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.
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