Montauk Renewables 2021 results

Montauk Renewables

Montauk Renewables, Inc. announced its financial results for the year 2021. They report revenues of $148.1 million, increased 47.5% year-over-year; Net Loss of $4.5 million, decreased 198.4% year-over-year; non-GAAP Adjusted EBITDA of $28.0 million, rose 7.2% year-over-year and RNG production of 5.7 million MMBtu, unchanged from the prior year.

Moreover, Montauk’s full-year revenue reflects an approximate 45.5% increase in realized D3 RIN pricing. Also, an approximate 46.0% increase in natural gas prices in 2021 over 2020.

Furthermore, the company closed on a $5.5 million transaction in October 2021 to acquire approximately 146 acres and an existing about 500,000 square foot structure, which it plans to use as it develops the North Carolina project related to the acquisition of Montauk Ag Renewables.

Also, the company informs that it resumed production at its Pico facility during the first quarter of 2022; following the temporary idling of RNG production at the facility in order to clean out settled solids in the digester, replace the cover of the digester, and make various other efficiency improvements.

Full year financial results

The total revenues in 2021 were $148.1 million, an increase of $47.7 million. In addition, a rise of 45.8% in realized RIN pricing during 2021 of $1.91 compared to $1.31 in 2020 was the primary driver for this increase. Net loss in 2021 was $4.5 million, a decrease of $9.1 million (198.4%) compared to net income of $4.6 million in 2020.

Full year operational results

The company reports production of 5.7 million Metric Million British Thermal Units (“MMBtu”) of RNG during 2021, essentially unchanged compared to the number of MMBtus produced in 2020. Of the 2021 volumes, 0.1 million MMBtus were made from development sites commissioned during 2020. 

2022 Full Year Outlook

The company expects that RNG revenues will range between $181.0 and $226.0 million. Moreover, it expects RNG production volumes to range between 5.5 and 6.8 million MMBtu.

In addition, it expects Renewable Electricity revenues to range between $17.0 and $20.0 million; and Renewable Electricity production volumes to vary between 189 and 231 thousand MWh.

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About Montauk Renewables

Montauk Renewables is a renewable energy company; it specializes in the recovery and processing of biogas from landfills; as well as other non-fossil fuel sources for beneficial use as a replacement for fossil fuels.

Likewise, they develop, own, and operate Renewable Natural Gas (“RNG”) projects; using proven technologies that supply renewable fuel into the transportation and electrical power sectors.

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