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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-39919

MONTAUK RENEWABLES, INC.

(Exact name of registrant as specified in its charter)


Delaware	85-3189583
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification No.)

5313 Campbells Run Road, Suite 200 Pittsburgh, Pennsylvania	15205
(Address of Principal Executive Offices)	(Zip Code)

(412) 747-8700

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class
 
     Trading symbol(s)
 
     Name of each exchange on which registered

     Common Stock, par value $0.01 per share

     MNTK

     The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of outstanding shares of the registrant’s common stock on October 31, 2025 was 142,256,617 shares.

Table of Contents

TABLE OF CONTENTS


		Page

PART I FINANCIAL INFORMATION		6

ITEM 1.	FINANCIAL STATEMENTS (UNAUDITED)	6

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	31

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	52

ITEM 4.	CONTROLS AND PROCEDURES	52

PART II OTHER INFORMATION		53

ITEM 1.	LEGAL PROCEEDINGS	53

ITEM 1A.	RISK FACTORS	53

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	53

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	53

ITEM 4.	MINE SAFETY DISCLOSURES	53

ITEM 5.	OTHER INFORMATION	53

ITEM 6.	EXHIBITS	54

SIGNATURES		55

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.

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 other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to our financial condition, results of operations, plans, objectives, strategies, future performance, and business. Forward-looking statements may include words such as “anticipate,” “assume,” “believe,” “can have,” “contemplate,” “continue,” “strive,” “aim,” “could,” “design,” “due,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. For example, all statements we make relating to our future results of operations, financial condition, expectations and plans, including those related to the Montauk Ag project in North Carolina, the Second Apex RNG Facility, the Blue Granite RNG Facility, the Bowerman RNG Facility, the delivery of biogenic carbon dioxide volumes to European Energy, the Emvolon collaboration and pilot project, the Tulsa facility project, the resolution of gas collection issues at the McCarty facility, the delays and cancellations of landfill host wellfield expansion projects, the mitigation of wellfield extraction environmental factors at the Rumpke and Apex facilities, how we may monetize RNG production, the GreenWave joint venture, the impacts of the One Big Beautiful Bill Act, impacts from the US Federal government shutdown, and weather-related anomalies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expect and, therefore, you should not unduly rely on such statements. The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward-looking statements include but are not limited to:

•

our ability to develop and operate new renewable energy projects, including with livestock farms, and related challenges associated with new projects, such as identifying suitable locations and potential delays in acquisition financing, construction, and development;

•

reduction or elimination of government economic incentives to the renewable energy market, whether as a result of the new presidential administration or otherwise;

•

the inability to complete strategic development opportunities;

•

widespread manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, international hostilities, government shutdowns, political elections, security breaches, cyberattacks or other extraordinary events that impact general economic conditions, financial markets and/or our business and operating results;

•

taxes, tariffs, duties or other assessments on equipment necessary to generate or deliver renewable energy or continued inflation could raise our operating costs or increase the construction costs of our existing or new projects;

•

rising interest rates could increase the borrowing costs of future indebtedness;

•

the failure to attract and retain qualified personnel or a possible increased reliance on third-party contractors as a result, and the potential unenforceability of non-compete clauses with our employees;

•

the length of development and optimization cycles for new projects, including the design and construction processes for our renewable energy projects;

•

dependence on third parties for the manufacture of products and services and our landfill operations;

•

the quantity, quality and consistency of our feedstock volumes from both landfill and livestock farm operations;

•

reliance on interconnections with and access to electric utility distribution and transmission facilities and gas transportation pipelines for our Renewable Natural Gas and Renewable Electricity Generation segments;

•

our ability to renew pathway provider sharing arrangements at historical counterparty share percentages;

•

our projects not producing expected levels of output;

•

potential benefits associated with the combustion-based oxygen removal condensate neutralization technology;

•

concentration of revenues from a small number of customers and projects;

•

our outstanding indebtedness and restrictions under our credit facility;

•

our ability to extend our fuel supply agreements prior to expiration;

•

our ability to meet milestone requirements under our PPAs;

Table of Contents

•

existing regulations and changes to regulations and policies that effect our operations, whether as a result of the new presidential administration or otherwise;

•

expected impacts of the Production Tax Credit and other tax credit benefits under the Inflation Reduction Act of 2022;

•

decline in public acceptance and support of renewable energy development and projects;

•

our expectations regarding Environmental Attribute volume requirements and prices and commodity prices;

•

our expectations regarding the period during which we qualify as an emerging growth company under the Jumpstart Our Business Startups Act (“JOBS Act”);

•

our expectations regarding future capital expenditures, including for the maintenance of facilities;

•

our expectations regarding the use of net operating losses before expiration;

•

our expectations regarding more attractive CI scores by regulatory agencies for our livestock farm projects;

•

market volatility and fluctuations in commodity prices and the market prices of Environmental Attributes and the impact of any related hedging activity;

•

regulatory changes in federal, state and international environmental attribute programs and the need to obtain and maintain regulatory permits, approvals, and consents;

•

profitability of our planned livestock farm projects;

•

sustained demand for renewable energy;

•

potential liabilities from contamination and environmental conditions;

•

potential exposure to costs and liabilities due to extensive environmental, health and safety laws;

•

impacts of climate change, extreme and changing weather patterns and conditions and natural disasters;

•

failure of our information technology and data security systems;

•

increased competition in our markets;

•

continuing to keep up with technology innovations;

•

concentrated stock ownership by a few stockholders and related control over the outcome of all matters subject to a stockholder vote; and

•

other risks and uncertainties detailed in the section titled “Risk Factors” in our latest Annual Report on Form 10-K and as otherwise disclosed in our filings with the SEC.

We make many of our forward-looking statements based on our operating budgets and forecasts, which are based upon detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results.

All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements as well as others made in our other Securities and Exchange Commission (“SEC”) filings and public communications. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties. See the “Risk Factors” section in our latest Annual Report on Form 10-K and our other filings with the SEC.

We caution you that the risks and uncertainties identified by us may not be all of the factors that are important to you. Furthermore, the forward-looking statements included in this report are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

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PART I FINANCIAL INFORMATION

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	12

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MONTAUK RENEWABLES, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share data):



	as of September 30,			as of December 31,
ASSETS	2025			2024
Current assets:
Cash and cash equivalents	$	6,766		$	45,621
Accounts and other receivables		6,018			8,172
Current restricted cash		8			8
Income tax receivable		723			41
Current portion of derivative instruments		286			471
Prepaid insurance and other current assets		4,168			2,911
Total current assets	$	17,969		$	57,224
Non-current restricted cash	$	429		$	375
Property, plant and equipment, net		315,697			252,288
Goodwill and intangible assets, net		19,873			18,113
Deferred tax assets		1,541			1,272
Non-current portion of derivative instruments		35			298
Operating lease right-of-use assets		6,024			7,064
Finance lease right-of-use assets		56			110
Investments		4,167		—
Other assets		17,516			12,271
Total assets	$	383,307		$	349,015

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	25,417		$	8,856
Accrued liabilities		14,072			10,069
Related party payable	—				625
Current portion of operating lease liability		2,498			2,049
Current portion of finance lease liability		50			76
Current portion of long-term debt		11,860			11,853
Total current liabilities	$	53,897		$	33,528
Long-term debt, less current portion	$	54,868		$	43,763
Non-current portion of operating lease liability		3,683			5,138
Non-current portion of finance lease liability		8			36
Asset retirement obligations		6,837			6,338
Other liabilities		3,287			2,795

Total liabilities	$	122,580		$	91,598

Commitments and contingencies (Note 21)

STOCKHOLDERS’ EQUITY

Common stock, $0.01 par value, authorized 690,000,000 shares; 143,792,811 shares issued at September 30, 2025 and December 31, 2024; 143,160,022 and 142,711,797 shares outstanding at September 30, 2025 and December 31, 2024, respectively	$	1,430		$	1,426
Treasury stock, at cost, 2,486,408 and 2,308,524 shares at September 30, 2025 and December 31, 2024, respectively		(21,616	)		(21,262	)
Additional paid-in capital		226,311			221,905
Retained earnings		54,602			55,348
Total stockholders' equity	$	260,727		$	257,417
Total liabilities and stockholders' equity	$	383,307		$	349,015

The accompanying notes to the unaudited condensed consolidated financial statements are an integral part of these statements.

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MONTAUK RENEWABLES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except for share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Total operating revenues	$	45,258		$	65,917		$	132,988		$	148,042

Operating expenses:
Operating and maintenance expenses		17,477			15,484			56,899			48,596
General and administrative expenses		6,511			10,037			24,310			28,202
Royalties, transportation, gathering and production fuel		8,433			11,107			25,172			26,702
Depreciation, depletion and amortization		8,341			6,048			21,634			17,305
Impairment loss		48			533			2,472			1,232
Transaction costs		—			—			—			61
Total operating expenses	$	40,810		$	43,209		$	130,487		$	122,098
Operating income	$	4,448		$	22,708		$	2,501		$	25,944

Other expenses (income):
Interest expense	$	1,074		$	1,835		$	3,533		$	4,285
Other expense (income)		14			(140	)	—				(1,249	)
Total other expenses	$	1,088		$	1,695		$	3,533		$	3,036
Income (loss) before income taxes	$	3,360		$	21,013		$	(1,032	)	$	22,908

Income tax (benefit) expense		(1,845	)		3,965			(286	)		4,722
Net income (loss)	$	5,205		$	17,048		$	(746	)	$	18,186

Income (loss) per share:
Basic	$	0.04		$	0.12		$	(0.01	)	$	0.13
Diluted	$	0.04		$	0.12		$	(0.01	)	$	0.13

Weighted-average common shares outstanding:
Basic		143,126,354			142,410,940			142,959,444			142,156,540
Diluted		143,201,149			142,620,332			142,959,444			142,331,541

The accompanying notes to the unaudited condensed consolidated financial statements are an integral part of these statements.

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MONTAUK RENEWABLES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(in thousands, except share data):


	Common stock				Treasury stock
	Shares		Amount		Shares		Amount			Additional paid-in capital			Retained earnings			Total equity
Balance at June 30, 2025		143,104,710	$	1,430		2,486,408	$	(21,616	)	$	225,498		$	49,397		$	254,709
Issuance of common stock		55,312		—		—		—			—			—		—
Net income		—		—		—		—			—			5,205			5,205
Stock-based compensation		—		—		—		—			815			—			815
Consolidation of VIE		—		—		—		—			(2	)		—			(2	)
Balance at September 30, 2025		143,160,022	$	1,430		2,486,408	$	(21,616	)	$	226,311		$	54,602		$	260,727

Balance at June 30, 2024		142,186,722	$	1,422		1,069,627	$	(11,570	)	$	218,717		$	46,752		$	255,321
Issuance of common stock		380,333		3		—		—			—			—			3
Treasury stock		—		—		245,776		(1,312	)		—			—			(1,312	)
Net income		—		—		—		—			—			17,048			17,048
Stock-based compensation		—		—		—		—			4,277			—			4,277
Balance at September 30, 2024		142,567,055	$	1,425		1,315,403	$	(12,882	)	$	222,994		$	63,800		$	275,337

Balance at December 31, 2024		142,711,797	$	1,426		2,308,524	$	(21,262	)	$	221,905		$	55,348		$	257,417
Issuance of common stock		448,225		4		—		—			—			—			4
Treasury stock		—		—		177,884		(354	)		—			—			(354	)
Net loss		—		—		—		—			—			(746	)		(746	)
Stock-based compensation		—		—		—		—			4,454			—			4,454
Consolidation of VIE		—		—		—		—			(48	)		—			(48	)
Balance at September 30, 2025		143,160,022	$	1,430		2,486,408	$	(21,616	)	$	226,311		$	54,602		$	260,727

Balance at December 31, 2023		141,986,189	$	1,420		984,762	$	(11,173	)	$	214,378		$	45,614		$	250,239
Issuance of common stock		580,866		5		—		—			—			—			5
Treasury stock		—		—		330,641		(1,709	)		—			—			(1,709	)
Net income		—		—		—		—			—			18,186			18,186
Stock-based compensation		—		—		—		—			8,616			—			8,616
Balance at September 30, 2024		142,567,055	$	1,425		1,315,403	$	(12,882	)	$	222,994		$	63,800		$	275,337

The accompanying notes to the unaudited condensed consolidated financial statements are an integral part of these statements.

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MONTAUK RENEWABLES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands):



	Nine Months Ended September 30,
	2025			2024
Cash flows from operating activities:
Net (loss) income	$	(746	)	$	18,186
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		21,634			17,305
(Benefit) provision for deferred income taxes		(269	)		2,044
Stock-based compensation		4,454			8,616
Derivative mark-to-market adjustments and settlements		448			648
Net loss on sale of assets		36			72
Increase (decrease) in earn-out liability		634			(1,744	)
Accretion of asset retirement obligations		362			333
Liabilities associated with properties sold		—			(225	)
Amortization of debt issuance costs		294			270
Impairment loss		2,472			1,232
Changes in operating assets and liabilities:
Accounts receivable		2,154			(6,465	)
Royalty offset long term receivable		(4,108	)		(2,510	)
Critical spare inventory		(1,349	)		627
Prepaid Insurance and expenses		(1,257	)		(1,758	)
Income tax receivable		(682	)		1,271
Accounts payable and Accrued liabilities		6,366			5,075
Other		(446	)		94
Net cash provided by operating activities	$	29,997		$	43,071
Cash flows from investing activities:
Capital expenditures	$	(75,106	)	$	(53,334	)
Asset acquisition		—			(820	)
Capital contributions to equity method investments		(4,167	)		—
Cash collateral deposits		54			25
Net cash used in investing activities	$	(79,219	)	$	(54,129	)
Cash flows from financing activities:
Repayments of long term debt	$	(9,000	)	$	(6,000	)
Borrowings on revolver		40,000		—
Repayments on revolver		(20,000	)	—
Contingent consideration payment		(176	)	—
Common stock issuance		4			5
Treasury stock purchase		(354	)		(1,709	)
Finance lease payments		(53	)		(51	)
Net cash provided (used) in financing activities	$	10,421		$	(7,755	)
Net decrease in cash and cash equivalents and restricted cash	$	(38,801	)	$	(18,813	)
Cash and cash equivalents and restricted cash at beginning of period	$	46,004		$	74,242
Cash and cash equivalents and restricted cash at end of period	$	7,203		$	55,429
Reconciliation of cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents	$	6,766		$	54,973
Restricted cash and cash equivalents - current		8			82
Restricted cash and cash equivalents - non-current		429			374
	$	7,203		$	55,429

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The accompanying notes to the unaudited condensed consolidated financial statements are an integral part of these statements.


	Nine Months Ended September 30,
	2025		2024
Supplemental cash flow information:
Cash paid for interest, net of $550 and $0 capitalized, respectively	$	3,414	$	3,895
Cash paid for income taxes		694		1,407
Accrual for purchase of property, plant and equipment included in accounts payable and accrued liabilities		18,713		6,928

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MONTAUK RENEWABLES, INC.

CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per-share amounts)

NOTE 1 – DESCRIPTION OF BUSINESS

Operations and organization

Montauk Renewables’ Business

Montauk Renewables, Inc. (the “Company” or “Montauk Renewables”) is a renewable energy company specializing in the management, recovery and conversion of biogas into Renewable Natural Gas (“RNG”). The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has current operations at 13 operating projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use.

Two of the Company’s key revenue drivers are sales of captured gas and sales of Renewable Identification Numbers (“RINs”) to fuel blenders. The Renewable Fuel Standard (“RFS”) is an Environmental Protection Agency (“EPA”) administered federal law that requires transportation fuel to contain a minimum volume of renewable fuel. RNG derived from landfill methane, agricultural digesters and wastewater treatment facilities used as a vehicle fuel qualifies as a D3 (cellulosic biofuel with a 60% greenhouse gas reduction requirement) RIN. The RINs are compliance units for fuel blenders that were created by the RFS program in order to reduce greenhouse gases and imported petroleum into the United States.

An additional program utilized by the Company is the Low Carbon Fuel Standard (“LCFS”). This is state specific and is designed to stimulate the use of low-carbon fuels. To the extent that RNG from the Company’s facilities is used as a transportation fuel in states that have adopted an LCFS program, it is eligible to receive an Environmental Attribute additional to the RIN value under the federal RFS.

Another key revenue driver is the sale of captured electricity and the associated environmental premiums related to renewable sales. The Company’s electric facilities are designed to conform to and monetize various state renewable portfolio standards requiring a percentage of the electricity produced in that state to come from a renewable resource. Such premiums are in the form of Renewable Energy Credits (“RECs”). The Company’s largest electric facility, located in California, receives revenue for the monetization of RECs as a part of a purchase power agreement.

Collectively, the Company benefits from federal and state government incentives in the United States, provided in the form of RINs, RECs, LCFS credits, tax credits and other incentives to end users, distributors, system integrators and manufacturers of renewable energy projects, that promote the use of renewable energy, as Environmental Attributes.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions of the SEC on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2025 (the “2024 Annual Report”). The results of operations for the three and nine months ended September 30, 2025 in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2024, has been derived from the audited financial statements as of that date. For further information, refer to the Company’s audited financial statements and notes thereto included for the year ended December 31, 2024 in the 2024 Annual Report.

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Principles of Consolidation

The historical consolidated financial information included reflects the historical results of operations and financial position of Montauk USA through January 4, 2021 when MNK sold the membership interest of Montauk USA. The consolidated financial statements of Montauk USA became the Company’s historical financial statements following the IPO. Certain historical financial information included relates to periods prior to the Reorganization Transactions. On December 31, 2024, the Company re-assessed its determination of the primary beneficiary of the Variable Interest Entity ("VIE") MNK under the guidance in ASC 810, Consolidation. Refer to Note 17 – Related Parties for further information. All intercompany balances and transactions have been eliminated in consolidation.

The Company utilizes the equity method of accounting for companies where its ownership is greater than 50% and significant but controlling interest does not exist.

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments with maturity dates of three months or less from the date of purchase and are recorded at cost. The Company may hold cash in excess of federally insured limits. Restricted cash is classified as current or non-current based on the terms of the underlying agreements and represents cash held as deposits, cash held in escrow and cash collateral for financial letters of credit.

Segment Reporting

The Company reports segment information in three segments: RNG, Renewable Electricity Generation and Corporate. This is consistent with the internal reporting provided to the chief operating decision maker who evaluates operating results and performance. The aforementioned business services and offerings described in Note 1 are grouped and defined by management as two distinct operating segments: RNG and Renewable Electricity Generation. Below is a description of the Company’s operating segments and other activities.

The RNG segment represents the sale of gas sold at fixed-price contracts, counterparty share RNG volumes and applicable Environmental Attributes. This business unit represents the majority of the revenues generated by the Company. The Renewable Electricity Generation segment represents the sale of captured electricity and applicable Environmental Attributes. Corporate & Other relates to additional discrete financial information for the corporate function. It is primarily used as a shared service center for maintaining functions such as executive, accounting, treasury, legal, human resources, tax, environmental, engineering and other operations functions not otherwise allocated to a segment. As such, the corporate entity is not determined to be an operating segment but is discretely disclosed for purposes of reconciliation to the Company’s consolidated financial statements.

Use of Estimates

The preparation of financial statements, in conformity with accounting principles generally accepted in the United States (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recently Adopted Accounting Standards

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments. The amendments in 2023-07 aim to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company has adopted the standard and the enhanced expense disclosures can be found in Note 18.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items. The ASU also requires disclosure of the total amount of selling expenses recognized in continuing operations on an annual and interim basis and disclosure of a public business entity’s definition of selling expenses on an annual basis (or in interim reporting periods if the definition is changed). Public business entities are required to apply the guidance prospectively but are permitted to apply it retrospectively. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years

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beginning after December 15, 2027. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in 2023-09 aim to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for the Company's Annual Report on Form 10-K for the year ended December 31, 2025, with early adoption permitted. Other than enhanced disclosures, the Company does not expect a material impact from the adoption of this standard on its consolidated financial statements.

NOTE 3 – ASSET IMPAIRMENT

The Company recorded an impairment loss of $48 and $533 for the three months ended September 30, 2025 and 2024, respectively and $2,472 and $1,232 for the nine months ended September 30, 2025 and 2024, respectively. In 2025, $1,983 was impaired for costs related to a development project RNG interconnection for which the local utility is no longer accepting RNG into its distribution system. All associated costs related to the interconnection were impaired. The remaining 2025 impairments of $489 were for specifically identified assets deemed obsolete or non-operable and consisted of $366 within the RNG segment, $120 within the REG segment and $3 within the Corporate segment. On February 18, 2024, for one of its REG sites, the Company entered into a bill of sale, assignment and assumption agreement to sell its rights to the existing fuel supply agreement and property back to the site host in advance of the fuel supply agreement termination date and received $1,000 in proceeds. The effective date of the sale, assignment and assumption agreement was October 1, 2024. The Company elected to cease operations prior to the assignment date and consequently the remaining book value of long lived assets and intangibles were impaired for $312. The remaining impairments included $591 for various RNG equipment that was deemed obsolete or inoperable for current operations and $329 in REG assets that were impacted under initial startup testing for one of its REG construction work in progress sites.

NOTE 4 – REVENUES FROM CONTRACTS WITH CUSTOMERS

The majority of the Company’s revenues are comprised of renewable energy and related Environmental Attribute sales provided under short, medium and long term contracts with its customers. All revenue is recognized when (or as) the Company satisfies its performance obligation(s) under the contract (either implicit or explicit) by transferring the promised product or service to its customer either when (or as) its customer obtains control of the product or service. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. The Company allocates the contract’s transaction price to each performance obligation using the product’s observable market standalone selling price for each distinct product in the contract. The Company's typical invoicing terms are payment due within 30 days.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products or services. As such, revenue is recorded net of allowances and customer discounts as well as net of transportation and gathering costs incurred by the customer following the transfer of control of the commodities sold. To the extent applicable, sales, value add and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis.

The Company’s performance obligations related to the sale of renewable energy (i.e. RNG and Renewable Electricity) are generally satisfied over time. Revenue related to the sale of renewable energy is generally recognized over time using an output based upon the product quantity delivered to the customer. This measure is used to best depict the Company’s performance to date under the terms of the contract. Revenue from products transferred to customers over time accounted for 29% and 16% of revenue for the three months ended September 30, 2025 and 2024, respectively, and 33% and 21% of revenue for the nine months ended September 30, 2025 and 2024, respectively.

The nature of the Company’s long-term contracts may give rise to several types of variable consideration, such as periodic price increases. This variable consideration is outside of the Company’s influence as the variable consideration is dictated by the market. Therefore, the variable consideration associated with the long-term contracts is considered fully constrained.

The Company’s performance obligations related to the sale of Environmental Attributes are generally satisfied at a point in time and were approximately 71% and 84% of revenue for the three months ended September 30, 2025 and 2024, respectively and 67% and 79% for the nine months ended September 30, 2025 and 2024, respectively. The Company recognizes Environmental Attribute revenue at the point in time in which the customer obtains control of the Environmental Attributes, which is generally when the title of the Environmental Attribute passes to the customer upon delivery. In limited cases, title does not transfer to the customer and revenue is not recognized until the customer has accepted the Environmental Attributes. The Company’s performance obligations under its counterparty sharing agreements are generally satisfied at a point in time when the earnings process is completed by the counterparty. Counterparty sharing arrangement revenues were approximately 0.9% and 0% of revenue for the three months ended September 30, 2025 and 2024, respectively, and 1.1% and 0% for the nine months ended September 30, 2025 and 2024, respectively.

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The following tables display the Company’s disaggregated revenue by major source based on product type and timing of transfer of goods and services for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025
	Goods transferred at a point in time		Goods transferred over time		Total
Major goods/Service line:
Natural gas commodity	$	404	$	10,775	$	11,179
Natural gas environmental attributes		29,712		—		29,712
Electric commodity		—		2,520		2,520
Electric environmental attributes		1,847		—		1,847
	$	31,963	$	13,295	$	45,258
Operating segment:
RNG	$	30,116	$	10,775	$	40,891
REG		1,847		2,520		4,367
	$	31,963	$	13,295	$	45,258


	Three Months Ended September 30, 2024
	Goods transferred at a point in time		Goods transferred over time		Total
Major goods/Service line:
Natural gas commodity	$	—	$	8,433	$	8,433
Natural gas environmental attributes		53,206		—		53,206
Electric commodity		—		2,402		2,402
Electric environmental attributes		1,876		—		1,876
	$	55,082	$	10,835	$	65,917
Operating segment:
RNG	$	53,206	$	8,433	$	61,639
REG		1,876		2,402		4,278
	$	55,082	$	10,835	$	65,917


	Nine Months Ended September 30, 2025
	Goods transferred at a point in time		Goods transferred over time		Total
Major goods/Service line:
Natural gas commodity	$	1,479	$	36,377	$	37,856
Natural gas environmental attributes		81,990		—		81,990
Electric commodity		—		7,672		7,672
Electric environmental attributes		5,470		—		5,470
	$	88,939	$	44,049	$	132,988
Operating segment:
RNG	$	83,469	$	36,377	$	119,846
REG		5,470		7,672		13,142
	$	88,939	$	44,049	$	132,988


	Nine Months Ended September 30, 2024
	Goods transferred at a point in time		Goods transferred over time		Total
Electric commodity
Natural gas commodity	$	19	$	23,028	$	23,047
Natural gas environmental attributes		111,281		—		111,281
Electric commodity		—		7,983		7,983
Electric environmental attributes		5,731		—		5,731
	$	117,031	$	31,011	$	148,042
Operating segment:
RNG	$	111,300	$	23,028	$	134,328
REG		5,731		7,983		13,714
	$	117,031	$	31,011	$	148,042

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Practical expedients and remaining performance obligations

The Company recognizes the sale of natural gas and electric commodities using the right to invoice practical expedient. The Company determined that the revenues recognized as of period end correspond directly with the value transferred to customers and the Company's satisfaction of the performance obligations to date. Furthermore, with the application of the right to invoice practical expedient and in consideration that contracts related to future environmental attributes sales do not exceed one year, there are no remaining unsatisfied or partially satisfied performance obligations as of September 30, 2025.

NOTE 5 – INVESTMENTS

In March 2025, the Company entered into a joint venture, GreenWave Energy Partners, LLC, ("GreenWave"). The investees in the joint venture are Pesta Energy, LLC, a wholly owned subsidiary of the Company, with an ownership percentage of 51% and Pioneer Renewable Energy Marketing, LLC, with an ownership percentage of 49%. As of September 30, 2025, the Company has contributed $4,167 into the joint venture. Subject to various and certain requirements as defined in the underlying agreements, the Company could be required to make additional capital contributions up to $333. The joint venture is primarily intended to help address the limited capacity of RNG usage in transportation through the expansion and dispensing of RNG to new transportation uses. While the joint venture is not expected to use RNG produced by the Company, it is expected to provide access to exclusive unique and proprietary pathways for other industry producers of RNG. The Company expects to be the RIN separator for the joint venture. The Company also expects to receive separated RINs as distributions from the joint venture. No income or loss has been incurred for the three and nine months ended September 30, 2025.

The Company will utilize the equity method of accounting related to this joint venture. Refer to Note 2 – Summary of Significant Accounting Policies.

NOTE 6 – ACCOUNTS AND OTHER RECEIVABLES

The Company extends credit based upon an evaluation of the customer’s financial condition and, while collateral is not required, the Company periodically receives surety bonds that guarantee payment. Credit terms are consistent with industry standards and practices. Reserves for uncollectible accounts, if any, are recorded as part of general and administrative expenses in the consolidated statements of operations. No reserve expense was recorded for the three and nine months ended September 30, 2025 and 2024.

Accounts and other receivables consist of the following as of September 30, 2025, December 31, 2024 and 2023:


	September 30, 2025		December 31, 2024		December 31, 2023
Accounts receivables	$	5,730	$	7,869	$	12,557
Other receivables		288		294		148
Reimbursable expenses	—			9		47
Accounts and other receivables, net	$	6,018	$	8,172	$	12,752

NOTE 7 – PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consist of the following as of September 30, 2025 and December 31, 2024:


	September 30, 2025			December 31, 2024
Land	$	1,568		$	1,568
Buildings and improvements		38,555			36,434
Machinery and equipment		315,636			275,692
Gas mineral rights		35,526			35,526
Construction work in progress		136,982			95,551
Total	$	528,267		$	444,771
Less: Accumulated depreciation and amortization		(212,570	)		(192,483	)
Property, plant & equipment, net	$	315,697		$	252,288

Depreciation expense for Property, plant and equipment was $7,938 and $5,691 for the three months ended September 30, 2025 and 2024, respectively and $20,485 and 16,245 for the nine months ended September 30, 2025 and 2024, respectively. Depletion expense for gas mineral rights was $91 for both the three months ended September 30, 2025 and 2024, and $273 for both the nine months ended September 30, 2025 and 2024.

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Construction work in progress consists of RNG and REG capital expenditures on developmental projects and improvements to existing sites. Projects, on average, last between 18 to 36 months, and when completed for their intended use, costs are placed in service and begin depreciating.

NOTE 8 – GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill and intangible assets consist of the following as of September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
Goodwill	$	60	$	60
Intangible assets with indefinite lives:
Land use rights		230		230
Total intangible assets with indefinite lives:	$	230	$	230
Intangible assets with finite lives:
Interconnection, net of accumulated amortization of $5,157 and $4,593	$	14,133	$	14,614
Customer contracts, net of accumulated amortization of $17,734 and $17,476		5,450		3,209
Total intangible assets with finite lives:	$	19,583	$	17,823
Total Goodwill and Intangible assets	$	19,873	$	18,113

As of September 30, 2025, the weighted average remaining useful lives for both customer contracts and interconnections were 13 years. Amortization expense was $294 and $248 for the three months ended September 30, 2025 and 2024, respectively and $822 and $738 for the nine months ended September 30, 2025 and 2024, respectively.

NOTE 9 – ASSET RETIREMENT OBLIGATIONS

The Company accounts for asset retirement obligations by recording the fair value of the liability in the period in which it is incurred. The Company estimates the fair value of asset retirement obligations by calculating the estimated present value of the cost to retire the asset. Factors that are considered when determining the present value of the cost to retire the asset include future inflation and discount rates, along with estimates date(s) of retiring the asset. Additionally, changes in legal, regulatory, environmental, and political environments can affect the fair value of the obligations. As such, asset retirement obligations are considered a level 3 financial instrument.

The $218 change in estimates for the year ended December 31, 2024 was due to RNG fuel supply agreement extensions and an RNG project that necessitated reassessment. The $225 reduction in the liability was due to an REG site sale as described in Note 3.

The following table summarizes the activity associated with asset retirement obligations of the Company as of September 30, 2025 and December 31, 2024:


	Nine Months Ended September 30,		Year Ended December 31,
	2025		2024
Asset retirement obligations—beginning of period	$	6,338	$	5,900
Accretion expense		362		445
New asset retirement obligation		137	—
Changes in estimate	—			218
Liabilities associated with properties sold	—			(225	)
Asset retirement obligations—end of period	$	6,837	$	6,338

NOTE 10 – DERIVATIVE INSTRUMENTS

To mitigate market risk associated with fluctuations in interest rates, the Company utilizes swap contracts under a board-approved program. The Company does not apply hedge accounting to any of its derivative instruments, and all realized and unrealized gains and losses from changes in derivative values are recognized in earnings each period. As a result of the economic hedging

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strategies employed, the Company had the following cash gains/losses and non-cash gains/losses in the Consolidated Statements of Operations the three and nine months ended September 30, 2025 and 2024:


		Three Months Ended September 30,
Derivative Instrument	Location	2025			2024
Interest rate swaps	Interest expense		(108	)		(674	)
Net loss		$	(108	)	$	(674	)


		Nine Months Ended September 30,
Derivative Instrument	Location	2025			2024
Interest rate swaps	Interest expense	$	(448	)	$	(648	)
Net loss		$	(448	)	$	(648	)

NOTE 11 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s assets and liabilities that are measured at fair value on a recurring basis include the following as of September 30, 2025 and December 31, 2024, set forth by level, within the fair value hierarchy:


	September 30, 2025
	Level 1		Level 2		Level 3			Total
Interest rate swap derivative asset	$	—	$	321	$	—		$	321
Asset retirement obligations		—		—		(6,837	)		(6,837	)
Pico earn-out liability		—		—		(3,864	)		(3,864	)
	$	—	$	321	$	(10,701	)	$	(10,380	)


	December 31, 2024
	Level 1		Level 2		Level 3			Total
Interest rate swap derivative asset	$	—	$	769	$	—		$	769
Asset retirement obligations		—		—		(6,338	)		(6,338	)
Pico earn-out liability		—		—		(3,406	)		(3,406	)
	$	—	$	769	$	(9,744	)	$	(8,975	)

The three levels of the fair value hierarchy under authoritative guidance are described as follows:

Level 1: Observable inputs that reflect unadjusted quoted market prices in active markets for identical assets or liabilities.

Level 2: Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices for similar assets or liabilities in inactive markets and other observable information that can be corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data, but significant to the fair value measurement.

A summary of changes in the fair value of the Company’s Level 3 instrument, attributable to asset retirement obligations, for the nine months ended September 30, 2025 and the year ended December 31, 2024 is included in Note 9. The Company’s earn-out fair value liability at its Idaho agricultural digester site is determined by calculating the estimated present value of the future obligation. The present value is assessed quarterly and is based on macro-economic factors such as inflation and risk free US Treasury rates. Company specific estimates utilized include current and future interest rates, digester inlet gas flow and projected EBITDA. The undiscounted maximum payout of the earn-out ranges between 5% and 20% of EBITDA based on average inlet gas production ranging from 641 standard cubic feet per minute ("scfm") to greater than 944 scfm for each semiannual period in the remaining term, as defined in the underlying agreement. The contractual term ends in 2038. The earn-out is classified as a Level 3 financial instrument and changes in the balance are recorded in Accrued liabilities and Other liabilities within the Consolidated Balance Sheets and in

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Royalties, transportation, gathering and production fuel within the Consolidated Statements of Operations. The following table summarizes the activity associated with the Pico earn-out as of September 30, 2025 and December 31, 2024:


	Nine Months Ended September 30,			Year Ended December 31,
	2025			2024
Pico earn-out liability—beginning of period	$	3,406		$	5,109
Changes in fair value		634			(1,703	)
Payments made		(176	)	—
Pico earn-out liability—end of period	$	3,864		$	3,406

Interest rate swap derivatives are classified as Level 2 financial instruments and are valued utilizing Secured Overnight Financing Rates. In addition, certain assets are measured at fair value on a non-recurring basis when an indicator of impairment is identified and the assets’ fair values are determined to be less than its carrying value. See Note 3 for additional information.

There were no transfer of assets or liabilities between Levels 1, 2 or 3 of the fair value hierarchy as of September 30, 2025 and December 31, 2024.

NOTE 12 – ACCRUED LIABILITIES

The Company’s accrued liabilities consist of the following as of September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
Accrued expenses	$	4,015	$	2,701
Payroll and related benefits		2,686		3,401
Royalty		5,269		1,266
Utility		1,573		1,655
Accrued interest		365		962
Other		164		84
Accrued liabilities

Montauk Renewables, Inc. 10-Q