Financial Data and Key Metrics Changes - Revenue in Q3 2023 was $71 million, up from $55 million in Q2 2023, driven by the sale of 8.4 million RINs at an average price of $2.83 per gallon [45][46] - Adjusted EBITDA for Q3 2023 was $16.5 million, impacted by $1.6 million in project ramp-up expenses and other non-capitalized fees [22][24] - Net income for Q3 2023 was $0.2 million compared to $114.1 million in Q2 2023, with the previous quarter's figure including a one-time gain [45] Business Line Data and Key Metrics Changes - RNG production for the nine months ended September 30, 2023, was 2.0 million MMBtus, a one-third increase from the same period last year [15] - Renewable Power revenues decreased to $13.7 million in Q3 from $14.5 million in Q2, primarily due to reduced revenues from Arbor Hills as Emerald came online [23] - The Fuel Station Services segment dispensed 33.1 million GGEs in Q3, with revenues increasing to $37.3 million from $30 million in Q2, driven by increased RIN sales [46] Market Data and Key Metrics Changes - The company closed a $500 million credit facility in September 2023, enhancing liquidity to support growth plans [6][47] - RIN prices have strengthened to around $3.50 per gallon, with expectations for continued support from supply-demand dynamics [33][64] - As of September 30, 2023, liquidity was $360 million, consisting of $327 million available under the credit facility and $33 million in cash [24] Company Strategy and Development Direction - The company aims to build and operate best-in-class RNG facilities to provide reliable and cost-effective RNG solutions, contributing to the displacement of fossil fuels and climate change mitigation [49] - A joint venture with South Jersey Industries was announced to construct and operate RNG facilities, with the first project expected to commence operations in mid-2025 [32] - The company is focusing on enhancing disclosures regarding production capacity metrics to provide clarity on growth potential [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational progress of projects like Emerald and Atlantic, with expectations for continued growth in RNG production [36][74] - The company noted that construction delays have been addressed with the acquisition of major permits, increasing certainty in project completion timelines [17] - Management remains optimistic about the future of the RNG market, citing strong demand and supportive regulatory frameworks [64][89] Other Important Information - The company has separated the reporting of RNG pending monetization from adjusted EBITDA to provide clearer financial insights [34][21] - The company anticipates full-year 2023 adjusted EBITDA guidance in the range of $60 million to $63 million, including expected ITC sale proceeds [25] Q&A Session Summary Question: Can you discuss the drivers for the implied EBITDA ramp to $42 million in Q4? - Management indicated that the ramp includes ITC proceeds from the Emerald project and continued monetization of RINs generated [60][61] Question: How does the company plan to manage the monetization of its RIN bank? - The company plans to normalize RIN monetization strategies, focusing on forward sales as RINs are produced, with expectations for stable pricing [63][64] Question: What are the expectations for CapEx and ITC in 2024? - Specific guidance for CapEx will be provided with the full-year 2024 guidance, but the company expects to receive ITC proceeds shortly after project commissioning [93][98] Question: What impact do you foresee from the Cummins 15-liter engine on future business? - While the engine's rollout is expected to begin in late 2024, significant business development activity is anticipated over the next 12 months, with potential impacts in 2025 and beyond [78][96] Question: Can you clarify the impact of accounting changes on the 2023 EBITDA guidance? - The separation of RNG pending monetization from adjusted EBITDA is the primary driver for the new guidance, with price performance also contributing positively [101]

(Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ____________ Commission File Number: 001-40272 OPAL FUELS INC. (Exact name of registrant as specified in its charter) (State or other jurisd ...

Financial Data and Key Metrics Changes - Net income for the quarter was $114.1 million, impacted by the deconsolidation of Emerald and Sapphire projects, with an adjusted net loss of $7.8 million for the three months ended June 30, 2023 [26] - Adjusted EBITDA for the second quarter was $21.4 million, up from $8.7 million in the first quarter, primarily due to unmonetized credits sold and higher RIN prices [26][29] - The value of unsold environmental credits increased by over $16 million to $34 million [19] Business Line Data and Key Metrics Changes - In the RNG Fuel segment, there are 7 projects in operation with approximately 3.9 million MMBtu of annual nameplate capacity [21] - The Fuel Station Services segment dispensed 35.5 million GGEs in the second quarter, showing improvement compared to the first quarter [27] - Adjusted EBITDA margins improved in the fuel station service segment due to higher RIN prices and completion of construction projects [20] Market Data and Key Metrics Changes - D3 RIN prices rose from under $2 per RIN earlier in the year to just above $3 following the EPA's final set rule [40] - The company expects full-year 2023 adjusted EBITDA guidance to remain within the $85 million to $95 million range, despite production being at the low end of guidance due to project delays [29] Company Strategy and Development Direction - The company is focused on building and operating best-in-class RNG facilities to displace fossil fuels and mitigate climate change [30] - The final EPA rule supports cellulosic biofuels and renewable natural gas, providing a strong investment signal for the industry [18] - The company is optimistic about the eRIN pathway, which could incentivize smaller methane capture projects [19][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the value of ongoing projects despite permitting delays, emphasizing that these delays are a matter of timing rather than feasibility [22] - The company anticipates that production volumes will be at or modestly below previous guidance due to delays at key projects [23] - Management believes that the D3 RIN market will become less volatile, providing a more stable revenue outlook [59] Other Important Information - The company has deconsolidated its Emerald and Sapphire projects, which will now be treated as equity affiliates, impacting how adjusted EBITDA is recognized [49][100] - The company has spent $72 million in CapEx year-to-date, with expectations for continued investment in RNG projects and fuel stations [50] Q&A Session All Questions and Answers Question: Regarding 2023 EBITDA guidance and RIN pricing - Management acknowledged that while there are factors affecting timing and production volumes, the stronger RIN pricing suggests potential upside to the guidance [31][54] Question: On capital spending and liquidity outlook - Management indicated that they expect to maintain a CapEx range of $30 million to $40 million for the next few quarters, with anticipated monetization of ITC associated with projects [78][79] Question: Timing of gas production and monetization from Emerald - Management explained that there is typically a delay between going online and recognizing significant revenue, but they expect to begin monetizing credits soon [82][85] Question: Impact of eRIN pathway on advanced development pipeline - Management expressed optimism that the eRIN pathway will support smaller projects and enhance the value of existing electric projects [90] Question: Deconsolidation of GFL assets and its impact on EBITDA - Management clarified that the deconsolidation does not change the economics of the partnership, and adjusted EBITDA will still be recognized through equity pickup [100][102]

COD 3Q24 3Q24 Q424 6 In-Construction Projects Landfill: Emerald Landfill: Sapphire Landfill: Prince William | --- | --- | |-------------|----------------| | | | | Location | Michigan | | Gas Rights | | | Ownership % | 50% | | COD | Q323 | | | Dairy: Hilltop | Dairy: Vander Schaaf | --- | |---------------------------| | | | Virginia | | | | Prince William County, VA | | 100% | | Q124 | | --- | |----------------| | | | North Carolina | | | | 50% Mid-24 | | | Landfill: Polk County Florida (1) Reflects OPAL pro ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ____________ Commission File Number: 001-40272 OPAL FUELS INC. (Exact name of registrant as specified in its charter) (State or other juris ...

Financial Data and Key Metrics Changes - For Q1 2023, RNG production remained at 0.6 million MMBtus, consistent with Q4 2022, but up approximately 50% compared to Q1 2022 [54] - Revenues for the quarter were $43 million, representing a 12% decrease compared to Q1 2022 [54] - Adjusted EBITDA was $8.7 million, compared to $4.1 million in the previous year, including a $10.3 million adjustment for stored gas and unsold environmental attributes [56][90] - The net loss for Q1 2023 was $7.3 million, compared to a loss of $4.5 million in Q1 2022 [91] Business Line Data and Key Metrics Changes - The Fuel Station Services segment saw a low revenue quarter compared to backlog, with a contracted backlog of approximately $65 million expected to be realized over the next 12 months [107][92] - The company is on track to commence construction on 39 fueling stations this year, with expected RNG fuel dispensing volumes growing to approximately 56 million gallons from nearly 30 million gallons in 2022 [123] Market Data and Key Metrics Changes - Current D3 RIN pricing has improved, trading at $2.15 per gallon, while LCFS prices have begun to rise, now sitting in the mid-$80 per credit [118] - The heavy-duty transportation market in the U.S. uses approximately 45 billion gallons of diesel per year, with RNG currently holding just over 1% market share, indicating significant growth potential [12] Company Strategy and Development Direction - The company aims to build and operate best-in-class RNG facilities and renewable power facilities to mitigate climate change and displace fossil fuels [62] - OPAL Fuels is focused on executing its business plan, maximizing output from operating projects, and moving advanced development projects into construction [105] - The introduction of the 15-liter Cummins engine is expected to expand the market for RNG within the heavy-duty transportation sector [103] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the demand for RNG, particularly with new fleets testing the 15-liter engine, which is anticipated to drive market expansion [103] - The company remains cautiously optimistic about the finalization of the eRIN pathway, which could provide material upside for existing projects and new developments [85] - Management noted that environmental credit pricing is expected to improve, which will positively impact financial results in 2023 and beyond [93] Other Important Information - The company has secured gas rights agreements for new landfill RNG projects, including one with WM in Illinois and another with a municipality in Florida, enhancing its development pipeline [99] - The company is experiencing some delays in permitting, particularly with the Sapphire project, but is optimistic about progress being made [42][46] Q&A Session Summary Question: Can you provide more color around the ITC embedded in your guidance for this year? - Management is still waiting for final guidance from the IRS regarding ITC and prefers not to provide additional color at this time [20] Question: What is the impact of the Sapphire project delay on 2023? - The Sapphire project is experiencing a slight delay due to PFAS regulations, but management believes it will not have a significant impact on 2023 results [42][46] Question: How is the profitability in the Fuel Station Services segment? - Profitability was slightly below expectations due to inflationary pressures and slower construction pace, but management expects margins and revenues to improve throughout the year [87][92] Question: What is the embedded D3 RIN pricing assumption in the EBITDA guidance? - Management confirmed that the D3 RIN pricing assumption embedded in the guidance is $2.25 [30] Question: What is the outlook for eRINs and their potential impact? - Management believes eRINs could provide significant upside, with potential EBITDA estimates ranging from $50 million to $80 million, depending on final rulings and market conditions [82][85]

1 Fourth Quarter and Full-Year 2022 Earnings Presentation Disclaimer No Offer or Solicitation: This presentation and any oral statements made in connection with this presentation do not constitute an offer to sell, or the solicitation of an offer to buy, or a recommendation to purchase, any securities in any jurisdiction, nor shall there be any sale, issuance or transfer of any securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful under the laws of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ____________ Commission File Number 001-40272 OPAL FUELS INC. (Exact name of registrant as specified in its charter) (State or other jurisdictio ...

Financial Data and Key Metrics Changes - The company reported a revenue increase of 42% year-over-year for Q4, driven by higher volumes produced and sold in the RNG fuel segment, as well as higher prices for brown gas and RINs under forward sales contracts [51] - Adjusted EBITDA for Q4 was $20.1 million, down from $25.5 million in Q3, primarily due to a $3 million gain from the Bio Town debt and seasonal impacts on downstream fueling customers [70] - For the full year 2022, adjusted EBITDA was $60.7 million, benefiting from higher environmental attribute pricing and commodity pricing, offset by increased costs [70] Business Line Data and Key Metrics Changes - The RNG fuels segment was the biggest driver of growth, with significant contributions from projects that came online in 2022 [51] - The company expects to grow RNG production by more than 50% in 2023, with a production range of 3.2 million to 3.6 million MMBtus [48][52] - The company plans to commence construction of 53 fueling stations in 2023, with expected growth in RNG fuel dispensing volumes to approximately 55 million gallons [67] Market Data and Key Metrics Changes - The company anticipates clarity around the 45Z calculations and carbon intensity scores in 2023, which could significantly impact profitability [2] - The EPA's proposed eRIN pathway is expected to add substantial value to existing projects, potentially increasing EBITDA from the landfill gas to electric projects [67] - The company is optimistic about the demand for RNG, driven by utilities' mandates for power generation and increasing demand in European and Asian markets [68] Company Strategy and Development Direction - The company aims to be the premier vertically integrated RNG company, focusing on maximizing the value of produced RNG and capitalizing on new off-take markets and public policy initiatives [48][62] - The company is seeing improvements in project development conditions, with expectations to place at least 2 million MMBtus of output capacity into construction in 2023 [50] - The company is focused on attracting long-term investors by effectively deploying capital and demonstrably growing earnings power [72] Management's Comments on Operating Environment and Future Outlook - Management noted that 2023 is expected to be a good year, contrasting with 2022, as new project developments are gaining momentum despite lower near-term commodity prices [49] - The company is limiting RIN sales in the first half of 2023 while awaiting updated EPA rules, which will skew revenue and net income to the latter half of the year [73] - Management expressed confidence in the long-term value of RNG and the positive momentum in the industry towards decarbonization [41][43] Other Important Information - The company has a liquidity position of $257.2 million, which is expected to be sufficient to fund construction and development capital needs for the next 12 months [71] - The company does not have exposure to Silicon Valley Bank or Signature Bank, avoiding distractions faced by other growth companies [71] Q&A Session Summary Question: What have been the biggest challenges for project execution? - Management acknowledged a slowdown in contract execution due to landfill owners reassessing the value of RNG, but noted improvements and movement through the advanced development pipeline [6] Question: Is there anything on the supply chain side that is problematic? - Management indicated that while there has been some lead time for equipment acquisition, there are no material issues affecting project execution [7] Question: Can you talk about options to address current liquidity in the stock? - Management stated that there are no immediate plans for primary or secondary share issuance, but they are focused on increasing visibility and engagement with investors [9] Question: How is Q1 progressing? - Management agreed that Q1 results may be impacted by lower D3 RIN prices and noted that cash flows would be skewed to the latter half of the year [12][14] Question: Can you share thoughts on the renewable power portfolio? - Management confirmed that a project lost gas rights but does not foresee risks affecting other projects in the near future [18][22] Question: What are the expectations for cost per MMBtu? - Management indicated that costs have not changed materially, remaining in the high single digits for landfill and low 20s for dairy [26] Question: How do you assess pricing for RINs in adjusted EBITDA? - Management stated that they will make assumptions around pricing for RINs as they progress through each quarter [38]

Financial Data and Key Metrics Changes - Year-to-date revenue for the first nine months of 2022 increased by 61% compared to the previous year [12] - Year-to-date adjusted EBITDA rose by 78% from last year, with guidance for 2022 set at $60 million to $63 million [12][28] - Net income for the third quarter was reported at $5.4 million, while net income for the nine months to date was $560,000 [41][42] Business Line Data and Key Metrics Changes - RNG operating facilities increased to six from two, with total annual RNG nameplate capacity reaching 3.9 million MMBtu [13] - The RNG dispensing network expanded to 123 fueling stations from 69, including 43 stations owned by the company [14] - Adjusted EBITDA for the third quarter was $25.5 million, with OPAL's share of RNG production sold at 0.6 million MMBtu [27] Market Data and Key Metrics Changes - Strong market pricing for environmental attributes, natural gas, and electricity contributed to positive performance [27][40] - The company expects annual earnings power from existing operating and construction projects to be approximately $190 million [19][29] Company Strategy and Development Direction - The company aims to address climate change by capturing methane gas emissions and reducing transportation emissions, focusing on displacing diesel fuel with renewable natural gas [8][10] - The passage of the IRA is expected to add significant profitability through new ITC credits, which should offset inflationary pressures [20] - The company is focused on executing and driving annual earnings power while maintaining operational excellence [37][49] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges such as unexpected drops in gas collection and delays in construction projects but remains positive about future growth [14][15] - The company views its existing projects as a solid base for future growth, with a robust advanced development pipeline [16][35] - Management emphasized the importance of liquidity and access to capital to fund construction commitments and development needs [46] Other Important Information - The company has identified root causes for challenges faced and has addressed many, although delays in achieving financial objectives were noted [15] - The advanced development pipeline now includes 16 projects representing over 7 million MMBtu of biogas [35] Q&A Session Summary Question: What are the common themes contributing to project delays? - Management noted that delays are primarily due to landfill and dairy owners reassessing their project pipelines and permitting delays [57][59] Question: What do recent M&A transactions imply about the value of the business? - Management believes these transactions validate the attractiveness of RNG as a renewable energy resource and the company's business model [62] Question: Can you walk through the bridge from Q3 to Q4 EBITDA guidance? - Management explained that Q4 guidance reflects a non-recurring gain in Q3 and adjustments made to better match operating costs with revenue recognition [68] Question: Have you locked in any 2023 RINs at higher prices? - Management indicated that they have not yet sold forward any 2023 production, awaiting new guidance from the EPA [72] Question: What are the primary gating factors for project development? - Management stated that the pace of development is influenced by third-party coordination, permitting, and finalizing biogas rights [95]