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Montauk Renewables Announces Second Quarter 2024 Results
PITTSBURGH, Aug. 08, 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, Aug. 08, 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 second quarter ended June 30, 2024. Second Quarter Financial Highlights: Unsold RINs of 4.7 million as of June 30, 2024, increased 58.7% compared to the second quarter of 2023 In July 2024, committed for transfer all 4.7 million unsold RINs as of June 30, 2024 at average price of $3.32 compared to second quarter of 2024 average index price of $3.20 Revenues of $43.3 million, decreased 18.6% compared to the second quarter of 2023 Net Loss of $0.7 million compared to net income in the second quarter of 2023 Non-GAAP Adjusted EBITDA of $7.0 million, decreased 63.7% compared to the second quarter of 2023 RNG production of 1.4 million MMBtu, flat compared to the second quarter of 2023 RINs Sold of 10.0 million, decrease of 42.7% compared to the second quarter of 2023 Our profitability is highly dependent on the market price of environmental attributes, including the market price for Renewable Identification Numbers (\"RINs\"). As we self-market a significant portion of our RINs, a 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 second quarter of 2024. As a result of this strategic decision, we had approximately 4.7 million RINs in inventory from second quarter of 2024 RNG production. We have since entered into commitments to transfer all of these RINs during the third quarter of 2024 at an average realized price of approximately $3.32. During the second quarter of 2024, we commissioned the pilot reactor for our Montauk Ag Renewables North Carolina project that we relocated from Magnolia, NC to our Turkey, NC processing facility. We have also completed the majority of the installation of collection process equipment on two farms for which we have feedstock agreements. In August 2024, we received approval from the North Carolina Utilities Commission for our New Renewables Energy Facility amendment application. We completed the initial site surveys related to loca...