Montauk Renewables, Inc.

Listed Company

MNTKCIK 0001826600NasdaqEmerging GrowthGas & Other Services CombinedDelawareFY ends Dec 31

Period

FY 2025

Revenue

$176.38M

Net Income

$1.75M

Total Assets

$435.46M

Equity

$263.15M

Shares Out

142.34M

Op. Cash Flow

$30.33M

Business

Montauk Renewables, Inc. is a renewable energy company that recovers and processes biogas from landfills and other non-fossil sources to produce beneficial fuels. It develops, owns and operates projects that convert biogas into pipeline-quality renewable natural gas (RNG) and renewable electricity while monetizing Environmental Attributes. The company operates through two segments: Renewable Natural Gas and Renewable Electricity Generation, and offers engineering, construction, operations and value‑added services. Its projects and sales are concentrated in the United States and deliver fuel and credits via pipelines, utilities, long‑term offtake and market-based contracts.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total operating revenues	176	176	175	206	148
Operating and maintenance expenses	78	67	60	57	49
General and administrative expenses	32	36	34	34	43
Royalties, transportation, gathering and production fuel	33	32	35	44	29
Depreciation, depletion and amortization	30	24	21	21	23
Impairment loss	3	2	902,000	5	1
Transaction costs	0	61,000	178,000	185,000	352,000
Total operating expenses	176	160	151	161	145
Operating income (loss)	852,000	16	24	45	3
Interest expense	5	5	6	2	—
Income from equity investment	−1	0	0	—	—
Other income	8,000	−1	−479,000	−468,000	620,000
Total other expenses	3	4	5	1	4
Income (loss) before income taxes	−2	12	18	43	−367,000
Income tax (benefit) expense	−4	2	3	8	4
Net (loss) income	2	10	15	35	−5
Basic (per share)	0.01	0.07	0.11	0.25	−0.03
Diluted (per share)	0.01	0.07	0.11	0.25	−0.03
Basic (shares)	143	142	142	141	141
Diluted (shares)	143	142	142	143	141

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	24	46	74	105	53
Accounts and other receivables	9	8	13	7	9
Current restricted cash	8,000	8,000	8,000	22,000	19,000
Income tax receivable	702,000	41,000	0	—	—
Current portion of derivative instruments	220,000	471,000	785,000	879,000	—
Prepaid insurance and other current assets	3	3	3	3	3
Total current assets	37	57	90	125	75
Non-current restricted cash	430,000	375,000	423,000	407,000	328,000
Property, plant and equipment, net	341	252	214	176	181
Goodwill and intangible assets, net	20	18	18	16	14
Deferred tax assets	6	1	2	4	11
Non-current portion of derivative instruments	0	298,000	470,000	936,000	—
Operating lease right-of-use assets	9	7	4	5	305,000
Finance lease right-of-use assets	39,000	110,000	36,000	96,000	—
Equity method investment	4	0	—	—	—
Other assets	18	12	10	6	5
Total assets	435	349	350	332	286
Accounts payable	16	9	8	5	5
Accrued liabilities	12	10	13	15	11
Related party payable	0	625,000	0	—	—
Current portion of operating lease liability	3	2	420,000	410,000	296,000
Current portion of finance lease liability	32,000	76,000	26,000	71,000	—
Current portion of long-term debt	3	12	8	8	8
Total current liabilities	33	34	29	28	25
Long-term debt, less current portion	126	44	56	64	71
Non-current portion of operating lease liability	6	5	4	4	27,000
Non-current portion of finance lease liability	8,000	36,000	10,000	25,000	—
Asset retirement obligations	7	6	6	5	5
Other liabilities	39,000	3	5	3	3
Total liabilities	172	92	100	105	104
Commitments and contingencies (Note 20)	—	—	—	—	—
Common stock, $0.01 par value, authorized 690,000,000 shares; 143,912,811 and 143,792,811 shares issued at December 31, 2025 and December 31, 2024, respectively; 143,244,544 and 142,711,797 shares outstanding at December 31, 2025 and December 31, 2024, respectively	1	1	1	1	1
Treasury stock, at cost, 2,521,886 and 2,308,524 shares December 31, 2025 and December 31, 2024, respectively	−22	−21	−11	−11	−11
Additional paid-in capital	226	222	214	206	196
Retained earnings	57	55	46	31	−5
Total stockholders' equity	263	257	250	227	182
Total liabilities and stockholders' equity	435	349	350	332	286

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, depletion and amortization	30	24	21	21	23
(Benefit) provision for deferred income taxes	−4	804,000	2	7	4
Stock-based compensation	4	10	8	10	22
Derivative mark-to-market adjustments and settlements	549,000	486,000	560,000	−3	−1
Net loss on disposal of assets	36,000	0	94,000	−233,000	822,000
(Decrease) increase in earn-out liability	594,000	−2	1	1	801,000
Accretion of asset retirement obligations	485,000	445,000	407,000	296,000	—
Liabilities associated with properties sold	0	−225,000	0	0	—
Amortization of debt issuance costs	391,000	360,000	367,000	412,000	483,000
Non cash expense - RINs sold from equity method investment	2	0	0	—	—
Accounts receivable	−995,000	5	−6	−3	−2
Royalty offset long term receivable	−5	−3	−4	0	—
Income tax receivable	−661,000	−354,000	−89,000	—	—
Critical spare inventory	−2	472,000	−1	−752,000	—
Accounts payable and Accrued liabilities	735,000	−2	1	3	−2
Other	196,000	−477,000	−22,000	−331,000	—
Net cash provided by operating activities	30	44	41	81	43
Capital expenditures	−117	−62	−63	−22	−10
Asset acquisition	0	−820,000	0	0	−10
Capital contributions to equity method investments	−4	0	0	—	—
Cash collateral deposits	55,000	−48,000	2,000	82,000	−220,000
Proceeds from sale of assets	0	1	2,000	1	73,000
Net cash used in investing activities	−120	−62	−63	−21	−19
Repayments of long-term debt	−12	−8	−8	−8	−67
Borrowings on revolver	105	0	0	0	80
Repayments on revolver	−20	0	0	—	—
Contingent consideration payments	−4	0	0	—	—
Common stock issuance	5,000	6,000	4,000	6,000	16
Treasury stock purchase	−419,000	−2	−122,000	−238,000	−11
Related party receivable	0	0	−1	0	−9
Finance lease payments	−71,000	−68,000	−74,000	−47,000	0
Net cash provided (used) in financing activities	68	−10	−9	−8	9
Net decrease in cash and cash equivalents and restricted cash	−22	−28	−31	52	32
Cash paid for interest, net of $1,308 and $0 capitalized respectively	4	4	5	3	4
Cash paid for income taxes	783,000	2	2	696,000	280,000
Accrual for purchase of property, plant and equipment included in accounts payable and accrued liabilities	12	5	5	3	1
Non-cash purchase of Treasury stock	0	8	0	0	—
Non-cash RIN distribution from equity method investment	2	0	0	—	—

Filings

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