WaterBridge Infrastructure LLC

h2obridge.com

What Do They Do?

Operates pipelines and facilities that gather, transport, recycle and handle produced water for oil and gas producers, and runs energy-waste facilities for their non-hazardous waste.

How Do They Make Money?

Oil and gas producers pay per barrel for water gathering, transport and handling as water is accepted. Water and recovered skim oil are sold upon delivery; the company also earns fees from energy-waste management and gas transport.

revenue

Segment	Share	How money arrives
Produced Water Handling Revenues Excluding Skim Oil Usage-based	83%	Usage-based
Skim Oil Sold outright	7.1%	Sold outright
Produced Water Handling	90%

Who Are Their Customers?

Oil and gas producers buy water-management services under long-term, fixed-fee contracts that include acreage dedications or minimum-volume commitments.

Customers above 10% of revenue, FY2025

of revenue from two customers (18%, 12%)

FY2023: 39% from two customers

Do Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$118.9M.

Operating income, FY2025

15% of revenue

▲ +40% vs FY2024 ($56.4M, 18%)

Net income, FY2025

0% of revenue

▼ −100% vs FY2024 ($3M, 1%)

Free cash flow, FY2025

−23% of revenue

▲ +38% (Loss) vs FY2024 (−$86.1M, −27%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +128%; vs $95.5M in Q2 FY2025
Net income: ▲ +104%; vs $7.1M in Q2 FY2025

Produced Water Handling share of revenue vs 93.4% in Q2 FY2025

Aug 5, 2026 Acquired Ranger Water and announced waste-business expansion It agreed to buy a landfill and build another waste facility, and raised full-year Adjusted EBITDA guidance to $435 to $475 million.
May 6, 2026 Raised full-year 2026 volume and Adjusted EBITDA guidance Volume guidance rose to 2.525 million to 2.725 million barrels per day, and Adjusted EBITDA guidance to $425 million to $465 million.

Growing. Revenue grew 2.6x in 2 years, from $200.8M in FY2023 to $525.6M in FY2025, about 62% a year.

Revenue over time

Produced Water Handling Revenues Excluding Skim Oil Skim Oil Produced Water Handling

$1B$500M$0

FY2023 FY2024 FY2025

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