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Montauk Renewables Announces Third Quarter 2022 Results
PITTSBURGH, Nov. 09, 2022 (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, Nov. 09, 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 third quarter ended September 30, 2022. Third Quarter Financial Highlights: Revenues of $55.9 million, increased 40.5% as compared to the third quarter of 2021Net Income of $11.2 million, increased 25.7% as compared to the third quarter of 2021Non-GAAP Adjusted EBITDA of $20.9 million, increased 62.7% as compared to the third quarter of 2021RNG production of 1.4 million MMBtu, decreased 4.8% as compared to the third quarter of 2021 Montauk’s third quarter revenue reflects an increase in pricing of both gas commodity and the average realized price of D3 Renewable Identification Numbers (“RINs”) sold. The increase in price has offset a nominal decrease in RNG volumes and the impacts of counter party sharing agreement revenues recognized in the prior period which expired. In the third quarter, our Board of Directors, and in connection with the projected growth of biogas feedstock availability from the host landfill, approved a capital improvement project to build a second production facility at the Apex landfill. Once commercially operational, we expect this facility will increase our RNG processing capacity approximately 40%. We have already started planning for the construction of this facility and expect it to become commercially operational in 2024. During the third quarter, our dairy host at our Pico facility began delivering two tranches of increased feedstock for which we made two payments as required under our agreement with the dairy. We began releasing gas from storage associated with the Pico facility and received the New Renewable Energy Facility designation from the North Carolina Utilities Commission (“NCUC”) for the Turkey, NC location of our Montauk Ag Renewables development. The Turkey location was also accepted into the NCUC’s pilot project portfolio. Third Quarter Financial Results Total revenues in the third quarter of 2022 were $55.9 million, an increase of $16.1 million (40.5%) compared to $39.7 million in the third quarter of 2021. Increased realized RIN pricing during the third quarter of 2022 of $3.49 compared to $1.65 in thi...