Revenue: As of FY2026 Q1, the actual value is USD 432.85 M.

EPS: As of FY2026 Q1, the actual value is USD 0.42, beating the estimate of USD 0.3573.

EBIT: As of FY2026 Q1, the actual value is USD 111.63 M.

Financial Highlights (First Quarter 2026)

Net Income

Net income attributable to BKV Corporation was $44.1 million, compared to -$82.0 million for the same period in 2025.Adjusted Net Income attributable to BKV Corporation was $22.4 million, compared to $37.4 million for the same period in 2025.

Adjusted EBITDAX

Adjusted EBITDAX attributable to BKV Corporation was $112.0 million, an increase from $105.0 million in the first quarter of 2025.

Cash Flow

Net cash provided by operating activities was $72.0 million, significantly up from $16.5 million in the first quarter of 2025.Net cash provided by operating activities before working capital was $109.3 million, compared to $50.0 million in the first quarter of 2025.Adjusted Free Cash Flow before Power Growth attributable to BKV Corporation was $20.0 million, a positive shift from -$28.5 million in the first quarter of 2025.

Capital Expenditures (Accrued)

Total accrued capital expenditures were $118.6 million, an increase from $58.1 million in the first quarter of 2025.Development capital expenditures were $81.9 million, compared to $47.9 million in 2025.Power capital expenditures were $16.7 million, up from $0.1 million in 2025.CCUS and other expenditures were $20.0 million, compared to $10.1 million in 2025.

Liquidity and Debt

As of March 31, 2026, BKV Corporation had cash and cash equivalents of $288.5 million and restricted cash of $16.0 million.Total debt as of March 31, 2026, was $1.3 billion.Total liquidity for BKV Corporation was $973.5 million, comprising cash and cash equivalents, and $685.0 million available capacity under the Company’s RBL.The Net Leverage Ratio was 2.02x.

Segment Performance (Three Months Ended March 31, 2026)

Upstream/Midstream Segment

Income from operations was $64,857 thousand.Adjusted EBITDAX was $108,391 thousand.Average net production was 925.0 MMcfe/d, an increase from 761.1 MMcfe/d in Q1 2025.Total production was 83,253 MMcfe, compared to 68,503 MMcfe in Q1 2025.Average realized natural gas prices, including derivatives, were $3.14/Mcf, compared to $2.86/Mcf in Q1 2025.Total average operating cash costs per Mcfe were $1.54, up from $1.47 in Q1 2025.

Power Business Segment

Income from operations was $33,486 thousand.Power Adjusted EBITDAX was $20,430 thousand, compared to $18,379 thousand in Q1 2025.Power Adjusted EBITDAX attributable to BKV Corporation was $14,553 thousand, compared to $13,633 thousand in Q1 2025.Total revenues, net, were $164.6 million, an increase from $97.7 million in Q1 2025.Net income was $20.8 million, a significant improvement from -$20.1 million in Q1 2025.Total power generation increased by 24.7% year over year to 1,981 GWh from 1,588 GWh in Q1 2025.Temple I capacity factor was 64.5%, up from 45.4% in Q1 2025.Temple II capacity factor was 60.3%, up from 54.2% in Q1 2025.

Carbon Capture Utilization and Sequestration (CCUS)

The Barnett Zero Project sequestered approximately 35,800 metric tons of CO2 during the first quarter of 2026.Since its start-up in November 2023, the project has sequestered approximately 347,400 metric tons of CO2 through March 31, 2026.Initial injection at the Cotton Cove project was achieved in April, with an expected sequestration rate of approximately 32,000 metric tons of CO₂ per year.

Outlook / Guidance

BKV Corporation anticipates total accrued capital expenditures between $155 million and $215 million for Q2 2026, and $570 million to $740 million for the full year 2026.Net production is projected to be 925-975 MMcfe/d for Q2 2026 and 915-955 MMcfe/d for the full year.Power Adjusted EBITDAX is expected to range from $30 million to $40 million in Q2 2026 and $135 million to $175 million for the full year.