	7,843	10.7	%	$	—	—	%

LOANS - Sunoma Loan Narrative (Details) $ in Thousands	3 Months Ended
LOANS - Sunoma Loan Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Letter of Credit
Debt Instrument [Line Items]
Draws on standby letters of credit	$ 927

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Derivative [Line Items]
Cost and estimated earnings in excess of billings	$ 4,920		$ 6,489
Revenue recognized included in contract liabilities	1,353	$ 2,307
Revenue remaining performance obligation	$ 36,902
Accounts Payable \| Supplier Concentration Risk \| One Vendor
Derivative [Line Items]
Concentration risk, percentage		19.30%
One Customer \| Revenue Benchmark \| Customer Concentration Risk
Derivative [Line Items]
Concentration risk, percentage	36.00%
Four Customer \| Revenue Benchmark \| Customer Concentration Risk
Derivative [Line Items]
Concentration risk, percentage			63.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Derivative [Line Items]
Revenue remaining performance obligation	$ 26,052
Revenue remaining performance obligation period	12 months
Fuel Station Services
Derivative [Line Items]
Environmental credits held for sale	$ 2,210	$ 5,847

LOANS - Borrowings Under the Various Debt Facilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Secured Debt
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ (9,421)	$ (9,142)
Less: current portion of long-term loans	(19,473)	(15,062)
Total long-term loan	$ 427,698	337,063
OPAL Term Loan
Debt Instrument [Line Items]
Effective interest rate	6.80%
OPAL Term Loan \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 437,500	321,618
Revolving Loan
Debt Instrument [Line Items]
Effective interest rate
Revolving Loan \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	20,000
Sunoma Loan
Debt Instrument [Line Items]
Effective interest rate	8.70%
Sunoma Loan \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 18,633	19,090
Equipment Loan
Debt Instrument [Line Items]
Effective interest rate	6.70%
Equipment Loan \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 459	$ 559

INVESTMENTS IN OTHER ENTITIES AND VARIABLE INTEREST ENTITIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) MMBTU	Dec. 31, 2025 USD ($)	Mar. 31, 2025 USD ($)
Schedule of Equity Method Investments [Line Items]
Net assets of its investees \| $	$ 120,464	$ 122,165
Amortization of equity in earnings \| $	$ 1,700		$ 1,700
Asset Under Construction
Schedule of Equity Method Investments [Line Items]
Useful lives (in years)	20 years
RNG Facility \| Maximum
Schedule of Equity Method Investments [Line Items]
Design capacity for these facilities ranges \| MMBTU	43,750
RNG Facility \| Minimum
Schedule of Equity Method Investments [Line Items]
Design capacity for these facilities ranges \| MMBTU	1,327,140

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Accounting Policies [Abstract]

Accrued capital expenditures

$ 24,632

$ 24,629

Accrued payroll

6,824

7,719

Accrued environmental credit rebates

5,002

4,993

Accrued expenses

14,735

12,062

Other current liabilities

11,697

14,454

Total accrued expenses and other current liabilities

^[1]

$ 62,890

$ 63,857

[1]	Includes amounts related to consolidated VIEs, which are presented separately in the table below.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The unaudited condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). The Company’s unaudited condensed consolidated financial statements include the assets and liabilities of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

The Company consolidates all entities in which it holds a majority voting interest, as well as variable interest entities ("VIEs") for which it is determined to be the primary beneficiary. The Company's variable interests in each of the VIEs arise primarily from ownership of membership interests, construction commitments, the provision of operating and maintenance services, and the provision of environmental credit processing services to VIEs. The Company reassesses its primary beneficiary status on an ongoing basis.

Noncontrolling interests related to the Company’s VIEs are presented separately from stockholders' deficit on the condensed consolidated balance sheets and are reported as non-redeemable non-controlling interests within the condensed consolidated statements of changes in redeemable non-controlling interest, redeemable preferred non-controlling interest and stockholders' deficit.

Certain amounts in the prior‑period financial statements have been reclassified to conform to the current‑period presentation. These reclassifications had no impact on previously reported total assets, total liabilities, stockholders' deficit, net loss, or condensed consolidated statements of cash flows.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The significant estimates and assumptions of the Company include the residual value of the useful lives of property, plant and equipment, the fair value of long-lived assets, asset retirement obligations, percentage completion for revenue recognition, incremental borrowing rate for calculating the right-of-use assets and lease liabilities, and the fair value of the reporting units of goodwill.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional, disaggregated disclosure about certain income statement expense line items. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendments are to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact that this guidance will have on the disclosures within our condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities (Topic 832). This ASU establishes a unified accounting model for business entities when recognizing, measuring, and presenting government grants. The ASU categorizes grants as either related to an asset or related to income. A grant related to income is recognized in earnings in a systematic and rational manner over the periods in which the entity recognizes the related expenses for which the grant is intended to compensate. Presentation of the grant on the income statement can be either as a component of other income or as a deduction from the related expenses. The standard is effective for annual periods beginning after December 15, 2028 and interim periods within those annual periods. However, the ASU permits early adoption. The Company is considering early adopting the provisions of ASU 2025-10 and is still assessing the impact on its financial statements, including the presentation of its Section 45Z production tax credits.

Parts Inventory

Parts inventory, also referred to as supplies inventory, consists of shop spare parts inventory and construction site parts inventory. Parts inventory is stated at historical cost, which is determined using the average cost method, and is recorded at the lower of cost or net realizable value. An annual review of inventory is performed to identify obsolete items.

Environmental Credits Held for Sale

For the three months ended March 31, 2026 and 2025, the Company recorded $2,210 and $5,847 as part of Cost of sales - Fuel Station Services in the condensed consolidated statements of operations to adjust environmental credits held for sale to lower of cost and net realizable value.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist primarily of accrued capital expenditures, accrued payroll and related benefits, accrued environmental credit rebates, and other miscellaneous accrued operating expenses. Accrued environmental credit rebates represent the Company's liabilities for dispensing services provided by third-party vendors.


	March 31, 2026		December 31, 2025
Accrued capital expenditures	$	24,632	$	24,629
Accrued payroll	6,824		7,719
Accrued environmental credit rebates	5,002		4,993
Accrued expenses	14,735		12,062
Other current liabilities	11,697		14,454
Total accrued expenses and other current liabilities	$	62,890	$	63,857

Contract Balances

Contract assets consist primarily of costs and estimated earnings in excess of billings and retainage receivables. Costs and estimated earnings in excess of billings represent unbilled amounts earned and reimbursable under construction contracts and arise when revenues have been recognized but amounts are conditional and have yet to be billed under the terms of the contract. Amounts become billable in accordance with contract terms, generally based on progress toward completion and the achievement of contractual milestones. Cost and estimated earnings in excess of billings amounted to $4,920 and $6,489 as of March 31, 2026 and December 31, 2025, respectively.

Contract liabilities consist of billings in excess of costs and estimated earnings and other deferred construction revenue. Billings in excess of costs and estimated earnings represent amounts billed to or collected from customers in advance of the satisfaction of the related performance obligations. These amounts are recognized as revenue as the Company satisfies its performance obligations over the remaining contract term.

During the three months ended March 31, 2026, the Company recognized revenue of $1,353 that was included in contract liabilities at December 31, 2025. During the three months ended March 31, 2025, the Company recognized revenue of $2,307 that was included in contract liabilities at December 31, 2024.

Remaining Performance Obligations

The Company's remaining performance obligations represent the unrecognized revenue value of its contract commitments. The Company's remaining performance obligations may significantly vary each reporting period based on the timing of major new contract commitments. As of March 31, 2026, the Company had a remaining performance obligation of $36,902 of which $26,052 is expected to be recognized within the next 12 months.

Significant Customers, Vendors and Concentration of Credit Risk

At March 31, 2026, one customer accounted for 36% of accounts receivable. At December 31, 2025, four customers accounted for 63% of accounts receivable.

During the three months ended March 31, 2026, there were no concentrations in the volume of business transacted with any individual vendor. During the three months ended March 31, 2025, there was one supplier that accounted for approximately 19.3% of the Company’s total purchases.

Refer to Note 7. Reportable Segments and Geographic Information for details on revenue concentration.

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table summarizes the calculation of basic and diluted net loss per share:


	Three Months Ended March 31,
	2026		2025
Net loss attributable to Class A common stockholders basic and diluted	$	(2,642)	$	(235)

Weighted average number of shares of Class A common stock - basic	28,298,861		27,718,912

Weighted average number of shares of Class A common stock - diluted	28,298,861		27,718,912
Net loss per share of Class A common stock
Basic	$	(0.09)	$	(0.01)
Diluted	$	(0.09)	$	(0.01)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

For the periods in which loss per share is presented, the following securities were excluded from the computation of diluted loss per share since their impact would have been antidilutive:


	Three Months Ended March 31,
		2026	2025
Stock Options		2,355,563	498,661
Unvested PSUs (1)		2,742,780	2,055,356
Unvested RSUs		5,070,990	4,474,415
Warrants (2)		2,160,000	—
OPAL Fuels Class B Units		144,399,037	144,399,037

(1) All unvested PSUs are contingent on achieving performance targets

(2) Includes 720,000 warrants that are subject to forfeiture contingent on obtaining additional funding

LOANS - Principal Maturities of Debt (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Disclosure [Abstract]
Nine months ending December 31, 2026	$ 14,659
2027	18,950
2028	410,056
2029	2,395
2030	2,589
Thereafter	7,943
Long-Term Debt, Total	$ 456,592

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

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-Section 50
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Effect of Derivative Instruments on Statement of Operations (Details) - Not Designated as Hedging Instrument, Economic Hedge - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Commodity swaps - realized	$ (143)	$ (92)
Commodity swaps - unrealized	92	(13)
Commodity swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total realized and unrealized net loss	(530)	(1,366)
RNG Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Commodity swaps - realized	(937)	67
Commodity swaps - unrealized	$ 458	$ (1,328)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

RELATED PARTIES (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Revenues Recorded from Related Parties

The following table summarizes revenues recorded from related parties:


	Three Months Ended March 31, 2026
		RNG fuel		Fuel Station Services		Renewable Power
Environmental Attributes (1)		$	16,917	$	10,856	$	—
Commodity swaps (2)		—		—		872
Environmental processing (3)		—		2,251		—
Service agreements (4)		125		—		—
Total		$	17,042	$	13,107	$	872


	Three Months Ended March 31, 2025
		RNG fuel		Fuel Station Services		Renewable Power
Environmental Attributes (1)		$	20,101	$	14,979	$	—
Commodity swaps (2)		—		—		1,166
Environmental processing (3)		—		1,624		—

Total		$	20,101	$	16,603	$	1,166

(1) Represents RIN and LCFS sales to NextEra. Includes revenues of $5,674 and $5,017 recognized under the Green Gas Contract, which were recorded within RNG fuel revenues for the three months ended March 31, 2026 and 2025, respectively.

(2) Represents revenue earned under ISDA and REC sales agreements with NextEra.

(3) Represents environmental processing fees earned under agreements with equity method investments, related to the generation and marketing of RINs and LCFS.

(4) Represents management fees earned under an agreement with Fortistar.

The following table summarizes the various fees recorded under the service agreements with related parties which are included in selling, general and administrative within the Company's condensed consolidated statements of operations:


	Three Months Ended March 31,
		2026		2025
Staffing and management services		$	588	$	633
Rent - fixed compensation		185		230
IT services		1,224		965
Total related party fees		$	1,997	$	1,828

The following table presents the various balances for related parties included in the Company's condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025:


	Location in Balance Sheet	March 31, 2026		December 31, 2025
Assets:
Trade AR - NextEra	Accounts receivable, net of allowance	$	15,327	$	12,626
Other	Accounts receivable, net of allowance	—		692
Total receivables - related party		15,327		13,318
Liabilities:
Payables to equity method investment entities	Accounts payable	1,606		8,450
Other	Accounts payable	1,440		501
Total liabilities - related party		$	3,046	$	8,951

STOCK-BASED COMPENSATION - Summary of Equity Awards (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Weighted-Average Exercise Price
Exercise price (in dollars per share)	$ 2.52
Vesting term (in years)	3 years
Stock Options
Stock options
Number of units outstanding, beginning balance (in shares)	1,590,653
Granted (in shares)	764,910
Number of units outstanding, ending balance (in shares)	2,355,563	1,590,653
Stock options vested and exercisable (in shares)	739,398
Weighted-Average Exercise Price
Exercise price per stock option, beginning balance (in dollars per share)	$ 2.76
Exercise price (in dollars per share)	2.52
Exercise price per stock option, ending balance (in dollars per share)	2.68	$ 2.76
Stock options vested and exercisable (in dollars per share)	$ 3.67
Vesting term (in years)	9 years 21 days	8 years 10 months 9 days
Weighted average remaining contractual term, vested and exercisable	8 years 3 months 18 days
Performance Stock Units
Number of Units outstanding
Number of units, beginning balance (in shares)	1,936,307
Granted (in shares)	1,006,623
Vested (in shares)	(46,840)
Withheld for settlement of taxes (in shares)	(25,932)
Forfeited (in shares)	(127,378)
Number of units outstanding, ending balance (in shares)	2,742,780	1,936,307
Weighted average fair value per restricted unit on grant date
Beginning balance (in dollars per share)	$ 3.11
Granted (in dollars per share)	2.52
Vested (in dollars per share)	6.97
Withheld for settlement of taxes (in dollars per share)	6.97
Forfeited (in dollars per share)	6.97
Ending balance (in dollars per share)	$ 1.60	$ 3.11
Restricted Stock Units
Number of Units outstanding
Number of units, beginning balance (in shares)	4,302,842
Granted (in shares)	2,588,172
Vested (in shares)	(1,313,326)
Withheld for settlement of taxes (in shares)	(506,718)
Number of units outstanding, ending balance (in shares)	5,070,970	4,302,842
Weighted average fair value per restricted unit on grant date
Beginning balance (in dollars per share)	$ 2.81
Granted (in dollars per share)	2.52
Vested (in dollars per share)	3.03
Withheld for settlement of taxes (in dollars per share)	3.03
Ending balance (in dollars per share)	$ 2.59	$ 2.81

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities


	March 31, 2026		December 31, 2025
Accrued capital expenditures	$	24,632	$	24,629
Accrued payroll	6,824		7,719
Accrued environmental credit rebates	5,002		4,993
Accrued expenses	14,735		12,062
Other current liabilities	11,697		14,454
Total accrued expenses and other current liabilities	$	62,890	$	63,857

INVESTMENTS IN OTHER ENTITIES AND VARIABLE INTEREST ENTITIES - Loss From Equity Method Investments (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Schedule of Equity Method Investments [Line Items]

Revenue

$ 73,375

$ 85,407

Net loss

(5,593)

1,284

Current assets

^[1]

213,401

$ 122,682

Total assets

^[1]

1,060,602

959,469

Current liabilities

^[1]

97,064

104,219

Total liabilities

^[1]

548,708

461,712

Equity Method Investment, Nonconsolidated Investee or Group of Investees

Schedule of Equity Method Investments [Line Items]

Revenue

27,311

22,517

Gross profit

3,244

2,815

Net loss

(2,284)

$ (2,266)

Current assets

15,837

27,566

Noncurrent assets

306,088

305,900

Total assets

321,925

333,466

Current liabilities

41,082

35,874

Noncurrent liabilities

77,702

81,288

Total liabilities

$ 118,784

$ 117,162

[1]	Includes amounts related to consolidated VIEs, which are presented separately in the table below.

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 30, 2026

Mar. 31, 2026

Dec. 31, 2025

Line of Credit Facility [Line Items]

Proceeds from investment tax credit

$ 10,775,000

Investments in other entities

^[1]

$ 224,282,000

$ 231,223,000

Guarantor obligations, maximum exposure, percent

50.00%

Estimated loss per contract

4,948,000

Estimated loss from claim

1,984,000

Estimate of possible loss, subcontractors

3,141,000

V E C Partners Inc Dba C E I Builders C E I | M D Digester L L C

Line of Credit Facility [Line Items]

Estimated loss per contract

14,000

Athene Annuity And Life Company and Athene Annuity Re II Ltd. | Land2Gas LLC

Line of Credit Facility [Line Items]

Investment tax credit, purchase agreement

$ 22,926,000

Proceeds from investment tax credit

$ 21,550,000

Land2Gas LLC

Line of Credit Facility [Line Items]

Percentage of ownership

50.00%

Standby Letters of Credit

Line of Credit Facility [Line Items]

Standby letters of credit outstanding balance

11,675,000

15,504,000

Draws on standby letters of credit

$ 0

[1]	Includes amounts related to consolidated VIEs, which are presented separately in the table below.

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Assets:
Money market funds	$ 136,974	$ 28,318	$ 44,898	$ 29,228
Liabilities:
Warrants	3,470
Interest rate swap contracts
Assets:
Interest rate swap contracts	600
Commodity swap contracts
Assets:
Commodity swap contracts	2,539	2,082
Money market funds
Assets:
Money market funds	128,317	22,969
Level 1
Liabilities:
Warrants	0
Level 1 \| Interest rate swap contracts
Assets:
Interest rate swap contracts	0
Level 1 \| Commodity swap contracts
Assets:
Commodity swap contracts	0	0
Level 1 \| Money market funds
Assets:
Money market funds	128,317	22,969
Level 2
Liabilities:
Warrants	0
Level 2 \| Interest rate swap contracts
Assets:
Interest rate swap contracts	600
Level 2 \| Commodity swap contracts
Assets:
Commodity swap contracts	2,539	2,082
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 3
Liabilities:
Warrants	3,470
Level 3 \| Interest rate swap contracts
Assets:
Interest rate swap contracts	0
Level 3 \| Commodity swap contracts
Assets:
Commodity swap contracts	0	0
Level 3 \| Money market funds
Assets:
Money market funds	$ 0	$ 0

REDEEMABLE NON-CONTROLLING INTEREST, REDEEMABLE PREFERRED NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

REDEEMABLE NON-CONTROLLING INTEREST, REDEEMABLE PREFERRED NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY

8. REDEEMABLE NON-CONTROLLING INTEREST, REDEEMABLE PREFERRED NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY

Common stock

As of March 31, 2026, the Company is authorized to issue 340,000,000 shares of Class A common stock, 160,000,000 shares of Class B common stock, 160,000,000 shares of Class C common stock, and 160,000,000 shares of Class D common stock.

Shares of Class B and Class D common stock do not have any economic value except voting rights as described below.

Redeemable Preferred Non-controlling Interests

Upon completion of the Business Combination, the Company effectively assumed the Series A‑1 and Series A preferred units previously issued by OPAL Fuels LLC to Hillman and NextEra, respectively. Following the transaction, these preferred units were presented as redeemable preferred non-controlling interests in the Company’s condensed consolidated financial statements.

On March 6, 2026, OPAL Fuels LLC (“Opal Fuels”), the Company’s primary operating consolidated subsidiary, entered into a subscription agreement (“Subscription Agreement”) with Preferred Fuels LLC, (“Preferred Fuels” or “Investor”), an entity under common control with the Company. Pursuant to the Subscription Agreement Preferred Fuels committed to purchase up to $180,000 (the “Offering”) of Series A preferred units of Opal Fuels in multiple closings. At the initial closing on March 6, 2026, Preferred Fuels purchased 1,200,000 preferred units for aggregate proceeds of $120,000. OPAL Fuels may, in its sole discretion, require Preferred Fuels to fund up to an additional $60,000 (or “Undrawn Commitment”) within one year of the initial closing (“or Availability Period”), subject to the terms of the Subscription Agreement. Additionally, pursuant to the Subscription Agreement, the Investor also has a right of first offer to purchase up to an additional 700,000 Units for an aggregate purchase price of up to $70,000 in the Offering in the event that OPAL Fuels intends to sell any additional units prior to the two (2) year anniversary of the initial closing. Opal Fuels used the proceeds received from the issuance of the Series A preferred units on March 6, 2026 to redeem all of the previously issued and outstanding Series A preferred units.

In connection with the initial closing on March 6, 2026, OPAL Fuels Inc. issued to Preferred Fuels warrants (“Warrants”) to purchase up to 2,160,000 shares of Class A common stock (the “Warrant Shares”) at an exercise price per share of $2.67, subject to customary anti-dilution adjustments. The Warrants expire on March 6, 2034. A holder of the Warrants shall not have the right to exercise the Warrants without prior approval by the Company’s Board of Directors to

the extent that after giving effect to such exercise, such person would beneficially own in excess of 19.9% of the Company’s outstanding common stock immediately after giving effect to such exercise. Up to 720,000 shares of the Warrant Shares are forfeitable if Preferred Fuels fails to fund issuance of the remaining Series A preferred units during the Availability Period provided Opal Fuels requested such funding. As of March 31, 2026, no drawdown request has been made.

Additionally, up to 840,000 shares issuable on a pro rata basis upon future purchases by Preferred Fuels of up to an additional 700,000 Series A preferred units (up to $70,000) within two years of the initial closing pursuant to its right of first offer. No Subsequent Warrant Shares have been issued as of March 31, 2026.

The Company recorded Series A preferred units as redeemable noncontrolling interest in its condensed consolidated financial statements at the amount of proceeds received, less the fair value of the Warrants of $2,760 and directly attributable issuance costs of $3,330. The Series A preferred units are subsequently remeasured to their redemption value as of each reporting date as if such reporting date were the redemption date. The Company concluded that the Warrants are not indexed to the Company’s equity. The Warrants are accounted for as liabilities in the Company’s condensed consolidated financial statements, within other long-term liabilities with changes in fair value recognized in other (expense) income, net.

The following table summarizes the changes in the redeemable preferred non-controlling interests which represent Series A and Series A-1 preferred units outstanding at OPAL Fuels level from December 31, 2025 to March 31, 2026:


	Series A-1 preferred units			Series A preferred units
	Units	Amount		Units	Amount		Total
Balance, December 31, 2025	300,000	$	30,000	1,000,000	$	100,000	$	130,000
Issuance of Series A preferred units, net of issuance costs and fair value of Warrant	—	—		1,200,000	113,910		113,910
Redemption of Series A preferred units	—	—		(1,000,000)	(100,000)		(100,000)
Preferred dividends attributable to redeemable non-controlling interest	—	499		—	2,347		2,846
Preferred dividends attributable to Class A common stockholders	—	105		—	493		598
Payment of preferred dividends	—	(604)		—	(2,840)		(3,444)
Accretion to redemption value	—	—		—	6,090		6,090
Balance, March 31, 2026	300,000	$	30,000	1,200,000	$	120,000	$	150,000

Terms of Redeemable Preferred Units

The Series A-1 preferred units held by Hillman RNG Investments LLC (Hillman), Series A preferred units previously held by NextEra affiliated entity and the new Series A preferred units (collectively the “Preferred Units”) held by Preferred Fuels, have substantially the same terms and features (unless specified otherwise) which are listed below:

Voting: The Series A-1 preferred units do not have any voting rights. The Series A preferred units carry no voting rights except as required by Delaware law or as provided under certain protective covenants in the Subscription Agreement.

Dividends: The Series A-1 preferred units are entitled to receive dividends at a rate of 8% per annum. The Series A preferred units are entitled to preferred quarterly distributions at a rate of 12% per annum (“Preferred Coupon”), compounding quarterly. Dividends on each series begin accruing from the issuance date, are mandatory and cumulative. OPAL Fuels may elect to pay up to 2% per annum of the 12% Series A Preferred Coupon in kind through the issuance of additional Series A preferred units.

Liquidation preference: In the event of a liquidation of OPAL Fuels, each holder of Series A and Series A-1 units is entitled to receive, on a pro rata basis, the original issue price of $100 per unit plus any accrued and unpaid dividends, out of assets available for distribution after payment of debt, liabilities, and liquidation expenses.

Redemption and Conversion: OPAL Fuels may redeem each series of Preferred Units at any time at the original issue price of $100 per unit plus accrued and unpaid dividends. Under the Series A preferred units, the Company was required to respond within 90 days from the date of the holder’s redemption notice in accordance with the applicable terms.

Preferred Fuels may require redemption upon (i) a change of control, (ii) an uncured material debt default or breach of protective covenants continuing for 60 days, or (iii) at any time on or after the fifth anniversary of the initial closing (March 6, 2031). In the event OPAL Fuels fails to redeem the Series A preferred units when requested: (1) the Preferred Coupon rate increases by an additional 0.50% per quarter, subject to a maximum of 4.00% per annum above the then-applicable rate, with all accrued distributions compounding quarterly at the Preferred Coupon plus the penalty rate; and (2) any residual cash flow of OPAL Fuels and its subsidiaries after operating expenses and capital expenditures must be applied to redeem the Series A preferred units at the applicable Redemption Price until the failure is cured. The applicable Redemption Price is (i) a price equal to at least 1.15 times the original issue price (inclusive of all fees paid and accrued dividends) on or prior to the first anniversary of the initial closing, (ii) 102% of the original issue price (exclusive of fees) after the first but on or prior to the second anniversary, and (iii) the original issue price plus accrued and unpaid cash dividends thereafter. Preferred Fuels also has the right, but not the obligation, to appoint a single director to the Board of Directors of OPAL Fuels Inc. if the redemption failure is not cured within 90 days.

LEASES - Narrative (Details) $ in Thousands	3 Months Ended
LEASES - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Sales
Operating Leased Assets [Line Items]
Sales-type lease, revenue	$ 2,246
Cost of Sales
Operating Leased Assets [Line Items]
Sales-type lease, revenue	$ 1,838

NET LOSS PER SHARE - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	2,355,563	498,661
Unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	2,742,780	2,055,356
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	5,070,990	4,474,415
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	2,160,000	0
OPAL Fuels Class B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	144,399,037	144,399,037
Contingent Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	720,000

REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION - Segment Reporting Information (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

$ 73,375

$ 85,407

Cost of sales

53,849

58,637

Loss from equity method investments

1,757

722

Interest and financing expense, net

5,884

6,065

Project development and startup costs

1,815

6,081

Depreciation, amortization, and accretion

5,613

5,942

Other corporate expenses

11,008

10,670

Stock-based compensation

2,055

1,751

Other segment items

2,696

2,292

Net loss before income tax benefit

(11,302)

(6,753)

Income tax benefit

5,709

8,037

Net (loss) income

(5,593)

1,284

Investments in other entities

^[1]

224,282

$ 231,223

Segment assets

^[1]

1,060,602

959,469

Cash paid for purchases of property, plant and equipment

24,367

11,566

Intersegment Eliminations

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

5,173

4,531

Operating Segments

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

73,375

85,407

Cost of sales

53,849

58,637

Loss from equity method investments

1,757

722

Interest and financing expense, net

5,884

6,065

Project development and startup costs

1,815

6,081

Depreciation, amortization, and accretion

5,613

5,942

Other corporate expenses

Stock-based compensation

Other segment items

2,696

2,292

Net loss before income tax benefit

1,761

5,668

Investments in other entities

224,282

231,223

Segment assets

912,049

901,581

Cash paid for purchases of property, plant and equipment

24,367

11,566

Operating Segments | Intersubsegment Eliminations

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

78,548

89,938

Corporate

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

Cost of sales

Loss from equity method investments

Interest and financing expense, net

Project development and startup costs

Depreciation, amortization, and accretion

Other corporate expenses

11,008

10,670

Stock-based compensation

2,055

1,751

Other segment items

Investments in other entities

Segment assets

148,553

57,888

Cash paid for purchases of property, plant and equipment

Corporate and Eliminations

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

Net loss before income tax benefit

(13,063)

(12,421)

RNG fuel

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

^[2]

21,638

27,599

RNG fuel | Intersegment Eliminations

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

142

138

RNG fuel | Operating Segments

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

21,638

27,599

Cost of sales

12,829

12,153

Loss from equity method investments

1,757

722

Interest and financing expense, net

6,335

6,017

Project development and startup costs

1,815

6,081

Depreciation, amortization, and accretion

3,093

2,959

Other corporate expenses

Stock-based compensation

Other segment items

2,472

1,247

Net loss before income tax benefit

(6,663)

(1,580)

Investments in other entities

224,282

231,223

Segment assets

702,171

675,988

Cash paid for purchases of property, plant and equipment

19,382

4,680

RNG fuel | Operating Segments | Intersubsegment Eliminations

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

21,780

27,737

Fuel Station Services

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

^[3]

44,566

50,678

Fuel Station Services | Intersegment Eliminations

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

5,031

4,393

Fuel Station Services | Operating Segments

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

44,566

50,678

Cost of sales

35,390

39,722

Loss from equity method investments

Interest and financing expense, net

(432)

Project development and startup costs

Depreciation, amortization, and accretion

1,558

2,034

Other corporate expenses

Stock-based compensation

Other segment items

(63)

148

Net loss before income tax benefit

8,113

8,711

Investments in other entities

Segment assets

181,650

196,853

Cash paid for purchases of property, plant and equipment

4,985

6,886

Fuel Station Services | Operating Segments | Intersubsegment Eliminations

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

49,597

55,071

Renewable Power

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

^[4]

7,171

7,130

Renewable Power | Intersegment Eliminations

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

Renewable Power | Operating Segments

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

7,171

7,130

Cost of sales

5,630

6,762

Loss from equity method investments

Interest and financing expense, net

(19)

(15)

Project development and startup costs

Depreciation, amortization, and accretion

962

949

Other corporate expenses

Stock-based compensation

Other segment items

287

897

Net loss before income tax benefit

311

(1,463)

Investments in other entities

Segment assets

28,228

$ 28,740

Cash paid for purchases of property, plant and equipment

Renewable Power | Operating Segments | Intersubsegment Eliminations

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

$ 7,171

$ 7,130

[1]	Includes amounts related to consolidated VIEs, which are presented separately in the table below.
[2]	Includes revenues from related parties of $17,042 and $20,101 for the three months ended March 31, 2026 and 2025, respectively.
[3]	Includes revenues from related parties of $13,107 and $16,603 for the three months ended March 31, 2026 and 2025, respectively
[4]	Includes revenues from related parties of $872 and $1,166 for the three months ended March 31, 2026 and 2025, respectively.

NET LOSS PER SHARE - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net loss attributable to Class A common stockholders basic and diluted	$ (2,642)	$ (235)
Weighted average number of shares of Class A common stock - basic (in shares)	28,298,861	27,718,912
Weighted average number of shares of Class A common stock - diluted (in shares)	28,298,861	27,718,912
Net loss per share of Class A common stock
Basic (in dollars per share)	$ (0.09)	$ (0.01)
Diluted (in dollars per share)	$ (0.09)	$ (0.01)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

RELATED PARTIES - Various Fees Recorded Under the Agreements in Selling, General and Administrative Expenses And Related Parties (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Selling, general and administrative

$ 15,184

$ 15,967

Liabilities:

Accounts payable, related party

^[1],[2]

9,631

$ 19,004

Related Party

Assets:

Accounts receivable, before allowance for credit loss, Current

15,327

13,318

Liabilities:

Accounts payable, related party

3,046

8,951

Related Party | Costar

Selling, general and administrative

1,997

1,828

Selling, general and administrative

588

633

Selling, general and administrative

185

230

Related Party | Costar | IT services

Selling, general and administrative

1,224

$ 965

Related Party | NextEra

Assets:

Accounts receivable, before allowance for credit loss, Current

15,327

12,626

Related Party | Other

Assets:

Accounts receivable, before allowance for credit loss, Current

692

Liabilities:

Accounts payable, related party

1,440

501

Liabilities:

Accounts payable, related party

$ 1,606

$ 8,450

[1]	Includes amounts related to consolidated VIEs, which are presented separately in the table below.
[2]	Includes related‑party amounts of $3,046 and $8,951 as of March 31, 2026 and December 31, 2025, respectively.

REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION

7. Reportable Segments and Geographic Information

7. REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION

The Company is organized into three operating segments.

During the fourth quarter of 2025, the Company changed the presentation of information reviewed by the Chief Operating Decision Makers (“CODM”) to allocate certain Corporate general and administrative costs, including consulting, insurance, and payroll expenses, to the related reportable segments. Segment information has been retrospectively revised to reflect this change. All the assets and revenue-generating activities, aside from sales‑type lease in Canada, were domiciled in the United States for the three months ended March 31, 2026 and 2025. Transactions between reportable segments are accounted for using market‑based pricing. Intersegment revenues and expenses are eliminated in consolidation.

During the fourth quarter of 2025, the Company changed the presentation of information reviewed by the CODM to allocate certain Corporate general and administrative costs, including consulting, insurance, and payroll expenses, to the related reportable segments. Segment information has been retrospectively revised to reflect this change. For the three months ended March 31, 2025, amounts reallocated from Corporate to RNG Fuel, Fuel Station Services, and Renewable Power were $2,292, $336, and $962, respectively.


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	21,638	$	44,566	$	7,171	$	73,375	$	—	$	73,375
Intersegment revenues	142		5,031		—		5,173		—		5,173
	21,780		49,597		7,171		78,548		—		78,548
Reconciliation of Revenue
Elimination of intersegment revenues											(5,173)
Total revenues	21,638		44,566		7,171		73,375		—		73,375

Segment and Corporate Expenses
Less: (1)
Cost of sales	12,829		35,390		5,630		53,849		—		53,849
Loss from equity method investments	1,757		—		—		1,757		—		1,757
Interest and financing expense, net	6,335		(432)		(19)		5,884		—		5,884
Project development and startup costs	1,815		—		—		1,815		—		1,815
Depreciation, amortization, and accretion	3,093		1,558		962		5,613		—		5,613
Other corporate expenses	—		—		—		—		11,008		11,008
Stock-based compensation	—		—		—		—		2,055		2,055
Other segment items (2)	2,472		(63)		287		2,696		—		2,696
Segment (loss) income	(6,663)		8,113		311		1,761		(13,063)		(11,302)

Reconciliation of profit or loss (segment income / (loss))
Income tax benefit											5,709
Net loss											$	(5,593)

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

•RNG - payroll, consulting, insurance and other expenses

•Fuel Station Services - gain on RNG dispensing and payroll

•Renewable Power - payroll, consulting, insurance and other expenses

The following table reflects certain other financial data for the reportable segments as of March 31, 2026:


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Other segment disclosures
Investment in other entities	$	224,282	$	—	$	—	$	224,282	$	—	$	224,282
Segment assets	$	702,171	$	181,650	$	28,228	$	912,049	$	148,553	$	1,060,602

For the three months ended March 31, 2026, the Company made the following cash payments for capital expenditures:


	Three months ended March 31, 2026
		RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Cash paid for purchases of property, plant and equipment		$	19,382	$	4,985	$	—	$	24,367	$	—	$	24,367


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Revenue from external customers	$	27,599	$	50,678	$	7,130	$	85,407	$	—	$	85,407
Intersegment revenues	138		4,393		—		4,531		—		4,531
	27,737		55,071		7,130		89,938		—		89,938
Reconciliation of Revenue
Elimination of intersegment revenues											(4,531)
Total revenues	27,599		50,678		7,130		85,407		—		85,407

Segment and Corporate Expenses
Less: (1)
Cost of sales	12,153		39,722		6,762		58,637		—		58,637
Loss from equity method investments	722		—		—		722		—		722
Interest and financing expense, net	6,017		63		(15)		6,065		—		6,065
Project development and startup costs	6,081		—		—		6,081		—		6,081
Depreciation, amortization, and accretion	2,959		2,034		949		5,942		—		5,942
Other corporate expenses	—		—		—		—		10,670		10,670
Stock-based compensation	—		—		—		—		1,751		1,751
Other segment items (2)	1,247		148		897		2,292		—		2,292
Segment (loss) income	(1,580)		8,711		(1,463)		5,668		(12,421)		(6,753)

Reconciliation of profit or loss (segment income / (loss))
Income tax benefit											8,037
Net income											$	1,284

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown in line Cost of sales and no intersegment profit was recognized.

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

•RNG - payroll, consulting, insurance and other expenses

•Fuel Station Services - payroll expenses, gain on RNG dispensing and asset impairment

•Renewable Power - payroll, consulting, insurance and other expenses, and asset impairment

The following table reflects certain other financial data for the reportable segments for as of December 31, 2025:


	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments	Corporate		Total
Other segment disclosures
Investment in other entities	$	231,223	$	—	$	—	231,223	$	—	$	231,223
Segment assets	$	675,988	$	196,853	$	28,740	901,581	$	57,888	$	959,469

For the three months ended March 31, 2025, the Company made the following cash payments for capital expenditures:


	Three months ended March 31, 2025
	RNG Fuel		Fuel Station Services		Renewable Power		Total Segments		Corporate		Total
Cash paid for purchases of property, plant and equipment	$	4,680	$	6,886	$	—	$	11,566	$	—	$	11,566

The following table reflects revenues from external customers by type for the reportable segments:


	Three Months Ended March 31,
(in thousands)		2026		2025		$ Change
RNG Fuel
Brown gas sales		$	2,821	$	1,457	$	1,364
Environmental attributes		18,230		25,830		(7,600)
Other		587		312		275
Total RNG Fuel		21,638		27,599		(5,961)
Fuel Station Services
OPAL owned stations		5,951		4,906		1,045
Environmental attributes		11,498		17,252		(5,754)
RNG marketing (1)		9,691		11,274		(1,583)
Third party station service and maintenance		6,800		7,070		(270)
Construction		4,899		7,991		(3,092)
Lease revenues (2)		5,727		2,185		3,542
Total Fuel Station Services		44,566		50,678		(6,112)
Renewable Power
Electricity sales		5,792		5,256		536
Environmental attributes (3)		713		821		(108)
Capacity		383		749		(366)
Lease revenues (4)		232		256		(24)
Other (5)		51		48		3
Total Renewable Power		7,171		7,130		41

Total revenues		$	73,375	$	85,407	$	(12,032)

Revenue from contracts with customers		$	67,416	$	82,966	$	(15,550)
Revenue from lease arrangements		$	5,959	$	2,441	$	3,518

(1) Revenues from RNG marketing in the Fuel Station Services segment relate to revenues earned from Environmental Attribute generation and monetization services.

(3) Includes revenues of $— and $3,617 respectively, for the for the three months ended March 31, 2026 and 2025, from customers domiciled outside of the United States.

(4) Renewable Power operating lease revenue relates to revenue from power purchase agreements where we determined that we transferred the right to control the use of the power plant to the purchaser.

(5) Includes management fee revenues earned from management of operations of equity method entities

The tables below outline the revenue from customers that comprise 10% or more of the Company's consolidated revenue, along with their respective percentages of revenue by each segment.


	Three Months Ended March 31,
	2026				2025
Customer A	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue
RNG Fuel	16,917		23.1	%	$	20,101	23.5	%
Fuel Station Services	10,856		14.8	%	15,344		18.0	%
Renewable Power	872		1.2	%	1,166		1.4	%
Total	$	28,645	39.0	%	$	36,611	42.9	%


	Three Months Ended March 31,
	2026				2025
Customer B	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue

Fuel Station Services	7,843		10.7	%	—		—	%

Total	$	7,843	10.7	%	$	—	—	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Topic 280
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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 07, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40272
Entity Registrant Name	OPAL FUELS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1578357
Entity Address, Address Line One	One North Lexington Avenue
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	White Plains
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10601
City Area Code	914
Local Phone Number	705-4000
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	OPAL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001842279
Amendment Flag	false
Document FY Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		30,357,544
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		121,500,000
Common Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,899,037

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details)	Mar. 31, 2026 $ / shares yr	Mar. 06, 2026 $ / shares yr
Risk-free interest rate
Derivative Instruments, Gain (Loss) [Line Items]
Warrants, measurement input	0.042	0.040
Expected term (years)
Derivative Instruments, Gain (Loss) [Line Items]
Warrants, measurement input \| yr	7.92	8.00
Expected volatility
Derivative Instruments, Gain (Loss) [Line Items]
Warrants, measurement input	0.591	0.577
Exercise price
Derivative Instruments, Gain (Loss) [Line Items]
Warrants, measurement input	2.67	2.67
Stock price
Derivative Instruments, Gain (Loss) [Line Items]
Warrants, measurement input	2.52	2.12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES For the three months ended March 31, 2026, the Company recorded $5,709 income tax benefit, respectively, as a result of the generation of 45z credits. The Company also sold ITCs to the buyer for net proceeds of $9,563. For the three months ended March 31, 2025, the Company recorded $8,037 income tax benefit. The Company evaluates the realizability of the deferred tax assets on a quarterly basis and establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset may not be realized.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

RELATED PARTIES - Revenues Recorded from Related Parties (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Total revenues

$ 73,375

$ 85,407

RNG fuel

Total revenues

^[1]

21,638

27,599

Fuel Station Services

Total revenues

^[2]

44,566

50,678

Renewable Power

Total revenues

^[3]

7,171

7,130

Related Party | RNG fuel

Total revenues

17,042

20,101

Total revenues

5,674

5,017

Related Party | Fuel Station Services

Total revenues

13,107

16,603

Related Party | Renewable Power

Total revenues

872

1,166

Environmental attributes | Related Party | RNG fuel

Total revenues

16,917

20,101

Environmental attributes | Related Party | Fuel Station Services

Total revenues

10,856

14,979

Environmental attributes | Related Party | Renewable Power

Total revenues

Commodity Swaps | Related Party | RNG fuel

Total revenues

Commodity Swaps | Related Party | Fuel Station Services

Total revenues

Commodity Swaps | Related Party | Renewable Power

Total revenues

872

1,166

Environmental Processing Fees | Related Party | RNG fuel

Total revenues

Environmental Processing Fees | Related Party | Fuel Station Services

Total revenues

2,251

1,624

Environmental Processing Fees | Related Party | Renewable Power

Total revenues

$ 0

Service Agreements | Related Party | RNG fuel

Service agreements

125

Service Agreements | Related Party | Fuel Station Services

Service agreements

Service Agreements | Related Party | Renewable Power

Service agreements

$ 0

[1]	Includes revenues from related parties of $17,042 and $20,101 for the three months ended March 31, 2026 and 2025, respectively.
[2]	Includes revenues from related parties of $13,107 and $16,603 for the three months ended March 31, 2026 and 2025, respectively
[3]	Includes revenues from related parties of $872 and $1,166 for the three months ended March 31, 2026 and 2025, respectively.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Use of Estimates

Accounting Pronouncements Not Yet Adopted

Parts Inventory

Environmental Credits Held for Sale

Accrued Expenses and Other Current Liabilities

Contract Balances

Leases

Lessor contracts

Sales-Type Leases

During the three months ended March 31, 2026, the Company entered into a new sales-type lease. Upon commencement, the carrying value of the underlying assets was removed from the balance sheet and a net investment in lease was recognized, measured at the present value of future lease payments discounted at the rate implicit in the lease. At that time, $2,246 was recognized within fuel station services revenues and $1,838 was recorded in cost of sales - fuel station services.

As of March 31, 2026, a maturity analysis of lease receivables reflecting undiscounted cash flows to be received on an annual basis are as follows:


Fiscal year:
Nine months ending December 31, 2026	$	1,427
2027	1,949
2028	1,997
2029	2,047
2030	2,098
Thereafter	11,413
Total undiscounted cash flows	20,931
Less: Discount based on implicit rate	10,869
Plus: Unguaranteed residual asset	589
Net investment in sales-type lease	$	10,651

Leases

Lessor contracts

Sales-Type Leases

As of March 31, 2026, a maturity analysis of lease receivables reflecting undiscounted cash flows to be received on an annual basis are as follows:


Fiscal year:
Nine months ending December 31, 2026	$	1,427
2027	1,949
2028	1,997
2029	2,047
2030	2,098
Thereafter	11,413
Total undiscounted cash flows	20,931
Less: Discount based on implicit rate	10,869
Plus: Unguaranteed residual asset	589
Net investment in sales-type lease	$	10,651

LOANS - Opal Term Loan Narrative (Details) - Revolving Credit Facility - Line of Credit $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) day
OPAL Term Loan
Debt Instrument [Line Items]
Draws on standby letters of credit	$ 128,382
Proceeds from issuance	10,747
Credit Agreement
Debt Instrument [Line Items]
Repayments on letters of credit	$ 20,000
Trading days of cash sweep \| day	2
Threshold percentage of cash sweep	100.00%

LEASES - Maturity Analysis of Lease Receivables (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
Nine months ending December 31, 2026	$ 1,427
2027	1,949
2028	1,997
2029	2,047
2030	2,098
Thereafter	11,413
Total undiscounted cash flows	20,931
Less: Discount based on implicit rate	10,869
Plus: Unguaranteed residual asset	589
Net investment in sales-type lease	$ 10,651

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

11. STOCK-BASED COMPENSATION

The Company adopted 2022 Omnibus Equity Incentive Plan (the "2022 Plan") in 2022 which was approved by our stockholders on July 21, 2022. The purposes of the 2022 Plan are to (i) provide an additional incentive to selected employees, directors, and independent contractors of the Company or its Affiliates whose contributions are essential to the growth and success of the Company, (ii) strengthen the commitment of such individuals to the Company and its Affiliates, (iii) motivate those individuals to faithfully and diligently perform their responsibilities and (iv) attract and retain competent and dedicated individuals whose efforts will result in the long-term growth and profitability of the Company. The 2022 Plan allows for granting of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. The Company registered 19,811,726 shares of Class A common stock that can be issued under this Plan.

Stock Options

Stock options generally vest over three years and expire ten years from the date of grant.

The fair value of the stock options granted in the three months ended March 31, 2026 was estimated at $1.76 per option using the Black-Scholes model. The valuation was based on the following assumptions: share price of $2.46, exercise price of $2.52, expiration of 10 years, annual risk-free interest rate of 4.30% and expected volatility of 59%.

Stock option activity during the three months ended March 31, 2026 consisted of the following (in thousands, except for share and per share data):


	Stock options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2025	1,590,653	$	2.76	8.86
Granted	764,910	2.52


Outstanding as of March 31, 2026	2,355,563	2.68		9.06
Vested and exercisable as of March 31, 2026	739,398	$	3.67	8.30

The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2026 and 2025 was $1.76 and $1.44 per share, respectively.

The aggregate intrinsic value of the outstanding stock options is $1,107 and $922 as of March 31, 2026 and December 31, 2025, respectively. The aggregate intrinsic value of the vested and exercisable stock options is zero as of March 31, 2026 and December 31, 2025.

Performance Units

The applicable performance period for the units granted in 2026 is from January 1, 2026 to December 31, 2028, with all such units scheduled to vest on March 31, 2029, subject to the achievement of certain performance criteria. The applicable performance period for the units granted in 2025 is from January 1, 2025 to December 31, 2027, with all such units scheduled to vest on March 31, 2028, subject to the achievement of certain performance criteria.


	Number of Units	Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2025	1,936,307	$	3.11
Granted	1,006,623	2.52
Vested	(46,840)	6.97
Withheld for settlement of taxes	(25,932)	6.97
Forfeited	(127,378)	6.97
Unvested as of March 31, 2026	2,742,780	$	1.60

Restricted Stock Units

A summary of the unvested shares as of March 31, 2026, and changes during the three months ended March 31, 2026, is presented below.


	Number of Units	Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2025	4,302,842	$	2.81
Granted	2,588,172	2.52
Vested	(1,313,326)	3.03
Withheld for settlement of taxes	(506,718)	3.03

Unvested as of March 31, 2026	5,070,970	$	2.59

The total fair value of shares vested during the three months ended March 31, 2026 and 2025, was $6,015 and $4,241 respectively.

The stock-based compensation expense for the above stock awards under the 2022 Plan as well as Parent Equity Awards is included in the selling, general and administrative expenses:


	Three Months Ended March 31,
		2026		2025
2022 Plan		$	2,055	$	1,622
Parent equity awards		—		129
Total		$	2,055	$	1,751

Stock-based compensation expense related to unvested awards yet to be recognized as of March 31, 2026 totaled $18,514 and is expected to be recognized, on a weighted average basis, over 2.30 years.

REDEEMABLE NON-CONTROLLING INTEREST, REDEEMABLE PREFERRED NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Changes in Redeemable Preferred Units


	Series A-1 preferred units			Series A preferred units
	Units	Amount		Units	Amount		Total
Balance, December 31, 2025	300,000	$	30,000	1,000,000	$	100,000	$	130,000
Issuance of Series A preferred units, net of issuance costs and fair value of Warrant	—	—		1,200,000	113,910		113,910
Redemption of Series A preferred units	—	—		(1,000,000)	(100,000)		(100,000)
Preferred dividends attributable to redeemable non-controlling interest	—	499		—	2,347		2,846
Preferred dividends attributable to Class A common stockholders	—	105		—	493		598
Payment of preferred dividends	—	(604)		—	(2,840)		(3,444)
Accretion to redemption value	—	—		—	6,090		6,090
Balance, March 31, 2026	300,000	$	30,000	1,200,000	$	120,000	$	150,000

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

LOANS

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

LOANS

3. LOANS

The following table summarizes the borrowings under the various loan facilities as of March 31, 2026 and December 31, 2025:


			March 31, 2026		December 31, 2025
	Effective interest rate		Amount		Amount
OPAL Term Loan	6.8	%	$	437,500	$	321,618
Revolving Loan			—		20,000
Sunoma Loan	8.7	%	$	18,633	$	19,090
Equipment Loan	6.7	%	$	459	559
Less: unamortized debt issuance costs			(9,421)		(9,142)
Less: current portion of long-term loans			(19,473)		(15,062)
Total long-term loan			$	427,698	$	337,063

As of March 31, 2026, principal maturities of debt are expected as follows, excluding any undrawn debt facilities:



Fiscal year:
Nine months ending December 31, 2026	$	14,659
2027	18,950
2028	410,056
2029	2,395
2030	2,589
Thereafter	7,943
	$	456,592

OPAL Term Loan

During the three months ended March 31, 2026, the Company drew $128,382 under its term loan facility pursuant to its existing credit agreement. A portion of the proceeds from the borrowing was used to repay $20,000 outstanding under the revolving loan facility. As of March 31, 2026, the Company had utilized $10,747 of availability under the revolver loan to provide for the issuance of letters of credit to support the operations of OPAL Fuels Intermediate HoldCo LLC (the “Borrower”) and certain subsidiaries of the Borrower (the “Guarantors”).

During the three months ended March 31, 2026, the Company commenced principal payments under its credit agreement. In addition, beginning in the first quarter of 2026, the Company is subject to a quarterly cash sweep pursuant to which, within two business days after the required delivery of quarterly financial statements, a percentage of distributable cash is required to be applied to repay outstanding borrowings, with the applicable percentage determined based on the Company’s consolidated debt to cash flow ratio. If the required financial statements are not delivered within the specified timeframe, 100% of distributable cash is required to be applied to the cash sweep.

Sunoma Loan

The Company utilized $927 for the issuance of letters of credit to support the operations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments - Operating Leases (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Nine months ending December 31, 2026, operating lease	$ 1,223
Nine months ending December 31, 2026, finance lease	1,018
Nine months ending December 31, 2026	2,241
2027, operating lease	1,701
2027, finance lease	1,055
2027	2,756
2028, operating lease	1,180
2028, finance lease	471
2028	1,651
2029, operating lease	1,129
2029, finance lease	127
2029	1,256
2030, operating lease	1,129
2030, finance lease	80
2030	1,209
2030 and beyond, operating lease	18,266
2030 and beyond, finance lease	0
Thereafter	18,266
Future minimum lease payments, operating lease	24,628
Future minimum lease payments, finance lease	2,751
Future minimum lease payments	$ 27,379

REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 segment	Mar. 31, 2025 USD ($)
Revenue, Major Customer [Line Items]
Number of operating segments \| segment	3
Number of reportable segments \| segment	3
RNG fuel
Revenue, Major Customer [Line Items]
Segment reporting other corporate expenses reclassified		$ 2,292
Fuel Station Services
Revenue, Major Customer [Line Items]
Segment reporting other corporate expenses reclassified		336
Renewable Power
Revenue, Major Customer [Line Items]
Segment reporting other corporate expenses reclassified		$ 962

REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION - Revenue by Major Customer by Reporting Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue, Major Customer [Line Items]

Total revenues

$ 73,375

$ 85,407

Revenue from contracts with customers

67,416

82,966

Revenue from lease arrangements

5,959

2,441

Total revenues

(12,032)

Revenue from contracts with customers

(15,550)

Revenue from lease arrangements

3,518

Customer A

Revenue, Major Customer [Line Items]

Total revenues

$ 28,645

$ 36,611

Customer A | Customer Concentration Risk | Revenue Benchmark

Revenue, Major Customer [Line Items]

Concentration risk, percentage

39.00%

42.90%

Customer B

Revenue, Major Customer [Line Items]

Total revenues

$ 7,843

$ 0

Customer B | Customer Concentration Risk | Revenue Benchmark

Revenue, Major Customer [Line Items]

Concentration risk, percentage

10.70%

0.00%

RNG fuel

Revenue, Major Customer [Line Items]

Total revenues

^[1]

$ 21,638

$ 27,599

Total revenues

(5,961)

RNG fuel | Customer A

Revenue, Major Customer [Line Items]

Total revenues

$ 16,917

$ 20,101

RNG fuel | Customer A | Customer Concentration Risk | Revenue Benchmark

Revenue, Major Customer [Line Items]

Concentration risk, percentage

23.10%

23.50%

Fuel Station Services

Revenue, Major Customer [Line Items]

Total revenues

^[2]

$ 44,566

$ 50,678

Total revenues

(6,112)

Fuel Station Services | Customer A

Revenue, Major Customer [Line Items]

Total revenues

$ 10,856

$ 15,344

Fuel Station Services | Customer A | Customer Concentration Risk | Revenue Benchmark

Revenue, Major Customer [Line Items]

Concentration risk, percentage

14.80%

18.00%

Fuel Station Services | Customer B

Revenue, Major Customer [Line Items]

Total revenues

$ 7,843

$ 0

Fuel Station Services | Customer B | Customer Concentration Risk | Revenue Benchmark

Revenue, Major Customer [Line Items]

Concentration risk, percentage

10.70%

0.00%

Renewable Power

Revenue, Major Customer [Line Items]

Total revenues

^[3]

$ 7,171

$ 7,130

Total revenues

Renewable Power | Customer A

Revenue, Major Customer [Line Items]

Total revenues

$ 872

$ 1,166

Renewable Power | Customer A | Customer Concentration Risk | Revenue Benchmark

Revenue, Major Customer [Line Items]

Concentration risk, percentage

1.20%

1.40%

Brown gas sales | RNG fuel

Revenue, Major Customer [Line Items]

Total revenues

$ 2,821

$ 1,457

Total revenues

1,364

Environmental attributes | RNG fuel

Revenue, Major Customer [Line Items]

Total revenues

18,230

25,830

Total revenues

(7,600)

Environmental attributes | Fuel Station Services

Revenue, Major Customer [Line Items]

Total revenues

11,498

17,252

Total revenues

(5,754)

Environmental attributes | Renewable Power

Revenue, Major Customer [Line Items]

Total revenues

713

821

Total revenues

(108)

Environmental attributes | Renewable Power | OCI Fuels B.V. ("OCI")

Revenue, Major Customer [Line Items]

Total revenues

3,617

Other | RNG fuel

Revenue, Major Customer [Line Items]

Total revenues

587

312

Total revenues

275

Other | Renewable Power

Revenue, Major Customer [Line Items]

Total revenues

OPAL owned stations | Fuel Station Services

Revenue, Major Customer [Line Items]

Total revenues

5,951

4,906

Total revenues

1,045

RNG marketing | Fuel Station Services

Revenue, Major Customer [Line Items]

Total revenues

9,691

11,274

Total revenues

(1,583)

Third party station service and maintenance | Fuel Station Services

Revenue, Major Customer [Line Items]

Total revenues

6,800

7,070

Total revenues

(270)

Construction | Fuel Station Services

Revenue, Major Customer [Line Items]

Total revenues

4,899

7,991

Total revenues

(3,092)

Lease revenues | Fuel Station Services

Revenue, Major Customer [Line Items]

Total revenues

5,727

2,185

Total revenues

3,542

Lease revenues | Fuel Station Services | OCI Fuels B.V. ("OCI")

Revenue, Major Customer [Line Items]

Total revenues

2,246

Lease revenues | Renewable Power

Revenue, Major Customer [Line Items]

Total revenues

232

256

Total revenues

(24)

Electricity sales | Renewable Power

Revenue, Major Customer [Line Items]

Total revenues

5,792

5,256

Total revenues

536

Capacity | Renewable Power

Revenue, Major Customer [Line Items]

Total revenues

383

$ 749

Total revenues

$ (366)

[1]	Includes revenues from related parties of $17,042 and $20,101 for the three months ended March 31, 2026 and 2025, respectively.
[2]	Includes revenues from related parties of $13,107 and $16,603 for the three months ended March 31, 2026 and 2025, respectively
[3]	Includes revenues from related parties of $872 and $1,166 for the three months ended March 31, 2026 and 2025, respectively.

REDEEMABLE NON-CONTROLLING INTEREST, REDEEMABLE PREFERRED NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 06, 2026	Mar. 31, 2026
Preferred Units [Line Items]
Warrants		$ 3,470
Preferred stock, redemption price (in dollars per share)		$ 100
Preferred Fuels Warrants
Preferred Units [Line Items]
Conversion of convertible securities (in shares)		0
Subscription Agreement
Preferred Units [Line Items]
Undrawn commitment	$ 60,000
Availability period	1 year
Maximum number of additional shares issued in transaction (in shares)	700,000
Aggregate price	$ 70
Maximum period of additional units to sold	2 years
Payments of stock issuance costs		$ 3,330
Common Class A
Preferred Units [Line Items]
Common stock, shares authorized (in shares)		340,000,000
Common Class A \| Preferred Fuels
Preferred Units [Line Items]
Maximum warrants issued (in shares)	2,160,000
Exercise price of warrant (in dollars per share)	$ 2.67
Class of warrant or right, ownership percentage threshold	19.90%
Common Class A \| Preferred Fuels Warrants
Preferred Units [Line Items]
Maximum warrants issued (in shares)	720,000
Common Class B
Preferred Units [Line Items]
Common stock, shares authorized (in shares)		160,000,000
Common Class C
Preferred Units [Line Items]
Common stock, shares authorized (in shares)		160,000,000
Common Class D
Preferred Units [Line Items]
Common stock, shares authorized (in shares)		160,000,000
Series A preferred units
Preferred Units [Line Items]
Maximum number of additional shares issued in transaction (in shares)	700,000
Aggregate price	$ 70,000
Maximum period of additional units to sold	2 years
Number of shares issuable on pro rata basis (in shares)	840,000
Warrants		$ 2,760
Preferred stock dividend rate		12.00%
Maximum dividend, payment in kind		2.00%
Preferred stock, dividend redemption, term		90 days
Preferred stock redemption, period after which redeemable		60 days
Preferred coupon rate increases per quarter		0.50%
Maximum preferred coupon rate increases per annum		4.00%
Preferred stock, redemption price, ratio		115.00%
Preferred stock, redemption price, percentage		102.00%
Series A preferred units \| Subscription Agreement
Preferred Units [Line Items]
Stock issued (in shares)	1,200,000
Aggregate proceeds	$ 120,000
Series A preferred units \| Subscription Agreement \| Preferred Fuels
Preferred Units [Line Items]
Redeemable preferred non-controlling interest issuance, net of issuance costs and warrants	$ 180,000
Series A-1 preferred units
Preferred Units [Line Items]
Preferred stock dividend rate		8.00%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

^[1]

$ 133,241

$ 24,408

Accounts receivable, net of allowances of $806 and $469, respectively

^[1],[2]

42,636

61,806

Restricted cash - current

^[1]

926

1,210

Contract assets

^[1]

6,782

8,276

Parts inventory

^[1]

12,201

10,964

Prepaid expense and other current assets

^[1]

17,615

16,018

Total current assets

^[1]

213,401

122,682

Property, plant, and equipment, net

^[1]

512,546

495,634

Investments in other entities

^[1]

224,282

231,223

Net investment in sales-type lease

^[1]

10,651

8,224

Restricted cash - non-current

^[1]

2,807

2,700

Goodwill

^[1]

54,608

Other long-term assets

^[1]

42,307

44,398

Total assets

^[1]

1,060,602

959,469

Current liabilities:

Accounts payable

^[1],[3]

9,631

19,004

Contract liabilities

^[1]

5,070

6,296

Loan, current portion

^[1]

19,473

15,062

Accrued expenses and other current liabilities

^[1]

62,890

63,857

Total current liabilities

^[1]

97,064

104,219

Loans, net of debt issuance costs

^[1]

427,698

337,063

Other long-term liabilities

^[1]

23,946

20,430

Total liabilities

^[1]

548,708

461,712

Commitments and contingencies Note 12

^[1]

Stockholders' equity (deficit)

Retained earnings (accumulated deficit)

^[1]

19,632

(1,307)

Accumulated other comprehensive income (loss)

^[1]

184

(26)

Class A common stock in treasury, at cost; 1,635,783 as of March 31, 2026 and December 31, 2025

^[1]

(11,614)

Total stockholders' equity (deficit) attributable to the Company

^[1]

8,219

(12,930)

Non-redeemable non-controlling interests

^[1]

10,208

2,789

Total stockholders' equity (deficit)

^[1]

18,427

(10,141)

Total liabilities, redeemable preferred, redeemable non-controlling interests and stockholders' equity (deficit)

^[1]

1,060,602

959,469

Redeemable preferred non-controlling interests

Current liabilities:

Redeemable non-controlling interests

^[1]

150,000

130,000

Redeemable non-controlling interests

Current liabilities:

Redeemable non-controlling interests

^[1]

343,467

377,898

Common Class A

Stockholders' equity (deficit)

Common stock

^[1]

Common Class B

Stockholders' equity (deficit)

Common stock

^[1]

Common Class C

Stockholders' equity (deficit)

Common stock

^[1]

Common Class D

Stockholders' equity (deficit)

Common stock

^[1]

$ 2

[1]	Includes amounts related to consolidated VIEs, which are presented separately in the table below.
[2]	Includes related‑party amounts of $15,327 and $13,318 as of March 31, 2026 and December 31, 2025, respectively.
[3]	Includes related‑party amounts of $3,046 and $8,951 as of March 31, 2026 and December 31, 2025, respectively.

NET LOSS PER SHARE - Narrative (Details) - shares	3 Months Ended
NET LOSS PER SHARE - Narrative (Details) - shares	Mar. 31, 2026	Mar. 31, 2025
Earnout Target
Class of Warrant or Right [Line Items]
Antidilutive shares (in shares)	716,650	716,650
Treasury Stock, Common
Class of Warrant or Right [Line Items]
Antidilutive shares (in shares)	1,635,783	1,635,783

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenues:

Total revenues

$ 73,375

$ 85,407

Operating expenses:

Project development and startup costs

1,815

6,081

Selling, general and administrative

15,184

15,967

Depreciation, amortization, and accretion

5,613

5,942

Loss from equity method investments

1,757

722

Total operating expenses

78,218

87,349

Operating loss

(4,843)

(1,942)

Interest and financing expense

(6,644)

(6,450)

Interest income

760

385

Other (expense) income, net

(575)

1,254

Total other expenses

(6,459)

(4,811)

Net loss before income tax benefit

(11,302)

(6,753)

Income tax benefit

5,709

8,037

Net (loss) income

(5,593)

1,284

Net loss attributable to redeemable non-controlling interest

(12,567)

(1,174)

Net income attributable to non-redeemable non-controlling interest

Accretion of the redeemable preferred non-controlling interest to its redemption amount

9,534

2,617

Net loss attributable to Class A common stockholders

$ (2,642)

$ (235)

Weighted average shares outstanding of Class A common stock:

Basic (in shares)

28,298,861

27,718,912

Diluted (in shares)

28,298,861

27,718,912

Per share amounts:

Basic (in dollars per share)

$ (0.09)

$ (0.01)

Diluted (in dollars per share)

$ (0.09)

$ (0.01)

RNG fuel

Revenues:

Total revenues

^[1]

$ 21,638

$ 27,599

Operating expenses:

Cost of sales

12,829

12,153

Fuel Station Services

Revenues:

Total revenues

^[2]

44,566

50,678

Operating expenses:

Cost of sales

35,390

39,722

Renewable Power

Revenues:

Total revenues

^[3]

7,171

7,130

Operating expenses:

Cost of sales

$ 5,630

$ 6,762

[1]	Includes revenues from related parties of $17,042 and $20,101 for the three months ended March 31, 2026 and 2025, respectively.
[2]	Includes revenues from related parties of $13,107 and $16,603 for the three months ended March 31, 2026 and 2025, respectively
[3]	Includes revenues from related parties of $872 and $1,166 for the three months ended March 31, 2026 and 2025, respectively.

RELATED PARTIES

3 Months Ended

Mar. 31, 2026

RELATED PARTIES

6. RELATED PARTIES

Related parties are represented by Fortistar LLC ("Fortistar") and other affiliates, subsidiaries and entities under common control with Fortistar or NextEra Energy Marketing, LLC (“NextEra”).

The following table summarizes revenues recorded from related parties:


	Three Months Ended March 31, 2026
		RNG fuel		Fuel Station Services		Renewable Power
Environmental Attributes (1)		$	16,917	$	10,856	$	—
Commodity swaps (2)		—		—		872
Environmental processing (3)		—		2,251		—
Service agreements (4)		125		—		—
Total		$	17,042	$	13,107	$	872


	Three Months Ended March 31, 2025
		RNG fuel		Fuel Station Services		Renewable Power
Environmental Attributes (1)		$	20,101	$	14,979	$	—
Commodity swaps (2)		—		—		1,166
Environmental processing (3)		—		1,624		—

Total		$	20,101	$	16,603	$	1,166

(2) Represents revenue earned under ISDA and REC sales agreements with NextEra.

(3) Represents environmental processing fees earned under agreements with equity method investments, related to the generation and marketing of RINs and LCFS.

(4) Represents management fees earned under an agreement with Fortistar.


	Three Months Ended March 31,
		2026		2025
Staffing and management services		$	588	$	633
Rent - fixed compensation		185		230
IT services		1,224		965
Total related party fees		$	1,997	$	1,828

The following table presents the various balances for related parties included in the Company's condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025:


	Location in Balance Sheet	March 31, 2026		December 31, 2025
Assets:
Trade AR - NextEra	Accounts receivable, net of allowance	$	15,327	$	12,626
Other	Accounts receivable, net of allowance	—		692
Total receivables - related party		15,327		13,318
Liabilities:
Payables to equity method investment entities	Accounts payable	1,606		8,450
Other	Accounts payable	1,440		501
Total liabilities - related party		$	3,046	$	8,951

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

4. LEASES

Lessor contracts

Sales-Type Leases

As of March 31, 2026, a maturity analysis of lease receivables reflecting undiscounted cash flows to be received on an annual basis are as follows:


Fiscal year:
Nine months ending December 31, 2026	$	1,427
2027	1,949
2028	1,997
2029	2,047
2030	2,098
Thereafter	11,413
Total undiscounted cash flows	20,931
Less: Discount based on implicit rate	10,869
Plus: Unguaranteed residual asset	589
Net investment in sales-type lease	$	10,651

LEASES

4. LEASES

Lessor contracts

Sales-Type Leases

As of March 31, 2026, a maturity analysis of lease receivables reflecting undiscounted cash flows to be received on an annual basis are as follows:


Fiscal year:
Nine months ending December 31, 2026	$	1,427
2027	1,949
2028	1,997
2029	2,047
2030	2,098
Thereafter	11,413
Total undiscounted cash flows	20,931
Less: Discount based on implicit rate	10,869
Plus: Unguaranteed residual asset	589
Net investment in sales-type lease	$	10,651

LEASES

4. LEASES

Lessor contracts

Sales-Type Leases

As of March 31, 2026, a maturity analysis of lease receivables reflecting undiscounted cash flows to be received on an annual basis are as follows:


Fiscal year:
Nine months ending December 31, 2026	$	1,427
2027	1,949
2028	1,997
2029	2,047
2030	2,098
Thereafter	11,413
Total undiscounted cash flows	20,931
Less: Discount based on implicit rate	10,869
Plus: Unguaranteed residual asset	589
Net investment in sales-type lease	$	10,651

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)		3 Months Ended		12 Months Ended
	Jul. 21, 2022	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting term (in years)		3 years
Expired (in years)		10 years
Closing share price (in dollars per share)		$ 1.76	$ 1.44
Weighted average exercise price (in dollars per share)		2.46
Exercise price (in dollars per share)		$ 2.52
Aggregate intrinsic value of the outstanding stock options		$ 1,107,000		$ 922,000
Aggregate intrinsic value of the vested and exercisable stock options		0		$ 0
Fair value		6,015,000	$ 4,241,000
Cost expected to be recognized		$ 18,514,000
Period of recognition (in years)		2 years 3 months 18 days
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting term (in years)		9 years 21 days		8 years 10 months 9 days
Exercise price (in dollars per share)		$ 2.52
Expiration term (in years)		10 years
Annual risk free interest rate		4.30%
Volatility rate		59.00%
2022 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued (in shares)	19,811,726

INVESTMENTS IN OTHER ENTITIES AND VARIABLE INTEREST ENTITIES - Ownership Interests and Carrying Values of Investment in Other Entities (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Schedule of Equity Method Investments [Line Items]

Investments in other entities

^[1]

$ 224,282

$ 231,223

Pine Bend

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

50.00%

Investments in other entities

$ 18,604

19,864

Noble Road

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

50.00%

Investments in other entities

$ 19,710

20,755

GREP

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

20.00%

Investments in other entities

$ 323

594

Land2Gas

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

50.00%

Investments in other entities

$ 34,811

36,554

Paragon

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

50.00%

Investments in other entities

$ 150,684

153,456

Other

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

50.00%

Investments in other entities

$ 150

$ 0

[1]	Includes amounts related to consolidated VIEs, which are presented separately in the table below.

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments - Operating Leases

The table below provides the total amount of lease payments on an undiscounted basis on our lease contracts as of March 31, 2026:


	Operating Leases		Finance Leases		Total
Nine months ending December 31, 2026	$	1,223	$	1,018	$	2,241
2027	1,701		1,055		2,756
2028	1,180		471		1,651
2029	1,129		127		1,256
2030	1,129		80		1,209
Thereafter	18,266		—		18,266
Total undiscounted cashflows	$24,628		$2,751		$27,379

Schedule of Future Minimum Lease Payments - Finance Leases

The table below provides the total amount of lease payments on an undiscounted basis on our lease contracts as of March 31, 2026:


	Operating Leases		Finance Leases		Total
Nine months ending December 31, 2026	$	1,223	$	1,018	$	2,241
2027	1,701		1,055		2,756
2028	1,180		471		1,651
2029	1,129		127		1,256
2030	1,129		80		1,209
Thereafter	18,266		—		18,266
Total undiscounted cashflows	$24,628		$2,751		$27,379

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax benefit	$ 5,709	$ 8,037
Net proceeds from the sale of tax credits	$ 9,563

INVESTMENTS IN OTHER ENTITIES AND VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN OTHER ENTITIES AND VARIABLE INTEREST ENTITIES

2. INVESTMENTS IN OTHER ENTITIES AND VARIABLE INTEREST ENTITIES

The Company’s VIEs consist of landfill or dairy manure RNG facilities that are either under construction or in operation. OPAL’s share of design capacity for these facilities ranges from approximately 43,750 MMBtu to 1,327,140 MMBtu per year. These entities are financed through the Opal Term Loan, the Sunoma Loan, or the Paragon Loan. The Paragon Loan was obtained directly by the joint venture and is not consolidated.

VIEs for which the Company is not the primary beneficiary are accounted for under the equity method. As of March 31, 2026, Sunoma, Central Valley and CMS were consolidated VIEs.

The condensed consolidated balance sheets summarize the major consolidated balance sheet items for consolidated VIEs as of March 31, 2026 and December 31, 2025. The information is presented on an aggregate basis based on similar risk and reward characteristics and the nature of our involvement with the VIEs. All VIEs are RNG facilities reported under the RNG Fuel Supply segment, and the Company’s interests are primarily equity-based.

The following table presents the Company's ownership interests and carrying values of Investment in Other Entities:


	Pine Bend			Noble Road			GREP			Land2Gas			Paragon			Other			Total
Percentage of ownership	50		%	50		%	20		%	50		%	50		%	50		%
Balance at December 31, 2025	$	19,864		$	20,755		$	594		$	36,554		$	153,456		$	—		$	231,223
Balance at March 31, 2026	$	18,604		$	19,710		$	323		$	34,811		$	150,684		$	150		$	224,282

As of March 31, 2026 and December 31, 2025, the carrying value of the Company’s equity method investments exceeded its proportionate share of the underlying net assets of its investees by $120,464 and $122,165, respectively. This basis difference primarily relates to the gain recognized upon the deconsolidation of certain RNG project entities, which increased the Company’s investment basis. The Company determined that this basis difference is attributable to construction in progress and will be amortized over the related assets’ estimated useful life of 20 years beginning when the assets are placed in service. The amortization of this basis difference, which reduces equity in earnings, was $1,700 and $1,700 and reflected in loss from equity method investments in the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025, respectively.

The following table summarizes the loss from equity method investments:


	Three Months Ended March 31,
		2026		2025
Revenue		$	27,311	$	22,517
Gross profit		3,244		2,815
Net loss (1)		(2,284)		(2,266)

(1) Net loss from equity method investments represents the Company's portion of the net loss from equity method investments including amortization of any basis differences.

A summary of financial information for our portion of the assets and liabilities in equity method investees in the aggregate is as follows:


	March 31, 2026		December 31, 2025
Current assets	$	15,837	$	27,566
Noncurrent assets	306,088		305,900
Total assets	321,925		333,466
Current liabilities	41,082		35,874
Noncurrent liabilities	77,702		81,288
Total liabilities	$	118,784	$	117,162

The Company’s maximum exposure to loss is limited to its equity investment in the unconsolidated entities.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTEREST, REDEEMABLE PREFERRED NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands

Total

Common Class A

Common Class B

Common Class D

Redeemable preferred non-controlling interests

Redeemable non-controlling interests

Common stock

Common Class A

Common stock

Common Class B

Common stock

Common Class D

Additional Paid-in capital

Common Class A

Retained earnings (accumulated deficit)

Accumulated other comprehensive income (loss)

Non-redeemable non-controlling interests

Treasury Stock

Common Class A

Beginning balance at Dec. 31, 2024

$ 130,000

$ 482,863

Increase (Decrease) In Temporary Equity And Redeemable Noncontrolling Interest [Abstract]

Net (loss) income

1,006

Other comprehensive income (loss)

(469)

Stock-based compensation

1,458

Accretion of the redeemable preferred non-controlling interest to its redemption amount

2,617

2,180

Change in redemption value of Redeemable non-controlling interests

$ (2,617)

(205,959)

Payment of preferred dividend

(2,617)

Ending balance at Mar. 31, 2025

130,000

276,719

Beginning balance (in shares) at Dec. 31, 2024

30,065,260

71,500,000

72,899,037

Beginning balance, treasury (in shares) at Dec. 31, 2024

(1,635,783)

Beginning balance at Dec. 31, 2024

(147,831)

$ 3

$ 7

$ 0

$ (137,004)

$ 152

$ 618

$ (11,614)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

278

202

Other comprehensive income (loss)

(94)

Issuance of Class A common stock for vesting of equity awards net of tax withholdings (in shares)

542,404

Issuance of Class A common stock for vesting of equity awards net of tax withholdings

$ (382)

Stock-based compensation

293

Distributions to non-redeemable non-controlling interests

(60)

Change in redemption value of redeemable non-controlling interests

205,959

205,870

Accretion of the redeemable preferred non-controlling interest to its redemption amount

(437)

Ending balance (in shares) at Mar. 31, 2025

30,607,664

71,500,000

72,899,037

Ending balance, treasury (in shares) at Mar. 31, 2025

(1,635,783)

Ending balance at Mar. 31, 2025

57,726

$ 3

$ 7

68,631

634

$ (11,614)

Beginning balance at Dec. 31, 2025

^[1]

130,000

377,898

Increase (Decrease) In Temporary Equity And Redeemable Noncontrolling Interest [Abstract]

Net (loss) income

(4,689)

Other comprehensive income (loss)

1,005

Stock-based compensation

1,698

Accretion of the redeemable preferred non-controlling interest to its redemption amount

9,534

7,878

Change in redemption value of Redeemable non-controlling interests

(9,534)

(6,090)

(24,567)

Payment of preferred dividend

(3,444)

Redeemable preferred non-controlling interest issuance, net of issuance costs and warrants

113,910

Redemption of redeemable preferred non‑controlling interest

(100,000)

Ending balance at Mar. 31, 2026

^[1]

$ 150,000

$ 343,467

Beginning balance (in shares) at Dec. 31, 2025

28,997,378

121,500,000

22,899,037

30,633,161

121,500,000

22,899,037

Beginning balance, treasury (in shares) at Dec. 31, 2025

(1,635,783)

Beginning balance at Dec. 31, 2025

(10,141)

^[1]

$ 3

$ 12

$ 2

(1,307)

(26)

2,789

$ (11,614)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(904)

(986)

Other comprehensive income (loss)

210

Issuance of Class A common stock for vesting of equity awards net of tax withholdings (in shares)

1,360,166

Issuance of Class A common stock for vesting of equity awards net of tax withholdings

$ (1,343)

Stock-based compensation

357

Distributions to non-redeemable non-controlling interests

(65)

Change in redemption value of redeemable non-controlling interests

24,567

986

23,581

Capital contribution from non-redeemable non-controlling interests

7,402

Accretion of the redeemable preferred non-controlling interest to its redemption amount

(1,656)

Ending balance (in shares) at Mar. 31, 2026

30,357,544

121,500,000

22,899,037

31,993,327

121,500,000

22,899,037

Ending balance, treasury (in shares) at Mar. 31, 2026

(1,635,783)

Ending balance at Mar. 31, 2026

$ 18,427

^[1]

$ 3

$ 12

$ 2

$ 0

$ 19,632

$ 184

$ 10,208

$ (11,614)

[1]	Includes amounts related to consolidated VIEs, which are presented separately in the table below.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (5,593)	$ 1,284
Other comprehensive income:
Net unrealized gain (loss) on cash flow hedges	1,215	(565)
Total comprehensive (loss) income	(4,378)	719
Comprehensive loss attributable to redeemable non-controlling interests	(11,563)	(1,644)
Comprehensive income attributable to non-redeemable non-controlling interests	82	76
Accretion of the redeemable preferred non-controlling interest to its redemption amount	9,534	2,617
Comprehensive loss attributable to Class A common stockholders	$ (2,431)	$ (330)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Allowance for credit loss

$ 806

$ 469

Accounts receivable, after allowance for credit loss, current

^[1],[2]

42,636

61,806

Accounts payable, related party

^[1],[3]

9,631

19,004

Cash and cash equivalents

^[1]

133,241

24,408

Restricted cash - current

^[1]

926

1,210

Prepaid expense and other current assets

^[1]

17,615

16,018

Property, plant, and equipment, net

^[1]

512,546

495,634

Restricted cash - non-current

^[1]

2,807

2,700

Total assets of consolidated VIEs

^[1]

1,060,602

959,469

Loan, current portion

^[1]

19,473

15,062

Accrued expenses and other current liabilities

^[1]

62,890

63,857

Loans, net of debt issuance costs

^[1]

427,698

337,063

Other long-term liabilities

^[1]

23,946

20,430

Total liabilities of consolidated VIEs

^[1]

548,708

461,712

15,327

13,318

Accounts payable, related party

3,046

8,951

Primary Beneficiary

Cash and cash equivalents

13,105

Restricted cash - current

926

1,210

Prepaid expense and other current assets

156

131

Property, plant, and equipment, net

41,828

42,603

Restricted cash - non-current

2,807

2,740

Total assets of consolidated VIEs

58,822

46,809

Loan, current portion

2,394

2,457

Accrued expenses and other current liabilities

3,289

12,431

Loans, net of debt issuance costs

16,146

16,618

Other long-term liabilities

629

582

Total liabilities of consolidated VIEs

23,107

32,705

Primary Beneficiary | Related Party

Accounts payable, related party

357

227

Primary Beneficiary | Nonrelated Party

Accounts receivable, after allowance for credit loss, current

Accounts payable, related party

$ 292

$ 390

Common Class A

Common stock, par value (in dollars per share)

$ 0.0001

Common stock, shares issued (in shares)

31,993,327

30,633,161

Common stock, shares outstanding (in shares)

30,357,544

28,997,378

Class A common stock, in treasury, at cost (in shares)

1,635,783

Common Class B

Common stock, par value (in dollars per share)

$ 0.0001

Common stock, shares issued (in shares)

121,500,000

Common stock, shares outstanding (in shares)

121,500,000

Common Class C

Common stock, par value (in dollars per share)

$ 0.0001

Common stock, shares issued (in shares)

Common stock, shares outstanding (in shares)

Common Class D

Common stock, par value (in dollars per share)

$ 0.0001

Common stock, shares issued (in shares)

22,899,037

Common stock, shares outstanding (in shares)

22,899,037

[1]	Includes amounts related to consolidated VIEs, which are presented separately in the table below.
[2]	Includes related‑party amounts of $15,327 and $13,318 as of March 31, 2026 and December 31, 2025, respectively.
[3]	Includes related‑party amounts of $3,046 and $8,951 as of March 31, 2026 and December 31, 2025, respectively.

DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Effect of Derivative Instruments on Statement of Operations

The following table summarizes the effect of commodity swaps on the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025:


	Location of Gain (Loss) Recognized	Three Months Ended March 31,
			2026		2025
Derivatives not designated as hedging instruments:
Commodity swaps - realized	Revenues - Renewable Power		(143)		(92)
Commodity swaps - unrealized	Revenues - Renewable Power		92		(13)
Commodity swaps - realized	Revenues - RNG Fuel		(937)		67
Commodity swaps - unrealized	Revenues - RNG Fuel		458		(1,328)
Total realized and unrealized net loss			$	(530)	$	(1,366)

Schedule of Derivatives Fair Values on Balance Sheet

The following table summarizes the derivative assets and liabilities related to commodity swaps as of March 31, 2026 and December 31, 2025:


	Fair Value
	March 31, 2026		December 31, 2025		Location of Fair value recognized in Balance Sheet
Derivatives not designated as hedging instruments:
Current portion of unrealized gain on commodity swaps	$	2,539	$	1,933	Prepaid expense and other current assets
Current portion of unrealized loss on commodity swaps	—		(92)		Accrued expenses and other current liabilities
Non - current portion of unrealized gain on commodity swaps	—		149		Other long-term assets

Total commodity swaps - unrealized gain	$	2,539	$	1,990

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The key inputs into the Black-Scholes option pricing model for the Warrants were as follows for the relevant periods:


	As of March 31, 2026			As of March 6, 2026
Risk-free interest rate	4.2		%	4.0		%
Expected term (years)	7.92			8.00
Expected volatility	59.1		%	57.7		%
Exercise price	$	2.67		$	2.67
Stock price	$	2.52		$	2.12

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis


	Fair values as of March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	128,317	$	—	$	—	$	128,317
Interest rate swap contracts	—		600		—		600
Commodity swap contracts	—		2,539		—		2,539
Liabilities:
Warrants	—		—		3,470		3,470


	Fair values as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	22,969	$	—	$	—	$	22,969

Commodity swap contracts	—		2,082		—		2,082

LOANS (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Borrowings Under the Various Debt Facilities

The following table summarizes the borrowings under the various loan facilities as of March 31, 2026 and December 31, 2025:


			March 31, 2026		December 31, 2025
	Effective interest rate		Amount		Amount
OPAL Term Loan	6.8	%	$	437,500	$	321,618
Revolving Loan			—		20,000
Sunoma Loan	8.7	%	$	18,633	$	19,090
Equipment Loan	6.7	%	$	459	559
Less: unamortized debt issuance costs			(9,421)		(9,142)
Less: current portion of long-term loans			(19,473)		(15,062)
Total long-term loan			$	427,698	$	337,063

Schedule of Principal Maturities of Debt

As of March 31, 2026, principal maturities of debt are expected as follows, excluding any undrawn debt facilities:



Fiscal year:
Nine months ending December 31, 2026	$	14,659
2027	18,950
2028	410,056
2029	2,395
2030	2,589
Thereafter	7,943
	$	456,592

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

NET LOSS PER SHARE

9. NET LOSS PER SHARE

The following table summarizes the calculation of basic and diluted net loss per share:


	Three Months Ended March 31,
	2026		2025
Net loss attributable to Class A common stockholders basic and diluted	$	(2,642)	$	(235)

Weighted average number of shares of Class A common stock - basic	28,298,861		27,718,912

Weighted average number of shares of Class A common stock - diluted	28,298,861		27,718,912
Net loss per share of Class A common stock
Basic	$	(0.09)	$	(0.01)
Diluted	$	(0.09)	$	(0.01)

The basic loss per share for the three months ended March 31, 2026 and 2025 does not include 1,635,783 shares in treasury and 716,650 shares that are issued and outstanding but are contingent on achieving earnout targets.

Additionally, the diluted loss per share of Class A common stock for the three months ended March 31, 2026 and 2025 does not include redeemable preferred non-controlling interests because the substantive contingency for conversion has not been met as of March 31, 2026. It also excludes redeemable non-controlling interests for the three months ended March 31, 2026 and 2025.

For the periods in which loss per share is presented, the following securities were excluded from the computation of diluted loss per share since their impact would have been antidilutive:


	Three Months Ended March 31,
		2026	2025
Stock Options		2,355,563	498,661
Unvested PSUs (1)		2,742,780	2,055,356
Unvested RSUs		5,070,990	4,474,415
Warrants (2)		2,160,000	—
OPAL Fuels Class B Units		144,399,037	144,399,037

(1) All unvested PSUs are contingent on achieving performance targets

(2) Includes 720,000 warrants that are subject to forfeiture contingent on obtaining additional funding

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Maturity Analysis of Lease Receivables

As of March 31, 2026, a maturity analysis of lease receivables reflecting undiscounted cash flows to be received on an annual basis are as follows:


Fiscal year:
Nine months ending December 31, 2026	$	1,427
2027	1,949
2028	1,997
2029	2,047
2030	2,098
Thereafter	11,413
Total undiscounted cash flows	20,931
Less: Discount based on implicit rate	10,869
Plus: Unguaranteed residual asset	589
Net investment in sales-type lease	$	10,651

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Total revenues

$ 73,375

$ 85,407

RNG fuel

Total revenues

^[1]

21,638

27,599

RNG fuel | Related Party

Total revenues

17,042

20,101

Fuel Station Services

Total revenues

^[2]

44,566

50,678

Fuel Station Services | Related Party

Total revenues

13,107

16,603

Renewable Power

Total revenues

^[3]

7,171

7,130

Renewable Power | Related Party

Total revenues

$ 872

$ 1,166

[1]	Includes revenues from related parties of $17,042 and $20,101 for the three months ended March 31, 2026 and 2025, respectively.
[2]	Includes revenues from related parties of $13,107 and $16,603 for the three months ended March 31, 2026 and 2025, respectively
[3]	Includes revenues from related parties of $872 and $1,166 for the three months ended March 31, 2026 and 2025, respectively.

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award, Restricted Stock Units, Vested and Expected to Vest

Stock option activity during the three months ended March 31, 2026 consisted of the following (in thousands, except for share and per share data):


	Stock options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2025	1,590,653	$	2.76	8.86
Granted	764,910	2.52


Outstanding as of March 31, 2026	2,355,563	2.68		9.06
Vested and exercisable as of March 31, 2026	739,398	$	3.67	8.30


	Number of Units	Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2025	1,936,307	$	3.11
Granted	1,006,623	2.52
Vested	(46,840)	6.97
Withheld for settlement of taxes	(25,932)	6.97
Forfeited	(127,378)	6.97
Unvested as of March 31, 2026	2,742,780	$	1.60

A summary of the unvested shares as of March 31, 2026, and changes during the three months ended March 31, 2026, is presented below.


	Number of Units	Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2025	4,302,842	$	2.81
Granted	2,588,172	2.52
Vested	(1,313,326)	3.03
Withheld for settlement of taxes	(506,718)	3.03

Unvested as of March 31, 2026	5,070,970	$	2.59

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense for the above stock awards under the 2022 Plan as well as Parent Equity Awards is included in the selling, general and administrative expenses:


	Three Months Ended March 31,
		2026		2025
2022 Plan		$	2,055	$	1,622
Parent equity awards		—		129
Total		$	2,055	$	1,751

REDEEMABLE NON-CONTROLLING INTEREST, REDEEMABLE PREFERRED NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY - Changes in Redeemable Preferred Units (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Increase (Decrease) In Temporary Equity, Amount [Roll Forward]

Accretion of the redeemable preferred non-controlling interest to its redemption amount

$ 9,534

$ 2,617

Redeemable preferred non-controlling interests

Increase (Decrease) In Temporary Equity, Amount [Roll Forward]

Beginning balance

130,000

^[1]

130,000

Issuance of Series A preferred units, net of issuance costs and fair value of Warrant

113,910

Redemption of Series A preferred units

(100,000)

Preferred dividends attributable to redeemable non-controlling interest

2,846

Preferred dividends attributable to Class A common stockholders

598

Payment of preferred dividends

(3,444)

(2,617)

Accretion of the redeemable preferred non-controlling interest to its redemption amount

6,090

Ending balance

$ 150,000

^[1]

$ 130,000

Series A-1 preferred units

Increase (Decrease) In Temporary Equity, Units [Roll Forward]

Beginning balance (in shares)

300,000

Ending balance (in shares)

300,000

Increase (Decrease) In Temporary Equity, Amount [Roll Forward]

Beginning balance

$ 30,000

Preferred dividends attributable to redeemable non-controlling interest

499

Preferred dividends attributable to Class A common stockholders

105

Payment of preferred dividends

(604)

Accretion of the redeemable preferred non-controlling interest to its redemption amount

Ending balance

$ 30,000

Series A preferred units

Increase (Decrease) In Temporary Equity, Units [Roll Forward]

Beginning balance (in shares)

1,000,000

Issuance of Series A preferred units, net of issuance costs and fair value of Warrant (in shares)

1,200,000

Redemption of Series A preferred units (in shares)

(1,000,000)

Ending balance (in shares)

1,200,000

Increase (Decrease) In Temporary Equity, Amount [Roll Forward]

Beginning balance

$ 100,000

Issuance of Series A preferred units, net of issuance costs and fair value of Warrant

113,910

Redemption of Series A preferred units

(100,000)

Preferred dividends attributable to redeemable non-controlling interest

2,347

Preferred dividends attributable to Class A common stockholders

493

Payment of preferred dividends

(2,840)

Accretion of the redeemable preferred non-controlling interest to its redemption amount

6,090

Ending balance

$ 120,000

[1]	Includes amounts related to consolidated VIEs, which are presented separately in the table below.

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

12. COMMITMENTS AND CONTINGENCIES

Letters of Credit

As of March 31, 2026 and December 31, 2025, the Company was required to maintain standby letters of credit totaling $11,675 and $15,504, respectively, to support obligations of certain Company's subsidiaries. These letters of credit were issued in favor of a lender, utilities, a governmental agency, and an independent system operator under PPA electrical interconnection agreements, and in place of a debt service reserve. There have been no draws to date on these letters of credit.

Lease Commitments

The table below provides the total amount of lease payments on an undiscounted basis on our lease contracts as of March 31, 2026:


	Operating Leases		Finance Leases		Total
Nine months ending December 31, 2026	$	1,223	$	1,018	$	2,241
2027	1,701		1,055		2,756
2028	1,180		471		1,651
2029	1,129		127		1,256
2030	1,129		80		1,209
Thereafter	18,266		—		18,266
Total undiscounted cashflows	$24,628		$2,751		$27,379

Guaranty

On March 30, 2026, Land2Gas LLC, a 50%-owned equity method investee, sold $22,926 of investment tax credits to Athene Annuity and Life Company and Athene Annuity Re II Ltd. for net proceeds of $21,550, of which the Company's 50% share was $10,775. Land2Gas LLC is obligated to return the purchase price and reimburse any taxes, interest, and penalties if the credits are disallowed or recaptured.

The Company and an unaffiliated third party (together, the "Guarantors") each guarantee 50% of these obligations and have entered into a cross-indemnification agreement allocating losses attributable to each party's respective causation. The guarantees include credit support provisions whereby, upon specified credit-related events — including either Guarantor's net worth falling below defined thresholds — the applicable Guarantor may be required to provide letters of credit or cash collateral to the buyers.

The Company's maximum potential exposure represents its 50% proportionate share of the purchase price repayment and related tax indemnification obligations. The Company evaluated these arrangements under ASC 460 and ASC 450 and determined that no material liability was required to be recognized as of March 31, 2026.

Legal Matters

Direct Contractor Claims

In September 2021, an indirect subsidiary of the Company, MD Digester, LLC (“MD”), entered into a fixed-price Engineering, Procurement and Construction Contract (an “EPC Contract”) with VEC Partners, Inc. d/b/a CEI Builders (“CEI”) for the design and construction of a turn-key renewable natural gas production facility using dairy cow manure as feedstock in California’s Central Valley. In December 2021, a second indirect subsidiary of the Company, VS Digester, LLC (“VS”) entered into a nearly identical EPC Contract (collectively, the "EPC Contracts") for the design and construction of a second facility, also in California’s Central Valley. CEI’s performance under both of the EPC Contracts is fully bonded by licensed sureties.

CEI has submitted a series of change order requests seeking to increase the EPC Contract Price by approximately $14,000, per project, primarily due to: (1) modifications to CEI’s design drawings which are required to meet its contracted performance guaranties, and (2) a default by one of CEI’s major equipment manufacturers. The Company disputes the vast majority of the change order requests.

In January 2024, the Company filed a civil lawsuit captioned, MD Digester, LLC. et. al. vs. VEC Partners, Inc. et. al.; with the California Superior Court, County of San Joaquin; Action No. STK- CV-UCC-2024-0000185 and commenced a related arbitration proceeding in order to obtain a formal determination on the claims; American Arbitration Association ("AAA") Case No. 01-24-0000-0775. The Superior Court Action has been stayed, pending the conclusion of the arbitration. In the meantime, the AAA has empaneled three experienced arbitrators and has set the hearing date for the matter, currently scheduled in May 2027.

The EPC Agreement requires that CEI, continue working during the course of the litigation and related arbitration proceedings; however, CEI effectively stopped working. On June 26, 2024, MD issued a Notice of Default and Demand to Cure to CEI. CEI failed to do so, and on July 30, 2024, MD terminated CEI for default. MD notified CEI’s performance bond surety, Atlantic Specialty Insurance Company of the termination and demanded that it perform under the bond. Atlantic has denied the claim.

Similarly, on July 11, 2024, VS issued a Notice of Default and Demand to Cure, advising CEI of its defaults and giving it an opportunity to cure. CEI failed to do so, and on August 27, 2024, VS terminated CEI for default. VS has notified CEI’s bond surety, also Atlantic, of the second termination and demanded that it perform under the bond. The surety has denied the claim.

As a result of CEI’s default and Atlantic’s denial of the claims, MD and VS have amended their claims in the AAA arbitration to include breach of contract claims against CEI and breach of performance bond claims against Atlantic (who was formally joined into the arbitration on November 20, 2024) in the AAA Arbitration with CEI.

CEI has since recorded mechanic’s liens against each of the projects for 4,948 (MD) and 1,984 (VS), and recently filed actions with the Stanislaus and San Joaquin County Superior Courts, respectively, to enforce their liens. It is expected that these claims will be stayed and consolidated with the pending arbitration proceeding.

The AAA proceeding is scheduled for evidentiary hearing from May 3 through June 7, 2027. Based upon the deposition testimony and the expert reports that were exchanged on February 23, 2026, the Company reasonably believes that it will demonstrate that the terminations were justified and for cause. Issues related to damages, i.e., the cost to complete the projects, are evolving and it is premature to offer an opinion on the strength of this component of the case.

Subcontractor Lien Claims

In addition to the above-referenced action and arbitration, several of CEI’s subcontractors have recorded mechanic’s liens against the MD and VS projects for 3,141, which the Company is obligated to defend and indemnify the dairy owners from and against. Several of liens were untimely and have been released voluntarily by the claimants, others were released through the recording of release bonds by Company.

The NWP Industries, L.P. ("NWP") and Argo Sales ("Argo") claims have been settled and will be dismissed as to MD and VS when the settlement payments have been fully funded.

Former Development Partner/Construction Manager

In March 2024, the Company filed an action in the Orange County Superior Court (Case No. 30- 2024-01415510-CU-BC-CXC) against its former development partner and construction manager, Sierra Renewable Organics Management, LLC, as well as its principal (Ethan Werner) and affiliated engineering firm (CH Four Biogas) for Breach of Contract, Indemnity, Declaratory Relief, Intentional Misrepresentation and Negligent Misrepresentation relating to the design and development of the Projects. The defendants have recently filed an answer and certain cross claims. Discovery in the case is now underway.