Montauk Renewables (MNTK) Q1 2026 earnings summary

Executive summary

• Revenues reached $46.4 million in Q1 2026, up 9% year-over-year, driven by increased RINs sold and GreenWave joint venture contributions.

• Adjusted EBITDA rose 22.8% to $10.8 million, while EBITDA increased to $9.4 million.

• Net income was $5,000, reversing a net loss of $0.5 million in Q1 2025, though some reports show a $0.3 million net loss due to higher operating expenses.

• Commissioned Montauk Ag Renewables project in North Carolina, with syngas production underway and revenue generation expected to begin in May 2026.

• Signed a five-year extension for Raeger Gas Rights, securing feedstock supply through 2031.

Financial highlights

• Q1 2026 total revenues were $46.4 million, up 9% year-over-year from $42.6 million.

• Adjusted EBITDA was $10.8 million, up from $8.8 million in Q1 2025.

• Operating loss was $1.6 million, compared to operating income of $0.4 million a year ago, due to higher operating and maintenance expenses.

• Cash and cash equivalents at quarter-end were $25.9 million.

• Net cash provided by operating activities was $15.8 million, up from $9.1 million in Q1 2025.

Outlook and guidance

• 2026 RNG production guidance reaffirmed at 5.8–6 million MMBtu, with revenue expected between $175–$190 million.

• Renewable electricity production guidance: 195,000–207,000 MWh, revenue $33–$37 million.

• Ongoing development projects include Bowerman RNG, Tulsa RNG, Rumpke RNG Relocation, and Atascocita LCO2, with capital expenditures for 2026 development projects estimated at $80–$100 million.

• Guidance reflects a one-month delay in Montauk Ag Renewables revenue start due to commissioning timing.