重要提示：本材料不构成淡水泉任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示未来表现。投资须谨慎。 作者巴里·里索尔茨（Barry Ritholtz）是美国知名的财经作家、专栏作者、博主、市场策略师，同时也是Ritholtz财富管理公司（Ritholtz Wealth Management）的创始人、董事长兼首席投资官。里索尔茨拥有30多年的投资经验，在财经媒体界影响力也不小。他主持的彭博电台《商业大师》 （Masters in Business）播客节目在金融圈获誉颇多，也在彭博观点（Bloomberg Opinion）和《华 盛顿邮报》（ The Washington Post ）开设专栏。他的投 资见解受到投资者的推崇。 那么，书中提到了哪些投资中需要防范，并且可以通过自己的掌控能力做好应对的事呢？ 01 观念的误区 互联网时代，来自各种专家的建议、全天候的新闻和社交媒体信息无处不在，但其实很少有人能预知未来。 如何应对互联网时代的信息过载？如何鉴别市场的噪音与信号？作者建议要重构自己的信息"食谱"—— 先从通过信息"减法"做起，减少日常信息中不必 要的噪音干 ...

Montauk Renewables (MNTK) Q1 2025 Earnings Call May 09, 2025 08:30 AM ET Company Participants John Ciroli - Chief Legal Officer & SecretarySean McClain - President & CEOKevin Van Asdalan - CFOSaumya Jain - Equity Research AssociateMatthew Blair - Managing DirectorBetty Zhang - Associate Director - Equity Research Conference Call Participants Tim Moore - Managing Director, Senior Research Analyst Operator Good day, everyone, and thank you for participating in today's conference call. I'd like to turn the cal ...

Montauk Renewables (MNTK) Q1 2025 Earnings Call May 09, 2025 08:30 AM ET Speaker0 Good day, everyone, and thank you for participating in today's conference call. I'd like to turn the call over to Mr. John Ciroli as he provides some important cautions regarding forward looking statements and non GAAP financial measures contained in the earnings materials or made on this call. John, please go ahead. Speaker1 Thank you, and good day, everyone. Welcome to Montauk Renewables earnings conference call to review th ...

Investor Presentation FIRST QUARTER 2025 RESULTS MAY 9, 2025 All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expect and, therefore, you should not unduly rely on such statements. The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward-looking statements include but are not limited to: our ability to develop and operate new renewable energ ...

Core Insights - Aemetis Biogas completed $1.6 million in sales of California Low Carbon Fuel Standard (LCFS) credits and federal D3 Renewable Identification Numbers (D3 RINs) in April 2025 [2] - The company expects significant growth in LCFS credits due to the approval of seven dairy digesters, which are projected to generate credits with an average carbon intensity lower than -350, representing an increase of over 120% compared to the default rate of -150 [3][4] Financial Performance - Aemetis has generated $70 million from the sale of $83 million in Section 48 investment tax credits over the past 18 months, with additional sales expected as more dairy digesters come online [5] - Starting January 2025, Aemetis Biogas began generating 45Z production tax credits from dairy RNG production, with initial sales anticipated in summer 2025 [6] Operational Developments - The company has signed agreements with 50 dairies and currently operates 11 digesters processing waste from 12 dairies, with plans to bring four more dairies online in Q2 2025 [4] - Aemetis has installed 36 miles of biogas pipeline, with environmental approval for an additional 60 miles to be installed as more digesters are completed [4] Market Outlook - The expected adoption of 20 years of low carbon biofuel mandates by the California Air Resources Board (CARB) is anticipated to rapidly increase the value of LCFS credits [4]

Core Viewpoint - Montauk Renewables, Inc. reported flat total revenues for 2024 compared to 2023, with significant challenges in RIN sales impacting profitability despite an increase in RNG production volumes [1][3][4]. Financial Performance - Total revenues for 2024 were $175.7 million, unchanged from $174.9 million in 2023 [3][4]. - Net income decreased by 34.9% to $9.7 million in 2024 from $14.9 million in 2023 [4][19]. - Average realized RIN price increased by 21.0% to $3.28 in 2024 from $2.71 in 2023 [3][4]. - Operating income fell by 31.3% to $16.1 million in 2024 compared to $23.6 million in 2023 [3][19]. - Non-GAAP Adjusted EBITDA decreased by 8.3% to $42.6 million in 2024 from $46.5 million in 2023 [4][25]. Operational Highlights - RNG production increased by 1.6% to approximately 5.6 million MMBtu in 2024 compared to 5.5 million MMBtu in 2023 [4][5]. - RINs sold decreased by 18.5% to 36.6 million in 2024, down from 45.1 million in 2023 [4][5]. - The company had 6.8 million unsold RINs at the end of 2024, an increase of 6.7 million from the previous year [4][5]. Development Projects - Montauk Ag Renewables development in North Carolina received approval for its New Renewable Energy Facility [2]. - The company has long-term agreements with farms to access waste from at least 200,000 hog spaces to support processing needs [2]. - A project to convert the existing Tulsa Renewable Electric Generation facility to an RNG facility is anticipated to require a capital investment of $25.0 million to $35.0 million, with a targeted commissioning date in 2027 [2]. Future Outlook - RNG revenues for 2025 are expected to range between $150 million and $170 million, with production volumes anticipated between 5.8 million and 6.0 million MMBtu [10]. - Renewable Electricity revenues are projected to be between $17.0 million and $18.0 million, with production volumes expected between 178,000 and 186,000 MWh [10].