Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ:
MNTK), a renewable energy company specializing in the management,
recovery and conversion of biogas into renewable natural gas
(“RNG”), today announced financial results for the year ended
December 31, 2022.
Full Year Highlights:
- Revenues of $205.6 million, increased 38.8% year-over-year
- Net Income of $35.2 million, increased 877.3%
year-over-year
- Non-GAAP Adjusted EBITDA of $70.5 million, increased 152.4%
year-over-year
- RNG production of 5.5 million MMBtu, decreased 2.9%
year-over-year
Montauk’s full year revenue reflects an increase in pricing of
both gas commodity and the average realized price of D3 Renewable
Identification Numbers (“RINs”) sold. The increase in price offset
a decrease in RNG volumes produced and the prior period expiration
of counter party sharing agreement revenues. Under the terms of our
Pico Feedstock Amendment, during 2022 we made payments of $2.5
million for the receipt of two of three tranches in increased
feedstock deliveries. While we expect the digestion capacity
expansion to be operational during the third quarter of 2023,
improved efficiencies in the existing digestion and water
management allowed us to process the increased feedstock volumes.
We started incurring capital expenditures for a second RNG facility
at our Apex location which we expect to be operational in 2024.
During 2022, we consolidated our Montauk Ag Renewables location to
the Turkey, North Carolina property we purchased in 2021. The
consolidation decision was made, in part, to this site being
approved to participate in a RNG pilot program in North Carolina.
Finally, our capital program to upgrade our Raeger facility is
ongoing with an expected completion date in the third quarter of
2023.
Full Year Financial Results
Total revenues in 2022 were $205.6 million, an increase of $57.4
million (38.8%) compared to $148.1 million in 2021. Increased
realized RIN pricing during 2022 of $3.25 compared to $1.91 in 2021
was the primary driver for the increase in total revenues.
Additionally, an increase in natural gas index prices of 72.9% in
2022 of $6.64 compared to $3.84 in 2021 also contributed to the
increase. Offsetting these increases were $13.2 million of lower
revenues recognized under counterparty sharing arrangements in 2022
compared to 2021 due to these arrangements ending. Operating and
maintenance expenses for our RNG facilities were $43.7 million, an
increase of $5.6 million (14.7%) compared to $38.1 million in 2021.
The primary driver of this increase is related to increased
utilities expense of $6.1 million (61.2%) in 2022 compared to 2021.
Our Renewable Electricity Generation operating and maintenance
expenses in 2022 were $13.1 million, an increase of $2.7 million
(25.5%) compared to $10.4 million in 2021 due to the timing of
scheduled preventative maintenance intervals at our Bowerman
facility. Total general and administrative expenses were $34.1
million in 2022, a decrease of $8.4 million (19.8%) compared to
$42.5 million in 2021. The decrease is primarily related to our
accounting for the cancellation of MNK options and January 2021
grants of restricted stock, non-qualified stock options, and
restricted stock units to the Company’s employees. Offsetting this
decrease is an increase in general and administrative expenses of
approximately $3.7 million (337.5%) in 2022 as compared to 2021
associated with the Montauk Ag Renewables Acquisition. Operating
profit in 2022 was $44.5 million, an increase of $41.2 million
(1236.3%) compared to an operating profit of $3.3 million in 2021.
Net income in 2022 was $35.2 million, an increase of $39.7 million
(877.3%) compared to a net loss of $4.5 million in2021.
Full Year Operational Results
We produced 5.5 million Metric Million British Thermal Units
(“MMBtu”) of RNG during 2022, a decrease of 0.2 million (compared
to 5.7 million MMBtu produced in 2021. Our Atascocita facility
produced 0.2 million fewer MMBtu in 2022 compared to 2021 due to a
process equipment failure. Our Rumpke facility produced 0.1 million
fewer MMBtu in 2022 compared to 2021 as a result of lower inlet
flow coming off the wellfield. Our Apex facility producing 0.1
million fewer MMBtu in 2022 compared to 2021 due to landfill
filling pattern changes resulting in lower production. Offsetting
the decrease are production volume increases at our Pico and
Galveston facilities. Our Pico facility produced 0.1 million MMBtu
more in 2022 compared to 2021 as a result of improvements related
to the existing digestion process. Our Galveston facility produced
0.1 million MMBtu more in 2022 compared to 2021 as a result of
higher inlet gas due to wellfield changes and plant efficiency
optimization of process equipment. We produced approximately 190
megawatt hours (“MWh”) in Renewable Electricity in 2022, an
increase of 7 MWh compared to 183 MWh produced in 2021. Our
Security facility produced approximately 10 MWh in 2022 compared to
no production in 2021 as a result of the prior period engine
restoration project. Our Tulsa facility produced approximately 3
MWh less in 2022 compared to 2021 due to reduced feedstock
availability at the landfill.
2023 Full Year Outlook:
- RNG revenues expected to range between $137.0 and $145.0
million
- RNG production volumes expected to range between 5.7 and 6.1
million MMBtu
- Renewable Electricity revenues expected to range between $18.0
and $19.0 million
- Renewable Electricity production volumes expected to range
between 195 and 205 thousand MWh
Conference Call Information
The Company will host a conference call today at 5:00 p.m. ET to
discuss results. The register for the conference call will be
available via the following link:
-
https://register.vevent.com/register/BI6ae8ee2803a64ad3b3b098edb9266057
Please register for the conference call and webcast
using the above link in advance of the call start time. The webcast
platform will register your name and organization as well as
provide dial-ins numbers and a unique access pin. The conference
call will be broadcast live and be available for replay
at https://www.globenewswire.com/Tracker?data=OEcJAvuBYA_TxDfNngNJRPqK8cQPgTezY3YLaIbJycxrhamvSkBMtyJZyN_leQkEfxXZDJyS551g_ApiA7xBGNRkB0k7YoLYVFZzbFwWR-U= and
on the Company’s website at
https://ir.montaukrenewables.com after 8:00 p.m. Eastern time
on the same day through March 16, 2024.
Use of Non-GAAP Financial Measures
This press release and the accompanying tables
include references to EBITDA and Adjusted EBITDA, which are
Non-GAAP financial measures. We present EBITDA and Adjusted EBITDA
because we believe the measures assist investors in analyzing our
performance across reporting periods on a consistent basis by
excluding items that we do not believe are indicative of our core
operating performance.
In addition, EBITDA and Adjusted EBITDA are financial
measurements of performance that management and the board of
directors use in their financial and operational decision-making
and in the determination of certain compensation programs. EBITDA
and Adjusted EBITDA are supplemental performance measures that are
not required by or presented in accordance with GAAP. EBITDA and
Adjusted EBITDA should not be considered alternatives to net (loss)
income or any other performance measure derived in accordance with
GAAP, or as an alternative to cash flows from operating activities
or a measure of our liquidity or profitability.
About Montauk Renewables, Inc.
Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy
company specializing in the management, recovery and conversion of
biogas into 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 15
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. For more information, visit
https://ir.montaukrenewables.com
Company Contact: John CiroliChief Legal Officer (CLO) &
Secretary investor@montaukrenewables.com (412) 747-8700
Investor Relations Contact: Georg VenturatosGateway Investor
Relations MNTK@GatewayIR.com (949) 574-3860
Safe Harbor Statement
This release 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. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These 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 future results of operations, financial condition,
expectations and plans of the Company, including expected benefits
of the Pico feedstock amendment, Montauk Ag project in North
Carolina and Apex facilities, the anticipated completion of the
Raeger capital improvement project, the resolution of gas
collection issues at the McCarty facility, our estimated and
projected costs, expenditures, and growth rates, our plans and
objectives for future operations, growth, or initiatives, or
strategies 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;
the inability to complete strategic development opportunities;
deterioration in general economic conditions outside our control
including the impacts of supply chain disruptions, inflationary
cost increases, recession and other macroeconomic factors;
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 potential failure to retain and attract qualified personnel of
the Company or a possible increased reliance on third-party
contractors as a result; 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 to distribution and transmission
products for our Renewable Natural Gas and Renewable Electricity
Generation segments; our projects not producing expected levels of
output; the anticipated benefits of the Raeger capital improvement
project, Pico feedstock amendment and the Montauk Ag project in
North Carolina; potential benefits associated with the
combustion-based oxygen removal condensate neutralization
technology; resolution of gas collection issues at the McCarty
facility; 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 power purchase agreements;
existing regulations and changes to regulations and policies that
effect our operations; expected benefits from the extension of the
Production Tax Credit 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 carbon
intensity 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; security threats, including cyber-
security attacks; 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, 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.
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
Securities and Exchange Commission filings and public
communications. You should evaluate all forward-looking statements
made by us in the context of these risks and uncertainties. The
forward-looking statements included herein are made only as of the
date hereof. The Company undertakes 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.
MONTAUK RENEWABLES,
INC. |
CONDENSED
CONSOLIDATED |
BALANCE SHEETS
(unaudited) |
(in thousands,
except share and per share data): |
|
|
|
|
|
As of December
31 |
|
As of December
31 |
ASSETS |
|
2022 |
|
|
|
2021 |
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
105,177 |
|
|
$ |
53,266 |
|
Accounts and other receivables |
|
7,222 |
|
|
|
9,338 |
|
Related party receivable |
|
9,000 |
|
|
|
8,940 |
|
Current portion of derivative instruments |
|
879 |
|
|
|
- |
|
Prepaid expenses and other current assets |
|
2,590 |
|
|
|
2,846 |
|
Assets held for sale |
|
- |
|
|
|
777 |
|
|
|
|
|
Total current assets |
$ |
124,868 |
|
|
$ |
75,167 |
|
|
|
|
|
Non-current
restricted cash |
$ |
407 |
|
|
$ |
328 |
|
Property,
plant and equipment, net |
|
175,946 |
|
|
|
180,893 |
|
Goodwill and
intangible assets, net |
|
15,755 |
|
|
|
14,113 |
|
Deferred tax
assets |
|
3,952 |
|
|
|
10,570 |
|
Non-current
portion of derivative instruments |
|
936 |
|
|
|
- |
|
Operating
lease right-of-use assets |
|
4,742 |
|
|
|
305 |
|
Finance
lease right-of-use assets |
|
96 |
|
|
|
- |
|
Other
assets |
|
5,614 |
|
|
|
5,104 |
|
|
|
|
|
Total assets |
$ |
332,316 |
|
|
$ |
286,480 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
4,559 |
|
|
$ |
4,973 |
|
Accrued liabilities |
|
15,090 |
|
|
|
10,823 |
|
Income tax payable |
|
402 |
|
|
|
- |
|
Current portion of derivative instruments |
|
- |
|
|
|
650 |
|
Current portion of operating lease liability |
|
410 |
|
|
|
296 |
|
Current portion of finance lease liability |
|
71 |
|
|
|
- |
|
Current portion of long-term debt |
|
7,870 |
|
|
|
7,815 |
|
|
|
|
|
Total current liabilities |
$ |
28,402 |
|
|
$ |
24,557 |
|
|
|
|
|
Long-term
debt, less current portion |
$ |
63,505 |
|
|
$ |
71,392 |
|
Non-current
portion of derivative instruments |
|
- |
|
|
|
189 |
|
Non-current
portion of operating lease liability |
|
4,341 |
|
|
|
27 |
|
Non-current
portion of finance lease liability |
|
25 |
|
|
|
- |
|
Asset
retirement obligation |
|
5,493 |
|
|
|
5,301 |
|
Other
liabilities |
|
3,459 |
|
|
|
2,721 |
|
|
|
|
|
Total liabilities |
$ |
105,225 |
|
|
$ |
104,187 |
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Common stock, $0.01 par value, authorized 690,000,000 shares;
143,682,811 and 143,584,827 shares issued at December 31, 2022 and
December 31, 2021, respectively; 141,633,417 and 141,015,213 shares
outstanding at December 31, 2022 and December 31, 2021,
respectively |
|
1,416 |
|
|
|
1,410 |
|
Treasury
stock, at cost, 971,306 and 950,214 shares December 31, 2022 and
December 31, 2021, respectively |
|
(11,051 |
) |
|
|
(10,813 |
) |
Additional
paid-in capital |
|
206,060 |
|
|
|
196,224 |
|
Retained
earnings (deficit) |
|
30,666 |
|
|
|
(4,528 |
) |
|
|
|
|
Total stockholders' equity |
$ |
227,091 |
|
|
$ |
182,293 |
|
|
|
|
|
Total liabilities and stockholders'equity |
$ |
332,316 |
|
|
$ |
286,480 |
|
|
|
|
|
|
MONTAUK RENEWABLES,
INC. |
|
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS |
|
(Unaudited) |
|
(in thousands,
except per share and per share data): |
|
|
|
|
|
|
|
|
For the year ended
December 31, |
|
|
|
|
2022 |
|
|
2021 |
|
|
Total
operating revenues |
|
$ |
205,559 |
|
$ |
148,127 |
|
|
Operating
expenses: |
|
|
|
|
Operating and maintenance expenses |
|
$ |
57,267 |
|
$ |
49,477 |
|
|
General and administrative expenses |
|
|
34,139 |
|
|
42,552 |
|
|
Royalties, transportation, gathering and production fuel |
|
|
44,163 |
|
|
28,683 |
|
|
Depreciation and amortization |
|
|
20,700 |
|
|
22,869 |
|
|
Gain on insurance proceeds |
|
|
(313 |
) |
|
(332 |
) |
|
Impairment loss |
|
|
4,852 |
|
|
1,191 |
|
|
Transaction costs |
|
|
185 |
|
|
352 |
|
|
Total operating expenses |
|
$ |
160,993 |
|
$ |
144,792 |
|
|
|
|
|
|
|
Operating profit |
|
$ |
44,566 |
|
$ |
3,335 |
|
|
Other
expenses (income): |
|
|
|
|
Interest expense |
|
|
1,792 |
|
|
2,928 |
|
|
Loss on extinguishment of debt |
|
|
- |
|
|
154 |
|
|
Other (income) expense |
|
|
(468 |
) |
|
620 |
|
|
Total other expenses |
|
$ |
1,324 |
|
$ |
3,702 |
|
|
Income
(loss) before income taxes |
|
$ |
43,242 |
|
$ |
(367 |
) |
|
Income tax
expense |
|
|
8,048 |
|
|
4,161 |
|
|
Net income (loss) |
|
$ |
35,194 |
|
$ |
(4,528 |
) |
|
|
|
|
|
|
Earnings
(loss) per share: |
|
|
|
|
Basic |
|
$ |
0.25 |
|
$ |
(0.03 |
) |
|
Diluted |
|
$ |
0.25 |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
Basic |
|
|
141,238,851 |
|
|
141,015,213 |
|
|
Diluted |
|
|
142,579,389 |
|
|
141,015,213 |
|
|
|
|
|
|
MONTAUK RENEWABLES,
INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
(in thousands): |
|
|
|
|
|
For the year ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
Cash
flows from operating activities: |
|
|
|
Net income (loss) |
$ |
35,194 |
|
|
$ |
(4,528 |
) |
Adjustments to reconcile net income (loss) to net
cash provided by operating activities: |
|
|
Depreciation and amortization |
|
20,700 |
|
|
|
22,869 |
|
Provision for deferred income taxes |
|
6,618 |
|
|
|
4,252 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
154 |
|
Stock-based compensation |
|
9,836 |
|
|
|
22,419 |
|
Gain on property insurance proceeds |
|
(313 |
) |
|
|
(332 |
) |
Derivative mark-to-market adjustments and settlements |
|
(2,652 |
) |
|
|
(1,421 |
) |
Net (gain) loss on sale of assets |
|
(233 |
) |
|
|
822 |
|
Increase in earn-out liability |
|
1,122 |
|
|
|
801 |
|
Accretion of asset retirement obligations |
|
296 |
|
|
|
(160 |
) |
Amortization of debt issuance costs |
|
412 |
|
|
|
483 |
|
Impairment loss |
|
4,852 |
|
|
|
1,191 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts and other receivables and other current assets |
|
(3,054 |
) |
|
|
(1,522 |
) |
Accounts payable and other accrued expenses |
|
8,288 |
|
|
|
(2,149 |
) |
|
|
|
|
Net cash provided by operating activities |
$ |
81,066 |
|
|
$ |
42,879 |
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
Capital expenditures |
$ |
(22,277 |
) |
|
$ |
(9,986 |
) |
Asset acquisition |
|
- |
|
|
|
(9,673 |
) |
Cash collateral deposits, net |
|
82 |
|
|
|
(220 |
) |
Proceeds from insurance recovery |
|
313 |
|
|
|
332 |
|
Proceeds from sale of assets |
|
1,088 |
|
|
|
73 |
|
|
|
|
|
Net cash used in investing activities |
$ |
(20,794 |
) |
|
$ |
(19,474 |
) |
|
|
|
|
Cash
flows from financing activities: |
|
|
|
Borrowings of long-term debt |
|
- |
|
|
|
80,000 |
|
Repayments of long-term debt |
|
(8,000 |
) |
|
|
(66,698 |
) |
Debt issuance costs |
|
- |
|
|
|
(339 |
) |
Debt extinguishment costs |
|
- |
|
|
|
(154 |
) |
Common stock issuance |
|
6 |
|
|
|
15,593 |
|
Treasury stock purchase |
|
(238 |
) |
|
|
(10,813 |
) |
Related party receivable |
|
- |
|
|
|
(8,940 |
) |
Finance lease payments |
|
(47 |
) |
|
|
- |
|
|
|
|
|
Net cash (used in) provided by financing activities |
$ |
(8,279 |
) |
|
$ |
8,649 |
|
|
|
|
|
|
|
|
|
Net
increase in cash and cash equivalents and restricted
cash |
$ |
51,993 |
|
|
$ |
32,054 |
|
Cash and
cash equivalents and restricted cash at beginning of year |
$ |
53,613 |
|
|
$ |
21,559 |
|
|
|
|
|
Cash and
cash equivalents and restricted cash at end of year |
$ |
105,606 |
|
|
$ |
53,613 |
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash equivalents, and restricted
cash at end of year: |
|
|
Cash and cash equivalents |
$ |
105,177 |
|
|
$ |
53,266 |
|
Restricted cash and cash equivalents – current |
|
22 |
|
|
|
19 |
|
Restricted cash and cash equivalents - non-current |
|
407 |
|
|
|
328 |
|
|
$ |
105,606 |
|
|
$ |
53,613 |
|
|
|
|
|
MONTAUK RENEWABLES,
INC. |
NON-GAAP FINANCIAL
MEASURES |
(Unaudited) |
(in
thousands): |
|
|
|
|
The following table provides our EBITDA and Adjusted EBITDA, as
well as a reconciliation to net income (loss), which is the most
directly comparable GAAP measure, for the year ended December 31,
2022 and 2021: |
|
|
|
|
|
For the year ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
Net income
(loss) |
$ |
35,194 |
|
|
$ |
(4,528 |
) |
Depreciation
and amortization |
|
20,700 |
|
|
|
22,869 |
|
Interest
expense |
|
1,792 |
|
|
|
2,928 |
|
Income tax
expense |
|
8,048 |
|
|
|
4,161 |
|
Consolidated
EBITDA |
|
65,734 |
|
|
|
25,430 |
|
Impairment
loss |
|
4,852 |
|
|
|
1,191 |
|
Net (gain)
loss on sale of assets |
|
(233 |
) |
|
|
822 |
|
Transaction
costs |
|
185 |
|
|
|
352 |
|
Loss on
extinguishment of debt |
|
- |
|
|
|
154 |
|
Adjusted
EBITDA |
$ |
70,538 |
|
|
$ |
27,949 |
|
|
|
|
|
Montauk Renewables (NASDAQ:MNTK)
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