Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2024 was approximately $15 million, compared to a negative $1.6 million in Q1 2023, driven by improved revenue from environmental credit sales and production growth from the Emerald RNG project [20][44] - Net income for Q1 2024 was approximately $0.7 million, a significant improvement from a net loss of $7.3 million in Q1 2023, primarily due to increased revenues from environmental credit sales [28] - Revenue in Q1 2024 was $65 million, up from $43 million in Q1 2023, with the increase attributed to the timing and pricing of environmental credit sales [43] Business Line Data and Key Metrics Changes - RNG Fuel segment revenues were $17.7 million in Q1 2024, compared to $6.7 million in Q1 2023, primarily due to higher RIN sales and production growth [29] - Renewable Power revenues decreased to $10.1 million in Q1 2024 from $15.4 million in Q1 2023, mainly due to the Emerald RNG project using gas previously allocated for renewable power [30] - Fuel Station Services segment revenues increased to $37.1 million in Q1 2024 from $20.8 million in Q1 2023, reflecting higher utilization of dispensing capacity and new OPAL-owned fueling stations [45] Market Data and Key Metrics Changes - RNG production increased to 0.8 million MMBtu in Q1 2024 from 0.6 million MMBtu in Q1 2023, largely due to the Emerald RNG project's contribution [11] - The company expects to exit 2024 with 8.8 million MMBtu of annual design capacity in operation, up from 5.2 million MMBtu at the end of 2023 [10] Company Strategy and Development Direction - The company is focused on vertical integration to capitalize on supportive market fundamentals for D3 RINs, benefiting both the RNG Fuel business and Fuel Station Services [7] - OPAL Fuels announced the commencement of construction on its 15th RNG project at the Cottonwood landfill, aiming to meet or exceed a target of $2 million annual MMBtu for new RNG projects entering construction this year [8] - The company is exploring opportunities to capture and convert biogas from various feedstocks as an extension of its core business [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the IRS clarifying ITC eligibility for landfill gas to RNG projects, which could enhance financial performance [22] - The company remains confident in meeting its full-year guidance, supported by visibility into RNG production growth from new projects and continued growth from operating projects [24] - Management highlighted the importance of capturing methane emissions from organic waste and converting them into low-carbon energy products, positioning OPAL Fuels as a leader in this space [23] Other Important Information - As of March 31, 2024, the company had liquidity of approximately $334 million, consisting of $300 million available under the credit facility and $34 million in cash and short-term investments [47] - Capital expenditures for Q1 2024 were approximately $37.7 million, in line with the company's full-year guidance [46] Q&A Session Summary Question: Guidance on adjusted EBITDA for 2024 - Management confirmed comfort with the 2024 guidance based on visibility to production growth and forward sales of RINs, which derisks revenue [51] Question: Insights on project pipeline and execution - Management noted that lessons learned from previous projects contribute to confidence in upcoming projects, with a focus on proven designs [55] Question: Updates on major projects and their success - Management emphasized the importance of applying lessons from past projects to ensure timely and successful startups of Sapphire and Polk [57] Question: Thoughts on M&A and market valuations - Management indicated a focus on organic growth and vertical integration, while remaining open to M&A opportunities that could enhance shareholder value [80][94] Question: Clarification on RIN production and certification - Management explained that RIN credits from new projects will be available for sale after production, with specific timelines for certification [86] Question: Updates on dairy projects and strategic opportunities - Management provided an update on ongoing disputes with EPC contractors for dairy projects and expressed optimism about expanding into other agricultural waste opportunities [116]

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, 2024 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) Delaware 98-1578357 ( ...

(1) Design capacity is the annual design output for each facility and may not reflect actual production from the projects, which depends on many variables including, but not limited to, quantity and quality of the biogas, operational up-time of the facility, and actual productivity of the facility. Quantities shown reflect OPAL Fuels' proportionate ownership. 9 Overview of Business Segments Leading vertically integrated biomethane energy company | --- | --- | --- | --- | |----------------------------------- ...

OPAL Fuels Inc. (OPAL) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of $0.02. This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -150%. A quarter ago, it was expected that this company would post earnings of $0.22 per share when it actually produced earnings of $0.11, delivering a surprise of -50%.Over the last four quarters, the company has not been able to ...

FOR IMMEDIATE RELEASE OPAL Fuels Reports First Quarter 2024 Results WHITE PLAINS, N.Y. – (May 9, 2024) – OPAL Fuels Inc. ("OPAL Fuels" or the "Company") (Nasdaq: OPAL), a vertically integrated leader in the capture and conversion of biogas into low carbon intensity renewable natural gas (RNG) and renewable electricity, today announced financial and operating results for the three months ended March 31, 2024. "First quarter financial and operational results reflect the strength of our integrated business mod ...

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, 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) Delaware 98-1578357 (State ...

OPAL Fuels Reports Fourth Quarter and Full Year 2023 Results WHITE PLAINS, N.Y. – (March 13, 2024) – OPAL Fuels Inc. ("OPAL Fuels" or the "Company") (Nasdaq: OPAL), a vertically integrated leader in the capture and conversion of biogas into low carbon intensity renewable natural gas (RNG) and renewable electricity, today announced financial and operating results for the three and twelve months ended December 31, 2023. "OPAL Fuels continues to progress on its strategic and operational goals" said Co-CEO Jona ...

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 September 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 j ...

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 ...