• Montauk Renewables is like **Waste Management (WM) but focused solely on turning landfill gas into pipeline-quality renewable natural gas and electricity.**
• It's a **renewable natural gas (RNG) producer, like a clean-energy version of a traditional natural gas producer such as EQT Corporation, but sourcing its gas from landfills.**
• Think of it as a **specialized renewable energy producer, similar to a NextEra Energy (NE) or Ørsted, but uniquely focused on extracting and converting landfill gas into power and fuel.**

• Renewable Natural Gas (RNG) Production: Montauk Renewables captures, processes, and upgrades raw biogas from landfills and animal waste into pipeline-quality renewable natural gas.
• Renewable Electricity Generation: The company also converts biogas into electricity for sale to the power grid at certain facilities.

Major Customers of Montauk Renewables (MNTK)

Montauk Renewables sells primarily to other companies, not directly to individuals. While Montauk Renewables' public filings, such as their 10-K report, indicate significant customer concentrations (e.g., one customer accounted for 20% of total revenues and another for 18% in 2023), the names of these specific major customers are not disclosed for competitive reasons.

However, based on the nature of their business and descriptions in their financial reports, Montauk Renewables' customers fall into the following categories of companies:

• Refiners or Blenders of Petroleum Products: These companies purchase Renewable Identification Numbers (RINs) generated from Montauk's renewable natural gas (RNG) production. They use RINs to comply with the Renewable Fuel Standard (RFS) program, which mandates a minimum volume of renewable fuel in the U.S. transportation fuel supply.
• Energy Marketers or Local Distribution Companies (LDCs): These companies purchase the physical renewable natural gas produced by Montauk's facilities. They then distribute or resell the natural gas to their own customer bases, which can include industrial, commercial, and residential users (though Montauk does not sell directly to residential users).
• Local Utilities: These companies purchase the renewable electricity generated from Montauk's facilities. They integrate this electricity into the power grid to serve their customers and meet renewable energy portfolio standards.

Since the specific names of their largest customers are not publicly disclosed, we cannot provide their names or stock symbols.

Sean McClain, Chief Executive Officer & President

Mr. McClain has over 25 years of business and financial management experience. He has served as President and CEO of Montauk Renewables since September 2019, and was previously the Chief Financial Officer of Montauk Renewables from August 2014 to September 2019. Prior to joining Montauk, he held management positions at BPL Global Limited, Bayer A.G., and Dick's Sporting Goods, Inc., and worked in public accounting at Arthur Andersen LLP. He is a Certified Public Accountant.

Kevin A. Van Asdalan, Chief Financial Officer & Treasurer

Mr. Van Asdalan is a Certified Public Accountant and a Chartered Global Management Accountant with over 20 years of business and accounting experience. His previous experience includes roles at LB Foster Company, PricewaterhouseCoopers LLP, and Sisterson & Co LLP.

John Ciroli, Chief Legal Officer & Secretary

Mr. Ciroli joined Montauk in 2020 and played a key role in the company's NASDAQ IPO in 2021. Before Montauk, he served as North American Legal Counsel and HR Director at HUB Parking Technology Inc. and FAAC International USA. He also held the position of Senior Litigation Counsel for the Housing Authority of the City of Pittsburgh and was a Professor at Concord Law School.

James Shaw, Vice President Operations

Mr. Shaw brings over 25 years of experience in operations and facilities management, encompassing wastewater, utilities production, and site operations.

Michael Barsch, Vice President Business Development

Mr. Barsch has served as Montauk's Vice President of Business Development since September 2023, after being the Director of Projects from January to September 2023. He has over 25 years of experience managing the construction of renewable energy projects in the U.S. and internationally. His prior roles include Vice President of Construction for a renewable energy producer, a renewable energy consultant, Vice President of Projects for Energy Developments Limited, and Managing Director of Construction for Renewable Energy Trust Capital.

Key Risks to Montauk Renewables (MNTK)

1. RIN Market Volatility and Regulatory Risk: Montauk Renewables heavily depends on the market price of Renewable Identification Numbers (RINs), which are tradable credits crucial for compliance with the EPA's Renewable Fuel Standard program. Approximately 75% of the company's FY 2024 sales were derived from these environmental attributes. The profitability of Montauk Renewables is highly susceptible to fluctuations in RIN prices, which have experienced significant declines (e.g., the average D3 RIN price in Q1 2025 was down 22.1% from Q1 2024, and in Q3 2025 was down 31.4% from Q3 2024). Furthermore, changes in regulatory policies by the EPA, such as quota reductions or delays in implementing rules like the Biogas Regulatory Reform Rule (BRRR), directly impact the timing of revenue and overall market dynamics for RINs.
2. Operational Challenges and Project Execution Risk: Montauk Renewables faces risks associated with operational inefficiencies at its existing facilities and challenges in executing new projects. Examples include production stagnation due to factors like cold weather and equipment failures at facilities such as Apex. The company has also experienced setbacks in new developments, such as a $2.0 million impairment loss related to the Blue Granite Project due to a utility's refusal to accept renewable natural gas. Large-scale projects, like the relocation of the Rumpke facility (projected costs of $80–$110 million over three years) and the North Carolina swine waste RNG project, are subject to reliance on third-party contractors and regulatory approvals, which can lead to delays and cost increases.
3. Competition and Supply Concentration Risk: The renewable natural gas (RNG) market is becoming increasingly competitive, with a significant rise in the number of U.S. RNG facilities. Major waste management companies, including Waste Management and Republic Services, are building their own proprietary RNG facilities, intensifying competition for Montauk Renewables. This increased competition, coupled with Montauk's existing concentration risks in both its revenue sources and suppliers, poses a considerable threat to its market position and future growth.

Rapid acceleration in the adoption and commercial viability of battery electric and green hydrogen fuel cell technologies for heavy-duty vehicles (HDVs) could significantly threaten Montauk Renewables' primary market for Renewable Natural Gas (RNG) as a transportation fuel. A substantial portion of Montauk's revenue is currently tied to selling RNG into the transportation sector, benefiting from governmental incentives like the Renewable Fuel Standard (RFS) and Low Carbon Fuel Standard (LCFS). While electrification and hydrogen are established trends, a faster-than-anticipated scaling and cost-reduction of these alternative powertrains and their associated infrastructure (e.g., charging networks, hydrogen fueling stations, green hydrogen production) could lead to a quicker displacement of internal combustion engines, including those fueled by RNG, thereby reducing demand for their core product in a key market segment.

Montauk Renewables (MNTK) operates primarily in two segments: Renewable Natural Gas (RNG) and Renewable Electricity Generation. The company also generates significant revenue from the sale of environmental attributes, such as Renewable Identification Numbers (RINs) and other carbon credits.

Renewable Natural Gas (RNG)

• The global Renewable Natural Gas market was valued at approximately USD 13.32 billion in 2023 and is projected to grow to USD 28.27 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 9.8%. Other estimates place the global market size at USD 15.5 billion in 2025, forecasted to reach around USD 31.37 billion by 2034, with a CAGR of 8.15%.
• In North America, the renewable natural gas market size was valued at USD 6.01 billion in 2025 and is projected to surpass around USD 12.18 billion by 2034, expanding at a CAGR of 8.16%. North America held over 38.77% of the global market share in 2024. The North American market is also projected to surge from USD 1.5 billion in 2022 to USD 4.0 billion by 2030, boasting a CAGR of 13.04%.
• As of August 2025, the U.S. landfill gas sector produces 540.5 million MMBtu of Renewable Natural Gas yearly.

Renewable Electricity Generation (from Landfill Gas)

• The global landfill gas (LFG) market, which includes electricity generation, was valued at USD 3.72 billion in 2023 and is projected to grow to USD 6.64 billion by 2032, exhibiting a CAGR of 6.26%. Another report indicates the global Landfill Gas to Energy (LFGTE) Systems market is expected to grow from USD 7.64 billion in 2023 to USD 15.7 billion by 2033, at a CAGR of 7.47%.
• The electricity generation segment of the landfill gas market is projected to contribute 28.9% of the market in 2025. This segment was valued at USD 1.4 billion in 2023 and is expected to reach USD 5.20 billion by 2035.
• North America dominated the global landfill gas market with a share of 45.24% in 2023. Approximately 60% of LFG biogas systems in the U.S. are used for electricity generation or heat.

Environmental Attributes (RINs and Carbon Credits)

• The global environmental, social, and governance (ESG) market was valued at approximately USD 42.3 billion in 2024 and is expected to reach USD 181.6 billion by 2033, growing at a CAGR of about 16.1% from 2025 to 2033.
• The global green technology and sustainability market was valued at USD 20.90 billion in 2024 and is projected to grow to USD 105.26 billion by 2032, exhibiting a CAGR of 22.39%.
• The broader sustainability market stands at USD 24.40 billion in 2025 and is projected to reach USD 41.64 billion by 2030, reflecting a 19.5% CAGR. North America held the largest share at 35.45% of this market's revenue in 2024.
• The U.S. environmental technology market size was evaluated at USD 177.08 billion in 2024 and is predicted to be worth around USD 278.40 billion by 2034, rising at a CAGR of 4.62% from 2025 to 2034.

Montauk Renewables (MNTK) anticipates several key drivers for future revenue growth over the next two to three years:

1. Expansion of Renewable Natural Gas (RNG) and Renewable Electricity Production Capacity: Montauk Renewables is actively expanding its RNG facilities and undertaking new development projects. Notably, the Montauk Ag Renewables project in North Carolina, which involves converting swine waste into renewable electricity, RNG, and biochar, is expected to commence production and revenue generation in the first quarter of 2026. This project is projected to contribute an estimated annual base production of approximately 200,000 MMBtu of RNG and 25,000 MWh of electricity for fiscal year 2026. Additionally, the second Apex RNG facility was commissioned in June 2025, which is expected to increase overall production capacity.
2. Increased Production Volumes of Renewable Natural Gas and Renewable Electricity: The company's focus on expanding its facilities is directly tied to increasing its output. Montauk Renewables has maintained its production guidance for 2025, projecting RNG production between 5.8 and 6 million MMBTUs and renewable electricity production between 175,000 and 180,000 megawatt-hours. The new facilities coming online, such as the Ag Renewables project and the second Apex facility, are expected to drive further growth in production volumes beyond 2025.
3. Enhanced Monetization of Environmental Attributes (RINs and RECs): Montauk Renewables' revenue is significantly influenced by the sale of environmental credits like Renewable Identification Numbers (RINs) and Renewable Energy Credits (RECs). The company is actively pursuing negotiations with utility providers to monetize uncontracted RECs, particularly from its North Carolina Ag Renewables project, with expectations for swine REC pricing to align with solar REC indices. While RIN pricing has experienced volatility, the monetization of prior period RINs has contributed to revenue growth, and decisions by the Environmental Protection Agency (EPA) are anticipated to increase RIN availability.
4. Growth from Strategic Joint Ventures: The GreenWave Energy Partners LLC joint venture, formed with Pioneer Renewables Energy Marketing, is a key strategic initiative. This partnership aims to address limitations in RNG utilization for transportation by providing third-party RNG volumes access to proprietary transportation pathways. The benefits from this joint venture are expected to increase, starting in the fourth quarter of 2025, providing an additional avenue for revenue growth.

Share Repurchases

• Montauk Renewables authorized a share repurchase program of up to $5 million of its common stock on April 15, 2025.
• The program is effective immediately and does not have a set termination date.

Share Issuance

• In January 2021, Montauk Renewables completed its initial public offering (IPO), pricing 3,047,015 shares at $8.50 per share, with 2,350,000 shares offered by the company, raising approximately $25.9 million.
• The number of shares outstanding for Montauk Renewables increased by 0.34% in the year leading up to November 2025.

Outbound Investments

• Montauk Renewables formed a joint venture called GreenWave with Pioneer Renewables Energy Marketing to align RNG capacity with dispensing opportunities.
• The company plans to use proceeds from its 2021 IPO to fund the identification and due diligence for potential new projects, including evaluating new sites, project conversions, and strategic acquisitions.

Capital Expenditures

• Capital expenditures for the first nine months of 2025 were $75.1 million.
• Significant capital expenditures in 2025 were focused on the Montauk Ag Renewables project ($51.9 million), the Rumpke RNG relocation project ($8.5 million), and the second Apex facility in Ohio ($7.5 million).
• The Montauk Ag Renewables project has an estimated total investment ranging from $180 million to $220 million, with commercial operations expected to commence in 2026. An estimated $140 million to $160 million is required for this project, including $25 million in the first nine months of FY24.