Is OPAL diluting shareholders?

Read three numbers together: shares outstanding over time (see chart), warrants that can convert into new shares (0 reported), and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

OPAL Fuels Inc. (OPAL)

CIK 1842279 · all EDGAR filings →

Overall dilution risk

HIGHworst of 2 computed sub-ratings (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

not every sub-rating was computable; treat as a floor

Offering ability

HIGH$199M registered

= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)

registered capacity, not remaining: amounts already taken down are not subtracted yet

Overhead supply

NOT COMPUTEDno current share count to divide by

= warrant shares outstanding divided by current shares outstanding

not rated: the newest single-total cover-page count is as of 2022-08-05

Historical dilution

NOT COMPUTEDnewest single-total cover-page count is as of 2022-08-05

= share count now vs 3 years ago

not rated: the company has filed periodic reports since (newest: 10-Q filed 2026-11-09) with no single-total cover-page count in SEC's companyfacts, which omits counts filed per share class

Cash need

LOWoperating cash flow positive

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Fewer than two cover-page share counts on file, so there is no history to chart.

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

Tranche	Warrants	Exercise price	Term	Notes
Preferred Fuels	2.2M	$2.67	—	—
Preferred Fuels Contingent Warrants	720,000	not tagged	—	—

Tranches exactly as the company dimensioned them in its 10-Q filed Nov 9, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 0 underlying shares, as reported Dec 22, 2022 (10-K).

Reported exercise price: $6.87 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $2.1M as of Sep 30, 2026.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Nov 9, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Registrations and offerings

Registered offering capacity on live registrations: $199.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Sep 4, 2026$199.0M registeredfiling →

Last 12 months: 1 executed · 2 registered.

EFFECTIVESep 17, 2026SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDSep 14, 2026S-3/A registration — capacity to sell shares, not a sale yetS-3/A →

REGISTEREDSep 4, 2026S-3 registration — capacity to sell shares, not a sale yetS-3 →

EXECUTEDMar 9, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →

UPDATENov 17, 2023Prospectus update — often a resale registration, not necessarily new capital424B3 →

EFFECTIVESep 6, 2023SEC declared a registration effective — selling can beginEFFECT →

UPDATEAug 11, 2023Prospectus update — often a resale registration, not necessarily new capital424B3 →

REGISTEREDAug 11, 2023S-3/A registration — capacity to sell shares, not a sale yetS-3/A →

EFFECTIVEAug 10, 2023SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDAug 1, 2023S-3 registration — capacity to sell shares, not a sale yetS-3 →

UPDATEMay 15, 2023Prospectus update — often a resale registration, not necessarily new capital424B3 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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