In Pennsylvania, Montauk Renewables reported first quarter 2025 financial results. Total revenues were $42.6 million, a 9.8% increase compared to Q1 2024, driven primarily by monetizing RINs from 2024 RNG production. However, the company reported a net loss of $0.5 million, compared to a $1.9 million net income in Q1 2024. Non-GAAP Adjusted EBITDA decreased 7.2% year-over-year to $8.8 million. RNG production was flat at 1.4 million MMBtu. RINs sold increased by 25.3%.
Profitability depends highly on environmental attribute prices like RINs. New EPA rules and the 2024 compliance period extension impacted RIN availability and timing. Operating expenses increased due to maintenance and wellfield programs.
The company is planning to relocate its Rumpke RNG facility, estimating $80-$110 million in capital expenditures targeting 2028 commissioning. They also impaired equipment at the Blue Granite project after the utility stopped accepting RNG. The 2025 full-year outlook forecasts RNG revenues between $150 and $170 million and production between 5.8 and 6.0 million MMBtu.
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