A new Boltzmann Monte Carlo (BMC) equation is proposed to describe the transport of Monte Carlo particles governed by a set of nonanalog rules for the transition of space, velocity, and weight. The BMC equation is a kinetic equation that includes weight as an extra independent variable. The solution of the BMC equation is the pointwise distribution of velocity and weight throughout the physical system. The BMC equation is derived for the simulation of a transmitted current, utilizing the exponential transform with angular biasing. The weight moments of the solution of the BMC equation are used to predict the score moments of the transmission current. (Also, it is shown that an adjoint BMC equation can be used for this purpose.) Integrating the solution of the forward BMC equation over space, velocity, and weight, the mean number of flights per history is obtained. This is used to determine theoretically the figure of merit for any choice of biasing parameters. Also, a maximum safe value of the exponential transform parameter is proposed, which ensures the finite variance of variance estimate (sample variance) for any penetration distance. Finally, numerical results that validate the new theory are provided.