OPAL (OPAL) financial statements
OPAL reported revenue of $349M in fiscal 2025, up 20.4% a year over 4 years.
Net income was $4M and the operating margin 2.1%, against -3.0% in 2021.
Free cash flow was -$34M.
The diluted share count rose 12% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from OPAL's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $166M | $236M | $256M | $300M | $349M |
| Research and development | — | $6M | $5M | $19M | $15M |
| Selling, general and admin | $29M | $51M | $51M | $53M | $64M |
| Operating income | -$5M | $8M | $7M | $21M | $7M |
| Interest expense | $7M | $7M | — | $22M | $28M |
| Pre-tax income | $41M | $33M | $127M | $5M | -$16M |
| Income tax | $0 | $0 | $0 | -$9M | -$53M |
| Net income | -$16M | $3M | $19M | $561,000 | $4M |
| EPS (diluted) | $0.00 | $0.12 | $0.69 | $0.02 | $0.15 |
| Diluted shares | 0M | 26M | 27M | 28M | 29M |
| Operating margin | -3.0% | 3.2% | 2.7% | 7.1% | 2.1% |
| Net margin | -9.7% | 1.4% | 7.4% | 0.2% | 1.2% |
Balance sheet
Fiscal years, from OPAL's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $39M | $105M | $48M | $24M | $24M |
| Receivables | $25M | $31M | $28M | $47M | $62M |
| Total current assets | $87M | $212M | $128M | $117M | $123M |
| Property, plant and equipment | $170M | $297M | $339M | $458M | $496M |
| Goodwill | $55M | $55M | $55M | $55M | $55M |
| Total assets | $381M | $645M | $755M | $881M | $959M |
| Total current liabilities | $142M | $153M | $74M | $104M | $104M |
| Long-term debt | $134M | $88M | $197M | $285M | — |
| Total liabilities | $286M | $267M | $297M | $416M | $462M |
| Shareholders' equity | $14,000 | -$801M | -$479M | -$148M | -$13M |
| Net debt | $95M | $48M | $158M | $261M | -$24M |
Cash flow
Fiscal years, from OPAL's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | -$2M | -$1M | $38M | $31M | $36M |
| Capital spending | $90M | $131M | $114M | $127M | $71M |
| Free cash flow | -$92M | -$133M | -$76M | -$96M | -$34M |
| Stock-based compensation | $639,000 | $1M | $6M | $6M | $6M |
| Free cash flow margin | -55.1% | -56.4% | -29.5% | -32.0% | -9.8% |
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Open OPAL in InvestinglyQuestions
What was OPAL's revenue in 2025?
$349M in fiscal 2025, from its 10-K filing.
How much free cash flow does OPAL generate?
-$34M in fiscal 2025 (operating cash flow minus capital spending).
From OPAL's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.