0000950170-24-057177 | 10-Q | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock par or stated value per share	$ 0.01	$ 0.01
Common stock shares authorized	690,000,000	690,000,000
Common stock shares issued	143,732,811	143,732,811
Common stock shares outstanding	141,986,189	141,986,189
Treasury stock, shares	984,762	984,762

Goodwill And Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Intangible Assets, Net

NOTE 7 – GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill and intangible assets consist of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Goodwill	$	60	$	60
Intangible assets with indefinite lives:
Land use rights		328		329
Total intangible assets with indefinite lives:	$	328	$	329
Intangible assets with finite lives:
Interconnection, net of accumulated amortization of $4,032 and $3,847	$	14,401	$	14,584
Customer contracts, net of accumulated amortization of $17,295 and $17,254		3,389		3,448
Total intangible assets with finite lives:	$	17,790	$	18,032
Total Goodwill and Intangible assets	$	18,178	$	18,421

As of March 31, 2024, the weighted average remaining useful life for both customer contracts and interconnections were 15 years. Amortization expense was $243 for both the three months ended March 31, 2024 and 2023.

Asset Retirement Obligations - Summary of Activity Associated with Asset Retirement Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations - beginning of period	$ 5,900	$ 5,493	$ 5,493
Accretion expense	108	$ 100	407
Changes in estimate	218
Liabilities associated with properties sold	(225)
Asset retirement obligations - end of period	$ 6,001		$ 5,900

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

NOTE 12 – DEBT

The Company’s debt consists of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024			December 31, 2023
Term loans	$	62,000		$	64,000
Less: current principal maturities		(9,000	)		(8,000	)
Less: debt issuance costs (on long-term debt)		(349	)		(386	)
Long-term debt	$	52,651		$	55,614
Current portion of long-term debt		8,878			7,886
Total debt	$	61,529		$	63,500

Amended Credit Agreement

On December 12, 2018, Montauk Energy Holdings LLC (“MEH”), a wholly owned subsidiary of the Company, entered into the Second Amended and Restated Revolving Credit and Term Loan Agreement (as amended, “Credit Agreement”), by and among MEH, the financial institutions from time to time party thereto as lenders and Comerica Bank, as the administrative agent, sole lead arranger and sole bookrunner (“Comerica”). The Credit Agreement (i) amended and restated in its entirety MEH’s prior revolving credit and term loan facility, dated as of August 4, 2017, as amended, with Comerica and certain other financial institutions and (ii) replaced in its entirety the prior credit agreement, dated as of August 4, 2017, as amended, between Comerica and Bowerman Power LFG, LLC, a wholly-owned subsidiary of MEH.

On March 21, 2019, MEH entered into the first amendment to the Credit Agreement (the “First Amendment”), which clarified a variety of terms, definitions and calculations in the Credit Agreement. The Credit Agreement requires the Company to maintain customary affirmative and negative covenants, including certain financial covenants, which are measured at the end of each fiscal quarter. On September 12, 2019, the Company entered into the second amendment to the Credit Agreement (the "Second Amendment"). Among other matters, the Second Amendment redefined the Fixed Charge Coverage Ratio (as defined in the Credit Agreement), reduced the commitments under the revolving credit facility to $80,000, redefined the Total Leverage Ratio (as defined in the Credit Agreement) and eliminated the RIN Floor (as defined in the Second Amendment) as an Event of Default. In connection with the Second Amendment, the Company paid down the outstanding term loan by $38,250 and the resulting quarterly principal installments were reduced to $2,500.

On January 4, 2021, the Company, Montauk Holdings Limited (“MNK”) and Montauk Holdings USA, LLC (a direct wholly-owned subsidiary of MNK at the time, “Montauk USA”) entered into a series of transactions, including an equity exchange and a distribution collectively referred to as the “Reorganization Transactions,” that resulted in the Company owning all of the assets and entities (other than Montauk USA) previously owned by Montauk USA, and Montauk Renewables became a direct wholly-owned subsidiary of MNK. In connection with the completion of the Reorganization Transactions and the IPO, the Company entered into the third amendment to the Credit Agreement (the “Third Amendment”). This amendment permitted the Change of Control provisions, as defined in the underlying agreement, to permit the Reorganization Transactions and the IPO to be completed.

On December 21, 2021, MEH entered into the fourth amendment to the Second Amended and Restated Revolving Credit and Term Loan Agreement ("the Fourth Amendment"). The current credit agreement, which is secured by a lien on substantially all assets of the Company and certain of its subsidiaries, provides for a $80,000 term loan, a $120,000 revolving credit facility, and includes a $75,000 accordion feature. The term loan amortizes in quarterly installments of $2,000 through 2024, then increases to $3,000 from 2025 to 2026, with a final payment of $32,000 in late 2026.

The Company accounted for the Fourth Amendment as both a debt modification and debt extinguishment in accordance with ASC 470, Debt (“ASC 470”). In connection with the Credit Agreement, the Company paid $2,027 in fees. Of this amount, $326 was expensed and $1,701 was capitalized and will be amortized over the life of the Credit Agreement. Amortized debt issuance expense was $90 and $93 for the three months ended March 31, 2024 and 2023, respectively, and was recorded within interest expense on the consolidated statement of operations.

As of March 31, 2024, $62,000 was outstanding under the term loan. In addition, the Company had $2,505 of outstanding letters of credit as of March 31, 2024. Amounts available under the revolving credit facility are reduced by any amounts outstanding under letters of credit. As of March 31, 2024, the Company’s capacity available for borrowing under the revolving credit facility was $117,495. Borrowings of the term loans and revolving credit facility bear interest at the Bloomberg Short-Term Bank Yield Index Rate plus an applicable margin. Interest rates as of March 31, 2024 and December 31, 2023 were 6.18% and 6.11%, respectively.

As of March 31, 2024, the Company was in compliance with all applicable financial covenants under the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Debt - Additional Information (Detail) - USD ($) $ in Thousands			3 Months Ended
	Dec. 21, 2021	Sep. 12, 2019	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Extinguishment of Debt [Line Items]
Debt interest rate			6.18%		6.11%
Debt Issuance Costs, Net			$ 326
Debt Issuance Costs, capitalized			1,701
Amortized debt issuance expense			90	$ 93
Long-term debt			52,651		$ 55,614
Payment of debt modification charges			2,027
Term Loans [Member]
Extinguishment of Debt [Line Items]
Long-term debt			62,000
Revolving Credit Facility [Member]
Extinguishment of Debt [Line Items]
Line of Credit Facility, Current Borrowing Capacity			117,495
Letter of Credit [Member]
Extinguishment of Debt [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period			$ 2,505
MEH [Member] \| Second Amendment [Member]
Extinguishment of Debt [Line Items]
Line of Credit		$ 80,000
Repayment of long term debt		38,250
MEH [Member] \| Fourth Amendment [Member]
Extinguishment of Debt [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 120,000
Line of Credit Facility, Accordion Feature Amount	75,000
Long-term debt	80,000
MEH [Member] \| Term Loans [Member]
Extinguishment of Debt [Line Items]
Debt Instrument, Periodic Payment, Principal		$ 2,500
MEH [Member] \| Term Loans [Member] \| Through Two Thousand And Twenty Four [Member]
Extinguishment of Debt [Line Items]
Debt Instrument, Periodic Payment, Principal	2,000
MEH [Member] \| Term Loans [Member] \| From Two Thousand And Twenty Five And Upto Two Thousand And Twetny Six [Member]
Extinguishment of Debt [Line Items]
Debt Instrument, Periodic Payment, Principal	3,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 32,000

Goodwill And Intangible Assets, Net - Schedule of Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interconnection [Member]
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite lived intangible assets accumulated amortization	$ 4,032	$ 3,847
Customer Contracts [Member]
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite lived intangible assets accumulated amortization	$ 17,295	$ 17,254

Derivative Instruments - Summary of Realized and Unrealized Gains and Losses of Derivative Instrument (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Net gain (loss)	$ 91	$ (396)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net Income (Loss)	Net Income (Loss)
Interest rate swap [Member]
Derivative [Line Items]
Net gain (loss)	$ 91	$ (396)

Income Taxes - Additional Information (Detail)	3 Months Ended
Income Taxes - Additional Information (Detail)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	18.00%	76.00%
Effective tax rate, U.S. federal statutory rate	21.00%

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

NOTE 21 – SUBSEQUENT EVENTS

The Company evaluated its March 31, 2024 condensed consolidated financial statements through the date the financial statements were issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the consolidated financial statements.

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset retirement obligations	$ (6,001)	$ (5,900)	$ (5,493)
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap derivative asset	1,346	1,255
Asset retirement obligations	(6,001)	(5,900)
Pico earn-out liability	(4,260)	(5,109)
Fair Value, Net Asset (Liability)	(8,915)	(9,754)
Fair Value, Recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap derivative asset	0	0
Asset retirement obligations	0	0
Pico earn-out liability	0	0
Fair Value, Net Asset (Liability)	0	0
Fair Value, Recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap derivative asset	1,346	1,255
Asset retirement obligations	0	0
Pico earn-out liability	0	0
Fair Value, Net Asset (Liability)	1,346	1,255
Fair Value, Recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap derivative asset		0
Asset retirement obligations	(6,001)	(5,900)
Pico earn-out liability	(4,260)	(5,109)
Fair Value, Net Asset (Liability)	$ (10,261)	$ (11,009)

Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

Summary of Activity Associated with Asset Retirement Obligations

The following table summarizes the activity associated with asset retirement obligations of the Company as of March 31, 2024 and December 31, 2023:


	Three months ended March 31,			Year ended December 31,
	2024			2023
Asset retirement obligations—beginning of period	$	5,900		$	5,493
Accretion expense		108			407
Changes in estimate		218		—
Liabilities associated with properties sold		(225	)	—
Asset retirement obligations—end of period	$	6,001		$	5,900

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property Plant and Equipment

Property, plant and equipment consists of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024			December 31, 2023
Land	$	1,568		$	748
Buildings and improvements		36,314			30,329
Machinery and equipment		270,112			255,421
Gas mineral rights		35,526			35,526
Construction work in progress		67,113			67,747
Total	$	410,633		$	389,771
Less: Accumulated depreciation and amortization		(179,260	)		(175,482	)
Property, plant & equipment, net	$	231,373		$	214,289

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Fair Value of MRI EICP Options and Valuation Assumptions


	September 2023 Awards
Options awarded		225,000
Risk-free interest rate	4.44%-4.65%
Expected volatility	71%-73%
Expected option life (in years)	3.5-5.5
Grant-date fair value	$	5.72

	April 2023 Awards
Options awarded		2,100,000
Risk-free interest rate	3.71%-3.97%
Expected volatility	78%-80%
Expected option life (in years)	3.5-5.5
Grant-date fair value	$	4.25

	January 2021 Awards
Options awarded		950,214
Risk-free interest rate		0.5	%
Expected volatility		32	%
Expected option life (in years)		5.5
Grant-date fair value	$	3.44

Summary of Outstanding Activity of Options, Restricted Stock and Restricted Stock Units under MRI EICP

The following table summarizes the restricted shares, restricted stock units and options outstanding under the MRI EICP as of March 31, 2024 and March 31, 2023, respectively:


	Restricted Shares				Restricted Stock Units					Options
	Number of shares		Weighted Average Grant Date Fair Value		Number of shares			Weighted Average Grant Date Fair Value		Number of shares		Weighted Average Exercise Price
End of period - December 31, 2023		1,638,678	$	11.91		150,000		$	10.09		2,325,000	$	7.04
Beginning of period - January 1, 2024		1,638,678	$	11.91		150,000		$	10.09		2,325,000	$	7.04
Granted		—		—		10,000			6.48		—		—
Vested		—		—		—			—		—		—
Forfeited		—		—		—			—		—		—
End of period - Balance at March 31, 2024		1,638,678	$	11.91		160,000		$	9.87		2,325,000	$	7.04

End of period - December 31, 2022		2,028,301	$	11.80		280,000		$	10.13		—	$	—
Beginning of period - January 1, 2023		2,028,301	$	11.80		280,000		$	10.13		—	$	—
Granted		—	—			—			—		—		—
Vested		—		—		—			—		—		—
Forfeited		—		—		(80,000	)		10.23		—		—
End of period - March 31, 2023		2,028,301	$	11.80		200,000		$	10.09		—	$	—

Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

NOTE 11 – ACCRUED LIABILITIES

The Company’s accrued liabilities consists of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Accrued expenses	$	2,285	$	3,983
Payroll and related benefits		1,940		2,355
Royalty		5,673		3,897
Utility		1,394		1,653
Accrued interest		764		827
Other		71		74
Accrued liabilities	$	12,127	$	12,789

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands			3 Months Ended
	May 31, 2022 USD ($)	Jan. 31, 2021 $ / shares shares	Mar. 31, 2024 USD ($) Employees shares	Mar. 31, 2023 USD ($)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation			$ 2,241	$ 1,770
MRI EICP [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock shares withheld \| shares		950,214	950,214
Exercise price of common stock \| $ / shares		$ 11.38
Stock-based compensation			$ 15,981
Unrecognised compensation expense recognised, Period			5 years
Non-Qualified Stock Options [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation			$ 657
Restricted Stock [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation			$ 357	543
Share-based compensation arrangement by share-based payment award, maximum number of shares per employee \| shares			1,250,000
Number of employees \| Employees			2
Time Based Restricted Stock Awards [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation			$ 1,227	$ 1,227
Share-Based compensation arrangement by share-Based payment award, equity instruments other than options, revalued amount	$ 15,500

Income (Loss) Per Share - Schedule of Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 1,850	$ (3,788)
Basic weighted-average shares outstanding	141,986,189	141,633,417
Dilutive effect of share-based awards	383,030	0
Diluted weighted-average shares outstanding	142,369,219	141,633,417
Basic income (loss) per share	$ 0.01	$ (0.03)
Diluted income (loss) per share	$ 0.01	$ (0.03)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
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 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

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of Reconciliation of the Company's Reportable Segments' Net Income (Loss) from Continuing Operations

The following tables are consistent with the manner in which the chief operating decision maker evaluates the performance of each segment and allocates the Company’s resources. In the following tables, “RNG” refers to Renewable Natural Gas and “REG” refer to Renewable Electricity Generation.


	For the three months ended March 31, 2024
	RNG		REG		Corporate			Total
Total revenue	$	33,988	$	4,799	$	—		$	38,787
Net income (loss)		11,558		1,387		(11,095	)		1,850
EBITDA		15,634		2,685		(9,457	)		8,862
Adjusted EBITDA (1)		15,872		2,997		(9,396	)		9,473
Total assets		181,150		87,071		86,468			354,689
Capital expenditures		9,041		12,826		119			21,986

(1)

First quarter of 2024 EBITDA Reconciliation

The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the three months ended March 31, 2024:


	For the three months ended March 31, 2024
	RNG		REG		Corporate			Total
Net income (loss)	$	11,558	$	1,387	$	(11,095	)	$	1,850
Depreciation, depletion and amortization		4,076		1,297		61			5,434
Interest expense		—		1		1,164			1,165
Income tax expense		—		—		413			413
EBITDA	$	15,634	$	2,685	$	(9,457	)	$	8,862
Impairment loss		216		312		—			528
Net loss on sale of assets		22		—		—			22
Transaction costs		—		—		61			61
Adjusted EBITDA	$	15,872	$	2,997	$	(9,396	)	$	9,473


	For the three months ended March 31, 2023
	RNG			REG			Corporate			Total
Total revenue	$	14,785		$	4,369		$	—		$	19,154
Net income (loss)		(4,340	)		(265	)		817			(3,788	)
EBITDA		(493	)		1,022			(9,506	)		(8,977	)
Adjusted EBITDA (2)		(5	)		1,022			(9,423	)		(8,406	)
Total assets		156,750			54,846			112,741			324,337
Capital expenditures		10,241			3,031			6			13,278

(2) First quarter of 2023 EBITDA Reconciliation

The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the three months ended March 31, 2023:


	For the three months ended March 31, 2023
	RNG			REG			Corporate			Total
Net income (loss)	$	(4,340	)	$	(265	)	$	817		$	(3,788	)
Depreciation, depletion and amortization		3,847			1,287			62			5,196
Interest expense		—			—			1,675			1,675
Income tax benefit		—			—			(12,060	)		(12,060	)
EBITDA	$	(493	)	$	1,022		$	(9,506	)	$	(8,977	)
Impairment loss		451			—			—			451
Net loss on sale of assets		37			—			—			37
Transaction costs		—			—			83			83
Adjusted EBITDA	$	(5	)	$	1,022		$	(9,423	)	$	(8,406	)

Summary of Revenue by Major Customers

For both the three months ended March 31, 2024 and 2023, four customers made up greater than 10% of total revenues.


	For the three months ended March 31, 2024
	RNG			REG			Corporate		Total
Customer A		40.6	%		—			—		40.6	%
Customer B		12.8	%		—			—		12.8	%
Customer C		12.8	%		—			—		12.8	%
Customer D		—			10.9	%		—		10.9	%


	For the three months ended March 31, 2023
	RNG			REG			Corporate		Total
Customer A		—			21.0	%		—		21.0	%
Customer B		19.8	%		—			—		19.8	%
Customer C		17.3	%		—			—		17.3	%
Customer D		10.5	%		—			—		10.5	%

Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 5,081	$ 4,807
Payments To Acquire Productive Assets	$ 820
Gas mineral rights [Member]
Property, Plant and Equipment [Line Items]
Adjustment for amortization		$ 91	$ 128

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

NOTE 8 – ASSET RETIREMENT OBLIGATIONS

The Company accounts for asset retirement obligations by recording the fair value of the liability in the period in which it is incurred. The Company estimates the fair value of asset retirement obligations by calculating the estimated present value of the cost to retire the asset. Factors that are considered when determining the present value of the cost to retire the asset include future inflation and discount rates, along with estimates date(s) of retiring the asset. Additionally, changes in legal, regulatory, environmental, and political environments can affect the fair value of the obligations. As such, asset retirement obligations are considered a level 3 financial instrument.

The $218 change in estimates for the three months ended March 31, 2024 were due to RNG fuel supply agreement extensions and an RNG project that necessitated reassessments. The $225 decrease in the liability was due to an REG site sale as described in Note 3.

The following table summarizes the activity associated with asset retirement obligations of the Company as of March 31, 2024 and December 31, 2023:


	Three months ended March 31,			Year ended December 31,
	2024			2023
Asset retirement obligations—beginning of period	$	5,900		$	5,493
Accretion expense		108			407
Changes in estimate		218		—
Liabilities associated with properties sold		(225	)	—
Asset retirement obligations—end of period	$	6,001		$	5,900

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Summary of Accrued Liabilities

The Company’s accrued liabilities consists of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Accrued expenses	$	2,285	$	3,983
Payroll and related benefits		1,940		2,355
Royalty		5,673		3,897
Utility		1,394		1,653
Accrued interest		764		827
Other		71		74
Accrued liabilities	$	12,127	$	12,789

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,850	$ (3,788)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenues from Contracts with Customers - (Additional Information) (Details) - Revenue from Contract with Customer, Segment Benchmark [Member]	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goods transferred over time [Member] \| Renewable Natural Gas and Renewable Electricity Generation [Member] \| Customer Concentration Risk [Member] \| Renewable Energy [Member]
Disaggregation of Revenue [Line Items]
Revenue Performance obligation satisfied to segments, Percentage	26.00%	55.00%
Goods transferred at a point in time [Member] \| Product Concentration Risk [Member] \| Electric Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenue Performance obligation satisfied to segments, Percentage	74.00%	45.00%

Defined Contribution Plan

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Defined Contribution Plan

NOTE 15 – DEFINED CONTRIBUTION PLAN

The Company maintains a 401(k) defined contribution plan for eligible employees. The Company matches 50% of an employee’s deferrals up to 4%. The Company also contributes 3% of eligible employee’s compensation expense as a safe harbor contribution. The matching contributions vest ratably over four years of service, while the safe harbor contributions vest immediately. Incurred expense related to the 401(k) plan was $221 and $143 for the three months ended March 31, 2024 and 2023, respectively.

Revenues from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Company's Revenue by Major Source

The following tables display the Company’s disaggregated revenue by major source based on product type and timing of transfer of goods and services for the three months ended March 31, 2024 and 2023:


	Three months ended March 31, 2024
	Goods transferred at a point in time		Goods transferred over time		Total
Major goods/Service line:
Natural gas commodity	$	349	$	7,186	$	7,535
Natural gas environmental attributes		26,332		—		26,332
Electric commodity		—		3,031		3,031
Electric environmental attributes		1,889		—		1,889
	$	28,570	$	10,217	$	38,787
Operating segment:
RNG	$	26,681	$	7,186	$	33,867
REG		1,889		3,031		4,920
	$	28,570	$	10,217	$	38,787


	Three months ended March 31, 2023
	Goods transferred at a point in time		Goods transferred over time		Total
Major goods/Service line:
Natural gas commodity	$	204	$	7,877	$	8,081
Natural gas environmental attributes		6,644		—		6,644
Electric commodity		—		2,621		2,621
Electric environmental attributes		1,808		—		1,808
	$	8,656	$	10,498	$	19,154
Operating segment:
RNG	$	6,848	$	7,877	$	14,725
REG		1,808		2,621		4,429
	$	8,656	$	10,498	$	19,154

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands				3 Months Ended
	Jun. 21, 2023	Dec. 22, 2022	Jan. 26, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 22, 2021
Related Party Transaction [Line Items]
Debt Instrument Collateral Shares	976,623	800,000
Related Party
Related Party Transaction [Line Items]
Notes receivable from related parties current		$ 8,940				$ 10,040	$ 7,140
Variable interest entity maximum exposure to loss amount				$ 10,148		$ 10,138
MNK [Member] \| Loans Advanced To Related Parties [Member]
Related Party Transaction [Line Items]
Payment towards advances to related parties			$ 5,000
MNK And Hosken Consolidated Investments Limited [Member]
Related Party Transaction [Line Items]
Reimbursments received from related party				3	$ 59
MNK And Hosken Consolidated Investments Limited [Member] \| Related Party
Related Party Transaction [Line Items]
Due to related party				$ 35	$ 11

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 13 – INCOME TAXES

The Company’s provision for income taxes in interim periods is typically computed by applying the estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period in which they occur. For the three months ended March 31, 2024, the Company utilized an estimated effective tax rate.


	Three months ended
	March 31, 2024			March 31, 2023
Expense (benefit) provision for income taxes	$	413		$	(12,060	)
Effective tax rate		18	%		76	%

The effective tax rate of 18% for the three months ended March 31, 2024 was lower than the rate for the three months ended March 31, 2023 of 76% primarily due to reported pre-tax income for the three months ended March 31, 2024 and a reported pre-tax loss for the three months ended March 31, 2023.

Income tax expense for the three months ended March 31, 2024 was calculated using an estimated effective tax rate which differs from the U.S. federal statutory rate of 21% primarily due to the adjustment for production tax credits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions of the SEC on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2024 (the “2023 Annual Report”). The results of operations for the three months ended March 31, 2024 in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2023, has been derived from the audited financial statements as of that date. For further information, refer to the Company’s audited financial statements and notes thereto included for the year ended December 31, 2023 in the 2023 Annual Report.

Segment Reporting

The Company reports segment information in three segments: RNG, Renewable Electricity Generation and Corporate. This is consistent with the internal reporting provided to the chief operating decision maker who evaluates operating results and performance. The aforementioned business services and offerings described in Note 1 are grouped and defined by management as two distinct operating segments: RNG and Renewable Electricity Generation. The Corporate segment primarily consists of general and administrative expenses not allocated to RNG and Renewable Electricity Generation. Below is a description of the Company’s segments and other activities.

The RNG segment represents the sale of gas sold at fixed-price contracts, counterparty share RNG volumes and applicable Environmental Attributes. This business unit represents the majority of the revenues generated by the Company.

The Renewable Electricity Generation segment represents the sale of captured electricity and applicable Environmental Attributes. Corporate relates to additional discrete financial information for the corporate function. It is primarily used as a shared service center for maintaining functions such as executive, accounting, treasury, legal, human resources, tax, environmental, engineering and other operations functions not otherwise allocated to a segment. As such, the corporate entity is not determined to be an operating segment but is discretely disclosed for purposes of reconciliation to the Company’s consolidated financial statements.

Use of Estimates

The preparation of financial statements, in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions to the current guidance on contract modifications and hedging relationships to ease the financial reporting burdens of the expected market transition from London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The FASB included a sunset provision within Topic 848 based on expectations of when the LIBOR would cease being published. The sunset provision has been amended from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company’s current debt agreement bears interest at the Bloomberg Short-Term Bank Yield Index Rate plus an applicable margin. LIBOR is no longer utilized as a reference rate.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments. The amendments in 2023-07 aim to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in 2023-09 aim to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for the Company's Annual Report on Form 10-K for the year ended December 31, 2025, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

Derivative Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instrument Detail [Abstract]

Derivative Instruments

NOTE 9 – DERIVATIVE INSTRUMENTS

To mitigate market risk associated with fluctuations in interest rates, the Company utilizes swap contracts under a board-approved program. The Company does not apply hedge accounting to any of its derivative instruments, and all realized and unrealized gains and losses from changes in derivative values are recognized in earnings each period. As a result of the economic hedging strategies employed, the Company had the following realized and unrealized gains and losses in the consolidated statements of operations for the three months ended March 31, 2024 and 2023:


		Three months ended March 31,
Derivative Instrument	Location	2024		2023
Interest rate swaps	Interest expense		91		(396	)
Net gain (loss)		$	91	$	(396	)

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

NOTE 16 – RELATED PARTY TRANSACTIONS

On January 26, 2021, the Company entered into a Loan Agreement and Secured Promissory Note (the “Initial Promissory Note”) with Montauk Holdings Limited (“MNK”). MNK is currently an affiliate of the Company and certain of the Company’s directors are also directors and executive officers of MNK. Pursuant to the Initial Promissory Note, the Company advanced a cash

loan of $5,000 to MNK for MNK to pay its dividend's tax liability arising from the Reorganization Transactions under the South African Income Tax Act, 1962 (Act No. 58 of 1962), as amended (the “South African Income Tax Act”). On February 22, 2021, the Company and MNK entered into an Amended and Restated Promissory Note (the “Amended Promissory Note”) to increase the principal amount of the loan to a total of $7,140, in the aggregate, on December 22, 2021 entered into the Second Amended and Restated Loan Agreement and Secured Promissory Note (the “Second Amended Promissory Note”) to increase the principal amount of the loan to a total of $8,940, in the aggregate, and on December 22, 2022 entered into the First Amendment of the Second Amended and Restated Loan Agreement and Secured Promissory Note (the “First Amendment of Second Amended Promissory Note”) to amend the maturity date to June 30, 2023, and on June 21, 2023 entered into the Third Amended and Restated Loan Agreement and Secured Promissory Note (the "Third Amended and Restated Loan Agreement and Secured Promissory Note") to increase the principal amount of the loan to a total of $10,040, in the aggregate and extend the maturity date of the loan to December 31, 2023 and on December 27, 2023 entered into the Fourth Amended and Restated Loan Agreement and Secured Promissory Note to extend the maturity date of the loan to December 31, 2033, each in accordance with the Company’s obligations set forth in the transaction implementation agreement entered into by and among the Company, MNK and the other party thereto, dated November 6, 2020, and amended on January 14, 2021. The Third Amended and Restated Loan Agreement and Secured Promissory Note increased the security interest of the Company from 800,000 shares of the common stock of the Company to 976,623 shares of the Company owned by MNK. MNK is required to use the proceeds of any such sale of the shares to repay the note. The Amended Promissory Note has default provisions where MNK will deliver any unsold shares of the Company back to the Company to satisfy repayment of the note.

Under applicable guidance for variable interest entities in ASC 810, Consolidation, the Company determined that MNK is a variable interest entity. The Company concluded that it is not the primary beneficiary of the variable interest entity, as the Company does not have a controlling financial interest and does not have the power to direct the activities that most significantly impact the economic performance of MNK. Accordingly, the Company concluded that presentation of the Amended Promissory Note as a related party receivable remains appropriate. The maximum exposure to loss is limited to the Promissory Note principal and accrued interest, which totaled $10,148 and $10,138 as of March 31, 2024 and December 31, 2023, respectively.

MNK was delisted from the JSE on January 26, 2021. The MNK Board of Directors and Shareholders held its annual general meeting in March 2023 and voted to take MNK private.

Related Party Reimbursements

Periodically the Company will reimburse MNK and HCI Managerial Services Proprietary Limited, the administrator for the Company’s secondarily listed Johannesburg Stock Exchange trading symbol, for expenses incurred on behalf of the Company. Amounts reimbursed were $3 and $59 for the three months ended March 31, 2024 and 2023, respectively. $35 and $11 were owed as of March 31, 2024 and December 31, 2023, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Goodwill And Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 243	$ 243
Customer Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible asset useful life	15 years
Interconnection [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible asset useful life	15 years

Share-Based Compensation - Summary of Fair Value of MRI EICP Options and Valuation Assumptions (Detail)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
MRI EICP September 2023 Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options awarded \| shares	225,000
Grant-date fair value \| $ / shares	$ 5.72
MRI EICP September 2023 Awards [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.65%
Expected volatility, maximum	73.00%
Expected option life	5 years 6 months
MRI EICP September 2023 Awards [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.44%
Expected volatility, minimum	71.00%
Expected option life	3 years 6 months
MRI EICP April 2023 Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options awarded \| shares	2,100,000
Grant-date fair value \| $ / shares	$ 4.25
MRI EICP April 2023 Awards [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.97%
Expected volatility, maximum	80.00%
Expected option life	5 years 6 months
MRI EICP April 2023 Awards [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.71%
Expected volatility, minimum	78.00%
Expected option life	3 years 6 months
MRI EICP January 2023 Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options awarded \| shares	950,214
Risk-free interest rate	0.50%
Expected volatility	32.00%
Expected option life	5 years 6 months
Grant-date fair value \| $ / shares	$ 3.44

Accounts and Other Receivables

3 Months Ended

Mar. 31, 2024

Receivables, Net, Current [Abstract]

Accounts and Other Receivables

NOTE 5 – ACCOUNTS AND OTHER RECEIVABLES

The Company extends credit based upon an evaluation of the customer’s financial condition and, while collateral is not required, the Company periodically receives surety bonds that guarantee payment. Credit terms are consistent with industry standards and practices. Reserves for uncollectible accounts, if any, are recorded as part of general and administrative expenses in the consolidated statements of operations. No reserve expense was recorded for the three months ended March 31, 2024 and 2023.

Accounts and other receivables consist of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Accounts receivables	$	9,431	$	12,557
Other receivables		164		148
Reimbursable expenses		74		47
Accounts and other receivables, net	$	9,669	$	12,752

Description of Business - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024
Number of years of experience	30 years
Number of current operations	14
Percent of greenhouse gas reduction requirement	60.00%

Asset Retirement Obligations - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Changes in estimate	$ 218
Liabilities associated with properties sold	(225)
RNG [Member]
Changes in estimate	218
REG [Member]
Liabilities associated with properties sold	$ (225)

Share-Based Compensation - Summary of Outstanding Activity of Options, Restricted Stock and Restricted Stock Units under MRI EICP (Detail) - MRI EICP [Member] - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning of period	1,638,678	2,028,301
Number of Shares, Granted	0	0
Number of Shares, Vested	0	0
Number of Shares, Forfeited	0	0
Number of Shares, End of period	1,638,678	2,028,301
Weighted Average Grant Date Fair Value, Beginning of period	$ 11.91	$ 11.8
Weighted Average Grant Date Fair Value, Granted	0	0
Weighted Average Grant Date Fair Value, Vested	0	0
Weighted Average Grant Date Fair Value, Forfeited	0	0
Weighted Average Grant Date Fair Value, End of period	$ 11.91	$ 11.8
Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning of period	150,000	280,000
Number of Shares, Granted	10,000	0
Number of Shares, Vested	0	0
Number of Shares, Forfeited	0	(80,000)
Number of Shares, End of period	160,000	200,000
Weighted Average Grant Date Fair Value, Beginning of period	$ 10.09	$ 10.13
Weighted Average Grant Date Fair Value, Granted	6.48	0
Weighted Average Grant Date Fair Value, Vested	0	0
Weighted Average Grant Date Fair Value, Forfeited	0	10.23
Weighted Average Grant Date Fair Value, End of period	$ 9.87	$ 10.09
Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning of period	2,325,000	0
Number of Shares, Granted	0	0
Number of Shares, Vested	0	0
Number of Shares, Forfeited	0	0
Number of Shares, End of period	2,325,000	0
Weighted Average Grant Date Fair Value, Beginning of period	$ 7.04	$ 0
Weighted Average Grant Date Fair Value, Granted	0	0
Weighted Average Grant Date Fair Value, Vested	0	0
Weighted Average Grant Date Fair Value, Forfeited	0	0
Weighted Average Grant Date Fair Value, End of period	$ 7.04	$ 0

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary of Company Debt

The Company’s debt consists of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024			December 31, 2023
Term loans	$	62,000		$	64,000
Less: current principal maturities		(9,000	)		(8,000	)
Less: debt issuance costs (on long-term debt)		(349	)		(386	)
Long-term debt	$	52,651		$	55,614
Current portion of long-term debt		8,878			7,886
Total debt	$	61,529		$	63,500

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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+ Details

Asset Impairment - Additional Information (Detail) $ in Thousands		3 Months Ended
	Feb. 18, 2024 USD ($) Numbers	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Impairment loss		$ 528	$ 451
Renewable Electricity Generation Site [Member]
Impairment loss		312
Number of operating sites \| Numbers	1
Proceeds received	$ 1,000
Renewable Natural Gas [Member]
Impairment loss		$ 216	$ 451

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions of the SEC on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2024 (the “2023 Annual Report”). The results of operations for the three months ended March 31, 2024 in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2023, has been derived from the audited financial statements as of that date. For further information, refer to the Company’s audited financial statements and notes thereto included for the year ended December 31, 2023 in the 2023 Annual Report.
Segment Reporting	Segment Reporting The Company reports segment information in three segments: RNG, Renewable Electricity Generation and Corporate. This is consistent with the internal reporting provided to the chief operating decision maker who evaluates operating results and performance. The aforementioned business services and offerings described in Note 1 are grouped and defined by management as two distinct operating segments: RNG and Renewable Electricity Generation. The Corporate segment primarily consists of general and administrative expenses not allocated to RNG and Renewable Electricity Generation. Below is a description of the Company’s segments and other activities. The RNG segment represents the sale of gas sold at fixed-price contracts, counterparty share RNG volumes and applicable Environmental Attributes. This business unit represents the majority of the revenues generated by the Company. The Renewable Electricity Generation segment represents the sale of captured electricity and applicable Environmental Attributes. Corporate relates to additional discrete financial information for the corporate function. It is primarily used as a shared service center for maintaining functions such as executive, accounting, treasury, legal, human resources, tax, environmental, engineering and other operations functions not otherwise allocated to a segment. As such, the corporate entity is not determined to be an operating segment but is discretely disclosed for purposes of reconciliation to the Company’s consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements, in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions to the current guidance on contract modifications and hedging relationships to ease the financial reporting burdens of the expected market transition from London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The FASB included a sunset provision within Topic 848 based on expectations of when the LIBOR would cease being published. The sunset provision has been amended from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company’s current debt agreement bears interest at the Bloomberg Short-Term Bank Yield Index Rate plus an applicable margin. LIBOR is no longer utilized as a reference rate. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments. The amendments in 2023-07 aim to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in 2023-09 aim to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for the Company's Annual Report on Form 10-K for the year ended December 31, 2025, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

NOTE 17 – SEGMENT INFORMATION

The Company’s operating segments for the three months ended March 31, 2024 and 2023 are Renewable Natural Gas and Renewable Electricity Generation. Renewable Natural Gas includes the production of RNG. Renewable Electricity Generation includes generation of electricity at biogas-to-electricity plants. The corporate entity is not determined to be an operating segment but is discretely disclosed for purposes of reconciliation of the Company’s condensed consolidated financial statements. The following tables are consistent with the manner in which the chief operating decision maker evaluates the performance of each segment and allocates the Company’s resources. In the following tables, “RNG” refers to Renewable Natural Gas and “REG” refer to Renewable Electricity Generation.


	For the three months ended March 31, 2024
	RNG		REG		Corporate			Total
Total revenue	$	33,988	$	4,799	$	—		$	38,787
Net income (loss)		11,558		1,387		(11,095	)		1,850
EBITDA		15,634		2,685		(9,457	)		8,862
Adjusted EBITDA (1)		15,872		2,997		(9,396	)		9,473
Total assets		181,150		87,071		86,468			354,689
Capital expenditures		9,041		12,826		119			21,986

(1)

First quarter of 2024 EBITDA Reconciliation

The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the three months ended March 31, 2024:


	For the three months ended March 31, 2024
	RNG		REG		Corporate			Total
Net income (loss)	$	11,558	$	1,387	$	(11,095	)	$	1,850
Depreciation, depletion and amortization		4,076		1,297		61			5,434
Interest expense		—		1		1,164			1,165
Income tax expense		—		—		413			413
EBITDA	$	15,634	$	2,685	$	(9,457	)	$	8,862
Impairment loss		216		312		—			528
Net loss on sale of assets		22		—		—			22
Transaction costs		—		—		61			61
Adjusted EBITDA	$	15,872	$	2,997	$	(9,396	)	$	9,473


	For the three months ended March 31, 2023
	RNG			REG			Corporate			Total
Total revenue	$	14,785		$	4,369		$	—		$	19,154
Net income (loss)		(4,340	)		(265	)		817			(3,788	)
EBITDA		(493	)		1,022			(9,506	)		(8,977	)
Adjusted EBITDA (2)		(5	)		1,022			(9,423	)		(8,406	)
Total assets		156,750			54,846			112,741			324,337
Capital expenditures		10,241			3,031			6			13,278

(2) First quarter of 2023 EBITDA Reconciliation

The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the three months ended March 31, 2023:


	For the three months ended March 31, 2023
	RNG			REG			Corporate			Total
Net income (loss)	$	(4,340	)	$	(265	)	$	817		$	(3,788	)
Depreciation, depletion and amortization		3,847			1,287			62			5,196
Interest expense		—			—			1,675			1,675
Income tax benefit		—			—			(12,060	)		(12,060	)
EBITDA	$	(493	)	$	1,022		$	(9,506	)	$	(8,977	)
Impairment loss		451			—			—			451
Net loss on sale of assets		37			—			—			37
Transaction costs		—			—			83			83
Adjusted EBITDA	$	(5	)	$	1,022		$	(9,423	)	$	(8,406	)

For both the three months ended March 31, 2024 and 2023, four customers made up greater than 10% of total revenues.


	For the three months ended March 31, 2024
	RNG			REG			Corporate		Total
Customer A		40.6	%		—			—		40.6	%
Customer B		12.8	%		—			—		12.8	%
Customer C		12.8	%		—			—		12.8	%
Customer D		—			10.9	%		—		10.9	%


	For the three months ended March 31, 2023
	RNG			REG			Corporate		Total
Customer A		—			21.0	%		—		21.0	%
Customer B		19.8	%		—			—		19.8	%
Customer C		17.3	%		—			—		17.3	%
Customer D		10.5	%		—			—		10.5	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

NOTE 14 – SHARE-BASED COMPENSATION

The board of directors of Montauk Renewables adopted the Montauk Renewables, Inc. Equity and Incentive Compensation Plan (“MRI EICP”) in January 2021. Following the closing of the IPO, the board of directors of Montauk Renewables approved the grant of non-qualified stock options, restricted stock units and restricted share awards to the employees of Montauk Renewables and its subsidiaries in January 2021. In connection with the restricted share awards, the officers of the Company made elections under Section 83(b) of the Code. Pursuant to such elections, the Company withheld 950,214 shares of common stock from such awards at a price of $11.38 per share from such awards. The Company records and reports restricted shares and restricted stock units when vested and in the case of options, when such awards are settled in the Company’s common stock. Stock compensation expense related to these awards was $357 and $543 for the three months ended March 31, 2024 and March 31, 2023, respectively.

In connection with a May 2021 asset acquisition, 1,250,000 restricted share awards (“RS Awards”) were granted to two employees that were hired by the Company in connection with such acquisition. The RS Awards were to vest over a five-year period and subject to the achievement of time and performance-based vesting criteria over such period. In May 2022, the RS Awards were amended to remove the performance-based vesting criteria and will only be subject to time-based vesting requirements over a five-year period. The awards were revalued at $15,500. Stock compensation expense related to the two awards was $1,227 for both the three months ended March 31, 2024 and 2023.

In April 2023, the board of directors of the Company approved the grant of non-qualified stock options to the executive officers of the Company, which vest ratably over a period of three to five years. In September 2023, the board of directors approved the grant of non-qualified stock options to a new executive officer of the Company, which vest ratably over a period of three to five years. Stock compensation expense related to these awards was $657 for the three months ended March 31, 2024.

The restricted shares, restricted stock units and option awards are subject to vesting schedules and are subject to the terms and conditions of the MRI EICP and related award agreements including, in the case of the restricted share awards, each officer having made an election under Section 83(b) of the Code.

Options granted under the MRI EICP allow the recipient to receive the Company’s common stock equal to the appreciation in the fair market value of the Company’s common stock between the grant date and the exercise and settlement of options into shares as of the exercise dates. The fair value of the MRI EICP options was estimated using the Black-Scholes option pricing model. Three

blocks of options have been awarded since inception of the plan with the following weighted-average assumptions (no dividends were expected):


	September 2023 Awards
Options awarded		225,000
Risk-free interest rate	4.44%-4.65%
Expected volatility	71%-73%
Expected option life (in years)	3.5-5.5
Grant-date fair value	$	5.72

	April 2023 Awards
Options awarded		2,100,000
Risk-free interest rate	3.71%-3.97%
Expected volatility	78%-80%
Expected option life (in years)	3.5-5.5
Grant-date fair value	$	4.25

	January 2021 Awards
Options awarded		950,214
Risk-free interest rate		0.5	%
Expected volatility		32	%
Expected option life (in years)		5.5
Grant-date fair value	$	3.44

The following table summarizes the restricted shares, restricted stock units and options outstanding under the MRI EICP as of March 31, 2024 and March 31, 2023, respectively:


	Restricted Shares				Restricted Stock Units					Options
	Number of shares		Weighted Average Grant Date Fair Value		Number of shares			Weighted Average Grant Date Fair Value		Number of shares		Weighted Average Exercise Price
End of period - December 31, 2023		1,638,678	$	11.91		150,000		$	10.09		2,325,000	$	7.04
Beginning of period - January 1, 2024		1,638,678	$	11.91		150,000		$	10.09		2,325,000	$	7.04
Granted		—		—		10,000			6.48		—		—
Vested		—		—		—			—		—		—
Forfeited		—		—		—			—		—		—
End of period - Balance at March 31, 2024		1,638,678	$	11.91		160,000		$	9.87		2,325,000	$	7.04

End of period - December 31, 2022		2,028,301	$	11.80		280,000		$	10.13		—	$	—
Beginning of period - January 1, 2023		2,028,301	$	11.80		280,000		$	10.13		—	$	—
Granted		—	—			—			—		—		—
Vested		—		—		—			—		—		—
Forfeited		—		—		(80,000	)		10.23		—		—
End of period - March 31, 2023		2,028,301	$	11.80		200,000		$	10.09		—	$	—

As of March 31, 2024 none of the 950,214 vested options have been exercised. Unrecognized MRI EICP compensation expense for awards the Company expects to vest as of March 31, 2024, was $15,981 and will be recognized over approximately 5 years.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Expense (benefit) provision for income taxes	$ 413	$ (12,060)
Effective tax rate	18.00%	76.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consists of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024			December 31, 2023
Land	$	1,568		$	748
Buildings and improvements		36,314			30,329
Machinery and equipment		270,112			255,421
Gas mineral rights		35,526			35,526
Construction work in progress		67,113			67,747
Total	$	410,633		$	389,771
Less: Accumulated depreciation and amortization		(179,260	)		(175,482	)
Property, plant & equipment, net	$	231,373		$	214,289

Depreciation expense for property plant and equipment was $5,081 and $4,807 for the three months ended March 31, 2024 and 2023, respectively. Amortization expense for gas mineral rights was $91 and $128 for the three months ended March 31, 2024 and 2023, respectively.

In February 2024, the Company completed an Asset acquisition with a privately-held entity. The Company paid $820 for land located in North Carolina. The Asset acquisition was accounted for as an asset purchase in accordance with ASC 805, Business Combinations, and the purchase price has been allocated all to land within Property, plant and equipment, net on the Company's Consolidated Balance Sheet.

Leases - Summary of Supplemental Information Related To Finance Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of financing lease liabilities	$ 20	$ 19
Weighted average remaining lease term (in years)	6 years 1 month 2 days	1 year 1 month 20 days
Weighted average discount rate	5.00%	5.00%

Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay	4.00%
Defined contribution plan, cost	$ 221	$ 143
Safe Harbor Contribution [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, maximum annual contributions per employee, percent	3.00%
Defined contribution plan, employer matching contribution, vesting period	4 years

Segment Information - Summary of Revenue by Major Customers (Detail) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Customer A [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	40.60%	21.00%
Customer B [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	12.80%	19.80%
Customer C [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	12.80%	17.30%
Customer D [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10.90%	10.50%
RNG [Member] \| Customer A [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	40.60%
RNG [Member] \| Customer B [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	12.80%	19.80%
RNG [Member] \| Customer C [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	12.80%	17.30%
RNG [Member] \| Customer D [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		10.50%
REG [Member] \| Customer A [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		21.00%
REG [Member] \| Customer D [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10.90%

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of Supplemental information Related to Operating Lease

Supplemental information related to operating lease arrangements was as follows:


	For the three months ended March 31,
	2024			2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	178		$	86
Weighted average remaining lease term (in years)		5.21			5.92
Weighted average discount rate		5.00	%		5.00	%

Summary of Future Minimum Operating Lease Payments

Future minimum operating lease payments are as follows:


Year Ending
2024	$	611
2025		649
2026		598
2027		608
2028		594
Thereafter		2,714
Imputed interest		(1,271	)
Total	$	4,503

Summary of Supplemental information Related to Finance Leases

Supplemental information related to finance lease arrangements was as follows:


	For the three months ended March 31,
	2024			2023
Cash paid for amounts included in the measurement of financing lease liabilities	$	20		$	19
Weighted average remaining lease term (in years)		6.09			1.14
Weighted average discount rate		5.00	%		5.00	%

Summary of Future Minimum Finance Lease Payments

Future minimum finance lease payments are as follows:


Year Ending
2024	$	7
2025		1
2026		1
2027		1
2028		1
Thereafter		10
Imputed interest		(5	)
Total	$	16

Goodwill And Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Goodwill and intangible assets consist of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Goodwill	$	60	$	60
Intangible assets with indefinite lives:
Land use rights		328		329
Total intangible assets with indefinite lives:	$	328	$	329
Intangible assets with finite lives:
Interconnection, net of accumulated amortization of $4,032 and $3,847	$	14,401	$	14,584
Customer contracts, net of accumulated amortization of $17,295 and $17,254		3,389		3,448
Total intangible assets with finite lives:	$	17,790	$	18,032
Total Goodwill and Intangible assets	$	18,178	$	18,421

Income (Loss) Per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 shares
Earnings Per Share [Abstract]
Antidilutive excluded from diluted net loss per share	616,496

Description of Business

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Description of Business

NOTE 1 – DESCRIPTION OF BUSINESS

Operations and organization

Montauk Renewables’ Business

Montauk Renewables, Inc. (the “Company” or “Montauk Renewables”) is a renewable energy company specializing in the management, recovery and conversion of biogas into Renewable Natural Gas (“RNG”). The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has current operations at 14 operating projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, South Carolina and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use.

Two of the Company’s key revenue drivers are sales of captured gas and sales of Renewable Identification Numbers (“RINs”) to fuel blenders. The Renewable Fuel Standard (“RFS”) is an Environmental Protection Agency (“EPA”) administered federal law that requires transportation fuel to contain a minimum volume of renewable fuel. RNG derived from landfill methane, agricultural digesters and wastewater treatment facilities used as a vehicle fuel qualifies as a D3 (cellulosic biofuel with a 60% greenhouse gas reduction requirement) RIN. The RINs are compliance units for fuel blenders that were created by the RFS program in order to reduce greenhouse gases and imported petroleum into the United States.

An additional program utilized by the Company is the Low Carbon Fuel Standard (“LCFS”). This is state specific and is designed to stimulate the use of low-carbon fuels. To the extent that RNG from the Company’s facilities is used as a transportation fuel in states that have adopted an LCFS program, it is eligible to receive an Environmental Attribute additional to the RIN value under the federal RFS.

Another key revenue driver is the sale of captured electricity and the associated environmental premiums related to renewable sales. The Company’s electric facilities are designed to conform to and monetize various state renewable portfolio standards requiring a percentage of the electricity produced in that state to come from a renewable resource. Such premiums are in the form of Renewable Energy Credits (“RECs”). The Company’s largest electric facility, located in California, receives revenue for the monetization of RECs as a part of a purchase power agreement.

Collectively, the Company benefits from federal and state government incentives in the United States, provided in the form of RINs, RECs, LCFS credits, tax credits and other incentives to end users, distributors, system integrators and manufacturers of renewable energy projects, that promote the use of renewable energy, as Environmental Attributes.

Revenues from Contracts with Customers

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

NOTE 4 – REVENUES FROM CONTRACTS WITH CUSTOMERS

The Company’s revenues are comprised of renewable energy and related Environmental attribute sales provided under short and medium term contracts with its customers. All revenue is recognized when (or as) the Company satisfies its performance obligation(s)

under the contract (either implicit or explicit) by transferring the promised product or service to its customer either when (or as) its customer obtains control of the product or service. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. The Company allocates the contract’s transaction price to each performance obligation using the product’s observable market standalone selling price for each distinct product in the contract.

Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products or services. As such, revenue is recorded net of allowances and customer discounts as well as net of transportation and gathering costs incurred by the customer following the transfer of control of the commodities sold. To the extent applicable, sales, value add and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis.

The Company’s performance obligations related to the sale of renewable energy (i.e. RNG and Renewable Electricity) are generally satisfied over time. Revenue related to the sale of renewable energy is generally recognized over time using an output based upon the product quantity delivered to the customer. This measure is used to best depict the Company’s performance to date under the terms of the contract. Revenue from products transferred to customers over time accounted for approximately 26% and 55% of revenue for the three months ended March 31, 2024 and 2023, respectively.

The nature of the Company’s contracts may give rise to several types of variable consideration, such as periodic price increases. This variable consideration is outside of the Company’s influence as the variable consideration is dictated by the market. Therefore, the variable consideration associated with the contracts is considered fully constrained.

The Company’s performance obligations related to the sale of Environmental Attributes are generally satisfied at a point in time and were approximately 74% and 45% of revenue for the three months ended March 31, 2024 and 2023. The Company recognizes Environmental Attribute revenue at the point in time in which the customer obtains control of the Environmental Attributes, which is generally when the title of the Environmental Attribute passes to the customer upon delivery. In limited cases, title does not transfer to the customer and revenue is not recognized until the customer has accepted the Environmental Attributes.


	Three months ended March 31, 2024
	Goods transferred at a point in time		Goods transferred over time		Total
Major goods/Service line:
Natural gas commodity	$	349	$	7,186	$	7,535
Natural gas environmental attributes		26,332		—		26,332
Electric commodity		—		3,031		3,031
Electric environmental attributes		1,889		—		1,889
	$	28,570	$	10,217	$	38,787
Operating segment:
RNG	$	26,681	$	7,186	$	33,867
REG		1,889		3,031		4,920
	$	28,570	$	10,217	$	38,787


	Three months ended March 31, 2023
	Goods transferred at a point in time		Goods transferred over time		Total
Major goods/Service line:
Natural gas commodity	$	204	$	7,877	$	8,081
Natural gas environmental attributes		6,644		—		6,644
Electric commodity		—		2,621		2,621
Electric environmental attributes		1,808		—		1,808
	$	8,656	$	10,498	$	19,154
Operating segment:
RNG	$	6,848	$	7,877	$	14,725
REG		1,808		2,621		4,429
	$	8,656	$	10,498	$	19,154

Practical expedients and remaining performance obligations

The Company recognizes the sale of natural gas and electric commodities using the right to invoice practical expedient. The Company determined that the revenues recognized as of period end correspond directly with the value transferred to customers and the Company's satisfaction of the performance obligations to date. Furthermore, with the application of the right to invoice practical expedient and in consideration that contracts related to future environmental attributes sales do not exceed one year, there are no remaining unsatisfied or partially satisfied performance obligations as of March 31, 2024 and December 31, 2023, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 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 expense	108	100	$ 407
Liabilities associated with properties sold	(225)	0
Amortization of debt issuance costs	90	93
Impairment loss	528	451
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)	0
Cash collateral deposits, net	20	0
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	105,606
Cash and cash equivalents and restricted cash at end of period	63,728	78,472	74,242
Reconciliation of cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents	63,277	78,043	73,811
Restricted cash and cash equivalents - current	8	22	8
Restricted cash and cash equivalents - non-current	443	407	423
Reconciliation of cash, cash equivalents, and restricted cash at end of year	63,728	78,472	$ 74,242
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

Income (Loss) Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Income (Loss) Per Share

NOTE 19 – INCOME (LOSS) PER SHARE

Basic and diluted income (loss) per share was computed using the following common share data for the three months ended March 31, 2024 and 2023, respectively:


	For the three months ended March 31,
	2024		2023
Net income (loss)	$	1,850	$	(3,788	)
Basic weighted-average shares outstanding		141,986,189		141,633,417
Dilutive effect of share-based awards		383,030		—
Diluted weighted-average shares outstanding		142,369,219		141,633,417
Basic income (loss) per share	$	0.01	$	(0.03	)
Diluted income (loss) per share	$	0.01	$	(0.03	)

As a result of incurring a net loss for the three months ended March 31, 2023, potential common shares 616,496 were excluded from diluted loss per share because the effect would have been antidilutive.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 20 – COMMITMENTS AND CONTINGENCIES

Environmental

The Company is subject to a variety of environmental laws and regulations governing discharges to the air and water, as well as the handling, storage and disposing of hazardous or waste materials. The Company believes its operations currently comply in all material respects with all environmental laws and regulations applicable to its business. However, there can be no assurance that environmental requirements will not change in the future or that the Company will not incur significant costs to comply with such requirements.

Contingencies

The Company, from time to time, may be involved in litigation. At March 31, 2024, management does not believe there are any matters outstanding that would have a material adverse effect on the Company’s financial position or results of operations.

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis


	March 31, 2024
	Level 1		Level 2		Level 3			Total
Interest rate swap derivative asset	$	—	$	1,346	$	—		$	1,346
Asset retirement obligations		—		—		(6,001	)		(6,001	)
Pico earn-out liability		—		—		(4,260	)		(4,260	)
	$	—	$	1,346	$	(10,261	)	$	(8,915	)


	December 31, 2023
	Level 1		Level 2		Level 3			Total
Interest rate swap derivative asset	$	—	$	1,255	$	—		$	1,255
Asset retirement obligations		—		—		(5,900	)		(5,900	)
Pico earn-out liability		—		—		(5,109	)		(5,109	)
	$	—	$	1,255	$	(11,009	)	$	(9,754	)

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	Three months ended
	March 31, 2024			March 31, 2023
Expense (benefit) provision for income taxes	$	413		$	(12,060	)
Effective tax rate		18	%		76	%

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Beginning balance at Dec. 31, 2022	$ 227,091	$ 1,416	$ (11,051)	$ 206,060	$ 30,666
Beginning balance, shares at Dec. 31, 2022		141,633,417	971,306
Net Income (Loss)	(3,788)				(3,788)
Stock-based compensation	1,770			1,770
Ending balance at Mar. 31, 2023	225,073	$ 1,416	$ (11,051)	207,830	26,878
Ending balance, shares at Mar. 31, 2023		141,633,417	971,306
Beginning balance at Dec. 31, 2023	250,239	$ 1,420	$ (11,173)	214,378	45,614
Beginning balance, shares at Dec. 31, 2023		141,986,189	984,762
Net Income (Loss)	1,850				1,850
Stock-based compensation	2,241			2,241
Ending balance at Mar. 31, 2024	$ 254,330	$ 1,420	$ (11,173)	$ 216,619	$ 47,464
Ending balance, shares at Mar. 31, 2024		141,986,189	984,762

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Accounts and Other Receivables (Tables)

3 Months Ended

Mar. 31, 2024

Receivables, Net, Current [Abstract]

Schedule of Accounts and Other Receivables

Accounts and other receivables consist of the following as of March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
Accounts receivables	$	9,431	$	12,557
Other receivables		164		148
Reimbursable expenses		74		47
Accounts and other receivables, net	$	9,669	$	12,752

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

NOTE 10 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s assets and liabilities that are measured at fair value on a recurring basis include the following as of March 31, 2024 and December 31, 2023, set forth by level, within the fair value hierarchy:


	March 31, 2024
	Level 1		Level 2		Level 3			Total
Interest rate swap derivative asset	$	—	$	1,346	$	—		$	1,346
Asset retirement obligations		—		—		(6,001	)		(6,001	)
Pico earn-out liability		—		—		(4,260	)		(4,260	)
	$	—	$	1,346	$	(10,261	)	$	(8,915	)


	December 31, 2023
	Level 1		Level 2		Level 3			Total
Interest rate swap derivative asset	$	—	$	1,255	$	—		$	1,255
Asset retirement obligations		—		—		(5,900	)		(5,900	)
Pico earn-out liability		—		—		(5,109	)		(5,109	)
	$	—	$	1,255	$	(11,009	)	$	(9,754	)

The three levels of the fair value hierarchy under authoritative guidance are described as follows:

Level 1: Observable inputs that reflect unadjusted quoted market prices in active markets for identical assets or liabilities.

Level 2: Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices for similar assets or liabilities in inactive markets and other observable information that can be corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data, but significant to the fair value measurement.

A summary of change in the fair value of the Company’s Level 3 instrument, attributable to asset retirement obligations, for the three months ended March 31, 2024 and the year ended December 31, 2023 is included in Note 8. The Company’s earn-out fair value liability at its Idaho digester site is determined by calculating the estimated present value of the future obligation. The present value is assessed quarterly and is based on macro-economic factors such as inflation and risk free US Treasury rates. Company specific estimates utilized include current and future interest rates, digester inlet gas flow and projected EBITDA. A weighted average probability approach is utilized for the variables discussed above. The earn-out is classified as a Level 3 financial instrument and changes in the balance are recorded in Accrued liabilities and Other liabilities within the Consolidated Balance Sheets and in the Royalties, transportation, gathering and production fuel within the Consolidated Statements of Operations. Interest rate swap derivatives are classified as Level 2 financial instruments and are valued utilizing quoted forward Bloomberg Short-Term Bank Yield Index Rates. In addition, certain assets are measured at fair value on a non-recurring basis when an indicator of impairment is identified and the assets’ fair values are determined to be less than its carrying value. See Note 3 for additional information.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Debt - Summary of Company Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Long-Term Debt, by Current and Noncurrent [Abstract]
Term loans	$ 62,000	$ 64,000
Less: current principal maturities	(9,000)	(8,000)
Less: debt issuance costs (on long-term debt)	(349)	(386)
Long-Term Debt	52,651	55,614
Current portion of long-term debt	8,878	7,886
Total debt	$ 61,529	$ 63,500

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued expenses	$ 2,285	$ 3,983
Payroll and related benefits	1,940	2,355
Royalty	5,673	3,897
Utility	1,394	1,653
Accrued interest	764	827
Other	71	74
Accrued liabilities	$ 12,127	$ 12,789

Leases - Summary of Future Minimum Finance Lease Payments (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 7
2025	1
2026	1
2027	1
2028	1
Thereafter	10
Imputed interest	(5)
Total	$ 16

Leases - Summary of Future Minimum Operating Lease Payments (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024	$ 611
2025	649
2026	598
2027	608
2028	594
Therafter	2,714
Imputed interest	(1,271)
Total	$ 4,503

Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income (Loss) Per Share

Basic and diluted income (loss) per share was computed using the following common share data for the three months ended March 31, 2024 and 2023, respectively:


	For the three months ended March 31,
	2024		2023
Net income (loss)	$	1,850	$	(3,788	)
Basic weighted-average shares outstanding		141,986,189		141,633,417
Dilutive effect of share-based awards		383,030		—
Diluted weighted-average shares outstanding		142,369,219		141,633,417
Basic income (loss) per share	$	0.01	$	(0.03	)
Diluted income (loss) per share	$	0.01	$	(0.03	)

Asset Impairment

3 Months Ended

Mar. 31, 2024

Asset Impairment Charges [Abstract]

Asset Impairment

NOTE 3 – ASSET IMPAIRMENT

The Company recorded an impairment loss of $528 and $451 for the three months ended March 31, 2024 and 2023, respectively. On February 18, 2024, for one of its REG sites, the Company entered into a bill of sale, assignment and assumption agreement to sell its rights to the existing fuel supply agreement and property back to the site host in advance of the fuel supply agreement termination date and received $1,000 in proceeds. The effective date of the sale, assignment and assumption agreement is October 1, 2024. The Company elected to cease operations prior to the assignment date and consequently the remaining book value of long lived assets and intangibles were impaired for $312. The remaining $216 impairment was for various RNG equipment that was deemed obsolete or inoperable for current operations. The first quarter 2023 impairment was for a feedstock processing machine component at an RNG site that was not in operational use.

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

NOTE 18 – LEASES

The Company leases office space and other office equipment under operating lease arrangements (with initial terms greater than twelve months), expiring in various years through 2033. These leases have been entered into to better enable the Company to conduct business operations. Office space is leased to provide adequate workspace for all employees in Pittsburgh, Pennsylvania and Houston, Texas. Office space and office equipment agreements that exceed 12 months are accounted for as operating leases in accordance with ASC 842, Leases.

The Company also leases safety equipment for the various operational sites in the United States. The term of certain equipment exceeds twelve months and is accordingly classified as a finance lease under ASC 842. These finance leases expire in 2024 and were entered into in order to provide a safe work environment for operational employees.

The Company determines if an arrangement is, or contains, a lease at inception based on whether that contract conveys the right to control the use of an identified asset in exchange for consideration for a period of time. For all operating and finance lease arrangements, the Company presents at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term.

The Company has elected, as a practical expedient, not to separate non-lease components from lease components, and instead account for each separate component as a single lease component for all lease arrangements, as lessee. In addition, the Company has elected, as a practical expedient, not to apply lease recognition requirements to leases with a term of one year or less. In determination of the lease term, the Company considers the likelihood of lease renewal options and lease termination provisions.

The Company uses its incremental borrowing rate, as the basis to calculate the present value of future lease payments, at lease commencement. The incremental borrowing rate represents the rate that would approximate the rate to borrow funds on a collateralized basis over a similar term and in a similar economic environment.

Supplemental information related to operating lease arrangements was as follows:


	For the three months ended March 31,
	2024			2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	178		$	86
Weighted average remaining lease term (in years)		5.21			5.92
Weighted average discount rate		5.00	%		5.00	%

Future minimum operating lease payments are as follows:


Year Ending
2024	$	611
2025		649
2026		598
2027		608
2028		594
Thereafter		2,714
Imputed interest		(1,271	)
Total	$	4,503

Supplemental information related to finance lease arrangements was as follows:


	For the three months ended March 31,
	2024			2023
Cash paid for amounts included in the measurement of financing lease liabilities	$	20		$	19
Weighted average remaining lease term (in years)		6.09			1.14
Weighted average discount rate		5.00	%		5.00	%

Future minimum finance lease payments are as follows:


Year Ending
2024	$	7
2025		1
2026		1
2027		1
2028		1
Thereafter		10
Imputed interest		(5	)
Total	$	16

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	MONTAUK RENEWABLES, INC.
Securities Act File Number	001-39919
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Tax Identification Number	85-3189583
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Address, Address Line One	5313 Campbells Run Road
Entity Address, Address Line Two	Suite 200
Entity Address, State or Province	PA
Entity Address, City or Town	Pittsburgh
Entity Address, Postal Zip Code	15205
City Area Code	412
Local Phone Number	747-8700
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MNTK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		143,698,263
Entity Central Index Key	0001826600
Entity Ex Transition Period	false

Accounts and Other Receivables - Schedule of Accounts and Other Receivables (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables, Net, Current [Abstract]
Accounts receivables	$ 9,431	$ 12,557
Other receivables	164	148
Reimbursable expenses	74	47
Accounts and other receivables, net	$ 9,669	$ 12,752

Leases - Summary of Supplemental information Related to Operating Lease (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 178	$ 86
Weighted average remaining lease term (in years)	5 years 2 months 15 days	5 years 11 months 1 day
Weighted average discount rate	5.00%	5.00%

Accounts and Other Receivables - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Receivables, Net, Current [Abstract]
Provision for accounts receivable and credit loss expense	$ 0	$ 0

Goodwill And Intangible Assets, Net - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Intangible Assets And Goodwill [Line Items]
Goodwill	$ 60	$ 60
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets with indefinite lives	328	329
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets with finite lives	17,790	18,032
Total Goodwill and Intangible Assets	18,178	18,421
Interconnection [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets with finite lives	14,401	14,584
Customer Contracts [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets with finite lives	3,389	3,448
Land Use Rights [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets with indefinite lives	$ 328	$ 329

Revenues from Contracts with Customers - Summary of Company's Revenue by Major Source (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	$ 38,787	$ 19,154
RNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	33,867	14,725
REG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	4,920	4,429
Natural Gas Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	7,535	8,081
Natural Gas Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	26,332	6,644
Electric Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	3,031	2,621
Electric Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,889	1,808
Goods transferred at a point in time [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	28,570	8,656
Goods transferred at a point in time [Member] \| RNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	26,681	6,848
Goods transferred at a point in time [Member] \| REG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,889	1,808
Goods transferred at a point in time [Member] \| Natural Gas Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	349	204
Goods transferred at a point in time [Member] \| Natural Gas Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	26,332	6,644
Goods transferred at a point in time [Member] \| Electric Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,889	1,808
Goods transferred over time [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	10,217	10,498
Goods transferred over time [Member] \| RNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	7,186	7,877
Goods transferred over time [Member] \| REG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	3,031	2,621
Goods transferred over time [Member] \| Natural Gas Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	7,186	7,877
Goods transferred over time [Member] \| Electric Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	$ 3,031	$ 2,621

Segment Information - Summary of Reconciliation of the Company's Reportable Segments' Net Income (Loss) from Continuing Operations (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total revenue

$ 38,787

$ 19,154

Net income (loss)

1,850

(3,788)

EBITDA

8,862

(8,977)

Adjusted EBITDA

9,473

^[1]

(8,406)

^[2]

Total assets

354,689

324,337

$ 350,238

Capital expenditures

21,986

13,278

Depreciation, depletion and amortization

5,434

5,196

Interest expense

1,165

1,675

Income tax benefit

413

(12,060)

Impairment loss

528

451

Net loss on sale of assets

Transaction costs

RNG [Member]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total revenue

33,988

14,785

Net income (loss)

11,558

(4,340)

EBITDA

15,634

(493)

Adjusted EBITDA

15,872

^[1]

(5)

^[2]

Total assets

181,150

156,750

Capital expenditures

9,041

10,241

Depreciation, depletion and amortization

4,076

3,847

Impairment loss

216

451

Net loss on sale of assets

REG [Member]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total revenue

4,799

4,369

Net income (loss)

1,387

(265)

EBITDA

2,685

1,022

Adjusted EBITDA

2,997

^[1]

1,022

^[2]

Total assets

87,071

54,846

Capital expenditures

12,826

3,031

Depreciation, depletion and amortization

1,297

1,287

Interest expense

Impairment loss

312

Corporate [Member]

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total revenue

Net income (loss)

(11,095)

817

EBITDA

(9,457)

(9,506)

Adjusted EBITDA

(9,396)

^[1]

(9,423)

^[2]

Total assets

86,468

112,741

Capital expenditures

119

Depreciation, depletion and amortization

Interest expense

1,164

1,675

Income tax benefit

413

(12,060)

Transaction costs

$ 61

$ 83

[1]	First quarter of 2024 EBITDA Reconciliation
[2]	First quarter of 2023 EBITDA Reconciliation

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 ReportableSegments
Accounting Policies [Abstract]
Number of reportable segments	3

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instrument Detail [Abstract]

Summary of Realized and Unrealized Gains and Losses of Derivative Instrument

As a result of the economic hedging strategies employed, the Company had the following realized and unrealized gains and losses in the consolidated statements of operations for the three months ended March 31, 2024 and 2023:


		Three months ended March 31,
Derivative Instrument	Location	2024		2023
Interest rate swaps	Interest expense		91		(396	)
Net gain (loss)		$	91	$	(396	)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Property, Plant and Equipment, Net - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 410,633	$ 389,771
Less: Accumulated depreciation and amortization	(179,260)	(175,482)
Property, Plant & Equipment, Net	231,373	214,289
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,568	748
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	36,314	30,329
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	270,112	255,421
Gas mineral rights [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	35,526	35,526
Construction work in progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 67,113	$ 67,747

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 63,277	$ 73,811
Accounts and other receivables	9,669	12,752
Current restricted cash	8	8
Income tax receivable	98	0
Current portion of derivative instruments	766	785
Prepaid expenses and other current assets	2,801	2,819
Total current assets	76,619	90,175
Non-current restricted cash	443	423
Property, plant and equipment, net	231,373	214,289
Goodwill and intangible assets, net	18,178	18,421
Deferred tax assets	1,827	2,076
Non-current portion of derivative instruments	580	470
Operating lease right-of-use assets	4,275	4,313
Finance lease right-of-use assets	17	36
Related party receivable	10,148	10,138
Other assets	11,229	9,897
Total assets	354,689	350,238
Current liabilities:
Accounts payable	12,323	7,916
Accrued liabilities	12,127	12,789
Income tax payable	0	313
Current portion of operating lease liability	447	420
Current portion of finance lease liability	7	26
Current portion of long-term debt	8,878	7,886
Total current liabilities	33,782	29,350
Long-term debt, less current portion	52,651	55,614
Non-current portion of operating lease liability	4,056	4,133
Non-current portion of finance lease liability	9	10
Asset retirement obligations	6,001	5,900
Other liabilities	3,860	4,992
Total liabilities	100,359	99,999
Commitments and contingencies (Note 20)
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, authorized 690,000,000 shares; 143,732,811 shares issued at March 31, 2024 and December 31, 2023; 141,986,189 shares outstanding at March 31, 2024 and December 31, 2023	1,420	1,420
Treasury stock, at cost, 984,762 shares March 31, 2024 and December 31, 2023	(11,173)	(11,173)
Additional paid-in capital	216,619	214,378
Retained earnings	47,464	45,614
Total stockholders' equity	254,330	250,239
Total liabilities and stockholders' equity	$ 354,689	$ 350,238