Montauk Renewables, Inc. reported significant financial growth in its latest 10-Q filing for the third quarter and the nine months ended September 30, 2024. Total operating revenues for Q3 2024 reached $65.9 million, marking an 18.4% increase from $55.7 million in Q3 2023. For the nine-month period, revenues rose to $148.0 million, up 15.6% from $128.1 million in the same period last year. The increase in revenue was primarily driven by the Renewable Natural Gas (RNG) segment, which generated $61.8 million in Q3 2024, a 21.2% increase from $50.9 million in Q3 2023.
Operating income for Q3 2024 was $22.7 million, a 35.3% increase from $16.8 million in Q3 2023. Net income for the quarter was $17.0 million, up 31.8% from $12.9 million in the prior year. For the nine months ended September 30, 2024, net income was $18.2 million, a substantial increase of 79.2% compared to $10.1 million in the same period of 2023. Basic income per share for Q3 2024 was $0.12, compared to $0.09 in Q3 2023, while for the nine months, it increased to $0.13 from $0.07.
The company’s total assets as of September 30, 2024, were $374.1 million, up from $345.6 million at the end of Q3 2023. Total current liabilities increased to $38.9 million from $29.4 million, while total stockholders' equity rose to $275.3 million from $250.2 million. Cash and cash equivalents decreased to $55.0 million from $73.3 million year-over-year.
Montauk Renewables has also been active in strategic developments, including the completion of an asset acquisition for land in North Carolina for $820,000 and the ongoing construction of a second RNG processing facility at the Apex landfill, expected to begin operations in Q2 2025. The company is also developing the Blue Granite RNG Project in South Carolina, which has faced delays due to utility interconnection issues.
Operating expenses for Q3 2024 totaled $43.2 million, up from $38.9 million in Q3 2023, reflecting increased general and administrative costs, particularly in employee-related expenses, which rose significantly due to accelerated vesting of restricted share awards. Impairment losses also increased to $533,000 in Q3 2024 from $51,000 in Q3 2023, primarily related to obsolete RNG equipment.
Overall, Montauk Renewables is positioned for growth, driven by its focus on renewable energy and strategic project developments, despite facing challenges in operational costs and market conditions.
About Montauk Renewables, Inc.
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