RNG      Station     Renewable                         RNG      Station     Renewable 
                    Fuel     Services       Power     Corporate   Total    Fuel     Services       Power     Corporate      Total 
                   -------  -----------  -----------  ---------  -------  -------  -----------  -----------  ----------  ------------ 
Net income (loss) 
 (1)               $12,547  $5,530        $      983  $(18,833)  $   227    9,477  $ 7,429       $  10,584   $  79,441   $ 106,931 
                                                                      --                                                        -- 
Adjustments to 
reconcile net 
income (loss) to 
Adjusted EBITDA                                                       --                                                        -- 
Interest and 
 financing 
 expense, net        3,243     (27)                2      (333)    2,885    4,616     (120)            260        (274)      4,482 
Loss on debt 
 extinguishment         --      --                --       953       953       --       --              --       2,848       2,848 
Gain on 
 deconsolidation 
 of VIEs                --      --                --        --        --       --       --              --    (122,873)   (122,873) 
Net loss 
 attributable to 
 non-redeemable 
 non-controlling 
 interests              51      --                --        --        51      531       --              --          --         531 
Depreciation, 
 amortization and 
 accretion           1,325     917             1,488         9     3,739    3,954    2,555           4,389          36      10,934 
Adjustments to 
 reflect Adjusted 
 EBITDA from 
 equity method 
 investments (2)     1,346      --                --        --     1,346    3,254       --              --          --       3,254 
Loss on warrant 
 exchange               --      --                --        --        --       --       --              --         338         338 
Unrealized (gain) 
 loss on 
 derivative 
 instruments (3)        --      --                29       138       167       --       --            (733)     (4,006)     (4,739) 
Non-cash charges 
 (4)                    --      --                --     1,922     1,922       --       --              --       4,880       4,880 
Project 
 development and 
 startup costs 
 (6)                   847      --                --        --       847    3,591       --              --          --       3,591 
One-time 
 non-recurring 
 charges (8)            --      --             1,291       787     2,078       --      949           1,291       1,038       3,278 
Major maintenance 
 for Renewable 
 Power                  --      --             2,246        --     2,246       --       --           6,476          --       6,476 
                    ------   -----  ---      -------   -------    ------   ------   ------          ------    --------    -------- 
Adjusted EBITDA    $19,359  $6,420        $    6,039  $(15,357)  $16,461  $25,423  $10,813       $  22,267   $ (38,572)  $  19,931 
                    ======   =====  ===      =======   =======    ======   ======   ======          ======    ========    ======== 
 
 
(1)  Net income (loss) by segment is included in our quarterly report on Form 
     10-Q. Net loss for RNG Fuel includes our portion of net income on our 
     equity method investments. 
 
(2)  Includes development costs, interest, depreciation, amortization and 
     accretion on equity method investments. 
 
(3)  Unrealized (gain) loss on derivative instruments includes change in fair 
     value of commodity swaps, earnout liabilities and put option on a forward 
     purchase agreement. 
 
(4)  Non-cash charges include stock-based compensation expense, certain 
     expenses included in selling, general and administrative expenses 
     relating to employee benefit accruals, inventory write down charges 
     included in cost of sales - RNG fuel and loss on disposal of assets. 
 
(5)  Includes $258 of legal expenses which is included in Project development 
     and start up costs. 
 
(6)  Relates to certain development costs on our RNG projects in construction 
     such as legal, consulting fees for joint venture structuring, royalties 
     to the landfill owner, fines, settlements, site lease expenses and 
     certification costs. 
 
(7)  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. 
 
(8)  One-time non-recurring charges include (i) certain expenses related to 
     development of our RNG facilities such as lease expenses and legal costs 
     incurred during construction phase that could not be capitalized per 
     GAAP. 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241107312425/en/

 
    CONTACT:    Investors 

Todd Firestone

Vice President Investor Relations & Corporate Development

914-705-4001

investors@opalfuels.com

Media

ICR, Inc.

OPALFuelsPR@ircinc.com

(END) Dow Jones Newswires

November 07, 2024 16:35 ET (21:35 GMT)