Montauk Renewables (MNTK) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues increased 9% year-over-year to $46.4 million, driven by higher RIN sales and GreenWave joint venture contributions.

• Net income was $5,000, reversing a net loss of $0.5 million in Q1 2025, while operating loss was $1.6 million due to higher expenses.

• Adjusted EBITDA rose 22.8% to $10.8 million; EBITDA up 40.3% to $9.4 million.

• Commissioned Montauk Ag Renewables project in North Carolina, with syngas production underway and revenue generation expected to begin in May 2026.

• Terminated contract with EENA for biogenic CO2 delivery; seeking alternative offtake partners and exploring new CO2 facility at Atascocita.

Financial highlights

• Q1 2026 revenues were $46.4 million, up 9% year-over-year, primarily from environmental attribute revenues.

• Adjusted EBITDA was $10.8 million, up from $8.8 million in Q1 2025.

• Operating loss was $1.6 million, compared to $0.4 million operating income in Q1 2025.

• Cash and cash equivalents at quarter-end were $25.9 million.

• Net cash provided by operating activities was $15.8 million, up from $9.1 million in Q1 2025.

Outlook and guidance

• 2026 RNG production guidance reaffirmed at 5.8–6 million MMBtu and $175–$190 million in RNG revenue.

• Renewable electricity production guidance: 195,000–207,000 MWh and $33–$37 million in revenue.

• Ongoing development projects include Bowerman RNG, Tulsa RNG, Rumpke RNG Relocation, and Atascocita LCO2, with $80–100 million in 2026 development capex.

• Guidance reflects a one-month delay in Montauk Ag Renewables revenue commencement.