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What were the key takeaways from Montauk Renewables’s earnings call?

- **RNG Production Growth**: Q3 2025 RNG production up 3.8% YoY to 1.4 million MMBtu, driven by feedstock optimization.
- **Revenue Decline**: Q3 2025 revenue down 31.3% YoY to $45.3 million due to 31.4% decline in realized RIN price.
- **Cost Control**: Operating expenses up 10.6% YoY to $13.9 million, but G&A down 35.1% YoY to $6.5 million.
- **Future Outlook**: 2026 RNG production expected to match 2025 levels, with new projects ramping in 2027.


**【CEO Opening Remarks】**
- Maintained RNG production guidance for 2025 at 5.8-6.0 million MMBtu, driven by improved feedstock supply and operational efficiency.
- 2026 RNG production expected to align with 2025 levels, with new projects (e.g., Turkey Creek) ramping in 2027.
- RNG revenue guidance for 2025 at $150-170 million, reflecting stable RIN pricing assumptions.

**【CFO Financial Commentary】**
- Q3 2025 Revenue: $45.3 million (down 31.3% YoY) due to 31.4% decline in realized RIN price ($2.29 vs. $3.34 in Q3 2024).
- Operating Expenses: $13.9 million (up 10.6% YoY) due to maintenance and feedstock optimization.
- Adjusted EBITDA: $12.8 million (down 56.5% YoY) driven by lower RIN pricing and higher G&A costs.
- 2025 RNG production costs: $150-170 million, with 2026 RNG production volumes expected to match 2025 levels.

**【Q&A Highlights】**
- Q4 2025 RNG production step-up driven by improved feedstock supply and operational efficiency.
- 2026 RNG production expected to align with 2025 levels, with new projects ramping in 2027.
- G&A expenses reduced 35.1% YoY due to one-time stock-based compensation expense in Q3 2024.
- RNG segment operating income down 67.2% YoY due to lower RIN pricing and higher operating expenses.


Montauk Renewables, Inc. (MNTK) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MNTK

MNTK fundamentals

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