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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.
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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