Montauk Renewables Inc

NASDAQ:MNTKUnited States

May 9, 2024

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• -- Earnings Flash (MNTK) MONTAUK RENEWABLES Reports Q1 Revenue $38.8M, vs. Street Est of $44.9M, from 4:38PM ET on Thursday May 09, 2024 by MT Newswires

  4:38PM ET on Thursday May 09, 2024 by MT Newswires
  Companies Mentioned: MNTK
  04:38 PM EDT, 05/09/2024 (MT Newswires) -- ...

• Montauk Renewables Announces First Quarter 2024 Results, from 4:15PM ET on Thursday May 09, 2024 by GlobeNewswire

  4:15PM ET on Thursday May 09, 2024 by GlobeNewswire
  Companies Mentioned: MNTK

• Montauk Renewables Announces First Quarter 2024 Results, from 4:15PM ET on Thursday May 09, 2024 by Dow Jones

  4:15PM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: MNTK
  ============= === =============== MONTAUK RENEWABLES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share data) for the three months ended March 31, ------------------------------------------ 2024 2023 -------------------- ---------------- Total operating revenues $ 38,787 $ 19,154 Operating expenses: Operating and maintenance expenses 14,451 14,182 General and administrative expenses 9,427 9,475 Royalties, transportation, gathering and production fuel 6,518 3,933 Depreciation, depletion and amortization 5,434 5,196 Impairment loss 528 451 Transaction costs 61 83 ---------------- --------------- Total operating expenses $ 36,419 $ 33,320 ---------------- --------------- Operating income (loss) $ 2,368 $ (14,166) Other expenses (income): Interest expense $ 1,165 $ 1,675 Other (income) expense (1,060) 7 ---------------- --------------- Total other expenses $ 105 $ 1,682 ---------------- --------------- Income (loss) before income taxes $ 2,263 $ (15,848) Income tax expense (benefit) 413 (12,060) ---------------- --------------- Net income (loss) $ 1,850 $ (3,788) ================ =============== Income (loss) per share: Basic $ 0.01 $ (0.03) Diluted $ 0.01 $ (0.03) Weighted-average common shares outstanding: Basic 141,986,189 141,633,417 Diluted 142,369,219 141,633,417 MONTAUK RENEWABLES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands): for the three months ended March 31, 2024 2023 -------------------- ------------------ Cash flows from operating activities: Net income (loss) $ 1,850 $ (3,788) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion and amortization 5,434 5,196 Provision (benefit) for deferred income taxes 249 (13,033) Stock-based compensation 2,241 1,770 Derivative mark-to-market adjustments and settlements (91) 396 Net loss on sale of assets 22 37 (Decrease) increase in earn-out liability (849) 214 Accretion of asset retirement obligations 108 100 Liabilities associated with properties sold (225) -- Amortization of debt issuance costs 90 93 Impairment loss 528 451 Changes in operating assets and liabilities: Accounts and other receivables and other current assets 1,639 1,033 Accounts payable and other accrued expenses 3,296 (4,307) --- --------------- -------------- Net cash provided by (used in) operating activities $ 14,292 $ (11,838) Cash flows from investing activities: Capital expenditures $ (21,986) $ (13,278) Asset acquisition (820) -- Cash collateral deposits, net 20 -- --- --------------- ------------------ Net cash used in investing activities $ (22,786) $ (13,278) Cash flows from financing activities: Repayments of long-term debt $ (2,000) $ (2,000) Finance lease payments (20) (18) --- --------------- -------------- Net cash used in financing activities $ (2,020) $ (2,018) Net decrease in cash and cash equivalents and restricted cash $ (10,514) $ (27,134) Cash and cash equivalents and restricted cash at beginning of period $ 74,242 $ 105,606 --- --------------- -------------- Cash and cash equivalents and restricted cash at end of period $ 63,728 $ 78,472 Reconciliation of cash, cash equivalents, and restricted cash at end of period: Cash and cash equivalents $ 63,277 $ 78,043 Restricted cash and cash equivalents - current 8 22 Restricted cash and cash equivalents - non-current 443 407 -------------------- ------------------ $ 63,728 $ 78,472 === =============== ============== Supplemental cash flow information: Cash paid for interest $ 1,237 $ 1,211 Cash paid for income taxes 574 63 Accrual for purchase of property, plant and equipment included in accounts payable and accrued liabilities 7,492 2,995 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 income (loss) which is the most directly comparable GAAP measure for the three months ended March 31, 2024 and 2023, respectively: Three Months Ended March 31, 2024 2023 -------------- ------------------ Net income (loss) $ 1,850 $ (3,788) Depreciation, depletion and amortization 5,434 5,196 Interest expense 1,165 1,675 Income tax expense (benefit) 413 (12,060) ---------- -------------- Consolidated EBITDA 8,862 (8,977) Impairment loss 528 451 Net loss on sale of assets 22 37 Transaction costs 61 83 ---------- -------------- Adjusted EBITDA $ 9,473 $ (8,406) ========== ==============
  

• Press Release: Montauk Renewables Announces First Quarter 2024 Results, from 4:15PM ET on Thursday May 09, 2024 by Dow Jones

  4:15PM ET on Thursday May 09, 2024 by Dow Jones
  Companies Mentioned: MNTK