Montauk Renewables, Inc. (NASDAQ: MNTK) reported full‑year 2025 revenue of $176.4 million, essentially flat compared with $175.7 million in 2024. Net income, however, plunged 82 % to $1.7 million from $9.7 million the year before, while non‑GAAP Adjusted EBITDA fell 16.5 % to $35.6 million from $42.6 million in 2024.
RNG production remained steady at 5.6 million MMBtu, a 1.0 % increase that balances a facility sale in late 2024. The company’s average realized RIN price dropped 29 % to $2.33, down from $3.28 in 2024, tightening margins across the RNG segment and contributing to the sharp decline in profitability.
For 2026, Montauk guided sales of $210 million to $231 million, up from $176.4 million in 2025. Renewable electricity revenue is expected to be $35 million to $41 million, reflecting the expected ramp‑up of the North Carolina Turkey project and other new facilities.
Management highlighted the impact of RIN price volatility and operating‑cost pressures. “While we don’t provide guidance as to our internal expectations on the market price of environmental attributes, including the market price of D3 RINs, we would like to provide our 2026 outlook,” said President and CEO Sean McClain. CFO Kevin Van Asdalan noted that “with the commissioning of our North Carolina Turkey project… there will be a significant uplift in EBITDA coming from that location,” and that “our profitability remains highly dependent on the market price of environmental attributes, including RINs.”
The results underscore a period of margin compression driven by falling RIN prices and rising operating costs, while the company’s guidance signals confidence in future growth from new projects. Investors will likely focus on how the company manages cost inflation and capitalizes on the North Carolina expansion to restore profitability in 2026.
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