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3 days ago
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OPAL Fuels Reports Second Quarter 2025 Results
WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- OPAL Fuels ('OPAL Fuels' or the 'Company') (Nasdaq: OPAL) today announced financial and operating results for the three and six months ended June 30, 2025. "We are pleased with the second quarter results. RNG production is growing with the second quarter's production 33% higher when compared with the second quarter of 2024. We expect continued improvement in our operating and financial results throughout the balance of 2025 in line with our guidance," said co-CEO Adam Comora. "The second quarter was important for OPAL Fuels as we begin to see the strengthening of bipartisan support for biofuels with the passage of the One Big Beautiful Bill Act, which extends the 45Z production tax credit through 2029. Although we have seen some volatility in RIN prices, we are encouraged that the EPA is positively engaged in the administration of the Renewable Fuel Standard." "Market fundamentals for RNG used as a transportation fuel by heavy-duty fleets are strengthening. It is increasingly clear that RNG and CNG are a commercially viable alternative to diesel today with supportive public policy," said co-CEO Jonathan Maurer. "As a result of these dynamics, we are investing in a sustainable operating platform and technologies that can scale in line with our continued growth. These investments will allow us to further expand upon the benefits of our vertically integrated model." Financial Highlights Revenue for the three and six months ended June 30, 2025, was $80.5 million and $165.9 million respectively, an increase of 13% and 22% respectively, compared to the prior-year period. Net income for the three and six months ended June 30, 2025, was $7.6 million and $8.8 million respectively, compared to $1.9 million and $2.6 million in the same period last year. Basic and diluted net income (loss) per share attributable to Class A common shareholders for the three and six months ended June 30, 2025 were $0.03 and $0.02 compared to $(0.01) and $(0.02) in the comparable period last year. Adjusted EBITDA 1 for the three and six months ended June 30, 2025, was $16.5 million and $36.6 million respectively, compared to $21.1 million 2 and $36.3 million 2 respectively, in the comparable period last year. Second quarter selling, general and administrative expense of $17.5 million includes a non-recurring, non-cash expense of $2 million related to a contract restructuring which is added back in Adjusted EBITDA. It also includes other one-time non-recurring expenses which are not added back. At June 30, 2025, RNG Pending Monetization totaled $12.0 million. Completed sale of $16.7 million of IRA Investment Tax Credits. Operational Highlights RNG produced was 1.2 million and 2.3 million MMBtu for the three and six months ended June 30, 2025, an increase of 33% and 35% respectively, compared to the prior-year period. 3 The Fuel Station Services segment sold, dispensed, and serviced an aggregate of 40.8 million and 81.4 million GGEs of transportation fuel for the three and six months ended June 30, 2025, an increase of 11% and 14% respectively, compared to the prior-year period. Of this amount, RNG dispensed as a transportation fuel was 20.6 and 40.1 million GGEs, an increase of 10% and 14% respectively, compared to the prior-year period. ___________________________________ 1 This is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to its comparable GAAP financial measure has been provided in the financial tables included in this press release. An explanation of this measure and how it is calculated is also included below under the heading 'Non-GAAP Financial Measures." 2 The Company updated its policy in Q3'24 to include virtual pipeline costs as an add-back to Adjusted EBITDA. As a result, the impact for Q2'24 was also updated to reflect this change and ensure consistency across periods. Expand Construction Update The Atlantic RNG project remains on schedule to commence commercial operations in the third quarter of 2025. This project represents approximately 0.3 million MMBtu for OPAL Fuels' 50% ownership share of annual design capacity. 4,5 The Burlington and Cottonwood RNG projects, representing an aggregate annual design capacity of 1.1 million MMBtu for OPAL's share, are expected to commence commercial operations in 2026. The Kirby RNG project located in California, representing an aggregate annual design capacity of 0.7 million MMBtu for OPAL's 100% ownership, is expected to commence commercial operations in 2027. . Completion of construction at two dairy projects in California (Hilltop and Vander Schaaf) continues to be delayed due to a dispute with the prior Engineering, Procurement and Construction contractor over a series of change order requests. 6 At June 30, 2025, we had 46 fueling stations under construction including 20 owned by OPAL. Guidance We maintain full year 2025 guidance. . Results of Operations (1) Excludes revenues from equity method investments. (2) Includes selling, general and administrative expenses, depreciation and amortization expenses, impairment and income from equity method investments. Please refer to the Statement of Operations at the end of the press release for additional information. (3) This is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to a comparable GAAP financial measure has been provided in the financial tables included in this press release. An explanation of this measure and how it is calculated is also included below under the heading 'Non-GAAP Financial Measures.' (4) Includes incremental virtual pipeline costs (i.e., actual costs less anticipated operating costs of a permanent interconnection) on our Prince William RNG project which are temporary in nature and expected to be incurred in 2025 until the permanent interconnection is expected to be operational. Expand Results of Operations from equity method investments (1) Net income from equity method investments represents our portion of the net income from equity method investments including $1.7 million and $3.4 million of amortization expense related to basis differences for the three and six months ended June 30, 2025, and $1.4 million and $2.9 million for the three and six months ended June 30, 2024. Expand Landfill RNG Facility Capacity and Utilization Summary (1) Design Capacity for RNG facilities is measured as the volume of feedstock biogas that the facility is capable of accepting at the inlet and processing during the associated period. Design Capacity is presented as OPAL's ownership share (i.e., net of joint venture partners' ownership) of the facility and is calculated based on the number of days in the period. New facilities that come online during a quarter are pro-rated for the number of days in commercial operation. (2) Inlet Design Capacity Utilization is measured as the Volume of Inlet Gas for a period, divided by the total Design Capacity for such period. The Volume of Inlet Gas varies over time depending on, among other factors, (i) the quantity and quality of waste deposited at the landfill, (ii) waste management practices by the landfill, and (iii) the construction, operations and maintenance of the landfill gas collection system used to recover the landfill gas. The Design Capacity for each facility will typically be correlated to the amount of landfill gas expected to be generated by the landfill during the term of the related gas rights agreement. The Company expects Inlet Design Capacity Utilization to be in the range of 75-85% on an aggregate basis over the next several years. Typically, newer facilities perform at the lower end of this range and demonstrate increasing utilization as they mature and the biogas resource increases at open landfills. Excludes Sunoma and Biotown. (4) Utilization of Inlet Gas is measured as RNG Fuel Volume Produced divided by the Volume of Inlet Gas. Utilization of Inlet Gas varies over time depending on availability and efficiency of the facility and the quality of landfill gas (i.e., concentrations of methane, oxygen, nitrogen, and other gases). The Company generally expects Utilization of Inlet Gas to be in the range of 80% to 90%. Excludes Sunoma and Biotown. Expand RNG Pending Monetization Summary (1) Reflects OPAL's ownership share of RIN and LCFS credits (i.e., net of joint venture partners' ownership), including equity method investments, and presented net of discounts and any direct transaction costs such as dispensing fees, third-party royalties and transaction costs as applicable. Expand Liquidity As of June 30, 2025, our liquidity was $203.2 million, consisting of $138.4 million of unused capacity under our $450 million senior secured credit facility, $35.5 million of unused capacity under the associated revolver, and $29.3 million of cash and cash equivalents. We believe our liquidity, operating cash flows, and anticipated sources of capital are sufficient to meet our expected funding needs. Capital Expenditures During the six months ended June 30, 2025, OPAL Fuels invested $33.4 million across RNG projects in construction and OPAL Fuels proprietary fueling stations in construction as compared to $49.7 million in the prior year. In addition, for the six months ended June 30, 2025, the Company's portion of capital expenditures in unconsolidated entities was $12.7 million. This represents our share of capital expenditures incurred by equity method investments. Earnings Call A webcast to review OPAL Fuels' Second Quarter 2025 results is being held tomorrow, August 8, 2025 at 11:00AM EDT. Materials to be discussed in the webcast will be available before the call on the Company's website. Participants may access the call at Investors can also listen to a webcast of the presentation on the Company's Investor Relations website at _____________________ Glossary of terms 'D3' refers to cellulosic biofuel with a 60% GHG reduction requirement. 'GGE' refers to gasoline gallon equivalent. The conversion ratio is 1 MMBtu of natural gas equal to 7.74 GGE. 'LCFS' refers to Low Carbon Fuel Standard or similar types of federal and state programs. 'MMBtu' refers to million British thermal units. 'RECs' refers to renewable energy credits. 'Renewable Power' refers to electricity generated from renewable sources. 'RIN' refers to Renewable Identification Numbers. 'RNG' refers to renewable natural gas. 'VIEs' refers to variable interest entities. About OPAL Fuels OPAL Fuels (Nasdaq: OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and Renewable Power. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. For additional information, and to learn more about OPAL Fuels and how it is leading the effort to capture North America's naturally occurring methane and decarbonize the economy, please visit Forward-Looking Statements Certain statements in this communication may be considered forward-looking statements within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or the Company's future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as 'believe,' 'may,' 'will,' 'potentially,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'could,' 'would,' 'project,' 'target,' 'plan,' 'expect,' or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management's control, including but not limited to general economic conditions and other risks, uncertainties and factors set forth in the sections entitled 'Risk Factors' and 'Forward-Looking Statements and Risk Factor Summary' in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q, and other filings the Company makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. Disclaimer This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. (In thousands of U.S. dollars, except share and per share data) (Unaudited) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents (includes $373 and $358 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) $ 29,269 $ 24,310 Accounts receivable, net of allowance for credit losses of $2,454 and $—, respectively (includes $25 and $435 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 29,085 32,013 Accounts receivable, related party 25,496 14,522 Restricted cash - current (includes $979 and $972 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 979 972 Fuel tax credits receivable 3,264 5,639 Contract assets 10,556 11,075 Parts inventory 13,004 10,294 Prepaid expense and other current assets (includes $62 and $144 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 11,833 18,363 Total current assets 123,486 117,188 Property, plant, and equipment, net (includes $31,303 and $25,428 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 477,063 458,258 Investment in other entities 224,577 223,594 Other long-term assets 22,546 23,483 Restricted cash - non-current (includes $2,528 and $2,315 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 3,257 3,946 Goodwill 54,608 54,608 Total assets 905,537 881,077 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable (includes $36 and $22 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 19,589 16,419 Accounts payable, related party (includes $— and $426 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 8,288 7,932 Fuel tax credits payable 3,471 4,422 Accrued payroll (includes $27 and $45 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 7,663 9,580 Accrued capital expenses 24,859 23,238 Accrued environmental credit rebates 4,705 5,391 Accrued expenses and other current liabilities (includes $1,008 and $974 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 12,969 14,717 Contract liabilities 8,631 9,276 OPAL Term Loan - current portion 6,233 10,865 Sunoma Loan - current portion (includes $1,825 and $1,756 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 1,825 1,756 Total current liabilities 98,233 103,596 OPAL Term Loan, net of debt issuance costs 295,753 266,630 Sunoma Loan, net of debt issuance costs (includes $17,515 and $18,373 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 17,515 18,373 Operating lease liabilities - non-current portion 12,007 12,155 Other long-term liabilities (includes $1,357 and $2,495 at June 30, 2025 and December 31, 2024, respectively, related to consolidated VIEs) 8,783 15,291 Total liabilities 432,291 416,045 Redeemable preferred non-controlling interests 130,000 130,000 Redeemable non-controlling interests 365,548 482,863 Stockholders' deficit: Class A common stock, $0.0001 par value, 340,000,000 shares authorized as of June 30, 2025; shares issued: 30,631,960 and 30,065,260 at June 30, 2025 and December 31, 2024, respectively; shares outstanding: 28,996,177 and 28,429,477 at June 30, 2025 and December 31, 2024, respectively 3 3 Class B common stock, $0.0001 par value, 160,000,000 shares authorized as of June 30, 2025; 121,500,000 issued and outstanding as of June 30, 2025 and 71,500,000 issued and outstanding as of December 31, 2024 12 7 Class C common stock, $0.0001 par value, 160,000,000 shares authorized as of June 30, 2025; none issued and outstanding as of June 30, 2025 and December 31, 2024 — — Class D common stock, $0.0001 par value, 160,000,000 shares authorized as of June 30, 2025; 22,899,037 shares issued and outstanding at June 30, 2025 and 72,899,037 issued and outstanding as of December 31, 2024 2 7 Additional paid-in capital — — Accumulated deficit (13,442 ) (137,004 ) Accumulated other comprehensive income 2 152 Class A common stock in treasury, at cost; 1,635,783 at June 30, 2025 and December 31, 2024 (11,614 ) (11,614 ) Total Stockholders' deficit attributable to the Company (25,037 ) (148,449 ) Non-redeemable non-controlling interests 2,735 618 Total Stockholders' deficit (22,302 ) (147,831 ) Total liabilities, Redeemable preferred non-controlling interests, Redeemable non-controlling interests and Stockholders' deficit $ 905,537 $ 881,077 Expand OPAL FUELS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except share and per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues: RNG Fuel (includes revenues from related parties of $17,878 and $15,881 for the three months ended June 30, 2025 and 2024, respectively; $37,979 and $31,376 for the six months ended June 30, 2025 and 2024, respectively) $ 25,130 $ 19,445 $ 52,729 $ 37,172 Fuel Station Services (includes revenues from related parties of $12,826 and $11,628 for the three months ended June 30, 2025 and 2024, respectively; $29,429 and $21,708 for the six months ended June 30, 2025 and 2024, respectively) 47,026 39,257 97,704 76,399 Renewable Power (includes revenues from related parties of $1,488 and $1,804 for the three months ended June 30, 2025 and 2024, respectively; $2,654 and $3,330 for the six months ended June 30, 2025 and 2024, respectively) 8,300 12,248 15,430 22,331 Total revenues 80,456 70,950 165,863 135,902 Operating expenses: Cost of sales - RNG Fuel 11,414 8,321 23,567 16,659 Cost of sales - Fuel Station Services 38,731 30,938 78,453 61,273 Cost of sales - Renewable Power 6,899 8,899 13,661 18,157 Project development and startup costs 3,477 2,935 9,558 3,720 Selling, general, and administrative 17,460 13,699 33,427 26,860 Depreciation, amortization, and accretion 5,264 4,269 11,206 7,980 Income from equity method investments (1,962 ) (3,800 ) (1,240 ) (8,006 ) Total expenses 81,283 65,261 168,632 126,643 Operating (loss) income (827 ) 5,689 (2,769 ) 9,259 Other (expense) income: Interest and financing expense, net (6,367 ) (4,989 ) (12,432 ) (8,950 ) Change in fair value of derivative instruments, net — 776 281 1,179 Other income 1,067 432 2,040 1,097 Total other expenses (5,300 ) (3,781 ) (10,111 ) (6,674 ) (Loss) income before provision for income taxes (6,127 ) 1,908 (12,880 ) 2,585 Income tax benefit 13,686 — 21,723 — Net income 7,559 1,908 8,843 2,585 Net income (loss) attributable to redeemable non-controlling interests 3,982 (753 ) 2,808 (2,380 ) Net income attributable to non-redeemable non-controlling interests 160 196 236 198 Dividends on redeemable preferred non-controlling interests 2,617 2,618 5,234 5,236 $ 800 $ (153 ) $ 565 $ (469 ) Weighted average shares outstanding of Class A common stock: Basic 28,265,710 27,674,567 27,995,258 27,523,150 Diluted 29,229,245 27,674,567 28,688,505 27,523,150 Per share amounts: Basic $ 0.03 $ (0.01 ) $ 0.02 $ (0.02 ) Diluted $ 0.03 $ (0.01 ) $ 0.02 $ (0.02 ) Expand OPAL FUELS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) (Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income $ 8,843 $ 2,585 Adjustments to reconcile net income to net cash provided by operating activities: Income from equity method investments (1,240 ) (8,006 ) Distributions from equity method investments 2,620 8,669 Provision for bad debts 2,454 — Gain on lease termination (600 ) — Reduction of carrying amount of operating lease right-of-use assets 359 334 Write-offs of capitalized costs 306 — Depreciation and amortization 10,986 7,706 Accretion expense related to asset retirement obligation 220 274 Amortization of deferred financing costs 802 1,119 Stock-based compensation 3,956 2,855 Paid-in-kind interest expense (income) (125 ) (136 ) Change in fair value of commodity swaps (595 ) 324 Unrealized gain on note receivable (815 ) — Unrealized gain on derivative financial instruments (281 ) (1,179 ) Changes in operating assets and liabilities Accounts receivable 474 3,403 Accounts receivable, related party (10,974 ) 3,958 Fuel tax credits receivable 2,375 (54 ) Contract assets 519 (5,986 ) Parts inventory (2,710 ) (429 ) Prepaid expense and other current and long-term assets 7,788 (2,477 ) Accounts payable 3,170 (802 ) Accounts payable, related party 356 1,145 Fuel tax credits payable (951 ) (609 ) Accrued payroll (1,917 ) (1,650 ) Accrued expenses and other current and non-current liabilities (2,213 ) 3,560 Operating lease liabilities - current and non-current (357 ) (301 ) Contract liabilities (645 ) (52 ) Net cash provided by operating activities 21,805 14,251 Cash flows from investing activities: Purchase of property, plant, and equipment (33,409 ) (49,742 ) Proceeds from sale of short-term investments — 1,290 Distributions received from equity method investment 9,100 2,922 Cash paid to equity method investments (11,717 ) (8,550 ) Net cash used in investing activities (36,026 ) (54,080 ) Cash flows from financing activities: Proceeds from OPAL Term Loan 40,000 25,000 Cash paid for taxes related to net share settlement of equity awards (387 ) (627 ) Financing costs paid to other third parties (1,250 ) (253 ) Repayment of OPAL Revolving Loan (15,000 ) — Repayment of Sunoma Loan (863 ) (783 ) Repayment of principal portion of finance lease liabilities (707 ) (44 ) Payment of preferred dividends (5,234 ) (7,853 ) Distribution to non-redeemable non-controlling interest (110 ) (574 ) Proceeds from issuance of shares of Class A common stock under the ATM program, net 58 170 Capital contribution from non-redeemable non-controlling interests 1,991 — Net cash provided by financing activities 18,498 15,036 Net increase (decrease) in cash, restricted cash, and cash equivalents 4,277 (24,793 ) Cash, restricted cash, and cash equivalents, beginning of period 29,228 47,242 Cash, restricted cash, and cash equivalents, end of period $ 33,505 $ 22,449 Supplemental disclosure of cash flow information Interest paid, net of $1,241 and $2,074 capitalized, respectively $ 13,304 $ 7,185 Tax benefit received $ 21,723 $ — Noncash investing and financing activities: Accrual for asset retirement obligation included in Property, plant and equipment $ — $ 591 Right-of-use assets arising from lease modifications $ — $ 1,218 Accrual for purchase of Property, plant and equipment included in Accounts payable and Accrued capital expenses $ 24,859 $ 18,324 Expand Non-GAAP Financial Measures (Unaudited) This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission. We believe these measures provide important supplemental information to investors to use in evaluating ongoing operating results. We use these measures, together with accounting principles generally accepted in the United States ("GAAP" or "U.S. GAAP"), for internal managerial purposes and as a means to evaluate period-to-period comparisons. However, we do not, and you should not, rely on non-GAAP financial measures alone as measures of our performance. We believe that non-GAAP financial measures reflect an additional way of viewing aspects of our operations, that when taken together with GAAP results and the reconciliations to corresponding GAAP financial measures that we also provide, give a more complete understanding of factors and trends affecting our business. We strongly encourage you to review all of our financial statements and publicly filed reports in their entirety and to not solely rely on any single non-GAAP financial measure. Non-GAAP financial measures are limited as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company's GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company's management deems appropriate), and the Company expects to continue to incur expenses, charges or gains like the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. These Non-GAAP financial measures are not recognized terms under GAAP and do not purport to be alternatives to GAAP net income or any other GAAP measure as indicators of operating performance. Moreover, because not all companies use identical measures and calculations, the Company's presentation of Non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. We strongly encourage you to review all of our financial statements and publicly filed reports in their entirety and to not solely rely on any single non-GAAP financial measure. Adjusted EBITDA To supplement the Company's unaudited condensed consolidated financial statements presented in accordance with GAAP, the Company uses a non-GAAP financial measure that it calls adjusted EBITDA ("Adjusted EBITDA"). This non-GAAP financial measure adjusts net income for interest and financing expense, net, net income attributable to non-redeemable non-controlling interests, depreciation, amortization and accretion, adjustments to reflect Adjusted EBITDA from equity method investments, fair value changes and non-recurring charges, Stock-based compensation, major maintenance on Renewable Power, RNG development costs, and ITC proceeds, net. Management believes this non-GAAP financial measure provides meaningful supplemental information about the Company's performance, for the following reasons: (1) it allows for greater transparency with respect to key metrics used by management to assess the Company's operating performance and make financial and operational decisions; (2) the measure excludes the effect of items that management believes are not directly attributable to the Company's core operating performance and may obscure trends in the business; (3) the measure better aligns revenues with expenses; and (4) the measure is used by institutional investors and the analyst community to help analyze the Company's business. In future quarters, the Company may adjust for other expenditures, charges or gains to present non-GAAP financial measures that the Company's management believes are indicative of the Company's core operating performance. The following table presents the reconciliation of our net income to Adjusted EBITDA: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Adjustments to reconcile net income (loss) to Adjusted EBITDA Interest and financing expense, net 5,159 47 (25 ) (192 ) 4,989 9,334 24 (85 ) (323 ) 8,950 Net income attributable to non-redeemable non-controlling interests (196 ) — — — (196 ) (198 ) — — — (198 ) Depreciation, amortization and accretion 1,966 1,290 1,013 — 4,269 3,358 2,609 2,013 — 7,980 Adjustments to reflect Adjusted EBITDA from equity method investments (2) 2,894 — — — 2,894 5,162 — — — 5,162 Fair value changes and non-recurring charges (3) 299 220 628 (434 ) 713 1,176 220 724 (721 ) 1,399 Stock-based compensation — — — 1,842 1,842 — — — 2,855 2,855 RNG development costs (4) 2,198 — — — 2,198 2,198 — — — 2,198 Major maintenance for Renewable Power — — 2,464 — 2,464 — — 5,373 — 5,373 Adjusted EBITDA $ 17,946 $ 8,626 $ 6,368 $ (11,859 ) $ 21,081 $ 33,787 $ 15,644 $ 10,240 $ (23,367 ) $ 36,304 Expand (1) Net income (loss) by segment is included in our quarterly report on Form 10-Q. (2) Includes interest, depreciation, amortization and accretion and RNG development costs incurred on equity method investments. (3) Includes changes in the fair value of commodity swaps, earnout liabilities, and note receivable. Also includes one-time, non-recurring charges, such as: (i) certain development-related expenses for RNG facilities—specifically lease and legal costs incurred during the construction phase that were not eligible for capitalization under GAAP (2024); and (ii) contract restructuring costs associated with an existing customer exit agreement (2025). (4) Includes virtual pipeline costs on our Prince William and Polk facilities. These are temporary additional transportation costs incurred until a permanent pipeline solution is completed. Also includes RNG development costs which are lease costs related to Central Valley litigation. Expand
Business Wire
24-07-2025
- Business
- Business Wire
OPAL Fuels Announces Second Quarter 2025 Earnings Release Date and Conference Call
WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- OPAL Fuels Inc. A listen-only connection to the investor presentation will be accessible at Investors can also listen to a webcast of the presentation on the company's Investor Relations website at About OPAL Fuels Inc. OPAL Fuels Inc. (Nasdaq: OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and renewable electricity. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. For additional information, and to learn more about OPAL Fuels and how it is leading the effort to capture North America's naturally occurring methane and decarbonize the economy, please visit Forward-Looking Statements Certain statements in this communication may be considered forward-looking statements within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels' (the 'Company's') future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as 'believe,' 'may,' 'will,' 'potentially,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'could,' 'would,' 'project,' 'target,' 'plan,' 'expect,' or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management's control, including, but not limited to, general economic conditions and other risks, uncertainties and factors set forth in the sections entitled 'Risk Factors' and 'Cautionary Statement Regarding Forward-Looking Statements' in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. Disclaimer This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Globe and Mail
24-07-2025
- Business
- Globe and Mail
OPAL Fuels Announces Second Quarter 2025 Earnings Release Date and Conference Call
OPAL Fuels Inc. (Nasdaq: OPAL) announced that it will release its earnings results for the second quarter ended June 30, 2025, after market close on Thursday, August 7, 2025. A conference call will take place on Friday, August 8, 2025 at 11:00 a.m. Eastern Time. A listen-only connection to the investor presentation will be accessible at Investors can also listen to a webcast of the presentation on the company's Investor Relations website at About OPAL Fuels Inc. OPAL Fuels Inc. (Nasdaq: OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and renewable electricity. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. For additional information, and to learn more about OPAL Fuels and how it is leading the effort to capture North America's naturally occurring methane and decarbonize the economy, please visit Forward-Looking Statements Certain statements in this communication may be considered forward-looking statements within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels' (the 'Company's') future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as 'believe,' 'may,' 'will,' 'potentially,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'could,' 'would,' 'project,' 'target,' 'plan,' 'expect,' or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management's control, including, but not limited to, general economic conditions and other risks, uncertainties and factors set forth in the sections entitled 'Risk Factors' and 'Cautionary Statement Regarding Forward-Looking Statements' in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. Disclaimer This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Yahoo
16-07-2025
- Business
- Yahoo
OPAL Fuels (OPAL) Profile Bolstered with Russell 3000 Index Addition
OPAL Fuels Inc. (NASDAQ:OPAL) is one of the best green energy penny stocks to buy right now. On June 30, the company was officially added to the Russell 3000 index. The addition is a significant boost to the company's profile as the index lists the 3,000 largest US stocks by market capitalization. With the addition, Opal will also be included in the small-cap Russell 2000 index, in addition to other growth and value style indexes. The addition marks a significant achievement in the company's evolution. 'This recognition highlights our position as an emerging leader in the small-cap segment, providing investors with exposure to our innovative, vertically integrated renewable energy model. We expect this recognition to enhance our visibility among investors,' said Jonathan Maurer, Co-Chief Executive Officer of OPAL Fuels OPAL Fuels Inc. (NASDAQ:OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and renewable electricity. It is also a leader in the marketing and distribution of RNG to heavy-duty trucking and other hard-to-decarbonize industrial sectors. While we acknowledge the potential of OPAL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Most Popular AI Penny Stocks to Buy According to Billionaires and 10 Best Defensive Stocks to Buy in a Volatile Market. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
14-07-2025
- Business
- Yahoo
OPAL Fuels (OPAL) Profile Bolstered with Russell 3000 Index Addition
OPAL Fuels Inc. (NASDAQ:OPAL) is one of the best green energy penny stocks to buy right now. On June 30, the company was officially added to the Russell 3000 index. The addition is a significant boost to the company's profile as the index lists the 3,000 largest US stocks by market capitalization. With the addition, Opal will also be included in the small-cap Russell 2000 index, in addition to other growth and value style indexes. The addition marks a significant achievement in the company's evolution. 'This recognition highlights our position as an emerging leader in the small-cap segment, providing investors with exposure to our innovative, vertically integrated renewable energy model. We expect this recognition to enhance our visibility among investors,' said Jonathan Maurer, Co-Chief Executive Officer of OPAL Fuels OPAL Fuels Inc. (NASDAQ:OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and renewable electricity. It is also a leader in the marketing and distribution of RNG to heavy-duty trucking and other hard-to-decarbonize industrial sectors. While we acknowledge the potential of OPAL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Most Popular AI Penny Stocks to Buy According to Billionaires and 10 Best Defensive Stocks to Buy in a Volatile Market. Disclosure: None. This article is originally published at Insider Monkey.
