Montauk Renewables Inc 2026年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromtoCommission File Number: 001-39919 MONTAUK RENEWABLES, INC. (Exact name of registrant as specified in its charter) The NasdaqCapital Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act: Large accelerated filer☐Non-accelerated filer☐ Accelerated filer☒Smaller reporting company☐Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The number of outstanding shares of the registrant’s common stock on May 1, 2026 was 142,341,139 shares. TABLE OF CONTENTS PART I FINANCIAL INFORMATION7ITEM 1.FINANCIAL STATEMENTS (UNAUDITED)7ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS28ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK45ITEM 4.CONTROLS AND PROCEDURES45PART II OTHER INFORMATION46ITEM 1.LEGAL PROCEEDINGS46ITEM 1A.RISK FACTORS46ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS46ITEM 3.DEFAULTS UPON SENIOR SECURITIES46ITEM 4.MINE SAFETY DISCLOSURES46ITEM 5.OTHER INFORMATION46ITEM 6.EXHIBITS47SIGNATURES48 Glossary of Key Terms This Quarterly Report on Form 10-Q uses several terms of art that are specific to our industry and business. For theconvenience of the reader, a glossary of such terms is provided here. Unless we otherwise indicate, or unless the context requiresotherwise, any references in this Quarterly Report on Form 10-Q to: •“ADG” refers to anaerobic digested gas.•“CARB” refers to the California Air Resource Board.•“CNG” refers to compressed natural gas.•“CI” refers to carbon intensity.•“D3” refers to cellulosic biofuel with a 60% GHG reduction requirement.•“EPA” refers to the U.S. Environmental Protection Agency.•“Environmental Attributes” refer to federal, state and local government incentives in the United States, provided in theform of RINs, RECs, LCFS credits, rebates, tax credits and other incentives to end users, distributors, systemintegrators and manufacturers of renewable energy projects, that promote the use of renewable energy.•“FERC” refers to the U.S. Federal Energy Regulatory Commission.•“GHG” refers to greenhouse gases.•“JSE” refers to the Johannesburg Stock Exchange.•“LCFS” refers to Low Carbon Fuel Standard.•“LFG” refers to landfill gas.•“MMBtu” refers to Metric Million British Thermal Unit.•“PPAs” refers to power purchase agreements.•“RECs” refers to Renewable Energy Credits.•“Renewable Electricity” or "REG" refers to electricity generated from renewable sources.•“RFS” refers to the EPA’s Renewable Fuel Standard.•“RINs” refers to Renewable Identification Numbers.•“RNG” refers to renewable natural gas.•“RVOs” refers to renewable volume obligations. This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of U.S. federal securities laws thatinvolve substantial risks and uncertainties. All statements other than statements of historical or current fact included in this reportare forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to ourfinancial condition, results of operations, plans, objectives, strategies, future performance, and business. Forward-lookingstatements may include words such as “anticipate,” “assume,” “believe,” “can have,” “contemplate,” “continue,” “strive,” “aim,”“could,” “design,” “due,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “likely,” “may,” “might,” “objective,” “plan,”“predict,” “project,” “potential,” “seek,” “should,” “target,” “will