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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42150 LandBridge Company LLC (Exact Name of Registrant as Specified in its Charter) | Delaware | 93-3636146 | | --- | --- | | (St ...

First Quarter 2025 Financial Highlights (1) 1Q25 net income and net income margin include a non-cash expense of $11.1 million attributable to share-based compensation, of which $8.9 million is attributable to management incentive units issued by LandBridge Holdings LLC ("Incentive Units"). Any actual cash expense associated with such Incentive Units will be borne solely by LandBridge Holdings LLC and not the Company. LandBridge Company LLC Announces First Quarter 2025 Results Delivers Q1 revenue growth of 1 ...

Core Insights - Mr. Mavroudis is a professional portfolio manager with a focus on risk management and in-depth financial market analysis [1] - He has successfully navigated major crises, including the COVID-19 pandemic and the PSI [1] - Mr. Mavroudis is the CEO of FAST FINANCE Investment Services, a registered Greek company [1] Company Profile - FAST FINANCE Investment Services is registered by the Hellenic Capital Market Commission [1] - The company specializes in managing institutional and private portfolios globally across various financial instruments [1] Professional Background - Mr. Mavroudis holds multiple degrees, including an MSc in Financial and Banking Management, an LLM in Law, and a BSc in Economics, graduating as valedictorian [1] - He is certified in various financial disciplines, including portfolio management and derivatives [1] Engagement and Contribution - Mr. Mavroudis writes daily articles for reputable financial media and participates as a guest commentator on television and online programs [1] - He aims to foster a community of mutual growth and knowledge sharing through his contributions on platforms like Seeking Alpha [1]

Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and other income alternatives. 438 testimonials and most are 5 stars. Nothing to lose with our FREE 2-week trial .That's what someone called me the other day in Florida when I had a discussion about the best places to put money in what has become an extremely tricky market environment - as I discussed in articlesAnalyst’s Disclosure: I/we have a beneficial long position in the shares of LB, ...

LandBridge Company (LB) Q4 2024 Earnings Call March 06, 2025 04:31 PM ET Company Participants Jason Long - CEO & DirectorScott McNeely - CFOJacqueline Koletas - Equity Research AssociateDerrick Whitfield - Managing DirectorAlexander Goldfarb - Managing DirectorKevin MacCurdy - Managing DirectorSean Milligan - Director, Energy Transition Conference Call Participants Charles Meade - Research AnalystTheresa Chen - Senior AnalystRoger Read - Analyst Operator Thank you for standing by, and welcome to the Landbri ...

LandBridge Company LLC (NYSE:LB) Q4 2024 Earnings Conference Call March 6, 2025 9:00 AM ET Company Participants Jason Long - Chief Executive Officer & Director Scott McNeely - Chief Financial Officer Conference Call Participants Charles Meade - Johnson Rice Alexander Goldfarb - Piper Sandler Kevin MacCurdy - Pickering Energy Partners Roger Read - Wells Fargo Securities Sean Milligan - Janney Montgomery Scott Operator Thank you for standing by and welcome to the LandBridge Fourth Quarter 2024 Results Confere ...

Price Volatility and Revenue Impact - The company reported a significant volatility in oil and natural gas prices, with the Henry Hub spot market price for natural gas ranging from $1.21 per MMBtu to $23.86 per MMBtu over the past five years, and WTI prices fluctuating between negative $36.98 per barrel and $123.64 per barrel[516]. - As of December 31, 2024, the Henry Hub spot market price of natural gas was $3.40 per MMBtu and the posted price for oil was $72.44 per barrel, indicating potential revenue impacts due to price fluctuations[516]. - The company does not currently intend to hedge its indirect exposure to commodity price risk, which may lead to unmitigated impacts from price volatility[517]. Customer Dependency and Revenue Concentration - For the year ended December 31, 2024, three customers accounted for 24%, 14%, and 10% of total revenues, highlighting a concentration risk in customer dependency[521]. Interest Rate Risk - The company is exposed to interest rate risk, with a weighted average interest rate of 8.39% for revolving credit borrowings and 8.47% for term loan borrowings as of December 31, 2024[61]. - The weighted average interest rate for revolving credit borrowings was 8.39%, while for term loan borrowings it was 8.47% for the twelve months ended December 31, 2024[523]. - A 1.0% increase or decrease in the weighted average interest rate would impact interest expense by $3.9 million per year, assuming no change in the amount outstanding[523]. - The company does not currently have or intend to enter into any derivative hedge contracts to protect against interest rate fluctuations[523]. Liquidity and Market Conditions - The company’s liquidity and ability to access capital markets are influenced by general market conditions, including inflation, tariffs, and potential economic recession[53]. Operational Stability and Future Growth - Future revenue growth is expected to be significantly derived from WaterBridge and Desert Environmental, making their operational stability critical[57]. - The company acknowledges that its operating history is limited, making investments in its Class A shares highly speculative[57]. Competitive Environment and Regulatory Risks - The company operates in a highly competitive environment, with risks associated with geographic concentration in the Permian Basin[57]. - The company faces risks related to environmental regulations and potential legal changes that could restrict drilling and production activities[58]. Debt and Borrowings - As of December 31, 2024, the company had $385.0 million of outstanding borrowings, including $30.0 million in revolving credit and $355.0 million in term loans[523].

Revenue Growth - Q4 2024 revenue reached $36.5 million, a 109% increase year-over-year[4] - Fiscal Year 2024 revenue totaled $110.0 million, reflecting a 51% year-over-year growth[9] - Total revenues for Q4 2024 reached $36,499 million, a significant increase of 109% compared to $17,457 million in Q4 2023[29] Net Income and Loss - The company reported a net income of $8.2 million in Q4 2024, resulting in a net income margin of 22%[4][12] - Net income for Q4 2024 was $8,154 million, compared to $2,522 million in Q4 2023, reflecting a year-over-year increase of 223%[29] - The company reported a net loss of $41,479 million for the year ended December 31, 2024, compared to a net income of $63,172 million in 2023[32] - For the year ended December 31, 2024, the net loss was $41,479,000 compared to a net income of $63,172,000 for the year ended December 31, 2023[38] EBITDA Performance - Adjusted EBITDA for Q4 2024 was $31.7 million, up 108% year-over-year, with an Adjusted EBITDA margin of 87%[4][12] - Adjusted EBITDA for the year ended December 31, 2024, was $97,069,000, representing a margin of 88%, compared to $62,804,000 and a margin of 86% for the previous year[38] - The company’s adjusted EBITDA for the three months ended December 31, 2024, was $31,739,000, compared to $25,012,000 for the three months ended December 31, 2023[38] Cash Flow and Liquidity - Cash flow from operations in Q4 2024 was $26.9 million, with Free Cash Flow of $26.7 million[15] - Total cash and cash equivalents increased to $37.0 million as of December 31, 2024, up from $14.4 million at the end of Q3 2024[17] - Cash flows from operating activities for the year ended December 31, 2024, were $67,636 million, an increase from $53,042 million in 2023[32] - Free Cash Flow for the year ended December 31, 2024, was $66,651,000, with a Free Cash Flow Margin of 61%, compared to $50,259,000 and a margin of 69% for the previous year[44] - Net cash provided by operating activities for the year ended December 31, 2024, was $67,636,000, an increase from $53,042,000 in the previous year[44] Strategic Acquisitions and Investments - The company acquired approximately 53,000 acres through acquisitions, including the Wolf Bone Ranch, which guarantees $25 million in annual revenue for five years[9] - The company incurred $723,367 million in acquisitions during the year, indicating a strategic expansion effort[32] - The company incurred $724,352,000 in net cash used in investing activities for the year ended December 31, 2024, compared to $2,772,000 in the previous year[44] Operating Performance - Operating income for Q4 2024 was $18,019 million, up from $5,424 million in Q4 2023, indicating a growth of 232%[29] - Surface use economic efficiency improved from $724 per acre to $1,018 per acre, a nearly 41% increase year-over-year[9] Future Outlook - For FY 2025, the company re-affirms an Adjusted EBITDA outlook of $170 million to $190 million[19] Financial Position - Total assets as of December 31, 2024, amounted to $1,003,474 million, a substantial rise from $288,949 million in 2023[31] - The company reported a total current liabilities of $14,410 million as of December 31, 2024, down from $27,100 million in 2023[31] - The company raised $278,263 million from the issuance of Class A shares during the IPO, contributing to its capital structure[32] Interest and Other Expenses - Interest expense for the year ended December 31, 2024, was $23,335,000, significantly higher than $7,016,000 for the previous year[38] - The company reported an EBITDA of $(7,394,000) for the year ended December 31, 2024, compared to $79,320,000 for the previous year[38]

Company Overview - Texas Pacific Land (TPL) operates an asset-light business model characterized by high margins and returns on capital, benefiting from the growing interest in the mineral-rich Permian Basin [1] Investment Philosophy - The investment approach focuses on identifying high-quality companies with competitive advantages that can exponentially compound cash flow while trading at fair prices. Key criteria include profitability, growth sector operation, high returns on capital, expanding margins, low debt, and management with vested interests [2] Analytical Approach - The analysis includes a deep dive into the company's business model, market dynamics, competition, financials, and management. Valuation measures such as multiples and discounted cash flow (DCF) analysis are applied to assess expected growth and provide a competitive advantage [2]