$WBI

WaterBridge Infrastructure LLC

CIK:0002064947|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 217,772	$ 95,512	$ 418,749	$ 193,422
Depreciation, depletion, amortization and accretion	72,100	21,148	141,047	42,186
Total cost of revenues	159,649	70,019	312,434	133,006
General and administrative expense	17,682	7,583	34,493	14,175
Loss (gain) on disposal of assets	8	82	(66)	11,691
Other operating expense, net	165	658	1,164	1,665
Operating income	40,268	17,170	70,724	32,885
Interest expense, net	22,708	10,168	42,700	24,225
Other expense (income), net	794	(133)	682	(265)
Income before income taxes	16,766	7,135	27,342	8,925
Income tax expense (benefit)	2,211	10	3,266	89
Net income (loss)	14,555	7,125	24,076	8,836
Net income attributable to noncontrolling interest	9,446		15,452
Net income attributable to WaterBridge Infrastructure LLC	$ 5,109		$ 8,624
Basic net income per share	$ 0.10		$ 0.18
Dilutive net income per share	$ 0.10		$ 0.18
Basic weighted average shares outstanding	48,757,787		46,337,319
Dilutive weighted average shares outstanding	48,757,787		46,337,319
WBEF
Revenues:
Total revenues		86,139		166,335
Depreciation, depletion, amortization and accretion		31,916		59,298
Total cost of revenues		64,031		122,813
General and administrative expense		11,253		18,940
Other operating expense, net		1,193		1,628
Operating income		9,662		22,954
Interest expense, net		26,005		54,341
Other expense (income), net		(767)		(1,537)
Income before income taxes		(15,576)		(29,850)
Income tax expense (benefit)		31		(29)
Net income (loss)		(15,607)		(29,821)
Class A Shares
Revenues:
Basic net income per share	$ 0.1		$ 0.18
Dilutive net income per share	$ 0.1		$ 0.18
Basic weighted average shares outstanding	48,757,787		46,337,319
Dilutive weighted average shares outstanding	48,757,787		46,337,319
Nonrelated Party
Revenues:
Direct operating costs	$ 73,004	38,095	$ 143,044	69,616
Nonrelated Party \| WBEF
Revenues:
Direct operating costs		30,233		60,318
Related Party
Revenues:
Direct operating costs	14,545	10,776	28,343	21,204
Related Party \| WBEF
Revenues:
Direct operating costs		1,882		3,197
Produced Water Handling
Revenues:
Total revenues	197,631	89,158	379,568	174,221
Produced Water Handling \| WBEF
Revenues:
Total revenues		80,932		155,896
Produced Water Handling \| Nonrelated Party
Revenues:
Total revenues	169,704	59,725	322,901	117,929
Produced Water Handling \| Nonrelated Party \| WBEF
Revenues:
Total revenues		80,821		155,681
Produced Water Handling \| Related Party
Revenues:
Total revenues	27,927	29,433	56,667	56,292
Produced Water Handling \| Related Party \| WBEF
Revenues:
Total revenues		111		215
Water Solutions \| Nonrelated Party
Revenues:
Total revenues	8,425	4,682	16,915	14,672
Water Solutions \| Nonrelated Party \| WBEF
Revenues:
Total revenues		3,520		7,018
Water Solutions \| Related Party
Revenues:
Total revenues	893	1,633	1,417	3,301
Other revenues \| Nonrelated Party
Revenues:
Total revenues	9,703	1	18,378	1,190
Other revenues \| Nonrelated Party \| WBEF
Revenues:
Total revenues		1,687		3,421
Other revenues \| Related Party
Revenues:
Total revenues	$ 1,120	$ 38	$ 2,471	$ 38

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 24,076	$ 8,836
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	141,047	42,186
Amortization of debt issuance costs	2,070	2,138
Share-based compensation	5,167	1,382
Contractual customer relationships amortization	916	916
(Gain) loss on disposal of assets, net	(66)	11,691
Tax receivable agreement remeasurement	3,236	0
Deferred income tax expense	2,700	0
Other	827	98
Changes in operating assets and liabilities:
Accounts receivable	(4,511)	(19,153)
Related party accounts receivable	(9,275)	7,669
Prepaid expenses and other assets	6,840	2,213
Accounts payable	5,134	3,527
Taxes payable	609	89
Related party accounts payable	(237)	(6,516)
Contract liabilities	(295)	(174)
Accrued and other liabilities	(18,240)	4,277
Net cash provided by operating activities	159,998	59,179
Cash flows from investing activities
Acquisitions, net of cash acquired	(82,760)	(71)
Capital expenditures	(234,226)	(129,983)
Proceeds from disposal of assets	1,298	19,767
Net cash used in investing activities	(315,688)	(110,287)
Cash flows from financing activities
Proceeds from debt	175,000	35,000
Dividends, dividend equivalents and distributions paid	(12,432)	0
Repayments on term loans	(8,733)	(3,640)
Offering costs	(1,166)	(756)
Repayments of finance leases	(626)	(636)
Deferred offering costs	(244)	0
Debt issuance costs	(17)	(242)
Taxes paid related to net share settlement of RSUs	(11)	0
Contributions from member	0	20,000
Net cash provided by (used in) financing activities	151,771	49,726
Net decrease in cash and cash equivalents	(3,919)	(1,382)
Cash and cash equivalents - beginning of period	51,543	13,284
Cash and cash equivalents - end of period	$ 47,624	11,902
WaterBridge Equity Finance L L C [Member]
Cash flows from operating activities
Net income (loss)		(29,821)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion		59,298
Amortization of debt issuance costs		4,594
Share-based compensation		7,397
Contractual customer relationships amortization		733
Other		342
Changes in operating assets and liabilities:
Accounts receivable		(6,081)
Related party accounts receivable		(131)
Prepaid expenses and other assets		(1,161)
Accounts payable		1,119
Related party accounts payable		88
Contract liabilities		(484)
Accrued and other liabilities		(7,912)
Net cash provided by operating activities		27,981
Cash flows from investing activities
Capital expenditures		(47,236)
Proceeds from disposal of assets		2,195
Net cash used in investing activities		(45,041)
Cash flows from financing activities
Distributions paid on Redeemable Series A Preferred Units		(8,872)
Distributions paid to member		(10)
Proceeds from debt		15,000
Repayments of debt		(13,178)
Settlement of contingent consideration		(2,700)
Offering costs		(843)
Debt issuance costs		(120)
Net cash provided by (used in) financing activities		(10,723)
Net decrease in cash and cash equivalents		(27,783)
Cash and cash equivalents - beginning of period		47,887
Cash and cash equivalents - end of period		$ 20,104

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 47,624	$ 51,543
Other receivables	1,110	2,634
Prepaid expenses and other current assets	8,006	14,834
Total current assets	268,456	261,125
Non-current assets:
Property, plant and equipment, net	2,477,362	2,285,536
Goodwill	51,993	53,127
Intangible assets, net	923,228	935,708
Deferred tax assets	185,758	131,805
Other assets	31,416	32,719
Total non-current assets	3,669,757	3,438,895
Total assets	3,938,213	3,700,020
Current liabilities:
Current portion of long-term debt	6,606	12,546
Other current liabilities	4,294	1,685
Total current liabilities	174,309	188,940
Non-current liabilities:
Long-term debt, net of debt issuance costs	1,609,931	1,431,837
Tax receivable agreement liability	294,552	201,375
Other long-term liabilities	31,132	30,259
Total non-current liabilities	1,935,615	1,663,471
Total liabilities	2,109,924	1,852,411
Commitments and contingencies
Accumulated deficit	(551)	(4,537)
Total shareholders' equity attributable to WaterBridge Infrastructure LLC	759,923	602,306
Noncontrolling interest	1,068,366	1,245,303
Total shareholders' equity	1,828,289	1,847,609
Total liabilities and equity	3,938,213	3,700,020
Class A Shares
Non-current liabilities:
Common Stock	760,474	606,843
Class B Shares
Non-current liabilities:
Common Stock	0	0
Related Party
Current assets:
Accounts receivable, net	39,744	30,469
Current liabilities:
Accounts payable	5,614	5,851
Accrued liabilities	5,878	516
Nonrelated Party
Current assets:
Accounts receivable, net	171,972	161,645
Current liabilities:
Accounts payable	51,229	38,732
Accrued liabilities	$ 100,688	$ 129,610