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MNTK

Montauk Renewables, Inc.

MNTK

Montauk Renewables, Inc. • NASDAQ
$1.63 ▲ 2.52% (+0.04)
Market Cap $231.88 M
52w High $4.96
52w Low $1.56
Dividend Yield 0%
P/E -23.29
Volume 81.73K
Outstanding Shares 142.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $45.258M ▲ $14.9M ▼ $5.205M ▲ 11.501% ▲ $0.04 ▲ $16.48M ▲
Q2-2025 $45.127M ▲ $16.45M ▼ $-5.487M ▼ -12.159% ▼ $-0.038 ▼ $4.634M ▼
Q1-2025 $42.603M ▲ $17.065M ▲ $-464K ▲ -1.089% ▲ $-0.003 ▲ $6.726M ▲
Q4-2024 $27.694M ▼ $14.648M ▼ $-8.452M ▼ -30.519% ▼ $-0.059 ▼ $-3.529M ▼
Q3-2024 $65.917M $16.618M $17.048M 25.863% $0.12 $28.896M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.766M ▼ $383.307M ▲ $122.58M ▼ $260.727M ▲
Q2-2025 $29.133M ▼ $382.492M ▲ $127.783M ▲ $254.709M ▼
Q1-2025 $40.111M ▼ $354.226M ▲ $96.039M ▲ $258.187M ▲
Q4-2024 $45.621M ▼ $349.015M ▼ $91.598M ▼ $257.417M ▼
Q3-2024 $54.973M $374.118M $98.781M $275.337M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.205M ▲ $12.651M ▲ $-31.773M ▲ $-3.193M ▼ $-22.315M ▼ $-17.157M ▲
Q2-2025 $-5.487M ▼ $8.206M ▼ $-35.814M ▼ $16.632M ▲ $-10.976M ▼ $-25.46M ▼
Q1-2025 $-464K ▲ $9.14M ▲ $-11.632M ▼ $-3.018M ▼ $-5.51M ▲ $-2.492M ▲
Q4-2024 $-8.452M ▼ $724K ▼ $-8.062M ▲ $-2.087M ▲ $-9.426M ▼ $-8.265M ▼
Q3-2024 $17.048M $28.586M $-12.574M $-3.328M $12.684M $16.016M

Revenue by Products

Product Q4-2022Q1-2023Q2-2023Q4-2023
Renewable Electricity Generation
Renewable Electricity Generation
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Renewable Natural Gas
Renewable Natural Gas
 $40.00M ▲$10.00M ▼$50.00M ▲$90.00M ▲
Corporate Segment
Corporate Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown compared with the early years but peaked a couple of years ago and has since softened, suggesting the business is now in a more volatile, policy‑ and pricing‑driven phase. The company remains solidly gross‑profit positive, and operating profit has been consistently in the black, but final earnings are modest and well below the strong year it enjoyed earlier in the period. This pattern fits a business exposed to swings in environmental credit prices and contract terms: structurally profitable, but with earnings that can move around from year to year rather than rising smoothly.

Balance Sheet

Balance Sheet The balance sheet has steadily expanded, with total assets and shareholders’ equity both trending upward, which points to ongoing investment and internal value build‑up. Debt levels look moderate and have edged down slightly, so leverage does not appear aggressive for an infrastructure‑heavy utility. Cash holdings are lower than at their prior peak as funds have been deployed into projects, but the capital structure overall still looks balanced, with a clear bias toward equity funding rather than heavy borrowing.

Cash Flow

Cash Flow The company reliably generates cash from its operations, but that cash has not been growing in a straight line and was notably stronger a couple of years ago. Over the last two years, free cash flow has turned negative because capital spending has ramped up meaningfully. In plain terms, Montauk is plowing a lot of money into new or expanded facilities today, which depresses near‑term free cash but is aimed at future growth. This raises execution and timing risk: the payoff depends on projects coming online on schedule and earning attractive returns.

Competitive Edge

Competitive Edge Montauk occupies a focused niche as one of the larger U.S. producers of renewable natural gas from waste, backed by decades of operating experience. Long‑term landfill and gas rights agreements provide a degree of stability and make it harder for rivals to displace them at existing sites. Its ability to monetize environmental credits is a key differentiator, but also a vulnerability because pricing and regulation can shift quickly. Customer and site concentration is another risk: reliance on a limited set of large landfill owners and counterparties gives those partners bargaining power and ties Montauk’s fortunes to their decisions.

Innovation and R&D

Innovation and R&D The company is leaning heavily into innovation, with patented and patent‑pending technologies to convert agricultural waste and manage challenging byproducts from biogas processing. It is testing a more efficient, low‑emission conversion system and working on new chemical processes that could reduce operating wear and downtime. Strategically, Montauk is also experimenting with diversified feedstocks, using byproduct carbon dioxide as an input for e‑fuels, and exploring international expansion. These efforts could broaden its revenue base and deepen its moat, but they involve long development timelines, regulatory complexity, and the usual risks of scaling new technologies and projects.

Summary

Montauk Renewables combines a steady, asset‑based utility profile with the volatility and uncertainty of a policy‑driven renewable energy business. Financially, it is modestly profitable with a strengthening asset and equity base, but recent years show that earnings and cash generation are not yet on a smooth, upward path. The company is clearly in an investment phase, committing significant capital to new projects and technologies that, if successful, could expand growth and diversify away from pure landfill gas and U.S. credit markets. Key watchpoints include the profitability of these new projects, management of negative free cash flow, exposure to swings in environmental credit prices, and the concentration of key customers and sites. Overall, this is a niche renewable player with real technical and operational strengths, but also meaningful execution and policy risks that can drive year‑to‑year financial variability.

NEWS

November 5, 2025 · 4:30 PM UTC

Montauk Renewables Announces Third Quarter 2025 Results

Read more