# Montauk Renewables, Inc. (MNTK)

Informational only - not investment advice.

CIK: 0001826600
SIC: 4932 Gas & Other Services Combined
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4932 Gas & Other Services Combined](/industry/4932/)
Latest 10-K filed: 2026-03-11
SEC page: https://www.sec.gov/edgar/browse/?CIK=1826600
Filing source: https://www.sec.gov/Archives/edgar/data/1826600/000119312526102364/mntk-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-11 · accession 0001193125-26-102364 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001826600.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 176,382,000 USD | 2025 | verified |
| Net income | 1,748,000 USD | 2025 | verified |
| Assets | 435,460,000 USD | 2025 | verified |
| Free cash flow | -86,208,000 USD | 2025 | computed |
| Net margin | 0.99% | 2025 | computed |
| Operating margin | 0.48% | 2025 | computed |
| Revenue YoY | +0.37% | 2025 | computed |
| ROE | 0.66% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MNTK | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 1.0% | 12.5% | 8 | 87 |
| Operating margin | 0.5% | 21.2% | 5 | 83 |
| Revenue growth | 0.4% | 9.8% | 10 | 87 |
| FCF margin | -48.9% | -3.7% | 5 | 75 |
| ROE | 0.7% | 9.2% | 11 | 89 |
| ROA | 0.4% | 2.7% | 11 | 91 |
| Liabilities / equity | 0.65 | 2.32 | 6 | 89 |
| Current ratio | 1.11 | 0.80 | 72 | 91 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 49 Electric, Gas, And Sanitary Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 176382000 | USD | 2025 | 2026-03-11 |
| Net income | 1748000 | USD | 2025 | 2026-03-11 |
| Assets | 435460000 | USD | 2025 | 2026-03-11 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001826600.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 105,714,000 | 100,383,000 | 148,127,000 | 205,559,000 | 174,904,000 | 175,736,000 | 176,382,000 |
| Net income | 5,820,000 | 4,603,000 | -4,528,000 | 35,194,000 | 14,948,000 | 9,734,000 | 1,748,000 |
| Operating income | 11,005,000 | 3,581,000 | 3,335,000 | 44,566,000 | 23,640,000 | 16,123,000 | 852,000 |
| Diluted EPS |  |  | -0.03 | 0.25 | 0.11 | 0.07 | 0.01 |
| Operating cash flow | 27,825,000 | 28,684,000 | 42,879,000 | 81,066,000 | 41,053,000 | 43,795,000 | 30,334,000 |
| Capital expenditures |  |  | 9,986,000 | 22,277,000 | 63,091,000 | 62,323,000 | 116,542,000 |
| Assets | 243,613,000 | 253,356,000 | 286,480,000 | 332,316,000 | 350,238,000 | 349,015,000 | 435,460,000 |
| Liabilities |  | 93,734,000 | 104,187,000 | 105,225,000 | 99,999,000 | 91,598,000 | 172,312,000 |
| Stockholders' equity | 154,257,000 | 159,622,000 | 182,293,000 | 227,091,000 | 250,239,000 | 257,417,000 | 263,148,000 |
| Cash and cash equivalents | 9,788,000 | 20,992,000 | 53,266,000 | 105,177,000 | 73,811,000 | 45,621,000 | 23,752,000 |
| Free cash flow |  |  | 32,893,000 | 58,789,000 | -22,038,000 | -18,528,000 | -86,208,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 5.51% | 4.59% | -3.06% | 17.12% | 8.55% | 5.54% | 0.99% |
| Operating margin | 10.41% | 3.57% | 2.25% | 21.68% | 13.52% | 9.17% | 0.48% |
| Return on equity | 3.77% | 2.88% | -2.48% | 15.50% | 5.97% | 3.78% | 0.66% |
| Return on assets | 2.39% | 1.82% | -1.58% | 10.59% | 4.27% | 2.79% | 0.40% |
| Liabilities / equity |  | 0.59 | 0.57 | 0.46 | 0.40 | 0.36 | 0.65 |
| Current ratio |  | 1.14 | 3.06 | 4.40 | 3.07 | 1.71 | 1.11 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001826600.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.08 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.03 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.01 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 55,688,000 | 12,934,000 | 0.09 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 46,807,000 | 4,799,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 38,787,000 | 1,850,000 | 0.01 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 43,338,000 | -712,000 | -0.01 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 65,917,000 | 17,048,000 | 0.12 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 27,694,000 | -8,452,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 42,603,000 | -464,000 | 0.00 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 45,127,000 | -5,487,000 | -0.04 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 45,258,000 | 5,205,000 | 0.04 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 43,394,000 | 2,494,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 46,428,000 | 5,000 | 0.00 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 54,020,000 | 226,000 | 0.00 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MNTK's latest 10-K: [/company/MNTK/business/](/company/MNTK/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MNTK's latest 10-K: [/company/MNTK/risk-factors/](/company/MNTK/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1826600/000119312526335335/mntk-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes to those statements included elsewhere in this Quarterly Report on Form 10-Q. Throughout this section, dollar amounts and production volumes are expressed in thousands, except for per share amounts and RIN pricing amounts and unless otherwise indicated.

In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under “Cautionary Note Regarding Forward-Looking Statements” and elsewhere in this report, “Item 1A.–Risk Factors” of our 2025 Annual Report, and in our other SEC filings.

Overview

Montauk Renewables is a renewable energy company specializing in the recovery and processing of biogas from landfills and other non-fossil fuel sources for beneficial use as a replacement to fossil fuels. We develop, own, and operate RNG projects, using proven technologies that supply RNG into the transportation industry and use RNG to produce Renewable Electricity. We are one of the largest U.S. producers of RNG. We established our operating portfolio of 11 RNG and two Renewable Electricity projects through self-development, partnerships, and acquisitions that span seven states.

Biogas is produced by microbes as they break down organic matter in the absence of oxygen (during a process called anaerobic digestion). Our two current sources of commercial scale biogas are LFG or ADG. We typically secure our biogas feedstock through long-term fuel supply agreements and property lease agreements with biogas site hosts. Once we secure long-term fuel supply rights, we design, build, own, and operate facilities that convert the biogas into RNG or use the processed biogas to produce Renewable Electricity. We sell the RNG and Renewable Electricity through a variety of term length agreements. Because we are capturing waste methane and making use of a renewable source of energy, our RNG and Renewable Electricity generate valuable Environmental Attributes, which we are able to monetize under federal and state renewable initiatives.

Our current operating projects produce either RNG or Renewable Electricity by processing biogas from landfill sites or agricultural waste from livestock farms. We view agricultural waste from livestock farms as a significant opportunity for us to expand our RNG business, and we continue to evaluate other agricultural feedstock opportunities. We believe that our business model and technology are highly scalable given availability of biogas from agriculturally derived sources, which will allow us to continue to grow through prudent development and complimentary acquisitions.

Recent Developments

RINs Generated but Unsold

Our profitability is highly dependent on the market price of Environmental Attributes, including the market price for RINs. As we self-market a significant portion of our RINs and as the RFS is based on annual compliance, a decision not to commit to transfer and monetize available RINs during a period will impact the timing of our operating revenues and operating profit recognized during a period. We had approximately 137 RINs generated but unseparated at June 30, 2026. The average D3 RIN index price for the second quarter of 2026 was approximately $2.54. The following table summarizes select historical data related to RINs generated, RINs sold, and RINs generated but unsold from our RNG operations. Realized prices for Environmental Attributes monetized in a year may not correspond directly to index prices due to the forward selling of commitments. The results related to our GreenWave joint venture are excluded from the table below. The timing of RIN transfers can vary year over year and by period within a year and is contingent on various factors including, but not limited to: (a) the Company’s expectations on RIN index price, (b) operational needs of the Company, (c) obligated parties purchase needs, or (d) the type of customer among other matters.

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[[GREPCENT_TABLE]]
[["Calendar Quarter","RINs Available for Sale","RINs Sold","RINs sold as % of RINs Available","RINs Available but Unsold","RINs Unsold as % of RINs Available"],["2024 Third Quarter","15,895","15,750","99.1%","145","0.9%"],["2024 Fourth Quarter","9,822","3,000","30.5%","6,822","69.5%"],["2025 First Quarter","13,801","9,885","71.6%","3,916","28.4%"],["2025 Second Quarter","11,158","11,050","99.0%","108","1.0%"],["2025 Third Quarter","12,421","12,411","99.9%","10","0.1%"],["2025 Fourth Quarter","10,786","10,786","100.0%","-","0.0%"],["2026 First Quarter","12,482","12,403","99.4%","79","0.6%"],["2026 Second Quarter","14,265","14,265","100.0%","-","0.0%"]]
[[/GREPCENT_TABLE]]

Capital Development Summary

The following summarizes our ongoing development growth plans expected capacity contribution, anticipated commencement of operations, and capital expenditure estimate, respectively excluding the Montauk Ag Renewables Development Project:

[[GREPCENT_TABLE]]
[["Development Opportunity","Estimated Capacity Contribution(MMBtu/day)","Anticipated Commencement Date","Estimated Capital Expenditure"],["Bowerman RNG Facility","3,600","2027-2028","$85,000-$95,000"],["Atascocita LCO2 Facility","N/A","TBD","$30,000-$40,000"],["Tulsa RNG Facility","1,500","2027-2028","$25,000-$35,000"],["Rumpke RNG Relocation Project","7,500","2028","$70,000-$90,000"]]
[[/GREPCENT_TABLE]]

Montauk Ag Renewables Acquisition

In 2021, Montauk Ag Renewables purchased technology and assets (the “Montauk Ag Renewables Acquisition”) to recover residual natural resources from swine waste and to refine and recycle such waste products through proprietary and other processes to produce high quality renewable electricity, North Carolina swine RECs, and micronutrient organic fertilizer alternatives. Upon completion of the first phase of the project, we expect that it will annually produce 41 MWh of electric power, approximately 120 RECs and 8.7 tons of organic fertilizer alternative.

With the change in REC generation passed by the state of North Carolina in 2024, we continue our negotiations with other utility users to provide swine RECs from our expected first phase production of MWh. We expect the annual REC capacity of the Turkey, NC location to be approximately 120 RECs and have signed a REC agreement with Duke Energy for annual sales of 47 RECs, which represents approximately 45% of the set-aside compliance volumes for swine under North Carolina’s Renewable Energy and Energy Efficiency Portfolio Standard. We continue to optimize our monetization strategies for the currently uncontracted portion of annually generated RECs and are in various stages of negotiation and responses to requests from obligated purchasers. Many of these agreements contain competitive details and, while there remains a limited active swine REC market in North Carolina, we believe the prices we are negotiating will be market based. We believe our average achievable price per swine REC could fall within the range of $200 to $400 per REC.

During the second quarter of 2026 we continued contract negotiations with other entities required to purchase RECs under the North Carolina Clean Energy and Portfolio Standard, specifically, the portfolio standards relating to swine RECs. These negotiations related to, among other matters, price, term, and mutual abilities to renegotiate any agreed contract. We have exchanged various versions of contracts with certain entities. We believe we are able to prioritize the sale of swine RECs generated from our Turkey facility to our executed REC agreement with Duke giving us this extended period during our ramp up to continue negotiations with these other entities. We believe that when we achieve our full first stage production, we will have contracts for all swine RECs generated.

In September 2025, a joint motion was filed with the North Carolina Utility Commission (“NCUC”) by various entities seeking to modify and delay the 2025 requirements of certain aspects of the North Carolina Clean Energy and Portfolio Standard, specifically, the portfolio standards relating to swine RECs. We note this filing is consistent with historical annual filings in response to the historically limited swine REC market in North Carolina. In October 2025, we filed response comments to the joint motion with the NCUC requesting they grant modifications or delays only to individual power supplies that have demonstrated need, require power suppliers that have not achieved 100% compliance in 2025 to apply any cumulatively acquired swine RECs to the suppliers unsatisfied 2025 pro rata obligation, and modify the swine REC set-aside for 2026 and beyond to match the requirement originally set by North Carolina in 2018. In January 2026, the NCUC denied the request for waivers and determined that parties must use banked

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RECs to meet 2025 compliance targets. The compliance obligations for those utilities filing the September 2025 joint motion continue to increase through 2029.

Under a NCUC joint motion, various stakeholders subject to the requirements of certain aspects of the North Carolina Clean Energy and Portfolio Standard, specifically, the portfolio standards relating to swine RECs, continue to have working meetings under the direction of the NCUC. Certain of these entities impacted by the NCUC motion are also entities we continue to negotiate swine REC sale agreements, including Duke Energy. While we continue to negotiate swine REC contracts with certain of these entities under the NCUC joint motion, this NCUC joint motion could impact our ability to successfully execute swine contracts.

In July 2026, we began generating power for sale from our Turkey, North Carolina facility. This production of power is expected to be eligible to generate both swine RECs and enhanced RECs in subsequent months. As we work to increase the volumes of power and RECs that are able to be generated from our volume of produced syngas, we have identified specific programming modifications to our installed electrical switchgear. The installation of these modifications will provide for both the increase in production volumes and enhanced protection of our processing equipment and electrical transformers. We expect to have all programming completed by mid-August and consistently generate power and RECs from all available collected feedstock volumes.

We continue to progress with our installation of feedstock collection at our targeted 400 to 450 hog spaces. As of the end of July, we have entered into long term agreements with over fifty separate farming locations providing us access to at least 350 hog spaces. We are currently able to collect from more than 250 hog spaces and will continue farm site collection equipment installations during the second half of 2026.

Our capital investment expectation for this first phase of the project remains unchanged at $200,000. We continue to expect a ramp-up in production volumes throughout 2026 directly related to additional feedstock collection.

We continue to develop opportunities with Montauk Ag Renewables and can give no assurances that our plans related to this acquisition will meet our expectations. We estimate our Montauk Ag Renewables project to potentially generate tax attributes once placed into service consisting mainly of a mix of federal investment tax and production tax credits and North Carolina state tax attributes. We give no assurances that our estimates on tax attributes for our Montauk Ag Renewables project will meet these expectations.

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1826600/000119312526102364/mntk-20251231.htm
Complete FY 2025 MD&A: /company/MNTK/mda/fy2025/

Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-03-11
Report date: 2025-12-31

Overview

Montauk is a renewable energy company specializing in the recovery and processing of biogas from landfills and other non-fossil fuel sources for beneficial use as a replacement to fossil fuels. We develop, own, and operate RNG projects, using proven technologies that supply RNG into the transportation industry and use RNG to produce Renewable Electricity. We are one of the largest U.S. producers of RNG, having participated in the industry for over 30 years. We established our currently operating portfolio of 11 RNG and two Renewable Electricity and development projects through self-development, partnerships, and acquisitions that span seven states.

Biogas is produced by microbes as they break down organic matter in the absence of oxygen (during a process called anaerobic digestion). Our two current sources of commercial scale biogas are LFG and ADG, which is produced inside an airtight tank used to breakdown organic matter, such as livestock waste. We typically secure our biogas feedstock through long-term fuel supply agreements and property lease agreements with biogas site hosts. Once we secure long-term fuel supply rights, we design, build, own, and operate facilities that convert the biogas into RNG or use the processed biogas to produce Renewable Electricity. We sell the RNG and Renewable Electricity through a variety of short-, medium-, and long-term agreements. Because we are capturing waste methane and making use of a renewable source of energy, our RNG and Renewable Electricity generate valuable Environmental Attributes, which we are able to monetize under federal and state initiatives.

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Recent Developments

RINs Generated but Unsold

Our profitability is highly dependent on the market price of Environmental Attributes, including the market price for RINs. As we self-market a significant portion of our RINs, a decision not to commit to transfer available RINs during a period will impact our revenue and operating profit. We expect the timing between RINs generated and unseparated and RINs available for sale to only impact 2025 which is the year BRRR became effective. We have entered into commitments to transfer all RINs generated and available for sale from 2025 RNG production. We had approximately 190 RINs generated and unseparated at December 31, 2025. We have entered into commitments to transfer approximately 2,500 RINs generated and available for sale from 2026 RNG production. The average D3 RIN index price for the fourth quarter of 2025 and January 2026 through February 28, 2026 was approximately $2.39 and $2.41, respectively. The following table summarizes select historical data related to RINs generated, RINs sold, and RINs generated but unsold. As we self-market a significant portion of our RINs and as the RFS is based on annual compliance, any strategic decision to not monetize available RINs in a quarter could impact the timing of operating revenues recognized during a fiscal year. Realized prices for Environmental Attributes monetized in a year may not correspond directly to index prices due to the forward selling of commitments. The timing of RIN transfers can vary year over year and by period within a year and is contingent on various factors including, but not limited to: (a) the Company’s expectations on RIN index price, (b) operational needs of the Company, (c) obligated parties’ purchase needs, or (d) the type of customer among other matters.

[[GREPCENT_TABLE]]
[["Calendar Quarter","RINs Available for Sale","RINs Sold","RINs sold as % of RINs Available","RINs Available but Unsold","RINs Unsold as % of RINs Available"],["2024 First Quarter","11,240","7,889","70.2%","3,351","29.8%"],["2024 Second Quarter","14,707","10,000","68.0%","4,707","32.0%"],["2024 Third Quarter","15,895","15,750","99.1%","145","0.9%"],["2024 Fourth Quarter","9,822","3,000","30.5%","6,822","69.5%"],["2025 First Quarter","13,801","9,885","71.6%","3,916","28.4%"],["2025 Second Quarter","11,158","11,050","99.0%","108","1.0%"],["2025 Third Quarter","12,421","12,411","99.9%","10","0.1%"],["2025 Fourth Quarter","10,786","10,786","100.0%","-","0.0%"]]
[[/GREPCENT_TABLE]]

Capital Development Summary

The following summarizes our ongoing development growth plans, expected capacity contribution, anticipated commencement of operations, and capital expenditure estimate, excluding the Montauk Ag Renewables Development project:

[[GREPCENT_TABLE]]
[["Development Opportunity","Estimated Capacity Contribution(MMBtu/day)","Anticipated Commencement Date","Estimated Capital Expenditure"],["Bowerman RNG Facility","3,600","2027","$85,000-$95,000"],["European Energy Facilities","N/A","TBD","$65,000-$75,000"],["Tulsa RNG Facility","1,500","2027","$25,000-$35,000"],["Rumpke RNG Relocation Project","7,500","2028","$70,000-$90,000"]]
[[/GREPCENT_TABLE]]

Pico Digestion Capacity Increase

In 2025, we began processing the final tranche of increased feedstock. Upon receipt of the final tranche, we made the final contractual payment to the dairy host. As a result of the increased digestion capacity, we produced approximately 31.8% more MMBtu during 2025 as compared to 2024. During 2025, our digestion inlet feedstock averaged approximately 458 gallons per day, approximately 17% in excess of our contracted minimums of 390 gallons per day. We are currently evaluating additional development expansion opportunities to ensure beneficial processing of all available feedstock volumes.

Second Apex RNG Facility

In 2025, we successfully completed the construction and commissioning of a second RNG processing facility at the Apex landfill. The construction of a second facility under our existing fuel supply agreement was triggered by biogas feedstock volumes exceeding production capabilities, discussions with the landfill host, and the host's waste intake forecasted projections. We continue to expect there will be a period where we have excess availability capacity after the second facility is commissioned while the landfill host increases its waste intake. We continue to collaborate with the landfill host to mitigate impacts from wellfield extraction factors

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which could impact capacity utilization. In connection with the commissioning of the second facility, we produced approximately 7.8% more MMBtu during 2025 as compared to 2024.

Blue Granite RNG Project

In 2025, we received notice from the utility that it will no longer accept RNG into its distribution system, which was in opposition of the letter of intent that was issued when we were awarded the gas rights to the site. As a result, we impaired the capital associated with the interconnection and equipment. We continue to have $1,000 recorded associated with the payment upon award of the gas rights agreement. We continue to review various alternatives related to interconnection opportunities as part of our considerations for offtake options with the understanding those alternatives may differ from initial development project assumptions, including physical and virtual and fixed interconnections. We are also reviewing alternatives for this site around producing energy other than RNG. We have paused capital expenditures related to this site while we consider all alternatives and continue discussions with the landfill host.

Tulsa REG Conversion to RNG

In 2025, we announced the conversion of our Tulsa, Oklahoma Renewable Electric Generation facility to RNG project. The project will offer a variable inlet capacity, ranging from 550 scfm to 2,250 scfm per day, providing average production capacity we target to be approximately 1,500 MMBtu per day and designed to beneficially process all of available inlet gas feedstock from its landfill host. We expect commissioning in 2027 and to continue incurring capital expenditures for long lead items. For the second half of 2025, our wellfield development initiatives have yielded increased feedstock totaling an overage of 1200 scfm per day.

GreenWave Joint Venture

In 2025, through our wholly-owned subsidiary Pesta Energy, LLC, we entered into an agreement with Pioneer Renewables Energy Marketing, LLC to form a joint venture, GreenWave Energy Partners, LLC (“Greenwave”). The primary goal of the joint venture is to help address the limited capacity of RNG utilization for transportation by offering third party RNG volumes access to exclusive unique and proprietary pathways. In the third quarter of 2025, Greenwave began matching available RNG volumes to dispensing opportunities through Greenwaves's transportation pathways. The joint venture has matched available dispensing capacity with available third party RNG volumes to separate RINs. We recorded income from Greenwave of $1,485 in 2025. Our capital investment in the joint venture is estimated to be up to approximately $4,500, subject to various and certain requirements as defined in the underlying agreements.

Carbon Dioxide Beneficial Use Opportunity

In 2024, we signed a contract for the delivery of 140 thousand tons per year of biogenic carbon dioxide (“CO2”) from our four Texas facilities. We intend to capture, clean and liquefy CO2 at select Texas facilities, at which point it will be transported to EE North America (“EENA”), a Texas-based e-methanol facility. The delivery term is expected to last at least 15 years with first delivery expected to begin in 2027. In 2025, we have been recognizing an exclusivity fee related to the minimum tons of CO2. The annual price per ton under the contract is adjusted annually by the U.S. consumer price index. The agreement with EENA includes a 50% sharing component of any available tax attributes generated by us under code section 45Q, Carbon dioxide sequestration credit, in the Inflation Reduction Act, as applicable. We have completed the initial site surveys related to location of the CO2 processing equipment, evaluated equipment suppliers, and started engineering design. We believe that we can fulfill the contracted volumes with the development of CO2 at two of our Texas facilities. We continue to match our capital investment in these project opportunities with the development timeline of EENA’s facility.

Montauk Ag Asset Acquisition

In 2021, Montauk Ag Renewables purchased technology and assets (the “Montauk Ag Renewables Acquisition”) to recover residual natural resources from swine waste and to refine and recycle such waste products through proprietary and other processes to produce high quality renewable electricity, North Carolina swine RECs, and micronutrient organic fertilizer alternatives. Upon completion of the first phase of the project, we expect that it will annually produce 41 MWh of electric power, approximately 121 RECs and 8.7 tons of organic fertilizer alternative.

Regulatory Developments

In 2024, the North Carolina Utilities Commission ("NCUC") approved our Turkey, North Carolina location for a New Renewable Energy Facility (“NREF”) designation and Certificate of Public Convenience and Necessity. In October 2024, our amended NREF application was approved. In 2024, the North Carolina legislature approved a statutory change to its Clean Energy and Energy Efficiency Portfolio Standards ("CEPS") governing the generation of RECs from swine waste that established a REC multiplier for swine waste produced in a Tier 1 county, which includes Sampson County, the location of our Turkey facility. For

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qualifying projects, for each swine REC generated, 2 enhanced RECs will be credited for a total three RECs for a period of 8 years, followed by one enhanced REC for a total two RECs for a period of 6 years and a credit of one REC thereafter. There is a limit of 80 enhanced RECs in a year.

In September 2025, a joint motion was filed with the NCUC by various entities seeking to modify and delay certain aspects of the CEPS, specifically, the portfolio standards relating to swine RECs. In October 2025, we filed response comments to the j

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/MNTK/mda/fy2025/
All MD&A years: /company/MNTK/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MNTK/mda/fy2024/): filed 2025-03-14; accession 0000950170-25-039495 (https://www.sec.gov/Archives/edgar/data/1826600/000095017025039495/mntk-20241231.htm)
- [FY 2023 MD&A](/company/MNTK/mda/fy2023/): filed 2024-03-14; accession 0000950170-24-031587 (https://www.sec.gov/Archives/edgar/data/1826600/000095017024031587/mntk-20231231.htm)
- [FY 2022 MD&A](/company/MNTK/mda/fy2022/): filed 2023-03-16; accession 0001193125-23-072678 (https://www.sec.gov/Archives/edgar/data/1826600/000119312523072678/d376707d10k.htm)
- [FY 2021 MD&A](/company/MNTK/mda/fy2021/): filed 2022-03-16; accession 0001193125-22-077310 (https://www.sec.gov/Archives/edgar/data/1826600/000119312522077310/d260478d10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4932 Gas & Other Services Combined) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MNTK.md · JSON record: /company/MNTK.json · verified financials: /company/MNTK/financials.json / /company/MNTK/financials.csv · machine TOC for the whole site: /llms.txt