Montauk Renewables Announces Full Year 2024 Results
Montauk Renewables (NASDAQ: MNTK) reported flat revenues of $175.7 million for full-year 2024, with net income declining 34.9% to $9.7 million. The company's RNG production increased 1.6% to 5.6 million MMBtu, while RINs sold decreased 18.5% to 36.6 million.
Key operational highlights include:
- Non-GAAP Adjusted EBITDA decreased 8.3% to $42.6 million
- Average realized RIN price increased 21% to $3.28
- Operating income decreased 31.3% to $16.1 million
- 6.8 million unsold RINs at year-end (subsequently sold)
The company provided 2025 guidance:
- RNG revenues expected between $150-170 million
- RNG production volumes projected at 5.8-6.0 million MMBtu
- Renewable Electricity revenues forecasted at $17-18 million
Montauk Renewables (NASDAQ: MNTK) ha riportato ricavi stabili di $175,7 milioni per l'intero anno 2024, con un utile netto in calo del 34,9% a $9,7 milioni. La produzione di RNG dell'azienda è aumentata dell'1,6% a 5,6 milioni di MMBtu, mentre le RIN vendute sono diminuite del 18,5% a 36,6 milioni.
Tra i principali risultati operativi si evidenziano:
- EBITDA rettificato non-GAAP diminuito dell'8,3% a $42,6 milioni
- Prezzo medio realizzato delle RIN aumentato del 21% a $3,28
- Utile operativo diminuito del 31,3% a $16,1 milioni
- 6,8 milioni di RIN invendute a fine anno (successivamente vendute)
L'azienda ha fornito indicazioni per il 2025:
- Ricavi da RNG previsti tra $150-170 milioni
- Volumi di produzione di RNG previsti tra 5,8-6,0 milioni di MMBtu
- Ricavi da elettricità rinnovabile previsti tra $17-18 milioni
Montauk Renewables (NASDAQ: MNTK) reportó ingresos estables de $175.7 millones para el año completo 2024, con una disminución del 34.9% en la utilidad neta a $9.7 millones. La producción de RNG de la empresa aumentó un 1.6% a 5.6 millones de MMBtu, mientras que las RIN vendidas disminuyeron un 18.5% a 36.6 millones.
Los aspectos operativos clave incluyen:
- EBITDA ajustado no-GAAP disminuyó un 8.3% a $42.6 millones
- El precio promedio realizado de las RIN aumentó un 21% a $3.28
- El ingreso operativo disminuyó un 31.3% a $16.1 millones
- 6.8 millones de RIN no vendidas al final del año (posteriormente vendidas)
La empresa proporcionó orientación para 2025:
- Se esperan ingresos de RNG entre $150-170 millones
- Se proyectan volúmenes de producción de RNG de 5.8-6.0 millones de MMBtu
- Se pronostican ingresos de electricidad renovable entre $17-18 millones
Montauk Renewables (NASDAQ: MNTK)는 2024년 전체 연도 동안 수익이 $175.7 백만으로 변동이 없었으며, 순이익은 34.9% 감소하여 $9.7 백만에 달했습니다. 회사의 RNG 생산량은 1.6% 증가하여 5.6 백만 MMBtu에 이르렀고, 판매된 RIN은 18.5% 감소하여 36.6 백만에 달했습니다.
주요 운영 하이라이트는 다음과 같습니다:
- 비-GAAP 조정 EBITDA는 8.3% 감소하여 $42.6 백만
- 평균 실현 RIN 가격은 21% 증가하여 $3.28
- 운영 소득은 31.3% 감소하여 $16.1 백만
- 연말 기준 6.8 백만 개의 미판매 RIN (이후 판매됨)
회사는 2025년 가이던스를 제공했습니다:
- RNG 수익은 $150-170 백만으로 예상됨
- RNG 생산량은 5.8-6.0 백만 MMBtu로 예상됨
- 재생 전기 수익은 $17-18 백만으로 예상됨
Montauk Renewables (NASDAQ: MNTK) a rapporté des revenus stables de 175,7 millions de dollars pour l'année complète 2024, avec un bénéfice net en baisse de 34,9 % à 9,7 millions de dollars. La production de RNG de l'entreprise a augmenté de 1,6 % pour atteindre 5,6 millions de MMBtu, tandis que les RIN vendues ont diminué de 18,5 % pour atteindre 36,6 millions.
Les points saillants opérationnels incluent :
- EBITDA ajusté non-GAAP en baisse de 8,3 % à 42,6 millions de dollars
- Prix moyen réalisé des RIN en hausse de 21 % à 3,28 dollars
- Revenu d'exploitation en baisse de 31,3 % à 16,1 millions de dollars
- 6,8 millions de RIN invendues à la fin de l'année (vendues par la suite)
L'entreprise a fourni des prévisions pour 2025 :
- Revenus de RNG attendus entre 150 et 170 millions de dollars
- Volumes de production de RNG projetés entre 5,8 et 6,0 millions de MMBtu
- Revenus d'électricité renouvelable prévus entre 17 et 18 millions de dollars
Montauk Renewables (NASDAQ: MNTK) berichtete von stabilen Einnahmen in Höhe von 175,7 Millionen US-Dollar für das Gesamtjahr 2024, während der Nettogewinn um 34,9 % auf 9,7 Millionen US-Dollar sank. Die RNG-Produktion des Unternehmens stieg um 1,6 % auf 5,6 Millionen MMBtu, während die verkauften RIN um 18,5 % auf 36,6 Millionen zurückgingen.
Wichtige betriebliche Höhepunkte sind:
- Non-GAAP bereinigtes EBITDA sank um 8,3 % auf 42,6 Millionen US-Dollar
- Durchschnittlicher realisierter RIN-Preis stieg um 21 % auf 3,28 US-Dollar
- Betriebsergebnis sank um 31,3 % auf 16,1 Millionen US-Dollar
- Am Jahresende 6,8 Millionen unverkaufte RIN (anschließend verkauft)
Das Unternehmen gab eine Prognose für 2025 ab:
- RNG-Einnahmen werden zwischen 150 und 170 Millionen US-Dollar erwartet
- RNG-Produktionsmengen werden auf 5,8 bis 6,0 Millionen MMBtu geschätzt
- Erwartete Einnahmen aus erneuerbarer Elektrizität liegen zwischen 17 und 18 Millionen US-Dollar
- RNG production increased 1.6% to 5.6 million MMBtu
- Average RIN price increased 21% to $3.28
- All 6.8 million unsold RINs from 2024 were subsequently sold
- Successful commissioning of Pico digestion capacity expansion
- Net income decreased 34.9% to $9.7 million
- Operating income declined 31.3% to $16.1 million
- Operating and maintenance expenses increased 11.5% to $53.4 million
- RINs sold decreased 18.5% year-over-year
Insights
Montauk Renewables' 2024 results reveal concerning profitability trends despite stable revenue. Net income dropped 34.9% to $9.7 million while Adjusted EBITDA declined 8.3% to $42.6 million, despite flat year-over-year revenue of
While production volumes increased slightly (
The 2025 guidance indicates potential revenue challenges ahead, with projected RNG revenues of
The company is pursuing several development initiatives including the Montauk Ag Renewables project in North Carolina, facility expansions, and a
PITTSBURGH, March 13, 2025 (GLOBE NEWSWIRE) -- Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery, and conversion of biogas into renewable natural gas (“RNG”), today announced financial results for the year ended December 31, 2024.
Full Year Highlights:
- Revenues of
$175.7 million , flat year over year - Net Income of
$9.7 million , decreased34.9% year over year - Non-GAAP Adjusted EBITDA of
$42.6 million , decreased8.3% year over year - RNG production of 5.6 million MMBtu, increased
1.6% year over year - RINs sold of 36.6 million, decreased 8.3 million or
18.5% year over year - Unsold RINs of 6.8 million as of December 31, 2024, increased 6.7 million year over year
Our increase in production volumes in 2024 as compared to 2023 did not correspond directly to an increase in the sale of Renewables Identification Numbers ("RINs") in 2024 due to deferrals in the timing of 2024 compliance year RIN sales. During the fourth quarter of 2024, the D3 RIN index volatility ranged between
Our Montauk Ag Renewables development in Turkey, North Carolina was notified by the North Carolina Utilities Commission that it received approval for our New Renewable Energy Facility ("NREF") amended application designation and Certificate of Public Convenience and Necessity. In 2024, the State of North Carolina approved a change in laws governing the generations of RECs from swine waste under its renewable energy portfolio standards increasing the number of swine RECs able to be generated per MWh of electricity produced. We have long-term agreements with farms to provide access to waste from at least 200 thousand hog spaces to support our expected processing needs. At our Pico site, we successfully commissioned the expansion of our digestion capacity project and the final tranche of feedstock is anticipated to be received in the second quarter of 2025. We expect our second facility at our Apex site to be commissioned during the second quarter of 2025. In 2024 we entered into an agreement to sell back an REG site in advance of the gas rights expiration and an agreement to sell the assets of an RNG site to the landfill host. We reinvested the proceeds from these agreements with two insignificant sites into our other ongoing development projects. Finally, we have commenced an initiative to convert our existing Tulsa, Oklahoma Renewable Electric Generation facility project to an RNG facility. The project is anticipated to process all of the available inlet gas feedstock from its landfill host. With a targeted commissioning date in 2027, we expect the project capital investment to range between
Full Year Financial Results
Total revenues in 2024 were
Full Year Operational Results
We produced approximately 5.6 million Metric Million British Thermal Units (“MMBtu”) of RNG in 2024, an increase of 0.1 (
2025 Full Year Outlook
- RNG revenues are expected to range between
$150 and$170 million - RNG production volumes are expected to range between 5.8 and 6.0 million MMBtu
- Renewable Electricity revenues are expected to range between
$17.0 and$18.0 million - Renewable Electricity production volumes are expected to range between 178 and 186 thousand MWh
Conference Call Information
The Company will host a conference call today at 8:30 a.m. Eastern time to discuss results. The registration for the conference call will be available via the following link:
Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-ins numbers and a unique access pin. The conference call will be broadcast live and be available for replay at https://edge.media-server.com/mmc/p/oxjvozer/ and on the Company’s website at https://ir.montaukrenewables.com after 11:30 a.m. Eastern time on the same day through March, 13, 2026.
Use of Non-GAAP Financial Measures
This press release and the accompanying tables include references to EBITDA and Adjusted EBITDA, which are Non-GAAP financial measures. We present EBITDA and Adjusted EBITDA because we believe the measures assist investors in analyzing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
In addition, EBITDA and Adjusted EBITDA are financial measurements of performance that management and the board of directors use in their financial and operational decision-making and in the determination of certain compensation programs. EBITDA and Adjusted EBITDA are supplemental performance measures that are not required by or presented in accordance with GAAP. EBITDA and Adjusted EBITDA should not be considered alternatives to net (loss) income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities or a measure of our liquidity or profitability.
About Montauk Renewables, Inc.
Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has current operations at 13 operating projects and on going development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, South Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.
Company Contact:
John Ciroli
Chief Legal Officer (CLO) & Secretary
investor@montaukrenewables.com
(412) 747-8700
Investor Relations Contact:
Georg Venturatos
Gateway Investor Relations
MNTK@gateway-grp.com
(949) 574-3860
Safe Harbor Statement
This release contains “forward-looking statements” within the meaning of U.S. federal securities laws that involve substantial risks and uncertainties. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to our financial condition, results of operations, plans, objectives, strategies, future performance, and business. Forward-looking statements may include words such as “anticipate,” “assume,” “believe,” “can have,” “contemplate,” “continue,” “strive,” “aim,” “could,” “design,” “due,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. For example, all statements we make relating to our future results of operations, financial condition, expectations and plans, including those related to the Montauk Ag project in North Carolina, the Second Apex RNG Facility, the Blue Granite RNG Facility, the Bowerman RNG Facility, the delivery of biogenic carbon dioxide volumes to European Energy, the Emvolon collaboration and pilot project, the Tulsa facility project, the resolution of gas collection issues at the McCarty facility, the delays and cancellations of landfill host wellfield expansion projects, the mitigation of wellfield extraction environmental factors at the Rumpke and Apex facilities, how we may monetize RNG production and weather-related anomalies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expect and, therefore, you should not unduly rely on such statements. The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward-looking statements include but are not limited to: our ability to develop and operate new renewable energy projects, including with livestock farms, and related challenges associated with new projects, such as identifying suitable locations and potential delays in acquisition financing, construction, and development; reduction or elimination of government economic incentives to the renewable energy market, whether as a result of the new presidential administration or otherwise; the inability to complete strategic development opportunities; widespread manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, international hostilities, government shutdowns, political elections, security breaches, cyberattacks or other extraordinary events that impact general economic conditions, financial markets and/or our business and operating results; taxes, tariffs, duties or other assessments on equipment necessary to generate or deliver renewable energy or continued inflation could raise our operating costs or increase the construction costs of our existing or new projects; rising interest rates could increase the borrowing costs of future indebtedness; the failure to attract and retain qualified personnel or a possible increased reliance on third-party contractors as a result, and the potential unenforceability of non-compete clauses with our employees; the length of development and optimization cycles for new projects, including the design and construction processes for our renewable energy projects; dependence on third parties for the manufacture of products and services and our landfill operations; the quantity, quality and consistency of our feedstock volumes from both landfill and livestock farm operations; reliance on interconnections with and access to electric utility distribution and transmission facilities and gas transportation pipelines for our Renewable Natural Gas and Renewable Electricity Generation segments; our ability to renew pathway provider sharing arrangements at historical counterparty share percentages; our projects not producing expected levels of output; potential benefits associated with the combustion-based oxygen removal condensate neutralization technology; concentration of revenues from a small number of customers and projects; our outstanding indebtedness and restrictions under our credit facility; our ability to extend our fuel supply agreements prior to expiration; our ability to meet milestone requirements under our power purchase agreements; existing regulations and changes to regulations and policies that effect our operations, whether as a result of a new presidential administration or otherwise; expected impacts of the Production Tax Credit and other tax credit benefits under the Inflation Reduction Act of 2022; decline in public acceptance and support of renewable energy development and projects; our expectations regarding Environmental Attribute volume requirements and prices and commodity prices; our expectations regarding the period during which we qualify as an emerging growth company under the Jumpstart Our Business Startups Act (“JOBS Act”); our expectations regarding future capital expenditures, including for the maintenance of facilities; our expectations regarding the use of net operating losses before expiration; our expectations regarding more attractive carbon intensity scores by regulatory agencies for our livestock farm projects; market volatility and fluctuations in commodity prices and the market prices of Environmental Attributes and the impact of any related hedging activity; regulatory changes in federal, state and international environmental attribute programs and the need to obtain and maintain regulatory permits, approvals, and consents; profitability of our planned livestock farm projects; sustained demand for renewable energy; potential liabilities from contamination and environmental conditions; potential exposure to costs and liabilities due to extensive environmental, health and safety laws; impacts of climate change, extreme and changing weather patterns and conditions and natural disasters; failure of our information technology and data security systems; increased competition in our markets; continuing to keep up with technology innovations; concentrated stock ownership by a few stockholders and related control over the outcome of all matters subject to a stockholder vote; and other risks and uncertainties detailed in the section titled “Risk Factors” in our latest Annual Report on Form 10-K and our other filings with the SEC.
We make many of our forward-looking statements based on our operating budgets and forecasts, which are based upon detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements as well as others made in our Securities and Exchange Commission filings and public communications. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.
| MONTAUK RENEWABLES, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in thousands, except per share data) | |||||||
| as of December 31, | |||||||
| ASSETS | 2024 | 2023 | |||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 45,621 | $ | 73,811 | |||
| Accounts and other receivables | 8,172 | 12,752 | |||||
| Current restricted cash | 8 | 8 | |||||
| Income tax receivable | 41 | — | |||||
| Current portion of derivative instruments | 471 | 785 | |||||
| Prepaid insurance and other current assets | 2,911 | 2,819 | |||||
| Total current assets | $ | 57,224 | $ | 90,175 | |||
| Non-current restricted cash | $ | 375 | $ | 423 | |||
| Property, plant and equipment, net | 252,288 | 214,289 | |||||
| Goodwill and intangible assets, net | 18,113 | 18,421 | |||||
| Deferred tax assets | 1,272 | 2,076 | |||||
| Non-current portion of derivative instruments | 298 | 470 | |||||
| Operating lease right-of-use assets | 7,064 | 4,313 | |||||
| Finance lease right-of-use assets | 110 | 36 | |||||
| Related party receivable | — | 10,138 | |||||
| Other assets | 12,271 | 9,897 | |||||
| Total assets | $ | 349,015 | $ | 350,238 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 8,856 | $ | 7,916 | |||
| Accrued liabilities | 10,069 | 12,789 | |||||
| Related party payable | 625 | — | |||||
| Income tax payable | — | 313 | |||||
| Current portion of operating lease liability | 2,049 | 420 | |||||
| Current portion of finance lease liability | 76 | 26 | |||||
| Current portion of long-term debt | 11,853 | 7,886 | |||||
| Total current liabilities | $ | 33,528 | $ | 29,350 | |||
| Long-term debt, less current portion | 43,763 | 55,614 | |||||
| Non-current portion of operating lease liability | 5,138 | 4,133 | |||||
| Non-current portion of finance lease liability | 36 | 10 | |||||
| Asset retirement obligations | 6,338 | 5,900 | |||||
| Other liabilities | 2,795 | 4,992 | |||||
| Total liabilities | $ | 91,598 | $ | 99,999 | |||
| STOCKHOLDERS’ EQUITY | |||||||
| Common stock, | 1,426 | 1,420 | |||||
| Treasury stock, at cost, 2,308,524 and 984,762 shares December 31, 2024 and December 31, 2023, respectively | (21,262 | ) | (11,173 | ) | |||
| Additional paid-in capital | 221,905 | 214,378 | |||||
| Retained earnings | 55,348 | 45,614 | |||||
| Total stockholders' equity | 257,417 | 250,239 | |||||
| Total liabilities and stockholders' equity | $ | 349,015 | $ | 350,238 | |||
| MONTAUK RENEWABLES, INC. | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (in thousands, except per share data) | For The Year Ended December 31, | ||||||
| 2024 | 2023 | ||||||
| Total operating revenues | $ | 175,736 | $ | 174,904 | |||
| Operating expenses: | |||||||
| Operating and maintenance expenses | 66,663 | 59,762 | |||||
| General and administrative expenses | 36,286 | 34,403 | |||||
| Royalties, transportation, gathering and production fuel | 31,502 | 34,861 | |||||
| Depreciation, depletion and amortization | 23,515 | 21,158 | |||||
| Impairment loss | 1,586 | 902 | |||||
| Transaction costs | 61 | 178 | |||||
| Total operating expenses | $ | 159,613 | $ | 151,264 | |||
| Operating income | $ | 16,123 | $ | 23,640 | |||
| Other expenses (income): | |||||||
| Interest expense | $ | 5,277 | $ | 5,753 | |||
| Other income | (1,331 | ) | (479 | ) | |||
| Total other expenses | $ | 3,946 | $ | 5,274 | |||
| Income before income taxes | $ | 12,177 | $ | 18,366 | |||
| Income tax expense | 2,443 | 3,418 | |||||
| Net income | $ | 9,734 | $ | 14,948 | |||
| Income per share: | |||||||
| Basic | $ | 0.07 | $ | 0.11 | |||
| Diluted | $ | 0.07 | $ | 0.11 | |||
| Weighted-average common shares outstanding: | |||||||
| Basic | 142,279,079 | 141,727,905 | |||||
| Diluted | 142,397,493 | 142,151,640 | |||||
| MONTAUK RENEWABLES, INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in thousands): | |||||||
| For The Year Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 9,734 | $ | 14,948 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation, depletion and amortization | 23,515 | 21,158 | |||||
| Provision for deferred income taxes | 804 | 1,876 | |||||
| Stock-based compensation | 9,959 | 8,318 | |||||
| Derivative mark-to-market adjustments and settlements | 486 | 560 | |||||
| Net loss on sale of assets | - | 94 | |||||
| (Decrease) increase in earn-out liability | (1,703 | ) | 1,266 | ||||
| Accretion of asset retirement obligations | 445 | 407 | |||||
| Liabilities associated with properties sold | (225 | ) | - | ||||
| Amortization of debt issuance costs | 360 | 367 | |||||
| Impairment loss | 1,586 | 902 | |||||
| Cash provided (used) by changes in assets and labilities: | |||||||
| Accounts receivable | 4,580 | (5,531 | ) | ||||
| Royalty offset long term receivable | (3,089 | ) | (3,515 | ) | |||
| Income tax payables | (354 | ) | (89 | ) | |||
| Critical spare inventory | 472 | (1,012 | ) | ||||
| Accounts payable and Accrued liabilities | (2,298 | ) | 1,326 | ||||
| Other | (477 | ) | (22 | ) | |||
| Net cash provided by operating activities | $ | 43,795 | $ | 41,053 | |||
| Cash flows from investing activities: | |||||||
| Capital expenditures | $ | (62,323 | ) | $ | (63,091 | ) | |
| Asset acquisition | (820 | ) | — | ||||
| Cash collateral deposits | (48 | ) | 2 | ||||
| Proceeds from sale of assets | 1,000 | 2 | |||||
| Net cash used in investing activities | $ | (62,191 | ) | $ | (63,087 | ) | |
| Cash flows from financing activities: | |||||||
| Repayments of long-term debt | $ | (8,000 | ) | $ | (8,000 | ) | |
| Common stock issuance | 6 | 4 | |||||
| Treasury stock purchase | (1,780 | ) | (122 | ) | |||
| Related party receivable | — | (1,138 | ) | ||||
| Finance lease payments | (68 | ) | (74 | ) | |||
| Net cash used in financing activities | $ | (9,842 | ) | $ | (9,330 | ) | |
| Net decrease in cash and cash equivalents and restricted cash | $ | (28,238 | ) | $ | (31,364 | ) | |
| Cash and cash equivalents and restricted cash at beginning of period | $ | 74,242 | $ | 105,606 | |||
| Cash and cash equivalents and restricted cash at end of period | $ | 46,004 | $ | 74,242 | |||
| Reconciliation of cash, cash equivalents, and restricted cash at end of period: | |||||||
| Cash and cash equivalents | $ | 45,621 | $ | 73,811 | |||
| Restricted cash and cash equivalents - current | 8 | 8 | |||||
| Restricted cash and cash equivalents - non-current | 375 | 423 | |||||
| $ | 46,004 | $ | 74,242 | ||||
| Supplemental cash flow information: | |||||||
| Cash paid for interest | $ | 4,300 | $ | 5,003 | |||
| Cash paid for income taxes | 1,993 | 1,915 | |||||
| Accrual for purchase of property, plant and equipment included in accounts payable and accrued liabilities | 4,699 | 5,471 | |||||
| Non-cash purchase of Treasury stock | 8,309 | - | |||||
| MONTAUK RENEWABLES, INC. | |||||||
| NON-GAAP FINANCIAL MEASURES | |||||||
| (in thousands): | |||||||
| The following table provides our EBITDA and Adjusted EBITDA, as well as a reconciliation to net income which is the most directly comparable GAAP measure for the years ended December 31, 2024 and 2023, respectively: | |||||||
| For The Year Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Net income | $ | 9,734 | $ | 14,948 | |||
| Depreciation, depletion and amortization | 23,515 | 21,158 | |||||
| Interest expense | 5,277 | 5,753 | |||||
| Income tax expense | 2,443 | 3,418 | |||||
| Consolidated EBITDA | 40,969 | 45,277 | |||||
| Impairment loss | 1,586 | 902 | |||||
| Net loss on sale of assets | — | 94 | |||||
| Transaction costs | 61 | 178 | |||||
| Adjusted EBITDA | $ | 42,616 | $ | 46,451 | |||
FAQ
What caused Montauk Renewables (MNTK) net income to decline in 2024?
How many RINs did MNTK sell in 2024 compared to 2023?
What is MNTK's RNG production guidance for 2025?
What new developments did MNTK announce for its Tulsa facility?
