Montauk energy(MNTK) - 2024 Q3 - Quarterly Results

Financial Performance - Revenues for Q3 2024 were $65.9 million, an increase of 18.4$55.7 million in Q3 2023[2] - Net income for Q3 2024 was $17.0 million, up 31.8$12.9 million in Q3 2023[2] - Total operating revenues for Q3 2024 reached $65,917, a 18.8$55,688 in Q3 2023[17] - Operating income for Q3 2024 was $22,708, up 35.4$16,781 in Q3 2023[17] - Net income for the nine months ended September 30, 2024, was $18,186, compared to$10,149 for the same period in 2023, reflecting an increase of 79.5%[18] - Adjusted EBITDA for the nine months ended September 30, 2024, was $45,863, an increase from$33,203 in 2023, representing a growth of 38.4%[21] Production and Sales - RINs sold reached 15.8 million, a 14.5% increase compared to Q3 2023[1] - RNG production was 1.4 million MMBtu, flat compared to Q3 2023, with an estimated loss of 50 thousand MMBtu due to Hurricane Beryl[3] - The company has entered into commitments to transfer RINs from Q4 2024 production at an average price of approximately $3.52[1] Revenue Guidance - Full year RNG revenue guidance is projected between$175 million and $185 million[4] - Renewable Electricity revenues are expected to range between$17.0 million and $18.0 million for the full year[4] Expenses and Liabilities - General and administrative expenses increased by 27.9$10.0 million in Q3 2024, primarily due to accelerated vesting of restricted share awards[2] - Total liabilities decreased slightly to $98,781 from$99,999, indicating a reduction of 1.2%[14] Assets and Equity - Total current assets decreased to $79,276 as of September 30, 2024, down from$90,175 as of December 31, 2023, a decline of 12.5%[14] - Cash and cash equivalents at the end of the period were $54,973, down from$73,811 at the end of 2023, a decrease of 25.5%[14] - The company reported a total stockholders' equity of $275,337 as of September 30, 2024, compared to$250,239 at the end of 2023, an increase of 10.0%[16] - The company’s total assets increased to $374,118 as of September 30, 2024, up from$350,238 at the end of 2023, a growth of 6.8%[14] Capital Expenditures - Capital expenditures for Q3 2024 amounted to $53,334, compared to$45,406 in Q3 2023, reflecting an increase of 17.5%[18] Operational Challenges - The company is experiencing delays in landfill host installations, impacting future production increases[4]