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Montauk Renewables (MNTK) investor relations material

Montauk Renewables Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 2025 revenues rose 4.1% year-over-year to $45.1M, but net loss widened to $5.5M due to higher operating expenses, lower RIN prices, and regulatory impacts.

  • Major projects advanced, including commissioning the Second Apex RNG Facility, expanded Montauk Ag Renewables investment, and formation of GreenWave Energy Partners JV.

  • RNG production was flat at 1.4M MMBtu; RINs sold increased, but average realized RIN price fell 22.4%.

  • Regulatory changes, including EPA's BRRR rule and cellulosic biofuel volume reductions, affected RIN pricing, sales timing, and market dynamics.

  • Net loss for Q2 2025 was $5.5M, compared to $0.7M in Q2 2024; operating loss was $2.4M versus $0.9M operating income last year.

Financial highlights

  • Q2 2025 revenues: $45.1M (up 4.1% YoY); six-month revenues: $87.7M (up 6.8%).

  • Adjusted EBITDA for Q2 2025 was $5.0M, down from $7.0M in Q2 2024; six-month Adjusted EBITDA: $13.8M, down from $16.4M.

  • Operating and maintenance expenses rose 17.2% to $21.9M; G&A expenses up 3.5% to $9.0M.

  • Cash and equivalents at June 30, 2025: $29.1M; capital expenditures for H1 2025 totaled $45.3M.

  • Net cash from operating activities for H1 2025 was $17.3M, up from $14.5M year-over-year.

Outlook and guidance

  • Full-year 2025 RNG production guidance: 5.8M–6.0M MMBtu; revenues: $150M–$170M; REG production: 178,000–186,000 MWh; REG revenues: $17M–$18M.

  • Major project commissioning expected: Montauk Ag Renewables in 2026, Tulsa RNG in 2027, Rumpke relocation in 2028.

  • 2025 non-development capex expected at $14M–$17M; development capex at $90M–$120M.

  • Sufficient liquidity and credit availability to fund projects and debt service over the next 12–24 months.

  • Guidance unchanged despite regulatory uncertainty and market volatility.

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Frequently asked questions

Montauk Renewables, Inc., a renewable energy company, engages in recovery and processing of biogas from landfills and other non-fossil fuel sources. The company generates electricity from installed generators of approximately 25 MW capacity; and distributes the electricity to customers served by Long Island Power Authority. Renewables, Inc. is based in Pittsburgh, Pennsylvania.

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