Montauk Renewables Files Q2 2024 10-Q

TL;DR

Montauk Renewables filed its Q2 10-Q. Financials and operations updated.

AI Summary

Montauk Renewables, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly Montauk Energy, Inc., reported on its financial performance and business operations. Key financial data and operational details are disclosed in this quarterly report.

Why It Matters

This filing provides investors and stakeholders with an update on Montauk Renewables' financial health and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• Q2 2024 — Reporting Period (Quarterly filing for the second quarter of 2024.)

Key Players & Entities

• Montauk Renewables, Inc. (company) — Filer
• Montauk Energy, Inc. (company) — Former Company Name
• 20240630 (date) — Reporting Period End Date
• 20240808 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share MNTK The Nasdaq Capital M

Filing Documents

• mntk-20240630.htm (10-Q) — 2854KB
• mntk-ex31_1.htm (EX-31.1) — 13KB
• mntk-ex31_2.htm (EX-31.2) — 12KB
• mntk-ex32_1.htm (EX-32.1) — 7KB
• mntk-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-094128.txt ( ) — 11468KB
• mntk-20240630.xsd (EX-101.SCH) — 1220KB
• mntk-20240630_htm.xml (XML) — 2653KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 6 ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

FINANCIAL STATEMENTS (UNAUDITED) 6 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 50 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 50

OTHER INFORMATION

PART II OTHER INFORMATION 51 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 51 ITEM 1A.

RISK FACTORS

RISK FACTORS 51 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 51 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 51 ITEM 4. MINE SAFETY DISCLOSURES 51 ITEM 5. OTHER INFORMATION 51 ITEM 6. EXHIBITS 52

SIGNATURES

SIGNATURES 53 Table of Contents ``` Glossary of Key Terms This Quarterly Report on Form 10-Q uses several terms of art that are specific to our industry and business. For the convenience of the reader, a glossary of such terms is provided here. Unless we otherwise indicate, or unless the context requires otherwise, any references in this Quarterly Report on Form 10-Q to: " ADG " refers to anaerobic digested gas. " CARB " refers to the California Air Resource Board. " CNG " refers to compressed natural gas. " CI " refers to carbon intensity. " D3 " refers to cellulosic biofuel with a 60% GHG reduction requirement. " EPA " refers to the U.S. Environmental Protection Agency. " Environmental Attributes " refer to federal, state and local government incentives in the United States, provided in the form of RINs, RECs, LCFS credits, rebates, tax credits and other incentives to end users, distributors, system integrators and manufacturers of renewable energy projects, that promote the use of renewable energy. " FERC " refers to the U.S. Federal Energy Regulatory Commission. " GHG " refers to greenhouse gases. " JSE " refers to the Johannesburg Stock Exchange. " LCFS " refers to Low Carbon Fuel Standard. " LFG " refers to landfill gas. "MMBtu" refers to Metric Million British Thermal Unit. " PPAs " refers to power purchase agreements. " RECs " refers to Renewable Energy Credits. " Renewable Electricity " or "REG" refers to electricity generated from renewable sources. " RFS " refers to the EPA's Renewable Fuel Standard. " RINs " refers to Renewable Identification Numbers. " RNG " refers to renewable natural gas. " RVOs " refers to renewable volume obligations. 3 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of U.S. federal securities laws that involve substantial risks and uncertainties. All statements

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Page Montauk Renewables, Inc . Unaudited condensed consolidated financial statements Unaudited consolidated balance sheets 7 Unaudited consolidated statements of operations 8 Unaudited consolidated statements of stockholders' equity 9 Unaudited consolidated statements of cash flows 10 Condensed notes to unaudited consolidated financial statements 11 6 Table of Contents MONTAUK RENEWABLES, INC. CONSOLID ATED BALANCE SHEETS (Unaudited) (in thousands, except share data): as of June 30, as of December 31, ASSETS 2024 2023 Current assets: Cash and cash equivalents $ 42,285 $ 73,811 Accounts and other receivables 21,984 12,752 Current restricted cash 8 8 Income tax receivable 506 — Current portion of derivative instruments 766 785 Prepaid expenses and other current assets 5,598 2,819 Total current assets $ 71,147 $ 90,175 Non-current restricted cash $ 452 $ 423 Property, plant and equipment, net 244,367 214,289 Goodwill and intangible assets, net 17,932 18,421 Deferred tax assets 1,908 2,076 Non-current portion of derivative instruments 515 470 Operating lease right-of-use assets 4,165 4,313 Finance lease right-of-use assets 147 36 Related party receivable 10,158 10,138 Other assets 11,181 9,897 Total assets $ 361,972 $ 350,238 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 11,864 $ 7,916 Accrued liabilities 20,671 12,789 Income tax payable — 313 Current portion of operating lease liability 452 420 Current portion of finance lease liability 67 26 Current portion of long-term debt 9,874 7,886 Total current liabilities $ 42,928 $ 29,350 Long-term debt, less current portion $ 49,685 $ 55,614 Non-current portion of operating lease liability 3,953 4,133 Non-current portion of finance