BKV Corp
For the period ended Sep 30, 2026. Filed Nov 5, 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.
Sep 30, 2026 · Filed Nov 5, 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
| Nine Months Ended September 30, | |||
|---|---|---|---|
| 2026 | 2025 (1) | ||
| Cash flows from operating activities: | |||
| Net income | $167,560 | $120,595 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, depletion, amortization, and accretion | 160,559 | 144,605 | |
| Equity-based compensation expense | 15,124 | 9,080 | |
| Deferred income tax expense | 34,637 | 21,551 | |
| Unrealized gains on derivatives, net | (47,633) | (46,067) | |
| Settlement of contingent consideration | — | (20,000) | |
| Payments for the purchase of put options | — | (16,206) | |
| Other, net | 9,303 | 14,935 | |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (22,394) | (40,721) | |
| Accounts receivable, related parties | 141 | 3,874 | |
| Accounts payable and accrued liabilities | 27,502 | 17,572 | |
| Other changes in operating assets and liabilities | 1,412 | 5,585 | |
| Net cash provided by operating activities | 346,211 | 214,803 | |
| Cash flows from investing activities: | |||
| Business combination | (200,430) | — | |
| Asset acquisition | (140,909) | (220,283) | |
| Deposits on fixed asset purchases | (243,345) | (15,000) | |
| Capital expenditures | (274,855) | (209,599) | |
| Proceeds from sales of assets | 529 | 6,875 | |
| Other investing activities, net | 264 | 2,334 | |
| Net cash used in investing activities | (858,746) | (435,673) | |
| Cash flows from financing activities: | |||
| Net proceeds on long-term debt | 559,188 | 490,000 | |
| Payment for capped call transactions | (64,688) | — | |
| Repurchase of common stock | (35,000) | — | |
| Proceeds from issuance of common stock, net of underwriting discounts and commissions | 185,504 | — | |
| Acquisition of additional interest in BKV-BPP Power | (115,136) | — | |
| Proceeds under Power Equipment Financing Facility | 59,604 | — | |
| Payments on Temple Term Loan Facility | (31,555) | (16,884) | |
| Proceeds from Promissory Note | 46,000 | — | |
| Payments on Temple I Loan Agreements | (29,000) | (14,000) | |
| Proceeds under RBL Credit Agreement | 907,000 | 577,000 | |
| Payments on RBL Credit Agreement | (667,000) | (742,000) | |
| Contributions from noncontrolling interest | 78,754 | 11,038 | |
| Distributions to noncontrolling interest | (5,352) | — | |
| Other financing activities | (4,245) | (6,066) | |
| Net cash provided by financing activities | 884,074 | 299,088 | |
| Net increase in cash, cash equivalents, and restricted cash | 371,539 | 78,218 | |
| Cash, cash equivalents, and restricted cash, beginning of period | 264,273 | 96,998 | |
| Cash, cash equivalents, and restricted cash, end of period | $635,812 | $175,216 | |
(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 - Acquisitions for further information.
| The accompanying notes are an integral part of these condensed consolidated financial statements. | 14 |
|---|
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | |||
|---|---|---|---|
| Supplemental cash flow information: | 2026 | 2025 (1) | |
| Cash payments for: | |||
| Interest | $57,567 | $47,337 | |
| Interest, related parties | $8,555 | $10,208 | |
| Income tax | $— | $197 | |
| Income tax, related party | $277 | $— | |
| 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 | |
| Increase (decrease) in accrued capital expenditures | $(6,105) | $7,392 | |
| Additions to asset retirement obligations | $138 | $147 | |
| Lease liabilities arising from obtaining right-of-use assets | $5,685 | $— | |
| Modification of lease contracts | $(1,783) | $— | |
| Revision of asset retirement obligations | $(35,172) | $— | |
| Increase in accrued debt issuance costs | $— | $1,281 | |
| Issuance of common stock to BPPUS | $53 | $— | |
| Deferred tax asset recognized from the capped call transaction | $13,826 | $— | |
| Deposit on property and equipment purchases paid directly by lender | $24,820 | $— | |
| Accretion of Class B Units to redemption value | $2,624 | $818 | |
| Distributions payable to noncontrolling interest | $— | $6,870 | |
(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 - Acquisitions for further information.
| The accompanying notes are an integral part of these condensed consolidated financial statements. | 15 |
|---|
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