Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 11, 2021 | |
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, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | MONTAUK RENEWABLES, INC. | |
Entity File Number | 001-39919 | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Tax Identification Number | 85-3189583 | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Address, Address Line One | 680 Andersen Drive | |
Entity Address, Address Line Two | 5th Floor Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, Postal Zip Code | 15220 | |
City Area Code | 412 | |
Local Phone Number | 747-8700 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | MNTK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 143,584,827 | |
Entity Central Index Key | 0001826600 | |
Entity Ex Transition Period | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 20,892 | $ 20,992 |
Restricted cash - current | 118 | |
Accounts and other receivables, net | 15,308 | 5,449 |
Prepaid expenses and other current assets | 3,045 | 6,044 |
Total current assets | 39,363 | 32,485 |
Restricted cash - non-current | 573 | 567 |
Property, plant and equipment, net | 179,307 | 186,401 |
Related party receivable | 7,140 | |
Goodwill and intangible assets, net | 15,033 | 14,678 |
Deferred tax assets | 13,697 | 14,822 |
Operating lease right-of-use assets | 378 | 586 |
Other assets | 4,254 | 3,817 |
Total assets | 259,745 | 253,356 |
Current liabilities: | ||
Accounts payable | 5,800 | 5,964 |
Accrued liabilities | 12,441 | 11,539 |
Current portion of lease liability | 294 | 282 |
Current portion of derivative instruments | 841 | 1,185 |
Current portion of long-term debt | 9,633 | 9,492 |
Total current liabilities | 29,009 | 28,462 |
Long-term debt, less current portion | 49,023 | 56,268 |
Non-current portion of lease liability | 102 | 320 |
Non-current portion of derivative instruments | 408 | 1,075 |
Asset retirement obligation | 5,883 | 5,689 |
Other liabilities | 1,226 | 1,920 |
Total liabilities | 85,651 | 93,734 |
STOCKHOLDERS' AND MEMBERS' EQUITY | ||
Members' equity | 159,622 | |
Common stock, $0.01 par value, authorized 690,000,000 shares; 143,584,827 shares issued at September 30, 2021; 141,015,213 shares outstanding at September 30, 2021 | 1,410 | |
Treasury stock, at cost, 950,214 shares at September 30, 2021 | (10,813) | |
Additional paid-in capital | 193,518 | |
Retained deficit | (10,021) | |
Total stockholders' and members' equity | 174,094 | 159,622 |
Total liabilities and stockholders' and members' equity | $ 259,745 | $ 253,356 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) | Sep. 30, 2021$ / sharesshares |
Statement of Financial Position [Abstract] | |
Common stock par or stated value per share | $ / shares | $ 0.01 |
Common stock shares authorized | 690,000,000 |
Common stock shares issued | 143,584,827 |
Common stock shares outstanding | 141,015,213 |
Treasury stock shares | 950,214 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Total operating revenues | $ 39,749 | $ 28,250 | $ 102,872 | $ 74,563 |
Operating expenses: | ||||
Operating and maintenance expenses | 13,123 | 11,320 | 36,954 | 31,281 |
General and administrative expenses | 7,520 | 4,131 | 35,280 | 11,336 |
Royalties, transportation, gathering and production fuel | 6,636 | 5,189 | 18,840 | 13,376 |
Depreciation, depletion and amortization | 5,666 | 5,470 | 17,062 | 16,120 |
Gain on insurance proceeds | (157) | (2,694) | (238) | (3,444) |
Impairment loss | 0 | 0 | 626 | 278 |
Transaction costs | 232 | 357 | ||
Total operating expenses | 33,020 | 23,416 | 108,881 | 68,947 |
Operating income (loss) | 6,729 | 4,834 | (6,009) | 5,616 |
Other expenses : | ||||
Interest expense | 697 | 436 | 2,064 | 3,510 |
Other expense | 617 | 216 | 662 | 250 |
Total other expenses | 1,314 | 652 | 2,726 | 3,760 |
Income (loss) before income taxes | 5,415 | 4,182 | (8,735) | 1,856 |
Income tax (benefit) expense | (3,481) | 6,266 | 1,286 | (291) |
Net income (loss) | $ 8,896 | $ (2,084) | $ (10,021) | $ 2,147 |
Loss per share: | ||||
Basic | $ 0.06 | $ (0.07) | ||
Diluted | $ 0.06 | $ (0.07) | ||
Weighted-average common shares outstanding: | ||||
Basic | 141,015,213 | 141,015,213 | ||
Diluted | 141,048,006 | 141,015,213 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' and Members' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Members Equity [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning balance at Dec. 31, 2019 | $ 154,257 | $ 154,257 | ||||
Net income (loss) | 2,147 | 2,147 | ||||
Stock-based compensation | 465 | 465 | ||||
Ending balance at Sep. 30, 2020 | 156,869 | 156,869 | ||||
Beginning balance at Jun. 30, 2020 | 158,729 | 158,729 | ||||
Net income (loss) | (2,084) | (2,084) | ||||
Stock-based compensation | 224 | 224 | ||||
Ending balance at Sep. 30, 2020 | 156,869 | 156,869 | ||||
Beginning balance at Dec. 31, 2020 | 159,622 | 159,622 | ||||
Net income (loss) | (10,021) | $ (10,021) | ||||
Stock-based compensation | 19,713 | $ 19,713 | ||||
Effect of reorganization transactions | $ 1,383 | $ (159,622) | 158,239 | |||
Effect of reorganization transactions, shares | 138,312,713 | |||||
IPO common stock | 15,593 | $ 27 | 15,566 | |||
IPO common stock, shares | 2,702,500 | |||||
Treasury stock | (10,813) | $ (10,813) | ||||
Treasury stock, shares | 950,214 | |||||
Ending balance at Sep. 30, 2021 | 174,094 | $ 1,410 | $ (10,813) | 193,518 | (10,021) | |
Ending balance, shares at Sep. 30, 2021 | 141,015,213 | 950,214 | ||||
Beginning balance at Jun. 30, 2021 | 162,624 | $ 1,410 | $ (10,813) | 190,944 | (18,917) | |
Beginning balance, shares at Jun. 30, 2021 | 141,015,213 | 950,214 | ||||
Net income (loss) | 8,896 | 8,896 | ||||
Stock-based compensation | 2,574 | 2,574 | ||||
Ending balance at Sep. 30, 2021 | $ 174,094 | $ 1,410 | $ (10,813) | $ 193,518 | $ (10,021) | |
Ending balance, shares at Sep. 30, 2021 | 141,015,213 | 950,214 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||||
Net (loss) income | $ 8,896 | $ (2,084) | $ (10,021) | $ 2,147 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization | 17,062 | 16,120 | ||
Provision (benefit) for deferred income taxes | 1,124 | (372) | ||
Stock-based compensation | 19,713 | 465 | ||
Related party receivables | 164 | |||
Derivative mark-to-market adjustments and settlements | (1,011) | 1,381 | ||
Gain on property insurance proceeds | (238) | (1,169) | ||
Gain on Pico earn-out liability reduction | (694) | |||
Net loss on sale of assets | 822 | |||
Accretion of asset retirement obligations | 304 | 108 | ||
Amortization of debt issuance costs | 123 | 169 | 395 | 532 |
Impairment loss | 626 | 278 | ||
Changes in operating assets and liabilities: | ||||
Accounts and other receivables and other current assets | (7,272) | 695 | ||
Accounts payable and other accrued expenses | 488 | 2,287 | ||
Net cash provided by operating activities | 21,298 | 22,636 | ||
Cash flows from investing activities | ||||
Capital expenditures | (7,702) | (14,911) | ||
Asset acquisition | (4,142) | |||
Cash collateral deposits, net | 118 | 0 | ||
Proceeds from sale of assets | 74 | |||
Proceeds from insurance recovery | 238 | 1,169 | ||
Net cash used in investing activities | (11,414) | (13,742) | ||
Cash flows from financing activities: | ||||
Borrowings of long-term debt | 8,500 | |||
Repayments of long-term debt | (7,500) | (7,500) | ||
Proceeds from initial public offering | 15,593 | |||
Treasury stock purchase | (10,813) | |||
Loan to Montauk Holdings Limited | (7,140) | |||
Net cash (used in) provided by financing activities | (9,860) | 1,000 | ||
Net increase in cash and cash equivalents and restricted cash | 24 | 9,894 | ||
Cash and cash equivalents and restricted cash at beginning of period | 21,559 | 10,361 | ||
Cash and cash equivalents and restricted cash at end of period | 21,583 | 20,255 | 21,583 | 20,255 |
Reconciliation of cash, cash equivalents, and restricted cash at end of period: | ||||
Cash and cash equivalents | 20,892 | 19,537 | 20,892 | 19,537 |
Restricted cash and cash equivalents - current | 118 | 151 | 118 | 151 |
Restricted cash and cash equivalents - non-current | 573 | 567 | 573 | 567 |
Cash and cash equivalents and restricted cash at end of period | $ 21,583 | $ 20,255 | $ 21,583 | $ 20,255 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of Business | NOTE 1 – DESCRIPTION OF BUSINESS Operations and organization Montauk Renewables’ Business Montauk Renewables, Inc. (the “Company” or “Montauk Renewables”) is a renewable energy company specializing in the management, recovery and conversion of biogas into Renewable Natural Gas (“RNG”). The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has current operations at 15 operating projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina 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. One of the Company’s key revenue drivers is the selling of captured gas and the selling 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 The second primary revenue driver is the selling of captured electricity and the associated environmental premiums related to renewable sales. The Company’s electric facilities are designed to conform to and monetize various state renewable portfolio standards requiring a percentage of the electricity produced in that state to come from a renewable resource. Such premiums are in the form of Renewable Energy Credits (“RECs”). All three of the Company’s electric facilities receive revenue for the monetization of RECs either as a part of a power sales agreement or separately. Collectively, the Company benefits from federal, state and local government incentives in the United States, provided in the form of RINs, RECs, LCFS credits, rebates, 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. Background and Reorganization Transactions 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. Prior to the Reorganization Transactions, MNK’s business and operations were conducted entirely through Montauk USA and its U.S. subsidiaries, and MNK held no substantial assets other than equity of Montauk USA. The Company had no significant operations or assets prior to January 4, 2021 when it engaged in the equity exchange with Montauk USA and MNK. After completion of the Reorganization Transactions, (i) Montauk USA ceased to own any substantial assets and (ii) all entities through which MNK’s business and operations were conducted became owned, directly or indirectly, by the Company. MNK adopted a plan contemporaneously with the completion of the Reorganization Transactions that authorized the liquidation and dissolution of MNK. On January 15, 2021, MNK sold the membership interest of Montauk USA to a third party. On January 26, 2021, MNK distributed all of the outstanding shares of the Company’s common stock as a pro rata dividend to the holders of MNK’s ordinary shares (the “Distribution”), subject to any tax withholding obligations under applicable South African law. Each ordinary share of MNK outstanding on January 21, 2021, the record date for the Distribution (the “Record Date”), entitled the holder thereof to receive one share of the Company’s common stock. On January 26, 2021, the Company closed the initial public offering of its common stock on the Nasdaq Capital Market (the “IPO”) with the shares traded under the symbol “MNTK.” Montauk Renewables issued 2,702,500 shares at $8.50 per share and received gross proceeds of $22,971. The Company’s common stock was also secondarily listed on the Johannesburg Stock Exchange under the trading symbol “MKR.” On January 26, 2021, the Company entered into a Loan Agreement and Secured Promissory Note (the “Initial Promissory Note”) with MNK. MNK is currently an affiliate of the Company and certain of the Company’s directors and executive officers are also directors and executive officers of MNK. Pursuant to the Initial Promissory Note, the Company advanced a cash loan of $5,000 to MNK for MNK to pay its dividends tax liability arising from the Reorganization Transactions under the South African Income Tax Act, 1962 (Act No. 58 of 1962), as amended (the “South African Income Tax Act”). On February 22, 2021, the Company and MNK entered into an Amended and Restated Promissory Note (the “Amended Promissory Note”) to increase the principal amount of the loan to a total of $7,140, in the aggregate, 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. MNK was delisted from the JSE on January 26, 2021. MNK will be liquidated within 24 months of the Distribution. COVID-19 In March 2020, the World Health Organization classified the outbreak of COVID-19 COVID-19 While the Company has not experienced any material disruptions in its ability to continue business operations or experienced a material negative impact to its financial results due to COVID-19 COVID-19. The potential future impact of COVID-19 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
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 10-01 S-X. 10-K The historical consolidated financial information included reflects the historical results of operations and financial position of Montauk USA. The consolidated financial statements of Montauk USA became the Company’s historical financial statements following the IPO. Certain historical financial information included relates to periods prior to the Reorganization Transactions. Retrospective Presentation of Ownership Related to the Reorganization Transactions As discussed in Note 1, as a result of the Reorganization Transactions, the Company acquired the assets and entities (excluding Montauk USA) which were previously owned by MNK. As part of the Reorganization Transactions, a 1:1 pro rata distribution of shares of the Company’s common stock was made to holders of MNK’s ordinary shares. The Reorganization Transactions resulted in a pro rata distribution whereby the ownership of the Company after the Reorganization Transactions was identical to the ownership of MNK prior to the Reorganization Transaction and was therefore akin to a common control transaction. All members’ equity in the financial statements and notes have been retrospectively adjusted to give effect to the Distribution, as if such pro rata distribution on a 1:1 basis occurred as of all pre-IPO Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. The effect of the reclassifications in the December 31, 2020 condensed consolidated balance sheet is a decrease of property, plant & equipment, net and a increase to goodwill and intangibles, net, as of December 31, 2020. The effect of the reclassifications for the nine months ended September 30, 2020 condensed consolidated statement of operations is a $996 decrease of operating revenues, a $397 increase in operating and maintenance expenses and a decrease in royalties, transportation, gathering and production fuel. 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. Equity-Based Compensation The Company accounts for equity-based compensation under the provisions of ASC 718, Compensation – Stock Compensation ASC 718 Recently Issued Accounting Standards In September 2016, the FASB issued ASU No. 2016-13, Credit Losses In August 2020, the FASB issued ASU 2020-06, Debt: Debt with Conversion and Other Options (Subtopic 470-20) – Contracts in Entity’s Own Equity (Subtopic 815-40) In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) |
Asset Impairment
Asset Impairment | 9 Months Ended |
Sep. 30, 2021 | |
Asset Impairment Charges [Abstract] | |
Asset Impairment | NOTE 3 – ASSET IMPAIRMENT The Company recorded no impairment losses for the three months ended September 30, 2021 and 2020. Impairment losses of $626 and $278 were recorded for the nine months ended September 30, 2021 and 2020, respectively. The 2021 impairment loss was due to a notice received from a landfill host in February 2021 amending the underlying gas rights agreement to remove and begin decommissioning activities related to one of the Company’s renewable electric generation sites. The 2020 impairment loss was due to a termination of a development agreement. The Company evaluated and concluded that no other events or conditions existed during the period that suggested long-lived assets may not be recoverable. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | NOTE 4 – REVENUES FROM CONTRACTS WITH CUSTOMERS The following tables display the Company’s revenue by major source, excluding realized and unrealized gains or losses under the Company’s gas hedge program, based on product type and timing of transfer of goods and services for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Goods Goods Total Major Goods/Service Line: Natural Gas Commodity $ 2,983 $ 8,570 $ 11,553 Natural Gas Environmental Attributes 24,223 — 24,223 Electric Commodity — 2,305 2,305 Electric Environmental Attributes 1,668 — 1,668 $ 28,874 $ 10,875 $ 39,749 Operating Segment: RNG $ 27,206 $ 8,570 $ 35,776 REG 1,668 2,305 3,973 $ 28,874 $ 10,875 $ 39,749 Three Months Ended September 30, Goods Goods Total Major Goods/Service Line: Natural Gas Commodity $ 1,594 $ 5,951 $ 7,545 Natural Gas Environmental Attributes 16,470 — 16,470 Electric Commodity — 2,492 2,492 Electric Environmental Attributes 1,743 — 1,743 $ 19,807 $ 8,443 $ 28,250 Operating Segment: RNG $ 18,064 $ 5,951 $ 24,015 REG 1,743 2,492 4,235 $ 19,807 $ 8,443 $ 28,250 Nine Months Ended September 30, 2021 Goods Goods Total Major Goods/Service Line: Natural Gas Commodity $ 13,293 $ 21,620 $ 34,913 Natural Gas Environmental Attributes 56,297 — 56,297 Electric Commodity — 7,150 7,150 Electric Environmental Attributes 4,512 — 4,512 $ 74,102 $ 28,770 $ 102,872 Operating Segment: RNG $ 69,590 $ 21,620 $ 91,210 REG 4,512 7,150 11,662 $ 74,102 $ 28,770 $ 102,872 Nine Months Ended September 30, 2020 Goods Goods Total Major Goods/Service Line: Natural Gas Commodity $ 4,683 $ 16,958 $ 21,641 Natural Gas Environmental Attributes 39,498 — 39,498 Electric Commodity — 8,035 8,035 Electric Environmental Attributes 5,226 — 5,226 $ 49,407 $ 24,993 $ 74,400 Operating Segment: RNG $ 44,181 $ 16,958 $ 61,139 REG 5,226 8,035 13,261 $ 49,407 $ 24,993 $ 74,400 |
Accounts and Other Receivables
Accounts and Other Receivables | 9 Months Ended |
Sep. 30, 2021 | |
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 (Unaudited). For the three and nine months ended September 30, 2021 and 2020, there were no reserves for uncollectible accounts. Accounts and other receivables consist of the following as of September 30, 2021 and December 31, 2020: September 30, December 31 , Accounts receivables $ 15,188 $ 5,264 Other receivables 94 164 Reimbursable expenses 26 21 Accounts and other receivables, net $ 15,308 $ 5,449 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and December 31, 2020: September 30, December 31 , Buildings and improvements $ 28,251 $ 28,065 Machinery and equipment 249,337 246,874 Gas mineral rights 34,551 34,551 Construction work in progress 8,612 3,840 Total 320,751 313,330 Less: Accumulated depreciation and amortization (141,444 ) (126,929 ) Property, plant & equipment, net $ 179,307 $ 186,401 Depreciation expense for property plant and equipment was $4,839 and $4,623 for the three months ended September 30, 2021 and 2020, respectively, and $14,637 and $13,582 for the nine months ended September 30, 2021 and 2020, respectively. Amortization expense for gas mineral rights was $446 and $491 for the three months ended September 30, 2021 and 2020, respectively, and $1,382 and $1,473 for the nine months ended September 30, 2021 and 2020, respectively. In May 2021, the Company completed a series of transactions (the “Asset Acquisition”) with a privately-held entity. The Company paid $4,142, including $341 in acquisition costs, for land, building, mobile equipment and other property, plant and equipment. The Asset Acquisition was accounted for as an asset purchase in accordance with ASC 805, Business Combinations e 835 of the asset purchase price, with the remaining balance classified as construction work in progress as of September 30, 2021. |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets, Net | NOTE 7 – GOODWILL AND INTANGIBLE ASSETS, NET Intangible assets consist of the following as of September 30, 2021 and December 31, 2020: September 30, December 31, Goodwill $ 60 $ 60 Intangible assets with indefinite lives: Emissions allowances $ 777 $ 777 Land use rights 329 329 Total intangible assets with indefinite lives: $ 1,106 $ 1,106 Intangible assets with finite lives: Interconnection, net of accumulated amortization of $2,835 and $2,329 $ 12,488 $ 12,596 Customer contracts, net of accumulated amortization of $16,904 and $16,367 1,379 916 Total intangible assets with finite lives: $ 13,867 $ 13,512 Total Goodwill and Intangible Assets $ 15,033 $ 14,678 The weighted average remaining useful life of the customer contracts and interconnection is approximately 8 years and 16 years, respectively. Amortization expense was $381 and $356 for the three months ended September 30, 2021 and 2020, respectively, and $1,043 and $1,065 for the nine months ended September 30, 2021 and 2020, respectively. |
Assets Retirement Obligations
Assets Retirement Obligations | 9 Months Ended |
Sep. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | NOTE 8 – ASSET RETIREMENT OBLIGATIONS The following table summarizes the activity associated with asset retirement obligations of the Company as of September 30, 2021 and December 31, 2020: Nine Months Ended Year Ended Asset retirement obligations - beginning of period $ 5,689 $ 5,928 Accretion expense 304 320 New asset retirement obligations — 350 Decommissioning (110 ) (909 ) Asset retirement obligations - end of period $ 5,883 $ 5,689 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments | NOTE 9 – DERIVATIVE INSTRUMENTS To mitigate market risk associated with fluctuations in energy commodity prices (natural gas) and interest rates, the Company utilizes various hedges to secure energy commodity pricing and interest rates under a board-approved program. As a result of the hedging strategy employed, the Company had the following realized and unrealized gains and losses in the Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Derivative Instrument Location September 30, September 30, Interest rate swaps Interest expense 287 393 Net gain (loss) $ 287 $ 393 Nine Months Ended Derivative Instrument Location September 30, September 30, Commodity contracts: Realized natural gas Gas commodity sales $ — $ 551 Unrealized natural gas Other income — (388 ) Interest rate swaps Interest expense 1,011 (993 ) Net gain (loss) $ 1,011 $ (830 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and December 31, 2020, set forth by level, within the fair value hierarchy: September 30, 2021 Level 1 Level 2 Level 3 Total Interest rate swap derivative liabilities $ — $ (1,249 ) $ — $ (1,249 ) Asset retirement obligations — — (5,883 ) (5,883 ) Pico earn-out — — (1,226 ) (1,226 ) $ — $ (1,249 ) $ (7,109 ) $ (8,358 ) December 31, 2020 Level 1 Level 2 Level 3 Total Interest rate swap derivative liabilities $ — $ (2,260 ) $ — $ (2,260 ) Asset retirement obligations — — (5,689 ) (5,689 ) Pico earn-out — — (1,920 ) (1,920 ) $ — $ (2,260 ) $ (7,609 ) $ (9,869 ) A summary of changes in the fair values of the Company’s Level 3 instruments, attributable to asset retirement obligations is included in Note 8 non-recurring The purchase agreement for the 2018 acquisition of Pico Energy, LLC (“Pico”) included an earn-out earn-out |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | NOTE 11 – ACCRUED LIABILITIES The Company’s accrued liabilities consist of the following as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Accrued expenses $ 4,710 $ 4,975 Payroll and related benefits 2,204 2,341 Royalty 4,044 2,620 Utility 1,059 1,147 Other 424 456 Accrued Liabilities $ 12,441 $ 11,539 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 12 – DEBT The Company’s debt consists of the following as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Term loan $ 22,500 $ 30,000 Revolving credit facility 36,697 36,697 Less: current principal maturities (10,000 ) (10,000 ) Less: debt issuance costs (on long-term debt) (174 ) (429 ) Long-term debt 49,023 56,268 Current portion of long-term debt 9,633 9,492 $ 58,656 $ 65,760 Amended Credit Agreement On December 12, 2018, Montauk Energy Holdings LLC (“MEH”) entered into the Second Amended and Restated Revolving Credit and Term Loan Agreement (as amended, “Credit Agreement”), by and among MEH, the financial institutions from time to time party thereto as lenders and Comerica Bank, as the administrative agent, sole lead arranger and sole bookrunner (“Comerica”). The Credit Agreement (i) amended and restated in its entirety MEH’s prior revolving credit and term loan facility, dated as of August 4, 2017, as amended, with Comerica and certain other financial institutions and (ii) replaced in its entirety the prior credit agreement, dated as of August 4, 2017, as amended, between Comerica and Bowerman Power LFG, LLC, a wholly-owned subsidiary of MEH. On March 21, 2019, MEH entered into the first amendment to the Credit Agreement (the “First Amendment”), which clarified a variety of terms, definitions and calculations in the Credit Agreement. The Credit Agreement requires the Company to maintain customary affirmative and negative covenants, including certain financial covenants, which are measured at the end of each fiscal quarter. On September 12, 2019, MEH 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, MEH paid down the outstanding term loan by $38,250 and the resulting quarterly principal installments were reduced to $2,500. The maturity date of the Credit Agreement was not changed by the Second Amendment and remains December 12, 2023. In connection with the completion of the Reorganization Transactions and the IPO, the Company entered into the third amendment to the Credit Agreement (the “Third Amendment”). This amendment permitted the Change of Control provisions, as defined in the underlying agreement, to permit the Reorganization Transactions and IPO to be completed. The amendment also added LIBOR cessation fallback language for a transition to specified alternative SOFR-based rates, or, if those alternatives cannot be determined, to another rate selected by the administrative agent and the borrower under the Amended Credit Agreement as well as provisions that allow one or more parties to transition in advance of the dates set forth above where specified conditions are met. The Credit Agreement is secured by a lien on substantially all assets of the Company and certain of its subsidiaries and provides for a $95,000 term loan and a $80,000 revolving credit facility. The term loan amortizes in quarterly installments of $2,500 and has a final maturity of December 12, 2023 with interest rates of 2.855% and 2.961% at September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021, $22,500 was outstanding under the term loan and $36,697 was outstanding under the revolving credit facility. In addition, the Company had $3,905 of outstanding letters of credit as of September 30, 2021. Amounts available under the revolving credit facility are reduced by any amounts outstanding under letters of credit. As of September 30, 2021, the Company’s capacity available for borrowing under the revolving credit facility was $39,397. Borrowings of the term loan and revolving credit facility bear interest at the LIBOR rate plus an applicable margin or the Prime Reference Rate plus an applicable margin, as elected by the Company. The Company accounted for the Credit Agreement as a debt modification in accordance with ASC 470, Debt As of September 30, 2021, the Company was in compliance with all applicable financial covenants under the Credit Agreement as amended. Capitalized Interest Capitalized interest was $0 and $322 for the three months ended September 30, 2021 and 2020, respectively, and $0 and $1,056 for the nine months ended September 30, 2021 and 2020, respectively. Interest is capitalized using the borrowing rate for the assets being constructed. Interest capitalized during 2020 was for the construction of two LFG-to-energy |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
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 nine for the three and nine months ended Three Months Ended September 30, 2021 September 30, 2020 Provision (benefit) for income taxes $ (3,481 ) $ 6,266 Effective tax rate (64% ) 150 % Nine Months Ended September 30, 2021 September 30, 2020 Provision (benefit) for income taxes $ 1,286 $ (291 ) Effective tax rate (15 %) (16 %) Income tax expense for the three and nine months ended September 30, 2021 was calculated using the actual year to date effective tax rate. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to the current year permanent disallowance of officers’ compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), of $4,381, partially offset by the favorable impact of the production tax credit of $(1,623). When the net tax expense (benefit) for the three and nine months ended September 30, 2021 is compared to the pre-tax The effective tax rate of (64%) for the three months ended September 30, 2021 was lower than the rate for the three months ended September 30, 2020 of 150% primarily due to the current year disallowance of officers’ compensation under Section 162(m) of the Code. The Company utilized a year to date effective tax rate for tax expense calculated for the three months ended September 30, 2021, which when applied to year to date pre-tax pre-tax The effective tax rate of (15%) for the nine months ended September 30, 2021 was higher than the rate for the nine months ended September 30, 2020 of (16%). The September 30, 2021 rate of (15%) is calculated based on tax expense that is driven by the 162(m) unfavorable permanent adjustment (which was not applicable in the quarter ended September 30, 2020) compared to a pre-tax n connection with the January 1, 2020 dissolution of the Montauk Energy Capital (“MEC”) partnership, which allows all entities under MEC to file as part of the Company’s consolidated federal tax group compared to a pre-tax book income position. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | NOTE 14 – SHARE-BASED COMPENSATION In January 2021, Montauk Renewables undertook the Reorganization Transactions which resulted in the Company owning all of the assets and entities (excluding Montauk USA) through which MNK’s business and operations were conducted. As a result of the Distribution, the options outstanding under MNK’s Employee Share Appreciation Rights Scheme (the “SAR Plan”) were cancelled. The Company recorded $2,050 of accelerated compensation expense in its condensed consolidated statements of operations (unaudited) within general and administrative expenses in connection with the cancellation of the options under the SAR Plan for the nine months ended September 30, 2021. 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 will be In connection with the May 2021 Asset Acquisition, 1,250,000 restricted stock awards (“RS Awards”) were granted to two employees of the Company in connection with their respective employment. The RS Awards vest over a five-year period and are subject to the achievement of time and performance based vesting criteria over such period. The performance targets in the RS Awards relate to the attainment of three EBITDA goals as defined in the underlying agreements beginning on or after the third anniversary of the grant date. The Company completed its assessment and no compensation expense for the RS Awards has been recorded for the three and nine months ended September 30, 2021. The grant date fair value of the RS Awards is $11,300. The restricted stock, restricted stock unit and option awards are subject to vesting schedules that commence or conclude, in the case of the option and restricted stock unit awards, on the one-year Options granted under the MRI EICP allow the recipient to receive the Company’s common stock equal to the appreciation in the fair market value of the Company’s common stock between the grant date and the exercise and settlement of options into shares as of the exercise date(s). The fair value of the MRI EICP options was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions (no dividends were expected): Grant Date Risk-free interest rate 0.5 % Expected volatility 32.0 % Expected option life (in years) 5.5 Grant-date fair value $ 3.44 The risk-free interest rate was based on United States Treasury yields in effect at the time of the grant for notes with terms comparable to the awards. The expected option life represents an estimate of the period of time options are expected to remain outstanding based on the mid-point Company recently completed its IPO in January 2021, there is no sufficient stock volatility historical data. The expected volatility was based on the average historical stock price volatility of comparable publicly-traded companies in its industry peer group. The following table summarizes the options, restricted stock and restricted stock units outstanding under the MRI EICP as of September 30, 2021: Restricted Shares Restricted Stock Units Options Number of Weighted Average Number Weighted Average Number Weighted Average End of period - December 31, 2020 — $ — — $ — — $ — Beginning of period - January 1, 2021 — $ — — $ — — $ — Granted 3,519,827 10.43 29,304 11.38 950,214 11.38 Vested (950,214 ) 11.38 — — — — Forfeited — — (1,056 ) 11.38 — — Exercised — — — — — — End of period – September 30, 2021 2,569,613 $ 10.08 28,248 $ 11.38 950,214 $ 11.38 The following table summarizes the options and restricted stock under the SAR Plan as of September 30, 2020: Options Restricted Stock Number of Weighted Average Number of Weighted Average End of period - December 31, 2019 1,872,534 $ 1.18 1,939,200 $ 0.95 Beginning of period - January 1, 2020 1,872,534 $ 1.18 1,939,200 $ 0.95 Granted 924,779 0.90 — — Forfeited (166,666 ) 0.62 — — Exercised (50,000 ) 0.44 — — End of period – September 30, 2020 2,580,647 $ 1.13 1,939,200 $ 0.95 |
Defined Contribution Plan
Defined Contribution Plan | 9 Months Ended |
Sep. 30, 2021 | |
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 $145 and $119 for the three months ended September 30, 2021 and 2020, respectively, and $414 and $340 for the nine months ended September 30, 2021 and 2020, respectively. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 16 – SEGMENT INFORMATION The Company’s reportable segments for the three and nine months ended September 30, 2021 and 2020 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 Three Months Ended September 30, 2021 RNG REG Corporate Total Total Revenue $ 35,002 $ 3,872 $ 875 $ 39,749 Net income (loss) 15,071 (1,379 ) (4,796 ) 8,896 EBITDA ( 1 19,358 (44 ) (7,536 ) 11,778 Adjusted EBITDA (1) 20,180 (24 ) (7,324 ) 12,832 Total Assets 153,108 53,711 52,926 259,745 Capital expenditure 1,864 1,321 49 3,234 (1) Third quarter of 2021 EBITDA Reconciliation T Three Months Ended September 30, 2021 RNG REG Corporate Total Net income (loss) $ 15,071 $ (1,379 ) $ (4,796 ) $ 8,896 Depreciation and amortization 4,287 1,335 44 5,666 Interest expense — — 697 697 Income tax expense (benefit) — — (3,481 ) (3,481 ) EBITDA $ 19,358 $ (44 ) $ (7,536 ) $ 11,778 Net loss (gain) of sale of assets 822 — — 822 Impairment loss — — — — Transaction costs — 20 212 232 Adjusted EBITDA $ 20,180 $ (24 ) $ (7,324 ) $ 12,832 Three Months Ended September 30, 2020 RNG REG Corporate Total Total Revenue $ 23,994 $ 4,256 $ — $ 28,250 Net Income (Loss) 9,458 (661 ) (10,881 ) (2,084 ) EBITDA ( 1 12,939 1,282 (4,133 ) 10,088 Adjusted EBITDA (1) 12,939 1,282 (4,133 ) 10,088 Total Assets 135,359 80,485 35,683 251,527 Capital expenditure 3,147 1,311 - 4,458 (1) Third quarter of 2020 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, 2020: Three Months Ended September 30, 2020 RNG REG Corporate Total Net Income (loss) $ 9,458 $ (661 ) $ (10,881 ) $ (2,084 ) Depreciation and amortization 3,481 1,943 46 5,470 Interest expense — — 436 436 Income tax expense (benefit) — — 6,266 6,266 EBITDA $ 12,939 $ 1,282 $ (4,133 ) $ 10,088 Impairment loss — — — — Non-cash — — — — Adjusted EBITDA $ 12,939 $ 1,282 $ (4,133 ) $ 10,088 For the three months ended September 30, 2021 and 2020, three and four customers, respectively, made up greater than 10% of total revenues. Three Months Ended September 30, 2021 RNG REG Corporate Total Customer A 19.6 % — — 19.6 % Customer B 15.4 % — — 15.4 % Customer C 11.4 % — — 11.4 % Three Months Ended September 30, 202 0 RNG REG Corporate Total Customer A 27.5 % — — 27.5 % Customer B 16.5 % — — 16.5 % Customer C - 13.4 % — 13.4 % Customer D 13.3 % 13.3 % The Company’s reportable segments for the nine months ended September 30, 2021 and 2020 are Renewable Natural Gas and Renewable Electricity Generation. Nine Months Ended September 30, 2021 RNG REG Corporate Total Total Revenue $ 90,707 $ 11,290 $ 875 $ 102,872 Net Income (Loss) 33,205 (3,647 ) (39,579 ) (10,021 ) EBITDA ( 2 45,991 498 (36,098 ) 10,391 Adjusted EBITDA (2) 46,813 1,144 (35,761 ) 12,196 Total Assets 153,108 53,711 52,926 259,745 Capital Expenditure 5,883 1,770 49 7,702 (2) First nine months of 2021 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, 2021: Nine Months Ended September 30, 2021 RNG REG Corporate Total Net Income (loss) $ 33,205 $ (3,647 ) $ (39,579 ) $ (10,021 ) Depreciation and amortization 12,786 4,143 133 17,062 Interest expense — — 2,064 2,064 Income tax expense (benefit) — 2 1,284 1,286 EBITDA $ 45,991 $ 498 $ (36,098 ) $ 10,391 Net loss (gain) of sale of assets 822 822 Impairment loss — 626 — 626 Transaction costs — 20 337 357 Adjusted EBITDA $ 46,813 $ 1,144 $ (35,761 ) $ 12,196 Nine Months Ended September 30, 2020 RNG REG Corporate Total Total Revenue $ 60,799 $ 13,282 $ 482 $ 74,563 Net Income (Loss) 18,700 (1,955 ) (14,598 ) 2,147 EBITDA ( 2 29,100 3,634 (11,248 ) 21,486 Adjusted EBITDA (2) 29,100 3,912 (10,860 ) 22,152 Total Assets 135,359 80,485 35,683 251,527 Capital Expenditure 11,493 3,360 58 14,911 (2) First nine months of 2020 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, 2020: Nine Months Ended September 30, 2020 RNG REG Corporate Total Net Income (loss) $ 18,700 $ (1,955 ) $ (14,598 ) $ 2,147 Depreciation and amortization 10,400 5,587 133 16,120 Interest expense — — 3,510 3,510 Income tax expense (benefit) — 2 (293 ) (291 ) EBITDA $ 29,100 $ 3,634 $ (11,248 ) $ 21,486 Impairment loss — 278 — 278 Non-cash — — 388 388 Adjusted EBITDA $ 29,100 $ 3,912 $ (10,860 ) $ 22,152 For the nine months ended September 30, 2021 and 2020, five and four customers, respectively, made up greater than 10% of total revenues. Nine Months Ended September 30, 2021 RNG REG Corporate Total Customer A 12.8 % — — 12.8 % Customer B 12.4 % — — 12.4 % Customer C 11.3 % — — 11.3 % Customer D 10.5 % — — 10.5 % Customer E 10.2 % — 10.2 % Nine Months Ended September 30, 2020 RNG REG Corporate Total Customer A — 15.2 % — 15.2 % Customer B 14.7 % — — 14.7 % Customer C 12.4 % — — 12.4 % Customer D 12.0 % — — 12.0 % |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | NOTE 17 – 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 2024. These leases have been entered into to better enable the Company to conduct business operations. Office space is leased to provide adequate workspace for all employees in Pittsburgh, Pennsylvania and Houston, Texas. 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 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 The Company has elected, as a practical expedient, not to separate non-lease 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 approximates the rate to borrow funds on a collateralized basis over a similar term and in a similar economic environment. As of September 30, 2021, there were no leases entered into which have not yet commenced and that would entitle the Company to significant rights or create additional obligations. Supplemental information related to operating lease arrangements was as follows: Three Months Ended 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 76 $ 75 Weighted average remaining lease term (in years) 1.83 2.35 Weighted average discount rate 5.00 % 5.00 % Nine Months Ended 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 227 $ 225 Weighted average remaining lease term (in years) 1.83 2.35 Weighted average discount rate 5.00 % 5.00 % Future minimum lease payments as of September 30, 2021, are as follows: Amount Year Ending Remainder of 2021 $ 78 2022 319 2023 8 2024 1 Interest (10 ) Total $ 396 |
Earnings (loss) per share
Earnings (loss) per share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per share | NOTE 18 – EARNINGS (LOSS) PER SHARE Earnings (Loss) per share was computed using the following common share data for the three and nine months ended September 30, 2021: Three Months Ended Net income $ 8,896 Basic weighted-average shares outstanding 141,015,213 Dilutive effect of share-based awards 32,793 Diluted weighted-average shares outstanding 141,048,006 Basic earnings per share $ 0.06 Diluted earnings per share $ 0.06 Nine Months Ended Net loss $ (10,021 ) Basic weighted-average shares outstanding 141,015,213 Dilutive effect of share-based awards — Diluted weighted-average shares outstanding 141,015,213 Basic loss per share $ (0.07 ) Diluted loss per share $ (0.07 ) As a result of incurring a net loss for the nine months ended September 30, 2021 , 493,166 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 19 – RELATED PARTY TRANSACTIONS In connection with the Distribution, the Company loaned MNK $7,140, in the aggregate, which is recorded in the condensed consolidated balance sheet within related party receivable, for its dividends tax liability arising under the South African Income Tax Act, 1962, as amended. As security for this loan, MNK has pledged certain of its shares in the Company to Montauk Renewables and agreed to use the proceeds from the sale of such shares to repay this loan. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 20 – SUBSEQUENT EVENTS The Company evaluated its September 30, 2021 unaudited condensed consolidated financial statements through November 15, 2021, the date the financial statements were issued. The Company is not aware of any subsequent events which would require disclosure in the unaudited condensed consolidated financial statements, except for the matters discussed below. In October 2021, the Company closed on a $5,447 transaction to acquire approximately 146 acres and an existing approximately 500,000 square foot structure intended to expand the production processes acquired in the Montauk Ag Asset Acquisition. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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 10-01 S-X. 10-K The historical consolidated financial information included reflects the historical results of operations and financial position of Montauk USA. The consolidated financial statements of Montauk USA became the Company’s historical financial statements following the IPO. Certain historical financial information included relates to periods prior to the Reorganization Transactions. |
Retrospective Presentation of Ownership Related to the Reorganization Transactions | Retrospective Presentation of Ownership Related to the Reorganization Transactions As discussed in Note 1, as a result of the Reorganization Transactions, the Company acquired the assets and entities (excluding Montauk USA) which were previously owned by MNK. As part of the Reorganization Transactions, a 1:1 pro rata distribution of shares of the Company’s common stock was made to holders of MNK’s ordinary shares. The Reorganization Transactions resulted in a pro rata distribution whereby the ownership of the Company after the Reorganization Transactions was identical to the ownership of MNK prior to the Reorganization Transaction and was therefore akin to a common control transaction. All members’ equity in the financial statements and notes have been retrospectively adjusted to give effect to the Distribution, as if such pro rata distribution on a 1:1 basis occurred as of all pre-IPO |
Reclassifications | Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. The effect of the reclassifications in the December 31, 2020 condensed consolidated balance sheet is a decrease of property, plant & equipment, net and a increase to goodwill and intangibles, net, as of December 31, 2020. The effect of the reclassifications for the nine months ended September 30, 2020 condensed consolidated statement of operations is a $996 decrease of operating revenues, a $397 increase in operating and maintenance expenses and a decrease in royalties, transportation, gathering and production fuel. |
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. |
Equity-Based Compensation | Equity-Based Compensation The Company accounts for equity-based compensation under the provisions of ASC 718, Compensation – Stock Compensation ASC 718 |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In September 2016, the FASB issued ASU No. 2016-13, Credit Losses In August 2020, the FASB issued ASU 2020-06, Debt: Debt with Conversion and Other Options (Subtopic 470-20) – Contracts in Entity’s Own Equity (Subtopic 815-40) In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Company's Revenue by Major Source | The following tables display the Company’s revenue by major source, excluding realized and unrealized gains or losses under the Company’s gas hedge program, based on product type and timing of transfer of goods and services for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Goods Goods Total Major Goods/Service Line: Natural Gas Commodity $ 2,983 $ 8,570 $ 11,553 Natural Gas Environmental Attributes 24,223 — 24,223 Electric Commodity — 2,305 2,305 Electric Environmental Attributes 1,668 — 1,668 $ 28,874 $ 10,875 $ 39,749 Operating Segment: RNG $ 27,206 $ 8,570 $ 35,776 REG 1,668 2,305 3,973 $ 28,874 $ 10,875 $ 39,749 Three Months Ended September 30, Goods Goods Total Major Goods/Service Line: Natural Gas Commodity $ 1,594 $ 5,951 $ 7,545 Natural Gas Environmental Attributes 16,470 — 16,470 Electric Commodity — 2,492 2,492 Electric Environmental Attributes 1,743 — 1,743 $ 19,807 $ 8,443 $ 28,250 Operating Segment: RNG $ 18,064 $ 5,951 $ 24,015 REG 1,743 2,492 4,235 $ 19,807 $ 8,443 $ 28,250 Nine Months Ended September 30, 2021 Goods Goods Total Major Goods/Service Line: Natural Gas Commodity $ 13,293 $ 21,620 $ 34,913 Natural Gas Environmental Attributes 56,297 — 56,297 Electric Commodity — 7,150 7,150 Electric Environmental Attributes 4,512 — 4,512 $ 74,102 $ 28,770 $ 102,872 Operating Segment: RNG $ 69,590 $ 21,620 $ 91,210 REG 4,512 7,150 11,662 $ 74,102 $ 28,770 $ 102,872 Nine Months Ended September 30, 2020 Goods Goods Total Major Goods/Service Line: Natural Gas Commodity $ 4,683 $ 16,958 $ 21,641 Natural Gas Environmental Attributes 39,498 — 39,498 Electric Commodity — 8,035 8,035 Electric Environmental Attributes 5,226 — 5,226 $ 49,407 $ 24,993 $ 74,400 Operating Segment: RNG $ 44,181 $ 16,958 $ 61,139 REG 5,226 8,035 13,261 $ 49,407 $ 24,993 $ 74,400 |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables, Net, Current [Abstract] | |
Schedule of Accounts and Other Receivables | Accounts and other receivables consist of the following as of September 30, 2021 and December 31, 2020: September 30, December 31 , Accounts receivables $ 15,188 $ 5,264 Other receivables 94 164 Reimbursable expenses 26 21 Accounts and other receivables, net $ 15,308 $ 5,449 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property Plant and Equipment | Property, plant and equipment consists of the following as of September 30, 2021 and December 31, 2020: September 30, December 31 , Buildings and improvements $ 28,251 $ 28,065 Machinery and equipment 249,337 246,874 Gas mineral rights 34,551 34,551 Construction work in progress 8,612 3,840 Total 320,751 313,330 Less: Accumulated depreciation and amortization (141,444 ) (126,929 ) Property, plant & equipment, net $ 179,307 $ 186,401 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
schedule of Intangible Assets | Intangible assets consist of the following as of September 30, 2021 and December 31, 2020: September 30, December 31, Goodwill $ 60 $ 60 Intangible assets with indefinite lives: Emissions allowances $ 777 $ 777 Land use rights 329 329 Total intangible assets with indefinite lives: $ 1,106 $ 1,106 Intangible assets with finite lives: Interconnection, net of accumulated amortization of $2,835 and $2,329 $ 12,488 $ 12,596 Customer contracts, net of accumulated amortization of $16,904 and $16,367 1,379 916 Total intangible assets with finite lives: $ 13,867 $ 13,512 Total Goodwill and Intangible Assets $ 15,033 $ 14,678 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and December 31, 2020: Nine Months Ended Year Ended Asset retirement obligations - beginning of period $ 5,689 $ 5,928 Accretion expense 304 320 New asset retirement obligations — 350 Decommissioning (110 ) (909 ) Asset retirement obligations - end of period $ 5,883 $ 5,689 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instrument Detail [Abstract] | |
Summary of Realized and Unrealized Gains and Losses of Derivative Instrument | As a result of the hedging strategy employed, the Company had the following realized and unrealized gains and losses in the Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Derivative Instrument Location September 30, September 30, Interest rate swaps Interest expense 287 393 Net gain (loss) $ 287 $ 393 Nine Months Ended Derivative Instrument Location September 30, September 30, Commodity contracts: Realized natural gas Gas commodity sales $ — $ 551 Unrealized natural gas Other income — (388 ) Interest rate swaps Interest expense 1,011 (993 ) Net gain (loss) $ 1,011 $ (830 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | The Company’s assets and liabilities that are measured at fair value on a recurring basis include the following as of September 30, 2021 and December 31, 2020, set forth by level, within the fair value hierarchy: September 30, 2021 Level 1 Level 2 Level 3 Total Interest rate swap derivative liabilities $ — $ (1,249 ) $ — $ (1,249 ) Asset retirement obligations — — (5,883 ) (5,883 ) Pico earn-out — — (1,226 ) (1,226 ) $ — $ (1,249 ) $ (7,109 ) $ (8,358 ) December 31, 2020 Level 1 Level 2 Level 3 Total Interest rate swap derivative liabilities $ — $ (2,260 ) $ — $ (2,260 ) Asset retirement obligations — — (5,689 ) (5,689 ) Pico earn-out — — (1,920 ) (1,920 ) $ — $ (2,260 ) $ (7,609 ) $ (9,869 ) |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities | The Company’s accrued liabilities consist of the following as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Accrued expenses $ 4,710 $ 4,975 Payroll and related benefits 2,204 2,341 Royalty 4,044 2,620 Utility 1,059 1,147 Other 424 456 Accrued Liabilities $ 12,441 $ 11,539 |
Debt (Table)
Debt (Table) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Company Debt | The Company’s debt consists of the following as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Term loan $ 22,500 $ 30,000 Revolving credit facility 36,697 36,697 Less: current principal maturities (10,000 ) (10,000 ) Less: debt issuance costs (on long-term debt) (174 ) (429 ) Long-term debt 49,023 56,268 Current portion of long-term debt 9,633 9,492 $ 58,656 $ 65,760 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | 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 nine for the three and nine months ended Three Months Ended September 30, 2021 September 30, 2020 Provision (benefit) for income taxes $ (3,481 ) $ 6,266 Effective tax rate (64% ) 150 % Nine Months Ended September 30, 2021 September 30, 2020 Provision (benefit) for income taxes $ 1,286 $ (291 ) Effective tax rate (15 %) (16 %) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Fair Value of MRI EICP Options and Valuation Assumptions | The fair value of the MRI EICP options was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions (no dividends were expected): Grant Date Risk-free interest rate 0.5 % Expected volatility 32.0 % Expected option life (in years) 5.5 Grant-date fair value $ 3.44 |
Summary of Outstanding Activity of Options,Restricted Stock and Restricted Stock Units under MRI EICP | The following table summarizes the options, restricted stock and restricted stock units outstanding under the MRI EICP as of September 30, 2021: Restricted Shares Restricted Stock Units Options Number of Weighted Average Number Weighted Average Number Weighted Average End of period - December 31, 2020 — $ — — $ — — $ — Beginning of period - January 1, 2021 — $ — — $ — — $ — Granted 3,519,827 10.43 29,304 11.38 950,214 11.38 Vested (950,214 ) 11.38 — — — — Forfeited — — (1,056 ) 11.38 — — Exercised — — — — — — End of period – September 30, 2021 2,569,613 $ 10.08 28,248 $ 11.38 950,214 $ 11.38 |
Summary of Outstanding Activity of Options and Restricted Stock under SAR Plan | The following table summarizes the options and restricted stock under the SAR Plan as of September 30, 2020: Options Restricted Stock Number of Weighted Average Number of Weighted Average End of period - December 31, 2019 1,872,534 $ 1.18 1,939,200 $ 0.95 Beginning of period - January 1, 2020 1,872,534 $ 1.18 1,939,200 $ 0.95 Granted 924,779 0.90 — — Forfeited (166,666 ) 0.62 — — Exercised (50,000 ) 0.44 — — End of period – September 30, 2020 2,580,647 $ 1.13 1,939,200 $ 0.95 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Reconciliation of the Company's Reportable Segments' Net Income from Continuing Operations | The following tables are consistent with the manner in which the chief operating decision maker evaluates the performance of each segment and allocates the Company’s resources. In the following tables “RNG” refers to Renewable Natural Gas and “REG” refer to Renewable Electricity Generation. Three Months Ended September 30, 2021 RNG REG Corporate Total Total Revenue $ 35,002 $ 3,872 $ 875 $ 39,749 Net income (loss) 15,071 (1,379 ) (4,796 ) 8,896 EBITDA ( 1 19,358 (44 ) (7,536 ) 11,778 Adjusted EBITDA (1) 20,180 (24 ) (7,324 ) 12,832 Total Assets 153,108 53,711 52,926 259,745 Capital expenditure 1,864 1,321 49 3,234 (1) Third quarter of 2021 EBITDA Reconciliation T Three Months Ended September 30, 2021 RNG REG Corporate Total Net income (loss) $ 15,071 $ (1,379 ) $ (4,796 ) $ 8,896 Depreciation and amortization 4,287 1,335 44 5,666 Interest expense — — 697 697 Income tax expense (benefit) — — (3,481 ) (3,481 ) EBITDA $ 19,358 $ (44 ) $ (7,536 ) $ 11,778 Net loss (gain) of sale of assets 822 — — 822 Impairment loss — — — — Transaction costs — 20 212 232 Adjusted EBITDA $ 20,180 $ (24 ) $ (7,324 ) $ 12,832 Three Months Ended September 30, 2020 RNG REG Corporate Total Total Revenue $ 23,994 $ 4,256 $ — $ 28,250 Net Income (Loss) 9,458 (661 ) (10,881 ) (2,084 ) EBITDA ( 1 12,939 1,282 (4,133 ) 10,088 Adjusted EBITDA (1) 12,939 1,282 (4,133 ) 10,088 Total Assets 135,359 80,485 35,683 251,527 Capital expenditure 3,147 1,311 - 4,458 (1) Third quarter of 2020 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, 2020: Three Months Ended September 30, 2020 RNG REG Corporate Total Net Income (loss) $ 9,458 $ (661 ) $ (10,881 ) $ (2,084 ) Depreciation and amortization 3,481 1,943 46 5,470 Interest expense — — 436 436 Income tax expense (benefit) — — 6,266 6,266 EBITDA $ 12,939 $ 1,282 $ (4,133 ) $ 10,088 Impairment loss — — — — Non-cash — — — — Adjusted EBITDA $ 12,939 $ 1,282 $ (4,133 ) $ 10,088 The Company’s reportable segments for the nine months ended September 30, 2021 and 2020 are Renewable Natural Gas and Renewable Electricity Generation. Nine Months Ended September 30, 2021 RNG REG Corporate Total Total Revenue $ 90,707 $ 11,290 $ 875 $ 102,872 Net Income (Loss) 33,205 (3,647 ) (39,579 ) (10,021 ) EBITDA ( 2 45,991 498 (36,098 ) 10,391 Adjusted EBITDA (2) 46,813 1,144 (35,761 ) 12,196 Total Assets 153,108 53,711 52,926 259,745 Capital Expenditure 5,883 1,770 49 7,702 (2) First nine months of 2021 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, 2021: Nine Months Ended September 30, 2021 RNG REG Corporate Total Net Income (loss) $ 33,205 $ (3,647 ) $ (39,579 ) $ (10,021 ) Depreciation and amortization 12,786 4,143 133 17,062 Interest expense — — 2,064 2,064 Income tax expense (benefit) — 2 1,284 1,286 EBITDA $ 45,991 $ 498 $ (36,098 ) $ 10,391 Net loss (gain) of sale of assets 822 822 Impairment loss — 626 — 626 Transaction costs — 20 337 357 Adjusted EBITDA $ 46,813 $ 1,144 $ (35,761 ) $ 12,196 Nine Months Ended September 30, 2020 RNG REG Corporate Total Total Revenue $ 60,799 $ 13,282 $ 482 $ 74,563 Net Income (Loss) 18,700 (1,955 ) (14,598 ) 2,147 EBITDA ( 2 29,100 3,634 (11,248 ) 21,486 Adjusted EBITDA (2) 29,100 3,912 (10,860 ) 22,152 Total Assets 135,359 80,485 35,683 251,527 Capital Expenditure 11,493 3,360 58 14,911 (2) First nine months of 2020 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, 2020: Nine Months Ended September 30, 2020 RNG REG Corporate Total Net Income (loss) $ 18,700 $ (1,955 ) $ (14,598 ) $ 2,147 Depreciation and amortization 10,400 5,587 133 16,120 Interest expense — — 3,510 3,510 Income tax expense (benefit) — 2 (293 ) (291 ) EBITDA $ 29,100 $ 3,634 $ (11,248 ) $ 21,486 Impairment loss — 278 — 278 Non-cash — — 388 388 Adjusted EBITDA $ 29,100 $ 3,912 $ (10,860 ) $ 22,152 |
Summary of Revenue by Major Customers | For the three months ended September 30, 2021 and 2020, three and four customers, respectively, made up greater than 10% of total revenues. Three Months Ended September 30, 2021 RNG REG Corporate Total Customer A 19.6 % — — 19.6 % Customer B 15.4 % — — 15.4 % Customer C 11.4 % — — 11.4 % Three Months Ended September 30, 202 0 RNG REG Corporate Total Customer A 27.5 % — — 27.5 % Customer B 16.5 % — — 16.5 % Customer C - 13.4 % — 13.4 % Customer D 13.3 % 13.3 % For the nine months ended September 30, 2021 and 2020, five and four customers, respectively, made up greater than 10% of total revenues. Nine Months Ended September 30, 2021 RNG REG Corporate Total Customer A 12.8 % — — 12.8 % Customer B 12.4 % — — 12.4 % Customer C 11.3 % — — 11.3 % Customer D 10.5 % — — 10.5 % Customer E 10.2 % — 10.2 % Nine Months Ended September 30, 2020 RNG REG Corporate Total Customer A — 15.2 % — 15.2 % Customer B 14.7 % — — 14.7 % Customer C 12.4 % — — 12.4 % Customer D 12.0 % — — 12.0 % |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of Supplemental Information Related To Operating Leases | Supplemental information related to operating lease arrangements was as follows: Three Months Ended 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 76 $ 75 Weighted average remaining lease term (in years) 1.83 2.35 Weighted average discount rate 5.00 % 5.00 % Nine Months Ended 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 227 $ 225 Weighted average remaining lease term (in years) 1.83 2.35 Weighted average discount rate 5.00 % 5.00 % |
Summary of Future Minimum Lease Payments | Future minimum lease payments as of September 30, 2021, are as follows: Amount Year Ending Remainder of 2021 $ 78 2022 319 2023 8 2024 1 Interest (10 ) Total $ 396 |
Earnings (loss) per share (Tabl
Earnings (loss) per share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic loss per share | Earnings (Loss) per share was computed using the following common share data for the three and nine months ended September 30, 2021: Three Months Ended Net income $ 8,896 Basic weighted-average shares outstanding 141,015,213 Dilutive effect of share-based awards 32,793 Diluted weighted-average shares outstanding 141,048,006 Basic earnings per share $ 0.06 Diluted earnings per share $ 0.06 Nine Months Ended Net loss $ (10,021 ) Basic weighted-average shares outstanding 141,015,213 Dilutive effect of share-based awards — Diluted weighted-average shares outstanding 141,015,213 Basic loss per share $ (0.07 ) Diluted loss per share $ (0.07 ) |
Description of Business - Addit
Description of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jan. 26, 2021USD ($)$ / sharesshares | Sep. 30, 2021 | Sep. 30, 2020USD ($) | Feb. 22, 2021USD ($) |
Number of years of experience | 30 years | |||
Number of current operations | 15 | |||
Percent of greenhouse gas reduction requirement | 60.00% | |||
Sale of stock, Number of shares issued in transaction | shares | 2,702,500 | |||
Sale of stock, price per share | $ / shares | $ 8.50 | |||
Sale of stock, Consideration received on transaction | $ 22,971 | |||
Cash loan | $ 5,000 | $ 8,500 | ||
Principal amount of loan | $ 7,140 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Line Items] | ||
Exchange of shares of the company's common stock | 1 | |
Pro rata exchange occurred as of all pre-IPO periods presented | 1 | |
Property, plant and equipment, net | $ 179,307 | $ 186,401 |
Intangible Assets, Net (Including Goodwill) | 15,033 | 14,678 |
Decrease to total operating revenues | 996 | |
Increase in operating and maintenance expenses | 397 | |
Revision of Prior Period, Reclassification, Adjustment [Member] | Minimum [Member] | ||
Accounting Policies [Line Items] | ||
Property, plant and equipment, net | 645 | |
Intangible Assets, Net (Including Goodwill) | $ 645 | |
Decrease to royalties, transportation, gathering and production fuel | $ 1,393 |
Asset Impairment - Additional I
Asset Impairment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Asset Impairment Charges [Abstract] | ||||
Impairment loss | $ 0 | $ 0 | $ 626 | $ 278 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Summary of Company's Revenue by Major Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | $ 39,749 | $ 28,250 | $ 102,872 | $ 74,400 |
RNG [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 35,776 | 24,015 | 91,210 | 61,139 |
REG [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 3,973 | 4,235 | 11,662 | 13,261 |
Natural Gas Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 11,553 | 7,545 | 34,913 | 21,641 |
Natural Gas Environmental Attributes [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 24,223 | 16,470 | 56,297 | 39,498 |
Electric Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 2,305 | 2,492 | 7,150 | 8,035 |
Electric Environmental Attributes [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 1,668 | 1,743 | 4,512 | 5,226 |
Goods transferred at a point in time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 28,874 | 19,807 | 74,102 | 49,407 |
Goods transferred at a point in time [Member] | RNG [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 27,206 | 18,064 | 69,590 | 44,181 |
Goods transferred at a point in time [Member] | REG [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 1,668 | 1,743 | 4,512 | 5,226 |
Goods transferred at a point in time [Member] | Natural Gas Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 2,983 | 1,594 | 13,293 | 4,683 |
Goods transferred at a point in time [Member] | Natural Gas Environmental Attributes [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 24,223 | 16,470 | 56,297 | 39,498 |
Goods transferred at a point in time [Member] | Electric Environmental Attributes [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 1,668 | 1,743 | 4,512 | 5,226 |
Goods transferred over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 10,875 | 8,443 | 28,770 | 24,993 |
Goods transferred over time [Member] | RNG [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 8,570 | 5,951 | 21,620 | 16,958 |
Goods transferred over time [Member] | REG [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 2,305 | 2,492 | 7,150 | 8,035 |
Goods transferred over time [Member] | Natural Gas Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | 8,570 | 5,951 | 21,620 | 16,958 |
Goods transferred over time [Member] | Electric Commodity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from Contracts with Customers | $ 2,305 | $ 2,492 | $ 7,150 | $ 8,035 |
Accounts and Other Receivable_2
Accounts and Other Receivables - Schedule of Accounts and Other Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables, Net, Current [Abstract] | ||
Accounts receivables | $ 15,188 | $ 5,264 |
Other receivables | 94 | 164 |
Reimbursable expenses | 26 | 21 |
Accounts and other receivables, net | $ 15,308 | $ 5,449 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Summary of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 320,751 | $ 313,330 |
Less: Accumulated depreciation and amortization | (141,444) | (126,929) |
Property, plant & equipment, net | 179,307 | 186,401 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 28,251 | 28,065 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 249,337 | 246,874 |
Gas mineral rights [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 34,551 | 34,551 |
Construction work in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 8,612 | $ 3,840 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | May 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 4,839 | $ 4,623 | $ 14,637 | $ 13,582 | |
Payments to Acquire Property, Plant, and Equipment | $ 4,142 | ||||
Capitalized acquisition costs | $ 341 | ||||
Gas mineral rights [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Adjustment for amortization | 446 | $ 491 | 1,382 | $ 1,473 | |
Machinery and Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Capitalized acquisition costs | $ 835 | $ 835 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets, Net - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Goodwill | $ 60 | $ 60 |
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Intangible assets with indefinite lives | 1,106 | 1,106 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets with finite lives | 13,867 | 13,512 |
Total Goodwill and Intangible Assets | 15,033 | 14,678 |
Interconnection [Member] | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets with finite lives | 12,488 | 12,596 |
Customer Contracts [Member] | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets with finite lives | 1,379 | 916 |
Emissions Allowances [Member] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Intangible assets with indefinite lives | 777 | 777 |
Land Use Rights [Member] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Intangible assets with indefinite lives | $ 329 | $ 329 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets, Net - Schedule of Intangible Assets (Detail) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Interconnection [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Finite lived intangible assets accumulated amortization | $ 2,835 | $ 2,329 |
Customer Contracts [Member] | ||
Schedule Of Intangible Assets And Goodwill [Line Items] | ||
Finite lived intangible assets accumulated amortization | $ 16,904 | $ 16,367 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 381 | $ 356 | $ 1,043 | $ 1,065 |
Customer Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite lived intangible asset useful life | 8 years | |||
Interconnection [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite lived intangible asset useful life | 16 years |
Assets Retirement Obligations -
Assets Retirement Obligations - Summary of Activity Associated with Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligations - beginning of period | $ 5,689 | $ 5,928 |
Accretion expense | 304 | 320 |
New asset retirement obligations | 0 | 350 |
Decommissioning | (110) | (909) |
Asset retirement obligations - end of period | $ 5,883 | $ 5,689 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Realized and Unrealized Gains and Losses of Derivative Instrument (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Net gain (loss) | $ 287 | $ 393 | $ 1,011 | $ (830) |
Commodity Contract [Member] | Natural Gas and Natural Gas Liquids [Member] | Sales [Member] | ||||
Derivative [Line Items] | ||||
Net gain (loss) | 0 | 551 | ||
Commodity Contract [Member] | Natural Gas and Natural Gas Liquids [Member] | Other Income [Member] | ||||
Derivative [Line Items] | ||||
Net gain (loss) | 0 | (388) | ||
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Derivative [Line Items] | ||||
Net gain (loss) | $ 287 | $ 393 | $ 1,011 | $ (993) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset retirement obligations | $ (5,883) | $ (5,689) | $ (5,928) |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swap derivative liabilities | (1,249) | (2,260) | |
Asset retirement obligations | (5,883) | (5,689) | |
Pico earn-out liability | (1,226) | (1,920) | |
Fair Value, Net Asset (Liability) | (8,358) | (9,869) | |
Fair Value, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swap derivative liabilities | 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 liabilities | (1,249) | (2,260) | |
Asset retirement obligations | 0 | 0 | |
Pico earn-out liability | 0 | 0 | |
Fair Value, Net Asset (Liability) | (1,249) | (2,260) | |
Fair Value, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swap derivative liabilities | 0 | 0 | |
Asset retirement obligations | (5,883) | (5,689) | |
Pico earn-out liability | (1,226) | (1,920) | |
Fair Value, Net Asset (Liability) | $ (7,109) | $ (7,609) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Details) - Pico Energy, LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Increase Decrease in Earn Out Liability | $ 694 | $ 694 |
Earnout Liability Adjustment | $ 0 | $ 0 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 4,710 | $ 4,975 |
Payroll and related benefits | 2,204 | 2,341 |
Royalty | 4,044 | 2,620 |
Utility | 1,059 | 1,147 |
Other | 424 | 456 |
Accrued Liabilities | $ 12,441 | $ 11,539 |
Debt - Summary of Company Debt
Debt - Summary of Company Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Less: current principal maturities | $ (10,000) | $ (10,000) |
Less: debt issuance costs (on long-term debt) | (174) | (429) |
Long-term debt | 49,023 | 56,268 |
Current portion of long-term debt | 9,633 | 9,492 |
Debt, Long-term and Short-term, Combined Amount | 58,656 | 65,760 |
Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | 22,500 | 30,000 |
Long-term debt | 22,500 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Term loan | $ 36,697 | $ 36,697 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 21, 2019 | Sep. 12, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Extinguishment of Debt [Line Items] | |||||||
Line of Credit Facility, Interest Rate During Period | 2.855% | 2.961% | |||||
Payments of Debt Issuance Costs | $ 1,821 | ||||||
Debt Issuance Costs, costs paid to the lenders | 836 | ||||||
Debt Issuance Costs, costs paid as arranger fees | $ 985 | 985 | |||||
Debt Issuance Costs, Net | 364 | 364 | |||||
Debt Issuance Costs, capitalized | 1,457 | 1,457 | |||||
Legal Fees | 59 | ||||||
Amortized debt issuance expense | 123 | $ 169 | 395 | $ 532 | |||
Capitalized interest | 0 | 322 | 0 | 1,056 | |||
Long-term debt | 49,023 | 49,023 | $ 56,268 | ||||
Term Loans [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Debt Instrument Collateral Amount | $ 95,000 | $ 95,000 | |||||
Long-term debt | 22,500 | 22,500 | |||||
Revolving Credit Facility [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Line of Credit | 36,697 | 36,697 | |||||
Line of Credit Facility, Current Borrowing Capacity | 39,397 | 39,397 | |||||
Debt Instrument Collateral Amount | 80,000 | 80,000 | |||||
Letter of Credit [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 3,905 | 3,905 | |||||
MEH [Member] | Second Amendment [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Line of Credit | $ 80,000 | ||||||
Repayments of Lines of Credit | $ 38,250 | ||||||
MEH [Member] | Term Loans [Member] | |||||||
Extinguishment of Debt [Line Items] | |||||||
Debt Instrument, Periodic Payment, Principal | $ 2,500 | $ 2,500 | |||||
Debt Instrument, Maturity Date | Dec. 12, 2023 | Dec. 12, 2023 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Provision (benefit) for income taxes | $ (3,481) | $ 6,266 | $ 1,286 | $ (291) |
Effective tax rate | (64.00%) | 150.00% | (15.00%) | (16.00%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate, U.S. federal statutory rate | 21.00% | 21.00% | ||
Effective tax rate | (64.00%) | 150.00% | (15.00%) | (16.00%) |
Income tax examination, increase (decrease) in liability from prior year | $ 4,381 | $ 4,381 | ||
Income tax examination, liability (refund) adjustment from settlement with taxing authority | $ (1,623) | $ (1,623) |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Fair Value of MRI EICP Options and Valuation Assumptions (Detail) - MRI EICP [Member] | 9 Months Ended |
Sep. 30, 2021$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 0.50% |
Expected volatility | 32.00% |
Expected option life | 5 years 6 months |
Grant-date fair value | $ 3.44 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Outstanding Activity of Options,Restricted Stock and Restricted Stock Units under MRI EICP (Detail) - MRI EICP [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Beginning of period | shares | 0 |
Number of Shares, Granted | shares | 3,519,827 |
Number of Shares, Vested | shares | (950,214) |
Number of Shares, End of period | shares | 2,569,613 |
Weighted Average Grant Date Fair Value, Beginning of period | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 10.43 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 11.38 |
Weighted Average Grant Date Fair Value, End of period | $ / shares | $ 10.08 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Beginning of period | shares | 0 |
Number of Shares, Granted | shares | 29,304 |
Number of Shares, Forfeited | shares | (1,056) |
Number of Shares, End of period | shares | 28,248 |
Weighted Average Grant Date Fair Value, Beginning of period | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 11.38 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 11.38 |
Weighted Average Grant Date Fair Value, End of period | $ / shares | $ 11.38 |
Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Beginning of period | shares | 0 |
Number of Shares, Granted | shares | 950,214 |
Number of Shares, Vested | shares | 0 |
Number of Shares, Forfeited | shares | 0 |
Number of Shares, End of period | shares | 950,214 |
Weighted Average Grant Date Fair Value, Beginning of period | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 11.38 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, End of period | $ / shares | $ 11.38 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Outstanding Activity of Options and Restricted Stock under SAR Plan (Detail) - SAR Plan [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Beginning of period | shares | 1,872,534 |
Number of Shares, Granted | shares | 924,779 |
Number of Shares, Forfeited | shares | (166,666) |
Number of Shares, Exercised | shares | (50,000) |
Number of Shares, End of period | shares | 2,580,647 |
Weighted Average Exercise Price, Beginning of period | $ / shares | $ 1.18 |
Weighted Average Exercise Price, Granted | $ / shares | 0.90 |
Weighted Average Exercise Price, Forfeited | $ / shares | 0.62 |
Weighted Average Exercise Price, Exercised | $ / shares | 0.44 |
Weighted Average Exercise Price, End of period | $ / shares | $ 1.13 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Beginning of period | shares | 1,939,200 |
Number of Shares, Exercised | shares | 0 |
Number of Shares, End of period | shares | 1,939,200 |
Weighted Average Exercise Price, Beginning of period | $ / shares | $ 0.95 |
Weighted Average Exercise Price, Exercised | $ / shares | 0 |
Weighted Average Exercise Price, End of period | $ / shares | $ 0.95 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | Jan. 31, 2021$ / sharesshares | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Employeesshares | Sep. 30, 2020USD ($) |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Stock-based compensation | $ 19,713,000 | $ 465,000 | |||
SAR Plan [Member] | General and Administrative Expense [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Share based compensation expense | $ 2,050,000 | ||||
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 | ||||
Unrecognised compensation expense | 11,432,000 | $ 11,432,000 | |||
Unrecognised compensation expense recognised, Period | 5 years | ||||
Stock-based compensation | $ 2,574,000 | $ 224,000 | $ 6,768,000 | $ 465,000 | |
MRI EICP [Member] | Section 83 (B) [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Common stock shares withheld | shares | 950,214 | 950,214 | |||
MRI EICP [Member] | General and Administrative Expense [Member] | Section 83 (B) [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Share based compensation expense | $ 10,813,000 | ||||
Restricted Stock [Member] | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||
Share based compensation expense | $ 0 | $ 0 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Number of Shares Per Employee | shares | 1,250,000 | ||||
Number of employees | Employees | 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 11,300,000 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, employer matching contribution, percent of match | 50.00% | |||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 4.00% | |||
Defined contribution plan, cost | $ 145 | $ 119 | $ 414 | $ 340 |
Safe Harbor Contribution [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, maximum annual contributions per employee, percent | 3.00% | |||
Defined contribution plan, employer matching contribution, vesting period | 4 years |
Segment Information - Summary o
Segment Information - Summary of Reconciliation of the Company's Reportable Segments' Net Income from Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Revenue | $ 39,749 | $ 28,250 | $ 102,872 | $ 74,563 | |
Net income (loss) | 8,896 | (2,084) | (10,021) | 2,147 | |
EBITDA | 11,778 | 10,088 | 10,391 | 21,486 | |
Net loss (gain) of sale of assets | 822 | 822 | |||
Adjusted EBITDA | 12,832 | 10,088 | 12,196 | 22,152 | |
Total Assets | 259,745 | 251,527 | 259,745 | 251,527 | $ 253,356 |
Capital expenditure | 3,234 | 4,458 | 7,702 | 14,911 | |
Depreciation and amortization | 5,666 | 5,470 | 17,062 | 16,120 | |
Interest expense | 697 | 436 | 2,064 | 3,510 | |
Income tax expense (benefit) | (3,481) | 6,266 | 1,286 | (291) | |
Impairment loss | 0 | 0 | 626 | 278 | |
Transaction costs | 232 | 357 | |||
Non-cash hedging charges | 388 | ||||
RNG [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Revenue | 35,002 | 23,994 | 90,707 | 60,799 | |
Net income (loss) | 15,071 | 9,458 | 33,205 | 18,700 | |
EBITDA | 19,358 | 12,939 | 45,991 | 29,100 | |
Net loss (gain) of sale of assets | 822 | 822 | |||
Adjusted EBITDA | 20,180 | 12,939 | 46,813 | 29,100 | |
Total Assets | 153,108 | 135,359 | 153,108 | 135,359 | |
Capital expenditure | 1,864 | 3,147 | 5,883 | 11,493 | |
Depreciation and amortization | 4,287 | 3,481 | 12,786 | 10,400 | |
REG [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Revenue | 3,872 | 4,256 | 11,290 | 13,282 | |
Net income (loss) | (1,379) | (661) | (3,647) | (1,955) | |
EBITDA | (44) | 1,282 | 498 | 3,634 | |
Adjusted EBITDA | (24) | 1,282 | 1,144 | 3,912 | |
Total Assets | 53,711 | 80,485 | 53,711 | 80,485 | |
Capital expenditure | 1,321 | 1,311 | 1,770 | 3,360 | |
Depreciation and amortization | 1,335 | 1,943 | 4,143 | 5,587 | |
Income tax expense (benefit) | 2 | 2 | |||
Impairment loss | 626 | 278 | |||
Transaction costs | 20 | 20 | |||
Corporate [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Total Revenue | 875 | 875 | 482 | ||
Net income (loss) | (4,796) | (10,881) | (39,579) | (14,598) | |
EBITDA | (7,536) | (4,133) | (36,098) | (11,248) | |
Adjusted EBITDA | (7,324) | (4,133) | (35,761) | (10,860) | |
Total Assets | 52,926 | 35,683 | 52,926 | 35,683 | |
Capital expenditure | 49 | 49 | 58 | ||
Depreciation and amortization | 44 | 46 | 133 | 133 | |
Interest expense | 697 | 436 | 2,064 | 3,510 | |
Income tax expense (benefit) | (3,481) | $ 6,266 | 1,284 | (293) | |
Transaction costs | $ 212 | $ 337 | |||
Non-cash hedging charges | $ 388 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 19.60% | 27.50% | 12.80% | 15.20% |
Customer B [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 15.40% | 16.50% | 12.40% | 14.70% |
Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 11.40% | 13.40% | 11.30% | 12.40% |
Customer D [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 13.30% | 10.50% | 12.00% | |
Customer E [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 10.20% | |||
RNG [Member] | Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 19.60% | 27.50% | 12.80% | |
RNG [Member] | Customer B [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 15.40% | 16.50% | 12.40% | 14.70% |
RNG [Member] | Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 11.40% | 11.30% | 12.40% | |
RNG [Member] | Customer D [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 13.30% | 10.50% | 12.00% | |
REG [Member] | Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 15.20% | |||
REG [Member] | Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 13.40% | |||
REG [Member] | Customer E [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 10.20% |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Information Related To Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 76 | $ 75 | $ 227 | $ 225 |
Weighted average remaining lease term (in years) | 1 year 9 months 29 days | 2 years 4 months 6 days | 1 year 9 months 29 days | 2 years 4 months 6 days |
Weighted average discount rate | 5.00% | 5.00% | 5.00% | 5.00% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Leases [Abstract] | |
Remainder of 2021 | $ 78 |
2022 | 319 |
2023 | 8 |
2024 | 1 |
Interest | (10) |
Total | $ 396 |
Earnings (loss) per share - Sch
Earnings (loss) per share - Schedule of Loss Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 8,896 | $ (2,084) | $ (10,021) | $ 2,147 |
Basic weighted-average shares outstanding | 141,015,213 | 141,015,213 | ||
Dilutive effect of share-based awards | 32,793 | 0 | ||
Diluted weighted-average shares outstanding | 141,048,006 | 141,015,213 | ||
Basic earnings loss per share | $ 0.06 | $ (0.07) | ||
Diluted earnings loss per share | $ 0.06 | $ (0.07) |
Earnings (loss) per share - Add
Earnings (loss) per share - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021shares | |
Earnings Per Share [Abstract] | |
Antidilutive excluded from diluted net loss per share | 493,166 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Related Party Transactions [Abstract] | |
Related party receivable | $ 7,140 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Thousands | Oct. 31, 2021USD ($)a |
Subsequent Event [Line Items] | |
Payments to Acquire Land | $ | $ 5,447 |
Area of Land | a | 146 |