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Montauk Renewables Announces Full Year 2021 Results
PITTSBURGH, March 16, 2022 (GLOBE NEWSWIRE) -- Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing
About this update from Montauk Renewables, Inc.
[{"type":"text","content":"PITTSBURGH, March 16, 2022 (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 year ended December 31, 2021. Full Year Highlights: Revenues of $148.1 million, increased 47.5% year-over-yearNet Loss of $4.5 million, decreased 198.4% year-over-yearNon-GAAP Adjusted EBITDA of $28.0 million, increased 7.2% year-over-yearRNG production of 5.7 million MMBtu, unchanged from prior year Montauk’s full year revenue reflects an approximate 45.5% increase in realized D3 RIN pricing and an approximate 46.0% increase in natural gas prices in 2021 over 2020. To a lesser extent, higher revenues recognized under counterparty sharing agreements also contributed to higher revenues over 2020. The Company closed on a $5.5 million transaction in October 2021 to acquire approximately 146 acres and an existing approximately 500,000 square foot structure which it plans to use as it develops the North Carolina project related to the acquisition of Montauk Ag Renewables (the “Montauk Ag Acquisition”). We do not expect significant production to commence at our North Carolina project during 2022 based on the current development timeline. In connection with the Montauk Ag Acquisition, we executed master services agreements that provide access to waste feedstock for biogas production. The feedstock will be sourced from swine waste located at our farming partner locations. We do not currently expect the revenues from these agreements to be material. Finally, the Company resumed production at its Pico facility during the first quarter of 2022 following the temporary idling of RNG production at the facility in order to clean out settled solids in the digester, replace the cover of the digester, and make various other efficiency improvements. After the improvements were complete, production volumes at the Pico facility have more than doubled in first quarter of 2022 as compared to the production volumes before the efficiency improvements. Full Year Financial Results Total revenues in 2021 were $148.1 million, an increase of $47.7 million (47.5%) compared to $100.4 million in 2020. An increase of 45.8% in realized RIN pricing during 2021 of $1.91 compared to ...