OPAL Fuels Inc 10-Q for FY2026 Q1

OPAL Fuels Inc. (OPAL)

10-Q 2026-05-11 For: 2026-03-31

Added on May 11, 2026

About this 10-Q

OPAL Fuels Inc filed this 10-Q on May 11, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $73.38M; down 14.1% from $85.41M a year earlier
Net loss: $5.59M; compared with net income of $1.28M a year earlier
Diluted EPS: -$0.09; compared with -$0.01 a year earlier

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Delaware						98-1578357
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One North Lexington Avenue, Suite 1450
White Plains, New York						10601
(Address of principal executive offices)						(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share	OPAL	The Nasdaq Stock Market LLC


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☒


		PAGE
PART I. FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS (Unaudited)	1
	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	1
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025	3
	Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2026 and 2025	4
	Condensed Consolidated Statements of Changes In Redeemable Non-Controlling Interest, Redeemable Preferred Non-Controlling Interest And Stockholders' Equity (Deficit) for the three months ended March 31, 2026 and 2025	5
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	7
	Notes To Condensed Consolidated Financial Statements	8
ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	26
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	38
ITEM 4.	CONTROLS AND PROCEDURES	38
PART II. OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS	39
ITEM 1A.	RISK FACTORS	39
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	39
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	39
ITEM 4.	MINE SAFETY DISCLOSURES	39
ITEM 5.	OTHER INFORMATION	39
ITEM 6.	EXHIBITS	40
SIGNATURES		41


	March 31, 2026		December 31, 2025
Assets(1)	(Unaudited)
Current assets:
Cash and cash equivalents	$	133,241	$	24,408
Accounts receivable, net of allowances of $806 and $469, respectively(2)	42,636		61,806
Restricted cash - current	926		1,210
Contract assets	6,782		8,276
Parts inventory	12,201		10,964
Prepaid expense and other current assets	17,615		16,018
Total current assets	213,401		122,682
Property, plant, and equipment, net	512,546		495,634
Investments in other entities	224,282		231,223
Net investment in sales-type lease	10,651		8,224
Restricted cash - non-current	2,807		2,700
Goodwill	54,608		54,608
Other long-term assets	42,307		44,398
Total assets	1,060,602		959,469
Liabilities and Stockholders' Equity (Deficit)(1)
Current liabilities:
Accounts payable(3)	9,631		19,004
Contract liabilities	5,070		6,296
Loan, current portion	19,473		15,062
Accrued expenses and other current liabilities	62,890		63,857
Total current liabilities	97,064		104,219
Loans, net of debt issuance costs	427,698		337,063
Other long-term liabilities	23,946		20,430
Total liabilities	548,708		461,712
Commitments and contingencies Note 12
Redeemable preferred non-controlling interests	150,000		130,000
Redeemable non-controlling interests	343,467		377,898
Stockholders' equity (deficit)
Class A common stock, $0.0001 par value, shares issued: 31,993,327 and 30,633,161 as of March 31, 2026 and December 31, 2025, respectively; shares outstanding: 30,357,544 and 28,997,378 as of March 31, 2026 and December 31, 2025, respectively	3		3
Class B common stock, $0.0001 par value, 121,500,000 issued and outstanding as of March 31, 2026 and December 31, 2025	12		12
Class C common stock, $0.0001 par value; none issued and outstanding as of March 31, 2026 and December 31, 2025	—		—
Class D common stock, $0.0001 par value, 22,899,037 shares issued and outstanding as of March 31, 2026 and December 31, 2025	2		2
Retained earnings (accumulated deficit)	19,632		(1,307)
Accumulated other comprehensive income (loss)	184		(26)
Class A common stock in treasury, at cost; 1,635,783 as of March 31, 2026 and December 31, 2025	(11,614)		(11,614)
Total stockholders' equity (deficit) attributable to the Company	8,219		(12,930)
Non-redeemable non-controlling interests	10,208		2,789
Total stockholders' equity (deficit)	18,427		(10,141)
Total liabilities, redeemable preferred, redeemable non-controlling interests and stockholders' equity (deficit)	$	1,060,602	$	959,469


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	March 31, 2026		December 31, 2025
Assets of consolidated VIEs, included in total assets above:
Cash and cash equivalents	$	13,105	$	87
Accounts receivable	—		38
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
Liabilities of consolidated VIEs, included in total liabilities above:
Accounts payable	292		390
Accounts payable, related party	357		227
Loan, current portion	2,394		2,457
Accrued expenses and other current liabilities	3,289		12,431
Loan, net of debt issuance costs	16,146		16,618
Other long-term liabilities	629		582
Total liabilities of consolidated VIEs	$	23,107	$	32,705


	Three Months Ended March 31,
	2026		2025
Revenues:
RNG fuel(1)	$	21,638	$	27,599
Fuel station services(2)	44,566		50,678
Renewable power(3)	7,171		7,130
Total revenues	73,375		85,407
Operating expenses:
Cost of sales - RNG fuel	12,829		12,153
Cost of sales - Fuel station services	35,390		39,722
Cost of sales - Renewable power	5,630		6,762
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)
Other expense
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	82		76
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	28,298,861		27,718,912
Diluted	28,298,861		27,718,912
Per share amounts:
Basic	$	(0.09)	$	(0.01)
Diluted	$	(0.09)	$	(0.01)


	Class A Common Stock			Class B Common Stock			Class D Common Stock											Class A Common stock in treasury					Mezzanine Equity
	Shares	Amount		Shares	Amount		Shares	Amount		Additional Paid-in capital		Retained earnings (accumulated deficit)		Accumulated other comprehensive income (loss)		Non-redeemable non-controlling interests		Shares	Amount		Total (Deficit) Equity		Redeemable preferred non-controlling interests		Redeemable non-controlling interests
December 31, 2025	30,633,161	$	3	121,500,000	$	12	22,899,037	$	2	$	—	$	(1,307)	$	(26)	$	2,789	(1,635,783)	$	(11,614)	$	(10,141)	$	130,000	$	377,898
Net loss	—	—		—	—		—	—		—		(986)		—		82		—	—		(904)		—		(4,689)
Other comprehensive income	—	—		—	—		—	—		—		—		210		—		—	—		210		—		1,005

Issuance of Class A common stock for vesting of equity awards net of tax withholdings	1,360,166	—		—	—		—	—		(1,343)		—		—		—		—	—		(1,343)		—		—
Stock-based compensation	—	—		—	—		—	—		357		—		—		—		—	—		357		—		1,698
Distributions to non-redeemable non-controlling interests	—	—		—	—		—	—		—		—		—		(65)		—	—		(65)		—		—

Change in redemption value of redeemable non-controlling interests	—	—		—	—		—	—		986		23,581		—		—		—	—		24,567		—		(24,567)
Payment of preferred dividend	—	—		—	—		—	—		—		—		—		—		—	—		—		(3,444)		—
Capital contribution from non-redeemable non-controlling interests	—	—		—	—		—	—		—		—		—		7,402		—	—		7,402		—		—
Redeemable preferred non-controlling interest issuance, net of issuance costs and warrants	—	—		—	—		—	—		—		—		—		—		—	—		—		113,910		—
Redemption of redeemable preferred non‑controlling interest	—	—		—	—		—	—		—		—		—		—		—	—		—		(100,000)		—
Accretion of the redeemable preferred non-controlling interest to its redemption amount	—	—		—	—		—	—		—		(1,656)		—		—		—	—		(1,656)		9,534		(7,878)
March 31, 2026	31,993,327	$	3	121,500,000	$	12	22,899,037	$	2	$	—	$	19,632	$	184	$	10,208	(1,635,783)	$	(11,614)	$	18,427	$	150,000	$	343,467


	Three Months Ended March 31,
	2026		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
Cash paid, related to investments in other entities	(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


	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


	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


	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


	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)


			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



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


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


	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)


	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


	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


	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


	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


	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


	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


	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


	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


	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


	March 31, 2026		December 31, 2025
Customer A (1)	35.9	%	20.7	%
Customer B	*		11.0	%
Customer C	*		11.6	%
Customer D	*		19.4	%


	OPAL's Share of Design Capacity (MMbtus per year) (1)	Source of Biogas	Ownership
RNG Projects in Operation:
Greentree	1,061,712	LFG	100%
Imperial	1,061,712	LFG	100%
Emerald (2)	1,327,140	LFG	50%
Sapphire (2)	796,284	LFG	50%
New River	663,570	LFG	100%
Noble Road (2)	464,499	LFG	50%
Pine Bend (2)	424,685	LFG	50%
Biotown (2)	43,750	Dairy	10%
Sunoma (3)	176,297	Dairy	90%
Prince William	1,725,282	LFG	100%
Polk County	1,060,000	LFG	100%
Atlantic (2)	331,785	LFG	50%
Total	9,136,716

RNG Projects in Construction:
Hilltop (4),(6)	255,500	Dairy	100%
Vander Schaaf (4),(6)	255,500	Dairy	100%
Burlington (2),(5),(6)	459,900	LFG	50%
Cottonwood (5),(6)	664,884	LFG	100%
Kirby Canyon (5),(6)	663,570	LFG	100%
Total	2,299,354


	Three Months Ended March 31,				$ Change		% Change
(in thousands)	2026		2025
Revenues:
RNG fuel	$	21,638	$	27,599	$	(5,961)	(22)	%
Fuel Station Services	44,566		50,678		(6,112)		(12)	%
Renewable Power	7,171		7,130		41		1	%
Total revenues	73,375		85,407		(12,032)		(14)	%
Operating expenses:
Cost of sales - RNG fuel	12,829		12,153		676		6	%
Cost of sales - Fuel station services	35,390		39,722		(4,332)		(11)	%
Cost of sales - Renewable power	5,630		6,762		(1,132)		(17)	%
Project development and startup costs	1,815		6,081		(4,266)		(70)	%
Selling, general and administrative	15,184		15,967		(783)		(5)	%
Depreciation, amortization, and accretion	5,613		5,942		(329)		(6)	%

Loss from equity method investments	1,757		722		1,035		143	%
Total operating expenses	78,218		87,349		(9,131)		(10)	%
Operating loss	(4,843)		(1,942)		(2,901)		(149)	%
Other expense
Interest and financing expense	(6,644)		(6,450)		(194)		(3)	%
Interest income	760		385		375		97	%
Other (expense) income, net	(575)		1,254		(1,829)		(146)	%
Net loss before income tax benefit	(11,302)		(6,753)		(4,549)		(67)	%
Income tax benefit	5,709		8,037		(2,328)		(29)	%
Net (loss) income	(5,593)		1,284		(6,877)		(536)	%
Net loss attributable to redeemable non-controlling interest	(12,567)		(1,174)		(11,393)		(970)	%
Net income attributable to non-redeemable non-controlling interest	82		76		6		8	%
Accretion of the redeemable preferred non-controlling interest to its redemption amount	9,534		2,617		6,917		264	%

Net loss attributable to Class A common stockholders	$	(2,642)	$	(235)	$	(2,407)	(1024)	%


Exhibit Number						Description
3.1						Restated Certificate of Incorporation of OPAL Fuels Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K/A filed by the Company on August 10, 2022).
3.2						Bylaws of OPAL Fuels Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by the Company on July 27, 2022).
3.3						Amended and Restated Certificate of Designations of Series A Preferred Units of OPAL Fuels LLC, dated March 6, 202 6 (incorporated by reference to Exhibit 3.1 to the Cur rent Report on Form 8-K filed b y the Company on March 9, 2026).
4.1						Warrant, dated March 6, 2026 (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by the Company on March 9, 2026)
10.1						Subscription Agreement, dated March 6, 2026 (incorporated by reference to Exhibit 10.1 to the Curren t Report on For m 8-K filed by the Company on March 9, 2026).
31.1						Certification of Co-Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2						Certification of Co-Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3						Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*						Certification of Co-Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*						Certification of Co-Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3*						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS						Inline XBRL Instance Document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


*						This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.


OPAL Fuels Inc.

By:			/s/ Jonathan Maurer
Name:			Jonathan Maurer
Title:			Co-Chief Executive Officer


OPAL Fuels Inc.

By:			/s/ Adam Comora
Name:			Adam Comora
Title:			Co-Chief Executive Officer