Montauk Renewables Inc (MNTK) 2026 Q1 法說會逐字稿

Good day, everyone, and thank you for 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 or made on this call. John, please go ahead.

各位好，感謝各位參與今天的電話會議。我想將電話交給 John Ciroli 先生，由他就本次財報資料中或本次電話會議中所包含的前瞻性陳述與非 GAAP 財務衡量指標提供一些重要的注意事項。John，請開始。

Thank you, and good day, everyone. Welcome to Montauk Renewables earnings conference call to review the first quarter 2026 financial and operating results and developments. I’m John Ciroli, Chief Legal Officer and Secretary at Montauk.

謝謝，各位好。歡迎參加 Montauk Renewables 的財報電話會議，我們將回顧 2026 年第一季的財務與營運結果及最新進展。我是 John Ciroli，Montauk 的首席法務長兼公司秘書。

Joining me today are Sean McClain, Montauk’s President and Chief Executive Officer, to discuss business developments, and Kevin Van Asdalan, Chief Financial Officer, to discuss our first quarter 2026 financial and operating results.

今天與我一同出席的有 Montauk 總裁兼執行長 Sean McClain，將討論業務進展；以及財務長 Kevin Van Asdalan，將討論我們 2026 年第一季的財務與營運結果。

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.

此時，我想請各位注意我們的前瞻性揭露聲明。在本次電話會議中，我們所做的某些評論構成前瞻性陳述，因此涉及多項假設、風險與不確定性，可能導致公司實際結果或表現與該等前瞻性陳述所明示或暗示者存在重大差異。

These risk factors and uncertainties are detailed in Montauk Renewables’ SEC filings. 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.

這些風險因素與不確定性已在 Montauk Renewables 向 SEC 提交的文件中詳述。我們今天的發言也可能包含非 GAAP 財務衡量指標。我們提供 EBITDA 與調整後 EBITDA 指標，因為我們相信，透過排除我們認為不代表核心營運表現的項目，這些衡量指標可協助投資人以一致的基礎分析我們跨報導期間的表現。

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 2026 earnings press release and Form 10-Q issued and filed on May 6, 2026.

這些非 GAAP 財務衡量指標並非依一般公認會計原則編製。關於這些非 GAAP 財務衡量指標的更多細節（包括與最直接可比的 GAAP 財務衡量指標之調節），可參閱我們於 2026 年 5 月 6 日發布並提交的 2026 年第一季財報新聞稿與 Form 10-Q 中的簡報投影片。

These are available on our website at ir.montaukrenewables.com. After our remarks, we will open the call to investor questions. We ask that you please keep to one question to accommodate as many questions as possible.

上述資料可於我們網站 ir.montaukrenewables.com 取得。在我們發言結束後，將開放投資人提問。為了讓更多人有機會提問，請各位盡量每人只提一個問題。

With that, I will turn the call over to Sean.

接下來，我將把電話交給 Sean。

Thank you, John. Good day, everyone. Thank you for joining our call. I am pleased to announce that we have commissioned our Montauk Ag Renewables project in Turkey, North Carolina, and are producing syngas. We expect the production and sale of renewable electricity from our syngas to commence in May 2026, with revenue generation triggered upon the calibration of the sales meter from the interconnection utility.

謝謝你，John。各位好，感謝各位加入我們的電話會議。我很高興宣布，我們已在北卡羅來納州 Turkey 的 Montauk Ag Renewables 專案完成投運（commissioned），並正在生產合成氣（syngas）。我們預期將於 2026 年 5 月開始以合成氣生產並銷售再生電力；在與電網互聯的公用事業單位完成銷售電表校準後，即會觸發營收認列。

We have operated the full production line as part of the commissioning process and expect to be able to produce our targeted first phase of 47,000 megawatts and 120,000 RECs annually with approximately 50% of our installed reactor capacity. Our capital investment expectation for this first phase of the project remains unchanged at $200 million. We expect a ramp-up in production volumes throughout 2026, directly related to additional feedstock collection.

作為投運流程的一部分，我們已運轉整條生產線，並預期在約 50% 的已安裝反應器產能下，即可達成第一階段目標：每年 47,000 兆瓦與 120,000 張再生能源憑證（REC）。我們對此專案第一階段的資本投資預期仍維持不變，為 2 億美元。我們預期 2026 年的產量將逐步爬升，並與額外原料（feedstock）收集量直接相關。

Our joint venture, GreenWave, continues to address the limited capacity of RNG utilization for transportation by offering third-party RNG volumes access to exclusive, unique, and proprietary transportation pathways. During the first quarter of 2026, GreenWave matched available dispensing capacity with available third-party RNG volumes, separated RINs, and distributed RINs to the partners of GreenWave.

我們的合資企業 GreenWave 持續透過提供第三方 RNG 量進入專屬、獨特且具專有性的運輸途徑，以因應運輸用途 RNG 使用量受限的產能問題。於 2026 年第一季，GreenWave 將可用的加注（dispensing）產能與可用的第三方 RNG 量進行配對，分離 RIN，並將 RIN 分配給 GreenWave 的合作夥伴。

We received approximately $1.4 million in separated RINs and distributed from GreenWave in the first quarter of 2026. In April 2026, we sent a letter confirming termination of our contract with European Energy North America, EENA, for the delivery of biogenic carbon dioxide. The termination was due to EENA’s failure to provide certain contractual assurances and notices related to the construction of their Texas-based eMethanol facility. We are currently exploring alternative offtake arrangements with interested parties at our Atascocita location.

我們在 2026 年第一季自 GreenWave 收到並分配的分離後 RIN 約為 140 萬美元。2026 年 4 月，我們寄出函件確認終止與 European Energy North America（EENA）就生物源二氧化碳交付所簽訂的合約。終止原因為 EENA 未能就其位於德州的 eMethanol 設施建設提供若干合約要求的保證與通知。我們目前正在 Atascocita 廠址與有興趣的對象洽談替代的承購（offtake）安排。

The timing of capital expenditures will be synchronous with the finalization of replacement offtake agreements. We continue to anticipate a capital investment of between $30 million and $40 million. While we continue to diversify the company, our production of renewable energy from landfill feedstock remains a priority focus.

資本支出的時點將與替代承購協議的最終敲定同步。我們仍預期資本投資介於 3,000 萬至 4,000 萬美元之間。在我們持續推動公司多元化的同時，利用掩埋場原料生產再生能源仍是我們優先聚焦的重點。

The US EPA issued the final rules for the 2026 and 2027 Renewable Fuel Standard on March 27, 2026. The 2025 cellulosic volume requirement was reduced from 1,376 million to 1,210 million D3 RINs, with cellulosic waiver credits also having been made available for 2025 compliance.

美國環保署（US EPA）於 2026 年 3 月 27 日發布 2026 與 2027 年《再生燃料標準》（Renewable Fuel Standard）的最終規則。2025 年纖維素（cellulosic）用量要求由 13.76 億下調至 12.10 億張 D3 RIN，同時也提供 2025 年合規所需的纖維素豁免抵換額度（cellulosic waiver credits）。

Final cellulosic biofuel volume requirements for 2026 and 2027 were established at [1,360 million] and [1,430 million] D3 RINs respectively. These volumes also represent an increase of 60 million and 70 million respectively from the preliminary RVO previously issued by the EPA. These volumes reflect the EPA’s assessment of expected RIN generation capacity and the related pathway constraints of the end-use demand for CNG, LNG transportation fuels derived from biogas.

2026 與 2027 年的最終纖維素生質燃料用量要求分別訂為 [13.60 億] 與 [14.30 億] 張 D3 RIN。相較於 EPA 先前發布的初步 RVO，上述數量亦分別增加 6,000 萬與 7,000 萬。這些數量反映 EPA 對預期 RIN 產生能力的評估，以及由沼氣衍生之 CNG、LNG 運輸燃料終端需求所帶來的相關途徑限制。

The EPA did not provide reallocations of D3 RINs as part of the 2026 and 2027 RVO in the final rule. This is primarily due to the statutory conditions on cellulosic biofuel volume requirements, which do not allow the EPA to set the total applicable volume of cellulosic biofuel at a volume that is greater than the projected volume available, which necessarily excludes carryover cellulosic RINs.

EPA 在最終規則中，並未就 2026 與 2027 年 RVO 提供 D3 RIN 的重新分配。主要原因在於纖維素生質燃料用量要求的法定條件，並不允許 EPA 將纖維素生質燃料的總適用用量設定為高於預估可供量的水準，而該預估可供量必然排除結轉（carryover）的纖維素 RIN。

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

接下來，我將把電話交給 Kevin。

Thank you, Sean. I will be discussing our first quarter 2026 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.

謝謝你，Sean。我將說明我們 2026 年第一季的財務與營運結果。更多資訊請參閱我們的財報新聞稿、Form 10-Q，以及已發布於我們網站的補充投影片。

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.

我們的獲利能力高度依賴環境屬性（environmental attributes）的市場價格，包括 RIN 的市場價格。由於我們自行行銷相當大部分的 RIN，在某一期間若決定不承諾移轉可用的 RIN，將會影響我們的營收與營業利益。

We sold all of our 3.9 million RINs generated and available for sale from our 2025 RNG production in the first quarter of 2026 at a realized price of approximately $2.42. We will not be impacted by the EPA making available cellulosic waiver credits from 2025 production.

我們在 2026 年第一季已將 2025 年 RNG 產量所產生且可供出售的 390 萬張 RIN 全數售出，實現價格約為 2.42 美元。EPA 提供 2025 年產量的纖維素豁免抵換額度，將不會對我們造成影響。

We have entered into commitments to sell approximately 60% of our expected RIN volumes in the 2026 second quarter. Total revenues in the first quarter of 2026 were $46.4 million, an increase of $3.8 million or 9% compared to $42.6 million in the first quarter of 2025.

我們已簽訂承諾，將在 2026 年第二季出售約 60% 的預期 RIN 量。2026 年第一季總營收為 4,640 萬美元，較 2025 年第一季的 4,260 萬美元增加 380 萬美元（約 9%）。

The increase is related to environmental attribute revenue of approximately $4.2 million from RINs sold related to the RINs distributed from GreenWave and the RINs related to pathway dispensing. We had no such RINs in the first quarter of 2025. Our first quarter of 2026 RNG volumes sold under fixed floor price contracts decreased approximately 82.1% as compared to first quarter of 2025 as a result of the expiration of fixed price pathway contracts.

此增幅與環境屬性營收約 420 萬美元有關，來源為出售與 GreenWave 分配之 RIN 以及與途徑加注（pathway dispensing）相關之 RIN。2025 年第一季並無此類 RIN。由於固定價格途徑合約到期，我們 2026 年第一季在固定底價合約下出售的 RNG 量較 2025 年第一季約減少 82.1%。

Our RNG commodity revenue decreased approximately 49.3%, which is offset by an increase in RINs sold of 25.5%. Total general and administrative expenses were $8 million in the first quarter of 2026, a decrease of $0.7 million or 8.4% compared to $8.7 million in the first quarter of 2025. The decrease was primarily driven by vesting of certain restricted share awards in 2025.

我們的 RNG 商品營收約下降 49.3%，但部分被 RIN 銷售量增加 25.5% 所抵銷。2026 年第一季一般及行政費用總額為 800 萬美元，較 2025 年第一季的 870 萬美元減少 70 萬美元（約 8.4%）。下降主要係因 2025 年若干限制性股票獎勵歸屬所致。

Turning to our segment operating metrics. I’ll begin by reviewing our renewable natural gas segment. We produced 1.4 million MMBtu during the first quarter of 2026, flat compared to 1.4 million MMBtu during the first quarter of 2025.

接下來看我們各業務分部的營運指標。我先回顧可再生天然氣（RNG）分部。我們在2026年第一季產量為140萬MMBtu，與2025年第一季的140萬MMBtu持平。

Our Galveston facility produced 41,000 MMBtu fewer in the first quarter of 2026 compared to the first quarter of 2025 as a result of the landfill host assuming responsibility of wellfield operations and maintenance beginning in the first quarter of 2026.

由於自2026年第一季起由掩埋場業主承擔井場（wellfield）營運與維護責任，我們加爾維斯頓（Galveston）設施在2026年第一季的產量較2025年第一季少41,000 MMBtu。

Our Atascocita facility produced 43,000 MMBtu more in the first quarter of 2026 compared to the first quarter of 2025 as a result of landfill host wellfield operational and collection system enhancements. Our Apex facility produced 37,000 MMBtu more in the first quarter of 2026 as compared to the first quarter of 2025 as a result of the June 2025 commissioning of our second Apex facility and increased feedstock gas from improvements we are making to the landfill collection system.

由於掩埋場業主對井場營運及收集系統的強化，我們阿塔斯科西塔（Atascocita）設施在2026年第一季的產量較2025年第一季多43,000 MMBtu。我們Apex設施在2026年第一季的產量較2025年第一季多37,000 MMBtu，主要因為我們第二座Apex設施於2025年6月投運，以及我們對掩埋場收集系統進行改善所帶來的原料氣增加。

Our McCarty facility produced 88,000 MMBtu fewer in the first quarter of 2026 compared to the first quarter of 2025 as a result of landfill host wellfield bifurcation and changes to the wellfield collection system. Revenues from the renewable natural gas segment during the first quarter of 2026 were $38.1 million, a decrease of $0.4 million or 1% compared to $38.5 million during the first quarter of 2025.

由於掩埋場業主進行井場分流（bifurcation）以及井場收集系統的變更，我們McCarty設施在2026年第一季的產量較2025年第一季少88,000 MMBtu。2026年第一季可再生天然氣分部營收為3,810萬美元，較2025年第一季的3,850萬美元減少40萬美元或1%。

Average commodity pricing for natural gas for the first quarter of 2026 was 38.1% higher than the first quarter of 2025. In the first quarter of 2026, we self-marketed 12.4 million RINs, representing a 2.5 million increase or 25.5% compared to 9.9 million RINs self-marketed during the first quarter of 2025.

2026年第一季天然氣平均商品價格較2025年第一季高出38.1%。2026年第一季，我們自營銷售（self-marketed）1,240萬個RIN，較2025年第一季自營銷售的990萬個RIN增加250萬個或25.5%。

Average pricing realized on RIN sales during the first quarter of 2026 was $2.42 compared to $2.46 during the first quarter of 2025, a decrease of 1.6%. This compares to the average D3 RIN index price for the first quarter of 2026 of $2.41, being approximately 0.6% lower than the average D3 RIN index price for the first quarter of 2025 of $2.43.

2026年第一季RIN銷售的平均實現價格為2.42美元，較2025年第一季的2.46美元下降1.6%。相比之下，2026年第一季D3 RIN指數平均價格為2.41美元，約較2025年第一季D3 RIN指數平均價格2.43美元低0.6%。

On March 31, 2026, we had approximately 0.4 million MMBtu available for RIN generation, 0.2 million RINs generated but unseparated, and 79,000 RINs separated and unsold. On March 31, 2025, we had approximately 0.3 million MMBtu available for RIN generation, 1.5 million RINs generated but unseparated, and 3.9 million RINs separated and unsold.

截至2026年3月31日，我們約有40萬MMBtu可用於產生RIN、20萬個已產生但尚未分離（unseparated）的RIN，以及79,000個已分離但尚未售出的RIN。截至2025年3月31日，我們約有30萬MMBtu可用於產生RIN、150萬個已產生但尚未分離的RIN，以及390萬個已分離但尚未售出的RIN。

Our operating and maintenance expenses for our RNG facilities during the first quarter of 2026 were $14.4 million, an increase of $0.3 million or 1.8% compared to $14.1 million during the first quarter of 2025. Our Rumpke facility operating and maintenance expenses increased approximately $0.4 million primarily related to preventative maintenance media changes.

2026年第一季我們RNG設施的營運與維護費用為1,440萬美元，較2025年第一季的1,410萬美元增加30萬美元或1.8%。我們Rumpke設施的營運與維護費用增加約40萬美元，主要與預防性維護介質更換相關。

Our Apex facility operating and maintenance expenses increased approximately $0.3 million primarily related to increased utility expense, which was partially offset by decreased preventative maintenance media changes.

我們Apex設施的營運與維護費用增加約30萬美元，主要與公用事業費用上升相關，但部分被預防性維護介質更換減少所抵銷。

Our Atascocita facility operating and maintenance expenses increased approximately $0.2 million primarily related to wellfield operational enhancements. Our Galveston facility operating and maintenance expenses decreased approximately $0.6 million which was primarily related to the timing of maintenance of gas processing equipment and preventative maintenance media changes.

我們Atascocita設施的營運與維護費用增加約20萬美元，主要與井場營運強化相關。我們Galveston設施的營運與維護費用減少約60萬美元，主要與氣體處理設備維護及預防性維護介質更換的時點安排相關。

We produced approximately 43,000 megawatt hours in renewable electricity during the first quarter of 2026, a decrease of approximately 3,000 megawatt hours or 6.5% compared to 46,000 megawatt hours during the first quarter of 2025. Our PECO facility produced approximately 2,000 megawatt hours fewer in the first quarter of 2026 compared to the first quarter of 2025.

2026年第一季我們可再生電力產量約為43,000兆瓦時，較2025年第一季的46,000兆瓦時減少約3,000兆瓦時或6.5%。我們PECO設施在2026年第一季的產量較2025年第一季少約2,000兆瓦時。

The decrease is primarily related to the decommissioning of one of our engines in the second quarter of 2025 due to the shift towards boiler heat for digestion process. Our Bowerman facility produced approximately 1,000 MWh fewer in the first quarter of 2026 compared to the first quarter of 2025. The decrease is primarily related to original equipment manufacturer required lifecycle maintenance of all one-hour engines beginning in the first quarter of 2026.

下降主要與我們於2025年第二季因轉向以鍋爐供熱用於消化流程而除役其中一台引擎有關。我們Bowerman設施在2026年第一季的產量較2025年第一季少約1,000 MWh。下降主要與原設備製造商要求自2026年第一季起對所有一小時引擎進行生命週期維護有關。

Revenues from renewable electricity facilities during the first quarter of 2026 were $4.1 million, a decrease of $0.1 million or 0.8% compared to $4.2 million in the first quarter of 2025. The decrease is primarily driven by the decrease in production volumes.

2026年第一季可再生電力設施營收為410萬美元，較2025年第一季的420萬美元減少10萬美元或0.8%。下降主要由產量下降所致。

Our renewable electricity generation operating and maintenance expenses during the first quarter of 2026 were $4.5 million, an increase of $1.1 million or 33.8% compared to $3.4 million during the first quarter of 2025.

2026年第一季我們可再生電力發電的營運與維護費用為450萬美元，較2025年第一季的340萬美元增加110萬美元或33.8%。

The increase is primarily driven by an increase in non-capitalizable cost of $0.8 million at our Montauk Ag Renewables project. Our Bowerman facility operating and maintenance expenses increased approximately $0.4 million, which was related to the timing of gas processing preventative maintenance.

增加主要由我們Montauk Ag Renewables專案不可資本化成本增加80萬美元所驅動。我們Bowerman設施的營運與維護費用增加約40萬美元，與氣體處理預防性維護的時點安排相關。

We recorded approximately $4.2 million in the first quarter of 2026 related to the cost of RINs distributed from GreenWave when sold and the cost related to pathway dispensing associated with the dispensing of RNG. There were no such expenses incurred during the first quarter of 2025.

2026年第一季，我們認列約420萬美元，與自GreenWave分配並在出售時的RIN成本，以及與RNG加注（dispensing）相關的途徑加注（pathway dispensing）成本有關。2025年第一季未發生此類費用。

During the first quarter of 2026, we recorded impairments of $0.4 million, a decrease of $1.6 million compared to $2.0 million in the first quarter of 2025. The decrease primarily relates to the first quarter of 2025 impairment of an RNG development project for which the local utility no longer accepted RNG into its distribution system.

2026年第一季我們認列減損40萬美元，較2025年第一季的200萬美元減少160萬美元。下降主要與2025年第一季對一項RNG開發專案認列減損有關，該專案所在地的公用事業公司不再接受RNG注入其配氣系統。

We did not record any impairments related to our assessment of future cash flows. Operating loss for the first quarter of 2026 was $1.6 million compared to operating income of $0.4 million in the first quarter of 2025. RNG operating income for the first quarter of 2026 was $8.7 million, a decrease of $1.7 million or 15.7% compared to $10.4 million for the first quarter of 2025.

就我們對未來現金流的評估而言，我們未認列任何減損。2026年第一季營業損失為160萬美元，而2025年第一季營業利益為40萬美元。2026年第一季RNG營業利益為870萬美元，較2025年第一季的1,040萬美元減少170萬美元或15.7%。

Renewable electricity generation operating loss for the first quarter of 2026 was $2.2 million, an increase of $1.2 million compared to $1 million for the first quarter of 2025. Other income in the first quarter of 2026 was $1.3 million, an increase of $2.5 million compared to other expenses of $1.2 million in the first quarter of 2025.

2026年第一季可再生電力發電營業損失為220萬美元，較2025年第一季的100萬美元增加120萬美元。2026年第一季其他收益為130萬美元，較2025年第一季其他費用120萬美元增加250萬美元。

In the first quarter of 2026, we recorded approximately $3.3 million in income related to our joint venture investment in GreenWave. There was no such income reported during the first quarter of 2025. We received approximately $1.4 million in RINs distributed from Green Wave in the first quarter of 2026, of which approximately $0.4 million remain unsold.

2026年第一季，我們就對GreenWave的合資投資認列約330萬美元收益。2025年第一季未報告此類收益。2026年第一季我們收到約140萬美元的由Green Wave分配之RIN，其中約40萬美元仍未售出。

We sold approximately 1 million RINs and recorded revenues from those RINs sold of approximately $2.4 million. Additional information on Green Wave can be found in the supplemental slides that have been posted to our website.

我們出售約100萬個RIN，並就該等已售RIN認列約240萬美元營收。關於Green Wave的更多資訊，請參閱已發布於我們網站的補充簡報投影片。

On March 9, 2026, we entered into a five year new security credit facility with a wholly owned subsidiary, Hannon Armstrong Capital LLC, HASI, that consists of up to $200 million in senior indebtedness. These proceeds were used to repay all our outstanding debt. We expect to have an additional $45 million in proceeds drawn upon the conclusion of certain engineering review and operational requirements of our Montauk Ag Renewables project in North Carolina.

2026 年 3 月 9 日，我們與全資子公司 Hannon Armstrong Capital LLC（HASI）簽訂了一項為期五年的新擔保信貸融資安排，包含最高達 2 億美元的優先債務。該等資金已用於償還我們所有未償還債務。我們預期在北卡羅來納州 Montauk Ag Renewables 專案完成特定工程審查及營運要求後，將可額外提取 4,500 萬美元的資金。

As a result of this refinancing, in the first quarter of 2026, we recorded debt extinguishment costs of $1 million. We are only required to make interest payments during the first two years of the agreement, which matures in March 2031. We expect to work with HASI in the future to secure additional project-based financing for our current and future development projects.

由於此次再融資，我們於 2026 年第一季認列了 100 萬美元的債務清償成本。依協議規定，在協議前兩年我們僅需支付利息；該協議將於 2031 年 3 月到期。我們預期未來將與 HASI 合作，為我們目前及未來的開發專案取得更多以專案為基礎的融資。

Turning to the balance sheet, on March 31, 2026, $155 million was outstanding on our new security credit facility with HASI. For the first three months of 2026, our capital expenditures were $38.6 million, of which $33.1 million and $1.8 million respectively were related to the ongoing development of Montauk Ag Renewables and our Bowerman RNG facility. We had approximately $19.6 million in capital expenditures included within our accounts payable at March 31, 2026.

回到資產負債表，截至 2026 年 3 月 31 日，我們在與 HASI 的新擔保信貸融資安排下之未償餘額為 1.55 億美元。2026 年前三個月，我們的資本支出為 3,860 萬美元，其中分別有 3,310 萬美元及 180 萬美元與 Montauk Ag Renewables 的持續開發以及我們 Bowerman RNG 設施相關。截至 2026 年 3 月 31 日，我們約有 1,960 萬美元的資本支出計入應付帳款。

As of March 31, 2026, we had cash and cash equivalents, net of restricted cash, of approximately $25.9 million. Our new senior credit facility with HASI requires us to meet liquidity and have quarterly minimum cash balances as defined in the agreement. We had accounts and others receivables of approximately $5.2 million. We do not believe we have any collectibility issues within our receivables balance.

截至 2026 年 3 月 31 日，我們的現金及約當現金（扣除受限制現金後）約為 2,590 萬美元。我們與 HASI 的新優先信貸融資要求我們符合流動性條件，並維持協議所定義的季度最低現金餘額。我們的應收帳款及其他應收款約為 520 萬美元。我們認為應收款餘額不存在任何可收回性問題。

As of March 31, 2026, we held approximately 0.4 million RINs distributed from GreenWave in inventory on our balance sheet. Adjusted EBITDA for the first quarter of 2026 was $10.8 million, an increase of $2 million or 22.8% compared to adjusted EBITDA of $8.8 million for the first quarter of 2025.

截至 2026 年 3 月 31 日，我們在資產負債表的存貨中持有約 40 萬個由 GreenWave 分配的 RINs。2026 年第一季調整後 EBITDA 為 1,080 萬美元，較 2025 年第一季調整後 EBITDA 的 880 萬美元增加 200 萬美元或 22.8%。

EBITDA for the first quarter of 2026 was $9.4 million, an increase of $2.7 million or 40.3% compared to EBITDA of $6.7 million in the first quarter of 2025. Net income for the first quarter of 2026 was $5,000, an increase of $0.5 million as compared to a net loss of $0.5 million for the first quarter of 2025.

2026 年第一季 EBITDA 為 940 萬美元，較 2025 年第一季的 670 萬美元增加 270 萬美元或 40.3%。2026 年第一季淨利為 5,000 美元，較 2025 年第一季淨損 50 萬美元增加 50 萬美元。

The difference in effective tax rates between the first quarter of 2026 and the first quarter of 2025 primarily relate to the change in our pre-tax book loss for the first three months of 2026 as compared to the first three months of 2025.

2026 年第一季與 2025 年第一季之有效稅率差異，主要與 2026 年前三個月相較於 2025 年前三個月之稅前帳面虧損變動有關。

I’ll now turn the call back over to Sean.

我現在把電話交回給 Sean。

Thank you, Kevin. In closing, though we don’t provide guidance as to our internal expectations in the market price of environmental attributes, including the market price of D3 RINs, we would like to provide a full year 2026 outlook.

謝謝你，Kevin。最後，雖然我們不就環境屬性（包括 D3 RINs 的市場價格）之市場價格提供內部預期指引，但我們希望提供 2026 全年的展望。

We are reaffirming our RNG production volumes to range between 5.8 million and 6 million MMBtu, with corresponding RNG revenues to range between $175 million and $190 million. We are reaffirming our renewable electricity production volumes to range between 195,000 megawatt and 207,000 megawatt hours, with updated corresponding renewable electricity revenues to range between $33 million and $37 million. That reflects our current expectations of production at our Montauk Ag Renewables facility in Turkey, North Carolina.

我們重申 RNG 產量預期介於 580 萬至 600 萬 MMBtu，相對應的 RNG 收入預期介於 1.75 億至 1.90 億美元。我們重申再生電力產量預期介於 195,000 兆瓦至 207,000 兆瓦小時，並更新相對應的再生電力收入預期介於 3,300 萬至 3,700 萬美元。這反映了我們目前對位於北卡羅來納州 Turkey 的 Montauk Ag Renewables 設施之產量預期。

And With that, we will pause for any questions.

那麼，我們將暫停以回答任何問題。

Thank you. At this time, we will conduct the question and answer session. (Operator Instructions)

謝謝。此時我們將進行問答環節。（接線員指示）

Matthew Blair, TPH&Co.

Matthew Blair，TPH&Co.。

Thank you and good morning. I was hoping you could talk a little bit about this fixed price contract that appears to have rolled off. I think there was a mention of that in the release. You know, is there any prospect for renewing that contract? Can you say if that contract was above current market rates? Like, should we think of that roll-off as being dilutive to your ongoing margins? Thank you.

謝謝，早安。我想請你們談談這份看起來已到期的固定價格合約。我記得在新聞稿中有提到。你知道，是否有機會續約該合約？你們能否說明該合約價格是否高於目前市場價格？例如，我們是否應將該合約到期視為對你們持續毛利率具有稀釋效果？謝謝。

Thanks, Matthew. In short, I’m going to point you to our operating highlights table within our 10-Q. The rolling off of the fixed price contract is consistent with our moving and our ability to find homes for our RNG volumes in the transportation market. It’s in concert with a quarter-over-quarter reduction in RINs that we’re sharing with counterparties through our pathway. That has come down in the first quarter of 2026, yielding increases in RINs sold in 2026 over 2025.

謝謝你，Matthew。簡而言之，我會請你參考我們 10-Q 中的營運重點表。固定價格合約到期，與我們轉向並能夠在運輸市場為我們的 RNG 產量找到去化管道一致。這也與我們透過路徑（pathway）與交易對手分享的 RINs 季對季下降相互配合。該數量在 2026 年第一季已下降，使得 2026 年出售的 RINs 相較 2025 年增加。

That’s sort of a general understanding of a product mix moving away from fixed pricing into a more commodity and merchant availability of RINs generated from the production that we’re getting as we are dispensing volumes in the transportation space and retaining more RINs, and able to sell more RINs, related to the roll-off of those fixed price contracts.

這大致反映了產品組合從固定定價轉向更偏商品化、以及由我們在運輸領域投放（dispensing）產量所產生之 RINs 的更高現貨/商業（merchant）可得性；同時我們保留更多 RINs，並因固定價格合約到期而能夠出售更多 RINs。

Betty Zhang, Scotiabank.

Betty Zhang，Scotiabank。

Thanks. Good morning. Can you talk about the Montauk Ag Renewables? It looks like the revenue generation seemed to be pushed out by about a month, that’s also factored into your annual guidance. Can you just speak to what may have contributed to that?

謝謝，早安。可以談談 Montauk Ag Renewables 嗎？看起來收入開始產生的時間似乎延後了大約一個月，這也已反映在你們的年度指引中。能否說明可能造成這種情況的原因？

Yes, thanks, Betty. The adjustment to the revenue guidance is solely attributed to the timing of the commissioning that was completed at the end of April as opposed to the end of the first quarter, with revenue commencement activity starting in May, instead of April. That’s the month shift that’s reflected in that updated guidance.

好的，謝謝你，Betty。收入指引的調整完全歸因於試運轉（commissioning）完成時間點的差異：由原先第一季末改為 4 月底完成，因此收入啟動活動改為 5 月開始，而非 4 月。更新後指引所反映的就是這一個月的時間位移。

Richard DeDios, UBS.

Richard DeDios，UBS。

Hi. Thanks for taking our question. With the North Carolina Project coming online and production expected to begin this month, can you help us think about the ramp profile from here? I know you mentioned in your opening remarks and in the press release that you expect ramp-up in production volumes throughout 2026, but can you give us additional color into that? Thank you.

嗨，謝謝讓我們提問。隨著北卡羅來納州專案上線，且預期本月開始生產，你們能否協助我們理解接下來的爬坡（ramp）曲線？我知道你們在開場致詞與新聞稿中提到，預期 2026 年全年產量將逐步爬升，但能否提供更多細節？謝謝。

Thanks, Richard. As we’ve alluded, we have a certain amount of hog spaces that we’re targeting to support our production expectations under a first year. We had announced that there were some weather delays on our call at the end of the year in March, that some weather delays have delayed some installation of the on-farm collection equipment, as well as delaying some of our ability to timely assemble our dewatering equipment.

謝謝你，Richard。正如我們先前提到的，我們鎖定一定數量的養豬欄位（hog spaces），以支撐第一年的產量預期。我們在年末（3 月）的電話會議中曾宣布有一些天候延誤；這些天候延誤使得部分農場端收集設備的安裝延後，也延遲了我們及時組裝脫水設備的能力。

Related to those sort of weather delays and installment of our feedstock collection and dewatering equipment, our ramp throughout 2026 is contingent upon us getting caught up and meeting some internal expectations associated with our on-farm installation related to feedstock collection and transportation to our production facility.

由於上述天候延誤以及原料（feedstock）收集與脫水設備的安裝，我們在 2026 年的爬坡進度取決於我們能否趕上進度，並達成與農場端安裝相關的內部預期，包含原料收集以及運送至我們生產設施。

Okay. I’m showing no further questions at this time. I would now like to turn it back to Sean for closing remarks.

好的。我目前顯示沒有其他問題。我現在把電話交回給 Sean 作結語。

Thank you. And thank you for taking the time to join us on the conference call today. We look forward to speaking with you again when we present our second quarter 2026 results.

謝謝。也謝謝各位今天撥冗參加我們的電話會議。我們期待在公布 2026 年第二季業績時再次與各位交流。

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

感謝各位參與今天的會議。本次議程到此結束。各位現在可以掛線。