Company Reports Q1 Revenue of $117.56M, Beating Expectations
Reports Q1 revenue $117.56M, consensus $97.85M. "It was great to see our RNG volumes continue at a steady pace and rebound from last year. There is always extreme winter weather that can impact RNG production at dairies, and this year was no different - particularly in the upper Midwest - but we see a lot of progress being made with refinements to operating procedures to continually improve dairy RNG production. We've seen it with our dairies and see great efforts across the industry to keep the RNG volumes up and flowing. We are doing our part, with our most recent projects such as the East Valley project, in Idaho, and the South Fork project, in Texas, ramping up production. Additionally, at the end of the quarter the conflict in Iran and the resulting higher oil prices has driven up the price of diesel. Fleets are taking note of our much less volatile transportation fuel. Our results reflect some of these tailwinds of elevated oil and diesel prices, particularly in our revenues, compared to a relatively stable natural gas commodity market. We were very pleased with our first quarter results and feel good about our position in the geopolitical environment as it relates to offering a domestically supplied, low-cost sustainable transportation fuel that is available today."
