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BKV Corp

For the period ended Sep 30, 2025. Filed Nov 10, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 10, 2025

BKV$17.55-3.0%Stored close · as of Nov 6, 2026

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Co S o Ca F

Condensed Consolidated Statements of Cash Flows

Nine Months Ended September 30,
20252024
Cash flows from operating activities:
Net income (loss)$103,782$(85,413)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization, and accretion116,176169,111
Equity-based compensation expense9,08012,819
Deferred income tax (benefit) expense17,808(31,272)
Unrealized (gains) losses on derivatives, net(24,143)82,142
Gains on contingent consideration liabilities—(9,973)
Settlement of contingent consideration(20,000)(20,000)
Proceeds from the sale of call options—23,502
Payments for the purchase of put options(16,206)—
Write-off of capitalized software costs5,643—
Gain on sale of business—(5,968)
(Gains) losses on sales of assets1,772(816)
Earnings from equity affiliate(20,553)(27,602)
Loss on early extinguishment of debt—13,877
Transaction costs from sale of business assets(397)(3,461)
Other, net3,9472,016
Changes in operating assets and liabilities:
Accounts receivable, net(18,233)(3,412)
Accounts receivable, related party34(10,784)
Accounts payable and accrued liabilities12,381(30,841)
Other changes in operating assets and liabilities2,227851
Net cash provided by operating activities173,31874,776
Cash flows from investing activities:
Asset acquisition(220,283)—
Cash acquired in consolidation of BKV-BPP Cotton Cove2,077—
Capital expenditures(208,969)(52,774)
Deposit on fixed asset purchase(15,000)—
Proceeds from sale of business—131,708
Proceeds from sales of assets6,8751,718
Other investing activities, net257(23)
Net cash provided by (used in) investing activities(435,043)80,629
Cash flows from financing activities:
Net proceeds on long-term debt490,000—
Proceeds from issuance of common stock in initial public offering, net of underwriting discounts and commissions—253,800
Payments on notes payable to related party—(75,000)
Proceeds under RBL Credit Agreement577,000520,000
Payments on RBL Credit Agreement(742,000)(330,000)
Payment on term loan agreement—(456,000)
Payment of debt issuance costs(4,422)(8,054)
Proceeds from draws on credit facilities—44,000
Payments on credit facilities—(171,000)
Payments of deferred offering costs—(1,369)
Debt extinguishment costs—(10,213)
Redemption of common stock issued upon vesting of equity-based compensation and other—(2,081)
Net share settlements, equity-based compensation(1,644)(53,239)
Cash contributions from noncontrolling interest11,038—
The accompanying notes are an integral part of these condensed consolidated financial statements.13

Condensed Consolidated Statements of Cash Flows

Net cash provided by (used in) financing activities329,972(289,156)
Net increase (decrease) in cash, cash equivalents, and restricted cash68,247(133,751)
Cash, cash equivalents, and restricted cash, beginning of period14,868165,069
Cash and cash equivalents, end of period$83,115$31,318
Nine Months Ended September 30,
Supplemental cash flow information:20252024
Cash payments for:
Interest$14,885$55,558
Income tax$197$6
Non-cash investing and financing activities:
Equity issued as consideration for acquisition$124,254$—
Noncontrolling interest assumed in consolidation of BKV-BPP Cotton Cove$6,897$—
Conversion of mezzanine equity to common stock upon initial public offering$—$42,995
Conversion of equity-based compensation to common stock upon initial public offering$—$74,993
Reclassification of deferred offering costs to common stock upon initial public offering$—$11,649
Increase in accrued capital expenditures$7,408$4,546
Additions to asset retirement obligations$147$21
Lease liabilities arising from obtaining right-of-use assets$—$494
Increase in accrued debt issuance costs$1,281$—
Increase in accrued offering costs$—$1,588
Adjustment of minority ownership puttable shares to redemption value$—$16,989
Adjustment of equity-based compensation to redemption value$—$9,310
Impact of redemption of shares issued in settlement of equity-based compensation and other on additional paid-in capital, common stock, and treasury stock$—$2,081
Accretion of Class B Units to redemption value$818$—
Distributions payable to noncontrolling interest$6,870$—
The accompanying notes are an integral part of these condensed consolidated financial statements.14
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.