BKV Corporation reported a net income of $173.1 million for 2025, translating into a GAAP earnings per share of $1.98 and an adjusted EPS of $1.40. Total revenue and other operating income reached $1.0 billion, a 71.5% increase from $581.0 million in 2024. Adjusted EBITDAX climbed to $390.0 million, and the company posted a positive adjusted free cash flow of $1.3 million, underscoring a solid liquidity position after a net loss the previous year.
In the fourth quarter, BKV posted an adjusted EPS of $0.29, falling $0.02 short of the consensus estimate of $0.31. Revenue for the quarter was $330.1 million, beating analyst expectations of $260.22 million. The beat was driven by higher natural‑gas prices and increased production following the Bedrock acquisition, which added significant upstream output and revenue. The upstream segment grew 51.5% year‑over‑year, reflecting both price gains and volume expansion.
The company’s power‑generation joint venture contributed $29.8 million in earnings for the year, while its carbon‑capture and utilization segment continued to inject CO₂ at record volumes. The Barnett Zero project sequestered approximately 138,300 metric tons of CO₂ in 2025, reinforcing BKV’s closed‑loop strategy and positioning it for future growth in low‑carbon energy markets.
CEO Chris Kalnin highlighted the company’s integrated model, noting that the Bedrock acquisition and disciplined capital allocation have strengthened the balance sheet and set the stage for disciplined growth in 2026. He emphasized a focus on delivering meaningful free cash flow and advancing the power purchase agreement pipeline, signaling confidence in the company’s long‑term trajectory.
Market reaction to the earnings release was mixed. Pre‑market trading showed a slight uptick ranging from 0.57% to 2.3%, reflecting investor caution around the Q4 EPS miss and revenue uncertainty, while the strong full‑year results and robust power‑JV performance provided support.
Management did not provide new quantitative guidance for 2026, but reiterated its commitment to disciplined growth and free‑cash‑flow generation, suggesting a cautious but optimistic outlook for the next fiscal year.
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