Financial Performance - Total revenues for the three months ended September 30, 2025, were $123,250 thousand, up 37% from $89,803 thousand in the same period of 2024[49] - Net income for the three months ended September 30, 2025, was $4,756 thousand, compared to $3,305 thousand for the same period in 2024, reflecting a year-over-year increase of 44%[49] - For the nine months ended September 30, 2025, net income increased to $13,592,000 from $2,463,000 in the same period of 2024, representing a significant growth[54] - The company reported a net income of $4.756 million for the period from September 18, 2025, to September 30, 2025[182] - The net income for the three months ended September 30, 2025, was $2.3 million, a significant improvement from a net loss of $21.9 million in the same period of 2024[115] - The Company experienced a net loss of $16.862 million for the nine months ended September 16, 2025, compared to a net loss of $56.517 million for the same period in 2024, showing a reduction in losses by 70%[206] Assets and Liabilities - Total assets increased to $3,939,207 thousand as of September 30, 2025, compared to $1,350,587 thousand on December 31, 2024, representing a growth of 191%[47] - Current assets rose significantly to $555,090 thousand as of September 30, 2025, compared to $120,338 thousand at the end of 2024, marking an increase of 362%[47] - Total liabilities increased to $2,079,143 thousand as of September 30, 2025, compared to $687,538 thousand at the end of 2024, representing a growth of 203%[47] - Long-term debt increased to $1,682,211 thousand as of September 30, 2025, from $586,417 thousand on December 31, 2024, indicating a rise of 187%[47] - As of September 30, 2025, total debt was recorded at $1.727 billion, an increase from $609.4 million as of December 31, 2024[126] Cash Flow and Investments - Net cash provided by operating activities for the nine months was $71,515,000, compared to $64,618,000 in the prior year, indicating a 10.5% increase[54] - The company reported a net cash used in investing activities of $(129,529,000), a decrease from $(291,392,000) in the previous year, showing improved cash management[54] - Proceeds from the issuance of Class A shares generated $685,354,000, contributing to a net increase in cash and cash equivalents of $333,365,000[54] - The total cash and cash equivalents at the end of the period stood at $346,649,000, a substantial increase from $14,076,000 at the beginning of the period[54] Revenue Streams - Total produced water handling revenues for the three months ended September 30, 2025, were $111.375 million, a 38.5% increase from $80.395 million in the same period of 2024[102] - For the nine months ended September 30, 2025, total produced water handling revenues reached $285.596 million, up 41.2% from $202.183 million in 2024[102] - Revenues from WBEF for the period from September 17, 2025, to September 30, 2025, amounted to approximately $12.0 million, with an operating loss before taxes of $3.5 million[113] - Revenues from Desert Environmental for the same period were approximately $1.2 million, with an operating income before taxes of $0.4 million[113] Capital Expenditures and Investments - Capital expenditures for the nine months totaled $(189,360,000), compared to $(128,049,000) in the prior year, reflecting increased investment in infrastructure[54] - The company recorded an equity contribution related to acquisitions amounting to $784.513 million for the nine months ended September 30, 2025[102] Debt and Financing - WaterBridge Midstream entered into a $1.15 billion SDB Term Loan with a maturity date of June 27, 2029, secured by a first-priority lien on substantially all assets[136] - The SDB Term Loan bears interest at a variable rate of Term SOFR plus a margin of 4.75% or a Base Rate plus a margin of 3.75%[137] - The NDB Revolving Credit Facility has a total facility size of $100 million, with an outstanding balance of $0 and available commitment of $100 million as of September 30, 2025[143] - The NDB Revolving Credit Facility was amended to decrease the total aggregate commitment from $380 million to $100 million and extend the maturity date to June 8, 2027[144] - On October 6, 2025, the Company issued $825.0 million of 6.25% senior unsecured notes due 2030 and $600.0 million of 6.50% senior unsecured notes due 2033[165] Shareholder Equity - The total shareholders' equity attributable to WaterBridge Infrastructure LLC was $607,701 thousand as of September 30, 2025, with no prior equity reported as of December 31, 2024[47] - The company’s non-controlling interest was $1,252,363 thousand as of September 30, 2025, reflecting the significant equity structure post-IPO[47] Related Party Transactions - Related party revenues for the three months ended September 30, 2025, were $28,523 thousand, a decrease of 3.8% from $29,664 thousand in 2024[184] - Direct operating costs from related party supplier agreements increased to $12,458 thousand for the three months ended September 30, 2025, up 57.5% from $7,932 thousand in 2024[184] - Accounts receivable from related parties totaled $35,884 thousand as of September 30, 2025, down from $50,025 thousand in 2024, representing a decrease of 28.5%[184] Accounting and Compliance - The Company’s significant accounting policies remained consistent with those discussed in the previous year’s financial statements, with no significant updates during the three and nine months ended September 30, 2025[79] - The Company accounts for share-based compensation expense for incentive units, with a total of 10,000 Incentive Units authorized under each of the WBR and WB II plans[227] - The Company evaluates mezzanine equity instruments at each reporting period to determine if reclassification to permanent equity or liability treatment is required[243]
WaterBridge Infrastructure LLC(WBI) - 2025 Q3 - Quarterly Report