Montauk Renewables FY2023 revenue down 14.9% to $174.9M, net income falls 57.5%

Montauk Renewables, Inc.

Net income of $14.9M ($0.09 diluted EPS), down from $35.2M; Adjusted EBITDA $46.5M, down 34.1%.
RNG production flat at 5.5M MMBtu; RINs sold up 2.5% to 44.9M but avg realized RIN price fell 16.6% to $2.71.
2024 outlook: RNG revenue $195-215M, production 5.8-6.1M MMBtu; Renewable Electricity revenue $18-19M.
Blue Granite facility commissioning delayed to 2026; Apex second facility expected Q4 2024; Pico digester Q2 2024.
Announced CO2 capture with European Energy subsidiary targeting 140k tons/year by 2027; Security gas rights sold for $1M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Montauk Renewables, Inc. updated its 2024 Full Year guidance (initiated).

Period: 2024 Full Year
Guidance: initiated
Result: guidance update

Exact text from the filing

2024 Full Year Outlook • RNG revenues are expected to range between $195 and $215 million • RNG production volumes are expected to range between 5.8 and 6.1 million MMBtu • Renewable Electricity revenues are expected to range between $18.0 and $19.0 million • Renewable Electricity production volumes are expected to range between 190 and 200 thousand MWh

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Montauk Renewables, Inc. reported the year ended December 31, 2023 results: revenue $174.9 million, net income $14.9 million.

Period: the year ended December 31, 2023
Revenue: $174.9 million
Net income: $14.9 million
Result: reported results

Exact text from the filing

Montauk Renewables Announces Full Year 2023 Results PITTSBURGH, PENNSYLVANIA – March 14, 2024—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 year ended December 31, 2023. Full Year Highlights: • Revenues of $174.9 million, decreased 14.9% year over year • Net Income of $14.9 million, decreased 57.5% year over year

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Source: SEC EDGAR

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