BKV consolidates power unit, raises $186M, commits $204M to turbine expansion

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

• high

  Acquired 25% stake in BKV-BPP Power for $115M cash plus 5.3M shares, increasing ownership to 75% and triggering consolidation. Power segment now reports $69M quarterly revenue and $96M derivative gains vs. prior equity-method losses of $10M.

  MD&A: BKV-BPP Power Transaction verify on EDGAR →
• high

  Committed $204M to power expansion: $80M in non-refundable turbine reservation fees (1,230 MW capacity through 2028) and $124M modular equipment contract with 60-100% termination penalties. $66M paid by April 2026.

  MD&A: Power Equipment Commitments verify on EDGAR →
• high

  Material weakness in income tax controls remediated; disclosure controls now effective as of March 31, 2026. Prior weakness caused audit adjustments and restatements across 2021-2024 periods.

  Controls and Procedures verify on EDGAR →