Montauk Renewables FY2025 net income drops 82%; revenue flat at $176.4M

Montauk Renewables, Inc.

Revenue of $176.4M flat YoY; net income of $1.7M down 82%; non-GAAP Adjusted EBITDA of $35.6M down 16.5%.
RNG production 5.6M MMBtu (+1% YoY); RINs sold 44.1M (+20.5% YoY); avg RIN price fell 29% to $2.33.
2026 guidance: RNG rev $175-190M, production 5.8-6.1M MMBtu; RE rev $35-41M, production 195-207K MWh.
GreenWave JV contributed $1.5M; NCUC denied swine REC waiver request, raising compliance obligations.

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