Montauk Renewables (MNTK) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	MONTAUK RENEWABLES, INC.
Entity File Number	001-39919
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Tax Identification Number	85-3189583
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Address, Address Line One	5313 Campbells Run Road
Entity Address, Address Line Two	Suite 200
Entity Address, State or Province	PA
Entity Address, City or Town	Pittsburgh
Entity Address, Postal Zip Code	15205
City Area Code	412
Local Phone Number	747-8700
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MNTK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		143,661,719
Entity Central Index Key	0001826600
Entity Ex Transition Period	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 78,043	$ 105,177
Accounts and other receivables	6,305	7,222
Related party receivable	9,008	9,000
Current portion of derivative instrument	835	879
Prepaid expenses and other current assets	2,440	2,590
Total current assets	96,631	124,868
Non-current restricted cash	407	407
Property, plant and equipment, net	183,800	175,946
Goodwill and intangible assets, net	15,512	15,755
Deferred tax assets	16,985	3,952
Non-current portion of derivative instrument	584	936
Operating lease right-of-use assets	4,635	4,742
Finance lease right-of-use assets	80	96
Other assets	5,703	5,614
Total assets	324,337	332,316
Current liabilities:
Accounts payable	3,232	4,559
Accrued liabilities	11,354	15,090
Income tax payable	905	402
Current portion of operating lease liability	411	410
Current portion of finance lease liability	74	71
Current portion of long-term debt	7,876	7,870
Total current liabilities	23,852	28,402
Long-term debt, less current portion	61,533	63,505
Non-current portion of operating lease liability	4,312	4,341
Non-current portion of finance lease liability	6	25
Asset retirement obligation	5,593	5,493
Other liabilities	3,968	3,459
Total liabilities	99,264	105,225
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, authorized 690,000,000 shares; 143,682,811 shares issued at March 31, 2023 and December 31, 2022, respectively; 141,633,417 shares outstanding at March 31, 2023 and December 31, 2022, respectively	1,416	1,416
Treasury stock, at cost, 971,306 shares March 31, 2023 and December 31, 2022, respectively	(11,051)	(11,051)
Additional paid-in capital	207,830	206,060
Retained earnings	26,878	30,666
Total stockholders' equity	225,073	227,091
Total liabilities and stockholders' equity	$ 324,337	$ 332,316

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock par or stated value per share	$ 0.01	$ 0.01
Common stock shares authorized	690,000,000	690,000,000
Common stock shares issued	143,682,811	143,682,811
Common stock shares outstanding	141,633,417	141,633,417
Treasury stock shares	971,306	971,306

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Total operating revenues	$ 19,154	$ 32,169
Operating expenses:
Operating and maintenance expenses	14,182	13,201
General and administrative expenses	9,475	8,495
Royalties, transportation, gathering and production fuel	3,933	7,206
Depreciation, depletion and amortization	5,196	5,153
Gain on insurance proceeds	0	(313)
Impairment loss	451	51
Transaction costs	83	27
Total operating expenses	33,320	33,820
Operating loss	(14,166)	(1,651)
Other expenses (income):
Interest expense	1,675	32
Other expense (income)	7	(310)
Total other expense (income)	1,682	(278)
Loss before income taxes	(15,848)	(1,373)
Income tax benefit	(12,060)	(258)
Net loss	$ (3,788)	$ (1,115)
Loss per share:
Basic	$ (0.03)	$ (0.01)
Diluted	$ (0.03)	$ (0.01)
Weighted-average common shares outstanding:
Basic	141,633,417	141,045,477
Diluted	141,633,417	141,045,477

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained (Deficit) Earnings [Member]
Beginning balance at Dec. 31, 2021	$ 182,293	$ 1,410	$ (10,813)	$ 196,224	$ (4,528)
Beginning balance, shares at Dec. 31, 2021		141,015,213	950,214
Net loss	(1,115)				(1,115)
Stock-based compensation	2,334			2,334
Ending balance at Mar. 31, 2022	183,421	$ 1,410	$ (10,904)	198,558	(5,643)
Ending balance, shares at Mar. 31, 2022		141,057,772	959,344
Issuance of common stock,Shares		42,559
Treasury stock	$ (91)		$ (91)
Treasury stock shares			9,130
Issuance of common stock,Shares	141,633,417
Treasury stock	$ (11,051)
Treasury stock shares	971,306
Beginning balance at Dec. 31, 2022	$ 227,091	$ 1,416	$ (11,051)	206,060	30,666
Beginning balance, shares at Dec. 31, 2022		141,633,417	971,306
Net loss	(3,788)				(3,788)
Stock-based compensation	1,770			1,770
Ending balance at Mar. 31, 2023	$ 225,073	$ 1,416	$ (11,051)	$ 207,830	$ 26,878
Ending balance, shares at Mar. 31, 2023		141,633,417	971,306
Issuance of common stock,Shares	141,633,417
Treasury stock	$ (11,051)
Treasury stock shares	971,306

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (3,788)	$ (1,115)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	5,196	5,153
Benefit for deferred income taxes	(13,033)	(236)
Stock-based compensation	1,770	2,334
Derivative mark-to-market and settlements	396	2,415
Gain on property insurance proceeds	0	(313)
Accretion of asset retirement obligations	100	98	$ 296
Net loss (gain) on sale of assets	37	(293)
Increase in earn-out liability	214	0
Amortization of debt issuance costs	93	108
Impairment loss	451	51
Accounts and other receivables and other current assets	1,033	2,949
Accounts payable and other accrued expenses	(4,307)	(1,554)
Net cash (used in) provided by operating activities	(11,838)	9,597
Cash flows from investing activities
Capital expenditures	(13,278)	(2,378)
Proceeds from insurance recovery	0	313
Proceeds from sale of assets	0	1,088
Net cash used in investing activities	(13,278)	(977)
Cash flows from financing activities:
Repayments of long-term debt	(2,000)	(2,000)
Treasury stock purchase	0	(91)
Finance lease payments	(18)	0
Net cash used in financing activities	(2,018)	(2,091)
Net (decrease) increase in cash and cash equivalents and restricted cash	(27,134)	6,529
Cash and cash equivalents and restricted cash at beginning of period	105,606	53,612	53,612
Cash and cash equivalents and restricted cash at end of period	78,472	60,141	105,606
Reconciliation of cash, cash equivalents, and restricted cash at end of year:
Cash and cash equivalents	78,043	59,794	105,177
Restricted cash and cash equivalents - current	22	19
Restricted cash and cash equivalents - non-current	407	328	407
Reconciliation of cash, cash equivalents, and restricted cash at end of year	$ 78,472	$ 60,141	$ 105,606

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Description of Business	NOTE 1 – DESCRIPTION OF BUSINESS Operations and organization Montauk Renewables’ Business Montauk Renewables, Inc. (the “Company” or “Montauk Renewables”) is a renewable energy company specializing in the management, recovery and conversion of biogas into Renewable Natural Gas (“RNG”). The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has current operations at 15 operating projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, South Carolina and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. Two of the Company’s key revenue drivers are sales of captured gas and sales of Renewable Identification Numbers (“RINs”) to fuel blenders. The Renewable Fuel Standard (“RFS”) is an Environmental Protection Agency (“EPA”) administered federal law that requires transportation fuel to contain a minimum volume of renewable fuel. RNG derived from landfill methane, agricultural digesters and wastewater treatment facilities used as a vehicle fuel qualifies as a D3 (cellulosic biofuel with a 60 % greenhouse gas reduction requirement) RIN. The RINs are compliance units for fuel blenders that were created by the RFS program in order to reduce greenhouse gases and imported petroleum into the United States. An additional program utilized by the Company is the Low Carbon Fuel Standard (“LCFS”). This is state specific and is designed to stimulate the use of low-carbon fuels. To the extent that RNG from the Company’s facilities is used as a transportation fuel in states that have adopted an LCFS program, it is eligible to receive an Environmental Attribute additional to the RIN value under the federal RFS. Another key revenue driver is the sale of captured electricity and the associated environmental premiums related to renewable sales. The Company’s electric facilities are designed to conform to and monetize various state renewable portfolio standards requiring a percentage of the electricity produced in that state to come from a renewable resource. Such premiums are in the form of Renewable Energy Credits (“RECs”). The Company’s largest electric facility, located in California, receives revenue for the monetization of RECs as a part of a purchase power agreement. Collectively, the Company benefits from federal and state government incentives in the United States, provided in the form of RINs, RECs, LCFS credits, tax credits and other incentives to end users, distributors, system integrators and manufacturers of renewable energy projects, that promote the use of renewable energy, as Environmental Attributes.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions of the SEC on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2023 (the “2022 Annual Report”). The results of operations for the three months March 31, 2023 in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2022, has been derived from the audited financial statements as of that date. For further information, refer to the Company’s audited financial statements and notes thereto included for the year ended December 31, 2022 in the 2022 Annual Report. Segment Reporting The Company reports segment information in three segments: RNG, Renewable Electricity Generation and Corporate. This is consistent with the internal reporting provided to the chief operating decision maker who evaluates operating results and performance. The aforementioned business services and offerings described in Note 1 are grouped and defined by management as two distinct operating segments: RNG and Renewable Electricity Generation. Below is a description of the Company’s operating segments and other activities. The RNG segment represents the sale of gas sold at fixed-price contracts, counterparty share RNG volumes and applicable Environmental Attributes. This business unit represents the majority of the revenues generated by the Company. The Renewable Electricity Generation segment represents the sale of captured electricity and applicable Environmental Attributes. Corporate relates to additional discrete financial information for the corporate function. It is primarily used as a shared service center for maintaining functions such as executive, accounting, treasury, legal, human resources, tax, environmental, engineering and other operations functions not otherwise allocated to a segment. As such, the corporate entity is not determined to be an operating segment but is discretely disclosed for purposes of reconciliation to the Company’s consolidated financial statements. Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Adopted Accounting Standards In June 2016, the FASB issued Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU and subsequent amendments are codified as Accounting Standards Codification Topic 326, Financial Instruments—Credit Losses (“ASC 326”). Application of ASC 326 was effective for SEC Issuers (excluding smaller reporting companies) for fiscal years beginning after December 15, 2019. Adoption for smaller reporting companies, emerging growth companies and nonpublic entities was deferred due to the COVID-19 pandemic and was required for fiscal years beginning after December 15, 2022. The ASU did not have a material impact on the Company’s consolidated financial statements or related financial statement disclosures. Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions to the current guidance on contract modifications and hedging relationships to ease the financial reporting burdens of the expected market transition from London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The FASB included a sunset provision within Topic 848 based on expectations of when the LIBOR would cease being published. The sunset provision has been amended from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company’s current debt agreement bears interest at the Bloomberg Short-Term Bank Yield Index Rate plus an applicable margin. LIBOR is no longer utilized as a reference rate.

Asset Impairment

Asset Impairment	3 Months Ended
	Mar. 31, 2023
Asset Impairment Charges [Abstract]
Asset Impairment	NOTE 3 – ASSET IMPAIRMENT The Company recorded an impairment loss of $ 451 and $ 51 for the three months ended March 31, 2023 and 2022, respectively. The first quarter 2023 impairment was for a feedstock processing machine component at an RNG site that was not in operational use. The first quarter 2022 impairment related to computer software and hardware no longer being utilized.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	NOTE 4 – REVENUES FROM CONTRACTS WITH CUSTOMERS The following tables display the Company’s revenue by major source, excluding realized and unrealized gains or losses under the Company’s gas hedge program, based on product type and timing of transfer of goods and services for the three months ended March 31, 2023 and 2022: Three months ended March 31, 2023 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 204 $ 7,877 $ 8,081 Natural gas environmental attributes 6,644 — 6,644 Electric commodity — 2,621 2,621 Electric environmental attributes 1,808 — 1,808 $ 8,656 $ 10,498 $ 19,154 Operating segment: RNG $ 6,848 $ 7,877 $ 14,725 REG 1,808 2,621 4,429 $ 8,656 $ 10,498 $ 19,154 Three months ended March 31, 2022 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 405 $ 9,488 $ 9,893 Natural gas environmental attributes 22,710 — 22,710 Electric commodity — 2,385 2,385 Electric environmental attributes 1,649 — 1,649 $ 24,764 $ 11,873 $ 36,637 Operating segment: RNG $ 23,115 $ 9,488 $ 32,603 REG 1,649 2,385 4,034 $ 24,764 $ 11,873 $ 36,637

Accounts and Other Receivables

Accounts and Other Receivables	3 Months Ended
	Mar. 31, 2023
Receivables, Net, Current [Abstract]
Accounts and Other Receivables	NOTE 5 – ACCOUNTS AND OTHER RECEIVABLES The Company extends credit based upon an evaluation of the customer’s financial condition and, while collateral is not required, the Company periodically receives surety bonds that guarantee payment. Credit terms are consistent with industry standards and practices. Reserves for uncollectible accounts, if any, are recorded as part of general and administrative expenses in the condensed consolidated statements of operations. No reserve expense was recorded for the three months ended March 31, 2023 and 2022. Accounts and other receivables consist of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Accounts receivables $ 6,214 $ 7,148 Other receivables 73 57 Reimbursable expenses 18 17 Accounts and other receivables, net $ 6,305 $ 7,222

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consists of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Land $ 595 $ 595 Buildings and improvements 29,224 29,268 Machinery and equipment 247,216 247,631 Gas mineral rights 35,526 34,526 Construction work in progress 32,362 20,745 Total $ 344,923 $ 332,765 Less: Accumulated depreciation and amortization ( 161,123 ) ( 156,819 ) Property, plant & equipment, net $ 183,800 $ 175,946 Depreciation expense for property, plant and equipment was $ 4,807 and $ 4,810 and amortization expense for gas mineral rights was $ 128 for both the three months ended March 31, 2023 and 2022, respectively.

Goodwill And Intangible Assets,

Goodwill And Intangible Assets, Net	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill And Intangible Assets, Net	NOTE 7 – GOODWILL AND INTANGIBLE ASSETS, NET Goodwill and Intangible assets consist of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Goodwill $ 60 $ 60 Intangible assets with indefinite lives: Land use rights 329 329 Total intangible assets with indefinite lives: $ 329 $ 329 Intangible assets with finite lives: Interconnection, net of accumulated amortization of $ 3,292 and $ 3,107 $ 11,501 $ 11,686 Customer contracts, net of accumulated amortization of $ 17,080 and $ 17,022 3,622 3,680 Total intangible assets with finite lives: $ 15,123 $ 15,366 Total Goodwill and Intangible assets $ 15,512 $ 15,755 As of March 31, 2023, the weighted average remaining useful life of customer contracts and interconnection were both 16 years . Amortization expense was $ 243 and $ 215 for the three months ended March 31, 2023 and 2022, respectively.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	NOTE 8 – ASSET RETIREMENT OBLIGATIONS The following table summarizes the activity associated with asset retirement obligations of the Company as of March 31, 2023 and December 31, 2022: Three months ended March 31, 2023 Year ended December 31, 2022 Asset retirement obligations—beginning of period $ 5,493 $ 5,301 Accretion expense 100 296 Decommissioning — ( 104 ) Asset retirement obligations—end of period $ 5,593 $ 5,493

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instrument Detail [Abstract]
Derivative Instruments	NOTE 9 – DERIVATIVE INSTRUMENTS To mitigate market risk associated with fluctuations in energy commodity prices (natural gas) and interest rates, the Company utilizes various derivative contracts to secure energy commodity pricing and interest rates under a board-approved program. The Company does not apply hedge accounting to any of its derivative instruments, and all realized and unrealized gains and losses from changes in derivative values are recognized in earnings each period. As a result of the economic hedging strategies employed, the Company had the following realized and unrealized gains and losses in the condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022: Derivative Instrument Location Three months ended March 31, 2023 Three months ended March 31, 2022 Commodity contracts: Realized natural gas Operating revenue $ — $ ( 1,016 ) Unrealized natural gas Operating revenue — ( 3,451 ) Interest rate swaps Interest expense ( 396 ) 1,036 Net loss $ ( 396 ) $ ( 3,431 )

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	NOTE 10 – FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s assets and liabilities that are measured at fair value on a recurring basis include the following as of March 31, 2023 and December 31, 2022, set forth by level, within the fair value hierarchy: March 31, 2023 Level 1 Level 2 Level 3 Total Interest rate swap derivative asset $ — $ 1,419 $ 1,419 Asset retirement obligations — — ( 5,593 ) ( 5,593 ) Pico earn-out liability — — ( 4,057 ) ( 4,057 ) $ — $ 1,419 $ ( 9,650 ) $ ( 8,231 ) December 31, 2022 Level 1 Level 2 Level 3 Total Interest rate swap derivative asset $ — $ 1,815 $ — $ 1,815 Asset retirement obligations — — ( 5,493 ) ( 5,493 ) Pico earn-out liability — — ( 3,843 ) ( 3,843 ) $ — $ 1,815 $ ( 9,336 ) $ ( 7,521 ) A summary of changes in the fair values of the Company’s Level 3 instruments, attributable to asset retirement obligations, for the three months ended March 31, 2023 and the year ended December 31, 2022 is included in Note 8. In addition, certain assets are measured at fair value on a non-recurring basis when an indicator of impairment is identified and the assets’ fair values are determined to be less than its carrying value. See Note 3 for additional information.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	NOTE 11 – ACCRUED LIABILITIES The Company’s accrued liabilities consists of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Accrued expenses $ 5,241 $ 3,221 Payroll and related benefits 1,640 1,561 Royalty 2,220 7,836 Utility 1,401 1,605 Other 852 867 Accrued liabilities $ 11,354 $ 15,090

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	NOTE 12 – DEBT The Company’s debt consists of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Term loans $ 70,000 $ 72,000 Less: current principal maturities ( 8,000 ) ( 8,000 ) Less: debt issuance costs (on long-term debt) ( 467 ) ( 495 ) Long-term debt $ 61,533 $ 63,505 Current portion of long-term debt 7,876 7,870 $ 69,409 $ 71,375 Amended Credit Agreement On December 12, 2018, Montauk Energy Holdings LLC (“MEH”) entered into the Second Amended and Restated Revolving Credit and Term Loan Agreement (as amended, “Credit Agreement”), by and among MEH, the financial institutions from time to time party thereto as lenders and Comerica Bank, as the administrative agent, sole lead arranger and sole bookrunner (“Comerica”). The Credit Agreement (i) amended and restated in its entirety MEH’s prior revolving credit and term loan facility, dated as of August 4, 2017, as amended, with Comerica and certain other financial institutions and (ii) replaced in its entirety the prior credit agreement, dated as of August 4, 2017, as amended, between Comerica and Bowerman Power LFG, LLC, a wholly-owned subsidiary of MEH. On March 21, 2019, MEH entered into the first amendment to the Credit Agreement (the “First Amendment”), which clarified a variety of terms, definitions and calculations in the Credit Agreement. The Credit Agreement requires the Company to maintain customary affirmative and negative covenants, including certain financial covenants, which are measured at the end of each fiscal quarter. On September 12, 2019, the Company entered into the second amendment to the Credit Agreement (the "Second Amendment"). Among other matters, the Second Amendment redefined the Fixed Charge Coverage Ratio (as defined in the Credit Agreement), reduced the commitments under the revolving credit facility to $ 80,000 , redefined the Total Leverage Ratio (as defined in the Credit Agreement) and eliminated the RIN Floor (as defined in the Second Amendment) as an Event of Default. In connection with the Second Amendment, the Company paid down the outstanding term loan by $ 38,250 and the resulting quarterly principal installments were reduced to $ 2,500 . In connection with the completion of the Reorganization Transactions and the IPO, the Company entered into the third amendment to the Credit Agreement (the “Third Amendment”). This amendment permitted the Change of Control provisions, as defined in the underlying agreement, to permit the Reorganization Transactions and IPO to be completed. On December 21, 2021, MEH entered into the fourth amendment to the Second Amended and Restated Revolving Credit and Term Loan Agreement ("the Fourth Amendment"). The current credit agreement, which is secured by a lien on substantially all assets of the Company and certain of its subsidiaries, provides for a $ 80,000 term loan and a $ 120,000 revolving credit facility. The term loan amortizes in quarterly installments of $ 2,000 through 2024, then increases to $ 3,000 from 2025 to 2026 with a final payment of $ 32,000 in late 2026. The Company accounted for the Fourth Amendment as both a debt modification and debt extinguishment in accordance with ASC 470, Debt (“ASC 470”). In connection with the Credit Agreement, the Company paid $ 2,027 in fees. Of this amount, $ 326 was expensed and $ 1,701 was capitalized and will be amortized over the life of the Credit Agreement. Amortized debt issuance expense was $ 93 and $ 108 for the three months ended March 31, 2023 and 2022, respectively and was recorded as interest expense on the statement of operations. As of March 31, 2023, $ 70,000 was outstanding under the term loan. In addition, the Company had $ 4,477 of outstanding letters of credit as of March 31, 2023. Amounts available under the revolving credit facility are reduced by any amounts outstanding under letters of credit. As of March 31, 2023, the Company’s capacity available for borrowing under the revolving credit facility was $ 115,523 . Borrowings of the term loans and revolving credit facility bear interest at the Bloomberg Short-Term Bank Yield Index Rate plus an applicable margin. Interest rates as of March 31, 2023 and December 31, 2022 were 6.64 % and 4.12 %, respectively. As of March 31, 2023, the Company was in compliance with all applicable financial covenants under the Credit Agreement.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 13 – INCOME TAXES The Company’s provision for income taxes in interim periods is typically computed by applying the estimated annual effective tax rate to income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period(s) in which they occur. Three Months Ended March 31, 2023 March 31, 2022 Benefit for income taxes $ ( 12,060 ) $ ( 258 ) Effective tax rate 76 % 19 % Income tax expense for the three months ended March 31, 2023 was calculated using an estimated effective tax rate which differs from the U.S. federal statutory rate of 21 % primarily due to the adjustment for production tax credits and 162(m) compensation limit adjustment. The effective tax rate of 76 % for the three months ended March 31, 2023 was higher than the rate for the three months ended March 31, 2022 of 19 % primarily due to current period pre-tax book income being higher in 2022. The March 31, 2023 rate also includes utilization of production tax credits and certain discrete items. Income tax expense for the three months ended March 31, 2022 was calculated using an estimated effective tax rate which differs from the U.S. federal statutory rate of 21 % primarily due to the adjustment for production tax credits.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	NOTE 14 – SHARE-BASED COMPENSATION The board of directors of Montauk Renewables adopted the Montauk Renewables, Inc. Equity and Incentive Compensation Plan (“MRI EICP”) in January 2021. Following the closing of the IPO, the board of directors of Montauk Renewables approved the grant of non-qualified stock options, restricted stock units and restricted share awards to the employees of Montauk Renewables and its subsidiaries in January 2021. In connection with the restricted share awards, the officers of the Company made elections under Section 83(b) of the Code. Pursuant to such elections, the Company withheld 950,214 shares of common stock from such awards at a price of $ 11.38 per share from such awards. The Company records and reports restricted shares and restricted stock units when vested and in the case of options, when such awards are settled in the Company’s common stock. As of March 31, 2023, unrecognized MRI EICP compensation expense for awards the Company expects to vest was $ 15,332 and will be recognized over approximately 4 years. In connection with a May 2021 asset acquisition, 1,250,000 restricted share awards (“RS Awards”) were granted to two employees that were hired by the Company in connection with such acquisition. The RS Awards were to vest over a five-year period and subject to the achievement of time and performance-based vesting criteria over such period. In May 2022, the RS Awards were amended to remove the performance-based vesting criteria and will only be subject to time-based vesting requirements over a five-year period. The awards were revalued at $ 15,500 . Stock compensation expense related to the two awards was $ 1,227 for the three months ended March 31, 2023. The restricted shares, restricted stock units and option awards are subject to vesting schedules that commence or conclude, in the case of the options and restricted stock unit awards, on the one-year anniversary of the grant date and are subject to the terms and conditions of the MRI EICP and related award agreements including, in the case of the restricted share awards, each officer having made an election under Section 83(b) of the Code. Options granted under the MRI EICP allow the recipient to receive the Company’s common stock equal to the appreciation in the fair market value of the Company’s common stock between the grant date and the exercise and settlement of options into shares as of the exercise date(s). The fair value of the MRI EICP options was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions (no dividends were expected): Grant Date Risk-free interest rate 0.5 % Expected volatility 32.0 % Expected option life (in years) 5.5 Grant-date fair value $ 3.44 The following table summarizes the restricted shares, restricted stock units and options outstanding under the MRI EICP as of March 31, 2023 and March 31, 2022, respectively: Restricted Shares Restricted Stock Units Options Number of Weighted Number of Weighted Number of Weighted End of period - December 31, 2022 2,028,301 $ 11.80 280,000 $ 10.13 — $ — Beginning of period - January 1, 2023 2,028,301 $ 11.80 280,000 $ 10.13 — $ — Granted — — — — — — Vested — — — — — — Forfeited — — ( 80,000 ) 10.23 — — Exercised — — — — — — End of period - March 31, 2023 2,028,301 $ 11.80 200,000 $ 10.09 — $ — Restricted Shares Restricted Stock Units Options Number of Weighted Number of Weighted Number of Weighted End of period - December 31, 2021 2,569,613 $ 10.08 377,984 $ 10.23 950,214 $ 11.38 Beginning of period - January 1, 2022 2,569,613 $ 10.08 377,984 $ 10.23 950,214 $ 11.38 Granted — — — — — — Vested ( 23,705 ) 11.38 ( 27,984 ) 11.38 ( 950,214 ) 11.38 Forfeited — — — — — — Exercised — — — — — — End of period - March 31, 2022 2,545,908 $ 10.07 350,000 $ 10.13 — $ — As of March 31, 2023 none of the 950,214 vested options have been exercised.

Defined Contribution Plan

Defined Contribution Plan	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan	NOTE 15 – DEFINED CONTRIBUTION PLAN The Company maintains a 401(k) defined contribution plan for eligible employees. The Company matches 50 % of an employee’s deferrals up to 4 %. The Company also contributes 3 % of eligible employee’s compensation expense as a safe harbor contribution. The matching contributions vest ratably over four years of service, while the safe harbor contributions vest immediately. Incurred expense related to the 401(k) plan was $ 143 and $ 167 for the three months ended March 31, 2023 and 2022, respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 16 – RELATED PARTY TRANSACTIONS On January 26, 2021, the Company entered into a Loan Agreement and Secured Promissory Note (the “Initial Promissory Note”) with Montauk Holdings Limited (“MNK”). MNK is currently an affiliate of the Company and certain of the Company’s directors and executive officers are also directors and executive officers of MNK. Pursuant to the Initial Promissory Note, the Company advanced a cash loan of $ 5,000 to MNK for MNK to pay its dividends tax liability arising from the Reorganization Transactions under the South African Income Tax Act, 1962 (Act No. 58 of 1962), as amended (the “South African Income Tax Act”). On February 22, 2021, the Company and MNK entered into an Amended and Restated Promissory Note (the “Amended Promissory Note”) to increase the principal amount of the loan to a total of $ 7,140 , in the aggregate, and on December 22, 2021 entered into the Second Amended and Restated Loan Agreement and Secured Promissory Note (the “Second Amended Promissory Note”) to increase the principal amount of the loan to a total of $ 8,940 , in the aggregate, and on December 22, 2022 entered into the First Amendment of the Second Amended and Restated Loan Agreement and Secured Promissory Note (the “First Amendment of Second Amended Promissory Note”) to amend the maturity date of June 30, 2023, each in accordance with the Company’s obligations set forth in the Transaction Implementation Agreement entered into by and among the Company, MNK and the other party thereto, dated November 6, 2020, and amended on January 14, 2021. The terms of the Amended Promissory Note provide the Company a security interest of 800,000 shares of the Company and require MNK to use the proceeds of any such sale of the shares to repay the note. The Amended Promissory Note also has default provisions where MNK will deliver any unsold shares of the Company back to the Company to satisfy repayment of the note. Under applicable guidance for variable interest entities in ASC 810, Consolidation, the Company determined that MNK is a variable interest entity. The Company concluded that it is not the primary beneficiary of the variable interest entity, as the Company does not have a controlling financial interest and does not have the power to direct the activities that most significantly impact the economic performance of MNK. Accordingly, the Company concluded that presentation of the Amended Promissory Note as a related party receivable remains appropriate. MNK was delisted from the JSE on January 26, 2021. The MNK Board of Directors and Shareholders held its annual general meeting in March 2023 and voted to take MNK private. Related Party Reimbursements Periodically the Company will reimburse MNK and HCI Managerial Services Proprietary Limited, the administrator for the Company’s secondarily listed Johannesburg Stock Exchange trading symbol, for expenses incurred on behalf of the Company. Amounts reimbursed were $ 59 and $ 3 for the three months ended March 31, 2023 and 2022, respectively. $ 41 and $ 26 were owed as of March 31, 2023 and December 31, 2022, respectively.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	NOTE 17 – SEGMENT INFORMATION The Company’s reportable segments for the three months ended March 31, 2023 and 2022 are Renewable Natural Gas and Renewable Electricity Generation. Renewable Natural Gas includes the production of RNG. Renewable Electricity Generation includes generation of electricity at biogas-to-electricity plants. The corporate entity is not determined to be an operating segment but is discretely disclosed for purposes of reconciliation of the Company’s condensed consolidated financial statements. The following tables are consistent with the manner in which the chief operating decision maker evaluates the performance of each segment and allocates the Company’s resources. In the following tables, “RNG” refers to Renewable Natural Gas and “REG” refer to Renewable Electricity Generation. Three Months Ended March 31, 2023 RNG REG Corporate Total Total revenue $ 14,785 $ 4,369 $ - $ 19,154 Net (loss) income ( 4,340 ) ( 265 ) 817 ( 3,788 ) EBITDA ( 493 ) 1,022 ( 9,506 ) ( 8,977 ) Adjusted EBITDA (1) ( 5 ) 1,022 ( 9,423 ) ( 8,406 ) Total assets 156,750 54,846 112,741 324,337 Capital expenditures 10,241 3,031 6 13,278 (1) First quarter of 2023 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income from continuing operations to Adjusted EBITDA for the three months ended March 31, 2023: Three Months Ended March 31, 2023 RNG REG Corporate Total Net (loss) income $ ( 4,340 ) $ ( 265 ) $ 817 $ ( 3,788 ) Depreciation, depletion and amortization 3,847 1,287 62 5,196 Interest expense — — 1,675 1,675 Income tax benefit — — ( 12,060 ) ( 12,060 ) EBITDA $ ( 493 ) $ 1,022 $ ( 9,506 ) $ ( 8,977 ) Impairment loss 451 — — 451 Net loss on sale of assets 37 — — 37 Transaction costs — — 83 83 Adjusted EBITDA $ ( 5 ) $ 1,022 $ ( 9,423 ) $ ( 8,406 ) Three Months Ended March 31, 2022 RNG REG Corporate Total Total revenue $ 32,665 $ 3,971 $ ( 4,467 ) $ 32,169 Net Income (loss) 12,940 ( 1,178 ) ( 12,877 ) ( 1,115 ) EBITDA 16,620 214 ( 13,022 ) 3,812 Adjusted EBITDA (1) 16,327 214 ( 9,493 ) 7,048 Total assets 147,981 56,818 82,183 286,982 Capital expenditures 1,012 1,361 5 2,378 (1) First quarter of 2022 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income from continuing operations to Adjusted EBITDA for the three months ended March 31, 2022: Three Months Ended March 31, 2022 RNG REG Corporate Total Net Income (loss) $ 12,940 $ ( 1,178 ) $ ( 12,877 ) $ ( 1,115 ) Depreciation, depletion and amortization 3,680 1,392 81 5,153 Interest expense — — 32 32 Income tax benefit — — ( 258 ) ( 258 ) EBITDA $ 16,620 $ 214 $ ( 13,022 ) $ 3,812 Impairment loss — — 51 51 Net gain on sale of assets ( 293 ) ( 293 ) Transaction costs — — 27 27 Non cash hedging charges — — 3,451 3,451 Adjusted EBITDA $ 16,327 $ 214 $ ( 9,493 ) $ 7,048 For the three months ended March 31, 2023 and 2022, four and five customers, respectively, made up greater than 10% of our total revenues. Three Months Ended March 31, 2023 RNG REG Corporate Total Customer A — 21.0 % — 21.0 % Customer B 19.8 % — — 19.8 % Customer C 17.3 % — — 17.3 % Customer D 10.5 % — — 10.5 % Three Months Ended March 31, 2022 RNG REG Corporate Total Customer A 24.3 % — — 24.3 % Customer B 16.1 % — — 16.1 % Customer C — 11.2 % — 11.2 % Customer D 10.6 % — — 10.6 % Customer E 10.3 % — — 10.3 %

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	NOTE 18 – LEASES The Company leases office space and other office equipment under operating lease arrangements (with initial terms greater than twelve months), expiring in various years through 2033. These leases have been entered into to better enable the Company to conduct business operations. Office space is leased to provide adequate workspace for all employees in Pittsburgh, Pennsylvania and Houston, Texas. Office space and office equipment agreements that exceed 12 months are accounted for as operating leases in accordance with ASC 842, Leases. The Company also leases safety equipment for the various operational sites in the United States. The term of certain equipment exceeds twelve months and is accordingly classified as a finance lease under ASC 842. The finance leases expire in 2024 and were entered into in order to provide a safe work environment for operational employees. The Company determines if an arrangement is, or contains, a lease at inception based on whether that contract conveys the right to control the use of an identified asset in exchange for consideration for a period of time. For all operating and finance lease arrangements, the Company presents at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The Company has elected, as a practical expedient, not to separate non-lease components from lease components, and instead account for each separate component as a single lease component for all lease arrangements, as lessee. In addition, the Company has elected, as a practical expedient, not to apply lease recognition requirements to leases with a term of one year or less. In determination of the lease term, the Company considers the likelihood of lease renewal options and lease termination provisions. The Company uses its incremental borrowing rate, as the basis to calculate the present value of future lease payments, at lease commencement. The incremental borrowing rate represents the rate that would approximate the rate to borrow funds on a collateralized basis over a similar term and in a similar economic environment. Supplemental information related to operating lease arrangements was as follows: Three months ended March 31, 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 86 $ 64 Weighted average remaining lease term (in years) 5.92 1.05 Weighted average discount rate 5.00 % 5.00 % Future minimum operating lease payments are as follows: Year Ending Remainder of 2023 $ 344 2024 611 2025 624 2026 573 2027 583 Thereafter 3,307 Interest ( 1,319 ) Total $ 4,723 Supplemental information related to finance lease arrangements was as follows: Three months ended March 31, 2023 2022 Cash paid for amounts included in the measurement of financing lease liabilities $ 19 $ — Weighted average remaining lease term (in years) 1.14 — Weighted average discount rate 5.00 % — Future minimum finance lease payments are as follows: Year Ending Remainder of 2023 $ 57 2024 25 Interest ( 2 ) Total $ 80

Loss per Share

Loss per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Loss per Share	NOTE 19 – LOSS PER SHARE Basic and diluted loss per share was computed using the following common share data for the three months ended March 31, 2023 and March 31, 2022, respectively: Three months ended March 31, 2023 Three months ended March 31, 2022 Net loss $ ( 3,788 ) $ ( 1,115 ) Basic weighted-average shares outstanding 141,633,417 141,045,477 Dilutive effect of share-based awards — — Diluted weighted-average shares outstanding 141,633,417 141,045,477 Basic loss per share $ ( 0.03 ) $ ( 0.01 ) Diluted loss per share $ ( 0.03 ) $ ( 0.01 ) As a result of incurring a net loss for the three months ended March 31, 2023 and March 31, 2022, potential common shares of 616,496 and 600,467 were excluded from diluted loss per share because the effect would have been antidilutive.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	NOTE 20 – SUBSEQUENT EVENTS The Company evaluated its March 31, 2023 condensed consolidated financial statements through the date the financial statements were issued. On April 19, 2023, the Company granted 2,100,000 stock options to certain executive officers. The exercise price of the options is $ 6.77 and they vest in one third increments beginning in 2026. The stock option awards expire one year after vesting.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions of the SEC on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2023 (the “2022 Annual Report”). The results of operations for the three months March 31, 2023 in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2022, has been derived from the audited financial statements as of that date. For further information, refer to the Company’s audited financial statements and notes thereto included for the year ended December 31, 2022 in the 2022 Annual Report.
Segment Reporting	Segment Reporting The Company reports segment information in three segments: RNG, Renewable Electricity Generation and Corporate. This is consistent with the internal reporting provided to the chief operating decision maker who evaluates operating results and performance. The aforementioned business services and offerings described in Note 1 are grouped and defined by management as two distinct operating segments: RNG and Renewable Electricity Generation. Below is a description of the Company’s operating segments and other activities. The RNG segment represents the sale of gas sold at fixed-price contracts, counterparty share RNG volumes and applicable Environmental Attributes. This business unit represents the majority of the revenues generated by the Company. The Renewable Electricity Generation segment represents the sale of captured electricity and applicable Environmental Attributes. Corporate relates to additional discrete financial information for the corporate function. It is primarily used as a shared service center for maintaining functions such as executive, accounting, treasury, legal, human resources, tax, environmental, engineering and other operations functions not otherwise allocated to a segment. As such, the corporate entity is not determined to be an operating segment but is discretely disclosed for purposes of reconciliation to the Company’s consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements, in conformity with accounting principles generally accepted in the United States (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Asu 2016-13Transition	Recently Adopted Accounting Standards In June 2016, the FASB issued Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU and subsequent amendments are codified as Accounting Standards Codification Topic 326, Financial Instruments—Credit Losses (“ASC 326”). Application of ASC 326 was effective for SEC Issuers (excluding smaller reporting companies) for fiscal years beginning after December 15, 2019. Adoption for smaller reporting companies, emerging growth companies and nonpublic entities was deferred due to the COVID-19 pandemic and was required for fiscal years beginning after December 15, 2022. The ASU did not have a material impact on the Company’s consolidated financial statements or related financial statement disclosures.
Accounting standards update 2020-04	Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions to the current guidance on contract modifications and hedging relationships to ease the financial reporting burdens of the expected market transition from London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The FASB included a sunset provision within Topic 848 based on expectations of when the LIBOR would cease being published. The sunset provision has been amended from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company’s current debt agreement bears interest at the Bloomberg Short-Term Bank Yield Index Rate plus an applicable margin. LIBOR is no longer utilized as a reference rate.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Company's Revenue by Major Source	Three months ended March 31, 2023 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 204 $ 7,877 $ 8,081 Natural gas environmental attributes 6,644 — 6,644 Electric commodity — 2,621 2,621 Electric environmental attributes 1,808 — 1,808 $ 8,656 $ 10,498 $ 19,154 Operating segment: RNG $ 6,848 $ 7,877 $ 14,725 REG 1,808 2,621 4,429 $ 8,656 $ 10,498 $ 19,154 Three months ended March 31, 2022 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 405 $ 9,488 $ 9,893 Natural gas environmental attributes 22,710 — 22,710 Electric commodity — 2,385 2,385 Electric environmental attributes 1,649 — 1,649 $ 24,764 $ 11,873 $ 36,637 Operating segment: RNG $ 23,115 $ 9,488 $ 32,603 REG 1,649 2,385 4,034 $ 24,764 $ 11,873 $ 36,637

Accounts and Other Receivables

Accounts and Other Receivables (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables, Net, Current [Abstract]
Schedule of Accounts and Other Receivables	Accounts and other receivables consist of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Accounts receivables $ 6,214 $ 7,148 Other receivables 73 57 Reimbursable expenses 18 17 Accounts and other receivables, net $ 6,305 $ 7,222

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of Property Plant and Equipment	Property, plant and equipment consists of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Land $ 595 $ 595 Buildings and improvements 29,224 29,268 Machinery and equipment 247,216 247,631 Gas mineral rights 35,526 34,526 Construction work in progress 32,362 20,745 Total $ 344,923 $ 332,765 Less: Accumulated depreciation and amortization ( 161,123 ) ( 156,819 ) Property, plant & equipment, net $ 183,800 $ 175,946

Goodwill And Intangible Asset_2

Goodwill And Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	March 31, 2023 December 31, 2022 Goodwill $ 60 $ 60 Intangible assets with indefinite lives: Land use rights 329 329 Total intangible assets with indefinite lives: $ 329 $ 329 Intangible assets with finite lives: Interconnection, net of accumulated amortization of $ 3,292 and $ 3,107 $ 11,501 $ 11,686 Customer contracts, net of accumulated amortization of $ 17,080 and $ 17,022 3,622 3,680 Total intangible assets with finite lives: $ 15,123 $ 15,366 Total Goodwill and Intangible assets $ 15,512 $ 15,755

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Summary of Activity Associated with Asset Retirement Obligations	The following table summarizes the activity associated with asset retirement obligations of the Company as of March 31, 2023 and December 31, 2022: Three months ended March 31, 2023 Year ended December 31, 2022 Asset retirement obligations—beginning of period $ 5,493 $ 5,301 Accretion expense 100 296 Decommissioning — ( 104 ) Asset retirement obligations—end of period $ 5,593 $ 5,493

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instrument Detail [Abstract]
Summary of Realized and Unrealized Gains and Losses of Derivative Instrument	As a result of the economic hedging strategies employed, the Company had the following realized and unrealized gains and losses in the condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022: Derivative Instrument Location Three months ended March 31, 2023 Three months ended March 31, 2022 Commodity contracts: Realized natural gas Operating revenue $ — $ ( 1,016 ) Unrealized natural gas Operating revenue — ( 3,451 ) Interest rate swaps Interest expense ( 396 ) 1,036 Net loss $ ( 396 ) $ ( 3,431 )

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis	March 31, 2023 Level 1 Level 2 Level 3 Total Interest rate swap derivative asset $ — $ 1,419 $ 1,419 Asset retirement obligations — — ( 5,593 ) ( 5,593 ) Pico earn-out liability — — ( 4,057 ) ( 4,057 ) $ — $ 1,419 $ ( 9,650 ) $ ( 8,231 ) December 31, 2022 Level 1 Level 2 Level 3 Total Interest rate swap derivative asset $ — $ 1,815 $ — $ 1,815 Asset retirement obligations — — ( 5,493 ) ( 5,493 ) Pico earn-out liability — — ( 3,843 ) ( 3,843 ) $ — $ 1,815 $ ( 9,336 ) $ ( 7,521 )

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Summary of Accrued Liabilities	The Company’s accrued liabilities consists of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Accrued expenses $ 5,241 $ 3,221 Payroll and related benefits 1,640 1,561 Royalty 2,220 7,836 Utility 1,401 1,605 Other 852 867 Accrued liabilities $ 11,354 $ 15,090

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Company Debt	The Company’s debt consists of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Term loans $ 70,000 $ 72,000 Less: current principal maturities ( 8,000 ) ( 8,000 ) Less: debt issuance costs (on long-term debt) ( 467 ) ( 495 ) Long-term debt $ 61,533 $ 63,505 Current portion of long-term debt 7,876 7,870 $ 69,409 $ 71,375

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Three Months Ended March 31, 2023 March 31, 2022 Benefit for income taxes $ ( 12,060 ) $ ( 258 ) Effective tax rate 76 % 19 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-based Payment Arrangement [Abstract]
Summary of Fair Value of MRI EICP Options and Valuation Assumptions	Grant Date Risk-free interest rate 0.5 % Expected volatility 32.0 % Expected option life (in years) 5.5 Grant-date fair value $ 3.44
Summary of Outstanding Activity of Options,Restricted Stock and Restricted Stock Units under MRI EICP	The following table summarizes the restricted shares, restricted stock units and options outstanding under the MRI EICP as of March 31, 2023 and March 31, 2022, respectively: Restricted Shares Restricted Stock Units Options Number of Weighted Number of Weighted Number of Weighted End of period - December 31, 2022 2,028,301 $ 11.80 280,000 $ 10.13 — $ — Beginning of period - January 1, 2023 2,028,301 $ 11.80 280,000 $ 10.13 — $ — Granted — — — — — — Vested — — — — — — Forfeited — — ( 80,000 ) 10.23 — — Exercised — — — — — — End of period - March 31, 2023 2,028,301 $ 11.80 200,000 $ 10.09 — $ — Restricted Shares Restricted Stock Units Options Number of Weighted Number of Weighted Number of Weighted End of period - December 31, 2021 2,569,613 $ 10.08 377,984 $ 10.23 950,214 $ 11.38 Beginning of period - January 1, 2022 2,569,613 $ 10.08 377,984 $ 10.23 950,214 $ 11.38 Granted — — — — — — Vested ( 23,705 ) 11.38 ( 27,984 ) 11.38 ( 950,214 ) 11.38 Forfeited — — — — — — Exercised — — — — — — End of period - March 31, 2022 2,545,908 $ 10.07 350,000 $ 10.13 — $ —

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Reconciliation of the Company's Reportable Segments' Net Income from Continuing Operations	The following tables are consistent with the manner in which the chief operating decision maker evaluates the performance of each segment and allocates the Company’s resources. In the following tables, “RNG” refers to Renewable Natural Gas and “REG” refer to Renewable Electricity Generation. Three Months Ended March 31, 2023 RNG REG Corporate Total Total revenue $ 14,785 $ 4,369 $ - $ 19,154 Net (loss) income ( 4,340 ) ( 265 ) 817 ( 3,788 ) EBITDA ( 493 ) 1,022 ( 9,506 ) ( 8,977 ) Adjusted EBITDA (1) ( 5 ) 1,022 ( 9,423 ) ( 8,406 ) Total assets 156,750 54,846 112,741 324,337 Capital expenditures 10,241 3,031 6 13,278 (1) First quarter of 2023 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income from continuing operations to Adjusted EBITDA for the three months ended March 31, 2023: Three Months Ended March 31, 2023 RNG REG Corporate Total Net (loss) income $ ( 4,340 ) $ ( 265 ) $ 817 $ ( 3,788 ) Depreciation, depletion and amortization 3,847 1,287 62 5,196 Interest expense — — 1,675 1,675 Income tax benefit — — ( 12,060 ) ( 12,060 ) EBITDA $ ( 493 ) $ 1,022 $ ( 9,506 ) $ ( 8,977 ) Impairment loss 451 — — 451 Net loss on sale of assets 37 — — 37 Transaction costs — — 83 83 Adjusted EBITDA $ ( 5 ) $ 1,022 $ ( 9,423 ) $ ( 8,406 ) Three Months Ended March 31, 2022 RNG REG Corporate Total Total revenue $ 32,665 $ 3,971 $ ( 4,467 ) $ 32,169 Net Income (loss) 12,940 ( 1,178 ) ( 12,877 ) ( 1,115 ) EBITDA 16,620 214 ( 13,022 ) 3,812 Adjusted EBITDA (1) 16,327 214 ( 9,493 ) 7,048 Total assets 147,981 56,818 82,183 286,982 Capital expenditures 1,012 1,361 5 2,378 (1) First quarter of 2022 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income from continuing operations to Adjusted EBITDA for the three months ended March 31, 2022: Three Months Ended March 31, 2022 RNG REG Corporate Total Net Income (loss) $ 12,940 $ ( 1,178 ) $ ( 12,877 ) $ ( 1,115 ) Depreciation, depletion and amortization 3,680 1,392 81 5,153 Interest expense — — 32 32 Income tax benefit — — ( 258 ) ( 258 ) EBITDA $ 16,620 $ 214 $ ( 13,022 ) $ 3,812 Impairment loss — — 51 51 Net gain on sale of assets ( 293 ) ( 293 ) Transaction costs — — 27 27 Non cash hedging charges — — 3,451 3,451 Adjusted EBITDA $ 16,327 $ 214 $ ( 9,493 ) $ 7,048
Summary of Revenue by Major Customers	For the three months ended March 31, 2023 and 2022, four and five customers, respectively, made up greater than 10% of our total revenues. Three Months Ended March 31, 2023 RNG REG Corporate Total Customer A — 21.0 % — 21.0 % Customer B 19.8 % — — 19.8 % Customer C 17.3 % — — 17.3 % Customer D 10.5 % — — 10.5 % Three Months Ended March 31, 2022 RNG REG Corporate Total Customer A 24.3 % — — 24.3 % Customer B 16.1 % — — 16.1 % Customer C — 11.2 % — 11.2 % Customer D 10.6 % — — 10.6 % Customer E 10.3 % — — 10.3 %

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Operating Lease, Lease Income [Table Text Block]	Supplemental information related to operating lease arrangements was as follows: Three months ended March 31, 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 86 $ 64 Weighted average remaining lease term (in years) 5.92 1.05 Weighted average discount rate 5.00 % 5.00 %
Summary of Future Minimum Operating Lease Payments	Future minimum operating lease payments are as follows: Year Ending Remainder of 2023 $ 344 2024 611 2025 624 2026 573 2027 583 Thereafter 3,307 Interest ( 1,319 ) Total $ 4,723
Summary of Supplemental information Related To Finance Leases	Supplemental information related to finance lease arrangements was as follows: Three months ended March 31, 2023 2022 Cash paid for amounts included in the measurement of financing lease liabilities $ 19 $ — Weighted average remaining lease term (in years) 1.14 — Weighted average discount rate 5.00 % —
Summary of Future Minimum Finance Lease Payments	Future minimum finance lease payments are as follows: Year Ending Remainder of 2023 $ 57 2024 25 Interest ( 2 ) Total $ 80

Loss per Share (Tables)

Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss per Share	Three months ended March 31, 2023 Three months ended March 31, 2022 Net loss $ ( 3,788 ) $ ( 1,115 ) Basic weighted-average shares outstanding 141,633,417 141,045,477 Dilutive effect of share-based awards — — Diluted weighted-average shares outstanding 141,633,417 141,045,477 Basic loss per share $ ( 0.03 ) $ ( 0.01 ) Diluted loss per share $ ( 0.03 ) $ ( 0.01 )

Description of Business - Addit

Description of Business - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023
Number of years of experience	30 years
Number of current operations	15
Percent of greenhouse gas reduction requirement	60%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 ReportableSegments
Accounting Policies [Abstract]
Number of reportable segments	3

Asset Impairment - Additional I

Asset Impairment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Impairment loss	$ 451	$ 51

Revenues from Contracts with _3

Revenues from Contracts with Customers - Summary of Company's Revenue by Major Source (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	$ 19,154	$ 36,637
RNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	14,725	32,603
REG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	4,429	4,034
Natural Gas Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	8,081	9,893
Natural Gas Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	6,644	22,710
Electric Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	2,621	2,385
Electric Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,808	1,649
Goods transferred at a point in time [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	8,656	24,764
Goods transferred at a point in time [Member] | RNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	6,848	23,115
Goods transferred at a point in time [Member] | REG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,808	1,649
Goods transferred at a point in time [Member] | Natural Gas Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	204	405
Goods transferred at a point in time [Member] | Natural Gas Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	6,644	22,710
Goods transferred at a point in time [Member] | Electric Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,808	1,649
Goods transferred over time [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	10,498	11,873
Goods transferred over time [Member] | RNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	7,877	9,488
Goods transferred over time [Member] | REG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	2,621	2,385
Goods transferred over time [Member] | Natural Gas Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	7,877	9,488
Goods transferred over time [Member] | Electric Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	$ 2,621	$ 2,385

Accounts and Other Receivable_2

Accounts and Other Receivables - Schedule of Accounts and Other Receivables (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables, Net, Current [Abstract]
Accounts receivables	$ 6,214	$ 7,148
Other receivables	73	57
Reimbursable expenses	18	17
Accounts and other receivables, net	$ 6,305	$ 7,222

Accounts and Other Receivable_3

Accounts and Other Receivables - Additional Information (Detail) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Receivables, Net, Current [Abstract]
Reserve expense receivables current	$ 0	$ 0

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 344,923	$ 332,765
Less: Accumulated depreciation and amortization	(161,123)	(156,819)
Property, Plant & Equipment, Net	183,800	175,946
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	595	595
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	29,224	29,268
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	247,216	247,631
Gas mineral rights [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	35,526	34,526
Construction work in progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 32,362	$ 20,745

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 4,807	$ 4,810
Gas mineral rights [Member]
Property, Plant and Equipment [Line Items]
Adjustment for amortization	$ 128	$ 128

Goodwill And Intangible Asset_3

Goodwill And Intangible Assets, Net - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Intangible Assets And Goodwill [Line Items]
Goodwill	$ 60	$ 60
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets with indefinite lives	329	329
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets with finite lives	15,123	15,366
Total Goodwill and Intangible Assets	15,512	15,755
Interconnection [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets with finite lives	11,501	11,686
Customer Contracts [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets with finite lives	3,622	3,680
Land Use Rights [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets with indefinite lives	$ 329	$ 329

Goodwill And Intangible Asset_4

Goodwill And Intangible Assets, Net - Schedule of Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Interconnection [Member]
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite lived intangible assets accumulated amortization	$ 3,292	$ 3,107
Customer Contracts [Member]
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite lived intangible assets accumulated amortization	$ 17,080	$ 17,022

Goodwill And Intangible Asset_5

Goodwill And Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 243	$ 215
Customer Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible asset useful life	16 years
Interconnection [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible asset useful life	16 years

Asset Retirement Obligations -

Asset Retirement Obligations - Summary of Activity Associated with Asset Retirement Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations - beginning of period	$ 5,493	$ 5,301	$ 5,301
Accretion of asset retirement obligations	100	$ 98	296
Decommissioning	0		(104)
Asset retirement obligations - end of period	$ 5,593		$ 5,493

Derivative Instruments - Summar

Derivative Instruments - Summary of Realized and Unrealized Gains and Losses of Derivative Instrument (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Net loss	$ (396)	$ (3,431)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net Income (loss)	Net Income (loss)
Commodity contract [Member] | Realized natural gas [Member]
Derivative [Line Items]
Net loss	$ 0	$ (1,016)
Commodity contract [Member] | Unrealized natural gas [Member]
Derivative [Line Items]
Net loss	0	(3,451)
Interest rate swap [Member]
Derivative [Line Items]
Net loss	$ (396)	$ 1,036

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset retirement obligations	$ (5,593)	$ (5,493)	$ (5,301)
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap derivative asset	1,419	1,815
Asset retirement obligations	(5,593)	(5,493)
Pico earn-out liability	(4,057)	(3,843)
Fair Value, Net Asset (Liability)	(8,231)	(7,521)
Fair Value, Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap derivative asset	0	0
Asset retirement obligations	0	0
Pico earn-out liability	0	0
Fair Value, Net Asset (Liability)	0	0
Fair Value, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap derivative asset	1,419	1,815
Asset retirement obligations	0	0
Pico earn-out liability	0	0
Fair Value, Net Asset (Liability)	1,419	1,815
Fair Value, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap derivative asset		0
Asset retirement obligations	(5,593)	(5,493)
Pico earn-out liability	(4,057)	(3,843)
Fair Value, Net Asset (Liability)	$ (9,650)	$ (9,336)

Accrued Liabilities - Summary o

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued expenses	$ 5,241	$ 3,221
Payroll and related benefits	1,640	1,561
Royalty	2,220	7,836
Utility	1,401	1,605
Other	852	867
Accrued liabilities	$ 11,354	$ 15,090

Debt - Summary of Company Debt

Debt - Summary of Company Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Term loans	$ 70,000	$ 72,000
Less: current principal maturities	(8,000)	(8,000)
Less: debt issuance costs (on long-term debt)	(467)	(495)
Long-term debt	61,533	63,505
Current portion of long-term debt	7,876	7,870
Debt, Long-term and Short-term, Combined Amount	69,409	$ 71,375
Term Loans [Member]
Debt Instrument [Line Items]
Long-term debt	$ 70,000

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands			3 Months Ended
	Dec. 21, 2021	Sep. 12, 2019	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Extinguishment of Debt [Line Items]
Debt interest rate			6.64%		4.12%
Debt Issuance Costs, Net			$ 326
Debt Issuance Costs, capitalized			1,701
Amortized debt issuance expense			93	$ 108
Long-term debt			61,533		$ 63,505
Payment of debt modification charges			2,027
Term Loans [Member]
Extinguishment of Debt [Line Items]
Long-term debt			70,000
Revolving Credit Facility [Member]
Extinguishment of Debt [Line Items]
Line of Credit Facility, Current Borrowing Capacity			115,523
Letter of Credit [Member]
Extinguishment of Debt [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period			$ 4,477
MEH [Member] | Second Amendment [Member]
Extinguishment of Debt [Line Items]
Line of Credit		$ 80,000
Repayment of long term debt		38,250
MEH [Member] | Fourth Amendment [Member]
Extinguishment of Debt [Line Items]
Repayments of Lines of Credit	$ 120,000
Long-term debt	80,000
MEH [Member] | Term Loans [Member]
Extinguishment of Debt [Line Items]
Debt Instrument, Periodic Payment, Principal		$ 2,500
MEH [Member] | Term Loans [Member] | Through Two Thousand And Twenty Four [Member]
Extinguishment of Debt [Line Items]
Debt Instrument, Periodic Payment, Principal	2,000
MEH [Member] | Term Loans [Member] | From Two Thousand And Twenty Five And Upto Two Thousand And Twetny Six [Member]
Extinguishment of Debt [Line Items]
Debt Instrument, Periodic Payment, Principal	3,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 32,000

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Benefit for income taxes	$ (12,060)	$ (258)
Effective tax rate	76%	19%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	76%	19%
Effective tax rate, U.S. federal statutory rate	21%	21%

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Fair Value of MRI EICP Options and Valuation Assumptions (Detail) - MRI EICP [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.50%
Expected volatility	32%
Expected option life	5 years 6 months
Grant-date fair value	$ 3.44

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Outstanding Activity of Options,Restricted Stock and Restricted Stock Units under MRI EICP (Detail) - MRI EICP [Member] - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning of period	2,028,301	2,569,613
Number of Shares, Granted	0	0
Number of Shares, Vested	0	(23,705)
Number of Shares, Forfeited	0	0
Number of Shares, End of period	2,028,301	2,545,908
Weighted Average Grant Date Fair Value, Beginning of period	$ 11.80	$ 10.08
Weighted Average Grant Date Fair Value, Granted	0	0
Weighted Average Grant Date Fair Value, Vested	0	11.38
Weighted Average Grant Date Fair Value, Forfeited	0	0
Weighted Average Grant Date Fair Value, End of period	$ 11.80	$ 10.07
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning of period	280,000	377,984
Number of Shares, Granted	0	0
Number of Shares, Vested	0	(27,984)
Number of Shares, Forfeited	(80,000)	0
Number of Shares, End of period	200,000	350,000
Weighted Average Grant Date Fair Value, Beginning of period	$ 10.13	$ 10.23
Weighted Average Grant Date Fair Value, Granted	0	0
Weighted Average Grant Date Fair Value, Vested	0	11.38
Weighted Average Grant Date Fair Value, Forfeited	10.23	0
Weighted Average Grant Date Fair Value, End of period	$ 10.09	$ 10.13
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Beginning of period	0	950,214
Number of Shares, Granted	0	0
Number of Shares, Vested	0	(950,214)
Number of Shares, Forfeited	0	0
Number of Shares, Exercised	$ 0	$ 0
Number of Shares, End of period	0	0
Weighted Average Grant Date Fair Value, Beginning of period	$ 0	$ 11.38
Weighted Average Grant Date Fair Value, Granted		0
Weighted Average Grant Date Fair Value, Vested	0	11.38
Weighted Average Grant Date Fair Value, Forfeited	0	0
Weighted Average Exercise Price, Exercised	0	0
Weighted Average Grant Date Fair Value, End of period	$ 0	$ 0

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands			3 Months Ended
	May 31, 2022 USD ($)	Jan. 31, 2021 $ / shares shares	Mar. 31, 2023 USD ($) Employees shares	Mar. 31, 2022 USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation			$ 1,770	$ 2,334
MRI EICP [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock shares withheld | shares		950,214	950,214
Exercise price of common stock | $ / shares		$ 11.38
Stock-based compensation			$ 15,332
Unrecognised compensation expense recognised, Period			4 years
Restricted Stock [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Number of Shares Per Employee | shares			1,250,000
Number of employees | Employees			2
Time Based Restricted Stock Awards [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation			$ 1,227
Share-Based compensation arrangement by share-Based payment award, equity instruments other than options, revalued amount	$ 15,500

Defined Contribution Plan - Add

Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50%
Defined contribution plan, employer matching contribution, percent of employees' gross pay	4%
Defined contribution plan, cost	$ 143	$ 167
Safe Harbor Contribution [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, maximum annual contributions per employee, percent	3%
Defined contribution plan, employer matching contribution, vesting period	4 years

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Jan. 26, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Notes receivable from related parties current				$ 8,940	$ 7,140
Debt conversion, converted instrument, shares issued		800,000
MNK [Member] | Loans Advanced To Related Parties [Member]
Related Party Transaction [Line Items]
Payment towards advances to related parties	$ 5,000
MNK And Hosken Consolidated Investments Limited [Member]
Related Party Transaction [Line Items]
Reimbursments received from related party		$ 59	$ 3
Due to related party		$ 41		$ 26

Segment Information - Summary o

Segment Information - Summary of Reconciliation of the Company's Reportable Segments' Net Income from Continuing Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022		Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	$ 19,154		$ 32,169
Net Income (loss)	(3,788)		(1,115)
EBITDA	(8,977)		3,812
Adjusted EBITDA	(8,406)	[1]	7,048	[2]
Total assets	324,337		286,982		$ 332,316
Capital expenditures	13,278		2,378
Depreciation and amortization	5,196		5,153
Interest expense	1,675		32
Income tax benefit	(12,060)		(258)
Impairment loss	451		51
Net loss (gain) on sale of assets	37		(293)
Transaction costs	83		27
Non cash hedging charges			3,451
RNG [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	14,785		32,665
Net Income (loss)	(4,340)		12,940
EBITDA	(493)		16,620
Adjusted EBITDA	(5)	[1]	16,327	[2]
Total assets	156,750		147,981
Capital expenditures	10,241		1,012
Depreciation and amortization	3,847		3,680
Impairment loss	451
Net loss (gain) on sale of assets	37		(293)
REG [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	4,369		3,971
Net Income (loss)	(265)		(1,178)
EBITDA	1,022		214
Adjusted EBITDA	1,022	[1]	214	[2]
Total assets	54,846		56,818
Capital expenditures	3,031		1,361
Depreciation and amortization	1,287		1,392
Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	0		(4,467)
Net Income (loss)	817		(12,877)
EBITDA	(9,506)		(13,022)
Adjusted EBITDA	(9,423)	[1]	(9,493)	[2]
Total assets	112,741		82,183
Capital expenditures	6		5
Depreciation and amortization	62		81
Interest expense	1,675		32
Income tax benefit	(12,060)		(258)
Impairment loss			51
Transaction costs	$ 83		27
Non cash hedging charges			$ 3,451
[1] First quarter of 2023 EBITDA Reconciliation First quarter of 2022 EBITDA Reconciliation

Segment Information - Summary_2

Segment Information - Summary of Revenue by Major Customers (Detail) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Customer A [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	21%	24.30%
Customer B [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	19.80%	16.10%
Customer C [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	17.30%	11.20%
Customer D [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10.50%	10.60%
Customer E [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		10.30%
RNG [Member] | Customer A [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		24.30%
RNG [Member] | Customer B [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	19.80%	16.10%
RNG [Member] | Customer C [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	17.30%
RNG [Member] | Customer D [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	10.50%	10.60%
RNG [Member] | Customer E [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		10.30%
REG [Member] | Customer A [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	21%
REG [Member] | Customer C [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		11.20%

Leases - Summary of Supplementa

Leases - Summary of Supplemental Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 86	$ 64
Weighted average remaining lease term (in years)	5 years 11 months 1 day	1 year 18 days
Weighted average discount rate	5%	5%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Operating Lease Payments (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
Remainder of 2023	$ 344
2024	611
2025	624
2026	573
2027	583
Therafter	3,307
Interest	(1,319)
Total	$ 4,723

Leases - Summary of Supplemen_2

Leases - Summary of Supplemental Information Related To Finance Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Finance Lease Payments	$ 19	$ 0
Weighted average remaining lease term (in years)	1 year 1 month 20 days
Weighted average discount rate	5%	0%

Leases - Summary of Future Mi_2

Leases - Summary of Future Minimum Finance Lease Payments (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Finance Lease, Liability, Payment, Due [Abstract]
Remainder of 2023	$ 57
2024	25
Interest	(2)
Total	$ 80

Loss per Share - Schedule of Ba

Loss per Share - Schedule of Basic and Diluted Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (3,788)	$ (1,115)
Basic weighted-average shares outstanding	141,633,417	141,045,477
Dilutive effect of share-based awards	0	0
Diluted weighted-average shares outstanding	141,633,417	141,045,477
Basic loss per share	$ (0.03)	$ (0.01)
Diluted loss per share	$ (0.03)	$ (0.01)

Loss per Share - Additional Inf

Loss per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Antidilutive excluded from diluted net loss per share	616,496	600,467

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event	Apr. 19, 2023 $ / shares shares
Subsequent Event [Line Items]
Stock options granted | shares	2,100,000
Exercise price of options | $ / shares	$ 6.77