Opal Fuels Inc

NASDAQ:OPALUnited States

04:37 PM EST, 11/07/2024 (MT Newswires) -- ...

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.