Montauk Renewables Inc (NASDAQ: MNTK) is a renewable energy company that captures biogas from landfills and livestock digesters and converts it into Renewable Natural Gas (RNG) and Renewable Electricity for sale to utilities, refiners, and fuel consumers. Revenue comes from selling RNG, Renewable Identification Numbers (RINs), Renewable Electricity, Renewable Energy Credits (RECs), and California Low Carbon Fuel Standard (LCFS) credits under long-term and fixed-price agreements. In FY2025, Renewable Natural Gas Total Revenues were $155.7 million and Renewable Electricity Generation Total Revenues were $17.2 million, per the 10-K filed 2026-03-11. Valero and Exxon represented approximately 17.4% and 11.3%, respectively, of operating revenues in FY2025 from Environmental Attributes sales, indicating material customer concentration. The City of Anaheim represented approximately 9.3% of operating revenues in FY2025 for Renewable Electricity and RECs. In FY2025, 100% of Renewable Electricity production and Environmental Attributes monetization occurred under fixed-price agreements. Key site hosts include Waste Management and Republic Services, covering eight of 13 operating RNG projects.

Revenue model

Transactional and long-term contract revenue from sales of RNG, RINs, Renewable Electricity, RECs, and LCFS credits. In FY2025, fixed-price agreements covered 100% of Renewable Electricity and Environmental Attributes monetization. RIN off-take contracts are largely short-term; electricity and REC sales occur under power purchase agreements (PPAs) at fixed prices. A portion of Environmental Attributes is shared in-kind with pathway providers as consideration for use of RNG as transportation fuel.

Products and services

Renewable Natural Gas (RNG) derived from landfill gas (LFG) and livestock digester biogas; Renewable Identification Numbers (RINs) generated under the federal Renewable Fuel Standard (RFS); Renewable Electricity generated at landfill sites via reciprocating engine generator sets; Renewable Energy Credits (RECs); California Low Carbon Fuel Standard (LCFS) credits. RNG production volumes were 5,644 thousand MMBtu in FY2025. Two Renewable Electricity projects operate with aggregate design capacity of approximately 29.1 MW as of the 10-K filed 2026-03-11.

Customers and end markets

RNG and RIN customers include large refiners (Valero at 17.4% of operating revenues in FY2025, Exxon at 11.3% of operating revenues in FY2025), landfill and livestock farm operators, and local utilities. Electricity customers are investor-owned and municipal electric utilities, with the City of Anaheim representing 9.3% of operating revenues in FY2025. End markets are transportation fuel (RNG as CNG), electricity generation, and compliance credit markets under the federal RFS and California LCFS programs.

Value-chain role

Midstream-to-downstream biogas processor and renewable fuel producer. Montauk negotiates long-term fuel supply agreements with landfill and livestock farm site hosts, captures and upgrades raw biogas into pipeline-quality RNG or generates electricity on-site, and then sells RNG, associated RINs, LCFS credits, Renewable Electricity, and RECs to end-market buyers. The company does not own the underlying waste sites; it operates under fuel supply agreements with site hosts including Waste Management and Republic Services.

Geographic exposure

Operations include RNG projects at landfills and livestock digesters and two Renewable Electricity projects located in California and Oklahoma, per the 10-K filed 2026-03-11. LCFS credit eligibility is California-specific. An agricultural renewables project in North Carolina was not yet operational as of the filing date.

Source: SEC 10-K, filed 2026-03-11

Industry: Gas & Other Services Combined Peers: Altus Power, Inc. Brookfield Renewable Corp XPLR Infrastructure LP Ormat Technologies Inc Sunnova Energy International Inc.