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Montauk Renewables Announces First Quarter 2024 Results
PITTSBURGH, May 09, 2024 (GLOBE NEWSWIRE) -- Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in
About this update from Montauk Renewables, Inc.
[{"type":"text","content":"PITTSBURGH, May 09, 2024 (GLOBE NEWSWIRE) -- Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery, and conversion of biogas into renewable natural gas (“RNG”), today announced financial results for the first quarter ended March 31, 2024. First Quarter Financial Highlights: Revenues of $38.8 million, increased 102.5% compared to the first quarter of 2023 Net Income of $1.9 million, increased 148.8% compared to the first quarter of 2023 Non-GAAP Adjusted EBITDA of $9.5 million, increased 212.7% compared to the first quarter of 2023 RNG production of 1.4 million MMBtu, increased 4.4% compared to the first quarter of 2023 RINs Sold of 7.9 million, increase of 167.5% compared to the first quarter of 2023 Our profitability is highly dependent on the market price of Environmental Attributes, including the market price for RINs. As we self-market a significant portion of our RINs, a strategic decision not to commit to transfer available RINs during a period will impact our operating revenue and operating profit. We made a strategic determination to not transfer all available D3 RINs generated and available for transfer during the first quarter of 2024. As of result of this strategic decision, we have approximately 3,351 RINs in inventory from 2024 RNG production. In April 2024, we signed a second feedstock supply agreement which includes additional access to hog spaces with this individual feedstock supplier. When added to the first feedstock supply agreement, which was signed in the fourth quarter of 2023, we believe we are on pace to target the 120 thousand hog spaces which will provide sufficient feedstock under our Duke Energy REC agreement. Additionally, in the first quarter of 2024, we successfully commissioned the last expansion of our Pico digestion capacity project. With the increased digestion capacity, we produced approximately 39% more MMBtu during the first quarter of 2024 compared to the first quarter of 2023. First Quarter Financial Results Total revenues in the first quarter of 2024 were $38.8 million, an increase of $19.6 million (102.5%) compared to $19.2 million in the first quarter of 2023. The increase is primarily related to an increase in self-monetized RINs in the first quarter of 2024 as a result of our strategic decision in the...