Montauk Renewables (MNTK) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues rose 19.7% year-over-year to $54.0 million, driven by higher environmental attribute revenues, especially from RINs distributed via the GreenWave joint venture.

• Net income reached $0.2 million, reversing a net loss of $5.5 million in Q2 2025, with improved profitability due to increased RIN sales and joint venture income.

• Adjusted EBITDA for Q2 2026 was $12.3 million, up 144.5% year-over-year, reflecting improved operational efficiency and higher RIN sales.

• RNG production increased 3% year-over-year to 1.5 million MMBtu, with notable gains at McCarty and Apex facilities.

• Power generation began at the Turkey, North Carolina facility, expected to generate swine and enhanced RECs in coming months.

Financial highlights

• Total revenues: $54.0 million (+19.7% YoY); environmental attribute revenues up $8.4 million.

• Operating loss narrowed to $0.1 million from $2.4 million YoY.

• Operating and maintenance expenses for RNG: $15.6 million (down 8.2% YoY); for electricity: $5.1 million (up 5.3% YoY).

• Cash and cash equivalents at June 30, 2026 were $15.8 million.

• Net cash provided by operating activities for the first half of 2026 was $30.4 million.

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: 185,000–195,000 MWh, with revenue of $23–$26 million.

• Ongoing ramp-up in production volumes at Montauk Ag Renewables is anticipated throughout 2026.

• Management expects sufficient liquidity and credit availability to fund operations and capital expenditures for the next 12–24 months.

• Ongoing capital projects include Bowerman RNG, Atascocita LCO2, Tulsa RNG, and Rumpke RNG Relocation, with anticipated commencement dates from 2027 to 2028 and total estimated capital expenditures ranging from $210M to $260M.