BKV Corp
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Co S o Ca F
Condensed Consolidated Statements of Cash Flows
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2026 | 2025 (1) | ||
| Cash flows from operating activities: | |||
| Net income (loss) | $51,844 | $(86,771) | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation, depletion, amortization, and accretion | 54,165 | 49,711 | |
| Equity-based compensation expense | 3,907 | 2,067 | |
| Deferred income tax expense (benefit) | 11,300 | (31,098) | |
| Unrealized (gains) losses on derivatives, net | (13,856) | 147,035 | |
| Impairment of asset held for sale | — | 2,446 | |
| Settlement of contingent consideration | — | (20,000) | |
| Payments for the purchase of put options | — | (16,206) | |
| Other, net | 1,905 | 2,850 | |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (13,443) | (12,805) | |
| Accounts receivable, related party | (86) | (262) | |
| Accounts payable and accrued liabilities | (23,470) | (26,036) | |
| Other changes in operating assets and liabilities | (277) | 5,522 | |
| Net cash provided by operating activities | 71,989 | 16,453 | |
| Cash flows from investing activities: | |||
| Asset acquisition | (93,414) | — | |
| Deposits on fixed asset purchases | (33,050) | — | |
| Capital expenditures | (106,527) | (57,612) | |
| Proceeds from sales of assets | 171 | 1,109 | |
| Other investing activities, net | — | 257 | |
| Net cash used in investing activities | (232,820) | (56,246) | |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock, net of underwriting discounts and commissions | 186,174 | — | |
| Acquisition of affiliate (common control) | (115,136) | — | |
| Payment of debt issuance costs | (892) | — | |
| Payments on Temple Term Loan Facility | (2,500) | (2,500) | |
| Proceeds from Promissory Note | 46,000 | — | |
| Payments on Temple I Loan Agreements | (15,000) | — | |
| Proceeds under RBL Credit Agreement | 330,000 | 170,000 | |
| Payments on RBL Credit Agreement | (230,000) | (135,000) | |
| Net share settlements, equity-based compensation | (2,055) | (1,181) | |
| Cash contributions from noncontrolling interest | 4,200 | — | |
| Common stock issued from employee purchase plan | 277 | — | |
| Net cash provided by financing activities | 201,068 | 31,319 | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 40,237 | (8,474) | |
| Cash, cash equivalents, and restricted cash, beginning of period | 264,273 | 96,998 | |
| Cash, cash equivalents, and restricted cash, end of period | $304,510 | $88,524 | |
(1)The financial information presented in this Quarterly Report on Form 10-Q has been retrospectively adjusted for the BKV-BPP Power Joint Venture Transaction, which was accounted for as a transaction between entities under common control, with prior periods recast as if the transaction had occurred at the beginning of the earliest period presented. See Note 2 - Acquisition for further information.
| The accompanying notes are an integral part of these condensed consolidated financial statements. | 14 |
|---|
Condensed Consolidated Statements of Cash Flows
| Three Months Ended March 31, | |||
|---|---|---|---|
| Supplemental cash flow information: | 2026 | 2025 (1) | |
| Cash payments for: | |||
| Interest | $11,406 | $15,331 | |
| Non-cash investing and financing activities: | |||
| Increase in accrued capital expenditures | $11,440 | $487 | |
| Additions to asset retirement obligations | $40 | $35 | |
| Lease liabilities arising from obtaining right-of-use assets | $5,040 | $— | |
| Modification of lease contracts | $(853) | $— | |
| Revision of asset retirement obligations | $(35,172) | $— | |
| Issuance of common stock to BPPUS | $53 | $— | |
| Accretion of Class B Units to redemption value | $741 | $— | |
(1)The financial information presented in this Quarterly Report on Form 10-Q has been retrospectively adjusted for the BKV-BPP Power Joint Venture Transaction, which was accounted for as a transaction between entities under common control, with prior periods recast as if the transaction had occurred at the beginning of the earliest period presented. See Note 2 - Acquisition for further information.
| The accompanying notes are an integral part of these condensed consolidated financial statements. | 15 |
|---|
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