Montauk Renewables, Inc. (NASDAQ:MNTK) Q2 2024 Earnings Conference Call August 8, 2024 5:00 PM ET

Company Participants

John Ciroli – Chief Legal Officer and Secretary
Sean McClain – President and Chief Executive Officer
Kevin Van Asdalan – Chief Financial Officer

Conference Call Participants

Matthew Blair – TPH
Saumya Jain – UBS
Paul Cheng – Scotiabank

Operator

Good afternoon, 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 earning material or made on this call. John, please go ahead.

John Ciroli

Thank you. Good afternoon, everyone. Welcome to Montauk Renewables Earnings Conference Call to review the Second Quarter 2024 Financial and Operating Results and Developments. 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 developments; and Kevin Van Asdalan, Chief Financial Officer to discuss our second quarter 2024 financial and operating results.

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.

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.

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 second quarter 2024 earnings press release in Form 10-Q issued and filed this afternoon, which are available on our website at ir.montaukrenewables.com. After our remarks, we will open the call to questions. We ask that you please keep the one question to accommodate as many questions as possible.

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

Sean McClain

Thank you, John. Good day, everyone, and thank you for joining our call. I’ll begin with updates regarding our ongoing development projects. As previously announced, we commissioned our digestion capacity increase at our Pico facility during the first quarter of 2024. Through the second quarter of 2024, our Pico facility has produced approximately 39% more MMBtu over 2023 as a result of this capacity expansion.