Earnings Releases·Nov 5, 2026, 7:05 AM ET

BKV Corporation — Q3 2026 Earnings Summary

**Financial Results:** Adjusted net income rose to $39.9 million ($0.36/share) from $23.1 million in Q3 2025, while adjusted EBITDAX increased to $132.7 million from $101.3 million; however, GAAP net income declined to $29.4 million ($0.27/share) from $83.5 million in the prior year period.
**Strategic M&A and Capital Structure:** The company completed a $575 million convertible senior notes offering, acquired an additional 25% interest in its Power JV to enable consolidation, and finalized the acquisition of Barnett Shale assets adding 65 MMcfe/d of production.
**Power Segment Growth:** The Power JV secured a cost reimbursement agreement with a Leading Frontier AI Lab to expand Temple Energy Complex capacity to 400 MW and obtained a backstop agreement for 1.2 GW of CCGT capacity from an investment-grade hyperscaler.
**Q4 2026 Guidance:** The company provided Q4 guidance for net production of 1,010–1,030 MMcfe/d, Power Adjusted EBITDAX of $10–$30 million, and accrued capital expenditures of $315–$385 million, including $240–$270 million for Power.
**Liquidity and Balance Sheet:** Net leverage stood at 2.41x with total liquidity of $1.2 billion (comprising $619.6 million in cash and $544.5 million available under the RBL) and net debt of $1.4 billion.