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OPAL Fuels Reports Third Quarter 2022 Results and Full Year 2022 Guidance
WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- OPAL Fuels Inc. (“OPAL Fuels” or the “Company”) (Nasdaq: OPAL), a leading vertically integrated producer and
About this update from Opal Fuels Inc.
[{"type":"text","content":" WHITE PLAINS, N.Y.--(BUSINESS WIRE)--\nOPAL Fuels Inc. (“OPAL Fuels” or the “Company”) (Nasdaq: OPAL), a leading vertically integrated producer and distributor of renewable natural gas (RNG), today announced financial and operating results for the three and nine months ended September 30, 2022.\n\nFinancial Highlights\n\n\nRevenues for the three and nine months ended September 30, 2022, were $66.6 million and $168.8 million, respectively, up 41% and 61%, compared to prior-year periods.\n\n\nNet income for the three and nine months ended September 30, 2022, was $5.4 million and $0.6 million, respectively, compared to $0.8 million and $19.0 million, in the same period last year.\n\n\nAdjusted EBITDA1 for the three and nine months ended September 30, 2022, was $25.5 million and $40.6 million, respectively, up 130% and 78%, compared to prior-year periods.\n\n\nFull Year 2022 Guidance Expectations\n\n\nEstimated Adjusted EBITDA2 for the full year 2022 is anticipated to range between $60.0 million and $63.0 million.\n\n\n2022 RNG production for the full year 2022 is anticipated to range between 2.2 million MMBtu and 2.3 million MMBtu.3\n\n\n1 Adjusted EBITDA is a non-GAAP measure. A reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA 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.\"\n\n2 Estimated Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of the full year estimated Adjusted EBITDA to net income (loss), the closest GAAP measure, cannot be provided due to the inherent difficulty in quantifying certain amounts including but not limited to changes in fair value of the derivative instruments and other items, due to a number of factors including the unpredictability of underlying price movements, which may be significant.\n\n3 Reflects OPAL Fuels proportional ownership with respect to RNG projects owned with joint venture partners.\n\nManagement Commentary\n\nAdam Comora, Co-CEO of OPAL Fuels, commented, “We are pleased to report our third quarter earnings. First, and most importantly we continue to execute on our strategic goals and operational priorities. As of today, six RNG projects are in operation and seven are in construction. These construction proje...