On this page of StockholderLetter.com we present the latest annual shareholder letter from Montauk Renewables, Inc. — ticker symbol MNTK. Reading current and past MNTK letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report
Our 2024 Financial Highlights* ontauk is a leader in renewable energy development from biogas. We specialize in developing non-fossil fuel projects, which collectively benefit all parties involved in the energy transition from fossil fuel sources. We believe our portfolio is diversified and positioned to withstand market fluctuations as well as to capture emerging trends and future demand. M 2024 Financial Performance Snapshot Revenue Adjusted EBITDA Production D3 RIN Generation 5,587,000 $175.7M $42.6M (compared to $174.9M in 2023) (compared to $46.5M in 2023) 48.2M MMBtu of renewable natural gas RINS generated from our renewable energy projects (compared to 49.5M in 2023) 186,000 MWh of renewable electricity Production Volumes Mix D3 RIN Price 5,800,000 195,000 5,700,000 190,000 5,600,000 $3.50 $3.50 $3.00 $3.00 $2.50 $2.50 $2.00 $2.00 $1.50 $1.50 $1.00 $1.00 $0.50 $0.50 185,000 5,500,000 180,000 5,400,000 5,300,000 2021 2022 RNG MMBtu 2023 175,000 2020 2020 2024 2021 REG MWh 2022 Realized 2023 2024 Index D3 RIN Generation 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 2020 2021 2022 2023 2024 Total D3 RINs generated by all RNG sites of the Company from total RNG production volumes. Adjusted EBITDA $250,000 $80,000 $70,000 $200,000 $60,000 $50,000 $150,000 $40,000 $100,000 $30,000 $20,000 $50,000 $10,000 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 These financial highlights should be read in conjunction with the disclosures in the accompanying 2024 Form 10-K, including the audited financial statements. Adjusted EBITDA is a non-GAAP financial measure. For additional information regarding this metric and reconciliation to GAAP, please see Item 7 Non-GAAP Financial Measures of the accompanying 2024 Form 10-K and the reconciliations at the end of this letter.
Letter from our President and Chief Executive Officer Dear Fellow Stockholders, Though volatility continues to impact the renewable natural gas industry in a variety of ways, Montauk s strategy remains steady to seek out and invest in projects with quality host businesses that exhibit feedstock growth potential, to diversify our sources of feedstock, our product offerings, and our monetization structures and to ensure the long-term economic viability of our projects in a wide range of production and pricing scenarios. In 2018, Montauk took its first significant stride towards feedstock diversification through our Pico acquisition. We continue to leverage that diversification through our Pico digestion capacity increase and feedstock amendment with a high quality, high volume dairy agriculture host. Our feedstock diversification strategy is poised to further expand in 2026 with the commissioning of our swine waste to energy project in Turkey, North Carolina. Our North Carolina development initiative not only demonstrates our commitment to feedstock diversification but also our commitment to product diversification. Most of our production revenue from this project will be derived from Renewable Power Generation, which when combined with state-based renewable electricity credits, will meaningfully increase our existing REG business segment. In addition to a rebalancing of power generation in our portfolio, our North Carolina development project increases our revenue from commodity based products, whose market value is not directly influenced by traditional federal or state attribute programs. The biochar commodity produced by our patented reactor process will help insulate us from volatility experienced in markets underpinned by Federal and State programs such as the Renewable Fuel Standard and California s Low Carbon Fuel Standard. Montauk s commitment to diversification through its commodity product offerings is further illustrated in our previously announced agreement with European Energy North America for sales of biogenic carbon dioxide. This initiative is being prioritized across our portfolio, as the Company seeks to extract increased value from its existing projects, alongside the rising demand for, and market price of, industrial and food grade CO2. We believe our historical discipline of seeking out and investing in projects with quality host businesses combined with these diversification initiatives will position Montauk to successfully navigate the continually changing landscape of the Renewable Natural Gas Industry. Thank you for your continued support as a Montauk Renewables investor. Sincerely, Sean McClain President and Chief Executive Officer For more information regarding certain factors that could cause future results to differ, possibly materially, from historical performance or those anticipated in forward-looking statements, see Cautionary Note Regarding Forward-Looking Statements and the Risk Factors section of the accompanying 2024 Form 10-K.
Our Fiscal 2024 Developmental Highlights Carbon Dioxide Beneficial Use Opportunity In 2024, we signed a contract for the delivery of 140,000 tons per year of biogenic carbon dioxide ( CO2 ). We intend to capture, clean and liquefy CO2 at select Texas facilities, at which point it will be transported to EE North America, a Texasbased e-methanol facility. The delivery term is expected to last at least 15 years with first delivery expected in 2027. During 2024, we completed the initial site surveys related to locating the CO2 processing equipment, evaluated equipment suppliers, and started engineering design. We continue to target a commissioning start in 2027 and currently expect the capital investment to begin in the second quarter of 2025 for long lead equipment and design engineering. Waste-stream Biogas Recovery In 2024, a collaboration with Emvolon was announced to transform methane emissions from waste stream biogas into highvalue carbon negative fuel. Leveraging Emvolon s patented technology, the initial pilot at our Atascocita facility in Houston, Texas is a smallscale demonstration of recovering and converting biogas into green methanol. The pilot is designed to provide proof of concept and we may eventually move to a commercial facility capable of producing up to 15 thousand gallons of green methanol per year. The ultimate goal is to lead to a full-scale, commercial system capable of producing up to 2,400 gallons of methanol annually at the same or similar sites. Tulsa REG Conversion to RNG In 2025, we began an initiative to convert our Tulsa, Oklahoma Renewable Electric Generation facility project through the design and construction of an RNG facility. The project will offer a variable inlet capacity providing production capacity of approximately 1,500 MMBtu per day and designed to beneficially process all of the available inlet gas feedstock from its landfill host. We expect the capital investment to range from approximately $25,000,000 to $35,000,000 and be commissioned during the first quarter of 2027. Our Project Footprint Renewable Natural Gas COD(1) Capacity (MMBtu/ day) (2) Source Rumpke Cincinnati, OH 1986 7,271 Landfill Atascocita Humble, TX 2002*/ 2018 5,570 Landfill McCarty Houston, TX 1986 4,415 Landfill Apex Amsterdam, OH 2018 2,673 Landfill Monroeville Monroeville, PA 2004 2,372 Landfill Valley Harrison City, PA 2004 2,372 Landfill Galveston Galveston, TX 2019 1,857 Landfill Raeger Johnston, PA 2006 1,857 Landfill Shade Cairnbrook, PA 2007 1,857 Landfill (3) Site Coastal Plains Alvin, TX Pico Jerome, ID Total Capacity (MMBtu.) 2020 2020 1,775 Landfill 903 Livestock (Dairy) 32,922 Renewable Electricity Generation Capacity Site COD (1) (MW) Bowerman Irvine, CA AEL Sand Spring, OK Total Capacity (MW) 2016 2013 = Renewable Electricity Project = Renewable Natural Gas Project Source 23.6 Landfill 3.2 Landfill 26.8 (1) COD refers to the commercial operation date of each site. (2) This is equivalent to the project s design capacity and assumes inlet methane content of 56% for all sites other than Pico, which assumes inlet methane content of 62%, and process efficiency of 91%. (3) All of our landfill sites are accepting waste except our Shade site. Our Shade site is closed to accepting new waste, but is currently expected to continue to generate a commercial level of RNG for an additional ten years. Our operating RNG projects have an average expected remaining useful life of approximately 18 years.
 • shareholder letter icon 4/8/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/25/2023 MNTK Stockholder Letter
 • stockholder letter icon 4/22/2024 MNTK Stockholder Letter
 • stockholder letter icon More "Electric Utilities" Category Stockholder Letters
 • Benford's Law Stocks icon MNTK Benford's Law Stock Score = 91


MNTK Shareholder/Stockholder Letter Transcript:

2024 Annual Report

Our 2024 Financial Highlights*
ontauk is a leader in renewable energy development from biogas. We specialize in developing
non-fossil fuel projects, which collectively benefit all parties involved in the energy transition from
fossil fuel sources. We believe our portfolio is diversified and positioned to withstand market fluctuations
as well as to capture emerging trends and future demand.
M
2024 Financial Performance Snapshot
Revenue

Adjusted EBITDA
Production
D3 RIN Generation
5,587,000
$175.7M
$42.6M
(compared to $174.9M
in 2023)
(compared to $46.5M
in 2023)
48.2M
MMBtu of renewable
natural gas
RINS generated from
our renewable energy
projects (compared to
49.5M in 2023)
186,000
MWh of renewable
electricity
Production Volumes Mix
D3 RIN Price
5,800,000
195,000
5,700,000
190,000
5,600,000
$3.50
$3.50
$3.00
$3.00
$2.50
$2.50
$2.00
$2.00
$1.50
$1.50
$1.00
$1.00
$0.50
$0.50
185,000
5,500,000
180,000
5,400,000
5,300,000
2021
2022
RNG MMBtu
2023


175,000
2020
2020
2024
2021
REG MWh
2022
Realized
2023
2024
Index
D3 RIN Generation
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000

2020
2021
2022
2023
2024
Total D3 RINs generated by all RNG sites of the Company from
total RNG production volumes.
Adjusted EBITDA
$250,000
$80,000
$70,000
$200,000
$60,000
$50,000
$150,000
$40,000
$100,000
$30,000
$20,000
$50,000
$10,000


2020

2021
2022
2023
2024
2020
2021
2022
2023
2024
These financial highlights should be read in conjunction with the disclosures in the accompanying 2024 Form 10-K, including the audited
financial statements. Adjusted EBITDA is a non-GAAP financial measure. For additional information regarding this metric and
reconciliation to GAAP, please see Item 7    Non-GAAP Financial Measures    of the accompanying 2024 Form 10-K and the reconciliations
at the end of this letter.

Letter from our President and Chief Executive Officer
Dear Fellow Stockholders,
Though volatility continues to impact the renewable natural gas industry in a variety of ways, Montauk   s strategy remains
steady     to seek out and invest in projects with quality host businesses that exhibit feedstock growth potential, to diversify
our sources of feedstock, our product offerings, and our monetization structures and to ensure the long-term economic
viability of our projects in a wide range of production and pricing scenarios.
In 2018, Montauk took its first significant stride towards feedstock diversification through our Pico acquisition. We continue to
leverage that diversification through our Pico digestion capacity increase and feedstock amendment with a high quality, high
volume dairy agriculture host. Our feedstock diversification strategy is poised to further expand in 2026 with the
commissioning of our swine waste to energy project in Turkey, North Carolina. Our North Carolina development initiative not
only demonstrates our commitment to feedstock diversification but also our commitment to product diversification. Most of
our production revenue from this project will be derived from Renewable Power Generation, which when combined with
state-based renewable electricity credits, will meaningfully increase our existing REG business segment. In addition to a
rebalancing of power generation in our portfolio, our North Carolina development project increases our revenue from
commodity based products, whose market value is not directly influenced by traditional federal or state attribute programs.
The biochar commodity produced by our patented reactor process will help insulate us from volatility experienced in markets
underpinned by Federal and State programs such as the Renewable Fuel Standard and California   s Low Carbon Fuel Standard.
Montauk   s commitment to diversification through its commodity product offerings is further illustrated in our previously
announced agreement with European Energy North America for sales of biogenic carbon dioxide. This initiative is being
prioritized across our portfolio, as the Company seeks to extract increased value from its existing projects, alongside the rising
demand for, and market price of, industrial and food grade CO2. We believe our historical discipline of seeking out and
investing in projects with quality host businesses combined with these diversification initiatives will position Montauk to
successfully navigate the continually changing landscape of the Renewable Natural Gas Industry.
Thank you for your continued support as a Montauk Renewables investor.
Sincerely,
Sean McClain
President and Chief Executive Officer
For more information regarding certain factors that could cause future results to differ, possibly materially, from historical
performance or those anticipated in forward-looking statements, see    Cautionary Note Regarding Forward-Looking
Statements    and the    Risk Factors    section of the accompanying 2024 Form 10-K.

Our Fiscal 2024 Developmental Highlights
Carbon Dioxide Beneficial Use Opportunity
In 2024, we signed a contract for the delivery of 140,000 tons per year of biogenic carbon dioxide (   CO2   ). We intend to
capture, clean and liquefy CO2 at select Texas facilities, at which point it will be transported to EE North America, a Texasbased e-methanol facility. The delivery term is expected to last at least 15 years with first delivery expected in 2027. During
2024, we completed the initial site surveys related to locating the CO2 processing equipment, evaluated equipment suppliers,
and started engineering design. We continue to target a commissioning start in 2027 and currently expect the capital
investment to begin in the second quarter of 2025 for long lead equipment and design engineering.
Waste-stream Biogas Recovery
In 2024, a collaboration with Emvolon was announced to transform methane emissions from waste stream biogas into highvalue carbon negative fuel. Leveraging Emvolon   s patented technology, the initial pilot at our Atascocita facility in Houston,
Texas is a smallscale demonstration of recovering and converting biogas into green methanol. The pilot is designed to provide
proof of concept and we may eventually move to a commercial facility capable of producing up to 15 thousand gallons of
green methanol per year. The ultimate goal is to lead to a full-scale, commercial system capable of producing up to 2,400
gallons of methanol annually at the same or similar sites.
Tulsa REG Conversion to RNG
In 2025, we began an initiative to convert our Tulsa, Oklahoma Renewable Electric Generation facility project through the design
and construction of an RNG facility. The project will offer a variable inlet capacity providing production capacity of approximately
1,500 MMBtu per day and designed to beneficially process all of the available inlet gas feedstock from its landfill host. We
expect the capital investment to range from approximately $25,000,000 to $35,000,000 and be commissioned during the first
quarter of 2027.
Our Project Footprint
Renewable Natural Gas
COD(1)
Capacity
(MMBtu/
day) (2)
Source
Rumpke
Cincinnati, OH
1986
7,271
Landfill
Atascocita
Humble, TX
2002*/
2018
5,570
Landfill
McCarty
Houston, TX
1986
4,415
Landfill
Apex
Amsterdam, OH
2018
2,673
Landfill
Monroeville
Monroeville, PA
2004
2,372
Landfill
Valley
Harrison City, PA
2004
2,372
Landfill
Galveston
Galveston, TX
2019
1,857
Landfill
Raeger
Johnston, PA
2006
1,857
Landfill
Shade
Cairnbrook, PA
2007
1,857
Landfill (3)
Site
Coastal
Plains Alvin, TX
Pico
Jerome, ID
Total Capacity (MMBtu.)
2020
2020
1,775
Landfill
903
Livestock
(Dairy)
32,922
Renewable Electricity Generation
Capacity
Site
COD (1)
(MW)
Bowerman
Irvine, CA
AEL
Sand Spring, OK
Total Capacity (MW)
2016
2013
= Renewable Electricity Project
= Renewable Natural Gas Project
Source
23.6
Landfill
3.2
Landfill
26.8
(1)    COD    refers to the commercial operation date of each site.
(2) This is equivalent to the project   s design capacity and assumes inlet
methane content of 56% for all sites other than Pico, which assumes
inlet methane content of 62%, and process efficiency of 91%.
(3) All of our landfill sites are accepting waste except our Shade site. Our
Shade site is closed to accepting new waste, but is currently expected
to continue to generate a commercial level of RNG for an additional
ten years. Our operating RNG projects have an average expected
remaining useful life of approximately 18 years.



shareholder letter icon 4/8/2025 Letter Continued (Full PDF)
 

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