Montauk Renewables Inc (MNTK) 2025 Q3 法說會逐字稿

-- participating in today's conference call. I would 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 were made on this call.

——參加今天的電話會議。現在我想把電話會議交給約翰·西羅利先生，他將在本次電話會議上就盈利材料中包含的前瞻性陳述和非GAAP財務指標提出一些重要的注意事項。

John, please go ahead.

約翰，請繼續。

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

謝謝大家，祝大家今天愉快。歡迎參加蒙托克再生能源公司（Montauk Renewables）的財報電話會議，本次會議將回顧該公司2025年第三季的財務和營運表現及發展。我是蒙托克公司的首席法務官兼秘書約翰·西羅利（John Ciroli）。今天與我一同出席會議的還有蒙托克公司總裁兼首席執行官肖恩·麥克萊恩（Sean McClain），他將討論業務發展情況；以及首席財務官凱文·範·阿斯達蘭（Kevin Van Asdalan），他將討論我們2025年第三季度的財務和運營業績。

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 or implied by such forward-looking statements. These risk factors and uncertainties are detailed in Montauk Renewables' SEC filings.

在此，我想提請各位注意我們的前瞻性揭露聲明。在本次電話會議中，我們所作的某些評論構成前瞻性陳述，因此，這些陳述涉及諸多假設、風險和不確定性，可能導致公司的實際業績或表現與此類前瞻性陳述所明示或暗示的內容存在重大差異。這些風險因素和不確定性已在 Montauk Renewables 提交給美國證券交易委員會（SEC）的文件中詳細說明。

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 performances across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. 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, and in our third-quarter 2025 earnings press release and Form 10-Q issued and filed on November 5, 2025. These are available also on our website at ir.montaukrenewables.com. After our remarks, we will open the call to questions from our analysts. (Event Instructions)

我們今天的發言可能包含非公認會計準則（非GAAP）財務指標。我們列示EBITDA和調整後EBITDA指標，是因為我們認為這些指標有助於投資人在一致的基礎上分析我們各個報告期間的業績，並剔除我們認為不能反映核心經營績效的項目。這些非GAAP財務指標並非依照公認會計準則編製。有關這些非GAAP財務指標的更多詳情，包括與最直接可比較的GAAP財務指標的調節表，請參閱我們的幻燈片演示文稿，以及我們於2025年11月5日發布並提交的2025年第三季度收益新聞稿和10-Q表格。這些文件也可在我們的網站ir.montaukrenewables.com上查閱。發言結束後，我們將開放分析師提問環節。 （活動須知）

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

接下來，我將把電話交給肖恩。

Thank you, John. Good day, everyone, and thank you for joining our call. On August 22, 2025, the EPA issued decisions on 175 million small refinery exemption or SRE petitions. The SRE decisions exempted corresponding volumes of gasoline and diesel for the 2023 and 2024 compliance years and increased the number of RINs available for obligated parties to use for compliance with the renewable fuel standard or RFS obligations. On September 16, 2025, the EPA proposed supplemental rule options that seek to offset these recent SRE decisions for increases in future renewable volume obligations by either a complete 100% reallocation or partial 50% reallocation of the SREs granted.

謝謝約翰。大家好，感謝各位參加本次電話會議。 2025年8月22日，美國環保署（EPA）就1.75億份小型煉油廠豁免（SRE）申請作出決定。這些SRE決定豁免了2023和2024合規年度相應數量的汽油和柴油，並增加了義務方可用於履行再生燃料標準（RFS）義務的RIN數量。 2025年9月16日，EPA提出了補充規則方案，旨在透過100%重新分配或50%重新分配已授予的SRE，來抵銷近期SRE決定對未來再生能源產量義務增加的影響。

The EPA had indicated the intention to finalize both the supplemental rule and the RVOs for 2025, 2026, and 2027 by the end of this year. However, the duration of the most recent US federal government shutdown and any residual impacts on EPA staffing after the shutdown concludes may extend finalization of these items into 2026.

美國環保署曾表示計劃在今年底前完成補充規則以及2025年、2026年和2027年的區域更新目標（RVO）。然而，最近一次美國聯邦政府停擺的持續時間以及停擺結束後對環保署人員配置的任何後續影響，可能會導致這些事項的最終完成時間推遲到2026年。

Growth of any future decision to reallocate obligated volumes associated with the recent SRE grants, the proposed cellulosic biofuel volume requirements for 2026 and 2027 are $1.300 billion and $1.360 billion D3 RINs, respectively. We note purchasing activity of 2025 D3 RINs by obligated parties has continued during the current US federal government shutdown.

如果未來決定重新分配與近期SRE撥款相關的已承諾配額，則2026年和2027年擬議的纖維素生物燃料配額需求分別為13億美元和13.6億美元（D3 RINs）。我們注意到，在當前美國聯邦政府停擺期間，相關方仍在繼續購買2025年的D3 RIN。

In our August 2025 earnings call, we announced our agreement with Pioneer Renewables Energy Marketing to form a joint venture, GreenWave Energy Partners, LLC. The primary goal of the joint venture is to help address the limited capacity of RNG utilization for transportation by offering third-party RNG volumes access to exclusive, unique, and proprietary transportation pathways.

在2025年8月的財報電話會議上，我們宣布與Pioneer Renewables Energy Marketing達成協議，成立合資企業GreenWave Energy Partners, LLC。該合資企業的主要目標是透過向第三方提供獨家、獨特的專有運輸途徑，幫助解決再生天然氣（RNG）運輸利用能力有限的問題。

We have begun to match available RNG capacity to dispensing opportunities through GreenWave's transportation pathways and have separated RINs for a limited amount of volumes. We expect the benefits from this partnership to increase in the fourth quarter of 2025, and have made additional cash contributions to GreenWave during the third quarter of 2025, and have not directly recognized any significant share of profits from GreenWave.

我們已開始透過GreenWave的運輸管道，將可用的可再生天然氣產能與分銷機會進行匹配，並已為有限數量的天然氣產品分配了可再生天然氣識別碼（RIN）。我們預計此次合作帶來的收益將在2025年第四季進一步成長，並在2025年第三季向GreenWave追加了現金投資，但尚未直接確認來自GreenWave的任何重大利潤份額。

We continue our development efforts in North Carolina and continue to expect our production and revenue generation activities to commence in the first quarter of 2026. Alongside our construction efforts for this first phase, for which total investment continues to be projected between $180 million and $220 million, we continue to progress our negotiations with obligated utilities to monetize all remaining uncontracted renewable energy credits, RECs, from our projected first phase production volumes.

我們繼續在北卡羅來納州推進開發工作，並繼續預計我們的生產和收入活動將於 2026 年第一季開始。在推進第一階段建設的同時（預計總投資額在 1.8 億美元至 2.2 億美元之間），我們繼續與有義務的公用事業公司進行談判，以將我們預計第一階段產量中所有剩餘的未簽約可再生能源證書 (REC) 貨幣化。

Given the historically limited swine REC market in North Carolina, we've been negotiating our REC agreements with individually based on a variety of factors. While many of these agreements contain competitive details and there remains a limited active swine REC market in North Carolina, we believe the prices we are negotiating will be market-based.

鑑於北卡羅來納州豬REC市場歷來規模有限，我們一直根據各種因素單獨與各家公司協商REC協議。雖然許多協議包含競爭性條款，北卡羅來納州的生豬REC市場仍然活躍，但我們相信，我們協商的價格將符合市場行情。

While we do not believe our negotiated rent prices will be based on solar REC prices seen in other US markets, we do believe those indices are more illustrative of our expectations of North Carolina swine REC prices versus the pricing for wind RECs across the United States market. Depending on a variety of factors, including but not limited to geographic region, we believe our negotiated swine REC prices could fall in the ranges experienced by solar REC indices at $200 to $450 per REC.

雖然我們認為協商確定的租金價格不會以美國其他市場的太陽能再生能源證書（REC）價格為基準，但我們相信，與美國其他地區的風能REC價格相比，這些指數更能反映我們對北卡羅來納州豬養殖REC價格的預期。根據包含但不限於地理區域在內的多種因素，我們認為協商確定的豬隻養殖REC價格可能與太陽能REC指數的物價區間相近，即每張REC 200至450美元。

In September 2025, a joint motion was filed with the North Carolina Utility Commission, the NCUC, by various entities seeking to modify and delay the 2025 requirements of certain aspects of North Carolina clean energy and portfolio standards, specifically the portfolio standards related to swine RECs. We note this filing is not dissimilar to historical annual filings in response to the historically limited swine REC market in North Carolina.

2025年9月，多家機構向北卡羅來納州公用事業委員會（NCUC）提交了一份聯合動議，尋求修改並推遲北卡羅來納州清潔能源和投資組合標準中某些方面的2025年生效要求，特別是與生豬可再生能源證書（REC）相關的投資組合標準。我們注意到，此次提交的動議與以往因北卡羅來納州生豬可再生能源證書市場規模歷來有限而提交的年度動議並無太大差異。

In October 2025, we filed our response comments to this joint motion with the NCUC, requesting that they grant modifications or delays only to individual power suppliers that have demonstrated need and compliance best efforts, that they require power suppliers that have not achieved 100% compliance in 2025 to apply cumulatively acquired swine RECs to the suppliers unsatisfied 2025 pro rata obligation and modify swine REC set aside for 2026 and beyond to match the requirement as set by North Carolina in 2018. We are awaiting the response from the NCUC in regards to these filings. Our other announced development initiatives for new RNG facilities, CO2 development, and biomethanol development remain active, and we expect to provide progress disclosures in our upcoming releases.

2025年10月，我們向北卡羅來納州公用事業委員會（NCUC）提交了針對該聯合動議的回應意見，請求NCUC僅對已證明有需要且已盡最大努力遵守規定的個別電力供應商批准修改或延期；要求2025年未能10 0%合規的電力供應商將累計獲得的生豬可再生能源證書（REC）用於抵扣其2025年未履行的按比例分攤的義務；並修改為2026年及以後預留的生豬可再生能源證書，使其符合北卡羅來納州在2018年設定的要求。我們正在等待NCUC對這些文件的回應。我們宣布的其他再生天然氣（RNG）設施、二氧化碳（CO2）開發和生物甲醇開發項目仍在進行中，預計將在即將發布的公告中披露進展。

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

接下來，我會把電話交給凱文。

Thank you, Sean. I will be discussing our third-quarter 2025 financial and operating results. Please refer to our earnings press release, Form 10-Q, and the supplemental slides that have been posted to our website for additional information. Our profitability is highly dependent on the market price of environmental attributes, including the market price for RINs. As we self-market a significant portion of our RINs, a decision not to commit to transfer available RINs during a period will impact our revenue and operating profit.

謝謝肖恩。我將討論我們2025年第三季的財務和營運表現。更多資訊請參閱我們的獲利新聞稿、10-Q表格以及已發佈在我們網站上的補充幻燈片。我們的獲利能力高度依賴環境屬性的市場價格，包括RIN的市場價格。由於我們自行銷售了相當一部分RIN，因此，在某一時期內決定不轉讓可用的RIN將會影響我們的收入和營業利潤。

The impact of EPA rulemaking associated with the implementation of what we refer to as BRRR K2 separation has impacted our commitment timing in the 2025 year of adoption. We expect this timing between RINs generated but unseparated and RINs available for sale to only impact 2025, which is the year BRRR became effective.

環保署 (EPA) 針對我們稱為 BRRR K2 分離的實施而製定的規則，影響了我們在 2025 年採用該規則時的承諾時間。我們預計，已產生但尚未分離的 RIN 與可供銷售的 RIN 之間的時間差只會影響 2025 年，即 BRRR 生效之年。

Also, the EPA indicated their intention to analyze the supplemental rule and the RVOs for 2025, '26, and '27 by the end of 2025. However, the duration of the US federal government shutdown and any impact on EPA staffing after the US federal government shutdown may extend this intended deadline into 2026, as Sean referenced. The average D3 index price for the third quarter of 2025 was approximately $2.19, a decrease of approximately 34.8% compared to $3.36 in the third quarter of 2024.

此外，美國環保署（EPA）表示計劃在2025年底前分析補充規則以及2025年、2026年和2027年的區域價值目標（RVO）。然而，正如肖恩所提到的，美國聯邦政府停擺的持續時間以及停擺後對EPA人員配置的任何影響，都可能導致這一預期期限延至2026年。 2025年第三季D3指數的平均價格約為2.19美元，較2024年第三季的3.36美元下降約34.8%。

At September 30, 2025, we had approximately 0.7 million RINs generated and unseparated. We had approximately 10,000 RINs in inventory from 2025 RNG production as of September 30, 2025. Total revenues in the third quarter of 2025 were $45.3 million, a decrease of $20.6 million or 31.3% compared to $65.9 million in the third quarter of 2024. The decrease is related to a decrease in the number of RINs we self marketed from 2025 RNG production in the third quarter of 2025. Our decision to sell an increased amount of our production under fixed or floor price arrangements contributed to our having less RINs in the third quarter of 2025 compared to the third quarter of 2024.

截至2025年9月30日，我們已產生約70萬個RIN（再生能源識別碼），但尚未進行分離。截至2025年9月30日，我們庫存中約有1萬個RIN，這些RIN來自2025年的RNG（再生天然氣）生產。 2025年第三季總營收為4,530萬美元，較2024年第三季的6,590萬美元減少了2,060萬美元，降幅為31.3%。營收下降的原因在於，2025年第三季我們自行銷售的2025年RNG生產產生的RIN數量減少。此外，我們決定以固定價格或最低價格協議出售更多產量，這也是導致2025年第三季RIN數量低於2024年第三季的原因之一。

Notably, we did not experience an appreciable increase in environmental attributes shared with our pathway providers during the third quarter of 2025. More information on these metrics are included in our 2025 third-quarter Form 10-Q. Our average realized RIN price in the third quarter of 2025 was $2.29, which though approximately $0.10 higher than the average D3 index price, decreased approximately 31.4% compared to $3.34 in the third quarter of 2024.

值得注意的是，2025年第三季我們與路徑供應商共享的環境屬性並未顯著成長。有關這些指標的更多信息，請參閱我們2025年第三季的10-Q表格。 2025年第三季我們的平均RIN實現價格為2.29美元，雖然比D3指數的平均價格高出約0.10美元，但與2024年第三季的3.34美元相比下降了約31.4%。

Total general and administrative expenses were $6.5 million in the third quarter of 2025, a decrease of $3.5 million or 35.1% compared to $10 million in the third quarter of 2024. The decrease was driven by accelerated vesting of certain restricted share awards as a result of the termination of an employee in the third quarter of 2024.

2025 年第三季一般及行政費用總額為 650 萬美元，較 2024 年第三季的 1,000 萬美元減少了 350 萬美元，降幅為 35.1%。減少的主要原因是，由於一名員工在 2024 年第三季離職，導致某些限制性股票獎勵加速歸屬。

Turning to our segment operating metrics, I'll begin by reviewing our Renewable Natural Gas segment. We produced 1.4 million MMBtu during the third quarter of 2025 and increased 53,000 MMBtu or 3.8% compared to $1.4 million MMBtu during the third quarter of 2024.

接下來，我將介紹我們各業務板塊的營運指標。首先，我們回顧一下再生天然氣板塊的情況。 2025年第三季度，我們生產了140萬百萬英熱單位（MMBtu），比2024年第三季度的140萬百萬英熱單位增加了5.3萬百萬英熱單位，增幅為3.8%。

Our Rumpke facility produced 50,000 MMBtu more in the third quarter of 2025 compared to the third quarter of 2024 as a result of higher inlet feedstock supply. Our Apex facility produced 25,000 MMBtu more in the third quarter of 2025 as a result of the June 2025 commissioning of the second Apex RNG facility.

由於原料供應增加，我們位於朗普克（Rumpke）的工廠在2025年第三季的產量比2024年第三季增加了50,000 MMBtu。由於第二座Apex RNG工廠於2025年6月投產，我們位於Apex的工廠在2025年第三季的產量增加了25,000 MMBtu。

Offsetting this increase was the fourth quarter of 2024 sale of our Southern facility, which produced 69,000 MMBtu during the first 9 months of 2024. Revenues from the Renewable Natural Gas segment during the third quarter of 2025 were $39.9 million, a decrease of $21.9 million or 5.1% compared to $61.8 million during the third quarter of 2024. Average commodity pricing for natural gas for the third quarter of 2025 was 42.1% higher than the third quarter of 2024.

抵銷這一成長的是2024年第四季出售的南方設施，該設施在2024年前9個月生產了69,000 MMBtu。 2025年第三季再生天然氣業務的營收為3,990萬美元，較2024年第三季的6,180萬美元減少了2,190萬美元，降幅為5.1%。 2025年第三季天然氣平均商品價格較2024年第三季上漲了42.1%。

Offsetting this impact during the third quarter of 2025, we self marketed 12.4 million RINs, representing a $3.4 million decrease or 21.2% compared to 15.8 million RINs self marketed during the third quarter of 2024. Average pricing realized on RIN sales during the third quarter of 2025 was $2.29 as compared to $3.34 during the third quarter of 2024, a decrease of 31.4%.

為了抵​​銷這一影響，我們在 2025 年第三季自行銷售了 1,240 萬個 RIN，與 2024 年第三季自行銷售的 1,580 萬個 RIN 相比，減少了 340 萬美元，降幅為 21.2%。 2025 年第三季 RIN 銷售的平均價格為 2.29 美元，而 2024 年第三季為 3.34 美元，下降了 31.4%。

This compares to the average D3 RIN index price for the third quarter of 2025, up $2.19 being approximately 34.8% lower than the average D3 RIN index price for the third quarter of 2024 of $3.36. At September 30, 2025, we had approximately 0.3 million MMBtu available for RIN generation, 0.7 million RINs generated but unseparated and 10,000 RINs separated and unsold. At September 30, 2024, we had approximately 0.3 million MMBtu available for RIN generation and 0.1 million RINs generated and unsold.

相較之下，2025年第三季D3 RIN指數的平均價格上漲了2.19美元，比2024年第三季D3 RIN指數的平均價格3.36美元低約34.8%。截至2025年9月30日，我們約有30萬百萬英熱單位（MMBtu）的能源可用於產生RIN，已生成但尚未分離的RIN為70萬個，已分離但未售出的RIN為1萬個。截至2024年9月30日，我們約有30萬百萬英熱單位（MMBtu）的能源可用於產生RIN，已產生但未售出的RIN為10萬個。

At September 30, 2024, there were no RINs generated but unseparated. Our operating and maintenance expenses for our RNG facilities during the third quarter of 2025 were $13.9 million, an increase of $1.3 million or 10.6% compared to $12.6 million during the third quarter of 2024. The primary drivers of the third quarter of 2025 increase were timing of preventive maintenance, media change-out maintenance, well-filled operational enhancement programs and utility expenses at our Rumpke, Atascocita and Apex facilities, respectively. Excluding utilities, many of these expenses can be nonlinear in nature and timing can fluctuate by period. We produced approximately 44,000 megawatt hours in renewable electricity during the third quarter of 2025, an increase of approximately 3,000 megawatt hours or 7.3% compared to 41,000 megawatt hours during the third quarter of 2024.

截至2024年9月30日，尚未產生任何再生燃料識別碼（RINs）。 2025年第三季度，我們再生天然氣（RNG）設施的營運和維護費用為1,390萬美元，較2024年第三季的1,260萬美元增加130萬美元，增幅為10.6%。 2025年第三季費用成長的主要原因是預防性維護、介質更換維護、已完成的營運改善項目以​​及Rumpke、Atascocita和Apex設施的公用事業費用。除公用事業費用外，這些費用中的許多費用可能並非線性增長，且發生時間會隨時間波動。 2025年第三季度，我們生產了約44,000兆瓦時的再生電力，較2024年第三季的41,000兆瓦時增加約3,000兆瓦時，增幅為7.3%。

Our Bowerman facility produced approximately 2,000 megawatt hours more in the third quarter of 2025 compared to the third quarter of 2024. The increase is primarily related to the timing of processing equipment maintenance in the third quarter of 2024. Revenues from renewable electricity facilities during the third quarter of 2025 were $4.2 million, an increase of $0.1 million or 1.9% compared to the third quarter of 2024. The increase was primarily driven by the aforementioned increase in our Bowerman facility production volumes. Our renewable electricity generation operating and maintenance expenses during the third quarter of 2025 were $2.6 million, a decrease of $0.1 million or 4.3% compared to $2.7 million during the third quarter of 2024.

與2024年第三季相比，我們位於鮑爾曼的工廠在2025年第三季的發電量增加了約2,000兆瓦時。這一增長主要與2024年第三季加工設備的維護時間有關。 2025年第三季度，再生能源發電設施的收入為420萬美元，比2024年第三季增加了10萬美元，增幅為1.9%。這一成長主要得益於上述鮑爾曼工廠發電量的成長。 2025年第三季度，我們再生能源發電的營運和維護費用為260萬美元，比2024年第三季的270萬美元減少了10萬美元，降幅為4.3%。

Our Tulsa facility operating and maintenance expenses decreased approximately $0.1 million, primarily related to timing of annual engine maintenance. During the third quarter of 2025, we recorded impairments of $48,000, a decrease of $485,000 compared to $533,000 in the third quarter of 2024. The decrease primarily relates to specified -- specifically identified assets deemed obsolete or nonoperable in the third quarter of 2024 compared to the third quarter of 2025. We did not report any impairments related to our assessment of future cash flows. Operating income for the third quarter of 2025 was $4.4 million, a decrease of $18.3 million or 80.4% compared to $22.7 million for the third quarter of 2024.

我們位於塔爾薩的工廠營運和維護費用減少了約 10 萬美元，主要與年度引擎維護的時間表有關。 2025 年第三季度，我們提列了 4.8 萬美元的減損損失，較 2024 年第三季的 53.3 萬美元減少了 48.5 萬美元。這種減少主要與特定資產有關——這些特定資產在 2024 年第三季被認定為過時或無法運行，而 2025 年第三季則沒有出現這種情況。我們未報告任何與未來現金流評估相關的減損損失。 2025 年第三季的營業收入為 440 萬美元，較 2024 年第三季的 2,270 萬美元減少了 1,830 萬美元，降幅達 80.4%。

RNG operating income for the third quarter of 2025 was $11 million, a decrease of $22.6 million or 67.2% compared to $33.6 million for the third quarter of 2024. Renewable electricity generation operating loss for the third quarter of 2025 was $0.2 million, a decrease of $0.4 million or 73.1% compared to the $0.6 million operating loss for the third quarter of 2024. Turning to the balance sheet. At September 30, 2025, $47 million was outstanding under our term loan, and we had $20 million outstanding borrowings under our revolving credit facility. As of September 30, 2025, we had capacity available for borrowing under our revolving credit facility of approximately $96.7 million.

2025年第三季再生天然氣（RNG）業務營業收入為1,100萬美元，較2024年第三季的3,360萬美元減少2,260萬美元，降幅達67.2%。 2025年第三季再生電力生產業務營業虧損為20萬美元，較2024年第三季的60萬美元營業虧損減少40萬美元，降幅達73.1%。接下來看一下資產負債表。截至2025年9月30日，我們的定期貸款未償還餘額為4,700萬美元，循環信貸額度下未償還借款餘額為2,000萬美元。截至2025年9月30日，我們的循環信貸額度下可用借款額度約為9,670萬美元。

For the first 9 months of 2025, we generated $30 million of cash from operating activities, a decrease of 30.4% compared to $43.1 million for the first 9 months of 2024. Based on our estimate of the present value of our Pico earn-out obligation, we recorded an expense of $0.3 million at September 30, 2025. This was recorded through our RNG segment royalty expense. During the third quarter of 2025, we made our first payment under the earn-out agreement to the former owners of the Pico site totaling approximately $0.2 million. For the first 9 months of 2025, our capital expenditures were $75.1 million, of which $51.9 million, $8.5 million and $7.5 million were related to the ongoing development of Montauk Ag Renewables, our Turkey project in North Carolina, our contractually obligated Rumpke RNG relocation project in Cincinnati, Ohio and our second Apex facility in Ohio as well.

2025年前9個月，我們的營運活動現金流為3,000萬美元，較2024年前9個月的4,310萬美元下降30.4%。根據我們對Pico項目或有收益義務現值的估計，我們在2025年9月30日計入了30萬美元的費用。該費用已計入我們的可再生天然氣（RNG）業務板塊特許權使用費支出。 2025年第三季度，我們根據或有收益協議向Pico專案原所有者支付了首筆款項，總額約為20萬美元。 2025年前9個月，我們的資本支出為7510萬美元，其中5190萬美元、850萬美元和750萬美元分別用於Montauk Ag Renewables的持續開發、我們在北卡羅來納州的Turkey項目、我們在俄亥俄州辛辛那提的Rumpke RNG搬遷項目（該項目已簽訂合約）以及我們在俄亥俄州的設施第二個項目。

As of September 30, 2025, we had cash and cash equivalents net of restricted cash of approximately $6.8 million. We had accounts and other receivables of approximately $6 million. We do not believe we have any collectability issues within our receivables balance. Adjusted EBITDA for the third quarter of 2025 was $12.8 million, a decrease of $16.6 million or 56.5% compared to adjusted EBITDA of $29.4 million for the third quarter of 2024. EBITDA for the third quarter of 2025 was $12.8 million, a decrease of $16.1 million or 55.7% compared to EBITDA of $28.9 million for the third quarter of 2024.

截至2025年9月30日，我們持有的現金及現金等價物（扣除受限現金）約為680萬美元。我們持有的應收帳款及其他應收款項約為600萬美元。我們認為應收帳款餘額不存在任何可收回性問題。 2025年第三季調整後EBITDA為1,280萬美元，較2024年第三季的2,940萬美元減少了1,660萬美元，降幅為56.5%。 2025年第三季EBITDA為1,280萬美元，較2024年第三季的2,890萬美元減少了1,610萬美元，降幅為55.7%。

Net income for the third quarter of 2025 was $5.2 million, a decrease of $11.8 million as compared to $17 million for the third quarter of 2024. Our income tax expense decreased approximately $5.8 million for the third quarter of 2025 as compared to the third quarter of 2024. The difference in effective tax rates between the 2025 third quarter and the 2024 third quarter primarily relates to the change from pretax income to pretax loss for the third quarter of 2025. With that, I'll now turn the call back over to Sean.

2025年第三季淨利為520萬美元，較2024年第三季的1,700萬美元減少了1,180萬美元。 2025年第三季所得稅費用較2024年第三季減少了約580萬美元。 2025年第三季與2024年第三季實際稅率的差異主要源自於2025年第三季稅前盈餘由稅前虧損轉為稅前盈餘。接下來，我將把電話轉回給肖恩。

Thank you, Kevin. In closing, and although we don't provide guidance on our internal expectations on the market price of environmental attributes, including the market price of D3 RINs, we would like to provide our full year 2025 outlook. We expect our RNG production volumes to remain unchanged and range between 5.8 million and 6 million MMBTus with corresponding RNG revenues also unchanged to range between $150 million and $170 million. We expect our 2025 renewable electricity production volumes to range between 175,000 and 180,000 megawatt hours with unchanged corresponding renewable electricity revenues ranging between $17 million and $18 million. And with that, we will pause for any questions.

謝謝凱文。最後，雖然我們不提供關於環境屬性（包括D3 RINs）市場價格的內部預期指引，但我們想提供2025年全年展望。我們預計再生天然氣（RNG）產量將保持不變，在580萬至600萬百萬英熱單位（MMBTus）之間，相應的RNG收入也將保持不變，介於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17.5萬至18萬兆瓦時之間，相應的再生電力收入也將維持不變，介於1700萬美元至1800萬美元之間。好了，現在就到此為止，歡迎提問。

(Operator Instructions) Matthew Blair, TPH

（操作說明）Matthew Blair，TPH

You maintained your 2025 RNG production guide, which would imply a step-up quarter-over-quarter in the fourth quarter even at the low end of the guide. Could you talk about the drivers of the step up? Is this just better operations? Or is there any sort being that would push things up. And then thinking about your RNG production for 2026, I think most of your new projects are really more for 2027. So at this stage, would it be appropriate to think of 2026 RNG production is probably pretty similar to 2025?

您維持了2025年RNG產量預期，這意味著即使按照預期下限計算，第四季產量也會較上季成長。能否談談產量成長的驅動因素？僅僅是營運效率提高嗎？還是有其他因素推動了產量成長？另外，關於2026年的RNG產量，我認為您的大部分新專案實際上都計劃在2027年啟動。那麼，現階段是否可以認為2026年的RNG產量與2025年大致相同？

Thanks, Matthew. Thanks for joining our call. Yes, we continue to maintain our production ranges for RNG for the full 2025 year, which implies an expected step-up to hit the low end in the fourth quarter. It's a combination of a variety of factors, improvement in feedstock supply, which is also being beneficial at our Apex facility that we mentioned associated with some improvements in a newer plan. We continue to work with our rum landfill site to work through those wealth field challenges that we've been experiencing.

謝謝馬修。感謝您參加我們的電話會議。是的，我們將繼續維持2025年全年可再生天然氣（RNG）的生產計劃，這意味著預計第四季度產量將逐步提升至計劃的低端水平。這得益於多種因素，包括原料供應的改善，這也有利於我們先前提到的Apex工廠，以及新方案中的一些改進。我們將繼續與朗姆酒垃圾掩埋場合作，解決我們目前遇到的那些挑戰。

So yes, we do believe we expect a continued uplift in our quarter-over-quarter production as we've been experiencing in 2025. Notably, in 2026, we have a policy not to provide other than current operating year guidance expectations. We'll look to release those expectations at our full year results release that next year in 2026 in March but we expect to continue to expect our normal growth rate in going into 2026 as well.

所以，是的，我們相信，正如2025年一樣，我們的季度環比產量將繼續成長。值得注意的是，2026年，我們的政策是只提供本年度的業績指引。我們將在2026年3月發布全年業績報告時公佈這些指引，但我們預計2026年仍將維持正常的成長率。

Tim Moore, Clear Street.

提姆摩爾，克利爾街。

I know the RIN pricing is out here control EPA and such. I just want to switch gears to something that improved in the quarter that was nice to see it seems like the maintenance CapEx wave might be hopefully done, there was some catch up there in the last 12 months for overhauled engines and things like that. Can you just kind of speak to that a bit? The OpEx looked good, do you expect any more kind of catch-up maintenance spending in the next couple of quarters? Or are you past it?

我知道RIN定價機制已經出台，需要控制EPA之類的。我想換個話題，說說本季一個令人欣慰的進展：維護資本支出的高峰期似乎已經過去，過去12個月裡，大修發動機之類的項目確實有一些追趕性支出。能詳細談談這方面嗎？營運支出看起來不錯，您預計未來幾季還會有追趕性維護支出嗎？還是說已經過去了？

Thanks, Tim. I appreciate the question. I would view the shift in the operating expenses as less of a catch-up and more of some nonlinear expense items that correspond to the life cycle of the equipment. There is a component of it that although it's bundled in your operating expenses, it is directed towards noncapitalizable investment into some of the debottlenecking of feedstock volumes for well field production. And so you're seeing that corresponding lift in your production volumes as you're moving quarter-to-quarter.

謝謝，蒂姆。我很感謝你的提問。我認為營運費用的變化與其說是追趕，不如說是與設備生命週期相關的一些非線性費用項目。其中一部分雖然包含在營運費用中，但實際上是用於非資本化投資，以解決油田生產原料供應瓶頸問題。因此，你會看到產量隨著季度環比的增長而相應提升。

Kevin's explanation of your expected growth rate. We do not see any meaningful increase as we go into the outlook of operating expenses other than onboarding, obviously, our new Turkey Creek facility in 2026. And so you have to compare that to the revenue and the EBITDA lift that we get from commissioning that project in the first quarter.

凱文解釋了你們預期的成長率。除了2026年新土耳其溪工廠投產之外，我們預計營運支出不會有任何實質成長。因此，你們需要將營運支出與該專案第一季投產帶來的收入和EBITDA成長進行比較。

Betty Zhang, Scotiabank.

Betty Zhang，加拿大豐業銀行。

Thank you, good morning. My question, I wanted to ask about G&A. I understand you talked about the variance versus a year ago. but curious what the drivers were for the difference versus last quarter? It seems like this quarter was quite a bit lower versus your run rate. So curious if you could just give a bit of color there.

謝謝，早安。我想問一下關於一般及行政費用（G&A）的問題。我知道您提到了與去年同期相比的差異，但我很好奇造成與上季差異的原因是什麼？看起來本季的G&A比往年同期低了不少。所以想請您詳細解釋一下。

Yes. The vast majority with that Betty is associated with timing of various professional fees, items like that. We are noticing a nominal increase in audit fees and auditor fees. As a reminder, this is our final year of EGC status. So there's some additional work as we're prepping for our first year in 2026 of a fully integrated audit.

是的。貝蒂，這其中絕大部分都與各種專業費用的支付時間等因素有關。我們注意到審計費和審計師費用略有增加。提醒一下，今年是我們作為新興成長型公司（EGC）的最後一年。因此，在為2026年全面整合審計做準備的過程中，我們還需要做一些額外的工作。

Last year, as we noted, there was the uplift in stock-based compensation associated with an employee termination. And then if you remember, there was another employee termination in the second quarter of 2024. That also was a onetime increase to G&A. So there are some blips in the third quarter of last year, second quarter of this year that we're getting through as we get back into a more normalized G&A run rate.

正如我們之前提到的，去年由於一名員工離職，股權激勵支出增加。此外，如果您還記得，2024年第二季還有一名員工離職，這也導致了管理費用的一次性成長。因此，去年第三季和今年第二季出現了一些波動，但我們正在逐步克服這些波動，使管理費用恢復到較正常的水平。

This concludes the question-and-answer session. I would now like to turn it back to Sean McClain for closing remarks.

問答環節到此結束。現在我請肖恩·麥克萊恩作總結發言。

Thank you for taking the time to join us on the conference call today. We look forward to speaking with you in 2026.

感謝您今天抽空參加我們的電話會議。我們期待在2026年與您再次交流。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。本次會議到此結束，您可以斷開連線了。