The following is a summary of the OPAL Fuels Inc. (OPAL) Q4 2023 Earnings Call Transcript:

Financial Performance:

• OPAL Fuels reported a record Q4 adjusted EBITDA of $32 million - a 57% increase from 2022. The annual adjusted EBITDA was $52 million.

• Q4 revenues were $87 million, a significant increase from $67 million in Q4 2022. The increase was mainly due to environmental credit sales, RNG fuel and fuel station services.

• RNG production increased from 0.7 million MMBtus in Q3 2023 to 0.8 million MMBtus in Q4 2023, primarily driven by the Emerald project.

• Net income for Q4 was $20.1 million, up from $0.3 million in Q3 2023, largely due to environmental credit sales and the Emerald project.

• As of end-2023, approximately $187 million was drawn from the company's $500 million credit facility, leaving its liquidity at $348 million.

• The company expects a 60% to 80% growth in RNG production, and an adjusted EBITDA ranging from $90 million to $100 million for 2024.

Business Progress:

• 2023 saw an operational RNG design capacity of 8.8 million MMBtus, and the construction of new projects added substantial capacity.

• The company boasts eight operational RNG projects while six others are under construction, representing an additional 4.4 million MMBtu of annual design capacity.

• OPAL has started construction of Fall River 2.4 megawatt renewable electricity project which is expected to begin operations by year-end.

• RNG projects Sapphire and Prince William are progressing well with an expected operations commencement within 2024.

• Two Central Valley dairy projects have been delayed due to contract disputes, but the effect will be managed to prevent major project timing impacts.

• Measures for improved production output at RNG and renewable power projects have been implemented, including the introduction of new metrics for more accurate performance data.

• OPAL's lateral expansion and integration will help tap more opportunities in the marketplace.

• The company's controlling shareholder, Fortistar, has converted significant high-vote stock to Class B shares potentially increasing the company's eligibility for inclusion in stock indices.

• OPAL predicts 2024 capital expenditures at wholly-owned and joint venture projects to total approximately $230 million.

More details: OPAL Fuels IR

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