Montauk Renewables (MNTK) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues were $45.3 million, down 31.3% year-over-year, mainly due to lower RIN sales and a 31.4% drop in realized RIN prices.

• Net income for Q3 2025 was $5.2 million, a decrease of 69.5% from Q3 2024.

• Adjusted EBITDA for Q3 2025 was $12.8 million, down 56.5% year-over-year.

• RNG production increased 3.8% year-over-year to 1.4 million MMBtu, with higher output at Apex and Rumpke facilities.

• Renewable electricity production rose 7.3% to 44,000 MWh, with Bowerman facility contributing most of the increase.

Financial highlights

• Q3 2025 total operating revenues: $45.3 million (down 31.3% YoY); nine months: $133.0 million (down 10.2% YoY).

• Q3 2025 operating income: $4.4 million, down 80.4% year-over-year.

• Average realized RIN price was $2.29, down 31.4% from $3.34 in Q3 2024.

• Operating and maintenance expenses for RNG facilities increased 10.6% to $13.9 million.

• Cash and cash equivalents at September 30, 2025, were $6.8 million, down from $55.0 million a year earlier.

Outlook and guidance

• 2025 RNG production expected between 5.8–6.0 million MMBtu, with revenues of $150–$170 million.

• Renewable electricity production for 2025 projected at 175,000–180,000 MWh, with revenues of $17–$18 million.

• Ongoing development projects include Bowerman, Montauk Ag Renewables, and EENA CO2, with 2025 development capex expected between $90 million and $120 million.

• Montauk Ag Renewables project in North Carolina expected to commence significant revenue generation in 2026, with a capital investment of $180–$220 million.

• Regulatory changes and market volatility in RIN and LCFS pricing expected to impact future results.