OPAL Fuels Inc. (OPAL) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: March 09, 2026

Risk Assessment Details

Potential Dilution: 154.89% of current shares
Recent Dilution: 7.03% (2 years)
Historical Dilution Factor: minimal recent dilution
Outstanding Shares
30M
Potential Supply
46M
Additional shares possible
Splits
None
Past 2 years

Summary

OPAL currently has 29.6M outstanding shares. with significant dilution risk as 45.8M authorized shares could dilute existing holders by 154.9%. The company has minimally diluted shareholders by 7.03% over the past 2 years.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Mar 09, 2026

8-K filing: OPAL Fuels issued a warrant to an investor for the purchase of up to 3,000,000 shares of Class A Common Stock, with 2,160,000 shares issued at the initial closing and the remainder issuable upon further purchases of units.

30M 46M
Nov 07, 2025

10-Q filing | 29.6M shares outstanding

30M 46M
Aug 07, 2025

10-Q filing | 29.2M shares outstanding

29M 46M
May 13, 2025

10-Q filing | 27.7M shares outstanding

28M 46M
Apr 23, 2025

8-K filing: Fortistar LLC exchanged 50 million shares of Class D common stock for an equal number of newly issued Class B common stock of OPAL Fuels Inc.

28M 46M
Mar 17, 2025

10-K filing | 27.7M shares outstanding

28M 46M
Nov 12, 2024

10-Q filing | 27.7M shares outstanding

28M 46M
Aug 09, 2024

10-Q filing | 27.7M shares outstanding

28M 46M
May 10, 2024

10-Q filing | 27.4M shares outstanding

27M 46M
Mar 15, 2024

10-K filing | 27.5M shares outstanding

27M 46M
Nov 14, 2023

10-Q filing | 27.0M shares outstanding

27M 46M
Aug 14, 2023

10-Q filing | 27.2M shares outstanding

27M 46M
Aug 11, 2023

S-3/A filing: The filing is an S-3/A form indicating the company may offer shares of Class A common stock and preferred stock, and warrants to purchase any of such securities.

28M 46M
Aug 02, 2023

POS AM filing: This prospectus relates to the offer and sale from time to time by the selling securityholders named in this prospectus of shares of Class A common stock.

28M 46M
Aug 01, 2023

S-3 filing: Opal Fuels files an S-3 registration statement to offer Class A common stock, preferred stock, debt securities, warrants, or units for an aggregate offering not exceeding $100 million.

28M 46M
May 15, 2023

10-Q filing | 27.4M shares outstanding

27M 33M
May 04, 2023

POS AM filing: This POS AM filing relates to the offering of common stock by selling holders, who may sell their shares from time to time through various methods.

26M 33M
May 03, 2023

POS AM filing: This POS AM filing relates to the offering of common stock by selling holders, who may sell their shares from time to time through various methods described in the prospectus.

26M 33M
Apr 05, 2023

8-K filing: OPAL Fuels Inc. issued 49,633 shares of Class A common stock to certain accredited entities as consideration for their prior agreement to tender all warrants held by the Investors in the Company's voluntary warrant exchange offer.

26M 33M
Mar 29, 2023

10-K filing | 26.1M shares outstanding

26M 33M
Dec 22, 2022

8-K filing: OPAL Fuels Inc. issued 3,310,189 shares of Class A common stock in exchange for warrants tendered in an exchange offer and will exchange each remaining warrant for 0.225 shares of Class A common stock.

26M 33M
Dec 19, 2022

8-K filing: OPAL Fuels Inc. completed an exchange offer for its warrants, receiving tenders for 13,240,756 warrants, and amended the warrant agreement to allow for the exchange of remaining warrants at a ratio of 0.225 shares of Class A common stock per warrant.

26M 33M
Nov 14, 2022

10-Q filing | 25.7M shares outstanding

26M 33M
Aug 10, 2022

10-Q filing | 25.2M shares outstanding

25M 33M
Aug 04, 2022

8-K filing: OPAL Fuels Inc. issued an additional 500,000 shares of Class A common stock to PIPE Investors for $5,000,000, completing the PIPE Investment with a total of 11,080,600 shares issued for $110,806,000. ($5.0M proceeds)

31M 33M
Jul 18, 2022

8-K filing: ArcLight Clean Transition Corp. II entered into a forward share purchase agreement with Meteora Capital Partners, where Meteora may sell up to 2,000,000 shares of Class A common stock to the combined company at $10.02 per share on the six-month anniversary of the business combination, and ArcLight may issue 112,500 shares of Class A common stock of the Combined Company to Meteora. ($20.04M proceeds)

31M 33M
May 16, 2022

10-Q filing | 31.1M shares outstanding

31M 33M
Mar 09, 2022

10-K filing | 31.1M shares outstanding

31M 33M
Nov 05, 2021

10-Q filing | 31.1M shares outstanding

31M 33M
Aug 05, 2021

10-Q filing | 31.1M shares outstanding

31M 33M
May 21, 2021

10-Q filing | 31.1M shares outstanding

31M 33M
Mar 09, 2021

S-1/A filing: ArcLight Clean Transition Corp. II is offering 25,000,000 units at $10.00 per unit, each unit consisting of one Class A ordinary share and one-fifth of one redeemable warrant, in an initial public offering.

7.2M 33M
Feb 04, 2021

S-1 filing: ArcLight Clean Transition Corp. II is offering 25,000,000 units, each priced at $10.00, consisting of one Class A ordinary share and one-fourth of one redeemable warrant, in an initial public offering.

7.2M 30M
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