The significant improvement in profitability, production growth, and raised guidance suggest strong operational execution. The increased ownership in the Power JV and capital raise position BKV for growth in the power sector. Traders should monitor the company's progress on securing a power purchase agreement and execution of its CCUS projects.
Price Chart
Executive Summary
BKV Corp reported strong fourth quarter and full year 2025 results, with net income of $70.4M ($0.75/share) and $173.1M ($1.98/share) respectively, driven by production growth and improved power JV performance. The company raised full-year 2026 guidance for Power JV Adjusted EBITDA to $135-175M and announced strategic moves including increasing its Power JV ownership to 75% and securing $170.1M in equity financing.
Key Financial Metrics
Key Facts
- Net income of $70.4M ($0.75/share) in Q4 2025, up from a $57.5M loss in Q4 2024
- Full-year net income of $173.1M ($1.98/share), up from a $142.9M loss in 2024
- Average net production of 939.7 MMcfed in Q4 2025, up from 774.5 MMcfed in Q4 2024
- Raised 2026 guidance for Power JV Adjusted EBITDA to $135-175M
- Completed acquisition of additional 25% ownership in Power JV, increasing stake to 75%
- Raised $170.1M through public offering of 6.9M shares
Financial Impact
Revenue of $330.1M in Q4 2025 and $1.0B for full year 2025; Net income of $70.4M in Q4 and $173.1M for full year
Segment Breakdown
| Segment | Revenue |
|---|---|
| Upstream | $857.6M |
| Power JV | $523.5M |
Risk Factors
- Adjusted Free Cash Flow was negative $18.2M in Q4 2025
- Capital expenditures were high at $318.5M for the full year 2025
- Execution risk on announced CCUS projects and power purchase agreement
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-011383 |
| Document: bkv-20260225.htm | 0001628280-26-011383 |
| Document: 0001628280-26-011383-index-headers.html | 0001628280-26-011383 |
| Document: 0001628280-26-011383-index.html | 0001628280-26-011383 |
| Document: 0001628280-26-011383.txt | 0001628280-26-011383 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 7, 2026 19d ago | 8-K | $23.68 | awaiting T+20 | — | $20.82 (−12.08%) |
Sep 25, 2026 4w ago | 8-K | $21.90 $20.82 | ▼ −4.93% | ▼ −4.90% | $20.82 (−4.93%) |
Sep 14, 2026 6w ago | 8-K | $24.35 $24.44 | ▲ +0.37% | ▼ −2.35% | $20.82 (−14.50%) |
Sep 10, 2026 6w ago | 8-K | $24.96 $23.94 | ▲ +4.09% | ▲ +6.21% | $20.82 (+16.59%) |
Aug 21, 2026 9w ago | Insider Cluster | $24.20 $22.95 | ▼ −5.17% | ▼ −4.64% | $20.82 (−13.97%) |
Aug 21, 2026 9w ago | Insider Cluster | $24.20 $22.95 | ▼ −5.17% | ▼ −4.64% | $20.82 (−13.97%) |
Aug 8, 2026 11w ago | Institutional Cluster | $25.66 $26.76 | ▲ +4.29% | ▲ +5.20% | $20.82 (−18.86%) |
Aug 6, 2026 11w ago | 8-K | $24.00 $26.29 | ▲ +9.54% | ▲ +8.94% | $20.82 (−13.25%) |
May 22, 2026 22w ago | 8-K | $27.08 $25.30 | ▼ −6.57% | ▼ −4.62% | $20.82 (−23.12%) |
Mar 25, 2026 30w ago | Insider Cluster | $29.51 $29.08 | ▲ +1.46% | ▲ +12.13% | $20.82 (+29.45%) |
US Market Status
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