Montauk Renewables Inc (MNTK) 2025 Q1 法說會逐字稿

Good day, everyone, and thank you for participating in today's conference call. I'd like to turn the call over to Mr. John Ciroli as he provides some important cautions regarding forward-looking statements and non-GAAP financial measures contained in the earnings materials or made on this call. John, please go ahead.

大家好，感謝大家參加今天的電話會議。我想將電話轉給約翰·西羅利先生，因為他對收益資料中或本次電話會議中所包含的前瞻性陳述和非公認會計準則財務指標提出了一些重要的警告。約翰，請繼續。

Thank you, and good day, everyone. Welcome to Montauk Renewables earnings conference call to review the first quarter 2025 financial and operating results and development.

謝謝大家，祝大家有美好的一天。歡迎參加蒙托克再生能源收益電話會議，回顧 2025 年第一季的財務和經營業績及發展。

I'm John Ciroli, Chief Legal Officer and Secretary at Montauk. Joining me today are Sean McClain, Montauk's President and Chief Executive Officer, to discuss business development; and Kevin Van Asdalan, Chief Financial Officer, to discuss our first quarter 2025 financial and operating results.

我是蒙托克首席法律官兼秘書約翰·西羅利 (John Ciroli)。今天與我一起討論業務發展的還有 Montauk 總裁兼執行長 Sean McClain；以及財務長 Kevin Van Asdalan 討論我們 2025 年第一季的財務和營運業績。

At this time, I would like to direct your attention to our forward-looking disclosure statement. During this call, certain comments we make constitute forward-looking statements and, as such, involve a number of assumptions, risks and uncertainties that could cause the company's actual results or performance to differ materially from those expressed in or implied by such forward-looking statements. These risk factors and uncertainties are detailed in Montauk Renewables' SEC filings.

此時，我想提請您注意我們的前瞻性揭露聲明。在本次電話會議中，我們發表的某些評論構成前瞻性陳述，因此涉及一些假設、風險和不確定性，可能導致公司的實際結果或業績與此類前瞻性陳述中表達或暗示的結果或業績存在重大差異。這些風險因素和不確定性在 Montauk Renewables 提交給美國證券交易委員會的文件中進行了詳細說明。

Our remarks today may also include non-GAAP financial measures. We present EBITDA and adjusted EBITDA metrics because we believe the measures assist investors in analyzing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

我們今天的評論可能還會包括非公認會計準則財務指標。我們提供 EBITDA 和調整後的 EBITDA 指標，因為我們相信這些指標透過排除我們認為無法反映我們核心營運績效的項目，可以幫助投資者以一致的方式分析我們各個報告期間內的績效。

These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. Additional details regarding these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, can be found in our slide presentation, in our first quarter 2025 earnings press release, and Form 10-Q issued and filed on May 8, 2025. These are available on our website at ir.montaukrenewables.com. (Event Instructions)

這些非公認會計準則財務指標並非依照公認會計原則編製。有關這些非 GAAP 財務指標的更多詳細資訊（包括與最直接可比較的 GAAP 財務指標的對帳），可在我們的幻燈片簡報、2025 年第一季收益新聞稿以及 2025 年 5 月 8 日發布和提交的 10-Q 表中找到。這些都可以在我們的網站 ir.montaukrenewables.com 上找到。（活動須知）

And with that, I will turn the call over to Sean.

說完這些，我會把電話轉給肖恩。

Thank you, John. Good day, everyone, and thank you for joining our call.

謝謝你，約翰。大家好，感謝大家參加我們的電話會議。

On March 7, 2025, the Environmental Protection Agency announced its delay of the 2024 Renewable Fuel Standard compliance deadline for all categories. The EPA has yet to decide on a proposed partial waiver of the 2024 cellulosic biofuel volume requirements or the timing of its decision on this matter since its origination in their December 5, 2024, EPA announcement.

2025 年 3 月 7 日，美國環保署宣布推遲所有類別的 2024 年再生燃料標準合規期限。自 2024 年 12 月 5 日 EPA 公告發布以來，EPA 尚未就 2024 年纖維素生物燃料產量要求的部分豁免提案或其就此事做出決定的時間做出決定。

As we have sold all of our D3 RINs associated with our 2024 RNG production, we have zero exposure to the timing and resolution of this 2024 proposed compliance waiver. We have entered into commitments to transfer the majority of our RINs in inventory related to 2025 RNG production at prices approximating the D3 RIN index.

由於我們已經出售了與 2024 年 RNG 生產相關的所有 D3 RIN，因此我們對 2024 年擬議的合規豁免的時間和解決方案沒有任何影響。我們已承諾以接近 D3 RIN 指數的價格轉移與 2025 年 RNG 生產相關的庫存中的大部分 RIN。

The EPA Biogas Regulatory Reform Rule became effective in 2025, requiring the separation of RINs after dispensing, which has delayed approximately by one additional month the ability to have RINs available for sale from current year production. Additionally, we believe the EPA extending the compliance period for 2024 has further delayed the timing of obligated party purchases of RINs from 2025 RNG production.

EPA 沼氣監管改革規則於 2025 年生效，要求在分配後分離 RIN，這使得當年生產的 RIN 可供銷售的時間延遲了大約一個月。此外，我們認為，美國環保署將 2024 年的合規期延長進一步推遲了有義務方從 2025 年 RNG 生產開始購買 RIN 的時間。

The regulatory uncertainty continues to impact the renewable natural gas industry in a variety of ways. We believe our overall financial position, our prudent operational and commercial practices, and our capacity under our existing $200 million credit facility provides us the ability to maintain stability through this period of economic ambiguity.

監管的不確定性繼續以各種方式影響再生天然氣產業。我們相信，我們的整體財務狀況、審慎的營運和商業實踐以及我們現有的 2 億美元信貸額度使我們能夠在這段經濟不確定時期保持穩定。

Our development efforts in North Carolina continue in full force with an expectation to commence significant production and revenue generation activities in 2026. As previously noted, the favorable change in swine renewable energy credit generation enacted by the state of North Carolina in 2024 has us engaged in various stages of negotiations with obligated utilities to provide RECs from our expected 2026 production.

我們在北卡羅來納州的開發工作正在全力推進，預計將於 2026 年開始大規模生產和創收活動。如前所述，北卡羅來納州於 2024 年頒布的有利於豬可再生能源信用額度產生的變化，使我們與有義務的公用事業公司進行了不同階段的談判，以從我們預計的 2026 年產量中提供 REC。

Correspondingly, we continue to negotiate with utilities to purchase the power we intend to generate from the conversion of swine waste to energy starting in 2026. Our collection and transportation of feedstock swine waste continues to be refined to maximize feedstock solids and caloric value, to minimize the transportation of low-energy liquid wastes, and to pelletize a stable, odorless fuel supply for our patented reactor process.

相應地，我們將繼續與公用事業公司協商，購買我們計劃從 2026 年開始透過將豬糞轉化為能源而產生的電力。我們對原料豬糞的收集和運輸不斷改進，以最大限度地提高原料固體和熱值，最大限度地減少低能量液體廢物的運輸，並為我們的專利反應器製程提供穩定、無味的燃料供應。

We are in the final commissioning stages of our second facility at our Apex sites and expect completion in the second quarter of 2025. As previously discussed throughout 2024, we continue to expect a period of excess production capacity while the landfill host increases their waste intake.

我們位於 Apex 工廠的第二座設施正處於最後的調試階段，預計將於 2025 年第二季完工。如同先前所討論的，在 2024 年，我們預計還會有一段時間出現生產能力過剩，而垃圾掩埋場的承運人也會增加垃圾處理量。

We continue to work with the landfill host as well as alternative gas transportation, offtake, and equipment providing partners to evaluate alternatives to develop our Blue Granite project. As previously discussed, we have received notice from the utility in February 2025 that it will no longer accept RNG from any producer into its distribution system, a statement in direct opposition to the letter of intents they issued when we were awarded the gas rights to that site.

我們繼續與垃圾掩埋場以及替代氣體運輸、取氣和設備提供合作夥伴合作，評估開發藍色花崗岩計畫的替代方案。正如之前所討論的，我們已於 2025 年 2 月收到該公用事業公司的通知，稱其將不再接受任何生產商的 RNG 進入其配送系統，這一聲明與他們在我們獲得該站點的天然氣權時發布的意向書直接相反。

We have prioritized our Atascocita location as the first of our biogenic CO2 projects to be developed related to our previously announced agreement with European Energy. As previously announced, we are also progressing with our design and construction plans to incorporate food-grade CO2 processing at our Rumpke RNG project location, with an expected commissioning of Q3 2027 and expected volumes of approximately 50,000 metric tons per year of food-grade CO2 to be monetized independently from our agreement with European Energy.

我們已將阿塔斯科西塔計畫列為我們首個生物源二氧化碳計畫的開發地點，該計畫與我們先前宣布的與歐洲能源達成的協議有關。正如先前宣布的那樣，我們也正在推進我們的設計和施工計劃，將食品級二氧化碳處理納入我們的 Rumpke RNG 項目地點，預計將於 2027 年第三季度投入使用，預計每年約有 50,000 公噸的食品級二氧化碳將獨立於我們與歐洲能源的協議貨幣化。

In October 2024, we announced a collaboration with Emvolon to transform methane emissions from waste stream biogas into high-value carbon-negative fuel, leveraging Emvolon's patented technology. The initial pilot is a small-scale demonstration of recovering and converting biogas into green methanol.

2024 年 10 月，我們宣布與 Emvolon 合作，利用 Emvolon 的專利技術，將廢棄物流沼氣中的甲烷排放轉化為高價值的碳負燃料。初步試點是回收沼氣並將其轉化為綠色甲醇的小規模示範。

The pilot project at our Atascocita facility in Houston, Texas, continues with Emvolon having installed their patented containerized processing technology. We do not expect short-term financial benefits from this demonstration nor a disruption to our operations.

我們位於德克薩斯州休斯頓的阿塔斯科西塔工廠的試點項目仍在繼續，Emvolon 已安裝了其專利的貨櫃化加工技術。我們並不期望這次示威活動能為我們帶來短期經濟利益，也不會擾亂我們的營運。

And with that, I will turn the call over to Kevin.

說完這些，我會把電話轉給凱文。

Thank you, Sean. I will be discussing our first quarter 2025 financial and operating results. Please refer to our earnings press release and the supplemental slides that have been posted to our website for additional information.

謝謝你，肖恩。我將討論我們 2025 年第一季的財務和營運表現。請參閱我們的收益新聞稿和已發佈到我們網站的補充幻燈片以獲取更多資訊。

Our profitability is highly dependent on the market price and environmental attributes, including the market price of RINs. As we self-market a significant portion of our RINs, a strategic decision not to commit to transfer available RINs during a period will impact our revenue and operating profit.

我們的獲利能力高度依賴市場價格和環境屬性，包括 RIN 的市場價格。由於我們自行銷售很大一部分 RIN，因此在一段時間內不承諾轉讓可用 RIN 的策略決策將影響我們的收入和營業利潤。

We sold approximately 9.9 million RINs, representing all RINs from 2024 gas production. Additionally, the impact of EPA rule making associated with the implementation of BRRR K2 separation and the extension of the 2024 RIN compliance period has temporarily impacted our entrance into the RIN commitments for 2025 RNG production. As a result, we had approximately 3.9 million RINs in inventory from 2025 RNG production.

我們售出了約 990 萬個 RIN，佔 2024 年天然氣產量的所有 RIN。此外，與實施 BRRR K2 分離和延長 2024 年 RIN 合規期相關的 EPA 規則制定的影響暫時影響了我們遵守 2025 年 RNG 生產的 RIN 承諾。因此，我們在 2025 年 RNG 生產中擁有約 390 萬個 RIN 庫存。

Also related to the new EPA BRRR rules, we have approximately 1.5 million RINs generated but not yet separated to be available for sale. We have subsequently entered into commitments to transfer the majority of our RINs in inventory as of March 31, 2025, at prices approximating the D3 RIN index. The average second quarter to-date D3 RIN index price was approximately $2.47.

另外與新的 EPA BRRR 規則相關，我們已產生約 150 萬個 RIN，但尚未分離以供出售。我們隨後承諾，截至 2025 年 3 月 31 日，以接近 D3 RIN 指數的價格轉移庫存中的大部分 RIN。第二季迄今的 D3 RIN 指數平均價格約為 2.47 美元。

Total revenues in the first quarter of 2025 were $42.6 million, an increase of $3.8 million or 9.8%, compared to $38.8 million in the first quarter of 2024. The primary driver for this increase relates to an increase of 2.0 million RINs sold in the first quarter of 2025 compared to the first quarter of 2024 due to the monetization of prior period RINs of approximately 6.8 million that were carried into 2025.

2025 年第一季總營收為 4,260 萬美元，與 2024 年第一季的 3,880 萬美元相比增加 380 萬美元，增幅為 9.8%。這一增長的主要驅動力與 2025 年第一季相比銷售的 RIN 數量增加了 200 萬個有關，這是由於前期約 680 萬個 RIN 的貨幣化被結轉到了 2025 年。

All 9.9 million RINs sold in the first quarter of 2025 related to 2024 RNG production. Partially offsetting this impact was a decrease in realized RIN pricing during the first quarter of 2025 to $2.46 compared to $3.25 in the first quarter of 2024.

2025 年第一季售出的 990 萬個 RIN 均與 2024 年 RNG 產量相關。部分抵銷了這一影響的是，2025 年第一季實現的 RIN 定價從 2024 年第一季的 3.25 美元下降至 2.46 美元。

Total general and administrative expenses were $8.8 million for the first quarter of 2025, a decrease of $0.7 million or 7.1%, compared to $9.4 million in the first quarter of 2024. Employee-related costs, including stock-based compensation, were $5.0 million for the first quarter of 2025, a decrease of $0.7 million or 12.5% compared to $5.7 million in the first quarter of 2024.

2025 年第一季總一般及行政開支為 880 萬美元，較 2024 年第一季的 940 萬美元減少 70 萬美元，降幅為 7.1%。2025 年第一季的員工相關成本（包括股票薪酬）為 500 萬美元，與 2024 年第一季的 570 萬美元相比減少 70 萬美元，降幅為 12.5%。

Turning to our segment operating metrics, I'll begin by reviewing our Renewable Natural Gas segment. We produced approximately 1.4 million MMBtu of RNG during the first quarter of 2025, flat as compared to the approximate 1.4 million during the first quarter of 2024.

談到我們的分部營運指標，我將先回顧我們的再生天然氣分部。2025 年第一季度，我們生產了約 140 萬 MMBtu 的 RNG，與 2024 年第一季的約 140 萬 MMBtu 持平。

Rumpke facility produced 39,000 MMBtu (sic - see press release, "39 MMBtu") more in the first quarter of 2025 compared to the first quarter of 2024 as a result of previously disclosed plant processing equipment failure that occurred in the first quarter of 2024. Offsetting this increase was our Apex facility that produced 57,000 fewer MMBtu in the first quarter of 2025 compared to the first quarter of 2024 as a result of cold weather conditions impacting gas feedstock availability, well-field extraction environmental factors, and bioprocessing equipment failures.

由於先前揭露的 2024 年第一季發生的工廠加工設備故障，Rumpke 工廠 2025 年第一季的產量比 2024 年第一季度增加了 39,000 MMBtu（原文如此 - 請參閱新聞稿「39 MMBtu」）。抵消這一增長的是我們的 Apex 工廠，由於寒冷天氣條件影響了天然氣原料的供應、井場提取環境因素以及生物加工設備故障，該工廠 2025 年第一季的產量與 2024 年第一季度相比減少了 57,000 MMBtu。

Revenues from the Renewable Natural Gas segment during the first quarter of 2025 were $38.5 million, an increase of $4.5 million or 13.1%, compared to $34.0 million during the first quarter of 2024. Average commodity pricing for natural gas for the first quarter of 2025 was 62.9% higher than the prior year period.

2025 年第一季再生天然氣部門的營收為 3,850 萬美元，與 2024 年第一季的 3,400 萬美元相比增加 450 萬美元，增幅為 13.1%。2025 年第一季天然氣平均商品價格比去年同期高出 62.9%。

During the first quarter of 2025, we self-marketed 9.9 million RINs, representing a 2.0 million increase or 25.3%, compared to 7.9 million RINs self-marketed during the first quarter of 2024.

2025 年第一季度，我們自行銷售了 990 萬個 RIN，與 2024 年第一季自行銷售的 790 萬個 RIN 相比，增加了 200 萬個，增幅為 25.3%。

Average realized RIN price -- average pricing realized in RIN sales during the first quarter of 2025 was $2.46 as compared to $3.25 during the first quarter of 2024, a decrease of 24.3%. This compares to the average D3 RIN index price for the first quarter of 2025 of approximately $2.43, being approximately 22.1% lower than the average D3 RIN index price for the first quarter of 2024 of $3.12.

平均實現的 RIN 價格——2025 年第一季 RIN 銷售的平均實現價格為 2.46 美元，而 2024 年第一季為 3.25 美元，下降了 24.3%。相比之下，2025 年第一季的平均 D3 RIN 指數價格約為 2.43 美元，比 2024 年第一季的平均 D3 RIN 指數價格 3.12 美元低約 22.1%。

At March 31, 2025, we had approximately 0.4 million MMBtu available for RIN generation, 1.5 million RINs generated but unseparated, and 3.9 million RINs separated and unsold. At March 31, 2024, we had approximately 0.4 million MMBtu available for RIN generation and 3.4 million RINs generated and unsold. At March 31, 2024, there were no RINs generated but unseparated.

截至 2025 年 3 月 31 日，我們有大約 0.4 百萬 MMBtu 可用於產生 RIN，1.5 百萬 RIN 已產生但尚未分離，3.9 百萬 RIN 已分離但尚未售出。截至 2024 年 3 月 31 日，我們有大約 0.4 百萬 MMBtu 可用於產生 RIN，並且已產生但未售出的 RIN 為 3.4 百萬。截至 2024 年 3 月 31 日，沒有產生但未分離的 RIN。

Operating and maintenance expenses for our RNG facilities during the first quarter of 2025 were $14.1 million, an increase of $1.9 million or 16.1%, compared to $12.1 million during the first quarter of 2024. The primary drivers of this increase were timing of preventative maintenance, media change-out maintenance, and well-field operational enhancement programs at our Apex, McCarty, Rumpke, and Coastal facilities, respectively.

2025 年第一季度，我們 RNG 設施的營運和維護費用為 1,410 萬美元，與 2024 年第一季的 1,210 萬美元相比增加了 190 萬美元，增幅為 16.1%。這一成長的主要驅動因素分別是我們 Apex、McCarty、Rumpke 和 Coastal 設施的預防性維護、介質更換維護和井場運作增強計畫的時間安排。

We produced approximately 46,000 megawatt hours in renewable electricity during the first quarter of 2025, a decrease of approximately 8,000 megawatt hours or 14.8%, compared to 54,000 megawatt hours during the first quarter of 2024. Approximately 6,000 of this decrease in the first quarter of 2025 compared to the first quarter of 2024 resulted from our ceasing operations at our Security facility in the first quarter of 2024 resulting from the sale of the gas rights back to the landfill host.

2025 年第一季度，我們生產了約 46,000 兆瓦時的再生電力，與 2024 年第一季的 54,000 兆瓦時相比，減少了約 8,000 兆瓦時，降幅為 14.8%。與 2024 年第一季相比，2025 年第一季的這一減少量約為 6,000，這是由於我們在 2024 年第一季將天然氣權出售回給垃圾掩埋場主，從而停止了安全設施的運作。

Revenues from Renewable Electricity facilities during the first quarter of 2025 were $4.2 million, a decrease of $0.6 million or 13.5%, compared to $4.8 million during the first quarter of 2024. The decrease was primarily driven by the aforementioned cessation of operations at our Security facility.

2025 年第一季可再生電力設施的收入為 420 萬美元，與 2024 年第一季的 480 萬美元相比減少 60 萬美元，降幅為 13.5%。下降的主要原因是上述我們的安全設施停止運作。

Our Renewable Electricity generation operating and maintenance expenses during the first quarter of 2025 were $3.4 million, an increase of $1.1 million or 46.2%, compared to $2.3 million during the first quarter of 2024. The increase was primarily driven by an increase in non-capitalizable costs at our Montauk Ag Renewables project in Turkey, North Carolina. Our Tulsa facility operating and maintenance expenses increased approximately $0.3 million, primarily related to plant closures due to maintenance.

2025 年第一季度，我們的再生電力發電營運和維護費用為 340 萬美元，與 2024 年第一季的 230 萬美元相比增加了 110 萬美元，增幅為 46.2%。成長的主要原因是我們位於北卡羅來納州土耳其的 Montauk Ag Renewables 項目的不可資本化成本增加。我們的塔爾薩工廠營運和維護費用增加了約 30 萬美元，主要與因維護而關閉的工廠有關。

During the first quarter of 2025, we reported impairment of $2.0 million, an increase of $1.5 million compared to $0.5 million in the first quarter of 2024. The increase primarily relates to the specifically identified impairment of RNG equipment design at our Blue Granite RNG project.

2025 年第一季度，我們報告的減損金額為 200 萬美元，與 2024 年第一季的 50 萬美元相比增加了 150 萬美元。成長主要與我們在 Blue Granite RNG 專案中明確確定的 RNG 設備設計損害有關。

The local gas utility informed us that they would no longer be accepting RNG into their distribution system, which is a change from the letter of intent we received from the utility when we were awarded the gas rights for the site. We did not report any impairments related to our assessment of future cash flows.

當地天然氣公司通知我們，他們將不再接受 RNG 進入其配送系統，這與我們獲得該站點天然氣使用權時從該公司收到的意向書有所不同。我們沒有報告與未來現金流評估相關的任何減損。

Operating income for the first quarter of 2025 was $0.4 million, a decrease of $2.0 million, compared to operating income of $2.4 million in the first quarter of 2024. RNG operating income for the first quarter of 2025 was $10.4 million, a decrease of $1.2 million or 10.5%, compared to operating income of $11.6 million for the first quarter of 2024. Renewable Electricity generation operating loss for the first quarter of 2025 was $1.0 million, a decrease of $1.4 million, compared to an operating income of $0.4 million for the first quarter of 2024.

2025 年第一季的營業收入為 40 萬美元，與 2024 年第一季的 240 萬美元相比減少了 200 萬美元。2025 年第一季 RNG 營業收入為 1,040 萬美元，與 2024 年第一季的 1,160 萬美元營業收入相比減少 120 萬美元，降幅為 10.5%。2025 年第一季再生電力發電營運虧損為 100 萬美元，與 2024 年第一季的營運收入 40 萬美元相比減少了 140 萬美元。

Turning to our balance sheet. At March 31, 2025, $53 million was outstanding under our term loan. As of March 31, 2025, the company's capacity available for borrowing under our existing revolving credit facility remains at $117.8 million.

轉向我們的資產負債表。截至 2025 年 3 月 31 日，我們的定期貸款未償還金額為 5,300 萬美元。截至 2025 年 3 月 31 日，本公司根據現有循環信貸額度可供借款的能力仍為 1.178 億美元。

During the first quarter of 2025, we generated $9.1 million of cash from operating activities, a 36% decrease from the prior year fiscal period ended March 31, 2024, of cash provided by operating activities of $14.3 million.

2025 年第一季度，我們從經營活動中獲得的現金為 910 萬美元，較截至 2024 年 3 月 31 日的上一財年經營活動提供的現金 1,430 萬美元減少 36%。

Based on our estimate of the present value of our Pico earn-out obligations, we reported a decrease of $0.4 million for the liability at March 31, 2025. This decrease was recorded through our RNG segment royalty expense.

根據我們對 Pico 獲利義務現值的估計，我們報告稱，截至 2025 年 3 月 31 日，該負債減少了 40 萬美元。這一減少是透過我們的 RNG 部門特許權使用費記錄的。

In the first quarter of 2025, capital expenditures were approximately $11.6 million, of which approximately $6.1 million and $5.9 million were related to our ongoing development of Montauk Ag Renewables and our second Apex facility, respectively.

2025 年第一季度，資本支出約為 1,160 萬美元，其中約 610 萬美元和 590 萬美元分別與我們正在進行的 Montauk Ag Renewables 和第二個 Apex 設施的開發有關。

As of March 31, 2025, we had cash and cash equivalents net of restricted cash of approximately $40.1 million. We had accounts and other receivables of approximately $8.5 million. We don't believe we have any collectibility issues within our receivables balance.

截至 2025 年 3 月 31 日，我們的現金及現金等價物扣除受限現金後約為 4,010 萬美元。我們的應收帳款和其他應收款項約為 850 萬美元。我們認為我們的應收帳款餘額不存在任何可收回性問題。

Adjusted EBITDA for the fiscal -- for the first fiscal quarter of 2025 was $8.8 million, a decrease of $0.7 million or 7.2%, compared to adjusted EBITDA of $9.5 million for the first quarter of 2024. EBITDA for the first quarter of 2025 was approximately $6.7 million, a decrease of $2.1 million or 24.1%, compared to EBITDA of $8.9 million for the first quarter of 2024.

2025 財年第一季的調整後 EBITDA 為 880 萬美元，與 2024 年第一季的調整後 EBITDA 950 萬美元相比減少 70 萬美元或 7.2%。2025 年第一季的 EBITDA 約為 670 萬美元，與 2024 年第一季的 EBITDA 890 萬美元相比減少 210 萬美元，降幅為 24.1%。

Net loss for the first quarter of 2025 was $0.5 million, a decrease of $2.3 million as compared to net income of $1.9 million for the first quarter of 2024.

2025 年第一季淨虧損為 50 萬美元，與 2024 年第一季淨收入 190 萬美元相比減少 230 萬美元。

Our income tax expense decreased approximately $0.6 million for the first quarter of 2025 as compared to the first quarter of 2024. The difference in effective tax rates between the 2025 first quarter and the 2024 first quarter primarily relates to the decrease in pre-tax income for the first quarter of 2025 as compared to the first quarter of 2024.

與 2024 年第一季相比，2025 年第一季我們的所得稅支出減少了約 60 萬美元。2025 年第一季與 2024 年第一季之間的有效稅率差異主要與 2025 年第一季與 2024 年第一季相比的稅前收入減少有關。

And with that, I'll now turn the call back over to Sean.

說完這些，我現在將電話轉回給肖恩。

Thank you, Kevin. In closing, and though we don't provide guidance as to our internal expectations on the market price of environmental attributes, including the market price of D3 RINs, we are reaffirming our full year 2025 outlook provided in March 2025.

謝謝你，凱文。最後，雖然我們沒有對環境屬性的市場價格（包括 D3 RIN 的市場價格）的內部預期提供指導，但我們重申我們在 2025 年 3 月提供的 2025 年全年展望。

For 2025, we expect our RNG production volumes to range between 5.8 million and 6 million MMBtus, corresponding RNG revenues to range between $150 million and $170 million. We expect our 2025 Renewable Electricity production volumes to range between 178,000 and 186,000 megawatt hours, with corresponding Renewable Electricity revenues to range between $17 million and $18 million.

到 2025 年，我們預計 RNG 產量將在 580 萬至 600 萬百萬英熱單位之間，相應的 RNG 收入將在 1.5 億美元至 1.7 億美元之間。我們預計 2025 年再生電力產量將在 178,000 至 186,000 兆瓦時之間，相應的再生電力收入將在 1700 萬至 1800 萬美元之間。

And with that, we will pause for any questions.

現在，我們將暫停一下，以便回答大家的提問。

(Operator Instructions) Saumya Jain, UBS.

（操作員指示） Saumya Jain，瑞銀。

Could you provide more color on the RNG project at American Environmental Landfill? Are you -- are there opportunities there for expansion? And how are you guys looking at that going forward?

您能否提供更多有關美國環境垃圾掩埋場 RNG 計畫的資訊？您那裡有擴張的機會嗎？你們對此有何看法？

Yes. Earlier this year, we announced an exciting opportunity to convert -- or actually, to build and construct an RNG processing facility at the American Environmental Landfill in Tulsa, Oklahoma. Currently, that is the location of our smaller Renewable Electricity facility that will continue to be in operation as we are constructing that facility and will remain upon the completion of that facility.

是的。今年早些時候，我們宣布了一個令人興奮的機會，將在俄克拉荷馬州塔爾薩的美國環境垃圾掩埋場改造——或者實際上是建造和建造一個 RNG 處理設施。目前，這是我們規模較小的可再生電力設施的所在地，該設施將在我們建設期間繼續運行，並在設施建成後繼續運行。

The decision to expand and to add the RNG facility is a product of a measurable amount of the increase in available gas feedstock associated with the collaboration with the landfill and some very targeted well-field investment over the past six to nine months. So very excited to announce that project and to have another project in the portfolio that will have dual capacity for a different production of commodities (technical difficulty)

擴建和增加 RNG 設施的決定是由於與垃圾掩埋場的合作以及過去六到九個月的一些非常有針對性的油田投資帶來了可用天然氣原料的顯著增加。非常高興地宣布這個項目，並在投資組合中擁有另一個項目，該項目將具有生產不同商品的雙重能力（技術難度）

Matthew Blair, Tudor, Pickering, Holt.

馬修布萊爾、都鐸、皮克林、霍爾特。

Do you have any more details on why you're having to relocate your Rumpke site? Is this something that the landowner is requiring? And if so, why?

您能否提供更多有關為何必須遷移 Rumpke 網站的詳細資訊？這是土地所有者的要求嗎？如果是的話，為什麼？

And then it sounds like the new site will be up in 2028. Will the existing Rumpke RNG plant be able to produce up until then? Or should we expect a gap in production at some point?

聽起來新網站將於 2028 年投入使用。現有的 Rumpke RNG 工廠能夠生產到那時嗎？或者我們應該預期在某個時候會出現生產缺口？

Those are all excellent questions. Working in reverse, no, you will not expect any hiccups or pauses in production, as we are taking the technology that exists there right now, which is really scattered across three separate facilities and different bearing technologies and generations of it, into a consolidated facility that will have the capacity to now add food-grade CO2 processing.

這些都是非常好的問題。反過來說，您不會在生產中遇到任何問題或暫停，因為我們正在將現有的技術（實際上分散在三個獨立的設施和不同的軸承技術和幾代技術中）整合到一個綜合設施中，該設施現在將有能力添加食品級二氧化碳處理。

It is borne out of a contractual requirement associated with the gas rights, but is a great opportunity, as we have discussed in previous earnings releases, some of the challenges that we have had at that facility. It is one of our older technology deployments in our portfolio. And to have the ability to target a refresh of that equipment as well as add what is hopefully going to be a very exciting food-grade CO2 facility alongside of that is a great opportunity that's come out of that required change.

這是出於與天然氣權相關的合約要求，但也是一個很好的機會，正如我們在先前的收益報告中所討論過的，我們在該設施中遇到了一些挑戰。這是我們產品組合中較早的技術部署之一。並且能夠有針對性地更新該設備，並在此基礎上添加一個非常令人興奮的食品級二氧化碳設施，這是這項必要變革帶來的絕佳機會。

Betty Zhang, Scotiabank.

豐業銀行的 Betty Zhang。

Could I ask, in the first quarter, did you record any 45G credits?

請問一下，第一季你們有記錄過45G的積分嗎？

No, we have not as of yet.

不，目前我們還沒有。

(Operator Instructions) Tim Moore, Clear Street.

（操作員指示）蒂姆·摩爾，Clear Street。

During their conference call last week, Waste Management mentioned they're advancing construction of 8 additional RNG facilities, on track for completion this year. Are you seeing any slowdown in RNG at any landfills or any of your customers?

在上週的電話會議中，廢棄物管理公司提到他們正在推進另外 8 個 RNG 設施的建設，預計今年完工。您是否發現任何垃圾掩埋場或任何客戶的 RNG 速度有所放緩？

We are seeing, Tim, a slowdown in some of the acquisition opportunities that have come into the market space. One can only speculate that that is due to some of the uncertainties. The EPA has delayed the compliance periods for the Renewable Fuel Standard, and new projects may or may not get delayed depending on how those projects are deployed by individual businesses.

提姆，我們看到進入市場的一些收購機會正在放緩。人們只能推測這是由於一些不確定因素造成的。美國環保署已經推遲了可再生燃料標準的遵守期限，新項目可能會或可能不會被推遲，這取決於各個企業如何部署這些項目。

Where Montauk is focused on its current development projects and getting ahead of the curve on long lead time items, particularly those that are sourced external to the United States and trying to reposition as much of the equipment that is necessary for these development projects to be sourced domestically. I think a lot of folks are also taking some form of pause as they're trying to evaluate the impacts that things like tariffs can have on their projects.

蒙托克專注於其當前的開發項目，並在長交付週期項目上保持領先地位，特別是那些來自美國境外的項目，並試圖將這些開發項目所需的盡可能多的設備重新定位到國內採購。我認為很多人也在採取某種形式的暫停，因為他們正在試圖評估關稅等因素對他們的項目可能產生的影響。

To say that it's been a widespread delay or that it would be unusual for Waste Management to disclose that work or others in the space, we do have a significant amount of development going on internally today. And so I see it as cautiously optimistic.

可以說，這是一個普遍的延遲，或者廢物管理部門披露這項工作或該領域的其他工作是不尋常的，但我們今天內部確實有大量的開發工作正在進行中。因此我認為這是謹慎樂觀的。

Matthew Blair, Tudor, Pickering, Holt.

馬修布萊爾、都鐸、皮克林、霍爾特。

Your North Carolina swine project is a little unique in the space. We don't see many swine projects. And so I was hoping you could just provide some rules of thumb and a little bit more clarity on the project, especially in regards to how it compares to your opportunities on the dairy side.

您的北卡羅來納州養豬計畫在該領域有些獨特。我們沒有看到很多養豬項目。因此，我希望您能提供一些經驗法則，並對該項目做出更清晰的解釋，特別是關於它與您在乳製品方面的機會相比如何。

It looks like the North Carolina swine project in terms of total size is going to be pretty comparable to a typical dairy project. But how does this stack up versus dairy on things like a CI score, operating costs, and just overall capital efficiency?

看起來，北卡羅來納州養豬計畫的整體規模與典型的乳牛計畫相當。但是，就 CI 評分、營運成本和整體資本效率而言，這與乳製品相比如何？

Matt, that is a very complicated but exciting question. The North Carolina project that we are developing is definitively one of the most exciting projects that we have designed and constructed to date. It does differ significantly, not only from our landfill projects, but also from projects that we have done previously in the agriculture space. The differences span just about every aspect of it.

馬特，這是一個非常複雜但令人興奮的問題。我們正在開發的北卡羅來納州項目無疑是我們迄今為止設計和建造的最令人興奮的項目之一。它確實有很大不同，不僅與我們的垃圾掩埋場項目不同，而且與我們之前在農業領域所做的項目也不同。差異幾乎涵蓋了它的方方面面。

The approach that you are collaborating with the farming community is a much broader spoke-and-hub process, dozens of farms, potentially more than that. The number of hog spaces that you're servicing, the turnover factor associated with that animal counts.

您與農業社區合作的方式是一個更廣泛的輻射式流程，涉及數十個農場，甚至可能更多。您所服務的豬舍數量、與該動物相關的周轉率都很重要。

You are serving as a waste remover for the farming community as opposed to traditional landfill gas-to-energy projects where you're getting traditional structures for the rights to that gas. You're providing a service, which in turn provides you an opportunity to monetize on that feedstock.

您為農業社區提供垃圾清理服務，這與傳統的垃圾掩埋氣能源專案不同，在傳統的垃圾掩埋氣能源專案中，您將獲得傳統的結構來獲得該氣體的權利。您提供的是服務，這反過來為您提供了透過該原料賺錢的機會。

The centralization of that project has the capability of expanding to multiple sizes of a traditional, even a large, dairy cluster project. This first phase where we will have seven of our patented reactor trains is legitimately the first phase. The ability to expand that multiple times just on the location that we've secured in Turkey, North Carolina, is truly an exciting opportunity.

此專案的集中化可以擴展到傳統甚至大型乳製品集群專案的多種規模。在第一階段，我們將擁有七列我們專利的反應器列車，這確實是第一階段。僅在我們位於北卡羅來納州土耳其的既定地點，就能夠實現數倍擴張，這確實是一個令人興奮的機會。

The diversification of what you produce out of that project, everything from the notion as to how we are going to create the feedstock to create a stable, odorless, storable, palletized fuel source and to be able to use that fuel source in our patented reactor process to be able to generate methane that can be converted to RNG, to be able to create a number of nonmethane gases, which inclusive of methane can be used for electric generation, the ability to take advantage of the renewable electric credit program that is in North Carolina, specifically for swine waste.

該專案產品多樣化，包括如何創造原料、如何創造穩定、無味、可儲存、托盤化的燃料源，以及如何在我們專利的反應器製程中使用該燃料源，以產生可轉化為 RNG 的甲烷，如何產生多種非甲烷氣體（包括可用於發電的甲烷），如何利用北卡羅來納州專門針對豬糞的可再生電力信貸計劃。

The ability to expand that ultimately to pipeline-quality RNG to create charred products that can serve either as an amendment to soil for rehabilitation or a meaningful component into mass production for fertilizer products, and the ability to attract a theoretical CI score which is significantly lower than what the best agriculture projects are out there due to the fact that it is an entirely closed-loop system.

最終將其擴展至管道品質的 RNG，以創建燒焦產品，這些產品既可以作為土壤修復的改良劑，也可以作為肥料產品大規模生產的有意義的組成部分，並且能夠吸引理論 CI 分數，該分數明顯低於目前最好的農業項目，因為它是一個完全閉環的系統。

All of those projects -- features make this a very attractive hedge in a portfolio that allows you to diversify not only the commodities that you're going to produce, but everything from how you approach your feedstock collection to the rights to it, to what you do with it in terms of commodity and attributes.

所有這些項目的特點使其成為投資組合中非常有吸引力的對沖工具，它不僅允許您分散要生產的商品，還允許您分散一切，從如何處理原料收集到原料的權利，再到您在商品和屬性方面如何處理原料。

It gives you an opportunity to be very patient in terms of how you deploy the capital, allow you to choose how and when you expand, targeting the farming community specifically to maximize the efficiency of transportation and the so-called liquid management features of the waste.

它讓你有機會非常耐心地部署資本，讓你選擇如何以及何時擴張，專門針對農業社區，以最大限度地提高運輸效率和所謂的廢物液體管理功能。

And so hopefully, that gives you a little bit of a flavor for it. In 2026, we'll be very excited to showcase this project and to be able to expand in the analyst community to be able to really come on site and see what this is all about.

希望這能帶給你一點感受。2026 年，我們將非常高興地展示這個項目，並能夠在分析師社群中擴展，以便能夠真正親自到現場，了解這一切的意義。

Tim Moore, Clear Street.

蒂姆·摩爾，Clear Street。

My follow-up question is around the operating and maintenance expense as a percentage of revenue. I know it was a bit high in the December quarter and the March quarter. You mentioned the Apex and the ag facility and some one-off expenses.

我的後續問題是關於營運和維護費用佔收入的百分比。我知道 12 月季度和 3 月季度的數值有點高。您提到了 Apex 和農業設施以及一些一次性費用。

So how should we think about that maybe as a percentage of revenues for the rest of the year? I mean, should we model closer to maybe 40% of revenue?

那麼，我們應該如何考慮將其作為今年剩餘時間收入的百分比？我的意思是，我們是否應該將收入模型設定得更接近 40%？

Tim, that's always a challenge whenever we're focused on modeling our operating expenses as a percent of revenue given our -- especially in 2025 first and second quarter, with this BRRR impact in and maybe a temporary pause in obligated parties purchasing obligations from a RIN standpoint.

提姆，每當我們專注於將營運費用建模為收入的百分比時，這始終是一個挑戰，尤其是在 2025 年第一季度和第二季度，考慮到 BRRR 的影響，以及從 RIN 的角度來看義務方購買義務的暫時暫停。

So we try not to focus our operating cost as a function of revenues. And I know that that's not what an analyst likes to hear. We do a lot of work around focusing our operating cost as a unit of production. And to the extent that you're able to do that from a modeling standpoint, you might be able to more, I don't want to say accurately, but better sort of project where our costs are going to go.

因此，我們盡量不將營運成本作為收入的函數。我知道這不是分析師喜歡聽到的。我們做了很多工作，將營運成本作為生產單位。從建模的角度來看，如果你能夠做到這一點，你也許能夠做出更多（我不想說得很準確）但更好的項目，預測我們的成本將會流向哪裡。

And then that normal caveat with our -- though a smaller portion, our operating costs in our electric side are also going to be -- have some timing differences on length and age of engines. For example, our broader power plant has been in service now for a number of years. And as we get to the upper end of those run times on those engines, that expense over the next year or so would generally start increasing as the overhaul and maintenance on the original equipment manufacturer is going to increase.

然後，我們通常會遇到一個警告——儘管只佔較小比例，但我們電力方面的運作成本也會因引擎的長度和年齡而存在一些時間差異。例如，我們更大的發電廠已經投入使用多年了。當我們達到這些引擎運行時間的上限時，未來一年左右的費用通常會開始增加，因為原始設備製造商的大修和維護費用將會增加。

On the RNG side, we are trying to manage our timing for preventative maintenance at areas at the time whenever we're having a normal day or two outage. But as feedstock or environmental factors change, that could impact forward timing from preventative maintenance or a change in some more minor carbon media change-outs.

在 RNG 方面，每當我們遇到一兩天的正常停電時，我們都會嘗試管理當時區域預防性維護的時間。但隨著原料或環境因素的變化，這可能會影響預防性維護或一些較小碳介質更換的前瞻性時間。

But it's a long-winded way of saying we do all of our internal modeling on operating costs by segment as -- from a basis of production as opposed to a percentage of revenue. And again, I know that that's not a good answer for you. But we do all of our modeling from production to try to avoid the timing instances that we have from selling or not selling RINs in a given quarter.

但這是一種冗長的說法，我們所有的內部建模都是按部門劃分的，以生產為基礎，而不是按收入百分比。再說一次，我知道這對你來說不是一個好的答案。但我們所有的建模都是從生產開始的，以盡量避免在特定季度銷售或不銷售 RIN 時出現的時間實例。

That concludes today's question-and-answer session. I'd like to turn the call back to Sean McClain for closing remarks.

今天的問答環節到此結束。我想將電話轉回給肖恩麥克萊恩 (Sean McClain) 來做最後演講。

Thank you all for taking the time to join us on the conference call today. We look forward to speaking with you when we present our second quarter results for 2025.

感謝大家今天抽空參加我們的電話會議。我們期待在發布 2025 年第二季業績時與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。