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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  _______________ to ____________

Commission File Number: 001-40272

OPAL FUELS INC.
(Exact name of registrant as specified in its charter)
Delaware
98-1578357
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
One North Lexington Avenue, Suite 1450

White Plains, New York
10601
(Address of principal executive offices)
(Zip Code)
(914) 705-4000
(Registrant's telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareOPAL
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  ☐ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes     No  ☐ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
                



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes        No  


As of November 11, 2023, a total of 27,975,260 shares of Class A common stock, par value $0.0001 per share, and 144,399,037 shares of Class D common stock, par value $0.0001 per share were issued and outstanding.
    




CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “future,” “goal,” “intends,” “may,” “objective,” “outlook,” “plans,” “projected,” “propose,” “seeks,” “target,” “will,” “would” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include:
our ability to grow and manage growth profitably, and maintain relationships with customers and suppliers;
our success in retaining or recruiting, our principal officers, key employees or directors;
intense competition and competitive pressures from other companies in the industry in which we operate;
increased costs of, or delays in obtaining, key components or labor for the construction and completion of landfill gas ("LFG") and livestock waste projects that generate electricity and renewable natural gas (“RNG”), compressed natural gas (“CNG”) and hydrogen dispensing stations;
factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control;
macroeconomic conditions related to the global COVID-19 pandemic;
the reduction or elimination of government economic incentives to the renewable energy market;
factors associated with companies that are engaged in the production and integration of RNG, including (i) anticipated trends, growth rates and challenges in those businesses and in the markets in which they operate, (ii) contractual arrangements with, and the cooperation of, owners and operators of the landfill and livestock biogas conversion project facilities, on which we operate our LFG and livestock waste projects that generate electricity and (iii) RNG prices for Environmental Attributes (as defined below), low carbon fuel standard ("LCFS") credits and other incentives;
the ability to identify, acquire, develop and operate renewable projects and fueling stations ("Fueling Stations");
our ability to issue equity or equity-linked securities or obtain or amend debt financing;
the demand for renewable energy not being sustained;
impacts of climate change, changing weather patterns and conditions and natural disasters; and
the effect of legal, tax and regulatory changes.
The forward-looking statements contained in this Form 10-Q are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in this Form 10-Q and in our Annual Report on Form 10-K, which was filed with the SEC on March 29, 2023 (our "Annual Report"). Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.



TABLE OF CONTENTS

PAGE
ITEM 3.




Part I - Financial Information

Item 1. Financial Statements
OPAL FUELS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except per share data)
(Unaudited)
September 30,
2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents (includes $1,302 and $12,506 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
$15,000 $40,394 
Accounts receivable, net (includes $79 and $966 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
31,000 31,083 
Accounts receivable, related party 12,421 
Restricted cash - current (includes $1,232 and $6,971 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
1,232 32,402 
Short term investments 18,028 64,976 
Fuel tax credits receivable4,386 4,144 
Contract assets14,404 9,771 
Parts inventory11,897 7,311 
Environmental credits held for sale (includes $29 and $0 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
4,339 1,674 
Prepaid expense and other current assets (includes $193 and $415 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
5,013 7,625 
Derivative financial assets, current portion486 182 
Total current assets105,785 211,983 
Capital spares3,079 3,443 
Property, plant, and equipment, net (includes $26,684 and $73,140 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
303,690 297,323 
Operating right-of-use assets12,368 11,744 
Investment in other entities199,466 51,765 
Note receivable - variable fee component2,178 1,942 
Derivative financial assets, non-current portion117 954 
Deferred financing costs 3,013 
Other long-term assets2,108 1,489 
Intangible assets, net1,700 2,167 
Restricted cash - non-current (includes $2,843 and $2,923 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
5,356 4,425 
Goodwill54,608 54,608 
Total assets$690,455 $644,856 
Liabilities and Equity
Current liabilities:
Accounts payable (includes $603 and $4,896 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
11,309 22,679 
Accounts payable, related party (includes $1,035 and $433 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
1,365 1,346 
Fuel tax credits payable3,720 3,320 
Accrued payroll8,313 8,979 
Accrued capital expenses (includes $0 and $7,821 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
7,355 11,922 
1




Accrued expenses and other current liabilities (includes $602 and $646 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
13,779 9,573 
Contract liabilities7,429 8,013 
Senior Secured Credit Facility - term loan, current portion, net of debt issuance costs 15,250 
Senior Secured Credit Facility - working capital facility, current portion 7,500 
OPAL Term Loan, current portion 27,732 
Sunoma Loan, current portion (includes $1,739 and $380 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
1,739 380 
Convertible Note Payable 28,528 
Municipality Loan 76 
Derivative financial liability, current portion 4,596 
Operating lease liabilities - current portion625 630 
Other current liabilities 1,085 
Asset retirement obligation, current portion1,296 1,296 
Total current liabilities56,930 152,905 
Asset retirement obligation, non-current portion5,267 4,960 
OPAL Term Loan, net of debt issuance costs 153,626 66,600 
Sunoma Loan, net of debt issuance costs (includes $20,402 and $21,712 at September 30, 2023 and December 31, 2022, respectively, related to consolidated VIEs)
20,402 21,712 
Operating lease liabilities - non-current portion11,899 11,245 
Earn out liabilities4,291 8,790 
Other long-term liabilities1,163 825 
Total liabilities253,578 267,037 
Commitments and contingencies
Redeemable preferred non-controlling interests130,000 138,142 
Redeemable non-controlling interests1,158,937 1,013,833 
Stockholders' deficit
Class A common stock, $0.0001 par value, 340,000,000 shares authorized as of September 30, 2023; 29,332,333 and 29,477,766 shares, issued and outstanding at September 30, 2023 and December 31, 2022, respectively
3 3 
Class B common stock, $0.0001 par value, 160,000,000 shares authorized as of September 30, 2023; None issued and outstanding as of September 30, 2023 and December 31, 2022
  
Class C common stock, $0.0001 par value, 160,000,000 shares authorized as of September 30, 2023; None issued and outstanding as of September 30, 2023 and December 31, 2022
  
Class D common stock, $0.0001 par value, 160,000,000 shares authorized as of September 30, 2023; 144,399,037 and 144,399,037 shares issued and outstanding at September 30, 2023 and December 31, 2022
14 14 
Additional paid-in capital   
Accumulated deficit(841,417)(800,813)
Accumulated other comprehensive income70 195 
Class A common stock in treasury, at cost; 1,635,783 and 0 shares at September 30, 2023 and December 31, 2022, respectively
(11,614) 
Total Stockholders' deficit attributable to the Company(852,944)(800,601)
Non-redeemable non-controlling interests 884 26,445 
Total Stockholders' deficit(852,060)(774,156)
Total liabilities, Redeemable preferred non-controlling interests, Redeemable non-controlling interests and Stockholders' deficit $690,455 $644,856 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


2




OPAL FUELS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except per unit data)
(Unaudited)
Three Months Ended September 30,Nine Months Ended
September 30,
 2023202220232022
Revenues:
RNG fuel (includes revenues from related party of $18,782 and $15,481 for the three months ended September 30, 2023 and 2022, respectively; $32,909 and $36,326 for the nine months ended September 30, 2023 and 2022, respectively)
$20,088 $18,293 $37,468 $48,815 
Fuel station services (includes revenues from related party of $6,942 and $3,855 for the three months ended September 30, 2023 and 2022, respectively; $10,875 and $12,698 for the nine months ended September 30, 2023 and 2022, respectively)
37,305 35,771 88,089 87,376 
Renewable Power (includes revenues from related party of $1,732 and $927 for the three months ended September 30, 2023 and 2022, respectively; $5,006 and $3,196, for the nine months ended September 30, 2023 and 2022, respectively)
13,708 12,486 43,543 32,623 
Total revenues71,101 66,550 169,100 168,814 
Operating expenses:
Cost of sales - RNG fuel8,896 10,872 24,303 27,043 
Cost of sales - Fuel station services31,887 30,837 79,655 74,130 
Cost of sales - Renewable Power11,112 7,645 28,251 23,593 
Selling, general, and administrative13,594 15,751 41,729 34,561 
Depreciation, amortization, and accretion3,739 3,380 10,934 10,101 
Total expenses69,228 68,485 184,872 169,428 
Operating income (loss)1,873 (1,935)(15,772)(614)
Other (expense) income:
Interest and financing expense, net(2,885)(790)(4,482)(7,212)
Loss on debt extinguishment (953) (2,848) 
Change in fair value of derivative instruments, net(138)(1,908)4,955 (1,580)
Other income604 6,308 123,645 6,308 
 Income from equity method investments1,726 3,694 1,433 3,658 
Income before provision for income taxes227 5,369 106,931 560 
Provision for income taxes    
Net income 227 5,369 106,931 560 
Net (loss) income attributable to redeemable non-controlling interests(2,104)4,161 83,123 (2,584)
Net loss attributable to non-redeemable non-controlling interests(51)(325)(531)(824)
Dividends on Redeemable preferred non-controlling interests (1)
2,782 2,658 8,394 5,093 
Net (loss) income attributable to Class A common stockholders$(400)$(1,125)$15,945 $(1,125)
Weighted average shares outstanding of Class A common stock:
Basic26,978,969 25,671,390 27,110,953 25,671,390 
Diluted26,978,969 25,823,772 27,683,855 25,823,772 
Per share amounts:
Basic $(0.01)$(0.04)$0.59 $(0.04)
Diluted $(0.01)$(0.06)$0.58 $(0.06)

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(1) Paid-in-kind preferred dividend is allocated between redeemable non-controlling interests and Class A common stockholders based on their weighted average percentage of ownership. Please see Note.13 Redeemable non-controlling interests, redeemable preferred non-controlling interests and Stockholders' deficit for additional information.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4







OPAL FUELS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net income $227 $5,369 $106,931 $560 
Other comprehensive income:
Effective portion of the cash flow hedge attributable to equity method investments406  515  
Reclassification adjustments included in earnings (1)
  (1,147) 
Net unrealized gain (loss) on cash flow hedges 1,189 (141)1,189 
Total comprehensive income 633 6,558 106,158 1,749 
Net income attributable to Redeemable non-controlling interests230 6,509 90,166 2,199 
Other comprehensive income (loss) attributable to Redeemable non-controlling interests340 1,011 (649)1,011 
Comprehensive loss attributable to non-redeemable non-controlling interests(51)(325)(531)(824)
Dividends on Redeemable preferred non-controlling interests 448 310 1,351 310 
Comprehensive (loss) income attributable to Class A common stockholders$(334)$(947)$15,821 $(947)

(1) Represents the reclassification of the gain on termination of interest rate swaps on May 30, 2023. See Note 9 Derivative Financial Instruments for additional information. Additionally, there is $334 reclassification into earnings from our equity method investments.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


5




OPAL FUELS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTEREST, REDEEMABLE PREFERRED NON-CONTROLLING INTEREST AND STOCKHOLDERS' (DEFICIT) EQUITY
(In thousands of U.S. dollars, except per unit data)
(Unaudited)
Class A common stockClass D common stockClass A common stock in treasuryMezzanine Equity
SharesAmountSharesAmountAdditional paid-in capitalAccumulated deficitOther comprehensive incomeNon-redeemable non-controlling interestsShares AmountTotal Stockholders' EquityRedeemable Preferred non-controlling interestsRedeemable non-controlling interests
December 31, 202229,477,766 $3 144,399,037 $14 $ $(800,813)$195 $26,445  $ $(774,156)$138,142 $1,013,833 
Net loss— — — — — (1,134)— (297)— — (1,431)— (5,915)
Other comprehensive loss— — — — — — (58)— — — (58)— (299)
Proceeds from non-redeemable non-controlling interest— — — — 1,722 — — 1,821 — — 3,543 — — 
Issuance of Class A common stock on warrant exchange 49,633 — — — 338 — — — — — 338 — — 
Cancellation of fractional shares on warrant exchange (26)— — — — — — — — — — — — 
Exercise of put option forward purchase contract - Meteora— — — — — — — — (1,635,783)(11,614)(11,614)— — 
Forfeiture of Class A common stock (197,258)— — — — — — — — — — — — 
Stock-based compensation— — — — 157 — — — — — 157 — 814 
Change in redemption value of Redeemable non-controlling interests— — — — (2,217)(5,503)— — — — (7,720)— 7,720 
Paid-in-kind preferred dividend— — — — — (445)— — — — (445)2,763 (2,318)
March 31, 202329,330,115 3 144,399,037 14  (807,895)137 27,969 (1,635,783)(11,614)(791,386)140,905 1,013,835 
Net income (loss)— — — — — 18,382 — (183)— — 18,199 — 95,851 
Other comprehensive loss— — — — — — (133)— — — (133)— (690)
Proceeds from non-redeemable non-controlling interest— — — — 1,234 — — 8,001 — — 9,235 — — 
Deconsolidation of entities (1)
— — — — (1,383)— — (34,662)— — (36,045)— — 
Distributions to non-redeemable non-controlling interests— — — — — — — (222)— — (222)— — 
Stock-based compensation— — — — 301 — — — — — 301 — 1,576 
Change in redemption value of Redeemable non-controlling interests— — — — (152)40,059 — — — — 39,907 — (39,907)
Paid-in-kind preferred dividend— — — — — (458)— — — — (458)2,849 (2,391)
June 30, 202329,330,115 3 144,399,037 14  (749,912)4 903 (1,635,783)(11,614)(760,602)143,754 1,068,274 
Net income — — — — — 48 — (51)— — (3)— 230 
Other comprehensive income— — — — — — 66 — — 66 — 340 
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Distribution of non-redeemable non-controlling interest— — — — (57)— — 32 — — (25)— — 
Issuance of Class A common shares for vesting of equity awards2,218 — — — (20)— — — — — (20)— — 
Contribution to equity method investments— — — — (500)— — — — — (500)— — 
Change in redemption value of Redeemable non-controlling interests— — — — 271 (91,105)— — — — (90,834)— 90,834 
Payment of paid-in-kind preferred dividends— — — — — — — — — — — (16,536)— 
Stock-based compensation— — — — 306 — — — — — 306 — 1,593 
Dividends on Redeemable preferred non-controlling interests— — — — — (448)— — — — (448)2,782 (2,334)
September 30, 202329,332,333 $3 144,399,037 $14  $(841,417)$70 $884 (1,635,783)$(11,614)$(852,060)$130,000 $1,158,937 
(1) As of May 30, 2023, two of our RNG facilities, Emerald and Sapphire (defined below) were deconsolidated and accounted for under equity method as per ASC 323. Please see Note 4 Investment in Other entities and Note 12 Variable Interest Entities for additional information.


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Class A common stockClass D common stockMezzanine Equity
SharesAmountSharesAmountAdditional paid-in capitalRetained earningsOther Comprehensive income Non-redeemable non-controlling interestsTotal Stockholders' EquityRedeemable preferred non-controlling interestsRedeemable non-controlling interests
December 31, 2021 $ 144,399,037 $14 $ $ $ $1,188 $1,202 $30,210 $63,545 
Net loss— — — — — — (242)(242)— (4,225)
Contributions from non-redeemable non-controlling interest`— — — — — 5,738 5,738 — (95)
Amortization on payment to acquire non-redeemable noncontrolling interest— — — — — — — — — — (91)
Contributions from redeemable preferred non-controlling interests— — — — — — — — — 25,000 (267)
Paid-in-kind preferred dividend— — — — — — 717 (717)
Stock-based compensation— — — — — — 160 
March 31, 2022  144,399,037 14    6,684 6,698 55,927 58,310 
Net loss— — — — — — — (257)(257)— (85)
Contributions from non-redeemable non-controlling interest— — — — — — — 11,211 11,211 — 47 
Amortization on payment to acquire non-redeemable noncontrolling interest— — — — — — — — — — (92)
Contributions from redeemable preferred non-controlling interests— — — — — — — — — 75,000 — 
Paid-in-kind preferred dividend— — — — — — — — — 1,718 (1,718)
Stock-based compensation— — — — — — — — — — 160 
June 30, 2022  144,399,037 14    17,638 17,652 132,645 56,622 
Net loss— — — — — (815)(325)(1,140)— 6,509 
Unrealized gain cash flow hedges— — — — — — 178 — 178 — 1,011 
Issuance of common stock from the reverse capitalization and PIPE investments, net of warrant liability, put option and earnout liabilities22,611,857 2 — — 68,255 — — — 68,257 — — 
Conversion of Convertible Note Payable to shares of Class A common stock 3,059,533 — — — 30,595 — — — 30,595 — — 
Proceeds from non-redeemable non-controlling interests— — — — (3,158)— — 9,361 6,203 — — 
Stock-based compensation— — — — 19 — — — 19 — 140 
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Change in redemption value of Redeemable non-controlling interests— — — — (95,711)(1,065,012)— — (1,160,723)— 1,160,723 
Paid-in-kind preferred dividend— — — — — (310)— — (310)2,658 $(2,348)
September 30, 202225,671,390 $2 144,399,037 $14 $ $(1,066,137)$178 $26,674 $(1,039,269)$135,303 $1,222,657 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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OPAL FUELS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(Unaudited)
Nine Months Ended
September 30,
 20232022
Cash flows from operating activities:
Net income $106,931 $560 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Income from equity method investments(