BKV Posts Second-Quarter Results After Power JV Close

The Tip Desk · August 6, 2026 · 4 min read

The company reported second-quarter 2026 results on August 6, 2026, after closing a 25% Power JV stake and a $186.2 million equity raise.

BKV Corporation (BKV) reported second-quarter 2026 results on August 6, 2026, after a first quarter in which it closed a larger stake in its power joint venture and raised equity to fund that growth.

The Denver-based energy company furnished an earnings release as Exhibit 99.1 to an 8-K dated August 6, 2026, and posted an investor presentation on its website the same day. Chief Financial Officer David R. Tameron signed the current report.

In the first quarter of 2026, BKV reported net income attributable to the company of $44.1 million, or $0.42 a share, after a year-earlier loss of $82.0 million. Adjusted net income was $22.4 million, or $0.22 a share. Adjusted EBITDAX attributable to BKV was $112.0 million.

Cash generation from the base business was a feature of that quarter. Net cash provided by operating activities was $72.0 million, and net cash provided by operating activities before working capital was $109.3 million. Adjusted free cash flow before power growth attributable to BKV was $20.0 million.

Accrued capital expenditures totaled $118.6 million, split across development, power, and CCUS and other. Development spending was $81.9 million, power $16.7 million, and CCUS and other $20.0 million.

Average net production was 925.0 MMcfe/d. The Power JV’s Temple plants generated 1,981 GWh. Barnett Zero sequestered approximately 35,800 metric tons of CO2 equivalent in the quarter. Net leverage was 2.02x.

On January 30, 2026, BKV closed the previously announced acquisition of an incremental 25% ownership of the Power JV, lifting its stake to 75%. It also completed an underwritten public offering of approximately 7.0 million shares of common stock for net proceeds of $186.2 million.

Chief Executive Officer Chris Kalnin said the company closed the BKV-BPP Power transaction, completed the equity offering, achieved first injection at the Cotton Cove CCUS project, and materially advanced its process toward a power purchase agreement at the Temple Energy Complex. He said BKV announced 1.2 GW of turbine reservations and added site control of 6,200 acres in North Central Texas and nearly 800 additional acres around the Temple facility.

Chief Financial Officer David Tameron said first-quarter results reflected a continued focus on disciplined capital allocation as the company invested in growth across its platform. He said BKV generated strong free cash flow from the base business and deployed capital strategically while maintaining a solid balance sheet and substantial liquidity, and that the equity offering supported continued expansion of the power business.

The prior quarter, the fourth quarter of 2025, had shown net income of $70.4 million, or $0.75 a share, and adjusted net income of $26.6 million, or $0.29 a share. Combined adjusted EBITDAX attributable to BKV was $109.3 million, including an implied 50% proportionate share of Power JV adjusted EBITDA of $15.3 million. Average net production was 939.7 MMcfe/d, and Temple plants generated 1,864 GWh at a 57.2% capacity factor. Barnett Zero sequestration was approximately 25,100 metric tons of CO2. Accrued capital expenditures were $102.1 million.

For the full year 2025, BKV reported net income of $173.1 million, or $1.98 a share, and adjusted net income of $121.6 million, or $1.40 a share. Combined adjusted EBITDAX attributable to BKV was $390.0 million. Average net production was 835.5 MMcfe/d, and Temple plants generated 7,611 GWh at a 59.0% capacity factor. Annual Barnett Zero sequestration was approximately 138,300 metric tons of CO2.

Kalnin said 2025 marked the company’s first full year as a public company and a pivotal step in executing its closed-loop strategy, including closing a CCUS joint venture with Copenhagen Infrastructure Partners, completing the Bedrock acquisition, expanding Power JV ownership, and strengthening the balance sheet through an inaugural bond offering and first follow-on equity issuance. He said the company remained focused on delivering disciplined growth across the platform, with an emphasis on continued meaningful progress toward a power purchase agreement.

The second-quarter release itself did not restate those first-quarter operating or cash figures in the furnished excerpts; it furnished the quarter’s results and the investor presentation on August 6, 2026.