Y. Zhang of Scotiabank asked a direct question about whether Montauk Renewables had recorded any 45G tax credits during the first quarter.
Chief Financial Officer Kevin Van Asdalan provided a concise response, stating, "No, we have not as of yet."
Y. Zhang from Scotiabank asked whether Montauk Renewables had recorded any 45G tax credits during the first quarter.
Kevin Van Asdalan, Chief Financial Officer, provided a direct response, stating that the company had not recorded any 45G credits as of the first quarter.
Y. Zhang of Scotiabank questioned the business mix, noting that 2025 guidance implies Fuel Station Services could exceed 50% of EBITDA and asking if this is the right balance. She also asked about seemingly low RIN generation in the Fuel Station Services segment in Q4.
Co-CEO Adam Comora and CFO Kazi Hasan clarified that while the Fuel Station Services segment is growing faster than other segments in 2025, it does not yet represent 50% of the total portfolio EBITDA after accounting for corporate overhead. They noted the relative growth is amplified by a lower RIN price assumption impacting the RNG Fuel segment. Management stated they would follow up regarding the specific Q4 RIN generation figures.