WaterBridge Infrastructure LLC WBI
WaterBridge was formed on April 11, 2025 as a Delaware limited liability company to serve as the issuer in an initial public offering of equity, which closed on September 18, 2025 (the "IPO"). WaterBridge is a holding company, the principal asset of which is units representing limited liability company interests ("OpCo Units") in OpCo. WaterBridge is also the sole managing member of OpCo. Unless otherwise indicated or the context otherwise requires, references in this Annual Report to "WaterBridge," "us," "we," "our" or the "Company" are to (i) WaterBridge NDB Operating LLC ("NDB Operating"), one of our predecessors for SEC reporting purposes, and its subsidiaries, for periods prior to the completion of the combination and reorganization transactions in connection with the IPO and (ii) WaterBridge and its subsidiaries for periods following the completion such transactions. For more information on the IPO and the combination and reorganization transactions, please see "WaterBridge Combination" in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $525.6M | $316.3M | $200.8M | — |
| Cost of revenue | $383.3M | $227.8M | $145.5M | — |
| Gross profit | $142.2M | $88.4M | $55.3M | — |
| SG&A | $47.2M | $33.8M | $14.7M | — |
| Operating income | $78.9M | $56.4M | $40.5M | — |
| Interest expense | $68.9M | $53.4M | $26.2M | — |
| Pre-tax income | -$1.1M | $3.3M | $14.8M | — |
| Income tax | $1.1M | $320.0K | $111.0K | — |
| Net income | $9.0K | $3.0M | $14.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $51.5M | $13.3M | $12.9M | $6.9M |
| Total current assets | $261.1M | $120.3M | — | — |
| Property, plant and equipment | $2.29B | $1.10B | — | — |
| Goodwill | $53.1M | $9.1M | — | — |
| Other intangibles | $935.7M | $98.6M | — | — |
| Total assets | $3.70B | $1.35B | — | — |
| Short-term debt | $12.5M | $6.5M | — | — |
| Total current liabilities | $188.9M | $83.5M | — | — |
| Long-term debt | $1.43B | $586.4M | — | — |
| Total liabilities | $1.85B | $687.5M | — | — |
| Retained earnings | -$4.5M | $0 | — | — |
| Total equity | $602.3M | $0 | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $159.7M | $73.9M | $48.5M | — |
| Depreciation and amortisation | $140.9M | $78.3M | $48.4M | — |
| Stock-based compensation | $5.3M | $9.5M | -$359.0K | — |
| Capital expenditure | $278.6M | $159.9M | $148.0M | — |
| Investing cash flow | -$218.6M | -$323.7M | -$171.3M | — |
| Financing cash flow | $97.2M | $250.2M | $128.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-018264.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $200.8M | $316.3M | $525.6M |
| Gross profit | — | $55.3M | $88.4M | $142.2M |
| Net income | — | $14.7M | $3.0M | $9.0K |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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