Montauk Renewables (MNTK) Q4 2025 earnings summary

Executive summary

• Revenues for 2025 were $176.4 million, remaining flat year-over-year, with a 1.0% increase in RNG production and a 20.5% rise in RIN volumes sold.

• Net income for 2025 was $1.7 million, down 82% from $9.7 million in 2024, reflecting higher expenses and lower realized RIN prices.

• Major capital projects included commissioning the Second Apex RNG Facility, expanding Pico digestion capacity, and beginning commissioning of the Turkey, NC facility with a $200 million investment.

• Adjusted EBITDA for 2025 was $35.6 million, down 16.5% year-over-year; EBITDA was $32.3 million, down 21.2%.

• Completed a $200 million senior credit facility in March 2026, restructuring existing debt and supporting growth initiatives.

Financial highlights

• Operating income dropped to $0.9 million in 2025 from $16.1 million in 2024.

• RNG segment revenues were $155.7 million, down 1.4% year-over-year; renewable electricity revenues were $17.2 million, down 2.9%.

• Average realized RIN price in 2025 was $2.33, down 29% from $3.28 in 2024.

• Operating and maintenance expenses for RNG facilities rose 10.7% to $59.1 million; for electricity facilities, up 15.3% to $14.7 million.

• Cash and cash equivalents at year-end were $23.8 million, down from $45.6 million in 2024.

Outlook and guidance

• 2026 RNG production volumes expected between 5.8–6.1 million MMBtu, with revenues of $175–$190 million.

• Renewable electricity production forecasted at 195,000–207,000 MWh, with revenues of $35–$41 million.

• Growth in 2026 expected from full-year realization of 2025 investments and commissioning of the Turkey, NC project.

• Major capital projects underway include Bowerman, Tulsa, and Rumpke RNG facilities, with expected commissioning between 2027 and 2028.

• Guidance reflects both production and potential RIN price variability.