NOTE 18—SEGMENT INFORMATION

The Company’s reportable operating segments for the years ended December 31, 2024, 2023 and 2022 are Renewable Natural Gas and Renewable Electricity Generation. Renewable Natural Gas includes the production of RNG. Renewable Electricity Generation includes generation of electricity at biogas-to-electricity plants. The Corporate entity is not determined to be an operating segment but is discretely disclosed for purposes of reconciliation of the Company’s consolidated financial statements, and though not denoted as an operating segment, significant expenses are noted within the segment. The following tables are consistent with the manner in which the Chief Executive Officer, who is the Company's chief operating decision maker ("CODM"), evaluates the performance of each segment and allocates the Company's resources. The CODM evaluates the performance of the segments based on segment operating income (loss). The Company maintains discrete financial information for its operating sites, which meet the definition of an operating segment, but are aggregated into reportable segments based on the type of commodity produced. Total Assets and Capital expenditures by segment are also provided within the tables below. “RNG” refers to Renewable Natural Gas and “REG” refer to Renewable Electricity Generation.



	For The Year Ended December 31, 2024
	RNG			REG			Corporate			Total
Total operating revenue	$	157,983		$	17,753		$	—		$	175,736

Less (1)
Payroll and related expenses		8,516			2,226			23,847			34,589
Wellfield operating and maintenance		5,104			3,537		—				8,641
Plant expense		2,262			1,133		—				3,395
Waste disposal		2,353			54		—				2,407
Preventative maintenance		13,677			3,607		—				17,284
Breakdown expenses		1,736			469		—				2,205
Utility expense		15,571			310		—				15,881
Insurance	—			—				5,488			5,488
Professional and IT fees	—			—				4,141			4,141
Royalties, transportation, gathering and production fuel		29,529			1,973		—				31,502
Depreciation, depletion and amortization		18,192			5,099			224			23,515
Impairment		843			743		—				1,586
Other operating expenses (2), (3)		4,168			1,425			3,386			8,979
Total operating expenses	$	101,951		$	20,576		$	37,086		$	159,613

Operating income (loss)	$	56,032		$	(2,823	)	$	(37,086	)	$	16,123
Interest expense	—				1			5,276			5,277
Other (income) expense		(32	)		(1,011	)		(288	)		(1,331	)
Income (loss) before income taxes	$	56,064		$	(1,813	)	$	(42,074	)	$	12,177

Total assets	$	187,438		$	107,519		$	54,058		$	349,015
Capital expenditures		25,403			36,280			640			62,323

(1) Significant expenses regularly provided to the CODM.

(2) The majority of other operating expenses for RNG and REG are consumables, rent, environmental compliance and general and administrative expenses.

(3) The majority of other operating expenses for Corporate are office expenses, board of director and corporate filing fees.



	For The Year Ended December 31, 2023
	RNG		REG			Corporate			Total
Total operating revenue	$	156,455	$	18,449		$	—		$	174,904

Less (1)
Payroll and related expenses		7,620		1,850			20,396			29,866
Wellfield operating and maintenance		3,659		2,080		—				5,739
Plant expense		2,874		806		—				3,680
Waste disposal		2,103		24		—				2,127
Preventative maintenance		10,202		3,822		—				14,024
Breakdown expenses		2,711		832		—				3,543
Utility expense		15,168		579		—				15,747
Insurance	—		—				5,951			5,951
Professional and IT fees	—		—				5,399			5,399
Royalties, transportation, gathering and production fuel		32,876		1,985		—				34,861
Depreciation, depletion and amortization		15,720		5,193			245			21,158
Impairment		777		125			-			902
Other operating expenses (2), (3)		3,458		1,749			3,060			8,267
Total operating expenses	$	97,168	$	19,045		$	35,051		$	151,264

Operating income (loss)	$	59,287	$	(596	)	$	(35,051	)	$	23,640
Interest expense	—		—				5,753			5,753
Other expense (income)		16		(24	)		(471	)		(479	)
Income (loss) before income taxes	$	59,271	$	(572	)	$	(40,333	)	$	18,366

Total assets	$	176,951	$	73,369		$	99,918		$	350,238
Capital expenditures		41,325		21,682			84			63,091

(1) Significant expenses regularly provided to the CODM.

(2) The majority of other operating expenses for RNG and REG are consumables, rent, environmental compliance and general and administrative expenses.

(3) The majority of other operating expenses for Corporate are office expenses, board of director and corporate filing fees.



	For The Year Ended December 31, 2022
	RNG		REG			Corporate			Total
Total operating revenue	$	196,218	$	17,170		$	(7,829	)	$	205,559

Less (1)
Payroll and related expenses		6,722		1,574			19,788			28,084
Wellfield operating and maintenance		2,127		1,866		—				3,993
Plant expense		2,446		677		—				3,123
Waste disposal		2,034		69		—				2,103
Preventative maintenance		8,173		6,214		—				14,387
Breakdown expenses		1,809		643		—				2,452
Utility expense		17,266		618		—				17,884
Insurance	—		—				5,893			5,893
Professional and IT fees	—		—				5,967			5,967
Royalties, transportation, gathering and production fuel		42,339		1,824		—				44,163
Depreciation, depletion and amortization		14,967		5,443			290			20,700
Impairment		1,135		3,526			191			4,852
Other operating expenses (2), (3)		2,761		1,736			2,895			7,392
Total operating expenses	$	101,779	$	24,190		$	35,024		$	160,993

Operating income (loss)	$	94,439	$	(7,020	)	$	(42,853	)	$	44,566
Interest expense	—		—				1,792			1,792
Other expense (income)		108		(280	)		(296	)		(468	)
Income (loss) before income taxes	$	94,331	$	(6,740	)	$	(44,349	)	$	43,242

Total assets	$	151,998	$	53,255		$	127,063		$	332,316
Capital expenditures		16,667		5,033			577			22,277

(1) Significant expenses regularly provided to the CODM.

(2) The majority of other operating expenses for RNG and REG are consumables, rent, environmental compliance and general and administrative expenses.

(3) The majority of other operating expenses for Corporate are office expenses, board of director and corporate filing fees.

For the years ended December 31, 2024, 2023 and 2022, four, three and two customers, respectively, made up greater than 10% of our total revenues.


	Year Ended December 31, 2024
	RNG			REG		Corporate		Total

Customer A		17.6	%		—		—		17.6	%
Customer B		15.7	%		—		—		15.7	%
Customer C		13.8	%		—		—		13.8	%
Customer D		11.8	%		—		—		11.8	%

	Year Ended December 31, 2023
	RNG			REG		Corporate		Total
Customer A		22.0	%		—		—		22.0	%
Customer B		11.7	%		—		—		11.7	%
Customer C		11.7	%		—		—		11.7	%


	Year Ended December 31, 2022
	RNG			REG		Corporate		Total
Customer A		32.0	%		—		—		32.0	%
Customer B		17.0	%		—		—		17.0	%

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Montauk Renewables, Inc. Segments Disclosure

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