MNTKNasdaqGas & Other Services CombinedUS GAAP · USD

Montauk Renewables, Inc.

Montauk Renewables, Inc. develops, owns, and operates renewable natural gas and renewable electricity projects that convert biogas from landfills and other non-fossil sources into usable energy. The company monetizes both the underlying fuel and the environmental attributes it creates, such as RINs and RECs, across transportation and power markets.

Ask about the company
Revenue176m USD
+0.4 %y/y
Operating profit (EBIT)0.9m USD
−94.7 %y/y
EBIT margin0.5%
−8.7 ppy/y
Net income1.7m USD
−82.0 %y/y
Free cash flow-86.2m USD
−365.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

050100150200250m USD2020: 100 m USD2020: EBIT 3.6 m USD20202021: 148 m USD2021: EBIT 3.3 m USD20212022: 213 m USD2022: EBIT 45 m USD20222023: 175 m USD2023: EBIT 24 m USD20232024: 176 m USD2024: EBIT 16 m USD20242025: 176 m USD2025: EBIT 0.85 m USD20251760.85
RevenueOperating profit (EBIT)

Business

Share of revenue
Renewable Natural Gas80 %

RNG projects recover and process biogas into pipeline-quality fuel for transportation and other end uses.

Renewable Electricity Generation10 %

Electricity projects convert biogas into power and sell output under fixed-price PPAs.

Environmental Attributes10 %

Credits and certificates such as RINs, LCFS credits, and RECs generated alongside renewable fuel and power.

Products

Reported · share of revenue
62.4%27.5%FY2025100 %
  • Natural Gas Environmental Attributes62.4 %
  • Natural Gas Commodity27.5 %
  • Electric Commodity5.9 %
  • Electric Environmental Attributes4.2 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Montauk sells RNG and related environmental attributes to fuel marketers, refiners, and other counterparties that need compliance credits or low-carbon fuel supply. Its electricity output is sold mainly to investor-owned and municipal utilities under power purchase agreements, while some projects also monetize RECs. Customer concentration is meaningful, especially in RIN sales, so a small number of counterparties can influence revenue and receivables.

RNG offtake and credit counterparties

Buy RNG volumes and associated RIN/LCFS value to satisfy fuel and compliance needs.

Electricity utilities

Purchase renewable electricity and RECs under fixed-price PPAs for grid supply and renewable targets.

Environmental attribute buyers

Acquire RINs and other credits generated from renewable fuel production.

Project partners and landfill owners

Partner on site access, gas rights, and project development to enable biogas capture and monetization.

Strategy

Montauk’s strategy is to expand its RNG and renewable electricity portfolio through development, acquisitions, and partnerships while maintaining control over operating performance. The company is also investing in centralized systems and project-level maintenance to improve reliability, integrate operations, and support growth capital deployment. Fixed-price electricity contracts and selective RNG monetization help balance exposure to commodity and credit price volatility.

Expand RNG project pipelineMedium term

RNG is the core growth engine and the main source of environmental attribute monetization.

Improve operating reliability and maintenance executionShort term

Higher uptime and lower downtime directly support production volumes and cash flow.

Secure and renew commercial pathways for credits and offtakeShort term

Revenue depends on continued access to RIN, LCFS, and PPA monetization channels.

Geography

Montauk operates projects across seven U.S. states, with a portfolio built through self-development, partnerships, and acquisitions. Its business is tied to landfill and agricultural gas access, so geography matters because project economics depend on local waste supply, interconnection, and regulatory credit markets. The company also has a secondary listing in South Africa, but operating revenue is primarily U.S.-based.

Risks

Montauk’s results depend on stable biogas production, project uptime, and continued access to environmental credit markets, so operational disruptions or policy changes can quickly affect revenue. The company also faces customer concentration, weather and infrastructure risk, cybersecurity exposure, and impairment risk on long-lived assets tied to project economics. Because many projects are site-specific and capital intensive, execution risk on development and interconnection remains material.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Production shortfalls at RNG and electricity projects1Environmental credit and commodity price volatility2Customer concentration3Cybersecurity and IT disruption4Asset impairment and project execution5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Production shortfalls at RNG and electricity projectsImpact: HighLikelihood: Medium

    Revenue depends on continuous biogas capture, processing, and power generation.

    ExposureLandfill gas systemsInterconnectionSevere weatherEquipment reliability
  2. Environmental credit and commodity price volatilityImpact: HighLikelihood: Medium

    A large share of revenue comes from RINs, LCFS credits, and indexed energy pricing.

    ExposureRIN marketRegulatory changesGasPower pricing
  3. Customer concentrationImpact: HighLikelihood: Medium

    A limited number of buyers account for a substantial portion of operating revenue and receivables.

    ExposureValeroExxonMobilMercuriaGE WarrenCity of Anaheim
  4. Cybersecurity and IT disruptionImpact: MediumLikelihood: Medium

    Operations rely on connected systems for maintenance, reporting, and project control.

    ExposureERPOperational technologyData securityThird-party infrastructure
  5. Asset impairment and project executionImpact: MediumLikelihood: Medium

    Capital-intensive sites can lose value if cash flows or development assumptions weaken.

    ExposureOperating sitesDevelopment projectsLong-lived assets

Accounting

Judgemental items
Revenue recognition for RNG and environmental attributes

Revenue depends on when fuel and credits are generated, separated, sold, and shared with counterparties.

Impact: Can shift reported revenue between periods and affect gross margin comparability

Impairment of long-lived assets

Project economics depend on site cash flows, gas-rights duration, and operating assumptions.

Impact: Can create non-cash charges when projects underperform or are reconfigured

Lease accounting

The company leases office space and equipment under multi-year operating leases.

Impact: Affects balance sheet liabilities and future cash commitment disclosure

Contractual obligations and royalty arrangements

Fuel supply agreements and royalty structures can create fixed and variable obligations.

Impact: Influences operating cost visibility and cash flow sensitivity

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Last updated: 24/09/2026