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 March 31, 2025 or 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, Ne ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $20.1 million, over 30% higher compared to the same period last year [7] - Revenue for the quarter was $85.4 million, compared to $64.9 million in Q1 2024 [14] - Net income increased to $1.3 million from $0.7 million in Q1 2024 [14] Business Segment Data and Key Metrics Changes - Fuel Station Services segment EBITDA was approximately $12.5 million, 80% higher versus Q1 2024 [7] - RNG fuel production for the quarter was 1.1 million MMBtus, up nearly 40% compared to the same period last year [8] - The company maintains its 2025 RNG production guidance of 5 million to 5.4 million MMBtus, a 37% increase versus 2024 [12] Market Data and Key Metrics Changes - The company is experiencing delays in investment decisions from customers due to recent trade policy uncertainties, but these delays are not expected to materially impact guidance [9] - The regulatory outlook is shifting positively for RNG CNG powered heavy-duty trucking, which could expand adoption [11] Company Strategy and Development Direction - The company continues to execute on strategic and operational objectives, focusing on vertical integration to maximize the value of RNG produced [8] - There are ongoing construction projects for four landfill RNG projects, with a total annual design capacity of 2.1 million MMBtus [12] - The company is maintaining guidance for Fuel Station Services adjusted EBITDA growth of 30% to 50% versus 2024 [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the uncertain macro and regulatory environments but remains confident in the long-term fundamentals supporting growth [9] - There is strong bipartisan support for American biofuels and investment in RNG, which is expected to bolster future growth [11] - The company is monitoring regulatory developments, including the implementation of 45Z and final EPA rulings [11] Other Important Information - Capital expenditures for the quarter totaled $17 million, including $5.4 million related to equity method investments [15] - The company expects to monetize approximately $50 million in total ITC sales in 2025, enhancing operating cash flow [16] Q&A Session Summary Question: Can you discuss the production trajectory for the year? - Management indicated that production was affected by cold weather and availability issues but expects sequential growth through the year as projects ramp up [22][24] Question: Are you experiencing any inflation associated with tariffs? - Management stated that there are no current cost increases due to tariffs, as equipment for construction projects has already been ordered [25][27] Question: What are the drivers behind the RIN pricing achieved in Q1? - The average realized RIN price was about $271 in Q1, with expectations for a lower price in Q2 [32] Question: How much of the expected EBITDA growth in Fuel Station Services is from higher volumes versus stronger margins? - Growth is driven by new stations coming online, higher utilization, and anticipated margins from service contracts [36] Question: What are the company's thoughts on returning capital to shareholders? - The company is focused on maximizing shareholder value through various means, including potential share buybacks and capital deployment in growth projects [40] Question: Can you provide an update on the renewable power segment? - Revenue in the renewable power segment decreased due to the termination of contracts related to the ISCC pathway [67] Question: What was the substantial income tax benefit in Q1? - The $8 million benefit was from the sale of ITC Section 48 tax credits, which is not included in EBITDA guidance but affects net income [73]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or Securities registered pursuant to Section 12(b) of the Act: ☐ 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 registr ...

Financial Data and Key Metrics Changes - For Q4 2024, revenue was $80 million and adjusted EBITDA was $22.6 million, compared to $87 million and $32 million in Q4 2023, respectively, indicating a decline in both revenue and EBITDA [34] - The net loss for Q4 2024 was $5.4 million, compared to a net income of $20.1 million in 2023, primarily due to the timing and pricing of environmental credit sales [34] - For the full year 2024, revenue was $299.9 million, adjusted EBITDA was $90 million, and net income was $14.3 million, compared to $256.1 million, $151.9 million, and $127 million in 2023, respectively [34] Business Segment Data and Key Metrics Changes - The fuel station service segment's EBITDA for 2024 was $40.2 million, a 76% increase compared to 2023 [12] - RNG fuel production for 2024 was 3.8 million MMBtus, up 41% from 2023, but slightly below the guidance of 4.0 million MMBtus [12][21] - The company expects adjusted EBITDA growth of 30% to 50% in the fuel station services segment for 2025 compared to 2024 [22][30] Market Data and Key Metrics Changes - The company has increased its RNG projects from two to eleven since going public in 2022, with annual design capacity more than tripling [14][25] - The company expects RNG production in 2025 to range between 5 million to 5.4 million MMBtus, representing a 30% to 40% increase compared to 2024 [21][27] Company Strategy and Development Direction - The company aims to grow organically through new development, with nearly 2 million MMBtus of annual design capacity under construction [14] - The fuel station service segment is seen as a strategic value, providing diversification and predictable cash flows, with a significant growth opportunity in the heavy-duty fleet market [17] - The company is focused on building and operating biogas capture and conversion projects to deliver low-carbon intensity energy products [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory for 2025, despite near-term volatility, citing strong market fundamentals [30] - The company remains bullish on RNG as an American biofuel, emphasizing its alignment with agricultural biofuels and potential public policies [23][24] - Management highlighted the importance of disciplined capital allocation and the ability to generate free cash flow, indicating flexibility in growth and capital preservation strategies [113] Other Important Information - The company has made leadership changes, including the appointment of Kazi Hassan as Chief Financial Officer [18] - The company expects approximately $50 million of cash proceeds from ITC sales in 2025, significantly higher than the $9 million in 2024 [23] Q&A Session Summary Question: Production guidance and expected contributions from projects in construction - Management expects increasing utilizations from facilities and anticipates sequential upticks throughout the year as ramp-up issues are resolved [45][46] Question: Competitive landscape and growth opportunities - Management noted that they are well-positioned to evaluate and pursue new opportunities in the market, particularly in light of recent industry changes [51][56] Question: Inclusion of PTC and 45Z credits in guidance - The company included an immaterial amount of 45Z credits in the low end of the guidance and a small expected value at the top end [62][63] Question: Tightness in the dispensing market and growth drivers - Management indicated that the market has been tightening due to increased RNG supply and slower adoption of new engine models, but they expect growth in dispensing volumes [68][70] Question: Equipment cost inflation and impact of tariffs - Management stated that they commit to equipment costs early in the construction process to mitigate inflation impacts, and overall inflation has been tamed compared to previous years [75][76] Question: Timeline for resolution of the partial waiver - Management is hopeful for a resolution in the April-May timeframe regarding the partial waiver and is actively advocating for it [80] Question: Project development and federal incentives - Management reported no slowdown in early-stage project discussions, emphasizing the urgency from feedstock hosts to move projects forward [108][110] Question: Balance between growth and capital preservation - Management discussed the flexibility to toggle between growth and generating free cash flow, highlighting the low maintenance CapEx of their facilities [113][114] Question: Mix between upstream and downstream segments - Management clarified that while the fuel station services segment is growing, it has not yet reached 50% of the overall EBITDA [120][123]

Fourth Quarter and Full Year 2024 Earnings Presentation March 2025 Disclaimer For the purposes of this notice, the "presentation" that follows shall mean and include the slides that follow, the oral presentation of the slides by members of management of OPAL Fuels Inc. (the "Company" or "OPAL Fuels") or any person on their behalf and the question-and-answer session that follows that oral presentation. By reading the presentation slides, you will be deemed to have (i) agreed to the following limitations and ...

Opal Fuels (OPAL) Q4 2024 Earnings Call March 14, 2025 11:00 AM ET Company Participants Todd Firestone - Vice President of Investor Relations & Corporate DevelopmentAdam Comora - Co-Chief Executive OfficerJonathan Maurer - Co-Chief Executive OfficerKazi Hasan - CFODerrick Whitfield - Managing DirectorMatthew Blair - Managing DirectorAdam Bubes - Vice President, Equity ResearchBetty Zhang - Associate Director - Equity Research Conference Call Participants Thomas Meric - Director - Equity Research AnalystRyan ...

Financial Performance - OPAL Fuels Inc. reported a quarterly loss of $0.05 per share, significantly missing the Zacks Consensus Estimate of $0.44, and down from earnings of $0.11 per share a year ago, representing an earnings surprise of -111.36% [1] - The company posted revenues of $80.02 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 13.32%, and down from $87.01 million in the same quarter last year [2] - Over the last four quarters, OPAL Fuels has surpassed consensus EPS estimates only once and has not beaten consensus revenue estimates during this period [2] Stock Performance - OPAL Fuels shares have declined approximately 31% since the beginning of the year, contrasting with the S&P 500's decline of -4.8% [3] - The company's current consensus EPS estimate for the upcoming quarter is $0.62 on revenues of $84 million, and for the current fiscal year, it is $1.58 on revenues of $388.23 million [7] Industry Outlook - The Alternative Energy - Other industry, to which OPAL Fuels belongs, is currently ranked in the top 27% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact OPAL Fuels' stock performance [5][6]

Earnings Report - OPAL Fuels Inc. will report its earnings results for the twelve months ended December 31, 2024, after the market closes on March 13, 2025[6] - The earnings conference call is scheduled for March 14, 2025, at 11:00 AM Eastern Daylight Time[6] Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[4]

Core Viewpoint - OPAL Fuels Inc. (OPAL) has shown a downtrend recently, losing 5.7% over the past two weeks, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging to counteract selling pressure [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, suggesting that selling pressure may be subsiding, which is a bullish signal for the stock [2][4]. - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that despite a downtrend, buyers are starting to emerge [3][4]. - The occurrence of a hammer pattern at the bottom of a downtrend signals that bears may be losing control, indicating a potential trend reversal [4]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for OPAL, which is a bullish indicator as it typically leads to price appreciation [6]. - The consensus EPS estimate for OPAL has increased by 37.7% over the last 30 days, reflecting strong agreement among analysts regarding the company's improved earnings potential [7]. - OPAL currently holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks, which historically indicates strong market outperformance [8].

Core Viewpoint - OPAL Fuels Inc. has experienced significant selling pressure, resulting in an 11.5% decline in stock price over the past four weeks, but analysts anticipate better earnings than previously expected, indicating potential for recovery [1]. Group 1: Technical Indicators - The stock is currently in oversold territory, with a Relative Strength Index (RSI) reading of 29.86, suggesting a possible reversal in trend [5]. - RSI is a momentum oscillator that helps identify whether a stock is overbought or oversold, with readings below 30 typically indicating an oversold condition [2][3]. Group 2: Fundamental Indicators - There has been a strong consensus among sell-side analysts to raise earnings estimates for OPAL, leading to a 37.7% increase in the consensus EPS estimate over the last 30 days, which often correlates with price appreciation [6]. - OPAL holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a turnaround [7].