Montauk Renewables, Inc. (MNTK) SEC Filings & Earnings Calls

No dividend declared to preserve cash for operations

“Directors resolved not to declare a final dividend to focus financial resources on continued development”

Landfill host delays impacting production

“In 2024, we began to experience trends with several of our landfill hosts delaying their installation of or delaying our ability to install wellfield collection infrastructure in active waste placement areas, a practice historically common and critical to our projections of feedstock gas and, therefore, production.” · word for word

Regulatory uncertainty from LCFS price cap proposal

“In June 2025, California lawmakers introduced California Senate Bill SB-237, which includes a potential cap on LCFS credit prices of approximately $75/ton.” · word for word

Small Refinery Exemptions reducing RIN demand

“On August 22, 2025, the EPA issued decisions on 175 Small Refinery Exemption (“SRE”) petitions, granting full exemptions to 63 petitions and partial exemptions to 77 petitions for the 2023 and 2024 compliance years.” · word for word

Regulatory transition to Biogas Regulatory Reform Rule causing significant drop in RIN generation (95.4% decrease).

“RINs generated and unseparated decreased approximately 95.4% as a result of the transition to the Biogas Regulatory Reform Rule in 2025.” · word for word

RNG commodity revenue decline of 63.7% due to expiration of fixed-price contracts; reliance on RIN revenue.

“RNG commodity revenue decreased approximately 63.7% which was offset by an increase in RINs sold.” · word for word

Montauk Ag Renewables facility delay impacting REG revenue outlook.

“Reduction in REG revenues and volumes outlook relates to our current expectations on the commencement of revenue and REG generation at our Montauk Ag Renewables facility.” · word for word

RNG commodity revenue decline due to fixed-price contract expirations; reliance on RINs for growth.

“RNG commodity revenue decreased approximately 49.3% which was offset by an increase in RINs sold of 25.5%.” · word for word

Production flat; some facilities saw declines due to wellfield changes and maintenance.

“Galveston facility produced 41k MMBtu fewer; McCarty facility produced 88k MMBtu fewer.”

Operating loss widened despite revenue growth; cost pressures from maintenance and new project.

“Operating loss in Q1 2026 was $1.6M compared to operating income of $0.4M in Q1 2025.”

Landfill host delays and wellfield issues constraining production

“In 2024, we began to experience trends with several of our landfill hosts delaying their installation of or delaying our ability to install wellfield collection infrastructure in active waste placement areas, a practice historically common and critical to our projections of feedstock gas and, therefore, production. These landfill-driven delays impact the tim” · word for word

Regulatory uncertainty from RFS waivers and SREs

“On June 13, 2025, the EPA issued a final rule partially waiving the 2024 cellulosic biofuel volume requirement, reducing the requirement from 1,090 to 1,010 D3 RINs based on actual production levels. ... On August 22, 2025, the EPA issued decisions on 175 Small Refinery Exemption (“SRE”) petitions, granting full exemptions to 63 petitions and partial exempti” · word for word

CO2 offtake contract termination delays project

“In April 2026, we sent a letter confirming termination of our contract with European Energy North America (“EENA”) for the delivery of biogenic carbon dioxide (“CO2”). The termination was due to EENA’s failure to provide certain contractual assurances and notices related to the construction of their Texas-based e-methanol facility.” · word for word

Dependence on RIN and LCFS credit prices

“Our profitability is highly dependent on the market price of Environmental Attributes, including the market price for RINs.” · word for word

Adjusted EBITDA goal not achieved

“None of the NEOS received this performance bonus because less than 95% of the 2025 Adjusted EBITDA goal was attained.” · word for word

Controlled company governance

“The parties to the Consortium Agreement beneficially own approximately 52.3% of our common stock as of April 2, 2026. As a result, we are a 'controlled company' within the meaning of the Nasdaq listing rules.” · word for word

Significant earnings decline and impairment indicate operational challenges.

“EBITDA -21.2%; headline earnings -60.4%; impairment of plant and equipment $3.2M.”

Significant decline in RIN pricing (-29%) compressed margins and profitability; regulatory uncertainty around North Carolina swine RECs.

“Average RIN price fell 29% to $2.33; net income down 82%; NCUC waiver request denied but compliance obligations increase.”

Regulatory Risk - RIN Program Changes

“On December 12, 2024, EPA proposed a partial waiver of 2024 Cellulosic Biofuel Volume Requirements due to the projected shortfall of D3 RINs available to meet the 2024 RVO.” · word for word

Policy Risk - Fossil Fuel Focus

“On February 12, 2026, the EPA formally repealed the 2009 Greenhouse Gas Endangerment Finding, a foundational policy that determined carbon dioxide and other greenhouse gases pose a threat to public health and welfare.” · word for word

Customer Concentration Risk

“Our projects located on Waste Management operated landfills represented 36.8%, 38.5% and 37.3% of our revenue in 2025, 2024, and 2023, respectively.” · word for word

Project Execution Risk

“For example, our development of the Montauk AG project in Turkey, North Carolina has been delayed due to the inability of the construction company to meet agreed upon deadlines.” · word for word

Credit Facility Covenant Risk

“The Credit Agreement is subject to customary events of default, and contemplates that we would be in default if, for any fiscal quarter, the average monthly D3 RIN price is less than $1.00 per RIN.” · word for word

Increased leverage ratio may indicate financial strain

“replacement of Total Leverage Ratio with Total Net Leverage Ratio and increase to 3.50x”

Dependence on RIN prices and regulatory uncertainty

“Average D3 RIN index price decreased 34.8% YoY; EPA rule finalization delayed potentially into 2026 due to government shutdown.”

Strategic shift to fixed-price arrangements reduces RIN sales

“Decision to sell increased amount under fixed/floor-price arrangements contributed to having less RINs to sell.”

RIN Price Volatility

“Average pricing realized on RIN sales during the third quarter of 2025 was $2.29 as compared to $3.34 in the third quarter of 2024, a decrease of 31.4%.” · word for word

Regulatory Risk (BRRR, RVO, LCFS)

“We had approximately 749 RINs generated but unseparated at September 30, 2025 which reduced the amount of RINs available for sale as of September 30, 2025.” · word for word

Feedstock Supply Disruption

“In the third quarter of 2024, we began to experience trends with several of our landfill hosts delaying their installation of or delaying our ability to install wellfield collection infrastructure in active waste placement areas... We expect these trends to continue through 2025.” · word for word

Project Execution Risk

“In the first quarter of 2025, we received notice from the utility that it will no longer accept RNG into its distribution system... We have paused further capital expenditures related to this site.” · word for word

Liquidity Risk

“At September 30, 2025 and September 30, 2024, our cash and cash equivalents, net of restricted cash, was $6,766 and $54,973, respectively.” · word for word