| Business combination |
The following table represents a summary of the retrospective adjustments to the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023 to conform to the current presentation due to the BKV-BPP Power Joint Venture Transaction. | | | | | | | | | | | | Year Ended December 31, | (in thousands) | | 2025 | | 2024 | | 2023 | Increase to net income | | | | | | | | | | Income from operations | | $ | 86,097 | | $ | 90,563 | | $ | 83,528 | Net income | | | 13,472 | | | 9,490 | | | 15,105 | Less: net income attributable to noncontrolling interest | | | 7,448 | | | 5,271 | | | 8,467 | Net income (loss) attributable to BKV | | $ | 6,024 | | $ | 4,219 | | $ | 6,638 | | | | | | | | | | | Net income (loss) per common share attributable to BKV: | | | | | | | | | | Basic | | $ | 0.07 | | $ | 0.06 | | $ | 0.11 | Diluted | | $ | 0.07 | | $ | 0.06 | | $ | 0.10 | | | | | | | | | | | Weighted average number of common shares outstanding: | | | | | | | | | | Basic | | | 86,581 | | | 71,288 | | | 60,730 | Diluted | | | 86,823 | | | 71,288 | | | 64,380 |
| | | | | | | | | December 31, | (in thousands) | | 2025 | | 2024 | Noncontrolling interest in BKV-BPP Power | | $ | 64,277 | | $ | 56,829 | BKV’s interest in BKV-BPP Power | | | 192,830 | | | 170,488 | Net assets attributable to common shareholders | | | 43,785 | | | 27,840 | Net assets attributable to Banpu | | | 127,153 | | | 128,727 |
| | | | | | | | | | | | Year Ended December 31, | (in thousands, except per share amounts) | | 2025 | | 2024 | | 2023 | BKV-BPP Power net income attributable to noncontrolling interest | | $ | 7,448 | | $ | 5,271 | | $ | 8,467 | BKV-BPP Power net income attributable to BKV | | $ | 22,342 | | $ | 15,814 | | $ | 25,401 | BKV-BPP Power net income attributable to common shareholders | | $ | 5,073 | | $ | 2,582 | | $ | 613 | BKV-BPP Power net income attributable to Banpu | | $ | 14,733 | | $ | 11,940 | | $ | 24,482 | | | | | | | | | | | Net income (loss) attributable to common shareholders | | $ | 58,483 | | $ | (35,253) | | $ | 4,165 | Net income (loss) attributable to Banpu | | $ | 120,673 | | $ | (103,398) | | $ | 119,391 | | | | | | | | | | | Net income (loss) per common share attributable to common shareholders: | | | | | | | | | | Basic | | $ | 1.98 | | $ | (2.02) | | $ | 1.90 | Diluted | | $ | 1.98 | | $ | (2.02) | | $ | 1.79 | Net income (loss) per common share attributable to Banpu: | | | | | | | | | | Basic | | $ | 2.11 | | $ | (1.92) | | $ | 2.04 | Diluted | | $ | 2.11 | | $ | (1.92) | | $ | 1.92 | | | | | | | | | | | Weighted average number of common shares outstanding attributable to common shareholders: | | | | | | | | | | Basic | | | 29,489 | | | 17,462 | | | 2,198 | Diluted | | | 29,572 | | | 17,462 | | | 2,330 | Weighted average number of common shares outstanding attributable to Banpu: | | | | | | | | | | Basic | | | 57,092 | | | 53,826 | | | 58,532 | Diluted | | | 57,251 | | | 53,826 | | | 62,050 |
|
| Asset Acquisition |
Below is a reconciliation of the assets acquired and liabilities assumed (in thousands): | | | | Consideration: | | | | Cash | | $ | 266,535 | Capitalized transaction costs | | $ | 3,761 | Shares of BKV Corporation's common stock | | | 5,233,957 | BKV common stock price | | $ | 23.74 | Total stock consideration | | $ | 124,254 | Total consideration | | $ | 394,550 | Assets acquired and liabilities assumed | | | | Accounts receivable, net | | $ | 15,324 | Commodity derivative assets, current | | | 10,508 | Developed properties | | | 390,826 | Commodity derivative assets | | | 12,839 | Other noncurrent assets | | | 6,392 | Accounts payable and accrued liabilities | | | (13,416) | Commodity derivative liabilities, current | | | (2,636) | Other current liabilities | | | (5,024) | Asset retirement obligations | | | (18,761) | Other noncurrent liabilities | | | (1,502) | Total net assets acquired | | $ | 394,550 |
|