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 first quarter
ended March 31, 2023.
First Quarter Financial Highlights:
- Revenues of $19.2 million, decreased 40.5% as compared to the
first quarter of 2022
- Net Loss of $3.8 million, increased 239.7% as compared to the
first quarter of 2022
- RINs generated but unsold of 8.3 million, increased 88.1%
compared to the first quarter of 2022
- RNG production of 1.4 million MMBtu, decreased 1.2% as compared
to the first quarter of 2022
Our profitability is highly dependent on the market price of
Environmental Attributes, including the market price for RINs. As
we self-market a significant portion of our RINs, a strategic
decision not to commit to transfer available RINs during a period
will impact our operating revenue and operating profit. The
industry experienced volatile D3 RIN index prices since the release
of the 2023 RVO by the EPA in December 2022. The RVO released in
December 2022 also included a three-year volume compliance schedule
rather than annual volume obligations. The final RVO is due to be
released in June 2023 which we believe has temporarily impacted the
timing of D3 RIN transfers from 2023 RNG production. Though the
average market price of D3 RINs since the 2023 RVO release was
approximately $2.18, the market price declined as low as $1.88 in
February 2023 from a D3 RIN index price of $2.43 on the day of the
2023 RVO release. We viewed this reduction in price as temporary
and, accordingly, we determined not to transfer a significant
amount of D3 RINs generated and available for transfer from 2023
RNG production during the first quarter of 2023. As a result, at
March 31, 2023, we had approximately 8,266 RINs in inventory, an
increase of 88.1% compared to 4,394 RINs in inventory at March 31,
2022.
Our strategic decision to not self market a significant amount
of RINs from 2023 RNG production due to our belief that first
quarter of 2023 D3 RIN index volatility was temporary drove the
decrease in total revenues in the first quarter of 2023. In the
first quarter of 2023, we announced our planned entrance into South
Carolina with the development of a new landfill gas-to-RNG
facility. The planned project is expected to contribute
approximately 900 MMBtu per day of production capacity upon
commissioning. We expect to incur capital expenditures beginning in
the second quarter of 2023 and expect the project to be complete
and become commercially operational in 2025. Also, during the first
quarter of 2023, through our Montauk Ag Renewables subsidiary, we
signed a receipt interconnection agreement with Piedmont Natural
Gas for the Turkey, NC location. This agreement is structured to
coincide with the development timeline at the Turkey, NC location.
Additionally, during the first quarter of 2023, we signed a lease
agreement with Piedmont Natural Gas to provide access to the
Turkey, NC property during construction of the interconnection.
During the first quarter of 2023, we announced that CARB certified
our Tier 2 application and the certified CI value for our Pico
facility which will be used to report and generate LCFS credits
starting with our fourth quarter of 2022 production when released
from storage. Finally, in the second quarter of 2023, we entered
the late stages of negotiations and expect to finalize on an
opportunity to develop, own, and operate a RNG facility alongside
our existing Bowerman REG facility in Irvine, CA that will maximize
production, utilizing current available excess biogas
feedstock.
First Quarter Financial Results
Total revenues in the first quarter of 2023 were $19.2 million,
a decrease of $13.0 million (40.5%) compared to $32.2 million in
the first quarter of 2022. The decrease is primarily related to our
strategic decision to not self market a significant amount of RINs
from 2023 RNG production due to our belief that first quarter of
2023 D3 RIN index volatility was temporary. Decreased realized RIN
pricing during the first quarter of 2023 of $2.01 compared to $3.46
in the first quarter of 2022 also contributed to the decrease in
total revenues. The decrease is partially offset by losses
recognized in the first quarter of 2022 of $3.5 million which were
related to a gas commodity hedge program that has since expired.
Operating and maintenance expenses for our RNG facilities were
$11.3 million, an increase of $1.7 million (18.6%) compared to $9.6
million in the first quarter of 2022. The primary driver of this
increase was related to timing of preventative maintenance expenses
during the first quarter 2023 at our McCarty and Apex facilities as
compared to the first quarter of 2022. Our Renewable Electricity
Generation operating and maintenance expenses in the first quarter
of 2023 were $2.9 million, a decrease of $0.4 million (13.7%)
compared to $3.3 million in the first quarter of 2022 due to the
timing of scheduled preventative maintenance intervals at our
Bowerman facility. Total general and administrative expenses were
$9.5 million in the first quarter of 2023, an increase of $1.0
million (12.6%) compared to $8.5 million in the first quarter of
2022. The increase was primarily driven by stock-based compensation
expense as a result of the 2022 amendments to restricted share
awards issued in the Montauk Ag Renewables acquisition. Operating
loss in the first quarter of 2023 was $14.2 million, an increase of
$12.5 million (757.9%) compared to an operating loss of $1.7
million in the first quarter of 2022. Net loss for the first
quarter of 2023 was $3.8 million, an increase of $2.7 million
(239.7%) compared to a net loss of $1.1 million in the first
quarter of 2022.
First Quarter Operational Results
We produced approximately 1.4 million Metric Million British
Thermal Units (“MMBtu”) of RNG during the first quarter of 2023, a
decrease of less than 0.1 million compared to 1.4 million MMBtu
produced in the first quarter of 2022. Our Galveston facility
produced less than 0.1 million fewer MMBtu in the first quarter of
2023 compared to the first quarter of 2022 as a result of temporary
a temporary reduction in feedstock inlet during modifications to
process equipment. We produced approximately 46 thousand megawatt
hours (“MWh”) in Renewable Electricity in the first quarter of
2023, an increase of 1 thousand MWh compared to 45 thousand MWh
produced in the first quarter of 2022. Our Bowerman facility
produced approximately 2 thousand MWh more in the first quarter of
2023 as a result of preventative engine maintenance performed
during the first quarter of 2022.
Affirmed 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/BI31a43b081abf4889ab8d6060e1246200
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://edge.media-server.com/mmc/p/ycnq6epn and on the
Company’s website at https://ir.montaukrenewables.com after 8:00
p.m. Eastern time on the same day through May 10, 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 beconsidered 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, South 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. 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 future results of operations, financial condition,
expectations and plans of the Company, including expected benefits
of the Pico feedstock amendment and the Montauk Ag project in North
Carolina, the anticipated completion of the Raeger capital
improvement project, Second Apex RNG Facility project, the Blue
Granite RNG project, any Bowerman expansion 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 the Second Apex RNG facility project, the Blue
Granite RNG project and any Bowerman expansion project; 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 |
|
(in thousands, except share and per share data): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
As of December 31, |
|
ASSETS |
|
2023 |
|
|
|
2022 |
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
78,043 |
|
|
$ |
105,177 |
|
|
Accounts and other receivables |
|
6,305 |
|
|
|
7,222 |
|
|
Related party receivable |
|
9,008 |
|
|
|
9,000 |
|
|
Current portion of derivative instruments |
|
835 |
|
|
|
879 |
|
|
Prepaid expenses and other current assets |
|
2,440 |
|
|
|
2,590 |
|
|
|
|
|
|
|
Total current assets |
$ |
96,631 |
|
|
$ |
124,868 |
|
|
|
|
|
|
|
Non-current restricted cash |
$ |
407 |
|
|
$ |
407 |
|
|
Property, plant and equipment, net |
|
183,800 |
|
|
|
175,946 |
|
|
Goodwill and intangible assets, net |
|
15,512 |
|
|
|
15,755 |
|
|
Deferred tax assets |
|
16,985 |
|
|
|
3,952 |
|
|
Non-current portion of derivative instruments |
|
584 |
|
|
|
936 |
|
|
Operating lease right-of-use assets |
|
4,635 |
|
|
|
4,742 |
|
|
Finance lease right-of-use assets |
|
80 |
|
|
|
96 |
|
|
Other assets |
|
5,703 |
|
|
|
5,614 |
|
|
|
|
|
|
|
Total assets |
$ |
324,337 |
|
|
$ |
332,316 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
3,232 |
|
|
$ |
4,559 |
|
|
Accrued liabilities |
|
11,354 |
|
|
|
15,090 |
|
|
Income tax payable |
|
905 |
|
|
|
402 |
|
|
Current portion of operating lease liability |
|
411 |
|
|
|
410 |
|
|
Current portion of finance lease liability |
|
74 |
|
|
|
71 |
|
|
Current portion of long-term debt |
|
7,876 |
|
|
|
7,870 |
|
|
|
|
|
|
|
Total current liabilities |
$ |
23,852 |
|
|
$ |
28,402 |
|
|
|
|
|
|
|
Long-term debt, less current portion |
$ |
61,533 |
|
|
$ |
63,505 |
|
|
Non-current portion of operating lease liability |
|
4,312 |
|
|
|
4,341 |
|
|
Non-current portion of finance lease liability |
|
6 |
|
|
|
25 |
|
|
Asset retirement obligation |
|
5,593 |
|
|
|
5,493 |
|
|
Other liabilities |
|
3,968 |
|
|
|
3,459 |
|
|
|
|
|
|
|
Total liabilities |
$ |
99,264 |
|
|
$ |
105,225 |
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, authorized 690,000,000 shares;
143,682,811 shares issued at March 31, 2023 and December 31, 2022,
respectively; 141,633,417 shares outstanding at March 31, 2023 and
December 31, 2022, respectively |
|
1,416 |
|
|
|
1,416 |
|
|
Treasury stock, at cost, 971,306 shares March 31, 2023 and December
31, 2022, respectively |
|
(11,051 |
) |
|
|
(11,051 |
) |
|
Additional paid-in capital |
|
207,830 |
|
|
|
206,060 |
|
|
Retained earnings |
|
26,878 |
|
|
|
30,666 |
|
|
|
|
|
|
|
Total stockholders' equity |
$ |
225,073 |
|
|
$ |
227,091 |
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
324,337 |
|
|
$ |
332,316 |
|
|
|
|
|
|
|
MONTAUK RENEWABLES, INC. |
|
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
|
(Unaudited) |
|
(in thousands, except per share and per share
data): |
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Total operating revenues |
|
$ |
19,154 |
|
|
$ |
32,169 |
|
|
Operating expenses: |
|
|
|
|
Operating and maintenance expenses |
|
$ |
14,182 |
|
|
$ |
13,201 |
|
|
General and administrative expenses |
|
|
9,475 |
|
|
|
8,495 |
|
|
Royalties, transportation, gathering and production fuel |
|
|
3,933 |
|
|
|
7,206 |
|
|
Depreciation, depletion and amortization |
|
|
5,196 |
|
|
|
5,153 |
|
|
Gain on insurance proceeds |
|
|
- |
|
|
|
(313 |
) |
|
Impairment loss |
|
|
451 |
|
|
|
51 |
|
|
Transaction costs |
|
|
83 |
|
|
|
27 |
|
|
Total operating expenses |
|
$ |
33,320 |
|
|
$ |
33,820 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(14,166 |
) |
|
$ |
(1,651 |
) |
|
Other expenses (income): |
|
|
|
|
Interest expense |
|
|
1,675 |
|
|
|
32 |
|
|
Other expense (income) |
|
|
7 |
|
|
|
(310 |
) |
|
Total other expense (income) |
|
$ |
1,682 |
|
|
$ |
(278 |
) |
|
Loss before income taxes |
|
$ |
(15,848 |
) |
|
$ |
(1,373 |
) |
|
Income tax benefit |
|
|
(12,060 |
) |
|
|
(258 |
) |
|
Net loss |
|
$ |
(3,788 |
) |
|
$ |
(1,115 |
) |
|
|
|
|
|
|
Loss per share: |
|
|
|
|
Basic |
|
$ |
(0.03 |
) |
|
$ |
(0.01 |
) |
|
Diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
Basic |
|
|
141,633,417 |
|
|
|
141,045,477 |
|
|
Diluted |
|
|
141,633,417 |
|
|
|
141,045,477 |
|
|
|
|
|
|
|
MONTAUK RENEWABLES, INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(Unaudited) |
|
(in thousands): |
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
Cash flows from operating activities: |
|
|
|
|
Net loss |
$ |
(3,788 |
) |
|
$ |
(1,115 |
) |
|
Adjustments to reconcile net
loss to net cash provided by operating activities: |
|
|
|
|
Depreciation, depletion and amortization |
|
5,196 |
|
|
|
5,153 |
|
|
Benefit for deferred income taxes |
|
(13,033 |
) |
|
|
(236 |
) |
|
Stock-based compensation |
|
1,770 |
|
|
|
2,334 |
|
|
Derivative mark-to-market adjustments and settlements |
|
396 |
|
|
|
2,415 |
|
|
Gain on property insurance proceeds |
|
- |
|
|
|
(313 |
) |
|
Accretion of asset retirement obligations |
|
100 |
|
|
|
98 |
|
|
Net loss (gain) on sale of assets |
|
37 |
|
|
|
(293 |
) |
|
Increase in earn-out liability |
|
214 |
|
|
|
- |
|
|
Amortization of debt issuance costs |
|
93 |
|
|
|
108 |
|
|
Impairment loss |
|
451 |
|
|
|
51 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts and other receivables and other current assets |
|
1,033 |
|
|
|
2,949 |
|
|
Accounts payable and other accrued expenses |
|
(4,307 |
) |
|
|
(1,554 |
) |
|
|
|
|
|
|
Net cash (used in) provided by operating activities |
$ |
(11,838 |
) |
|
$ |
9,597 |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
Capital expenditures |
$ |
(13,278 |
) |
|
$ |
(2,378 |
) |
|
Proceeds from insurance
recovery |
|
- |
|
|
|
313 |
|
|
Proceeds from sale of
assets |
|
- |
|
|
|
1,088 |
|
|
|
|
|
|
|
Net cash used in investing activities |
$ |
(13,278 |
) |
|
$ |
(977 |
) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
Repayments of long-term
debt |
|
(2,000 |
) |
|
|
(2,000 |
) |
|
Treasury stock purchase |
|
- |
|
|
|
(91 |
) |
|
Finance lease payments |
|
(18 |
) |
|
|
- |
|
|
|
|
|
|
|
Net cash used in financing activities |
$ |
(2,018 |
) |
|
$ |
(2,091 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents and
restricted cash |
$ |
(27,134 |
) |
|
$ |
6,529 |
|
|
Cash and cash equivalents and restricted cash at beginning of
period |
$ |
105,606 |
|
|
$ |
53,612 |
|
|
|
|
|
|
|
Cash and cash equivalents and restricted cash at end of period |
$ |
78,472 |
|
|
$ |
60,141 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash equivalents, and restricted
cash at end of period: |
|
|
|
Cash and cash equivalents |
$ |
78,043 |
|
|
$ |
59,794 |
|
|
Restricted cash and cash
equivalents – current |
|
22 |
|
|
|
19 |
|
|
Restricted cash and cash
equivalents - non-current |
|
407 |
|
|
|
328 |
|
|
|
$ |
78,472 |
|
|
$ |
60,141 |
|
|
|
|
|
|
|
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 loss, which is the most directly
comparable GAAP measure, for the three months ended March 31, 2023
and 2022: |
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
Net loss |
$ |
(3,788 |
) |
|
$ |
(1,115 |
) |
|
Depreciation, depletion and amortization |
|
5,196 |
|
|
|
5,153 |
|
|
Interest expense |
|
1,675 |
|
|
|
32 |
|
|
Income tax benefit |
|
(12,060 |
) |
|
|
(258 |
) |
|
Consolidated EBITDA |
|
(8,977 |
) |
|
|
3,812 |
|
|
Impairment loss |
|
451 |
|
|
|
51 |
|
|
Net loss (gain) on sale of assets |
|
37 |
|
|
|
(293 |
) |
|
Transaction costs |
|
83 |
|
|
|
27 |
|
|
Non cash hedging charges |
|
- |
|
|
|
3,451 |
|
|
Adjusted EBITDA |
$ |
(8,406 |
) |
|
$ |
7,048 |
|
|
|
|
|
|
|
Montauk Renewables (NASDAQ:MNTK)
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Montauk Renewables (NASDAQ:MNTK)
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De Jun 2023 a Jun 2024