Montauk Renewables reports narrower profits for 2025

Pittsburgh-based Montauk Renewables Inc., a provider of technology designed to convert landfill gas into biogas and electricity or renewable natural gas RNG, has reported 2025 revenue it calls flat compared with 2024, but it says its net income decreased by 82 percent year on year.

Montauk’s 2025 revenue of $176.4 million was up slightly from $175.7 million in 2024 and $174.9 million in 2023.

The company’s 2-25 net Income of just under $1.75 million represents an 82 percent decline from the more than $9.7 million it earned in 2024 and is 88 percent lower than the $14.9 million it earned in 2023.

Last year, Montauk says its installed technology produced 5.6 million MMBtu (metric million British thermal units), an increase of 1 percent compared with the prior year. The company says it sold 44.1 million Renewable Identification Numbers credits (RINs), calling that an increase of 7.5 million or 20.5 percent compared with 2024.

In its Securities and Exchange Commission (SEC) 2025 report filing, Montauk lists current production at two landfill-gas-to electricity installations and 11 landfill gas-to-RNG sites.

The electricity generating sites are at the Bowerman landfill in Irvine, California, and the American Environmental Landfill in Sand Springs, Oklahoma.

Its 11 RNG production sites are in: Jerome, Idaho; Cincinnati and Amsterdam, Ohio; Cairnbrook, Harrison City, Johnston and Monroeville, Pennsylvania; and Alvin, Galveston, Houston and Humble, Texas.

Regarding its narrower profit margin, Montauk says 2025 featured a 29 percent decrease in average RIN pricing compared with 2024.

“Natural gas index pricing increased approximately 51.1 percent during 2025 compared to 2024,” says Montauk, although it says operating and maintenance expenses for its RNG facilities of $59.1 million represented a 10.7 percent increase compared with the previous year.

The firm lists rising utility and operating expenses at four of its landfills, including the two in Ohio, as a primary driver of its operating cost increase.

Regarding the year now underway, Montauk says its RNG revenue could remain in the $175 million range with an upside potential to rise to $190 million while its electricity revenue could rise if it is able to ramp up a project in North Carolina in its Montauk Ag Renewables business unit.