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Sep 30, 2023
Opal Fuels Q3 2023 Earnings Report
Opal Fuels reported solid operating and financial results, made progress on strategic growth plans, and closed a $500 million credit facility.
Key Takeaways
Opal Fuels reported a revenue increase of 7% to $71.1 million, a net income of $0.2 million, and an adjusted EBITDA of $16.5 million. The company's RNG production projects are performing well, and the Emerald RNG project commenced operations, adding approximately 1.3 million MMBtu of annual design capacity. A $500 million credit facility was secured to fund RNG production projects and fueling stations.
Revenues increased by 7% year-over-year to $71.1 million.
Net income reached $0.2 million.
Adjusted EBITDA was $16.5 million.
Emerald RNG project came online, adding 1.3 million MMBtu of annual design capacity.
Revenue by Segment
Forward Guidance
Opal Fuels provided estimates for full year 2023 Adjusted EBITDA to range between $60 and $63 million, RNG Pending Monetization between $20-22 million, approximately $8.5 million in ITC credits, full year 2023 capital expenditures to total approximately $135 million, RNG produced between 2.7 million MMBtu and 2.9 million MMBtu, and RNG sold as transportation fuel between 45 million GGEs and 50 million GGEs.
Positive Outlook
- Adjusted EBITDA for the full year 2023 is estimated to range between $60 and $63 million.
- RNG Pending Monetization is expected to range between $20-22 million at December 31, 2023.
- Approximately $8.5 million in ITC credits are expected to be monetized in the fourth quarter.
- RNG production is anticipated to range between 2.7 million MMBtu and 2.9 million MMBtu in 2023.
- RNG sales as transportation fuel are anticipated to range between 45 million GGEs and 50 million GGEs in 2023.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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