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Opal Fuels cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$17.6M in Q2 2026 · −$51.6M over twelve months

Operating cash flow$10.8M
Capital spending−$28.3M
Free cash flow−$17.6M

Analysis

In Q2 2026, Opal Fuels generated $10.8M of operating cash flow and spent $28.3M on capital projects, leaving free cash flow of −$17.6M. That is $12.2M more than in Q2 2025 (−$29.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was $38.4M; the largest uses were capital spending ($90.0M), other financing ($39.5M), other investing ($13.4M); besides operations, cash came from net borrowing (+) / repaid (−) ($157M), partners ($8.5M); the cash balance rose by $63.3M.

Operating cash flow was $10.8M against net income of −$4.1M. The largest differences: depreciation & amortization +$5.2M, deferred taxes −$4.9M, accrued liabilities −$4.9M.

Free cash flow

Opal Fuels: free cash flow by quarterOpal Fuels: free cash flow by quarter−$5.4MQ3 2024−$55.0MQ4 2024$18.1MQ1 2025−$29.7MQ2 2025−$9.3MQ3 2025−$13.4MQ4 2025−$11.5MQ1 2026−$17.6MQ2 2026
Operating cash flow less capital spending.
Opal Fuels: operating cash flow against capital spendingOpal Fuels: operating cash flow against capital spendingOperating cash flowCapital spending$17.7M$23.1MQ3 2024−$532K$54.4MQ4 2024$29.7M$11.6MQ1 2025−$7.9M$21.8MQ2 2025$18.2M$27.5MQ3 2025−$3.5M$9.8MQ4 2025$12.9M$24.4MQ1 2026$10.8M$28.3MQ2 2026
Latest (Q2 2026): Operating cash flow $10.8M, Capital spending $28.3M.

Capital allocation, year by year

Opal Fuels: where the cash came from (up) and went (down), by fiscal yearOpal Fuels: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow $18.9MFY2021: Net borrowing $65.0MFY2021: Shares issued $311MFY2021: Capital spending −$89.6M$395MFY2021FY2022: Operating cash flow −$1.4MFY2022: Net borrowing $21.1MFY2022: Capital spending −$131M$21.1MFY2022FY2023: Operating cash flow $38.3MFY2023: Net borrowing $66.8MFY2023: Shares issued $366KFY2023: Capital spending −$114M$105MFY2023FY2024: Operating cash flow $31.4MFY2024: Net borrowing $100MFY2024: Shares issued $170KFY2024: Asset sales $828KFY2024: Capital spending −$127M$132MFY2024FY2025: Operating cash flow $36.5MFY2025: Net borrowing $68.8MFY2025: Asset sales $3.0MFY2025: Capital spending −$70.7M$108MFY2025
Over these 5 years operating cash flow totalled $124M; the largest uses were capital spending ($533M) and operating cash flow ($1.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$91.4M
Debt$440M
Net debt$349M
Due within a year$15.1M

Opal Fuels's operations bring cash in ($38.4M over twelve months), and it spends more than that on capital projects: a gap of $51.6M funded from its $91.4M of cash and investments and from borrowing ($440M of debt, $15.1M due within a year). That is a choice to invest, not a cash runway running down.

Opal Fuels: debt maturities by year (FY2025)Opal Fuels: debt maturities by year (FY2025)$15.1MYear 1$15.1MYear 2$318MYear 3$2.4MYear 4$2.6MYear 5$7.9MAfter year 5
Principal due in each year as disclosed in the annual report, against $91.4M of cash and investments now.

Where the cash came from and went

Opal Fuels: sources (+) and uses (−) of cash, Q2 2026Opal Fuels: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$41.8MCapital spending−$28.3MOther financing−$12.9MOperating cash flow$10.8MOther investing−$10.8MTaxes on employees’ shares−$1.4MPartners$1.2MNet borrowing (+) / repaid (−)−$350K
Opal Fuels: sources (+) and uses (−) of cash, TTM to Q2 2026Opal Fuels: sources (+) and uses (−) of cash, TTM to Q2 2026Net borrowing (+) / repaid (−)$157MCapital spending−$90.0MCash drawn (+) / kept (−)−$63.3MOther financing−$39.5MOperating cash flow$38.4MOther investing−$13.4MPartners$8.5MAsset & business sales$3.7MTaxes on employees’ shares−$1.4MShares issued−$58K

From profit to cash

Opal Fuels: net income to operating cash flow, Q2 2026Opal Fuels: net income to operating cash flow, Q2 2026Net income−$4.1MDepreciation & amortization$5.2MStock-based pay$2.1MDeferred taxes−$4.9MOther non-cash$1.7MReceivables$4.8MAccrued liabilities−$4.9MPrepaid and other assets$2.0MOperating cash flow$10.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$10.8M−$28.3M−$350K—$41.8M−$17.6M
Q1 2026$12.9M−$24.4M$128M—−$109M−$11.5M
Q4 2025−$3.5M−$9.8M$9.9M−$58K$4.3M−$13.4M
Q3 2025$18.2M−$27.5M$19.6M—−$778K−$9.3M
Q2 2025−$7.9M−$21.8M$39.3M$58K$11.4M−$29.7M
Q1 2025$29.7M−$11.6M——−$15.7M$18.1M
Q4 2024−$532K−$54.4M$55.0M—−$5.0M−$55.0M
Q3 2024$17.7M−$23.1M$20.0M—−$1.7M−$5.4M

Opal Fuels: income statement and cash flow

Opal Fuels, Q2 2026: revenue $83.4M (+4% year over year), operating margin -3.6%. The chart follows the revenue to costs, profit and cash.

Opal Fuels: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.