Montauk Renewables, Inc. · NASDAQ:MNTK
Montauk Renewables — FY2023 Earnings Presentation
19 slides from Montauk Renewables's earnings presentation, Mar 14, 2024
Slide 1: Investor Presentation: Full Year 2023 Results
Investor Presentation FULL YEAR 2023 RESULTS MARCH 14, 2024
Slide 2: Cautionary Statement Regarding Forward-Looking and non-GAAP Financial Information
Cautionary Statement Regarding Forward-Looking and non-GAAP Financial Information This presentation contains “forward-looking statements” within the meaning of U.S. federal securities laws. Such statements include, among others, those we make relating to our estimated and projected financial conditi
Slide 3: Financial Performance: Income Statement
Financial Performance Income Statement 3
Slide 4: Operational Results – Year Ended December 31, 2023
Operational Results – Year Ended December 31, 2023 (in thousands, unless otherwise indicated) All comparisons are between the year ended December 31, 2023 and the year ended December 31, 2022, unless otherwise indicated Renewable Natural Gas (“RNG”) Metrics – Flat year over year RIN Metrics – 1,113
Slide 5: Operational Performance: Operating Metrics
Operational Performance Operating Metrics 5
Slide 6: Financial Performance: Balance Sheet
Financial Performance Balance Sheet 6
Slide 7: Cash Flow
Cash Flow (in thousands, unless otherwise indicated) Operating items affecting net income include: – $8,843 adjustments to working capital and other assets and liabilities – $8,318 accounting for stock-based compensation – $1,876 provision for deferred income taxes Investing activities include: – $1
Slide 8: Capital Development Summary
Business Development Capital Development Summary (in thousands, unless otherwise indicated) The following summarizes our ongoing development growth plans expected capacity contribution, anticipated commencement of operations, and capital expenditure estimate, respectively, excluding Montauk Ag Renew
Slide 9: Carbon Dioxide Beneficial Use Opportunity
Business Development Carbon Dioxide Beneficial Use Opportunity (in thousands, unless otherwise indicated) 2023 Highlights – Signed contract for delivery of 140 tons per year of biogenic carbon dioxide (“CO2”) with a North American subsidiary of Denmark-based European Energy (“EENA”) – Reserves EENA
Slide 10: Blue Granite RNG Project
Business Development Blue Granite RNG Project 2023 Highlights – Announced planned entrance into South Carolina with the development of a new landfill gas-to-RNG facility – Expect 900 MMBtu per day of production capacity – Currently expect commercial operations in 2026 due to required utility distrib
Slide 11: Bowerman Power RNG Facility
Business Development Bowerman Power RNG Facility 2023 Highlights – Announced development of an RNG landfill project in Irvine, CA at the Frank R. Bowerman Landfill – Beneficially process available feedstock in excess of existing REG facility – Anticipated nameplate capacity of approximately 3,600 MM
Slide 12: Pico Feedstock Amendment
Business Development Pico Feedstock Amendment (in thousands, unless otherwise indicated) 2023 Highlights – CARB certified provisional CI score pathway after public comment period • First record and generation of LCFS credit revenue on provisional CI – All remaining gas released from storage – Commis
Slide 13: Second Apex RNG Facility
Business Development Second Apex RNG Facility 2023 Highlights – Continued construction of a second RNG processing facility – Planned in connection with increased projections of biogas feedstock availability by landfill host – Expect 2,100 MMBtu per day capacity increase – Production increase will be
Slide 14: Montauk Ag Renewables
Business Development Montauk Ag Renewables (in thousands, unless otherwise indicated) 2023 Highlights (Continued) – Announced first phase capital investment ranging between $140,000 to $160,000 – Expected commissioning timeline • Second Quarter 2024: Relocated Magnolia reactor • Revenue generating a
Slide 15: Montauk Ag Renewables
Business Development Montauk Ag Renewables 2023 Highlights – Turkey, NC location has been approved to participate in the Piedmont Natural Gas Renewable Gas Pilot Program – Signed a lease agreement with Piedmont Natural Gas to provide access to the Turkey, NC property during the construction of the i
Slide 16: REG Facility Sale
Business Development REG Facility Sale (in thousands, unless otherwise indicated) 2024 Highlights – Agreement reached with site host to sell gas rights ahead of fuel supply expiration effective October 1, 2024 • Proceeds of $1,000 • No longer required to decommission or remove machinery or equipment
Slide 17: Strategic Growth Opportunity Pipeline
Business Development Strategic Growth Opportunity Pipeline Positioned for continued growth, with on-going evaluation of various strategic opportunities: – Multiple LFG RNG and CNG distribution opportunities in various stages of evaluation – Exploring wastewater treatment to RNG project opportunities
Slide 18: Appendix
Appendix MONTAUK
Slide 19: Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA
Non-GAAP Reconciliation EBITDA and Adjusted EBITDA 19