Opal Fuels Inc (OPAL) 2025 Q3 法說會逐字稿

Good morning and welcome to the Opal Fuels third quarter 2025 earnings call and webcast. (Operator Instructions) As a reminder, this event is being recorded.

早安，歡迎參加 Opal Fuels 2025 年第三季財報電話會議和網路直播。（操作說明）提醒：本次活動正在錄影。

I would now like to turn the call over to Todd Firestone, Vice President of Investor Relations, to begin. Please go ahead.

現在我將把電話交給投資者關係副總裁托德·費爾斯通，由他開始演講。請繼續。

Thank you and good morning, everyone. Welcome to the Opal Fuels third quarter 2025 earnings conference call. With me today are Co-CEOs Adam Comora and Jonathan Maurer; as well as Kazi Hasan, Opal's Chief Financial Officer. Opal Fuels released financial and operating results for the third quarter of 2025 yesterday afternoon, and those results are available on the investor relations section of our website at opalfuels.com.

謝謝大家，大家早安。歡迎參加 Opal Fuels 2025 年第三季財報電話會議。今天與我一同出席的有聯席執行長 Adam Comora 和 Jonathan Maurer，以及 Opal 的財務長 Kazi Hasan。Opal Fuels 於昨日下午發布了 2025 年第三季度的財務和營運業績，這些業績可在我們網站 opalfuels.com 的投資者關係部分查閱。

The presentation and access to the webcast for this call are also available on our website. After completion of today's call, replay will be available for 90 days.

本次電話會議的簡報和網路直播連結也可在我們的網站上找到。今天的電話會議結束後，錄音重播將保留90天。

Before we begin, I'd like to remind you that our remarks, including answers to your questions, contain forward-looking statements which involve risks, uncertainties, and assumptions. These forward-looking statements are not a guarantee of performance and actual results could differ materially from what is contained in such statements.

在開始之前，我想提醒各位，我們的發言，包括對您問題的回答，都包含涉及風險、不確定性和假設的前瞻性陳述。這些前瞻性陳述並非績效保證，實際結果可能與此類陳述中包含的內容有重大差異。

Several factors that could cause or contribute to such differences are described on slides 2 and 3 of our presentation. These forward-looking statements reflect our views as of the date of this call, and Opal Fuels does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date of this call.

我們的簡報第 2 頁和第 3 頁描述了可能導致或促成這些差異的幾個因素。這些前瞻性陳述反映了我們截至本次電話會議之日的觀點，Opal Fuels 不承擔任何義務更新前瞻性陳述以反映本次電話會議之後的事件或情況。

Additionally, this call will contain discussion of certain non-GAAP measures. A definition of non-GAAP measures used in a reconciliation of these measures to the nearest GAAP measures including the appendix of the release and presentation.

此外，本次電話會議也將討論某些非GAAP指標。在發布和演示的附錄中，用於將這些指標與最接近的 GAAP 指標進行調整的非 GAAP 指標進行定義。

Adam will begin today's call providing an overview of the quarter's results, recent highlights, and an update on our strategic and operational priorities. John will give a commercial and business development update, after which Kazi will review financial results. We'll then open the call for questions.

Adam 將在今天的電話會議上首先概述本季業績、近期亮點以及我們的策略和營運重點的最新情況。約翰將報告商業和業務發展最新情況，之後卡齊將回顧財務表現。接下來我們將開放提問環節。

And now I'll turn the call over to Adam Comora, Co-CEO of Opal Fuels.

現在我將把電話交給 Opal Fuels 的聯合執行長 Adam Comora。

Thank you, Todd. Good morning everyone and thank you for participating in Opal Fuel's third quarter 2025 earnings call. The third quarter was another quarter of consistent operational progress in line with our expectations and we are maintaining our full year guidance.

謝謝你，托德。各位早安，感謝各位參加 Opal Fuel 2025 年第三季財報電話會議。第三季營運進展符合預期，我們維持全年業績預期。

RNG production was 1.3 million MMBtus representing both sequential growth and an increase of approximately 30% compared to the third quarter of last year. Importantly, due to all the operational improvements we are making, October production was the highest rate in Opal's history following a record performance in September. These production rates are in line with the levels required to achieve the low end of our full year production guidance we set at the beginning of the year.

再生天然氣產量為 130 萬 MMBtu，季增，比去年第三季成長約 30%。重要的是，由於我們進行了各種營運改進，繼 9 月創紀錄的業績之後，10 月 Opal 的產量達到了歷史最高水平。這些生產力符合我們年初設定的全年生產指導目標下限所需的水準。

The trajectory here is clear, and the operating base is performing with greater consistency and reliability. We also continue to advance our growth plans. At the end of the third quarter, we brought the Atlantic Project online and we are very pleased with its initial ramp. This is our first project with our partner South Jersey Industries.

發展軌跡很清晰，營運基地運作的穩定性和可靠性也越來越高。我們也在持續推進我們的成長計劃。第三季末，我們啟動了大西洋項目，我們對該項目的初期進展非常滿意。這是我們與合作夥伴南澤西工業公司的第一個專案。

This project brings us to 12 operating RNG facilities with a combined 9.1 million MMBtu of annual design capacity. In addition, we began construction at our CMS RNG project in North Carolina, representing 1.0 million MMBtu of annual design capacity net to Opal.

該項目使我們擁有 12 個正在運作的 RNG 設施，總年設計產能為 910 萬 MMBtu。此外，我們在北卡羅來納州的 CMS RNG 項目也開始建設，該項目每年可為 Opal 提供 100 萬 MMBtu 的淨設計產能。

We are continuing to advance a number of attractive new project opportunities within our pipeline and feel confident we have the ability to meet our target of 2.0 million MMBtu of annual design capacity into construction in 2025.

我們正在繼續推進我們儲備庫中一些有吸引力的新專案機會，並且有信心我們有能力實現到 2025 年建成投產的 200 萬 MMBtu 年設計產能的目標。

On the financial side, we completed our fourth investment tax credit monetization to date and third for this year, bringing our total gross proceeds to $43 million a year-to-date. We expect that we will complete a fourth sale by year end or in early 2026. These ITC sales continue to be an effective tool to offset capital requirements and support our development program and as a reminder are not included in our adjusted EBITDA calculation.

在財務方面，我們完成了迄今為止的第四次投資稅收抵免變現，也是今年的第三次，使我們今年的總收益達到 4,300 萬美元。我們預計在年底前或 2026 年初完成第四筆交易。這些 ITC 銷售額仍然是抵銷資本需求和支援我們發展計畫的有效工具，需要提醒的是，這些銷售額不計入我們調整後的 EBITDA 計算中。

Our third quarter adjusted EBITDA was $19.5 million, lower compared to the same period last year, impacted by a lower RIN price environment. While RIN prices were lower in the third quarter, recent pricing trends have been constructive.

我們第三季調整後的 EBITDA 為 1,950 萬美元，低於去年同期，受到 RIN 價格環境走低的影響。雖然第三季 RIN 價格有所下降，但近期的價格走勢是正面的。

Given the increasing production performance, the growth of fuel station services segment, and beginning to recognize 45Z production tax credits in the fourth quarter, we remain confident in delivering operating and financial results in line with our full year guidance.

鑑於生產業績不斷提高、加油站服務業務成長，以及第四季開始確認 45Z 生產稅收抵免，我們仍有信心實現全年營運和財務業績目標。

As we look towards the future, we remain encouraged our growth will continue in 2026 and beyond. We have a robust opportunity set to continue to build our RNG production platform and see an increasing need for energy infrastructure assets to support CNG and RNG adoption for heavy duty trucking. CNG and RNG is being recognized as the most cost effective and operationally sound fuel choice to replace diesel.

展望未來，我們仍然充滿信心，相信我們的成長動能將在2026年及以後繼續維持。我們擁有強大的發展機遇，可以繼續建造我們的 RNG 生產平台，我們看到對能源基礎設施資產的需求不斷增長，以支援重型卡車採用 CNG 和 RNG。CNG 和 RNG 被認為是替代柴油最具成本效益和營運合理性的燃料選擇。

To capture some of the building momentum we're seeing in the downstream, we continue to invest in our team and the fuel station service segment as it becomes more of a focus in our capital allocation strategy.

為了抓住下游領域正在形成的良好勢頭，我們將繼續投資於我們的團隊和加油站服務領域，因為該領域在我們資本配置策略中變得越來越重要。

Opal's vertically integrated model is continuing to show its strength to capitalize on this opportunity, bringing the most value to biogas feedstock hosts and providing fleets with a partner that can deliver a full solution to decarbonize their fleet at a lower cost than diesel.

Opal 的垂直整合模式繼續展現其優勢，以抓住這一機遇，為沼氣原料供應商帶來最大價值，並為車隊提供合作夥伴，以比柴油更低的成本實現車隊的脫碳。

With that, I'll turn it over to John. John.

接下來，我將把麥克風交給約翰。約翰。

Thank you, Adam, and good morning, everyone. Our third quarter operational performance reflects continued growth across the platform. As Adam mentioned, we brought the Atlantic Project online during the quarter, our first under our joint venture with South Jersey Industries, adding approximately 0.33 million MMBtu of annual design capacity. This brings us to 12 operating RNG facilities with a combined 9.1 million MMVTU of annual design capacity, up from just two facilities when we became a public company in 2022.

謝謝你，亞當，大家早安。我們第三季的營運業績反映了平台整體的持續成長。正如亞當所提到的，我們在本季啟動了大西洋項目，這是我們與南澤西工業公司合資的第一個項目，每年新增約 0.33 億 MMBtu 的設計產能。這使我們擁有了 12 個正在運營的 RNG 設施，總年設計產能為 910 萬 MMVTU，而我們在 2022 年成為上市公司時只有兩個設施。

Atlantic's commissioning was delivered consistent with our guidance and is performing well in its first weeks of operation. Landfill gas resources above expectations, and we expect production to steadily increase over the coming months.

Atlantic號的調試工作按我們的指導方針進行，並且在營運的最初幾週表現良好。垃圾掩埋氣資源超出預期，我們預計未來幾個月產量將穩定成長。

RNG production was 1.3 million MMBtu in the quarter, a 30% increase year over year driven by the continued ramp of Sapphire and Polk, as well as improving uptime across the base portfolio. The key here is consistency. The operating fleet is performing in a more repeatable manner along with a growing production. This improvement in performance is a direct result of the investments we're making in our operational team. We expect this trend to continue.

本季 RNG 產量為 130 萬 MMBtu，年成長 30%，主要得益於 Sapphire 和 Polk 的持續增產，以及基礎產品組合正常運作時間的提高。關鍵在於保持一致性。隨著產量不斷成長，營運船隊的運作也更加穩定可靠。業績的提升直接得益於我們對營運團隊的投入。我們預計這一趨勢將會持續。

Turning to development and construction. We're advancing the next wave of projects. With CMS now in construction, our in construction landfill RNG portfolio now totals 2.8 million MMBtu of annual design capacity and is progressing in line with our expectations. This in construction portfolio combined with our operating facilities will bring us to approximately 12.0 million MMBtu across 16 projects. Burlington and Cottonwood remain on track for 2026 commissioning and Kirby thereafter.

轉向開發和建設。我們正在推進下一階段的專案。隨著 CMS 的建設，我們正在建設中的垃圾掩埋場 RNG 項目組合的年設計產能總計達到 280 萬 MMBtu，並且正按預期推進。加上我們正在建造的設施，我們將在 16 個專案中實現約 1,200 萬 MMBtu 的裝置容量。伯靈頓和科頓伍德仍按計劃於 2026 年投入使用，柯比隨後投入使用。

We continue to see a pipeline of organic development opportunities with secured gas rights. We evaluate each project within a disciplined capital allocation framework ensuring alignment with returns, liquidity, and balance sheet priorities. We're developing a number of investment opportunities that meet these criteria for 2026 and beyond.

我們持續看到一系列擁有天然氣開採權的有機開發機會。我們採用嚴格的資本配置架構對每個項目進行評估，確保其與回報、流動性和資產負債表優先事項保持一致。我們正在開發一系列符合這些標準的投資機會，目標期限為 2026 年及以後。

On the downstream side, our fuel station services business continues to perform well. While 2025 has had a difficult backdrop for logistics and transportation firms, which has slowed down all truck purchases and investment decisions, including the X15 CNG tractor. We expect to meet the lower end of the 30% to 50% segment EBITDA growth target despite the lower RIN price impact.

下游方面，我們的加油站服務業務持續表現良好。儘管 2025 年物流和運輸公司面臨艱難的背景，導致所有卡車採購和投資決策放緩，包括 X15 CNG 牽引車。儘管 RIN 價格的影響較小，但我們預計仍能達到 30% 至 50% 的分部 EBITDA 成長目標的下限。

We currently have 47 operating fueling stations and 41 stations under construction, 16 of which are Opal owned, bringing total Opal owned fueling stations in operation and construction to 63.

我們目前有 47 個營運中的加油站和 41 個在建加油站，其中 16 個是 Opal 擁有的，使 Opal 擁有的運營和在建加油站總數達到 63 個。

Owning and operating fueling infrastructure allows us to participate directly in long-term contracted per gallon economics that are largely independent of environmental credit pricing and provide recurring cash flow. This is strategically important as it provides access to the most valuable offtake market and allows us to scale our upstream RNG production platform.

擁有和營運加油基礎設施使我們能夠直接參與長期合約規定的每加侖經濟效益，這些效益在很大程度上獨立於環境信用定價，並能提供持續的現金流。這具有重要的戰略意義，因為它使我們能夠進入最有價值的承購市場，並使我們能夠擴大上游 RNG 生產平台的規模。

Additionally, the fuel station services segment provides a return profile largely uncorrelated to environmental credit prices, contributing to a more balanced and durable overall earnings mix.

此外，加油站服務業務的回報與環境信用價格基本上無關，有助於形成更均衡和持久的整體收益結構。

I'll now turn the call over to Kazi to discuss the quarter's financial performance, Kazi?

現在我將把電話交給卡齊，讓他來討論本季的財務業績，卡齊？

Thank you, John, and good morning to everyone joining today's call. This quarter showed continued operational progress across the platform. We issued our earnings press release, hosted an updated investor presentation on our website, and expect to file our Form 10-Q shortly.

謝謝約翰，也祝今天參加電話會議的各位早安。本季平台營運持續取得進展。我們發布了獲利新聞稿，在我們的網站上發布了更新的投資者演示文稿，預計很快就會提交 10-Q 表格。

Revenue for the quarter was $83 million and adjusted EBITDA was $19.5 million compared to $84 million and $31.1 million for the same period last year due to lower realized RIN pricing and the expiration of ISCC pathway partially offset by higher RNG production.

本季營收為 8,300 萬美元，調整後 EBITDA 為 1,950 萬美元，而去年同期分別為 8,400 萬美元和 3,110 萬美元，原因是 RIN 實際價格下降以及 ISCC 途徑到期，但部分被 RNG 產量增加所抵消。

I realized RIN price was $2.15 versus $3.13 last year. We expect that the improvements in production and up time we experienced through the quarter will continue and translate into improving financial performance of our upstream portfolio. This quarter's results reflect a more normalized G&A environment compared with last quarter which saw non-recurring expense items in support of our investments in advocacy and technology for our operating platform.

我發現 RIN 的價格是 2.15 美元，而去年是 3.13 美元。我們預計本季在生產和正常運作時間方面的進步將持續下去，並轉化為我們上游業務組合財務表現的改善。與上一季相比，本季的業績反映出一般及行政費用環境更加正常化。上一季出現了非經常性支出項目，用於支持我們在宣傳和技術方面的投資，以支持我們的營運平台。

Turning to liquidity and capital deployment. We ended the quarter with $184 million of total liquidity, which includes $29.9 million of cash and short-term investments. $138.4 million of undrawn capacity under our term facility and $15.5 million of revolver availability.

轉向流動性和資本配置。本季末，我們的總流動資金為1.84億美元，其中包括2,990萬美元的現金和短期投資，1.384億美元的定期貸款未提取額度以及1,550萬美元的循環信貸額度。

Capital expenditure for the quarter was $16.4 million. These capital expenditures relate to new RMG facilities and new Opal owned fueling stations. Maintenance investments for operating assets are expensed in our income statement.

本季資本支出為1640萬美元。這些資本支出與新的RMG設施和Opal擁有的新加油站有關。營運資產的維護投資在我們的損益表中計入費用。

In the quarter we monetized approximately $17 million of investment tax credits this quarter. And we remain on track to achieve approximately $50 million in gross ITC monetization for the full year. The liquidity position together with operating cash flow and ITC monetization supports the projects currently under construction.

本季我們實現了約 1700 萬美元的投資稅收抵免。我們仍有望實現全年約 5,000 萬美元的 ITC 貨幣化總額。流動性狀況以及經營現金流和ITC貨幣化為目前正在建設的項目提供了支持。

As Adam mentioned, we expect to be within our full year 2025 guidance. For the fourth quarter, higher RIN pricing compared to last quarter, sequential production growth, expected fuel station services performance, and contribution to from 45% tax credits support our adjusted EBITDA expectation, although likely towards the lower end of the range.

正如亞當所說，我們預計能夠實現2025年全年的業績預期。第四季度，RIN 價格較上季度上漲，產量環比增長，預計加油站服務表現良好，以及 45% 的稅收抵免，這些因素支撐了我們對調整後 EBITDA 的預期，儘管可能接近預期範圍的下限。

Finally, we are working on refinancing of our preferred equity with NextEra. With our expected access to capital and existing liquidity resources, we will address the term of the existing preferred in the coming months.

最後，我們正在與 NextEra 合作，對我們的優先股進行再融資。憑藉我們預期獲得的資金和現有流動性資源，我們將在未來幾個月內解決現有優先股的期限問題。

Stepping back, our financial strategy is clear. We are disciplined in investing capital within the capacity of our operating cash flow, balance sheet strength, and capital market access. Opal is generating an increasingly balanced and durable earnings base with flexibility to accelerate growth while returns justify it.

從宏觀角度來看，我們的財務策略很清晰。我們在資本投資方面秉持嚴謹的態度，始終將資金投入到我們自身的營運現金流量、資產負債表實力和資本市場准入能力範圍內。Opal 正在建立一個日益均衡和穩定的獲利基礎，並具備在回報允許的情況下加速成長的靈活性。

With that, I'll turn the call back over to John for closing remarks.

接下來，我將把電話交還給約翰，請他作總結發言。

In closing, we remain well positioned for continued disciplined execution of our strategic growth objectives and the expansion of Opal's vertically integrated platform. And with that, I'll turn the call over to the operator for Q&A. Thank you all for your interest in opal fuels.

最後，我們依然處於有利地位，能夠繼續有條不紊地執行我們的策略成長目標，並擴大 Opal 的垂直整合平台。接下來，我將把電話轉交給接線生進行問答環節。感謝大家對蛋白石燃料的關注。

Derrick Whitfield, Texas Capital.

德里克·惠特菲爾德，德克薩斯資本。

Good morning all and thanks for your time. Wanted to start with your RNG production trajectory as you highlighted in your prepared commentary, the trajectory is continuing to grow and appears to be pacing at about a 0.1 million MMBT growth level per quarter. I guess first, is that the right pacing level to think about kind of the growth through year in based on your October commentary? And then second, could you help me frame how this projection of 2026 based on the projects under construction now?

各位早安，感謝大家抽出時間。我想先談談您在準備好的評論中提到的 RNG 生產軌跡，該軌跡仍在持續增長，並且似乎正以每季度約 0.1 百萬 MMBT 的速度增長。首先，我想問的是，根據您十月份的評論，這種節奏水平是否適合用來考慮全年的增長情況？其次，您能否幫我建構一下基於目前在建工程對 2026 年的預測架構？

Yeah, Derrick, that's right. We've seen great sequential growth in our projects. A lot of that comes from the discipline of a -- the team that we put in place over the course of the last year that is updated and revised really the data-driven approach to our project operations, both in terms of the landfill gas collection from a capacity inlet utilization point of view as well as from the efficiency and availability of the projects that are operating with the landfill gas they receive.

是的，德瑞克，沒錯。我們的專案取得了顯著的連續成長。這很大程度上源於我們過去一年中組建的團隊的紀律，該團隊不斷更新和修訂我們項目運營的數據驅動方法，無論是從容量入口利用率的角度來收集垃圾填埋氣，還是從使用垃圾填埋氣運行的項目的效率和可用性來看，都是如此。

We've seen good sequential growth in all of these metrics and that's resulted in same store sales growth from the projects that we're operating. So yes, I think we'll continue to see that trajectory move forward during the course of, the rest of this year and into next year is our expectation, and so maybe Adam you want to add to that?

我們看到所有這些指標都實現了良好的連續成長，這使得我們正在經營的專案實現了同店銷售額的成長。所以，是的，我認為我們預計今年剩餘時間和明年這一趨勢將繼續發展，那麼亞當，你有什麼要補充的嗎？

Yeah, good morning Derrick, just as we're thinking about 2026, we're obviously not providing our full year guidance for 2026 or, you know what all the different KPIs are that we track for it, but we see a strong growth coming in in 2026 and it's going to be supported by another year of strong production growth and a couple of other components as well including a full year of 45Z. And we'll -- I'm sure there's going to be some other questions as we look into 2026. There's probably some seasonality factors that that we're going to be highlighting as well and maybe doing a job of explaining to folks, across the different business segments, but we see 2026 to be another strong year of production growth for us.

是的，德瑞克，早安。正如我們正在考慮 2026 年的情況一樣，我們顯然不會提供 2026 年全年的業績指引，也不會透露我們追蹤的所有關鍵績效指標，但我們預計 2026 年將出現強勁增長，這將得益於又一年強勁的產量增長以及其他一些因素，包括 45Z 的全年供應。而且──我相信當我們展望 2026 年時，還會有一些其他問題。我們也可能會重點提及一些季節性因素，並可能向不同業務部門的人員進行解釋，但我們預計 2026 年將是我們生產成長強勁的另一年。

Terrific and for my follow-up I'll stay with you, Adam and focus on the regulatory environment. In light of the government shutdown on your recent engagement with the administration, what are your common expectations for a final RVO and importantly, do you think there's an appetite from the administration to increase the D3 RVO based on the strength of recent red generation reports?

太好了，我的後續工作將和你一起繼續，亞當，重點關注監管環境。鑑於政府停擺影響了您最近與政府的溝通，您對最終的 RVO 有何共同預期？更重要的是，您認為政府是否有意願根據最近紅色生成報告的力度來提高 D3 RVO？

Yeah, both very good questions. I think the final RVO rules, it is being impacted by this government shutdown, and you know it's difficult to ascertain exactly how long it will take for them to issue the final set rule too once they reopen. I do think that they're looking at volumes across the categories, it's really important to note that you know we believe what you know RNG does receive bipartisan support.

是的，這兩個問題都很好。我認為最終的 RVO 規則受到了政府停擺的影響，而且你也知道，一旦政府重新開放，也很難確定他們究竟需要多長時間才能發布最終的規則。我認為他們正在關注各個類別的交易量，需要特別注意的是，我們相信RNG確實得到了兩黨的支持。

We've seen it in the tax policy and we -- I have been speaking with a number of folks on the Republican side of things as it pertains to D3 volumes. And you have to remember that you know a lot of these RNG projects are in red and rural areas. They're municipal owned facilities and it's and you know cellulosic corn kernel ethanol is also a growing piece of the D3 category, so we do feel the support is there.

我們在稅收政策中已經看到了這一點，而且——我一直在與共和黨方面的一些人談論D3卷的問題。而且你必須記住，你知道很多這類 RNG 計畫都位於經濟落後的農村地區。它們是市政所有的設施，而且你知道，纖維素玉米粒乙醇也是 D3 類別中一個不斷增長的組成部分，所以我們確實感覺到了支持的存在。

And maybe it'll take 30 days, maybe it'll take 45 days after they reopen. There has been a lot of pressure on the EPA to stick with their timelines, but we remain cautiously optimistic that the administration, just like we've seen across the House and the Senate, will continue to support RNG.

或許需要30天，或許要45天才能重新開放。美國環保署面臨很大的壓力，要求遵守時間表，但我們仍然謹慎樂觀地認為，就像我們在眾議院和參議院看到的那樣，本屆政府將繼續支持再生天然氣。

Perfect thanks for your time. I'll leave it there.

非常感謝您的時間。我就說到這兒吧。

Matthew Blair, PPH.

馬修布萊爾，公共衛生碩士。

Thank you and good morning. Adam and John, you've highlighted in the past that your landfill RMG assets have very strong free cash flow generation once they're up and running. We don't really see that in the Opal financial metrics because of all the growth spending. So, could you talk about the balance there? Is there any sort of thought to slowing down the growth, slowing down the CapEx in order to just show a stronger free cash flow, really illuminate that that underlying free cash flow generation that you do have?

謝謝，早安。Adam 和 John，你們過去曾強調，一旦你們的垃圾掩埋場 RMG 資產投入運營，就能產生非常強勁的自由現金流。由於增長性支出，我們在 Opal 的財務指標中並沒有真正看到這一點。那麼，您能談談這方面的平衡情況嗎？是否有考慮過放緩成長速度、放緩資本支出，以展現更強勁的自由現金流，真正凸顯公司現有的自由現金流生成能力？

Yeah, this is Adam here and appreciate that question and you know what we're trying to continue to highlight is that the maintenance CapEx that we have on our facilities is included in our operations and our operating cash flow. So when you look at the CapEx on our balance sheet, that is solely on new RNG, projects facilities and also new Opal owned fueling stations.

是的，我是 Adam，感謝你的提問。我們一直想強調的是，我們設施的維護性資本支出已計入我們的營運和營運現金流。因此，當你查看我們資產負債表上的資本支出時，你會發現那隻是新的可再生天然氣項目設施以及 Opal 擁有的新加油站。

So when you look at our cash flow statement and you look at our financial metrics, what comes out of operating cash flow will be the discretionary free cash flow for Opal Fuels and, hopefully, investors understand that metric and, we're going to continue to try and, help, illuminate that for the investor community.

因此，當您查看我們的現金流量表和財務指標時，從營運現金流中得出的將是 Opal Fuels 的可自由支配現金流，希望投資者能夠理解這一指標，我們將繼續努力幫助投資者群體更好地理解這一指標。

Sounds good. And then you mentioned that 2026, I think you said it would include the full year of 45Z. Can you talk about how much 45Z, if any, you've received in the third quarter and how much you might get in the fourth quarter and if you could perhaps illuminate a range of 45Z contribution in 2026, is this something that helps out your landfill plants in addition to your dairy exposure as well?

聽起來不錯。然後你提到了 2026 年，我想你說它將包括 45Z 的整個年份。您能否談談您在第三季度收到了多少 45Z 的撥款（如果有的話），以及您在第四季度可能會收到多少？您能否說明一下 2026 年 45Z 撥款的大致範圍？除了對您的乳製品業務之外，這是否也有助於您的垃圾掩埋場？

Yeah, this is Adam again. And so just a couple of things on 45Z. One is we're pleased that we've we've now registered all of our facilities starting in the fourth quarter for 45Z generation. And we are aware that there have been some transactions in the marketplace where folks have been monetizing their 45Z and we continue to finalize documentation and work through the mechanics for it. And there already are existing GREET models to generate those 45Z credits.

是的，我又是亞當。那麼，關於 45Z 還有幾點要說。一是我們很高興地宣布，從第四季度開始，我們所有的設施都已註冊用於 45Z 發電。我們注意到市場上出現了一些將 45Z 變現的交易，我們正在繼續完善相關文件並研究其運作機制。目前已有 GREET 模型可以產生這些 45Z 積分。

And to an earlier question on the government. Shutdown, there is also a chance that there will be another 45Z greet model that gets issued once the government reopens, but what we've thought about and what we're including in our thinking on the fourth quarter is just the existing GREET models and whether or not that there's going to be any improvements to that. Certainly we could be taking advantage of that as well, and.

以及之前關於政府的問題。停擺期間，政府重新開放後，可能會發布另一個 45Z 問候模式，但我們在第四季度考慮的只是現有的 GREET 模式，以及是否會對其進行任何改進。當然，我們也可以利用這一點。

As we, as -- and when you think about our sequential ramp into the fourth quarter, Kazi highlighted four different elements. One is increasing production like we've talked about and are expecting here in the fourth quarter. We've also got that, RIN price lift in the fourth quarter, versus what we experienced in the third quarter.

正如我們——當你思考我們逐步邁入第四季時，Kazi 強調了四個不同的要素。一是像我們之前討論過的那樣，在第四季度提高產量，我們預計產量將會提高。我們也看到，第四季 RIN 價格上漲，與第三季相比有所回升。

There's also some fuel station services seasonality, which we'll get, I'm sure, some future questions on where, our LCFS credit sales typically occur, after we've aggregated them over a two quarter period so we'll get a lift of that in the fourth quarter as well as just good base underlying growth in fuel station services. And the fourth piece is the 45Z credits that we'll begin recognizing here in the fourth quarter.

此外，加油站服務也存在一些季節性因素，我相信，在我們將兩個季度的數據匯總之後，未來會有人問到我們的低碳燃料標準 (LCFS) 信用銷售額通常在哪裡產生，因此，在第四季度，我們將從中獲得提振，同時加油站服務本身也有良好的基礎增長。第四部分是 45Z 學分，我們將在第四季開始確認。

So when you look at all four of those pieces, they're fairly evenly distributed amongst those those four items and we'll see a full year of that contribution from 45Z as we move into 2026 and quite frankly for the next -- through 2029.

所以，當你查看這四件物品時，你會發現它們在這四件物品中分佈得相當均勻，我們將在 2026 年以及坦率地說，在接下來的 2029 年，看到 45Z 貢獻一整年。

Great. Thank you.

偉大的。謝謝。

Adam Bubes, Goldman Sachs.

Adam Bubes，高盛集團。

Hi, good morning. Just a finer point on the Q4 implied guide. I think at the low end it's around $34 million, so sharp sequential ramp as you alluded to. Just, could you put a finer point on the D3 RINs price step up? What are you seeing for 4Q and, how much of the 45Z is contributing as well?

您好，早安。關於第四季隱含指引，還有一點需要補充說明。我認為最低目標價在 3,400 萬美元左右，正如你所暗示的那樣，成長速度會非常快。您能否更詳細地解釋一下 D3 RINs 的價格上漲？您對第四季的業績有何看法？其中，45Z車型貢獻了多少？

Yeah, so in the fourth quarter I think most people are aware that the price has risen to around $2.40 for the D3 RINs, and, if you do the math on our production there are some royalties that you take out of that, but that's -- I don't think we're going into the quite granularity of each one of those pieces, but that is a part of that sequential lift.

是的，我認為大多數人都知道，第四季度 D3 RIN 的價格已經上漲到 2.40 美元左右，而且，如果你計算一下我們的生產成本，你會發現其中有一些版稅，但是——我認為我們不會深入探討每一部分的具體細節，但這只是價格上漲的一部分。

We're also going to see an improved performance in fuel station services, and there will be some component to 45z. I think we're -- those are fairly even distributed amongst those factors and then the production li would be the other piece.

我們也將看到加油站服務效能的提升，其中也會包含一些 45z 的元素。我認為我們——這些因素分佈得相當均勻，而生產成本則是另一部分。

And then for 2026, can you just comment -- have you started to lock in, D3 RIN volumes in this sort of contracted market? And if so, what are, what are those contracts looking like?

那麼對於 2026 年，您能否評論一下——您是否已經開始鎖定這種合約市場中的 D3 RIN 數量？如果屬實，那麼這些合約的具體內容是什麼？

Yeah, so not just yet on 2026, I think obligated parties, which is really the chunkier volume of transactions in the RIN market, the obligated parties we feel like are still, hanging back on 2026 until there's some final rules that get issued. And, so the 2026 pricing is around where the 2025 is, but we haven't seen a lot of volumes in the marketplace just yet.

是的，所以到 2026 年還不是時候。我認為，在 RIN 市場中交易量較大的那些義務方，我們感覺他們仍然在觀望，直到最終規則出台。因此，2026 年的定價與 2025 年的定價大致相同，但我們目前還沒有看到市場上出現大量的銷售量。

And I think there was an earlier question as well around the regulatory outlook and just as we're thinking about RIN pricing as we move forward into 2026 and 2027. The D3 RIN market can get tightened, one of two ways. One is we can see, a boost in RVO volumes which a lot of folks have been advocating and we feel like there is some support for. And then the other way that D3 RINs can tighten is if RNG producers decide to move volumes out of the RFS and transportation fuel and that's a possibility as well.

我認為之前也有一個關於監管前景的問題，正如我們正在考慮 2026 年和 2027 年的 RIN 定價一樣。D3 RIN 市場可能會收緊，有兩種情況。一方面，我們可以看到 RVO 交易量增加，許多人一直倡導這種做法，我們也覺得這得到了一些支持。D3 RINs收緊的另一種方式是，如果RNG生產商決定將部分燃料從RFS轉移到運輸燃料中，這也是有可能的。

So we have not begun selling forward in any serious magnitude in '26 but we expect that market to develop shortly, once the rules are finalized.

因此，我們還沒有開始大規模地銷售 2026 年的期貨合約，但我們預計一旦規則最終確定，該市場很快就會發展起來。

And then the last one for me, I think you know based on the data we're looking at natural gas, vehicle consumption already uses almost entirely renewable natural gas. So you know what's sort of your outlook on potential for increasing natural gas vehicle adoption over the next couple of years and do you view the bottleneck from here as more so the infrastructure or willingness to purchase the vehicles?

最後一點，我想根據我們看到的天然氣數據，汽車消耗幾乎完全使用了再生天然氣。那麼，您如何看待未來幾年天然氣汽車普及的潛力？您認為目前的瓶頸是基礎建設還是消費者購買意願？

Yeah, and I know we and others in the industry keep expressing optimism around natural gas deployment to replace diesel and we're really optimistic that we're that we're starting to see that traction take hold and really excited about some of the fleets that we're talking to on this. I would highlight for folks as well some of the recent team additions that we've had here at Opal Fuels both at the Board level and with the team leadership with the new Chief Revenue Officer on fuel station services.

是的，我知道我們和業內其他人一直對天然氣取代柴油的部署表示樂觀，我們非常樂觀地認為，我們已經開始看到這種趨勢取得進展，並且對我們正在與之洽談的一些車隊感到非常興奮。我也想向大家重點介紹一下 Opal Fuels 最近的一些團隊新成員，包括董事會成員和團隊領導層的新成員，例如負責加油站服務的新任首席營收長。

And it has become the clear choice for fleets to decarbonize and reduce their cost of diesel. We had, a confluence of factors in the beginning of '25 between a model changeover, equipment pricing on CNG adoption, and some macro headwinds whether it be tariffs. And some other things where we felt like a lot of athletes were really interested in it, liked it in concept, but weren't really ready to pull the trigger yet and the industry has been addressing some of those equipment pricing issues residual values, leasing programs, that sort of thing. And we really feel good that some fleets are starting ready to make some of these deployment decisions.

這已成為車隊實現脫碳和降低柴油成本的明確選擇。2025 年初，我們面臨多種因素的匯合，包括車型換代、CNG 採用所帶來的設備定價問題，以及一些宏觀不利因素，例如關稅。還有一些其他方面，我們覺得很多運動員對此很感興趣，喜歡它的概念，但還沒有真正準備好付諸行動，而業界一直在解決一些設備定價問題，例如殘值、租賃計劃等等。我們感到非常欣慰的是，一些艦隊已經開始準備做出這些部署決定。

And what I what I would also say as we look into '26 for Opal Fuels, we do see a good growth from across our business segments, a lot of those deployment decisions though, there is a lag for when the fuel stations get built and trucks get delivered. So as we look forward into 2026, we really do think that there's going to be some fleet deployment decisions which then translates into '27. We have other factors that we think will lead to some fuel station service growth in '26, but we've certainly been preparing for what we see is an open ended growth trajectory for not only RNG but CNG.

展望 2026 年 Opal Fuels 的發展，我想說的是，我們各個業務部門都實現了良好的增長，但是很多部署決策都存在滯後，因為加油站的建設和卡車的交付都需要時間。展望 2026 年，我們確實認為屆時會有一些艦隊部署方面的決定，這些決定將延續到 2027 年。我們認為還有其他因素會在 2026 年推動加油站服務成長，但我們當然一直在為 RNG 和 CNG 的無限成長軌跡做準備。

And when we talk about natural gas for heavy duty trucking here, this is something that we think makes a lot sense across the aisle where you know when a lot of folks are focused on energy dominance, disinflationary types of policies, natural gas fits the bill quite well. And you also get some of those other environmental benefits that come along with it in terms of air quality and that sort of thing.

當我們談到重型卡車使用天然氣時，我們認為這在兩黨之間都很有意義，因為你知道，當許多人關注能源主導地位、通貨緊縮政策時，天然氣非常符合這些政策的要求。此外，它還能帶來一些其他的環境效益，例如改善空氣品質等等。

So, we think CNG is going is going to have a very interesting growth trajectory as we work through some of the equipment pricing issues which have been going down, and some of these other kind of issues and fleets and logistics firms have adjusted to those macros, right? You go through that first quarter or two when you're just trying to deal with some of that macro backdrop and then you start operating under it and you start moving forward with some of those parameters.

所以，我們認為隨著設備價格下降以及其他一些問題得到解決，CNG 將會有一個非常有趣的成長軌跡，車隊和物流公司也已經調整以適應這些宏觀因素，對吧？在最初的一兩個季度裡，你只是在努力應對一些宏觀背景，然後你開始在這些背景下運作，並開始根據這些參數向前邁進。

Terrific. Thanks so much.

了不起。非常感謝。

Ryan Pfingst, B Reilly.

Ryan Pfingst，B Reilly。

Hey guys, thanks for taking my questions. Curious what you've been seeing or hearing broadly in the voluntary market and if you're weighing any opportunities there today.

各位好，感謝你們回答我的問題。很好奇您在自願投資市場中看到了什麼或聽到了什麼，以及您今天是否正在考慮任何投資機會。

So this is Adam again here. One voluntary market that we've been interested in and potentially excited about his marine fuel. And there was a delay on you know some marine fuel adoption out of that IMO read and there will be a play for RNG in that marine fuel market. I feel like it's been pushed out a little bit because of that delayed approach to how they're going to be using renewable methanol as marine fuel.

這位又是亞當。我們一直對他的船用燃料這個自願市場很感興趣，並且可能對此感到興奮。由於國際海事組織（IMO）的這份報告，船用燃料的普及出現了一些延遲，而再生天然氣（RNG）將在船用燃料市場佔有一席之地。我覺得這件事被推遲了一點，是因為他們遲遲沒有採用再生甲醇作為船用燃料的方法。

There are a couple of states that are that are starting to think about RNG and how they achieve their objectives on decarbonizing their fuel mix. But we are -- we have not seen yet where it makes sense to transact and commit some of our RNG into those voluntary markets. We're still of the opinion that there's a little bit of a misunderstanding or a misconception around the reg risk of RNG and the transportation fuel market and the renewable fuel standard.

有幾個州已經開始考慮再生天然氣 (RNG) 以及如何實現其燃料結構脫碳的目標。但我們目前還沒有看到將部分 RNG 投入這些自願市場進行交易和投入的合理性。我們仍然認為，對於 RNG 的監管風險、運輸燃料市場和再生燃料標準，存在一些誤解或錯誤觀念。

And up until this point, it still hasn't quite made sense to us to transact in those voluntary markets until we see some of those other things open up and you know we get a little bit more to offtake parity for what you know again we consider a little bit of mispriced reg risk or regulatory uncertainty. We kind of feel like that's the case across Opal fuels and how people think about RNG.

直到現在，在我們看到其他一些事情開放之前，在這些自願市場進行交易對我們來說仍然不太有意義，你知道，在我們考慮到一些定價錯誤的監管風險或監管不確定性之前，我們可以獲得更多的承購平價。我們感覺 Opal 燃料的情況以及人們對 RNG 的看法都大致如此。

Yeah, and just in addition, I'll just add that some of our competitors have reported committing to voluntary markets. Not sure exactly what volumes. But that would have the effect of really opening up a little bit of the dispensing and helping.

是的，另外，我還想補充一點，我們的一些競爭對手已經宣布加入自願市場。不太清楚具體是哪些卷。但這樣做確實能稍微改善一下分發和幫助的方式。

Yeah, the only thing also I would add there is I also think that's a function of our business model, the fact that we're vertically integrated and we've got that visibility into the highest offtake market. I don't know if others feel like maybe they're sort of pushed into those markets because they don't have that same vertical integration that we have, but we still continue to believe we're going to make the most money for our shareholders continuing to tap into the most valuable offtake market.

是的，我還要補充一點，我認為這與我們的商業模式有關，因為我們是垂直整合的，所以我們能夠洞察到銷量最高的市場。我不知道其他人是否覺得他們是被迫進入這些市場的，因為他們沒有我們這樣的垂直整合，但我們仍然相信，繼續開拓最有價值的承購市場，才能為我們的股東創造最大的利潤。

Got it. Yeah, no, that makes sense. Appreciate all that detail. Good segue to my next question, which is, as competition for RNG project development picked up or have more players entered the market following the one big beautiful bill and the more positive policy environment that you have today?

知道了。是啊，沒錯，這說得通。感謝您提供的所有細節。這很好地引出了我的下一個問題，那就是，隨著一項重大法案的出台和當前更加積極的政策環境，RNG項目開發的競爭是否加劇，或者說是否有更多參與者進入了市場？

I think that access to capital and limited access to dispensing has really put a little bit of a limit on what competitors are able to do in the market. Yeah, you saw a big kind of go-go push, especially leading into the, $3 RIN period after the RFS, first set role. And now, with the uncertainty from the EPA waiver last year, use of their general waiver, I think that, that's caused a little bit of a lid on D3 pricing, limited access to capital.

我認為，資金獲取管道有限以及分銷管道受限，確實在一定程度上限制了競爭對手在市場上的發展。是的，你會看到一股強勁的勢頭，尤其是在 RFS 之後，RIN 價格達到 3 美元時，以及第一個系列賽角色之後。現在，由於去年 EPA 豁免的不確定性，以及其一般豁免的使用，我認為這在一定程度上抑制了 D3 的價格，限制了其獲得資金的管道。

And to your earlier question, I really don't think that the voluntary market is that deep or at least we haven't seen it being that deep. So, without access to off take I think it's really limiting what other developers are able to do. Sure you'll still see other projects coming online, but I think sequentially you'll see it maybe a little bit slower.

至於你之前的問題，我真的不認為自願市場有那麼深，或者至少我們還沒看到它有那麼深。所以，如果沒有獲得授權許可，我認為這確實限制了其他開發者能夠做的事情。當然，你也會看到其他項目陸續上線，但我認為從順序上看，速度可能會慢一些。

Yeah, and if you don't mind, I just want to go back because I don't think I answered the second part to an earlier question on the free cash flow generation and slowing down growth and that sort of thing. I just want to stress that we are extraordinarily disciplined here at Opal Fuels in terms of our capital deployment and if we're not seeing paybacks of, that that four to five year period on new RNG project development, we are not going to develop those projects.

是的，如果您不介意的話，我想回去再問一下，因為我覺得我還沒有回答之前關於自由現金流產生、成長放緩等等問題的第二部分。我只想強調，在 Opal Fuels，我們在資本部署上有著極為嚴格的紀律。如果我們在新 RNG 專案開發的四到五年內看不到回報，我們就不會開發這些專案。

We do have a strong advanced development pipeline of projects that meet our investment criteria and we're going to continue to be disciplined and invest in those projects that we think are going to generate long-term, value for our shareholders. And we'll continue to try and do a better job highlighting of discretionary free cash flow and that CapEx on our cash flow statement, solely associated to new projects, RNG projects or fuel stations, or maybe, an IT platform or something like that we're investing in.

我們確實擁有大量符合我們投資標準的在研項目，我們將繼續保持嚴謹的態度，投資於我們認為能夠為股東創造長期價值的項目。我們將繼續努力，在現金流量表中更好地突出可自由支配的現金流和資本支出，這些支出僅與新項目、RNG 項目或加油站，或我們正在投資的 IT 平台或類似項目相關。

But we've always been disciplined in terms of the projects that meet that investment criteria, and we're going to continue to methodically find those projects that, hit our investment criteria.

但我們一直以來都嚴格篩選符合投資標準的項目，我們將繼續有條不紊地尋找符合我們投資標準的項目。

Great, I appreciate all that detail, guys. I'll turn it back.

太好了，感謝各位提供的所有細節。我會把它轉回去。

Betty Zhang, Scotiabank.

Betty Zhang，加拿大豐業銀行。

Thanks. Good morning. Thanks for taking my question. I wanted to ask about what seems to be a shift to focus more on the downstream fuel distribution. So just wondering if you could elaborate a bit more on how you're thinking about the strategy, what factors are driving that, and what that would entail. So is that just building more stations or what else, if you could share a bit more.

謝謝。早安.謝謝您回答我的問題。我想詢問一下，目前似乎正在轉向更加關注下游燃料分銷。所以我想請您詳細說明您的策略思路，有哪些因素在驅動這項策略，以及這項策略具體包含哪些內容。所以，是不是只是要蓋更多車站？還是還有其他計劃？能否透露更多資訊？

Sure. Let me take that one. The downstream segment if Adam mentioned John mentioned before, even in our prepared remark, we do see a cash flow stream that's coming uncorrelated with the RFS market and re volume or prices.

當然。讓我來做吧。如果亞當提到約翰之前提到的下游部分，即使在我們準備好的發言中，我們也確實看到現金流與 RFS 市場以及銷售或價格無關。

So it allows us to create a business segment that potentially will provide a lot more balanced earnings profile going forward including cash flow profile. That is what we are looking towards to add value to our shareholders. And so that is the overall objective and our business model also allows us to deploy capital with a very healthy cushion over our cost of capital in the downstream segment.

因此，這使我們能夠創建一個業務部門，該部門未來可能會提供更均衡的獲利狀況，包括現金流狀況。這就是我們希望透過這種方式為股東創造價值的方式。因此，這就是我們的總體目標，我們的商業模式也使我們能夠在下游領域部署資本，並擁有比資本成本非常健康的緩衝空間。

And our business model we have worked with the fleet owners operators and have them to convert their diesel to CNG and RNG. So this is where we are going to create a balanced portfolio which allows us to take advantage of both RFS market and the downstream CNG RNG market.

我們的商業模式是與車隊所有者和營運商合作，讓他們將柴油動力系統轉換為 CNG 和 RNG 動力系統。因此，我們將創建一個平衡的投資組合，使我們能夠同時利用 RFS 市場和下游 CNG RNG 市場。

Yeah, and I would just say we it's where we see a really attractive opportunity in terms of some open ended growth. I know I know we spent a lot of time talking about RNG. But if you think about the diesel market here in the US, it's 45 billion gallons, and natural gas is a billion of it today, and we think this is going to make sense for a lot of fleets, and we think the fuel station service segment will have a life of its own past RNG as, once we start getting some of these early fleet adopters in there and we understand the attractiveness of RNG, because it not only saves money but it also allows folks to achieve some sustainability goals.

是的，我想說的是，我們看到這裡蘊藏著一個極具吸引力的機會，發展前景看好。我知道我知道，我們花了很多時間討論隨機數產生器（RNG）。但如果你看看美國的柴油市場，它的銷量是 450 億加侖，而天然氣目前只有 10 億加侖，我們認為這對許多車隊來說都是有意義的，而且我們認為加油站服務領域將會擁有自己的發展前景，超越可再生天然氣 (RNG) 本身。一旦我們開始吸引一些早期車隊採用者，並且我們了解了 RNG 的吸引力，因為它不僅可以省錢，還可以幫助人們實現一些永續發展目標。

We're going to see more folks on the equipment side of things, economies of scale there, the premium of that tractor going down, and CNG is going to make a lot of economic sense for a lot of folks. If you go back to when the 9 and the 12 liter engine came out, those things were priced much closer to diesel from a tractor perspective, and when that starts happening, it's going to be an interesting market for CNG versus diesel.

我們將會看到更多人涉足設備領域，規模經濟效益將會出現，拖拉機的溢價將會下降，而 CNG 對許多人來說將具有很大的經濟意義。如果回顧一下9公升和12公升引擎剛推出的時候，從拖拉機的角度來看，它們的價格與柴油引擎的價格非常接近，當這種情況開始出現時，CNG與柴油的市場競爭將會變得很有趣。

I would just add that it's just also more to the point that our vertically integrated business model presents opportunities on the upstream and downstream side where growth in one area supports the other and vice versa and that's the condition we're seeing today.

我還要補充一點，更重要的是，我們的垂直整​​合商業模式在上游和下游都帶來了機遇，一個領域的成長可以促進另一個領域的成長，反之亦然，而這正是我們今天所看到的狀況。

Great. Thank you for that. And then lastly, if I could ask you to discuss your capital position and how you're thinking about funding needs over the medium term.

偉大的。謝謝。最後，能否請您談談貴公司的資本狀況，以及您如何看待中期的資金需求？

Yeah, that's again I think Adam already touched on it before. Our committed capital are within what we can afford from our operating cash flow and our existing liquidity resources. So if we look at our growth profile and the amount we have committed is you can actually look through our operating cash flow and available capital. All the new projects that we're going to be doing, we will be securing new, capital in order for us to commit to new capital projects. So in general. We are very prudent of why we are committing our capital.

是的，我想亞當之前已經提到過這一點了。我們投入的資金在我們營運現金流和現有流動資金所能負擔的範圍內。所以，如果我們看一下我們的成長情況和我們已投入的資金，您實際上可以查看我們的營運現金流量和可用資本。我們即將開展的所有新項目，都需要獲得新的資金，以便我們能夠投入新的資本項目。總的來說。我們對投入資金的原因非常謹慎。

Thank you.

謝謝。

That concludes today's question-and-answer session. I'd like to turn the call back to Adam Kora for closing remarks.

今天的問答環節到此結束。我謹將電話轉回給亞當·科拉，請他作總結發言。

All right, we thank everybody for your interest in opal fuels and hope you have a great rest of the day.

好的，感謝大家對蛋白石燃料的關注，祝福大家今天剩下的時間過得愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。