Montauk Renewables FY2025 Revenues Flat at $176.4M, Net Income Slumps 82%
Montauk Renewables reported 2025 revenues of $176.4 million, flat year-over-year, with Non-GAAP Adjusted EBITDA of $35.6 million, down 16.5%. Net income plunged 82% to $1.7 million as average RIN pricing fell 29%, while RNG production edged up to 5.6 million MMBtu and RINs sold rose 20.5%.
1. Financial Highlights
Montauk Renewables generated $176.4 million in revenues for 2025, essentially unchanged from 2024, while Non-GAAP Adjusted EBITDA fell 16.5% to $35.6 million. Net income dropped 82% to $1.7 million as average RIN prices declined, even as operating income contracted 94.7% to $0.9 million.
2. Operational Metrics
RNG production reached 5.6 million MMBtu, a 1.0% increase after accounting for the sale of a facility in Q4 2024. Renewable electricity generation totaled 177,000 MWh, down 4.8% year-over-year due to ceased operations at certain sites following asset sales.
3. RIN Pricing and Joint Venture Income
Average realized RIN prices fell 29% to $2.33, offsetting volume gains of 20.5% in RINs sold to 44.1 million. Investment income of $1.5 million was recorded from GreenWave Energy Partners, stemming from 706,000 RINs separated and distributed through joint venture pathways.
4. 2026 Outlook
The company projects RNG revenues of $175–$190 million with production of 5.8–6.1 million MMBtu, and renewable electricity revenues of $35–$41 million with output of 195–207 thousand MWh. A five-year gas rights extension at the Raeger facility and commissioning of a North Carolina project support the guidance.