Strategic Execution and Operational Context

• Commissioned the Montauk Ag Renewables project in North Carolina, achieving gas production with approximately 50% of installed reactor capacity.

• Terminated a biogenic carbon dioxide delivery contract with European Energy North America due to the counterparty's failure to provide contractual construction assurances.

• Production at the Galveston facility decreased by 41,000 MMBtu in the first quarter of 2026 as the landfill host assumed responsibility for wellfield operations, though this was partially offset by production increases at the Apex and Itasca facilities.

• Leveraged the GreenWave joint venture to access proprietary transportation pathways, contributing $1.4 million in distributed RINs during the quarter.

• Attributed the 9% revenue increase primarily to environmental attribute sales from GreenWave and pathway dispensing, offsetting a decline in fixed-price contract volumes.

• Managed a shift in RNG product mix away from fixed-price contracts toward merchant RIN sales to capture higher transportation market value.

2026 Outlook and Strategic Assumptions

• Reaffirmed full-year RNG production guidance of 5.8 to 6.0 million MMBtu, assuming continued landfill collection system improvements.

• Updated renewable electricity revenue guidance to $33-$37 million to reflect the one-month shift in commissioning timing at the North Carolina facility.

• Expects a production ramp-up throughout 2026 at the Ag Renewables project, contingent on catching up with weather-delayed feedstock collection infrastructure.

• Anticipates capital expenditures of $30 million to $40 million for the biogenic CO2 project, pending the finalization of replacement offtake agreements.

• Assumes 2026 and 2027 D3 RIN demand will be supported by the EPA's final RVO volumes of 1.36 billion and 1.43 billion, respectively.

Financial and Structural Developments

• Executed a new $200 million 5-year secured credit facility with HASI, utilizing proceeds to retire all previous outstanding debt.

• Recorded $1 million in debt extinguishment costs related to the refinancing, which includes a two-year interest-only period.

• Reported a $0.4 million impairment charge, a significant decrease from the $2.0 million recorded in the prior year's quarter.

• Identified a $0.8 million increase in non-capitalizable costs at the Montauk Ag Renewables project as a driver of higher O&M expenses.

Q&A Session Highlights

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