$MNTK

Montauk Renewables, Inc.

CIK:0001826600|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Total operating revenues	$ 54,020	$ 45,127	$ 100,447	$ 87,730
Operating expenses:
Operating and maintenance expenses	29,061	21,864	52,215	39,422
General and administrative expenses	7,666	9,044	15,686	17,798
Royalties, transportation, gathering and production fuel	8,814	9,168	16,851	16,739
Depreciation, depletion and amortization	7,904	7,029	16,277	13,293
Impairment loss	650	377	1,093	2,424
Total operating expenses	54,095	47,482	102,122	89,676
Operating loss	(75)	(2,355)	(1,675)	(1,946)
Other expenses (income):
Interest expense	1,531	1,216	2,866	2,459
Income from equity investment	(3,772)	0	(7,092)	0
Loss on extinguishment of debt	0	0	944	0
Other (income) loss	(50)	40	(316)	(13)
Total other (income) expenses	(2,291)	1,256	(3,598)	2,446
Income (loss) before income taxes	2,216	(3,611)	1,923	(4,392)
Income tax expense	1,990	1,876	1,692	1,559
Net income (loss)	$ 226	$ (5,487)	$ 231	$ (5,951)
Income (loss) per share:
Basic	$ 0	$ (0.04)	$ 0	$ (0.04)
Diluted	$ 0	$ (0.04)	$ 0	$ (0.04)
Weighted-average common shares outstanding:
Basic	143,244,544	143,035,626	143,244,544	142,874,606
Diluted	143,932,316	143,035,626	143,916,829	142,874,606

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ 226	$ (5,487)	$ 231	$ (5,951)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization			16,277	13,293
Provision for deferred income taxes			2,095	1,596
Loss on extinguishment of debt	0	0	944	0
Stock-based compensation			1,151	3,639
Derivative mark-to-market adjustments and settlements			220	341
Net (gain) loss on sale or disposal of assets			(13)	36
Decrease in earn-out liability			0	360
Accretion of asset retirement obligations			258	239	$ 485
Amortization of debt issuance costs	339	99	482	195
Impairment loss	650	377	1,093	2,424
Non-cash expense - RINs from equity method investment			7,201	0
Income from equity method investment	(3,772)	0	(7,092)	0	(1,485)
Accounts receivable			3,613	629
Royalty offset long term receivable			(2,921)	(2,645)
Critical spare inventory			(204)	(1,030)
Prepaid insurance and expenses			(1,371)	(2,003)
Income tax payables			(606)	(606)
Accounts payable and Accrued liabilities			8,935	7,247
Other			152	(418)
Net cash provided by operating activities			30,445	17,346
Cash flows from investing activities:
Capital expenditures	(24,693)	(33,666)	(55,560)	(45,298)
Capital contributions to equity method investments			0	(2,150)	(4,000)
Cash collateral deposits			0	2
Proceeds from sale of assets			33	0
Net cash used in investing activities			(55,527)	(47,446)
Cash flows from financing activities:
Repayments of long-term debt			(44,000)	(6,000)
Borrowings of long-term debt			155,000	20,000
Repayments of revolver			(105,000)	0
Borrowings of revolver			20,000	0
Debt extinguishment costs			(944)	0
Debt issuance costs			(5,644)	0
Common stock issuance			0	4
Treasury stock purchase			0	(354)
Finance lease payments			(30)	(36)
Net cash provided in financing activities			19,382	13,614
Net decrease in cash and cash equivalents and restricted cash			(5,700)	(16,486)
Cash and cash equivalents and restricted cash at beginning of period			24,190	46,004	46,004
Cash and cash equivalents and restricted cash at end of period	18,490	29,518	18,490	29,518	24,190
Reconciliation of cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents	15,757	29,133	15,757	29,133	23,752
Restricted cash and cash equivalents - current	8	8	8	8	8
Restricted cash and cash equivalents - non-current	2,725	377	2,725	377	430
Reconciliation of cash, cash equivalents, and restricted cash at end of year	$ 18,490	$ 29,518	18,490	29,518	24,190
Supplemental cash flow information:
Cash paid for interest, net of $4,426 and $64 capitalized respectively			3,178	2,501
Cash paid for income taxes			202	569
Accrual for purchase of property, plant and equipment included in accounts payable and accrued liabilities			17,275	19,367
Non-cash RIN distribution from equity method investment			$ 7,201	$ 0	$ 1,661

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 15,757	$ 23,752
Accounts and other receivables	5,554	9,167
Current restricted cash	8	8
Income tax receivable	1,308	702
Current portion of derivative instruments	0	220
Prepaid insurance and other current assets	4,677	3,306
Total current assets	27,304	37,155
Non-current restricted cash	2,725	430
Property, plant and equipment, net	385,624	341,395
Goodwill and intangible assets, net	19,070	19,605
Deferred tax assets	3,455	5,550
Operating lease right-of-use assets	7,358	9,082
Finance lease right-of-use assets	8	39
Equity method investment	3,715	3,824
Other assets	21,447	18,380
Total assets	470,706	435,460
Current liabilities:
Accounts payable	25,800	15,638
Accrued liabilities	15,998	11,735
Current portion of operating lease liability	2,531	3,287
Current portion of finance lease liability	1	32
Current portion of long-term debt	0	2,733
Total current liabilities	44,330	33,425
Long-term debt, less current portion	149,635	126,000
Non-current portion of operating lease liability	4,960	5,880
Non-current portion of finance lease liability	8	8
Asset retirement obligations	7,218	6,960
Other liabilities	25	39
Total liabilities	206,176	172,312
Commitments and contingencies (Note 21)
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, authorized 690,000,000 shares; 143,912,811 shares issued at June 30, 2026 and December 31, 2025; 143,244,544 shares outstanding atJune 30, 2026 and December 31, 2025	1,431	1,431
Treasury stock, at cost, 2,521,886 shares June 30, 2026 and December 31, 2025	(21,681)	(21,681)
Additional paid-in capital	227,453	226,302
Retained earnings	57,327	57,096
Total stockholders' equity	264,530	263,148
Total liabilities and stockholders' equity	$ 470,706	$ 435,460