Montauk Renewables, Inc. (MNTK) Earnings
Montauk Renewables, Inc. is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $0.04. MNTK has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise +428.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.00 | $0.00 | +545.7% | $54M | +9.5% |
| Mar 12, 2026 | $0.02 | $0.02 | +5.0% | $307M | +590.9% |
| Nov 5, 2025 | $0.00 | $0.04 | +1519.4% | $45M | +2.2% |
| Aug 6, 2025 | $0.02 | $-0.04 | -355.1% | $45M | +5.6% |
| May 8, 2025 | $0.01 | $-0.00 | -132.5% | $43M | +0.5% |
| Mar 13, 2025 | $0.05 | $-0.06 | -220.0% | $28M | -56.8% |
| Aug 8, 2024 | $0.06 | $-0.01 | -116.7% | $43M | -7.7% |
| May 9, 2024 | $0.01 | $0.01 | +100.0% | $39M | -13.7% |
| Mar 14, 2024 | $0.07 | $0.03 | -57.1% | $47M | -17.7% |
| Nov 9, 2023 | $0.10 | $0.09 | -10.0% | $56M | -9.6% |
| May 10, 2023 | $-0.01 | $-0.03 | -200.0% | $19M | -52.0% |
| Mar 16, 2023 | $0.09 | $0.05 | -44.4% | $50M | -13.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Turkey, North Carolina Facility Development - In July 2026, the facility began commercial power generation for sale, with output expected to qualify for swine Renewable Energy Credits (RECs) and enhanced RECs in coming months. - Programming modifications to installed electrical switchgear are required to increase production volumes and protect equipment; all modifications are expected to be completed by mid-August 2026, enabling consistent generation from all collected feedstock. - Long-term feedstock agreements have been signed with over 50 farming locations, securing access to over 350,000 of the 400,000–450,000 targeted hog spaces for the first development phase; collection is currently operational for over 250,000 hog spaces, with remaining equipment installations planned for H2 2026. - Total capital expenditure guidance for the first phase remains unchanged at $200 million, with production ramp-up expected through 2026 as feedstock collection expands. - Negotiations are ongoing with entities required to purchase RECs under North Carolina's Clean Energy and Portfolio Standard, in addition to the existing REC contract with Duke. GreenWave Joint Venture Operations - GreenWave provides third-party RNG volumes access to proprietary transportation pathways for use in transportation, matches available dispensing capacity to third-party volumes, and separates/distributes Renewable Identification Numbers (RINs) to partners. - Montauk received approximately 1.5 million separated RINs from GreenWave in Q2 2026, with no RIN distributions from GreenWave in Q2 2025. Montauk recorded $3.8 million in income from its GreenWave joint venture investment in Q2 2026, and sold 1.9 million RINs for $4.8 million in revenue. Corporate Financial Performance - Total Q2 2026 revenue was $54.0 million, a 19.7% increase ($8.9 million) year-over-year, with growth driven primarily by $8.4 million in new RIN revenue from GreenWave and pathway dispensing. - General and administrative expenses decreased 15.2% ($1.3 million) year-over-year to $7.7 million, due to a one-time $1.6 million accelerated restricted share vesting charge in Q2 2025 that did not recur. - Adjusted EBITDA was $12.3 million in Q2 2026, up 144.5% ($7.3 million) year-over-year; net income was $0.2 million, a $5.7 million improvement from the $5.5 million net loss in Q2 2025. - As of June 30, 2026, the company was in full compliance with all covenants under its HASI senior credit facility, with $155 million drawn and $15.8 million in unrestricted cash and cash equivalents.
Guidance
- Management reaffirmed full-year 2026 RNG production guidance of 5.8 million to 6.0 million MMBtu, with corresponding RNG revenue guidance of $175 million to $190 million. This guidance includes expected RIN revenue from the GreenWave joint venture. - Full-year 2026 renewable electricity production guidance was reaffirmed at 185,000 to 195,000 MWh, with corresponding electricity revenue guidance of $23 million to $26 million, which reflects current production expectations for the Turkey, NC facility. - Management does not provide guidance on expected future market prices for environmental attributes including D3 RINs.
Segment performance
1. Renewable Natural Gas (RNG) Segment: - Production: 1.5 million MMBtu in Q2 2026, a 3% increase (43,000 MMBtu) from Q2 2025's 1.4 million MMBtu. Production increases at the McCarty (+53,000 MMBtu) and Apex (+39,000 MMBtu) facilities from collection system improvements were partially offset by decreases at Galveston (-26,000 MMBtu) and Atascocita (from operational changes and planned maintenance). - Revenue: $40.9 million in Q2 2026, a 0.3% increase ($0.1 million) from Q2 2025's $40.8 million, representing 75.7% of total Q2 2026 revenue. 14.3 million RINs were self-marketed, a 29.1% increase from Q2 2025, with an average realized RIN price of $2.45, up 1.2% year-over-year. - Operating Income: $9.6 million in Q2 2026, a 4.5% increase ($0.4 million) from Q2 2025's $9.2 million. Operating and maintenance expenses decreased 8.2% ($1.4 million) year-over-year to $15.6 million. 2. Renewable Electricity Segment: - Production: 44,000 megawatt hours (MWh) in Q2 2026, a 4.8% increase (2,000 MWh) from Q2 2025's 42,000 MWh, driven by increased output at the Bowerman facility from wellfield improvements. - Revenue: $4.5 million in Q2 2026, a 4.8% increase ($0.2 million) from Q2 2025's $4.3 million, representing 8.3% of total Q2 2026 revenue. - Operating Loss: $2.1 million in Q2 2026, a 9.2% reduction in loss ($0.2 million) from Q2 2025's $2.3 million operating loss. Operating and maintenance expenses increased 5.3% ($0.3 million) year-over-year to $5.1 million, driven by non-capitalizable costs at the Turkey, NC facility that offset a $0.7 million expense decrease at Bowerman.
Risks & headwinds
- Forward-looking statements made during the call are subject to material assumptions, risks, and uncertainties that could cause actual results to differ materially from projected outcomes; detailed risk factors are disclosed in the company's SEC filings. - Company profitability is highly dependent on volatile market prices for environmental attributes including RINs; holding un sold RINs in a given period directly impacts reported revenue and operating profit for that period. - Lower natural gas commodity prices in Q2 2026 (down 15.7% year-over-year) created downward pressure on RNG segment revenue, offset only by growth in RIN sales.
Analyst Q&A
Q: RIN pricing has stabilized over the past 6-7 months after EPA stopped posting public price data last year. Have you seen improved market transparency and changed buying behavior from obligated parties?
A: Management notes that 2025 extended year settlement completed in Q2 2026, and the transition to a settled 2026 Renewable Volume Obligation (RVO) with obligated parties beginning their 2026 compliance purchases has contributed to reduced RIN price volatility in 2026. The company's strategy prioritizes selling RINs directly to obligated parties for compliance retirement rather than short-term sales, and management has observed obligated parties stepping into the market to buy more regularly earlier in the compliance year than in previous cycles.
Q: Does the reiterated $175M-$190M full-year 2026 RNG revenue guidance include revenue from RINs distributed by GreenWave, which contributed to Q2 2026 results?
A: Yes, the full-year guidance explicitly includes expected RIN revenue from GreenWave, reflecting the forecasted contribution from third-party volumes distributed through the GreenWave pathway. Management also confirmed that additional wellfield enhancement investments are planned for the second half of 2026 to support the stated RNG production guidance.