OPAL Fuels Reports Third Quarter 2024 Results
WHITE PLAINS, N.Y.–(BUSINESS WIRE)–$OPAL–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 power, today announced results for the three and nine months ended September 30, 2024.
“Our third quarter results were strong and provide momentum for this year and next,” said Adam Comora, Co-CEO. “We’re executing on our strategic objectives – bringing RNG projects online, putting additional projects into construction, and growing and leveraging our vertically integrated downstream business. Over the course of this year, we have successfully brought online three landfill RNG facilities, begun construction on three new landfill RNG projects, and grown our downstream business significantly,” continued Comora.
“We remain in a strong position to meet our current 2024 guidance. We now have 11 RNG facilities in operation, with our share of annual design capacity of 8.8 million MMBtu – more than doubling organically over the past two years. We also have six projects in construction with an additional 2.6 million MMBtu of our share of annual design capacity. The strength of our vertically integrated business model and the use of RNG as a transportation fuel continues to yield results across the business segments. Market fundamentals and industry tailwinds remain strong for the capture of biogas and its productive use,” said Jonathan Maurer, Co-CEO.
Financial Highlights
-
Revenue for the three and nine months ended September 30, 2024, was $84.0 million and $219.9 million, an increase of $12.9 million, or 18%, and $50.8 million, or 30%, compared to the same periods last year.
- Not included above, our share of revenues from equity method investments for the three and nine months ended September 30, 2024, was $11.7 million and $33.7 million, compared to $4.7 million and $10.6 million in the same periods in the prior year.
- Net income for the three and nine months ended September 30, 2024 was $17.1 million and $19.7 million, compared to $0.2 million and $106.9 million in the same periods last year.1
- Basic and diluted net income per share attributable to Class A common shareholders for the three and nine months ended September 30, 2024 was $0.09 and $0.07, compared to basic net (loss) income per share of $(0.01) and $0.59 for the three and nine months ended September 30, 2023.1
-
Adjusted EBITDA2 for the three and nine months ended September 30, 2024, was $31.1 million and $67.4 million, an increase of $14.6 million and $47.5 million compared to the same periods last year.
- Not included above, $11.1 million of investment tax credits were sold by the Company during the third quarter resulting in net proceeds of $8.6 million.
- At September 30, 2024, RNG Pending Monetization totaled $23.1 million.
Operational Highlights
- The Sapphire RNG project, a 50/50 joint venture with GFL representing 0.8 million MMBtu of annual design capacity to OPAL Fuels, commenced commercial operations in September.
- The Polk County (Florida) RNG project, 100% owned by OPAL Fuels, commenced commercial operations in October, representing approximately 1.1 million MMBtu of annual design capacity.
- RNG produced was 1.0 million and 2.8 million MMBtu for the three and nine months ended September 30, 2024, an increase of 43% and 40% compared to the prior-year periods.
- RNG sold as transportation fuel was 19.6 million and 54.7 million GGEs for the three and nine months ended September 30, 2024, an increase of 80% and 81% compared to the prior-year periods.
- The Fuel Station Services segment sold, dispensed, and serviced an aggregate of 38.7 million and 110.3 million GGEs of transportation fuel for the three and nine months ended September 30, 2024, an increase of 15% and 13% compared to the prior year periods.
Guidance
We are maintaining our current guidance.
Construction Update
- The construction of the Atlantic RNG project is on schedule. This project represents approximately 0.33 million MMBtu for OPAL Fuels’ 50% ownership share of annual design capacity.
- The construction of the Cottonwood RNG project is on schedule. This project, owned 100% by OPAL Fuels, represents approximately 0.66 million MMBtu of annual design capacity.
- The construction of the Burlington RNG project is on schedule. This project represents approximately 0.46 million MMBtu for OPAL Fuels’ 50% ownership share of annual design capacity.
- The Kirby RNG project began construction in November. This project, 100% owned by OPAL represents approximately 0.66 million MMBtu of annual design capacity.
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1 Net income for the three and nine months ended September 30, 2023 included a $122.9 million non-cash gain on deconsolidation of variable interest entities (“VIEs”). |
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2 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.” |
Results of Operations
|
(in thousands of dollars, except RNG Fuel data) |
|
Three Months Ended |
|
Nine Months Ended |
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|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenue |
|
|
|
|
|
|
|
|
||||||||
|
RNG Fuel |
|
$ |
25,864 |
|
|
$ |
20,088 |
|
|
$ |
63,036 |
|
|
$ |
37,468 |
|
|
Fuel Station Services |
|
|
45,395 |
|
|
|
37,305 |
|
|
|
121,794 |
|
|
|
88,089 |
|
|
Renewable Power |
|
|
12,788 |
|
|
|
13,708 |
|
|
|
35,119 |
|
|
|
43,543 |
|
|
Total Revenue (1) |
|
$ |
84,047 |
|
|
$ |
71,101 |
|
|
$ |
219,949 |
|
|
$ |
169,100 |
|
|
|
|
|
|
|
|
|
|
|
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Cost of sales |
|
$ |
51,368 |
|
|
$ |
51,242 |
|
|
$ |
147,457 |
|
|
$ |
130,302 |
|
|
Project development and startup costs |
|
$ |
6,803 |
|
|
$ |
974 |
|
|
$ |
10,523 |
|
|
$ |
3,972 |
|
|
Other operating expenses (2) |
|
$ |
13,567 |
|
|
$ |
15,286 |
|
|
$ |
40,401 |
|
|
$ |
49,165 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
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Net income (3) |
|
$ |
17,107 |
|
|
$ |
227 |
|
|
$ |
19,692 |
|
|
$ |
106,931 |
|
|
Adjusted EBITDA (4) |
|
|
|
|
|
|
|
|
||||||||
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RNG Fuel (5) |
|
|
22,656 |
|
|
|
19,359 |
|
|
|
56,444 |
|
|
|
25,423 |
|
|
Fuel Station Services |
|
|
11,966 |
|
|
|
6,420 |
|
|
|
27,610 |
|
|
|
10,813 |
|
|
Renewable Power |
|
|
6,974 |
|
|
|
6,039 |
|
|
|
17,214 |
|
|
|
22,267 |
|
|
Corporate |
|
|
(10,494 |
) |
|
|
(15,357 |
) |
|
|
(33,861 |
) |
|
|
(38,572 |
) |
|
Consolidated Adjusted EBITDA |
|
$ |
31,102 |
|
|
$ |
16,461 |
|
|
$ |
67,407 |
|
|
$ |
19,931 |
|
|
|
|
|
|
|
|
|
|
|
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RNG Fuel volume produced (Million MMBtus) |
|
|
1.0 |
|
|
|
0.7 |
|
|
|
2.8 |
|
|
|
2.0 |
|
|
RNG Fuel volume sold (Million GGEs) |
|
|
19.6 |
|
|
|
10.9 |
|
|
|
54.7 |
|
|
|
30.3 |
|
|
Total RNG Fuel volume delivered (Million GGEs) |
|
|
38.7 |
|
|
|
33.1 |
|
|
|
110.3 |
|
|
98.0 |
|
|
|
(1) |
Excludes revenues from equity method investments. |
|
|
|
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(2) |
Includes selling, general and administrative expenses, depreciation and amortization expenses and income (loss) from equity method investments. Please refer to the Statement of Operations at the end of the press release for additional information. |
|
|
|
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(3) |
Net income for the three and nine months ended September 30, 2023 included a $122.9 million non-cash gain on deconsolidation of variable interest entities (“VIEs”). |
|
|
|
|
(4) |
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.” |
|
|
|
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(5) |
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 until mid-2025 when the permanent interconnection is expected to be operational. The amounts included in the nine months ended September 30, 2024 include $2.2 million of costs incurred in the second quarter of 2024. These costs are included in Project development and startup costs. |
Results of Operations from equity method investments
|
|
|
Three Months Ended |
|
Nine Months Ended |
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|
(in thousands of dollars) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenue |
|
$ |
26,123 |
|
|
$ |
9,463 |
|
|
$ |
77,097 |
|
|
$ |
23,927 |
|
|
Gross profit |
|
|
10,799 |
|
|
|
(11,268 |
) |
|
|
31,812 |
|
|
|
(1,392 |
) |
|
Net income |
|
|
7,182 |
|
|
|
4,533 |
|
|
|
26,579 |
|
|
|
1,634 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
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OPAL’s share of revenues from equity method investments |
|
$ |
11,735 |
|
|
$ |
4,732 |
|
|
$ |
33,724 |
|
|
$ |
10,578 |
|
|
OPAL’s share of gross profit from equity method investments |
|
$ |
5,719 |
|
|
$ |
(5,634 |
) |
|
$ |
15,994 |
|
|
$ |
2,428 |
|
|
OPAL’s share of net income (loss) from equity method investments (1) |
|
$ |
3,822 |
|
|
$ |
1,726 |
|
|
$ |
11,828 |
|
|
$ |
1,433 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
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OPAL’s share of Adjusted EBITDA from equity method investments |
|
$ |
7,543 |
|
|
$ |
3,072 |
|
|
$ |
20,711 |
|
|
$ |
4,687 |
|
|
(1) |
Net income from equity method investments represents our portion of the net income from equity method investments including $1,443 and $4,300 of amortization expense related to basis differences for the three and nine months ended September 30, 2024 and $583 and $1,641 for the three and nine months ended September 30, 2023. |
Landfill RNG Facility Capacity and Utilization Summary
|
|
|
Three Months Ended |
|
Nine Months Ended |
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|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Landfill RNG Facility Capacity and Utilization(1)(2)(3)(4) |
|
|
|
|
|
|
|
|
||||||||
|
Design Capacity (Million MMBtus) |
|
|
1.7 |
|
|
|
1.0 |
|
|
|
4.5 |
|
|
|
2.8 |
|
|
Volume of Inlet Gas (Million MMBtus) |
|
|
1.2 |
|
|
|
0.8 |
|
|
|
3.3 |
|
|
|
2.2 |
|
|
Inlet Design Capacity Utilization (%) |
|
|
72 |
% |
|
|
81 |
% |
|
|
75 |
% |
|
|
78 |
% |
|
RNG Fuel volume produced (Million MMBtus) |
|
|
1.0 |
|
|
|
0.7 |
|
|
|
2.6 |
|
|
|
1.9 |
|
|
Utilization of Inlet Gas (%) |
|
|
84 |
% |
|
|
84 |
% |
|
|
82 |
% |
|
|
85 |
% |
|
(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 LFG collection system used to recover the LFG. The Design Capacity for each facility will typically be correlated to the amount of LFG 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. |
|
|
|
|
(3) |
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 LFG (i.e., concentrations of methane, oxygen, nitrogen, and other gases) including the ramp up period for new projects. The Company generally expects Utilization of Inlet Gas to be in the range of 80% to 90%. |
|
|
|
|
(4) |
Data not available for the Company’s dairy projects, i.e., Sunoma and Biotown. |
RNG Pending Monetization Summary
|
|
|
Three Months Ended |
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|
(in thousands, except Average realized sales price) |
|
September 30, 2024 |
||||||||||
|
|
|
RNG Fuel |
|
Fuel Station Services |
|
Total |
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|
Stored Gas Metrics (MMBtus) (1) |
|
|
|
|
|
|
||||||
|
Beginning balance stored RNG as of June 30, 2024 |
|
|
318 |
|
|
|
59 |
|
|
|
377 |
|
|
Add: RNG production |
|
|
1,105 |
|
|
|
119 |
|
|
|
1,224 |
|
|
Less: Current period RNG volumes dispensed |
|
|
(1,143 |
) |
|
|
(121 |
) |
|
|
(1,264 |
) |
|
Ending Balance stored RNG as of September 30, 2024 |
|
|
280 |
|
|
|
57 |
|
|
|
337 |
|
|
|
|
|
|
|
|
|
||||||
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Value of ending balance stored RNG using quarter end price (1) |
|
$ |
12,648 |
|
|
$ |
6,737 |
|
|
$ |
19,385 |
|
|
|
|
|
|
|
|
. |
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RIN Metrics |
|
|
|
|
|
|
||||||
|
Beginning balance as of June 30, 2024 |
|
|
11 |
|
|
|
5 |
|
|
|
16 |
|
|
Add: Generated in current period |
|
|
10,777 |
|
|
|
3,439 |
|
|
|
14,216 |
|
|
Less: Sales |
|
|
(10,719 |
) |
|
|
(3,400 |
) |
|
|
(14,119 |
) |
|
Ending RIN credit balance (Available for sale) as of September 30, 2024 |
|
|
69 |
|
|
|
44 |
|
|
|
113 |
|
|
D3 price per RIN at quarter end |
|
$ |
3.52 |
|
|
$ |
3.52 |
|
|
$ |
3.52 |
|
|
Value of RINs using quarter end price (2) |
|
$ |
203 |
|
|
$ |
152 |
|
|
$ |
355 |
|
|
|
|
|
|
|
|
|
||||||
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LCFS Metrics |
|
|
|
|
|
|
||||||
|
Beginning balance (net share) as of June 30, 2024 |
|
|
4 |
|
|
|
46 |
|
|
|
50 |
|
|
Add: Generated in current period |
|
|
13 |
|
|
|
27 |
|
|
|
40 |
|
|
Less: Sales |
|
|
(12 |
) |
|
|
(3 |
) |
|
|
(15 |
) |
|
Ending LCFS credit balance (Available for sale) as of September 30, 2024 |
|
|
5 |
|
|
|
70 |
|
|
|
75 |
|
|
LCFS credit price at quarter end |
|
$ |
66.50 |
|
|
$ |
66.50 |
|
|
$ |
66.50 |
|
|
Value of LCFSs using quarter end price (2) |
|
$ |
509 |
|
|
$ |
2,799 |
|
|
$ |
3,308 |
|
|
|
|
|
|
|
|
|
||||||
|
Value of RECs using quarter end price |
|
|
|
|
|
$ |
62 |
|
||||
|
|
|
|
|
|
|
|
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Other Metrics |
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|
|
|
|
|
||||||
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|
|
|
|
|
|
|
||||||
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Average realized sales price – RIN |
|
|
— |
|
|
|
— |
|
|
$ |
3.22 |
|
|
Average realized sales price – LCFS |
|
|
— |
|
|
|
— |
|
|
$ |
100.00 |
|
|
|
|
|
|
|
|
|
||||||
|
Total Value of RNG Pending Monetization at quarter end |
|
$ |
13,360 |
|
|
$ |
9,688 |
|
|
$ |
23,110 |
|
|
(1) |
Reflects OPAL’s ownership share of stored RNG (i.e., net of joint venture partners’ ownership) including equity method investments. |
|
|
|
|
(2) |
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. |
Liquidity
As of September 30, 2024, our liquidity was $285.3 million, consisting of $254.3 million of availability under the above referenced credit facility, and $31.0 million of cash, cash equivalents, and short-term investments.
As of September 30, 2024, we have drawn approximately $231.6 million, and utilized $14.1 million of our revolver availability for letters of credit, under the $500 million senior secured credit facility we entered into in September 2023.
We believe our liquidity and anticipated cash flows from operations are sufficient to meet our existing funding needs.
Capital Expenditures
During the nine months of 2024, OPAL Fuels invested $72.8 million across RNG projects in construction and OPAL Fuels proprietary fueling stations in construction as compared to $92.3 million in the prior year.
In addition, for the nine months ended September 30, 2024, our portion of capital expenditures in unconsolidated entities was $22.8 million. This represents our share of capital expenditures incurred for the Atlantic, Burlington and Sapphire projects.
Earnings Call
A webcast to review OPAL Fuels’ Third Quarter 2024 results will be held tomorrow, November 8, 2024 at 11:00 AM Eastern Daylight Time.
Materials to be discussed in the webcast will be available before the call on the Company’s website.
Participants may access the call at https://edge.media-server.com/mmc/p/3tp9s5us. Investors can also listen to a webcast of the presentation on the Company’s Investor Relations website at https://investors.opalfuels.com/news-events/events-presentations.
Glossary of terms
“D3” refers to cellulosic biofuel with a 60% greenhouse gas reduction requirement.
“GGE” refers to gasoline gallon equivalent. It is used to measure the total volume of RNG production that OPAL Fuels expects to dispense each year. The conversion ratio is 1MMBtu equal to 7.74 GGE.
“LCFS” refers to Low Carbon Fuel Standard or similar types of federal and state programs.
“LFG” refers to landfill gas.
“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 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 methane emissions and decarbonize the economy, please visit www.opalfuels.com.
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 “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s annual report on Form 10-K filed on March 15, 2024, 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.
|
OPAL FUELS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except share and per share data) |
|||||||
|
|
September 30, |
|
December 31, |
||||
|
|
(Unaudited) |
|
|
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Assets |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents (includes $395 and $166 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
$ |
20,332 |
|
|
$ |
38,348 |
|
|
Accounts receivable, net (includes $361 and $33 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
39,609 |
|
|
|
27,623 |
|
|
Accounts receivable, related party |
|
15,133 |
|
|
|
18,696 |
|
|
Restricted cash – current (includes $953 and $4,395 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
953 |
|
|
|
4,395 |
|
|
Short term investments |
|
10,666 |
|
|
|
9,875 |
|
|
Fuel tax credits receivable |
|
5,965 |
|
|
|
5,345 |
|
|
Contract assets |
|
9,648 |
|
|
|
6,790 |
|
|
Parts inventory (includes $29 and $29 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
10,491 |
|
|
|
10,191 |
|
|
Convertible note receivable |
|
761 |
|
|
|
— |
|
|
Environmental credits held for sale |
|
4,096 |
|
|
|
172 |
|
|
Prepaid expense and other current assets (includes $21 and $107 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
4,666 |
|
|
|
6,005 |
|
|
Derivative financial assets – current portion |
|
289 |
|
|
|
633 |
|
|
Total current assets |
|
122,609 |
|
|
|
128,073 |
|
|
Capital spares |
|
4,167 |
|
|
|
3,468 |
|
|
Property, plant, and equipment, net (includes $25,514 and $26,626 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
410,247 |
|
|
|
339,493 |
|
|
Operating lease right-of-use assets |
|
12,964 |
|
|
|
12,301 |
|
|
Investment in other entities |
|
217,472 |
|
|
|
207,099 |
|
|
Note receivable – variable fee component |
|
2,509 |
|
|
|
2,302 |
|
|
Other long-term assets |
|
2,206 |
|
|
|
1,162 |
|
|
Intangible assets, net |
|
1,397 |
|
|
|
1,604 |
|
|
Restricted cash – non-current (includes $2,208 and $1,850 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
2,909 |
|
|
|
4,499 |
|
|
Goodwill |
|
54,608 |
|
|
|
54,608 |
|
|
Total assets |
$ |
831,088 |
|
|
$ |
754,609 |
|
|
Liabilities and Equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable (includes $26 and $744 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
13,126 |
|
|
|
13,901 |
|
|
Accounts payable, related party (includes $383 and $1,046 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
8,380 |
|
|
|
7,024 |
|
|
Fuel tax credits payable |
|
4,525 |
|
|
|
4,558 |
|
|
Accrued payroll (includes $39 and $— at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
7,970 |
|
|
|
9,023 |
|
|
Accrued capital expenses |
|
24,721 |
|
|
|
15,128 |
|
|
Accrued expenses and other current liabilities (includes $753 and $647 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
19,811 |
|
|
|
14,245 |
|
|
Contract liabilities |
|
6,149 |
|
|
|
6,314 |
|
|
OPAL Term Loan – current portion |
|
6,949 |
|
|
|
— |
|
|
Sunoma Loan – current portion (includes $1,722 and $1,608 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
1,722 |
|
|
|
1,608 |
|
|
Operating lease liabilities – current portion |
|
763 |
|
|
|
638 |
|
|
Other current liabilities (includes $99 and $92 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
1,693 |
|
|
|
92 |
|
|
Asset retirement obligation, current portion |
|
1,980 |
|
|
|
1,812 |
|
|
Total current liabilities |
|
97,789 |
|
|
|
74,343 |
|
|
Asset retirement obligation – non-current portion |
|
5,581 |
|
|
|
4,916 |
|
|
OPAL Term Loan – non-current portion |
|
215,772 |
|
|
|
176,532 |
|
|
Sunoma Loan, net of debt issuance costs (includes $18,773 and $20,010 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
18,773 |
|
|
|
20,010 |
|
|
Operating lease liabilities – non-current portion |
|
12,400 |
|
|
|
11,824 |
|
|
Earn out liabilities |
|
443 |
|
|
|
1,900 |
|
|
Derivative liabilities – non-current portion |
|
209 |
|
|
|
— |
|
|
Other long-term liabilities (includes $2,398 and $211 at September 30, 2024 and December 31, 2023, respectively, related to consolidated VIEs) |
|
10,243 |
|
|
|
7,599 |
|
|
Total liabilities |
|
361,210 |
|
|
|
297,124 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Redeemable preferred non-controlling interests |
|
130,000 |
|
|
|
132,617 |
|
|
Redeemable non-controlling interests |
|
519,373 |
|
|
|
802,720 |
|
|
Stockholders’ deficit |
|
|
|
||||
|
Class A common stock, $0.0001 par value, 340,000,000 shares authorized as of September 30, 2024; shares issued: 30,065,260 and 29,701,146 at September 30, 2024 and December 31, 2023, respectively; shares outstanding: 28,429,477 and 28,065,363 at September 30, 2024 and December 31, 2023, respectively |
|
3 |
|
|
|
3 |
|
|
Class B common stock, $0.0001 par value, 160,000,000 shares authorized as of September 30, 2024; 71,500,000 and none issued and outstanding as of September 30, 2024 and December 31, 2023, respectively |
|
7 |
|
|
|
— |
|
|
Class C common stock, $0.0001 par value, 160,000,000 shares authorized as of September 30, 2024; none issued and outstanding as of September 30, 2024 and December 31, 2023 |
|
— |
|
|
|
— |
|
|
Class D common stock, $0.0001 par value, 160,000,000 shares authorized as of September 30, 2024; 72,899,037 and 144,399,037 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively |
|
7 |
|
|
|
14 |
|
|
Additional paid-in capital |
|
— |
|
|
|
— |
|
|
Accumulated deficit |
|
(168,458 |
) |
|
|
(467,195 |
) |
|
Accumulated other comprehensive loss |
|
(25 |
) |
|
|
(15 |
) |
|
Class A common stock in treasury, at cost; 1,635,783 and 1,635,783 shares at September 30, 2024 and December 31, 2023, respectively |
|
(11,614 |
) |
|
|
(11,614 |
) |
|
Total Stockholders’ deficit attributable to the Company |
|
(180,080 |
) |
|
|
(478,807 |
) |
|
Non-redeemable non-controlling interests |
|
585 |
|
|
|
955 |
|
|
Total Stockholders’ deficit |
|
(179,495 |
) |
|
|
(477,852 |
) |
|
Total liabilities, Redeemable preferred non-controlling interests, Redeemable non-controlling interests and Stockholders’ deficit |
$ |
831,088 |
|
|
$ |
754,609 |
|
Contacts
Investors
Todd Firestone
Vice President Investor Relations & Corporate Development
914-705-4001
investors@opalfuels.com
Media
ICR, Inc.
OPALFuelsPR@ircinc.com
