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Montauk Renewables cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$10.1M in Q2 2026 · −$83.4M over twelve months

Operating cash flow$14.6M
Capital spending−$24.7M
Free cash flow−$10.1M
Cash / net income64.6×

Analysis

In Q2 2026, Montauk Renewables generated $14.6M of operating cash flow and spent $24.7M on capital projects, leaving free cash flow of −$10.1M. That is $15.4M more than in Q2 2025 (−$25.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was $43.4M; the largest uses were capital spending ($127M), other investing ($1.8M), buybacks ($65K); besides operations, cash came from net borrowing (+) / repaid (−) ($64.9M), other financing ($9.2M); the cash balance fell by $11.0M.

Operating cash flow was $14.6M against net income of $226K — 64.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$7.9M, payables +$5.0M, deferred taxes +$2.5M.

Free cash flow

Montauk Renewables: free cash flow by quarterMontauk Renewables: free cash flow by quarter$16.0MQ3 2024−$8.3MQ4 2024−$2.5MQ1 2025−$25.5MQ2 2025−$17.2MQ3 2025−$41.1MQ4 2025−$15.0MQ1 2026−$10.1MQ2 2026
Operating cash flow less capital spending.
Montauk Renewables: operating cash flow against capital spendingMontauk Renewables: operating cash flow against capital spendingOperating cash flowCapital spending$28.6M$12.6MQ3 2024$724K$9.0MQ4 2024$9.1M$11.6MQ1 2025$8.2M$33.7MQ2 2025$12.7M$29.8MQ3 2025$337K$41.4MQ4 2025$15.8M$30.9MQ1 2026$14.6M$24.7MQ2 2026
Latest (Q2 2026): Operating cash flow $14.6M, Capital spending $24.7M.

Capital allocation, year by year

Montauk Renewables: where the cash came from (up) and went (down), by fiscal yearMontauk Renewables: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $42.9MFY2021: Net borrowing $13.3MFY2021: Shares issued $15.6MFY2021: Asset sales $73KFY2021: Capital spending −$10.0MFY2021: Buybacks −$10.8M$71.8MFY2021FY2022: Operating cash flow $81.1MFY2022: Net borrowing −$8.0MFY2022: Shares issued $6KFY2022: Asset sales $1.1MFY2022: Capital spending −$22.3MFY2022: Buybacks −$238K$82.2MFY2022FY2023: Operating cash flow $41.1MFY2023: Net borrowing −$8.1MFY2023: Shares issued $4KFY2023: Asset sales $2KFY2023: Capital spending −$63.1MFY2023: Buybacks −$122K$41.1MFY2023FY2024: Operating cash flow $43.8MFY2024: Net borrowing −$8.1MFY2024: Shares issued $6KFY2024: Asset sales $1.0MFY2024: Capital spending −$62.3MFY2024: Buybacks −$1.8M$44.8MFY2024FY2025: Operating cash flow $30.3MFY2025: Net borrowing $72.9MFY2025: Shares issued $5KFY2025: Capital spending −$117MFY2025: Buybacks −$419K$103MFY2025
Over these 5 years operating cash flow totalled $239M; the largest uses were capital spending ($274M) and net borrowing ($24.2M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.8M
Debt$150M
Net debt$134M
Due within a year$184K

Montauk Renewables's operations bring cash in ($43.4M over twelve months), and it spends more than that on capital projects: a gap of $83.4M funded from its $15.8M of cash and investments and from borrowing ($150M of debt, $184K due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Montauk Renewables: sources (+) and uses (−) of cash, Q2 2026Montauk Renewables: sources (+) and uses (−) of cash, Q2 2026Capital spending−$24.7MOperating cash flow$14.6MCash drawn (+) / kept (−)$10.2MOther financing−$84KNet borrowing (+) / repaid (−)−$12K
Montauk Renewables: sources (+) and uses (−) of cash, TTM to Q2 2026Montauk Renewables: sources (+) and uses (−) of cash, TTM to Q2 2026Capital spending−$127MNet borrowing (+) / repaid (−)$64.9MOperating cash flow$43.4MCash drawn (+) / kept (−)$11.0MOther financing$9.2MOther investing−$1.8MBuybacks−$65KAsset & business sales$33KShares issued$1K

From profit to cash

Montauk Renewables: net income to operating cash flow, Q2 2026Montauk Renewables: net income to operating cash flow, Q2 2026Net income$226KDepreciation & amortization$7.9MStock-based pay$516KDeferred taxes$2.5MImpairments$650KReceivables−$328KInventory−$73KPayables$5.0MOperating cash flow$14.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$14.6M−$24.7M—−$12K—$10.2M−$10.1M
Q1 2026$15.8M−$30.9M—$20.0M—−$4.5M−$15.0M
Q4 2025$337K−$41.4M−$65K$62.0M$1K−$17.0M−$41.1M
Q3 2025$12.7M−$29.8M—−$3.0M—$22.3M−$17.2M
Q2 2025$8.2M−$33.7M—$17.0M—$11.0M−$25.5M
Q1 2025$9.1M−$11.6M—−$3.0M—$5.5M−$2.5M
Q4 2024$724K−$9.0M−$71K−$2.0M$1K$9.4M−$8.3M
Q3 2024$28.6M−$12.6M−$1.3M−$2.0M$3K−$12.7M$16.0M

Montauk Renewables: income statement and cash flow

Montauk Renewables, Q2 2026: revenue $54.0M (+20% year over year), operating margin -0.1%. The chart follows the revenue to costs, profit and cash.

Montauk Renewables: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.