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Montauk Renewables
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Updated Aug 6, 2026
Montauk Renewables Q2 2026: Turkey facility REC generation begins; RIN revenue surges 29% on GreenWave JV.
Montauk Renewables began power generation at its Turkey, North Carolina swine-to-energy facility in July 2026, unlocking swine and enhanced REC eligibility; the company expects programming modifications to boost power and REC volumes through mid-August. Total Q2 revenue increased 19.7% to $54.0 million, driven by $8.4 million in incremental RIN revenues from GreenWave JV distributions, which contributed $3.8 million in equity income. RNG segment operating income grew 4.5% to $9.6 million despite 15.7% lower natural gas commodity pricing, offset by 29.1% growth in RINs self-marketed. The company reaffirmed full-year 2026 RNG production guidance of 5.8–6.0 million MMBtu and $175–$190 million in RNG revenues, inclusive of GreenWave contributions.
Tone: bullishRevenue
$176.4M
MNTK 10-K · FY 2025
Employees
189
Revenue FY2024
$175.7M
Headquarters
Pittsburgh, PA
Profile
MNTK 10-K Item 1 · Mar 11, 2026Montauk Renewables is one of the largest U.S. producers of renewable natural gas (RNG), specializing in the recovery and processing of biogas from landfills, dairy farms, and other non-fossil sources. The company develops, owns, and operates 13 projects across seven states, converting biogas into pipeline-quality RNG and renewable electricity. Revenue is derived from commodity sales of RNG and electricity plus Environmental Attributes including RINs, LCFS credits, and RECs.
Read filing description ↓ Collapse description ↑
We are a renewable energy company specializing in the recovery and processing of biogas from landfills and other non-fossil fuel sources to beneficial use as a replacement to fossil fuels. We develop, own, and operate RNG projects, using proven technologies that supply renewable fuel into the transportation and electrical power sectors. We are one of the largest U.S. producers of RNG, having participated in the industry for over 30 years. We established our currently operating portfolio of eleven RNG and two Renewable Electricity projects and development projects through self-development, partnerships, and acquisitions that span seven states. Our current operating projects produce either RNG or Renewable Electricity by processing biogas from landfill sites or agricultural waste from livestock farms. Biogas is produced by microbes as they break down organic matter in the absence of oxygen (during a process called anaerobic digestion). Our two current sources of commercial scale biogas are LFG or ADG. We typically secure our biogas feedstock through long-term fuel supply agreements and property lease agreements with biogas site hosts. Once we secure long-term fuel supply rights, we design, build, own, and operate facilities that convert the biogas into RNG or use the processed biogas to produce Renewable Electricity. The revenues Montauk receives from selling renewable energy consist of two main components. The first component consists of revenues from the commodity value of the natural gas or electricity generated, which we sell through a variety of term-length agreements. The second component consists of revenues from the Environmental Attributes derived from the production of RNG and Renewable Electricity.
Primary products
- Renewable Natural Gas (RNG)
- Renewable Electricity
- D3 Renewable Identification Numbers (RINs)
- California Low Carbon Fuel Standard (LCFS) credits
- Renewable Energy Certificates (RECs)
- Biogenic carbon dioxide collection
Business segments
End markets
Geographies
Named customers
Valero and Exxon represented approximately 17.4% and 11.3%, respectively, of our operating revenues in 2025 from the sale of Environmental Attributes. For the sale of Renewable Electricity and RECs, the City of Anaheim represented approximately 9.3% of our operating revenues in 2025. No other single customer represented more than 10% of our total 2025 operating revenues.
Named competitors
“We believe that our status as one of the largest operators of LFG-to-RNG projects, our 30-year track record of operating and developing projects, and our deep relationships with some of the largest landfill owners and dairy farms in the country position us very well to continue to operate and grow our portfolio, and respond to competitive pressures.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenues were essentially flat year-over-year, increasing by approximately $646 thousand from 2024 to 2025 against a backdrop of higher operating and maintenance costs and increased depreciation from new capital projects.
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