WaterBridge Infrastructure LLC

Listed Company

WBICIK 0002064947NYSENon-AcceleratedOil & Gas Field Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$525.55M

Net Income

$9.0K

Total Assets

$3.70B

Equity

$602.31M

Shares Out

—

Op. Cash Flow

$159.69M

Business

WaterBridge Infrastructure LLC is a publicly listed company in Oil & Gas Field Services, incorporated in Delaware. Common stock trades on NYSE under the ticker WBI.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Total revenues	526	316	201
Depreciation, depletion, amortization and accretion	141	78	48
Total cost of revenues	383	228	145
General and administrative expense	47	34	15
Loss (gain) on disposal of assets, net	12	−137,000	97,000
Other operating expense (income), net	4	−2	21,000
Operating income	79	56	40
Interest expense, net	69	53	26
Loss on extinguishment of debt, net	11	0	0
Other income, net	−433,000	−251,000	−523,000
(Loss) income from operations before taxes	−1	3	15
Income tax (benefit) expense	−1	320,000	111,000
Net income	9,000	3	15

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	52	13	—	—
Other receivables	3	2	—	—
Prepaid expenses and other current assets	15	6	—	—
Total current assets	261	120	—	—
Property, plant and equipment, net	2,286	1,101	—	—
Goodwill	53	9	—	—
Intangible assets, net	936	99	—	—
Deferred tax assets	132	0	—	—
Other assets	33	22	—	—
Total non-current assets	3,439	1,230	—	—
Total assets	3,700	1,351	—	—
Accrued liabilities	130	45	—	—
Current portion of long-term debt	13	7	—	—
Other current liabilities	2	2	—	—
Total current liabilities	189	83	—	—
Long-term debt, net of debt issuance costs	1,432	586	—	—
Tax receivable agreement liability	201	0	—	—
Other long-term liabilities	30	18	—	—
Total non-current liabilities	1,663	604	—	—
Total liabilities	1,852	688	—	—
Commitments and contingencies	—	—	—	—
Member's equity	0	663	651	411
Retained earnings	−5	0	—	—
Total shareholders' equity attributable to WaterBridge Infrastructure LLC	602	0	—	—
Noncontrolling interest	1,245	0	—	—
Total shareholders and members equity	1,848	—	—	—
Total member's equity	—	663	—	—
Total liabilities and equity	3,700	1,351	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Depreciation, amortization, and accretion	141	78	48
Amortization and write off of debt issuance costs	4	5	1
Contractual customer relationships amortization	2	2	1
Loss (gain) on disposal of assets, net	12	−137,000	97,000
Deferred income tax benefit	−1	0	0
Other	505,000	1	647,000
Accounts receivable	−37	−5	−13
Related party accounts receivable	14	−22	−11
Prepaid expenses and other assets	−1	−337,000	2
Accounts payable	5	−37,000	4
Related party accounts payable	4	6	−909,000
Contract liabilities	−120,000	−37,000	4
Accrued and other liabilities	−484,000	−148,000	4
Consideration paid to customer	0	−3	−7
Net cash provided by operating activities	160	74	48
Acquisitions, net of cash acquired	40	−167	−25
Capital expenditures	−279	−160	−148
Proceeds from disposal of assets	20	3	2
Net cash used in investing activities	−219	−324	−171
Repayments of debt	−1,849	−360	−29
Proceeds from debt	1,505	630	150
Proceeds from issuance of Class A shares, net of underwriting discounts and commissions	685	0	0
Purchase of OpCo equity interests from Elda River	−228	0	0
Contributions from member	20	0	10
Debt issuance costs	−26	−19	−2
Deferred offering costs	−8	0	0
Repayments of finance leases	−1	−1	−862,000
Net cash provided by (used in) financing activities	97	250	129
Net (decrease) increase in cash and cash equivalents	38	415,000	6

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