Montauk Renewables, Inc.
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited consolidated statements of cash flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands):
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net (loss) income | $(464) | $1,850 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, depletion and amortization | 6,264 | 5,434 |
| (Benefit) provision for deferred income taxes | (333) | 249 |
| Stock-based compensation | 1,274 | 2,241 |
| Derivative mark-to-market adjustments and settlements | 214 | (91) |
| Net loss on sale of assets | 15 | 22 |
| Decrease in earn-out liability | (425) | (849) |
| Accretion of asset retirement obligations | 118 | 108 |
| Liabilities associated with properties sold | — | (225) |
| Amortization of debt issuance costs | 97 | 90 |
| Impairment loss | 2,047 | 528 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (319) | 3,083 |
| Royalty offset long term receivable | (739) | (1,600) |
| Critical spare inventory | (215) | 209 |
| Income tax payables | (303) | (411) |
| Accounts payable and Accrued liabilities | 2,213 | 3,468 |
| Other | (304) | 186 |
| Net cash provided by operating activities | $9,140 | $14,292 |
| Cash flows from investing activities: | ||
| Capital expenditures | $(11,632) | $(21,986) |
| Asset acquisition | — | (820) |
| Cash collateral deposits | — | 20 |
| Net cash used in investing activities | $(11,632) | $(22,786) |
| Cash flows from financing activities: | ||
| Repayments of long-term debt | $(3,000) | $(2,000) |
| Finance lease payments | (18) | (20) |
| Net cash used in financing activities | $(3,018) | $(2,020) |
| Net decrease in cash and cash equivalents and restricted cash | $(5,510) | $(10,514) |
| Cash and cash equivalents and restricted cash at beginning of period | $46,004 | $74,242 |
| Cash and cash equivalents and restricted cash at end of period | $40,494 | $63,728 |
| Reconciliation of cash, cash equivalents, and restricted cash at end of period: | ||
| Cash and cash equivalents | $40,111 | $63,277 |
| Restricted cash and cash equivalents - current | 8 | 8 |
| Restricted cash and cash equivalents - non-current | 375 | 443 |
| $40,494 | $63,728 | |
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Supplemental cash flow information: | ||
| Cash paid for interest | $1,055 | $1,237 |
| Cash paid for income taxes | 319 | 574 |
| Accrual for purchase of property, plant and equipment included in accounts payable and accrued liabilities | 8,534 | 7,492 |
Cash and cash equivalents include highly liquid investments with maturity dates of three months or less from the date of purchase and are recorded at cost. The Company may hold cash in excess of federally insured limits. Restricted cash is classified as current or non-current based on the terms of the underlying agreements and represents cash held as deposits, cash held in escrow and cash collateral for financial letters of credit.
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