Montauk Renewables Announces Third Quarter 2024 Results

Core Insights - Montauk Renewables, Inc. reported strong financial results for Q3 2024, with significant increases in revenues and net income compared to the same period in 2023 [1][2][3] Financial Performance - Total revenues for Q3 2024 were $65.9 million, an increase of $10.2 million (18.4%) from $55.7 million in Q3 2023 [2] - Net income for Q3 2024 was $17.0 million, up $4.1 million (31.8%) from $12.9 million in Q3 2023 [2] - Non-GAAP Adjusted EBITDA reached $29.4 million, reflecting a 31.3% increase compared to Q3 2023 [1] - RINs sold amounted to 15.8 million, a 14.5% increase from the previous year [1] Operational Highlights - RNG production was stable at 1.4 million MMBtu, unchanged from Q3 2023, but impacted by Hurricane Beryl, which caused an estimated production loss of 50 thousand MMBtu [1][3] - The Pico facility saw an increase in production by 27 thousand MMBtu due to a digestion expansion project [3] - Renewable Electricity production decreased to approximately 41 thousand MWh, down 7 thousand MWh from Q3 2023 [3] Future Outlook - The company expects RNG revenues for the full year 2024 to range between $175 million and $185 million, with production volumes projected between 5.5 and 5.7 million MMBtu [4] - Renewable Electricity revenues are anticipated to be between $17 million and $18 million, with production volumes expected to be between 180 and 185 thousand MWh [4] - Delays in landfill host installations may impact future production increases, with expectations for these trends to continue into 2025 [4] Environmental Initiatives - Montauk was selected for a pilot project to recover and convert biogas into green methanol, aiming to create carbon-negative fuel [1] - The company is committed to reducing landfill-based emissions and enhancing its environmental sustainability efforts [1]