Montauk Renewables (MNTK) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	MONTAUK RENEWABLES, INC.
Securities Act 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		143,367,622
Entity Central Index Key	0001826600
Entity Ex Transition Period	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 54,973	$ 73,811
Accounts and other receivables	19,217	12,752
Current restricted cash	82	8
Current portion of derivative instruments	428	785
Prepaid expenses and other current assets	4,576	2,819
Total current assets	79,276	90,175
Non-current restricted cash	374	423
Property, plant and equipment, net	249,845	214,289
Goodwill and intangible assets, net	18,460	18,421
Deferred tax assets	33	2,076
Non-current portion of derivative instruments	179	470
Operating lease right-of-use assets	4,054	4,313
Finance lease right-of-use assets	129	36
Related party receivable	10,168	10,138
Other assets	11,600	9,897
Total assets	374,118	350,238
Current liabilities:
Accounts payable	10,154	7,916
Accrued liabilities	15,763	12,789
Income tax payable	1,584	313
Current portion of operating lease liability	457	420
Current portion of finance lease liability	71	26
Current portion of long-term debt	10,868	7,886
Total current liabilities	38,897	29,350
Long-term debt, less current portion	46,719	55,614
Non-current portion of operating lease liability	3,849	4,133
Non-current portion of finance lease liability	58	10
Asset retirement obligations	6,226	5,900
Other liabilities	3,032	4,992
Total liabilities	98,781	99,999
Commitments and contingencies (Note 20)
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, authorized 690,000,000 shares; 143,732,811 shares issued at September 30, 2024 and December 31, 2023; 142,567,055 and 141,986,189 shares outstanding at September 30, 2024 and December 31, 2023, respectively	1,425	1,420
Treasury stock, at cost, 1,315,403 and 984,762 shares September 30, 2024 and December 31, 2023, respectively	(12,882)	(11,173)
Additional paid-in capital	222,994	214,378
Retained earnings	63,800	45,614
Total stockholders' equity	275,337	250,239
Total liabilities and stockholders' equity	$ 374,118	$ 350,238

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	143,732,811	143,732,811
Common stock shares outstanding	142,567,055	141,986,189
Treasury stock, shares	1,315,403	984,762

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Total operating revenues	$ 65,917	$ 55,688	$ 148,042	$ 128,097
Operating expenses:
Operating and maintenance expenses	15,484	14,212	48,596	43,614
General and administrative expenses	10,037	7,848	28,202	26,069
Royalties, transportation, gathering and production fuel	11,107	11,450	26,702	25,588
Depreciation, depletion and amortization	6,048	5,346	17,305	15,792
Impairment loss	533	51	1,232	777
Transaction costs			61	86
Total operating expenses	43,209	38,907	122,098	111,926
Operating income	22,708	16,781	25,944	16,171
Other expenses (income):
Interest expense	1,835	1,295	4,285	3,681
Other income	(140)	(256)	(1,249)	(340)
Total other expenses	1,695	1,039	3,036	3,341
Income before income taxes	21,013	15,742	22,908	12,830
Income tax expense	3,965	2,808	4,722	2,681
Net income	$ 17,048	$ 12,934	$ 18,186	$ 10,149
Income per share:
Basic	$ 0.12	$ 0.09	$ 0.13	$ 0.07
Diluted	$ 0.12	$ 0.09	$ 0.13	$ 0.07
Weighted-average common shares outstanding:
Basic	142,410,940	141,717,612	142,156,540	141,661,790
Diluted	142,620,332	142,299,875	142,331,541	142,000,827

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
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
Vesting of stock awards (in shares)		215,165
Net Income (Loss)	10,149				10,149
Stock-based compensation	5,995			5,995
Ending balance at Sep. 30, 2023	243,235	$ 1,416	$ (11,051)	212,055	40,815
Ending balance, shares at Sep. 30, 2023		141,848,582	971,306
Beginning balance at Jun. 30, 2023	227,801	$ 1,416	$ (11,051)	209,555	27,881
Beginning balance, shares at Jun. 30, 2023		141,633,417	971,306
Vesting of stock awards (in shares)		215,165
Net Income (Loss)	12,934				12,934
Stock-based compensation	2,500			2,500
Ending balance at Sep. 30, 2023	243,235	$ 1,416	$ (11,051)	212,055	40,815
Ending balance, shares at Sep. 30, 2023		141,848,582	971,306
Beginning balance at Dec. 31, 2023	250,239	$ 1,420	$ (11,173)	214,378	45,614
Beginning balance, shares at Dec. 31, 2023		141,986,189	984,762
Issuance of common stock, shares		580,866
Issuance of common stock	5	$ 5
Treasury stock, shares			330,641
Treasury stock	(1,709)		$ (1,709)
Net Income (Loss)	18,186				18,186
Stock-based compensation	8,616			8,616
Ending balance at Sep. 30, 2024	275,337	$ 1,425	$ (12,882)	222,994	63,800
Ending balance, shares at Sep. 30, 2024		142,567,055	1,315,403
Beginning balance at Jun. 30, 2024	255,321	$ 1,422	$ (11,570)	218,717	46,752
Beginning balance, shares at Jun. 30, 2024		142,186,722	1,069,627
Issuance of common stock, shares		380,333
Issuance of common stock	3	$ 3
Treasury stock, shares			245,776
Treasury stock	(1,312)		$ (1,312)
Net Income (Loss)	17,048				17,048
Stock-based compensation	4,277			4,277
Ending balance at Sep. 30, 2024	$ 275,337	$ 1,425	$ (12,882)	$ 222,994	$ 63,800
Ending balance, shares at Sep. 30, 2024		142,567,055	1,315,403

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net Income (Loss)	$ 17,048	$ 12,934	$ 18,186	$ 10,149
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization			17,305	15,792
Provision for deferred income taxes			2,044	1,786
Stock-based compensation	2,911		8,616	5,995
Derivative mark-to-market adjustments and settlements			648	(160)
Net loss on sale of assets			72	37
(Decrease) increase in earn-out liability			(1,744)	959
Accretion of asset retirement obligations			333	304	$ 407
Liabilities associated with properties sold			(225)	0
Amortization of debt issuance costs	90	92	270	276
Impairment loss	533	51	1,232	777
Accounts and other receivables and other current assets			(9,997)	(18,123)
Accounts payable and other accrued expenses			6,331	1,795
Net cash provided by operating activities			43,071	19,587
Cash flows from investing activities:
Capital expenditures	(12,571)	(15,819)	(53,334)	(45,406)
Asset acquisition			(820)	0
Cash collateral deposits			25	2
Net cash used in investing activities			(54,129)	(45,404)
Cash flows from financing activities:
Repayments of long-term debt			(6,000)	(6,000)
Common stock issuance			5	0
Treasury stock purchase			(1,709)	0
Finance lease payments			(51)	(54)
Net cash used in financing activities			(7,755)	(6,054)
Net decrease in cash and cash equivalents and restricted cash			(18,813)	(31,871)
Cash and cash equivalents and restricted cash at beginning of period			74,242	105,606	105,606
Cash and cash equivalents and restricted cash at end of period	55,429	73,735	55,429	73,735	74,242
Reconciliation of cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents	54,973	73,304	54,973	73,304	73,811
Restricted cash and cash equivalents - current	82	22	82	22	8
Restricted cash and cash equivalents - non-current	374	409	374	409	423
Reconciliation of cash, cash equivalents, and restricted cash at end of year	$ 55,429	$ 73,735	55,429	73,735	$ 74,242
Supplemental cash flow information:
Cash paid for interest			3,895	3,713
Cash paid for income taxes			1,407	1,034
Accrual for purchase of property, plant and equipment included in accounts payable and accrued liabilities			$ 6,928	$ 2,595

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 17,048	$ 12,934	$ 18,186	$ 10,149

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2024
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 Generation” or "REG"). 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 operations at 14 projects and ongoing development 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 produced 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 generated electricity and the associated environmental premiums related to electricity 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	9 Months Ended
	Sep. 30, 2024
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, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2024 (the “2023 Annual Report”). The results of operations for the three and nine months ended September 30, 2024 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, 2023, 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, 2023 in the 2023 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. The Corporate segment primarily consists of general and administrative expenses not allocated to RNG and Renewable Electricity Generation. Below is a description of the Company’s segments and other activities. The RNG segment represents the sale of gas sold at fixed-price contracts, counterparty shares of 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 generated 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 segment 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 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 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, "BSBY", plus an applicable margin. The BSBY index will cease on November 15, 2024, and the current debt agreement has been amended to utilize the Secured Overnight Financing Rate Index, "SOFR", plus an applicable margin. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments. The amendments in 2023-07 aim to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. Other than enhanced disclosures, the Company does not expect a material impact from the adoption of this standard on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in 2023-09 aim to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for the Company's Annual Report on Form 10-K for the year ended December 31, 2025, with early adoption permitted. Other than enhanced disclosures, the Company does not expect a material impact from the adoption of this standard on its consolidated financial statements.

Asset Impairment

Asset Impairment	9 Months Ended
	Sep. 30, 2024
Asset Impairment Charges [Abstract]
Asset Impairment	NOTE 3 – ASSET IMPAIRMENT The Company recorded an impairment loss of $ 533 and $ 51 for the three months ended September 30, 2024 and 2023, respectively and $ 1,232 and $ 777 for the nine months ended September 30, 2024 and 2023, respectively. On February 18, 2024, for one of its REG sites, the Company entered into a bill of sale, assignment and assumption agreement to sell its rights to the existing fuel supply agreement and property back to the site host in advance of the fuel supply agreement termination date and received $ 1,000 in proceeds. The effective date of the sale, assignment and assumption agreement is October 1, 2024. The Company elected to cease operations prior to the assignment date and consequently the remaining book value of long lived assets and intangibles were impaired for $ 312 . The remaining impairments included $ 591 for various RNG equipment that was deemed obsolete or inoperable for current operations and $ 329 in REG assets that were impacted under initial startup testing for one of its REG construction work in progress sites. The 2023 impairments were for specifically identified RNG machinery and feedstock processing equipment that were no longer in operational use and recorded in the Company's RNG segment.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	NOTE 4 – REVENUES FROM CONTRACTS WITH CUSTOMERS The Company’s revenues are comprised of renewable energy and related Environmental Attribute sales provided under short and medium term contracts with its customers. All revenue is recognized when (or as) the Company satisfies its performance obligation(s) under the contract (either implicit or explicit) by transferring the promised product or service to its customer either when (or as) its customer obtains control of the product or service. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. The Company allocates the contract’s transaction price to each performance obligation using the product’s observable market standalone selling price for each distinct product in the contract. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products or services. As such, revenue is recorded net of allowances and customer discounts as well as net of transportation and gathering costs incurred by the customer following the transfer of control of the commodities sold. To the extent applicable, sales, value add and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. The Company’s performance obligations related to the sale of renewable energy (i.e. RNG and Renewable Electricity Generation) are generally satisfied over time. Revenue related to the sale of renewable energy is generally recognized over time using an output based upon the product quantity delivered to the customer. This measure is used to best depict the Company’s performance to date under the terms of the contract. Revenue from products transferred to customers over time accounted for approximately 16 % and 18 % of revenue for the three months ended September 30, 2024 and 2023, respectively, and 20 % and 24 % of revenue for the nine months ended September 30, 2024 and 2023, respectively. The nature of the Company’s contracts may give rise to several types of variable consideration, such as periodic price increases. This variable consideration is outside of the Company’s influence as the variable consideration is dictated by the market. Therefore, the variable consideration associated with the contracts is considered fully constrained. The Company’s performance obligations related to the sale of Environmental Attributes are generally satisfied at a point in time and were approximately 84 % and 82 % of revenue for the three months ended September 30, 2024 and 2023, respectively, and 80 % and 76 % for the nine months ended September 30, 2024 and 2023, respectively. The Company recognizes Environmental Attribute revenue at the point in time in which the customer obtains control of the Environmental Attributes, which is generally when the title of the Environmental Attribute passes to the customer upon delivery. In limited cases, title does not transfer to the customer and revenue is not recognized until the customer has accepted the Environmental Attributes. The following tables display the Company’s disaggregated revenue by major source based on product type and timing of transfer of goods and services for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, 2024 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 333 $ 8,100 $ 8,433 Natural gas environmental attributes 53,206 — 53,206 Electric commodity — 2,402 2,402 Electric environmental attributes 1,876 — 1,876 $ 55,415 $ 10,502 $ 65,917 Operating segment: RNG $ 53,539 $ 8,100 $ 61,639 REG 1,876 2,402 4,278 $ 55,415 $ 10,502 $ 65,917 Three months ended September 30, 2023 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 232 $ 7,060 $ 7,292 Natural gas environmental attributes 43,612 — 43,612 Electric commodity — 2,821 2,821 Electric environmental attributes 1,963 — 1,963 $ 45,807 $ 9,881 $ 55,688 Operating segment: RNG $ 43,844 $ 7,060 $ 50,904 REG 1,963 2,821 4,784 $ 45,807 $ 9,881 $ 55,688 Nine months ended September 30, 2024 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 1,023 $ 22,024 $ 23,047 Natural gas environmental attributes 111,281 — 111,281 Electric commodity — 7,983 7,983 Electric environmental attributes 5,731 — 5,731 $ 118,035 $ 30,007 $ 148,042 Operating segment: RNG $ 112,304 $ 22,024 $ 134,328 REG 5,731 7,983 13,714 $ 118,035 $ 30,007 $ 148,042 Nine months ended September 30, 2023 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 638 $ 21,931 $ 22,569 Natural gas environmental attributes 91,630 — 91,630 Electric commodity — 8,244 8,244 Electric environmental attributes 5,654 — 5,654 $ 97,922 $ 30,175 $ 128,097 Operating segment: RNG $ 92,268 $ 21,931 $ 114,199 REG 5,654 8,244 13,898 $ 97,922 $ 30,175 $ 128,097 Practical expedients and remaining performance obligations The Company recognizes the sale of natural gas and electric commodities using the right to invoice practical expedient. The Company determined that the revenues recognized as of period end correspond directly with the value transferred to customers and the Company's satisfaction of the performance obligations to date. Furthermore, with the application of the right to invoice practical expedient and in consideration that contracts related to future environmental attributes sales do not exceed one year, there were no remaining unsatisfied or partially satisfied performance obligations as of September 30, 2024 and December 31, 2023, respectively.

Accounts and Other Receivables

Accounts and Other Receivables	9 Months Ended
	Sep. 30, 2024
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 consolidated statements of operations. No reserve expense was recorded for the three and nine months ended September 30, 2024 and 2023. Accounts and other receivables consist of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Accounts receivables $ 19,056 $ 12,557 Other receivables 145 148 Reimbursable expenses 16 47 Accounts and other receivables, net $ 19,217 $ 12,752

Property, Plant and Equipment,

Property, Plant and Equipment, Net	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Land $ 1,568 $ 748 Buildings and improvements 36,506 30,329 Machinery and equipment 276,078 255,421 Gas mineral rights 35,526 35,526 Construction work in progress 90,122 67,747 Total $ 439,800 $ 389,771 Less: Accumulated depreciation and amortization ( 189,955 ) ( 175,482 ) Property, plant & equipment, net $ 249,845 $ 214,289 Depreciation expense for property plant and equipment was $ 5,691 and $ 4,956 for the three months ended September 30, 2024 and 2023, respectively, and $ 16,245 and $ 14,624 for the nine months ended September 30, 2024 and 2023, respectively. Depletion expense for gas mineral rights was $ 91 and $ 129 for the three months ended September 30, 2024 and 2023, respectively, and $ 273 and $ 385 for the nine months ended September 30, 2024 and 2023, respectively. Construction work in progress consists of RNG and REG capital expenditures on developmental projects and improvements to existing sites. Projects, on average, last between 18 to 36 months, and when completed for their intended use, costs are placed in service and begin depreciating. In February 2024, the Company completed an Asset acquisition with a privately-held entity. The Company paid $ 820 for land located in North Carolina. The Asset acquisition was accounted for as an asset purchase in accordance with ASC 805, Business Combinations, and the purchase price has been allocated all to land within Property, plant and equipment, net on the Company's consolidated balance sheet.

Goodwill And Intangible Assets,

Goodwill And Intangible Assets, Net	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Goodwill $ 60 $ 60 Intangible assets with indefinite lives: Land use rights 328 329 Total intangible assets with indefinite lives: $ 328 $ 329 Intangible assets with finite lives: Interconnection, net of accumulated amortization 4,406 and $ 3,847 $ 14,803 $ 14,584 Customer contracts, net of accumulated 17,415 and $ 17,254 3,269 3,448 Total intangible assets with finite lives: $ 18,072 $ 18,032 Total Goodwill and Intangible assets $ 18,460 $ 18,421 As of September 30, 2024, the weighted average remaining useful lives for customer contracts and interconnections were 13 and 14 years, respectively. Amortization expense was $ 248 and $ 243 for the three months ended September 30, 2024 and 2023, respectively and $ 738 and $ 729 for the nine months ended September 30, 2024 and 2023, respectively.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	NOTE 8 – ASSET RETIREMENT OBLIGATIONS The Company accounts for asset retirement obligations by recording the fair value of the liability in the period in which it is incurred. The Company estimates the fair value of asset retirement obligations by calculating the estimated present value of the cost to retire the asset. Factors that are considered when determining the present value of the cost to retire the asset include future inflation and discount rates, along with estimates date(s) of retiring the asset. Additionally, changes in legal, regulatory, environmental, and political environments can affect the fair value of the obligations. As such, asset retirement obligations are considered a Level 3 financial instrument. The $ 218 change in estimates for the nine months ended September 30, 2024 was due to RNG fuel supply agreement extensions and an RNG project that necessitated reassessments. The $ 225 reduction in the liability was due to an REG site sale as described in Note 3. The following table summarizes the activity associated with asset retirement obligations of the Company as of September 30, 2024 and December 31, 2023: Nine months ended Year ended December 31, 2024 2023 Asset retirement obligations—beginning of period $ 5,900 $ 5,493 Accretion expense 333 407 Changes in estimate 218 — Liabilities associated with properties sold ( 225 ) — Asset retirement obligations—end of period $ 6,226 $ 5,900

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instrument Detail [Abstract]
Derivative Instruments	NOTE 9 – DERIVATIVE INSTRUMENTS To mitigate market risk associated with fluctuations in interest rates, the Company utilizes swap contracts 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 cash gains/losses and non-cash gains/losses in the consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023: For the three months Derivative Instrument Location 2024 2023 Interest rate swaps Interest expense $ ( 674 ) $ 41 Net (loss) gain $ ( 674 ) $ 41 For the nine months Derivative Instrument Location 2024 2023 Interest rate swaps Interest expense $ ( 648 ) $ 160 Net (loss) gain $ ( 648 ) $ 160

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023, set forth by level, within the fair value hierarchy: September 30, 2024 Level 1 Level 2 Level 3 Total Interest rate swap derivative asset $ — $ 607 $ — $ 607 Asset retirement obligations — — ( 6,226 ) ( 6,226 ) Pico earn-out liability — — ( 3,365 ) ( 3,365 ) $ — $ 607 $ ( 9,591 ) $ ( 8,984 ) December 31, 2023 Level 1 Level 2 Level 3 Total Interest rate swap derivative asset $ — $ 1,255 $ — $ 1,255 Asset retirement obligations — — ( 5,900 ) ( 5,900 ) Pico earn-out liability — — ( 5,109 ) ( 5,109 ) $ — $ 1,255 $ ( 11,009 ) $ ( 9,754 ) The three levels of the fair value hierarchy under authoritative guidance are described as follows: Level 1: Observable inputs that reflect unadjusted quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices for similar assets or liabilities in inactive markets and other observable information that can be corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data, but significant to the fair value measurement. A summary of change in the fair value of the Company’s Level 3 instrument, attributable to asset retirement obligations, for the nine months ended September 30, 2024 and the year ended December 31, 2023 is included in Note 8. The Company’s earn-out fair value liability at its Idaho agricultural digester site is determined by calculating the estimated present value of the future obligation. The present value is assessed quarterly and is based on macro-economic factors such as inflation and risk free US Treasury rates. Company specific estimates utilized include current and future interest rates, digester inlet gas flow and projected EBITDA. A weighted average probability approach is utilized for the variables discussed above. The earn-out is classified as a Level 3 financial instrument and changes in the balance are recorded in Accrued liabilities and Other liabilities within the consolidated balance sheets and in the Royalties, transportation, gathering and production fuel within the consolidated statements of operations. Interest rate swap derivatives are classified as Level 2 financial instruments and are valued utilizing quoted forward Bloomberg Short-Term Bank Yield Index Rates. 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	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	NOTE 11 – ACCRUED LIABILITIES The Company’s accrued liabilities consists of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Accrued expenses $ 5,160 $ 3,983 Payroll and related benefits 2,541 2,355 Royalty 6,006 3,897 Utility 1,585 1,653 Accrued interest 329 827 Other 142 74 Accrued liabilities $ 15,763 $ 12,789

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	NOTE 12 – DEBT The Company’s debt consists of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Term loans $ 58,000 $ 64,000 Less: current principal maturities ( 11,000 ) ( 8,000 ) Less: debt issuance costs (on long-term debt) ( 281 ) ( 386 ) Long-term debt $ 46,719 $ 55,614 Current portion of long-term debt 10,868 7,886 Total debt $ 57,587 $ 63,500 Amended Credit Agreement On December 12, 2018, Montauk Energy Holdings LLC (“MEH”), a wholly owned subsidiary of the Company, 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 . On January 4, 2021, the Company, Montauk Holdings Limited (“MNK”) and Montauk Holdings USA, LLC (a direct wholly-owned subsidiary of MNK at the time, “Montauk USA”) entered into a series of transactions, including an equity exchange and a distribution collectively referred to as the “Reorganization Transactions,” that resulted in the Company owning all of the assets and entities (other than Montauk USA) previously owned by Montauk USA, and Montauk Renewables became a direct wholly-owned subsidiary of MNK. 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 the 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, a $ 120,000 revolving credit facility, and includes a $ 75,000 accordion feature. 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 $ 90 and $ 92 for the three months ended September 30, 2024 and 2023, respectively, and $ 270 and $ 276 for the nine months ended September 30, 2024 and 2023, respectively, and was recorded within interest expense on the Consolidated Statement of Operations. As of September 30, 2024, $ 58,000 was outstanding under the term loan. In addition, the Company had $ 2,185 of outstanding letters of credit as of September 30, 2024. Amounts available under the revolving credit facility are reduced by any amounts outstanding under letters of credit. As of September 30, 2024, the Company’s capacity available for borrowing under the revolving credit facility was $ 117,815 . As of September 30, 2024, 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 September 30, 2024 and December 31, 2023 were 6.12 % and 6.11 %, respectively. As of September 30, 2024, the Company was in compliance with all applicable financial covenants under the Credit Agreement.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
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 rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period in which they occur. For the nine months ended September 30, 2024, the Company utilized an estimated effective tax rate. For the three months 2024 2023 Expense provision for income taxes $ 3,965 $ 2,808 Effective tax rate 19 % 18 % For the nine months 2024 2023 Expense provision for income taxes $ 4,722 $ 2,681 Effective tax rate 21 % 21 % The effective tax rate of 19 % for the three months ended September 30, 2024 differed slightly from the rate for the three months ended September 30, 2023 of 18 % primarily due to both periods having discrete events related to stock compensation and production tax credits. The effective tax rate of 21 % for the nine months ended September 30, 2024 was unchanged compared to the rate for the nine months ended September 30, 2023 of 21 % primarily due to both periods having discrete events related to stock compensation as compared to the year to date pre-tax book income. Income tax expense for the three and nine months ended September 30, 2024 was calculated using an estimated effective tax rate which differs from the U.S. federal statutory rate of 21 % primarily due to the benefit from production tax credits and stock related discrete items.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
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. Stock compensation expense related to these awards was $ 502 and $ 685 for the three months ended September 30, 2024 and September 30, 2023, respectively and $ 1,203 and $ 1,279 for the nine months ended September 30, 2024 and September 30, 2023, respectively. 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 these awards was $ 3,122 and $ 1,227 for the three months ended September 30, 2024 and September 30, 2023, respectively and $ 5,446 and $ 3,681 for the nine months ended September 30, 2024, and September 30, 2023 respectively. During the third quarter of 2024, the Company recognized $ 2,911 of non-cash stock compensation expense. This nonrecurring expense recorded within General and administration expense was related to the acceleration of previously unrecognized stock compensation expense related to an employment termination. In 2023, the board of directors of the Company approved the grant of non-qualified stock options to the executive officers of the Company, which vest ratably over a period of three to five years. Stock compensation expense related to these awards was $ 657 and $ 588 for the three months ended September 30, 2024 and September 30, 2023, respectively and $ 1,972 and $ 1,035 for the nine months ended September 30, 2024, and September 30, 2023, respectively. The restricted shares, restricted stock units and option awards are subject to vesting schedules 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 dates. The fair value of the MRI EICP options was estimated using the Black-Scholes option pricing model. Three blocks of options have been awarded since inception of the plan with the following weighted-average assumptions (no dividends were expected): September 2023 Awards Options awarded 225,000 Risk-free interest rate 4.44 %- 4.65 % Expected volatility 71 %- 73 % Expected option life (in years) 3.5 - 5.5 Grant-date fair value $ 5.72 April 2023 Awards Options awarded 2,100,000 Risk-free interest rate 3.71 %- 3.97 % Expected volatility 78 %- 80 % Expected option life (in years) 3.5 - 5.5 Grant-date fair value $ 4.25 January 2021 Awards Options awarded 950,214 Risk-free interest rate 0.5 % Expected volatility 32 % 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 September 30, 2024 and September 30, 2023, respectively: Restricted Shares Restricted Stock Units Options Number of Weighted Number of Weighted Number of Weighted End of period - December 31, 2023 1,638,678 $ 11.91 150,000 $ 10.09 2,325,000 $ 7.04 Beginning of period - January 1, 2024 1,638,678 $ 11.91 150,000 $ 10.09 2,325,000 $ 7.04 Granted — — 10,000 6.48 — — Vested ( 911,507 ) 11.95 — — — — Forfeited — — — — — — End of period - Balance at September 30, 2024 727,171 $ 11.85 160,000 $ 9.87 2,325,000 $ 7.04 End of period - December 31, 2022 2,028,301 $ 11.80 280,000 $ 10.13 — $ — Beginning of period - January 1, 2023 2,028,301 $ 11.8 0 280,000 $ 10.13 — $ — Granted — — — — 2,325,000 4.39 Vested ( 215,165 ) 11.38 — — — — Forfeited ( 73,395 ) 11.38 ( 80,000 ) 10.23 — — End of period - September 30, 2023 1,739,741 $ 11.87 200,000 $ 10.09 2,325,000 $ 4.39 As of September 30, 2024 no vested options have been exercised. Unrecognized MRI EICP compensation expense for awards the Company expects to vest as of September 30, 2024, was $ 9,600 and will be recognized over approximately 4 years.

Defined Contribution Plan

Defined Contribution Plan	9 Months Ended
	Sep. 30, 2024
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 $ 168 and $ 166 for the three months ended September 30, 2024 and 2023, respectively, and $ 580 and $ 496 for the nine months ended September 30, 2024 and 2023, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 16 – RELATED PARTY TRANSACTIONS Intercompany 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 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 dividend's 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, 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 to June 30, 2023, and on June 21, 2023 entered into the Third Amended and Restated Loan Agreement and Secured Promissory Note (the "Third Amended and Restated Loan Agreement and Secured Promissory Note") to increase the principal amount of the loan to a total of $ 10,040 , in the aggregate and extend the maturity date of the loan to December 31, 2023 and on December 27, 2023 entered into the Fourth Amended and Restated Loan Agreement and Secured Promissory Note to extend the maturity date of the loan to December 31, 2033, 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 Third Amended and Restated Loan Agreement and Secured Promissory Note increased the security interest of the Company from 800,000 shares of the common stock of the Company to 976,623 shares of the Company owned by MNK. MNK is required to use the proceeds of any such sale of the shares to repay the note. The Amended Promissory Note 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. The maximum exposure to loss is limited to the Promissory Note principal and accrued interest, which totaled $ 10,168 and $ 10,138 as of September 30, 2024 and December 31, 2023, respectively. 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. Employment Transactions The Company signed a long-term immaterial lease in December 2023 with a landowner in North Carolina. This lease enabled the Company to construct a feedstock collection system on the property which is owned by the Company. In September 2024, the Company hired the landowner as an employee to assist in the procuring of additional long-term leases on farms for additional collection system installations related to feedstock in North Carolina. 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 $ 4 for each of the three months ended September 30, 2024 and 2023 and $ 12 and $ 106 for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and December 31, 2023, respectively, $ 44 and $ 11 were owed.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	NOTE 17 – SEGMENT INFORMATION The Company’s operating segments for the three and nine months ended September 30, 2024 and 2023 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 segment 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 September 30, 2024 RNG REG Corporate Total Total revenue $ 61,750 $ 4,167 $ — $ 65,917 Net income (loss) 33,615 ( 619 ) ( 15,948 ) 17,048 EBITDA 38,320 667 ( 10,091 ) 28,896 Adjusted EBITDA (1) 38,525 996 ( 10,091 ) 29,430 Total assets 184,201 103,673 86,244 374,118 Capital expenditures 5,803 6,627 141 12,571 (1) Third quarter of 2024 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the three months ended September 30, 2024: Three months ended September 30, 2024 RNG REG Corporate Total Net income (loss) $ 33,615 $ ( 619 ) $ ( 15,948 ) $ 17,048 Depreciation, depletion and amortization 4,705 1,286 57 6,048 Interest expense — — 1,835 1,835 Income tax expense — — 3,965 3,965 EBITDA $ 38,320 $ 667 $ ( 10,091 ) $ 28,896 Impairment loss 204 329 — 533 Net loss on sale of assets 1 — — 1 Adjusted EBITDA $ 38,525 $ 996 $ ( 10,091 ) $ 29,430 Three months ended September 30, 2023 RNG REG Corporate Total Total revenue $ 50,935 $ 4,753 $ — $ 55,688 Net income (loss) 24,159 704 ( 11,929 ) 12,934 EBITDA 28,143 2,005 ( 7,765 ) 22,383 Adjusted EBITDA (2) 28,194 2,005 ( 7,765 ) 22,434 Total assets 172,888 65,048 107,675 345,611 Capital expenditures 8,673 7,105 41 15,819 (2) Third quarter of 2023 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the three months ended September 30, 2023: Three months ended September 30, 2023 RNG REG Corporate Total Net income (loss) $ 24,159 $ 704 $ ( 11,929 ) $ 12,934 Depreciation, depletion and amortization 3,984 1,301 61 5,346 Interest expense — — 1,295 1,295 Income tax expense — — 2,808 2,808 EBITDA $ 28,143 $ 2,005 $ ( 7,765 ) $ 22,383 Impairment loss 51 — — 51 Adjusted EBITDA $ 28,194 $ 2,005 $ ( 7,765 ) $ 22,434 For the three months ended September 30, 2024 and 2023, two and four customers, respectively, made up greater than 10% of total revenues. Three months ended September 30, 2024 RNG REG Corporate Total Customer A 29.1 % — — 29.1 % Customer B 15.1 % — — 15.1 % Three months ended September 30, 2023 RNG REG Corporate Total Customer A 21.9 % — — 21.9 % Customer B 19.0 % — — 19.0 % Customer C 13.8 % — — 13.8 % Customer D 10.9 % — — 10.9 % Nine months ended September 30, 2024 RNG REG Corporate Total Total revenue $ 134,575 $ 13,467 $ — $ 148,042 Net income (loss) 56,866 ( 1,193 ) ( 37,487 ) 18,186 EBITDA 70,176 2,635 ( 28,313 ) 44,498 Adjusted EBITDA (3) 70,839 3,276 ( 28,252 ) 45,863 Total assets 184,201 103,673 86,244 374,118 Capital expenditures 21,085 31,767 482 53,334 (3) First nine months of 2024 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the nine months ended September 30, 2024: Nine months ended September 30, 2024 RNG REG Corporate Total Net income (loss) $ 56,866 $ ( 1,193 ) $ ( 37,487 ) $ 18,186 Depreciation, depletion and amortization 13,310 3,827 168 17,305 Interest expense — 1 4,284 4,285 Income tax expense — — 4,722 4,722 EBITDA $ 70,176 $ 2,635 $ ( 28,313 ) $ 44,498 Impairment loss 591 641 — 1,232 Net loss on sale of assets 72 — — 72 Transaction costs — — 61 61 Adjusted EBITDA $ 70,839 $ 3,276 $ ( 28,252 ) $ 45,863 Nine months ended September 30, 2023 RNG REG Corporate Total Total revenue $ 114,328 $ 13,769 $ — $ 128,097 Net income (loss) 42,847 ( 97 ) ( 32,601 ) 10,149 EBITDA 54,570 3,788 ( 26,055 ) 32,303 Adjusted EBITDA (4) 55,384 3,788 ( 25,969 ) 33,203 Total assets 172,888 65,048 107,675 345,611 Capital expenditures 33,863 11,498 45 45,406 (4) First nine months of 2023 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the nine months ended September 30, 2023: Nine months ended September 30, 2023 RNG REG Corporate Total Net income (loss) $ 42,847 $ ( 97 ) $ ( 32,601 ) $ 10,149 Depreciation, depletion and amortization 11,723 3,885 184 15,792 Interest expense — — 3,681 3,681 Income tax benefit — — 2,681 2,681 EBITDA $ 54,570 $ 3,788 $ ( 26,055 ) $ 32,303 Impairment loss 777 — — 777 Net loss on sale of assets 37 — — 37 Transaction costs — — 86 86 Adjusted EBITDA $ 55,384 $ 3,788 $ ( 25,969 ) $ 33,203 For both the nine months ended September 30, 2024 and 2023, four customers made up greater than 10% of total revenues. Nine months ended September 30, 2024 RNG REG Corporate Total Customer A 17.5 % — — 17.5 % Customer B 16.3 % — — 16.3 % Customer C 16.1 % — — 16.1 % Customer D 11.8 % — — 11.8 % Nine months ended September 30, 2023 RNG REG Corporate Total Customer A 21.1 % — — 21.1 % Customer B 13.0 % — — 13.0 % Customer C 12.0 % — — 12.0 % Customer D 10.9 % — — 10.9 %

Leases

Leases	9 Months Ended
	Sep. 30, 2024
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 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. These finance leases expire in 2026 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: For the three months ended September 30, 2024 2023 Cash paid for amounts included in the measurement of $ 152 $ 108 Weighted average remaining lease term (in years) 5.58 6.08 Weighted average discount rate 5.00 % 5.00 % For the nine months ended September 30, 2024 2023 Cash paid for amounts included in the measurement of $ 484 $ 280 Weighted average remaining lease term (in years) 5.58 6.08 Weighted average discount rate 5.00 % 5.00 % Future minimum operating lease payments are as follows: Year Ending 2024 $ 152 2025 649 2026 599 2027 583 2028 594 Thereafter 2,713 Imputed interest ( 984 ) Total $ 4,306 Supplemental information related to finance lease arrangements was as follows: For the three months ended September 30, 2024 2023 Cash paid for amounts included in the measurement of $ 19 $ 19 Weighted average remaining lease term (in years) 2.75 0.40 Weighted average discount rate 5.00 % 5.00 % For the nine months ended September 30, 2024 2023 Cash paid for amounts included in the measurement of $ 51 $ 57 Weighted average remaining lease term (in years) 2.75 0.40 Weighted average discount rate 5.00 % 5.00 % Future minimum finance lease payments are as follows: Year Ending 2024 $ 19 2025 76 2026 32 2027 1 2028 1 Thereafter 10 Imputed interest ( 10 ) Total $ 129

Income Per Share

Income Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Income Per Share	NOTE 19 – INCOME PER SHARE Basic and diluted income per share was computed using the following common share data for the three and nine months ended September 30, 2024 and 2023, respectively: For the three months ended September 30, 2024 2023 Net income $ 17,048 $ 12,934 Basic weighted-average shares outstanding 142,410,940 141,717,612 Dilutive effect of share-based awards 209,392 582,263 Diluted weighted-average shares outstanding 142,620,332 142,299,875 Basic income per share $ 0.12 $ 0.09 Diluted income per share $ 0.12 $ 0.09 For the nine months ended September 30, 2024 2023 Net income $ 18,186 $ 10,149 Basic weighted-average shares outstanding 142,156,540 141,661,790 Dilutive effect of share-based awards 175,001 339,037 Diluted weighted-average shares outstanding 142,331,541 142,000,827 Basic income per share $ 0.13 $ 0.07 Diluted income per share $ 0.13 $ 0.07

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 20 – COMMITMENTS AND CONTINGENCIES Environmental The Company is subject to a variety of environmental laws and regulations governing discharges to the air and water, as well as the handling, storage and disposing of hazardous or waste materials. The Company believes its operations currently comply in all material respects with all environmental laws and regulations applicable to its business. However, there can be no assurance that environmental requirements will not change in the future or that the Company will not incur significant costs to comply with such requirements. Contingencies The Company, from time to time, may be involved in litigation. At September 30, 2024, management does not believe there are any matters outstanding that would have a material adverse effect on the Company’s financial position or results of operations.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	NOTE 21 – SUBSEQUENT EVENTS The Company evaluated its September 30, 2024 condensed consolidated financial statements through the date the financial statements were issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the consolidated financial statements, except for the matter described below. On October 22, 2024, the Company entered into an asset purchase agreement to sell one of its renewable natural gas sites for a purchase price of $ 1,000 . The Company entered into this agreement for this immaterial site with the site host in advance of the expiration of the gas rights agreement at this site. The sale process is contingent on the completion of various closing conditions and administrative items.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2024 (the “2023 Annual Report”). The results of operations for the three and nine months ended September 30, 2024 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, 2023, 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, 2023 in the 2023 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. The Corporate segment primarily consists of general and administrative expenses not allocated to RNG and Renewable Electricity Generation. Below is a description of the Company’s segments and other activities. The RNG segment represents the sale of gas sold at fixed-price contracts, counterparty shares of 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 generated 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 segment 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 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 Issued Accounting Standards	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, "BSBY", plus an applicable margin. The BSBY index will cease on November 15, 2024, and the current debt agreement has been amended to utilize the Secured Overnight Financing Rate Index, "SOFR", plus an applicable margin. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments. The amendments in 2023-07 aim to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. Other than enhanced disclosures, the Company does not expect a material impact from the adoption of this standard on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in 2023-09 aim to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for the Company's Annual Report on Form 10-K for the year ended December 31, 2025, with early adoption permitted. Other than enhanced disclosures, the Company does not expect a material impact from the adoption of this standard on its consolidated financial statements.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Company's Revenue by Major Source	The following tables display the Company’s disaggregated revenue by major source based on product type and timing of transfer of goods and services for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, 2024 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 333 $ 8,100 $ 8,433 Natural gas environmental attributes 53,206 — 53,206 Electric commodity — 2,402 2,402 Electric environmental attributes 1,876 — 1,876 $ 55,415 $ 10,502 $ 65,917 Operating segment: RNG $ 53,539 $ 8,100 $ 61,639 REG 1,876 2,402 4,278 $ 55,415 $ 10,502 $ 65,917 Three months ended September 30, 2023 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 232 $ 7,060 $ 7,292 Natural gas environmental attributes 43,612 — 43,612 Electric commodity — 2,821 2,821 Electric environmental attributes 1,963 — 1,963 $ 45,807 $ 9,881 $ 55,688 Operating segment: RNG $ 43,844 $ 7,060 $ 50,904 REG 1,963 2,821 4,784 $ 45,807 $ 9,881 $ 55,688 Nine months ended September 30, 2024 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 1,023 $ 22,024 $ 23,047 Natural gas environmental attributes 111,281 — 111,281 Electric commodity — 7,983 7,983 Electric environmental attributes 5,731 — 5,731 $ 118,035 $ 30,007 $ 148,042 Operating segment: RNG $ 112,304 $ 22,024 $ 134,328 REG 5,731 7,983 13,714 $ 118,035 $ 30,007 $ 148,042 Nine months ended September 30, 2023 Goods transferred at a point in time Goods transferred over time Total Major goods/Service line: Natural gas commodity $ 638 $ 21,931 $ 22,569 Natural gas environmental attributes 91,630 — 91,630 Electric commodity — 8,244 8,244 Electric environmental attributes 5,654 — 5,654 $ 97,922 $ 30,175 $ 128,097 Operating segment: RNG $ 92,268 $ 21,931 $ 114,199 REG 5,654 8,244 13,898 $ 97,922 $ 30,175 $ 128,097

Accounts and Other Receivables

Accounts and Other Receivables (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables, Net, Current [Abstract]
Schedule of Accounts and Other Receivables	Accounts and other receivables consist of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Accounts receivables $ 19,056 $ 12,557 Other receivables 145 148 Reimbursable expenses 16 47 Accounts and other receivables, net $ 19,217 $ 12,752

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Summary of Property Plant and Equipment	Property, plant and equipment consists of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Land $ 1,568 $ 748 Buildings and improvements 36,506 30,329 Machinery and equipment 276,078 255,421 Gas mineral rights 35,526 35,526 Construction work in progress 90,122 67,747 Total $ 439,800 $ 389,771 Less: Accumulated depreciation and amortization ( 189,955 ) ( 175,482 ) Property, plant & equipment, net $ 249,845 $ 214,289

Goodwill And Intangible Asset_2

Goodwill And Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Goodwill and intangible assets consist of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Goodwill $ 60 $ 60 Intangible assets with indefinite lives: Land use rights 328 329 Total intangible assets with indefinite lives: $ 328 $ 329 Intangible assets with finite lives: Interconnection, net of accumulated amortization 4,406 and $ 3,847 $ 14,803 $ 14,584 Customer contracts, net of accumulated 17,415 and $ 17,254 3,269 3,448 Total intangible assets with finite lives: $ 18,072 $ 18,032 Total Goodwill and Intangible assets $ 18,460 $ 18,421

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023: Nine months ended Year ended December 31, 2024 2023 Asset retirement obligations—beginning of period $ 5,900 $ 5,493 Accretion expense 333 407 Changes in estimate 218 — Liabilities associated with properties sold ( 225 ) — Asset retirement obligations—end of period $ 6,226 $ 5,900

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instrument Detail [Abstract]
Summary of cash gains/losses and non-cash gains/losses	As a result of the economic hedging strategies employed, the Company had the following cash gains/losses and non-cash gains/losses in the consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023: For the three months Derivative Instrument Location 2024 2023 Interest rate swaps Interest expense $ ( 674 ) $ 41 Net (loss) gain $ ( 674 ) $ 41 For the nine months Derivative Instrument Location 2024 2023 Interest rate swaps Interest expense $ ( 648 ) $ 160 Net (loss) gain $ ( 648 ) $ 160

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis	September 30, 2024 Level 1 Level 2 Level 3 Total Interest rate swap derivative asset $ — $ 607 $ — $ 607 Asset retirement obligations — — ( 6,226 ) ( 6,226 ) Pico earn-out liability — — ( 3,365 ) ( 3,365 ) $ — $ 607 $ ( 9,591 ) $ ( 8,984 ) December 31, 2023 Level 1 Level 2 Level 3 Total Interest rate swap derivative asset $ — $ 1,255 $ — $ 1,255 Asset retirement obligations — — ( 5,900 ) ( 5,900 ) Pico earn-out liability — — ( 5,109 ) ( 5,109 ) $ — $ 1,255 $ ( 11,009 ) $ ( 9,754 )

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Summary of Accrued Liabilities	The Company’s accrued liabilities consists of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Accrued expenses $ 5,160 $ 3,983 Payroll and related benefits 2,541 2,355 Royalty 6,006 3,897 Utility 1,585 1,653 Accrued interest 329 827 Other 142 74 Accrued liabilities $ 15,763 $ 12,789

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Company Debt	The Company’s debt consists of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Term loans $ 58,000 $ 64,000 Less: current principal maturities ( 11,000 ) ( 8,000 ) Less: debt issuance costs (on long-term debt) ( 281 ) ( 386 ) Long-term debt $ 46,719 $ 55,614 Current portion of long-term debt 10,868 7,886 Total debt $ 57,587 $ 63,500

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	For the three months 2024 2023 Expense provision for income taxes $ 3,965 $ 2,808 Effective tax rate 19 % 18 % For the nine months 2024 2023 Expense provision for income taxes $ 4,722 $ 2,681 Effective tax rate 21 % 21 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Fair Value of MRI EICP Options and Valuation Assumptions	September 2023 Awards Options awarded 225,000 Risk-free interest rate 4.44 %- 4.65 % Expected volatility 71 %- 73 % Expected option life (in years) 3.5 - 5.5 Grant-date fair value $ 5.72 April 2023 Awards Options awarded 2,100,000 Risk-free interest rate 3.71 %- 3.97 % Expected volatility 78 %- 80 % Expected option life (in years) 3.5 - 5.5 Grant-date fair value $ 4.25 January 2021 Awards Options awarded 950,214 Risk-free interest rate 0.5 % Expected volatility 32 % 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 September 30, 2024 and September 30, 2023, respectively: Restricted Shares Restricted Stock Units Options Number of Weighted Number of Weighted Number of Weighted End of period - December 31, 2023 1,638,678 $ 11.91 150,000 $ 10.09 2,325,000 $ 7.04 Beginning of period - January 1, 2024 1,638,678 $ 11.91 150,000 $ 10.09 2,325,000 $ 7.04 Granted — — 10,000 6.48 — — Vested ( 911,507 ) 11.95 — — — — Forfeited — — — — — — End of period - Balance at September 30, 2024 727,171 $ 11.85 160,000 $ 9.87 2,325,000 $ 7.04 End of period - December 31, 2022 2,028,301 $ 11.80 280,000 $ 10.13 — $ — Beginning of period - January 1, 2023 2,028,301 $ 11.8 0 280,000 $ 10.13 — $ — Granted — — — — 2,325,000 4.39 Vested ( 215,165 ) 11.38 — — — — Forfeited ( 73,395 ) 11.38 ( 80,000 ) 10.23 — — End of period - September 30, 2023 1,739,741 $ 11.87 200,000 $ 10.09 2,325,000 $ 4.39

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Summary of Reconciliation of the Company's Reportable Segments' Net Income (Loss) 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 September 30, 2024 RNG REG Corporate Total Total revenue $ 61,750 $ 4,167 $ — $ 65,917 Net income (loss) 33,615 ( 619 ) ( 15,948 ) 17,048 EBITDA 38,320 667 ( 10,091 ) 28,896 Adjusted EBITDA (1) 38,525 996 ( 10,091 ) 29,430 Total assets 184,201 103,673 86,244 374,118 Capital expenditures 5,803 6,627 141 12,571 (1) Third quarter of 2024 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the three months ended September 30, 2024: Three months ended September 30, 2024 RNG REG Corporate Total Net income (loss) $ 33,615 $ ( 619 ) $ ( 15,948 ) $ 17,048 Depreciation, depletion and amortization 4,705 1,286 57 6,048 Interest expense — — 1,835 1,835 Income tax expense — — 3,965 3,965 EBITDA $ 38,320 $ 667 $ ( 10,091 ) $ 28,896 Impairment loss 204 329 — 533 Net loss on sale of assets 1 — — 1 Adjusted EBITDA $ 38,525 $ 996 $ ( 10,091 ) $ 29,430 Three months ended September 30, 2023 RNG REG Corporate Total Total revenue $ 50,935 $ 4,753 $ — $ 55,688 Net income (loss) 24,159 704 ( 11,929 ) 12,934 EBITDA 28,143 2,005 ( 7,765 ) 22,383 Adjusted EBITDA (2) 28,194 2,005 ( 7,765 ) 22,434 Total assets 172,888 65,048 107,675 345,611 Capital expenditures 8,673 7,105 41 15,819 (2) Third quarter of 2023 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the three months ended September 30, 2023: Three months ended September 30, 2023 RNG REG Corporate Total Net income (loss) $ 24,159 $ 704 $ ( 11,929 ) $ 12,934 Depreciation, depletion and amortization 3,984 1,301 61 5,346 Interest expense — — 1,295 1,295 Income tax expense — — 2,808 2,808 EBITDA $ 28,143 $ 2,005 $ ( 7,765 ) $ 22,383 Impairment loss 51 — — 51 Adjusted EBITDA $ 28,194 $ 2,005 $ ( 7,765 ) $ 22,434 Nine months ended September 30, 2024 RNG REG Corporate Total Total revenue $ 134,575 $ 13,467 $ — $ 148,042 Net income (loss) 56,866 ( 1,193 ) ( 37,487 ) 18,186 EBITDA 70,176 2,635 ( 28,313 ) 44,498 Adjusted EBITDA (3) 70,839 3,276 ( 28,252 ) 45,863 Total assets 184,201 103,673 86,244 374,118 Capital expenditures 21,085 31,767 482 53,334 (3) First nine months of 2024 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the nine months ended September 30, 2024: Nine months ended September 30, 2024 RNG REG Corporate Total Net income (loss) $ 56,866 $ ( 1,193 ) $ ( 37,487 ) $ 18,186 Depreciation, depletion and amortization 13,310 3,827 168 17,305 Interest expense — 1 4,284 4,285 Income tax expense — — 4,722 4,722 EBITDA $ 70,176 $ 2,635 $ ( 28,313 ) $ 44,498 Impairment loss 591 641 — 1,232 Net loss on sale of assets 72 — — 72 Transaction costs — — 61 61 Adjusted EBITDA $ 70,839 $ 3,276 $ ( 28,252 ) $ 45,863 Nine months ended September 30, 2023 RNG REG Corporate Total Total revenue $ 114,328 $ 13,769 $ — $ 128,097 Net income (loss) 42,847 ( 97 ) ( 32,601 ) 10,149 EBITDA 54,570 3,788 ( 26,055 ) 32,303 Adjusted EBITDA (4) 55,384 3,788 ( 25,969 ) 33,203 Total assets 172,888 65,048 107,675 345,611 Capital expenditures 33,863 11,498 45 45,406 (4) First nine months of 2023 EBITDA Reconciliation The following table is a reconciliation of the Company’s reportable segments’ net income (loss) from continuing operations to Adjusted EBITDA for the nine months ended September 30, 2023: Nine months ended September 30, 2023 RNG REG Corporate Total Net income (loss) $ 42,847 $ ( 97 ) $ ( 32,601 ) $ 10,149 Depreciation, depletion and amortization 11,723 3,885 184 15,792 Interest expense — — 3,681 3,681 Income tax benefit — — 2,681 2,681 EBITDA $ 54,570 $ 3,788 $ ( 26,055 ) $ 32,303 Impairment loss 777 — — 777 Net loss on sale of assets 37 — — 37 Transaction costs — — 86 86 Adjusted EBITDA $ 55,384 $ 3,788 $ ( 25,969 ) $ 33,203
Summary of Revenue by Major Customers	For the three months ended September 30, 2024 and 2023, two and four customers, respectively, made up greater than 10% of total revenues. Three months ended September 30, 2024 RNG REG Corporate Total Customer A 29.1 % — — 29.1 % Customer B 15.1 % — — 15.1 % Three months ended September 30, 2023 RNG REG Corporate Total Customer A 21.9 % — — 21.9 % Customer B 19.0 % — — 19.0 % Customer C 13.8 % — — 13.8 % Customer D 10.9 % — — 10.9 % For both the nine months ended September 30, 2024 and 2023, four customers made up greater than 10% of total revenues. Nine months ended September 30, 2024 RNG REG Corporate Total Customer A 17.5 % — — 17.5 % Customer B 16.3 % — — 16.3 % Customer C 16.1 % — — 16.1 % Customer D 11.8 % — — 11.8 % Nine months ended September 30, 2023 RNG REG Corporate Total Customer A 21.1 % — — 21.1 % Customer B 13.0 % — — 13.0 % Customer C 12.0 % — — 12.0 % Customer D 10.9 % — — 10.9 %

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Summary of Supplemental information Related to Operating Lease	Supplemental information related to operating lease arrangements was as follows: For the three months ended September 30, 2024 2023 Cash paid for amounts included in the measurement of $ 152 $ 108 Weighted average remaining lease term (in years) 5.58 6.08 Weighted average discount rate 5.00 % 5.00 % For the nine months ended September 30, 2024 2023 Cash paid for amounts included in the measurement of $ 484 $ 280 Weighted average remaining lease term (in years) 5.58 6.08 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 2024 $ 152 2025 649 2026 599 2027 583 2028 594 Thereafter 2,713 Imputed interest ( 984 ) Total $ 4,306
Summary of Supplemental information Related to Finance Leases	Supplemental information related to finance lease arrangements was as follows: For the three months ended September 30, 2024 2023 Cash paid for amounts included in the measurement of $ 19 $ 19 Weighted average remaining lease term (in years) 2.75 0.40 Weighted average discount rate 5.00 % 5.00 % For the nine months ended September 30, 2024 2023 Cash paid for amounts included in the measurement of $ 51 $ 57 Weighted average remaining lease term (in years) 2.75 0.40 Weighted average discount rate 5.00 % 5.00 %
Summary of Future Minimum Finance Lease Payments	Future minimum finance lease payments are as follows: Year Ending 2024 $ 19 2025 76 2026 32 2027 1 2028 1 Thereafter 10 Imputed interest ( 10 ) Total $ 129

Income Per Share (Tables)

Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Income Per Share	Basic and diluted income per share was computed using the following common share data for the three and nine months ended September 30, 2024 and 2023, respectively: For the three months ended September 30, 2024 2023 Net income $ 17,048 $ 12,934 Basic weighted-average shares outstanding 142,410,940 141,717,612 Dilutive effect of share-based awards 209,392 582,263 Diluted weighted-average shares outstanding 142,620,332 142,299,875 Basic income per share $ 0.12 $ 0.09 Diluted income per share $ 0.12 $ 0.09 For the nine months ended September 30, 2024 2023 Net income $ 18,186 $ 10,149 Basic weighted-average shares outstanding 142,156,540 141,661,790 Dilutive effect of share-based awards 175,001 339,037 Diluted weighted-average shares outstanding 142,331,541 142,000,827 Basic income per share $ 0.13 $ 0.07 Diluted income per share $ 0.13 $ 0.07

Description of Business - Addit

Description of Business - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024
Number of years of experience	30 years
Number of current operations	14
Percent of greenhouse gas reduction requirement	60%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024 ReportableSegments
Accounting Policies [Abstract]
Number of reportable segments	3

Asset Impairment - Additional I

Asset Impairment - Additional Information (Detail) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 18, 2024 USD ($) Numbers	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Impairment loss		$ 533	$ 51	$ 1,232	$ 777
Renewable Electricity Generation Site [Member]
Impairment loss				312
Number of operating sites | Numbers	1
Proceeds received	$ 1,000
Renewable Electricity Generation Site [Member] | Construction work in progress [Member]
Impairment loss				329
Renewable Natural Gas [Member]
Impairment loss		$ 204	$ 51	$ 591	$ 777

Revenues from Contracts with _3

Revenues from Contracts with Customers - (Additional Information) (Details) - Revenue from Contract with Customer, Segment Benchmark [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goods transferred over time [Member] | Renewable Natural Gas and Renewable Electricity Generation [Member] | Customer Concentration Risk [Member] | Renewable Energy [Member]
Disaggregation of Revenue [Line Items]
Revenue Performance obligation satisfied to segments, Percentage	16%	18%	20%	24%
Goods transferred at a point in time [Member] | Product Concentration Risk [Member] | Electric Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenue Performance obligation satisfied to segments, Percentage	84%	82%	80%	76%

Revenues from Contracts with _4

Revenues from Contracts with Customers - Summary of Company's Revenue by Major Source (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	$ 65,917	$ 55,688	$ 148,042	$ 128,097
RNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	61,639	50,904	134,328	114,199
REG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	4,278	4,784	13,714	13,898
Natural Gas Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	8,433	7,292	23,047	22,569
Natural Gas Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	53,206	43,612	111,281	91,630
Electric Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	2,402	2,821	7,983	8,244
Electric Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,876	1,963	5,731	5,654
Goods transferred at a point in time [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	55,415	45,807	118,035	97,922
Goods transferred at a point in time [Member] | RNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	53,539	43,844	112,304	92,268
Goods transferred at a point in time [Member] | REG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,876	1,963	5,731	5,654
Goods transferred at a point in time [Member] | Natural Gas Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	333	232	1,023	638
Goods transferred at a point in time [Member] | Natural Gas Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	53,206	43,612	111,281	91,630
Goods transferred at a point in time [Member] | Electric Environmental Attributes [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	1,876	1,963	5,731	5,654
Goods transferred over time [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	10,502	9,881	30,007	30,175
Goods transferred over time [Member] | RNG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	8,100	7,060	22,024	21,931
Goods transferred over time [Member] | REG [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	2,402	2,821	7,983	8,244
Goods transferred over time [Member] | Natural Gas Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	8,100	7,060	22,024	21,931
Goods transferred over time [Member] | Electric Commodity [Member]
Disaggregation of Revenue [Line Items]
Revenues from Contracts with Customers	$ 2,402	$ 2,821	$ 7,983	$ 8,244

Accounts and Other Receivable_2

Accounts and Other Receivables - Schedule of Accounts and Other Receivables (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables, Net, Current [Abstract]
Accounts receivables	$ 19,056	$ 12,557
Other receivables	145	148
Reimbursable expenses	16	47
Accounts and other receivables, net	$ 19,217	$ 12,752

Accounts and Other Receivable_3

Accounts and Other Receivables - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Receivables, Net, Current [Abstract]
Provision for accounts receivable and credit loss expense	$ 0	$ 0	$ 0	$ 0

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 439,800	$ 389,771
Less: Accumulated depreciation and amortization	(189,955)	(175,482)
Property, Plant & Equipment, Net	249,845	214,289
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,568	748
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	36,506	30,329
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	276,078	255,421
Gas mineral rights [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	35,526	35,526
Construction work in progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 90,122	$ 67,747

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 5,691	$ 4,956	$ 16,245	$ 14,624
Payments To Acquire Productive Assets	$ 820
Minimum [Member]
Property, Plant and Equipment [Line Items]
Average Project Duration Period				18 months
Maximum [Member]
Property, Plant and Equipment [Line Items]
Average Project Duration Period				36 months
Gas mineral rights [Member]
Property, Plant and Equipment [Line Items]
Depletion expense		$ 91	$ 129	$ 273	$ 385

Goodwill And Intangible Asset_3

Goodwill And Intangible Assets, Net - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Intangible Assets And Goodwill [Line Items]
Goodwill	$ 60	$ 60
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets with indefinite lives	328	329
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets with finite lives	18,072	18,032
Total Goodwill and Intangible Assets	18,460	18,421
Interconnection [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets with finite lives	14,803	14,584
Customer Contracts [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets with finite lives	3,269	3,448
Land Use Rights [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets with indefinite lives	$ 328	$ 329

Goodwill And Intangible Asset_4

Goodwill And Intangible Assets, Net - Schedule of Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Interconnection [Member]
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite lived intangible assets accumulated amortization	$ 4,406	$ 3,847
Customer Contracts [Member]
Schedule Of Intangible Assets And Goodwill [Line Items]
Finite lived intangible assets accumulated amortization	$ 17,415	$ 17,254

Goodwill And Intangible Asset_5

Goodwill And Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 248	$ 243	$ 738	$ 729
Customer Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible asset useful life	13 years		13 years
Interconnection [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible asset useful life	14 years		14 years

Asset Retirement Obligations -

Asset Retirement Obligations - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Changes in estimate	$ 218
Liabilities associated with properties sold	(225)
RNG [Member]
Changes in estimate	218
REG [Member]
Liabilities associated with properties sold	$ (225)

Asset Retirement Obligations _2

Asset Retirement Obligations - Summary of Activity Associated with Asset Retirement Obligations (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations - beginning of period	$ 5,900	$ 5,493	$ 5,493
Accretion expense	333	$ 304	407
Changes in estimate	218
Liabilities associated with properties sold	(225)
Asset retirement obligations - end of period	$ 6,226		$ 5,900

Derivative Instruments - Summar

Derivative Instruments - Summary of cash gains/losses and non-cash gains/losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Net (loss) gain	$ (674)	$ 41	$ (648)	$ 160
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net Income (Loss)	Net Income (Loss)	Net Income (Loss)	Net Income (Loss)
Interest rate swap [Member]
Derivative [Line Items]
Net (loss) gain	$ (674)	$ 41	$ (648)	$ 160

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	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset retirement obligations	$ (6,226)	$ (5,900)	$ (5,493)
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap derivative asset	607	1,255
Asset retirement obligations	(6,226)	(5,900)
Pico earn-out liability	(3,365)	(5,109)
Fair Value, Net Asset (Liability)	(8,984)	(9,754)
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	607	1,255
Asset retirement obligations	0	0
Pico earn-out liability	0	0
Fair Value, Net Asset (Liability)	607	1,255
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	0
Asset retirement obligations	(6,226)	(5,900)
Pico earn-out liability	(3,365)	(5,109)
Fair Value, Net Asset (Liability)	$ (9,591)	$ (11,009)

Accrued Liabilities - Summary o

Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued expenses	$ 5,160	$ 3,983
Payroll and related benefits	2,541	2,355
Royalty	6,006	3,897
Utility	1,585	1,653
Accrued interest	329	827
Other	142	74
Accrued liabilities	$ 15,763	$ 12,789

Debt - Summary of Company Debt

Debt - Summary of Company Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-Term Debt, by Current and Noncurrent [Abstract]
Term loans	$ 58,000	$ 64,000
Less: current principal maturities	(11,000)	(8,000)
Less: debt issuance costs (on long-term debt)	(281)	(386)
Long-term debt	46,719	55,614
Current portion of long-term debt	10,868	7,886
Total debt	$ 57,587	$ 63,500

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Dec. 21, 2021	Sep. 12, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Extinguishment of Debt [Line Items]
Debt interest rate			6.12%		6.12%		6.11%
Debt Issuance Costs, Net			$ 326		$ 326
Debt Issuance Costs, capitalized			1,701		1,701
Amortized debt issuance expense			90	$ 92	270	$ 276
Long-term debt			46,719		46,719		$ 55,614
Payment of debt modification charges					2,027
Term Loans [Member]
Extinguishment of Debt [Line Items]
Long-term debt			58,000		58,000
Revolving Credit Facility [Member]
Extinguishment of Debt [Line Items]
Line of Credit Facility, Current Borrowing Capacity			117,815		117,815
Letter of Credit [Member]
Extinguishment of Debt [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period			$ 2,185		$ 2,185
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]
Line of Credit Facility, Current Borrowing Capacity	$ 120,000
Line of Credit Facility, Accordion Feature Amount	75,000
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 Twenty 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Expense provision for income taxes	$ 3,965	$ 2,808	$ 4,722	$ 2,681
Effective tax rate	19%	18%	21%	21%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	19%	18%	21%	21%
Effective tax rate, U.S. federal statutory rate	21%		21%

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	May 31, 2022 USD ($)	Jan. 31, 2021 $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Employees shares	Sep. 30, 2023 USD ($)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation			$ 2,911		$ 8,616	$ 5,995
MRI EICP [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock shares withheld | shares		950,214
Exercise price of common stock | $ / shares		$ 11.38
Stock-based compensation					$ 9,600
Unrecognised compensation expense recognised, Period					4 years
Non-Qualified Stock Options [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation			657	$ 588	$ 1,972	1,035
Restricted Stock [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation			502	685	$ 1,203	1,279
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			$ 3,122	$ 1,227	$ 5,446	$ 3,681
Share-Based compensation arrangement by share-Based payment award, equity instruments other than options, revalued amount	$ 15,500

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Fair Value of MRI EICP Options and Valuation Assumptions (Detail)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
MRI EICP September 2023 Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options awarded | shares	225,000
Grant-date fair value | $ / shares	$ 5.72
MRI EICP September 2023 Awards [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.65%
Expected volatility, maximum	73%
Expected option life	5 years 6 months
MRI EICP September 2023 Awards [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.44%
Expected volatility, minimum	71%
Expected option life	3 years 6 months
MRI EICP April 2023 Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options awarded | shares	2,100,000
Grant-date fair value | $ / shares	$ 4.25
MRI EICP April 2023 Awards [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.97%
Expected volatility, maximum	80%
Expected option life	5 years 6 months
MRI EICP April 2023 Awards [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.71%
Expected volatility, minimum	78%
Expected option life	3 years 6 months
MRI EICP January 2023 Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options awarded | shares	950,214
Risk-free interest rate	0.50%
Expected volatility	32%
Expected option life	5 years 6 months
Grant-date fair value | $ / shares	$ 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] - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Restricted Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning of period	1,638,678	2,028,301
Number of Shares, Granted	0	0
Number of Shares, Vested	(911,507)	(215,165)
Number of Shares, Forfeited	0	(73,395)
Number of Shares, End of period	727,171	1,739,741
Weighted Average Grant Date Fair Value, Beginning of period	$ 11.91	$ 11.8
Weighted Average Grant Date Fair Value, Granted	0	0
Weighted Average Grant Date Fair Value, Vested	11.95	11.38
Weighted Average Grant Date Fair Value, Forfeited	0	11.38
Weighted Average Grant Date Fair Value, End of period	$ 11.85	$ 11.87
Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning of period	150,000	280,000
Number of Shares, Granted	10,000	0
Number of Shares, Vested	0	0
Number of Shares, Forfeited	0	(80,000)
Number of Shares, End of period	160,000	200,000
Weighted Average Grant Date Fair Value, Beginning of period	$ 10.09	$ 10.13
Weighted Average Grant Date Fair Value, Granted	6.48	0
Weighted Average Grant Date Fair Value, Vested	0	0
Weighted Average Grant Date Fair Value, Forfeited	0	10.23
Weighted Average Grant Date Fair Value, End of period	$ 9.87	$ 10.09
Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning of period	2,325,000	0
Number of Shares, Granted	0	2,325,000
Number of Shares, Vested	0	0
Number of Shares, Forfeited	0	0
Number of Shares, End of period	2,325,000	2,325,000
Weighted Average Grant Date Fair Value, Beginning of period	$ 7.04	$ 0
Weighted Average Grant Date Fair Value, Granted	0	4.39
Weighted Average Grant Date Fair Value, Vested	0	0
Weighted Average Grant Date Fair Value, Forfeited	0	0
Weighted Average Grant Date Fair Value, End of period	$ 7.04	$ 4.39

Defined Contribution Plan - Add

Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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	$ 168	$ 166	$ 580	$ 496
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		9 Months Ended
	Jun. 21, 2023	Dec. 22, 2022	Jan. 26, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 22, 2021
Related Party Transaction [Line Items]
Debt Instrument Collateral Shares	976,623	800,000
Related Party
Related Party Transaction [Line Items]
Notes receivable from related parties current		$ 8,940						$ 10,040	$ 7,140
Variable interest entity maximum exposure to loss amount				$ 10,168		$ 10,168		10,138
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				4	$ 4	12	$ 106
MNK And Hosken Consolidated Investments Limited [Member] | Related Party
Related Party Transaction [Line Items]
Due to related party				$ 44		$ 44		$ 11

Segment Information - Summary o

Segment Information - Summary of Reconciliation of the Company's Reportable Segments' Net Income (Loss) from Continuing Operations (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023		Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	$ 65,917		$ 55,688		$ 148,042		$ 128,097
Net income (loss)	17,048		12,934		18,186		10,149
EBITDA	28,896		22,383		44,498		32,303
Adjusted EBITDA	29,430	[1]	22,434	[2]	45,863	[3]	33,203	[4]
Total assets	374,118		345,611		374,118		345,611		$ 350,238
Capital expenditures	12,571		15,819		53,334		45,406
Depreciation, depletion and amortization	6,048		5,346		17,305		15,792
Interest expense	1,835		1,295		4,285		3,681
Income tax expense	3,965		2,808		4,722		2,681
Impairment loss	533		51		1,232		777
Net loss on sale of assets	1				72		37
Transaction costs					61		86
RNG [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	61,750		50,935		134,575		114,328
Net income (loss)	33,615		24,159		56,866		42,847
EBITDA	38,320		28,143		70,176		54,570
Adjusted EBITDA	38,525	[1]	28,194	[2]	70,839	[3]	55,384	[4]
Total assets	184,201		172,888		184,201		172,888
Capital expenditures	5,803		8,673		21,085		33,863
Depreciation, depletion and amortization	4,705		3,984		13,310		11,723
Impairment loss	204		51		591		777
Net loss on sale of assets	1				72		37
REG [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	4,167		4,753		13,467		13,769
Net income (loss)	(619)		704		(1,193)		(97)
EBITDA	667		2,005		2,635		3,788
Adjusted EBITDA	996	[1]	2,005	[2]	3,276	[3]	3,788	[4]
Total assets	103,673		65,048		103,673		65,048
Capital expenditures	6,627		7,105		31,767		11,498
Depreciation, depletion and amortization	1,286		1,301		3,827		3,885
Interest expense	0				1
Impairment loss	329				641
Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenue	0		0		0		0
Net income (loss)	(15,948)		(11,929)		(37,487)		(32,601)
EBITDA	(10,091)		(7,765)		(28,313)		(26,055)
Adjusted EBITDA	(10,091)	[1]	(7,765)	[2]	(28,252)	[3]	(25,969)	[4]
Total assets	86,244		107,675		86,244		107,675
Capital expenditures	141		41		482		45
Depreciation, depletion and amortization	57		61		168		184
Interest expense	1,835		1,295		4,284		3,681
Income tax expense	$ 3,965		$ 2,808		4,722		2,681
Transaction costs					$ 61		$ 86
[1] Third quarter of 2024 EBITDA Reconciliation Third quarter of 2023 EBITDA Reconciliation First nine months of 2024 EBITDA Reconciliation First nine months of 2023 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer A [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	29.10%	21.90%	17.50%	21.10%
Customer B [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	15.10%	19%	16.30%	13%
Customer C [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		13.80%	16.10%	12%
Customer D [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		10.90%	11.80%	10.90%
RNG [Member] | Customer A [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	29.10%	21.90%	17.50%	21.10%
RNG [Member] | Customer B [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	15.10%	19%	16.30%	13%
RNG [Member] | Customer C [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		13.80%	16.10%	12%
RNG [Member] | Customer D [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		10.90%	11.80%	10.90%

Leases - Summary of Supplementa

Leases - Summary of Supplemental information Related to Operating Lease (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 152	$ 108	$ 484	$ 280
Weighted average remaining lease term (in years)	5 years 6 months 29 days	6 years 29 days	5 years 6 months 29 days	6 years 29 days
Weighted average discount rate	5%	5%	5%	5%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Operating Lease Payments (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 152
2025	649
2026	599
2027	583
2028	594
Therafter	2,713
Imputed interest	(984)
Total	$ 4,306

Leases - Summary of Supplemen_2

Leases - Summary of Supplemental Information Related To Finance Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of financing lease liabilities	$ 19	$ 19	$ 51	$ 57
Weighted average remaining lease term (in years)	2 years 9 months	4 months 24 days	2 years 9 months	4 months 24 days
Weighted average discount rate	5%	5%	5%	5%

Leases - Summary of Future Mi_2

Leases - Summary of Future Minimum Finance Lease Payments (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 19
2025	76
2026	32
2027	1
2028	1
Thereafter	10
Imputed interest	(10)
Total	$ 129

Income Per Share - Schedule of

Income Per Share - Schedule of Basic and Diluted Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ 17,048	$ 12,934	$ 18,186	$ 10,149
Basic weighted-average shares outstanding	142,410,940	141,717,612	142,156,540	141,661,790
Dilutive effect of share-based awards	209,392	582,263	175,001	339,037
Diluted weighted-average shares outstanding	142,620,332	142,299,875	142,331,541	142,000,827
Basic income per share	$ 0.12	$ 0.09	$ 0.13	$ 0.07
Diluted income per share	$ 0.12	$ 0.09	$ 0.13	$ 0.07

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Oct. 22, 2024 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Purchase price	$ 1,000