BKV (BKV) Q1 2026 earnings summary

Executive summary

• Reported net income of $44.1 million for Q1 2026, reversing a prior-year loss, with adjusted EBITDAX of $112.0 million and net cash from operating activities of $72.0 million.

• Completed acquisition of an additional 25% stake in the Power JV, increasing ownership to 75% and consolidating results from Q1 2026.

• Raised $186.2 million in a March 2026 equity offering to fund working capital, operating expenses, and capital expenditures.

• Achieved first injection at the Cotton Cove CCUS project and advanced PPA process at Temple Energy Complex.

• Maintains an integrated platform across upstream, power, and CCUS, positioned for energy demand growth and macro tailwinds.

Financial highlights

• Q1 2026 net income of $44.1 million, adjusted EBITDAX of $112.0 million, and net cash from operating activities of $72.0 million.

• Total revenues and other operating income rose to $432.8 million in Q1 2026, driven by higher natural gas production and power revenues.

• Power segment generated 1,981 GWh with an average spark spread of $22.21/MWh; Power Adjusted EBITDAX was $20.4 million.

• Cash and cash equivalents were $288.5 million; total liquidity was $973.5 million at quarter-end.

• Accrued capital expenditures for Q1 2026 were $118.6 million.

Outlook and guidance

• FY 2026 capital expenditures guidance: $570–$740 million; Q2 2026: $155–$215 million.

• FY 2026 net production guidance: 915–955 MMcfe/d; Q2 2026: 925–975 MMcfe/d.

• Power Adjusted EBITDAX guidance for FY 2026: $135–$175 million; power growth capital expected at $280–$340 million for 2026.

• Net BKV-funded capital investments projected at $485–$635 million, partially offset by $85–$105 million in partner capital.

• Expect to sign a PPA within 2026–early 2027 and operationalize modular power units in 2027.