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.

Kysy yhtiöstä
Liikevaihto176milj. USD
+0,4 %v/v
Liikevoitto (EBIT)0,9milj. USD
−94,7 %v/v
EBIT-marginaali0,5%
−8,7 %-yks.v/v
Nettotulos1,7milj. USD
−82,0 %v/v
Vapaa kassavirta−86,2milj. USD
−365,3 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

050100150200250milj. USD2020: 100 milj. USD2020: EBIT 3,6 milj. USD20202021: 148 milj. USD2021: EBIT 3,3 milj. USD20212022: 213 milj. USD2022: EBIT 45 milj. USD20222023: 175 milj. USD2023: EBIT 24 milj. USD20232024: 176 milj. USD2024: EBIT 16 milj. USD20242025: 176 milj. USD2025: EBIT 0,85 milj. USD20251760,85
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
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.

Tuotteet

Raportoitu · osuus liikevaihdosta
62,4%27,5%FY2025100 %
  • Natural Gas Environmental Attributes62,4 %
  • Natural Gas Commodity27,5 %
  • Electric Commodity5,9 %
  • Electric Environmental Attributes4,2 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

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.

Strategia

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 pipelineKeskipitkä aikaväli

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

Improve operating reliability and maintenance executionLyhyt aikaväli

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

Secure and renew commercial pathways for credits and offtakeLyhyt aikaväli

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

Maantiede

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.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Production shortfalls at RNG and electricity projects1Environmental credit and commodity price volatility2Customer concentration3Cybersecurity and IT disruption4Asset impairment and project execution5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Production shortfalls at RNG and electricity projectsVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    KohdistuuLandfill gas systemsInterconnectionSevere weatherEquipment reliability
  2. Environmental credit and commodity price volatilityVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    KohdistuuRIN marketRegulatory changesGasPower pricing
  3. Customer concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    KohdistuuValeroExxonMobilMercuriaGE WarrenCity of Anaheim
  4. Cybersecurity and IT disruptionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    KohdistuuERPOperational technologyData securityThird-party infrastructure
  5. Asset impairment and project executionVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    KohdistuuOperating sitesDevelopment projectsLong-lived assets

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition for RNG and environmental attributes

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

Vaikutus: 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.

Vaikutus: 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.

Vaikutus: 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.

Vaikutus: Influences operating cost visibility and cash flow sensitivity

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.9.2026