What Are Non VBV Bins? Complete Guide for Forum Users (2025)
Suppose you run a forum site, especially one that focuses on cybersecurity, payment processing, or risk management. In that case, this article can serve as a valuable guest post to educate your audience and raise awareness of potential threats.
VBV stands for Verified by Visa, a security protocol introduced by Visa to add an extra layer of protection for online card transactions. It is also referred to as 3D Secure (3DS). Mastercard uses a similar system called Mastercard SecureCode.
These systems require the cardholder to complete an additional verification step—such as entering a password, code sent to a mobile device, or biometric confirmation—before completing an online transaction. This helps to reduce fraud and verify that the actual cardholder is authorizing the payment.
Non VBV Bins refer to Bank Identification Numbers (the first 6–8 digits of a credit or debit card) that are associated with banks or issuers that do not enforce the VBV/3D Secure process. In simpler terms, a Non VBV BIN is a card number range that does not trigger the extra verification layer during online transactions.
This means that if someone possesses a card from a Non VBV BIN, they may be able to complete online purchases without needing to pass a one-time password (OTP) or security question—depending on the merchant and the payment gateway.
In legitimate contexts, Non VBV Bins are simply a result of a bank not enrolling certain cards into 3D Secure programs. However, in underground forums and cybercrime communities, Non VBV Bins are highly sought after because they are easier to use for unauthorized transactions.
These BINs are often traded, bought, or shared on carding forums, where cybercriminals look for vulnerable systems or cardable websites that don't require extra verification. Users may compile and post lists of Non VBV BINs along with data like: Card Type (Visa/MasterCard)
Country of Issue
Bank Name
CVV Support
Whether 3D Secure is enforced
Carders—individuals who engage in credit card fraud—often prefer Non VBV Bins because they can: Bypass 3D Secure Authentication: This means no OTP, no password challenge—fewer chances of triggering fraud alerts. Use the Cards on Cardable Websites: Non VBV cards are commonly used on weakly secured e-commerce sites that don't have strong fraud checks. Perform High-Value Transactions: Since there's no secondary verification, fraudsters attempt to purchase expensive electronics, fashion goods, or digital gift cards. Avoid Detection: Transactions appear more 'normal' to the payment processor when no VBV is involved, making it harder for banks to spot unusual activity.
The existence of a Non VBV BIN in itself is not illegal. Banks may choose not to enroll certain cards into 3D Secure programs for various operational reasons. However, using Non VBV Bins for fraudulent purposes—such as unauthorized purchases or identity theft—is illegal and punishable by law.
Governments and cybersecurity agencies worldwide constantly monitor carding forums, black markets, and dark web marketplaces to identify and take action against individuals engaging in credit card fraud.
Whether you're a merchant accepting payments or a forum user looking to stay safe online, it's important to understand how to defend against misuse of Non VBV Bins: Use Strong Fraud Detection Tools: Employ security software that checks for BIN data, IP addresses, geolocation, and other fraud signals. Enroll in 3D Secure: Make sure your payment gateway supports Verified by Visa and Mastercard SecureCode. Regularly Monitor Transactions: Look for unusual patterns or large purchases that could indicate carding activity. Educate Users: Forum administrators can post educational content like this to raise awareness and promote ethical internet usage.
Non VBV Bins are a critical concept in both the financial and cybersecurity landscapes. While they may be discussed frequently in underground forums due to their perceived vulnerability, understanding how they work is essential for anyone involved in digital payments, online retail, or cybersecurity forums.
For forum websites that aim to inform users, it's vital to cover such topics with clarity and responsibility. By doing so, you not only educate your audience but also contribute to a safer digital ecosystem where users are less likely to fall victim to fraud or unknowingly become involved in criminal activities.
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Financial Highlights: 1 Q2 2025 Consolidated Results Q2 Revenue of $934 million, up 0.5% (Excluding Q2 Political Revenue, Q2 Revenue up 1.5%) GAAP Operating income of $35 million, compared to a GAAP Operating loss of $910 million in Q2 2024 Consolidated Adjusted EBITDA of $156 million, compared to $150 million in Q2 2024, up 3.9% Cash provided by operating activities of $7 million Free Cash Flow of ($13) million Cash balance and total available liquidity 2 of $236 million and $527 million, respectively, as of June 30, 2025 Q2 2025 Digital Audio Group Results Digital Audio Group Revenue of $324 million up 13% Podcast Revenue of $134 million up 28% Digital Revenue excluding Podcast of $190 million up 5% Segment Adjusted EBITDA of $108 million up 17% Digital Audio Group Adjusted EBITDA margin of 33.2% Q2 2025 Multiplatform Group Results Multiplatform Group Revenue of $545 million down 5% Excluding Multiplatform Group Q2 Political Revenue, Multiplatform Group Q2 Revenue down 5% Segment Adjusted EBITDA of $96 million down 8% Multiplatform Group Adjusted EBITDA margin of 17.7% Guidance Q3 Consolidated Revenue expected to decline low-single digits, Q3 Consolidated Revenue excluding the impact of Political expected to increase in the low-single digits 3 Q3 Consolidated Adjusted EBITDA 4 expected to be approximately $180 million to $220 million ____________________ 1 Unless otherwise noted, all results are based on year over year comparisons. 2 Total available liquidity is defined as cash and cash equivalents plus available borrowings under our ABL Facility. 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Expand Statement from Senior Management 'Our second quarter performance was solid and slightly ahead of our initial expectations, with our Q2 adjusted EBITDA of $156 million at the upper end of our previously provided guidance range and 4% above prior year and our consolidated revenue for the quarter was above our guidance range, up 0.5% above prior year,' said Bob Pittman, Chairman and CEO of iHeartMedia. 'We continue to make progress on our ad tech platform, specifically building the capabilities to allow our broadcast radio inventory to be bought and sold like digital advertising, and to be a part of the key integrated buying systems. And today, we announced that Lisa Coffey is joining the company in the newly-created role of Chief Business Officer to drive those efforts. Lisa has a long history in ad tech, and digital and mobile advertising, including leading the team that introduced Amazon Advertising to the U.S. Agency Marketplace.' 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Revenue Streams The tables below present the comparison of our historical revenue streams (including political revenue) for the periods presented: (In thousands) Three Months Ended June 30, % Six Months Ended June 30, % 2025 2024 Change 2025 2024 Change Broadcast Radio $ 395,789 $ 425,490 (7.0 )% $ 736,525 $ 784,828 (6.2 )% Networks 107,813 106,591 1.1 % 207,276 208,642 (0.7 )% Sponsorship and Events 36,485 39,121 (6.7 )% 65,106 66,950 (2.8 )% Other 4,511 4,705 (4.1 )% 8,669 8,950 (3.1 )% Multiplatform Group 544,598 575,907 (5.4 )% 1,017,576 1,069,370 (4.8 )% Digital ex. Podcast 189,560 181,093 4.7 % 350,811 329,437 6.5 % Podcast 134,296 104,521 28.5 % 250,332 195,145 28.3 % Digital Audio Group 323,856 285,614 13.4 % 601,143 524,582 14.6 % Audio & Media Services Group 67,736 70,082 (3.3 )% 127,059 139,250 (8.8 )% Eliminations (2,537 ) (2,511 ) (5,024 ) (5,072 ) Revenue, total $ 933,653 $ 929,092 0.5 % $ 1,740,754 $ 1,728,130 0.7 % Expand iHeartMedia, Inc. will host a conference call to discuss results and business outlook on August 11, 2025, at 4:30 p.m. Eastern Time. The conference call number is (888) 596-4144 (U.S. callers) and +1 (646) 968-2525 (International callers) and the passcode for both is 8885116. A live audio webcast of the conference call will also be available on the Investors homepage of iHeartMedia's website After the live conference call, a replay will be available for a period of thirty days. The replay numbers are (800) 770-2030 (U.S. callers) and +1 (609) 800-9909 (International callers) and the passcode for both is 8885116. An archive of the webcast will be available beginning 24 hours after the call for a period of thirty days. About iHeartMedia, Inc. iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups. With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the Company's live and virtual events business. It also includes Premiere Networks, the industry's largest Networks business, with its Total Traffic and Weather Network; and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base. The iHeartMedia Digital Audio Group includes the Company's growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 500+ platforms and thousands of devices; the Company's digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint. The Company's Audio & Media Services reportable segment includes Katz Media Group, the nation's largest media representation company, and RCS, the world's leading provider of broadcast and webcast software. Certain statements herein constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases 'guidance,' 'believe,' 'expect,' 'anticipate,' 'estimates,' 'forecast' and similar words or expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company's ability to realize the intended benefits of the Debt Exchange Transaction; positioning in uncertain economic environment and future economic recovery; driving shareholder value; our anticipated growth; our expected costs savings and other capital and operating expense reduction initiatives; utilization of new technologies, programmatic platforms, and revenue opportunities; improving operational efficiency; future advertising demand; trends in the advertising industry, including on other media platforms; strategies and initiatives; our anticipated financial performance, including our outlook as to third quarter 2025 consolidated results of operations; and our future liquidity and net leverage are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to: risks related to global economic or political uncertainty and our dependence on advertising revenues; competition, including increased competition from alternative media platforms and technologies; dependence upon our brand and the performance of on-air talent, program hosts and management; fluctuations in operating costs; technological and industry changes and innovations; shifts in population and other demographics; risks related to our use of artificial intelligence, impact of acquisitions, dispositions and other strategic transactions; risks related to our indebtedness; legislative or regulatory requirements; impact of legislation, ongoing litigation or royalty audits on music licensing and royalties; regulations and concerns regarding privacy and data protection and breaches of information security measures; risks related to scrutiny and regulation of environmental, social and governance matters, risks related to our Class A common stock; and regulations impacting our business and the ownership of our securities. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date hereof. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company's reports filed with the U.S. Securities and Exchange Commission (SEC), including in the section entitled 'Part I, Item 1A. Risk Factors' of iHeartMedia, Inc.'s Annual Reports on Form 10-K and 'Part II, Item 1A. Risk Factors' of iHeartMedia, Inc.'s Quarterly Reports on Form 10-Q. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. APPENDIX TABLE 1 - Comparison of operating performance 2025 2024 Change 2025 2024 Change Revenue $ 933,653 $ 929,092 0.5 % $ 1,740,754 $ 1,728,130 0.7 % Operating expenses: Direct operating expenses (excludes depreciation and amortization) 391,194 382,049 2.4 % 747,520 723,409 3.3 % Selling, general and administrative expenses (excludes depreciation and amortization) 413,082 431,614 (4.3 )% 793,876 816,758 (2.8 )% Depreciation and amortization 90,369 104,356 182,270 209,518 Impairment charges 2,552 920,224 5,407 921,732 Other operating expense 1,086 516 1,745 1,088 Operating income (loss) $ 35,370 $ (909,667 ) $ 9,936 $ (944,375 ) Depreciation and amortization 90,369 104,356 182,270 209,518 Impairment charges 2,552 920,224 5,407 921,732 Other operating expense 1,086 516 1,745 1,088 Restructuring expenses 19,490 27,558 45,068 51,161 Share-based compensation expense 7,260 7,220 16,289 15,700 Adjusted EBITDA 1 $ 156,127 $ 150,207 3.9 % $ 260,715 $ 254,824 2.3 % Expand 1 See the end of this press release for reconciliations of (i) Adjusted EBITDA to Operating income (loss), and (ii) Adjusted EBITDA to Net loss. See also the definitions of Adjusted EBITDA and Adjusted EBITDA margin under the Supplemental Disclosure section in this release. Expand TABLE 2 - Statements of Operations (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 933,653 $ 929,092 $ 1,740,754 $ 1,728,130 Operating expenses: Direct operating expenses (excludes depreciation and amortization) 391,194 382,049 747,520 723,409 Selling, general and administrative expenses (excludes depreciation and amortization) 413,082 431,614 793,876 816,758 Depreciation and amortization 90,369 104,356 182,270 209,518 Impairment charges 2,552 920,224 5,407 921,732 Other operating expense 1,086 516 1,745 1,088 Operating income (loss) 35,370 (909,667 ) 9,936 (944,375 ) Interest expense, net 100,894 95,577 201,280 191,092 Gain (loss) on investments, net (901 ) (412 ) (19,495 ) 91,582 Equity in loss of nonconsolidated affiliates (51 ) (61 ) (1 ) (106 ) Loss on extinguishment of debt (263 ) — (1,460 ) — Other income (expense), net 1,004 (231 ) 1,041 (727 ) Loss before income taxes (65,735 ) (1,005,948 ) (211,259 ) (1,044,718 ) Income tax benefit (expense) (18,253 ) 23,959 (153,612 ) 44,621 Net loss (83,988 ) (981,989 ) (364,871 ) (1,000,097 ) Less amount attributable to noncontrolling interest (508 ) (331 ) (167 ) 69 Net loss attributable to the Company $ (83,480 ) $ (981,658 ) $ (364,704 ) $ (1,000,166 ) Expand TABLE 3 - Selected Balance Sheet Information (In millions) June 30, 2025 December 31, 2024 Cash $ 235.9 $ 259.6 Total Current Assets 1,348.2 1,361.8 Net Property, Plant and Equipment 451.3 489.8 Total Assets 5,379.3 5,571.7 Current Liabilities (excluding current portion of long-term debt) 825.4 847.8 Long-term Debt (including current portion of long-term debt) 5,137.5 5,071.5 Stockholders' Deficit (1,726.2 ) (1,371.8 ) Expand Supplemental Disclosure Regarding Non-GAAP Financial Information The following tables set forth the Company's Adjusted EBITDA, Adjusted EBITDA margin, revenues excluding political advertising revenue, and Free Cash Flow for the three and six months ended June 30, 2025 and 2024, and Net Debt as of June 30, 2025. Adjusted EBITDA is defined as consolidated Operating income (loss) adjusted to exclude restructuring expenses included within Direct operating expenses and SG&A expenses, and share-based compensation expenses included within SG&A expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization, Impairment charges, and Other operating expense. Alternatively, Adjusted EBITDA is calculated as Net loss, adjusted to exclude Income tax (benefit) expense, Interest expense, net, Depreciation and amortization, (Gain) loss on investments, net, Loss on extinguishment of debt, Other (income) expense, net, Equity in loss of nonconsolidated affiliates, Impairment charges, Other operating expense, Share-based compensation expense, and Restructuring expenses. 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The Company believes the presentation of these measures is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company's management. The Company believes it helps improve investors' ability to understand the Company's operating performance and makes it easier to compare the Company's results with other companies that have different capital structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Company's investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry. 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We believe that Free Cash Flow is meaningful to investors because it provides them with a view of the Company's liquidity after deducting capital expenditures, which are considered to be a necessary component of ongoing operations. In addition, we believe that Free Cash Flow helps improve investors' ability to compare our liquidity with that of other companies. Since Free Cash Flow is not calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, Cash provided by (used for) operating activities and may not be comparable to similarly titled measures employed by other companies. Free Cash Flow is not necessarily a measure of our ability to fund our cash needs. The Company presents revenue, excluding the effects of political revenue. Due to the cyclical nature of the electoral system and the seasonality of the related political revenue, management believes presenting revenue, excluding the effects of political revenue, provides additional information to investors about the Company's revenue growth from period to period. We define Net Debt as Total Debt less Cash and cash equivalents and Debt Premium. The Company uses Net Debt to evaluate the Company's liquidity. We believe this measure is an important indicator of the Company's ability to service its long-term debt obligations. Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance or liquidity. As required by the SEC rules, the Company provides reconciliations below to the most directly comparable measures reported under GAAP, including (i) Adjusted EBITDA to Operating income (loss), (ii) Adjusted EBITDA to Net loss, (iii) Free Cash Flow to Cash provided by (used for) operating activities, (iv) revenue, excluding political advertising revenue, to revenue, and (v) Net Debt to Total Debt. We have provided forecasted Consolidated Revenue and Adjusted EBITDA guidance for the quarter ending September 30, 2025, which reflects targets for revenue and Adjusted EBITDA. Our Earnings Call on August 11, 2025 may present additional guidance that includes Adjusted EBITDA. A full reconciliation of the forecasted Adjusted EBITDA to the respective most-directly comparable GAAP metrics cannot be provided without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations, including gains or losses on investments, extinguishment of debt, equity in nonconsolidated affiliates, impairment charges, stock based compensation, and restructuring as well as the Company's cash and cash equivalent balance. (In thousands) Three Months Ended June 30, Six Months Ended June 30, Three Months Ended March 31, 2025 2024 2025 2024 2025 Operating income (loss) $ 35,370 $ (909,667 ) $ 9,936 $ (944,375 ) $ (25,434 ) Depreciation and amortization 90,369 104,356 182,270 209,518 91,901 Impairment charges 2,552 920,224 5,407 921,732 2,855 Other operating expense 1,086 516 1,745 1,088 659 Restructuring expenses 19,490 27,558 45,068 51,161 25,578 Share-based compensation expense 7,260 7,220 16,289 15,700 9,029 Adjusted EBITDA $ 156,127 $ 150,207 $ 260,715 $ 254,824 $ 104,588 Expand Reconciliation of Net loss to EBITDA and Adjusted EBITDA (In thousands) Three Months Ended June 30, Six Months Ended June 30, Three Months Ended March 31, 2025 2024 2025 2024 2025 Net loss $ (83,988 ) $ (981,989 ) $ (364,871 ) $ (1,000,097 ) $ (280,883 ) Income tax expense (benefit) 18,253 (23,959 ) 153,612 (44,621 ) 135,359 Interest expense, net 100,894 95,577 201,280 191,092 100,386 Depreciation and amortization 90,369 104,356 182,270 209,518 91,901 EBITDA $ 125,528 $ (806,015 ) $ 172,291 $ (644,108 ) $ 46,763 (Gain) loss on investments, net 901 412 19,495 (91,582 ) 18,594 Loss on extinguishment of debt 263 — 1,460 — 1,197 Other (income) expense, net (1,004 ) 231 (1,041 ) 727 (37 ) Equity in loss of nonconsolidated affiliates 51 61 1 106 (50 ) Impairment charges 2,552 920,224 5,407 921,732 2,855 Other operating expense 1,086 516 1,745 1,088 659 Restructuring expenses 19,490 27,558 45,068 51,161 25,578 Share-based compensation expense 7,260 7,220 16,289 15,700 9,029 Adjusted EBITDA $ 156,127 $ 150,207 $ 260,715 $ 254,824 $ 104,588 Expand Reconciliation of Cash provided by (used for) operating activities to Free Cash Flow (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash provided by (used for) operating activities $ 6,821 $ 26,729 $ (54,123 ) $ (32,548 ) Purchases of property, plant and equipment (19,997 ) (21,172 ) (39,727 ) (42,754 ) Free cash flow $ (13,176 ) $ 5,557 $ (93,850 ) $ (75,302 ) Expand Reconciliation of Revenue to Revenue excluding Political Advertising (In thousands) Three Months Ended June 30, % Change Six Months Ended June 30, % Change 2025 2024 2025 2024 Consolidated revenue $ 933,653 $ 929,092 0.5 % $ 1,740,754 $ 1,728,130 0.7 % Excluding: Political revenue (6,153 ) (14,907 ) (11,880 ) (26,534 ) Consolidated revenue, excluding political $ 927,500 $ 914,185 1.5 % $ 1,728,874 $ 1,701,596 1.6 % Multiplatform Group revenue $ 544,598 $ 575,907 (5.4 )% $ 1,017,576 $ 1,069,370 (4.8 )% Excluding: Political revenue (3,992 ) (8,025 ) (7,613 ) (15,688 ) Multiplatform Group revenue, excluding political $ 540,606 $ 567,882 (4.8 )% $ 1,009,963 $ 1,053,682 (4.1 )% Digital Audio Group revenue $ 323,856 $ 285,614 13.4 % $ 601,143 $ 524,582 14.6 % Excluding: Political revenue (1,313 ) (1,210 ) (1,831 ) (1,481 ) Digital Audio Group revenue, excluding political $ 322,543 $ 284,404 13.4 % $ 599,312 $ 523,101 14.6 % Audio & Media Group Services revenue $ 67,736 $ 70,082 (3.3 )% $ 127,059 $ 139,250 (8.8 )% Excluding: Political revenue (848 ) (5,672 ) (2,436 ) (9,365 ) Audio & Media Services Group revenue, excluding political $ 66,888 $ 64,410 3.8 % $ 124,623 $ 129,885 (4.1 )% Expand Reconciliation of Total Debt to Net Debt (In thousands) June 30, 2 025 Current portion of long-term debt $ 73,726 Long-term debt 5,063,792 Total debt $ 5,137,518 Less: Debt premium 266,302 Less: Cash and cash equivalents 235,932 Net debt $ 4,635,284 Expand Segment Results The following tables present the Company's segment results for the Company for the periods presented: Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended June 30, 2024 Revenue $ 575,907 $ 285,614 $ 70,082 $ — $ (2,511 ) $ 929,092 Less: Operating expenses (1) 471,644 193,744 46,233 69,775 (2,511 ) 778,885 Segment Adjusted EBITDA $ 104,263 $ 91,870 $ 23,849 $ (69,775 ) $ — $ 150,207 Adjusted EBITDA margin 18.1 % 32.2 % 34.0 % 16.2 % Depreciation and amortization (104,356 ) Impairment charges (920,224 ) Other operating expense (516 ) Restructuring expenses (27,558 ) Share-based compensation expense (7,220 ) Operating loss $ (909,667 ) Operating margin (97.9 )% Expand (1) Operating expenses consist of Direct operating expenses and SG&A expenses, excluding Restructuring expenses and share-based compensation expenses. Expand Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Six Months Ended June 30, 2024 Revenue $ 1,069,370 $ 524,582 $ 139,250 $ — $ (5,072 ) $ Less: Operating expenses (1) 887,925 364,585 91,706 134,162 (5,072 ) 1,473,306 Segment Adjusted EBITDA $ 181,445 $ 159,997 $ 47,544 $ (134,162 ) $ — $ 254,824 Adjusted EBITDA margin 17.0 % 30.5 % 34.1 % 14.7 % Depreciation and amortization (209,518 ) Impairment charges (921,732 ) Other operating income, net (1,088 ) Restructuring expenses (51,161 ) Share-based compensation expense (15,700 ) Operating loss $ (944,375 ) Operating margin (54.6 )% Expand (1) Operating expenses consist of Direct operating expenses and SG&A expenses, excluding Restructuring expenses and share-based compensation expenses. Expand
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Aris Water Solutions, Inc. Reports Second Quarter 2025 Results
HOUSTON--(BUSINESS WIRE)--Aris Water Solutions, Inc. (NYSE: ARIS) ('Aris,' 'Aris Water,' or the 'Company') today announced financial and operating results for the second quarter ended June 30, 2025. SECOND QUARTER 2025 HIGHLIGHTS Achieved record volumes for Produced Water Handling for a second consecutive quarter Produced Water Handling volumes grew 4% sequentially and 13% year-over-year Recycled water volumes grew 35% year-over-year Achieved second quarter 2025 net income of $14.1 million Generated Adjusted EBITDA 1 of $54.6 million for the second quarter of 2025, up 9% year-over year As announced August 6, 2025, Western Midstream Partners, LP ('WES') and Aris have entered into a definitive agreement pursuant to which WES will acquire all of the outstanding shares of Aris in an equity-and-cash transaction valued at approximately $1.5 billion OPERATIONS UPDATE Three Months Ended Three Months Ended 2025 2025 2024 (thousands of barrels of water per day) Total Volumes 1,757 1,750 — % 1,455 21 % Produced Water Handling Volumes 1,234 1,191 4 % 1,093 13 % Water Solutions Volumes Recycled Produced Water Volumes Sold 425 475 (11 ) % 314 35 % Groundwater Volumes Sold 98 84 17 % 48 104 % Total Water Solutions Volumes 523 559 (6 ) % 362 44 % Skim oil recoveries (barrels of oil per day) 2,845 1,962 45 % 1,490 91 % Skim oil recoveries (as a % of produced water volumes) 0.23 % 0.16 % 44 % 0.14 % 64 % Expand Six Months Ended June 30, % Change 2025 2024 (thousands of barrels of water per day) Total Volumes 1,754 1,489 18 % Produced Water Handling Volumes 1,213 1,126 8 % Water Solutions Volumes Recycled Produced Water Volumes Sold 450 325 38 % Groundwater Volumes Sold 91 38 139 % Total Water Solutions Volumes 541 363 49 % Skim oil recoveries (barrels of oil per day) 2,406 1,610 49 % Skim oil recoveries (as a % of produced water volumes) 0.20 % 0.14 % 43 % Expand FINANCIAL UPDATE Three Months Ended Three Months Ended (in thousands) June 30, March 31 % Change June 30, % Change 2025 2025 2024 Net Income $ 14,084 $ 16,000 (12) % $ 13,112 7 % Adjusted Net Income 20,479 21,415 (4) % 17,310 18 % Adjusted EBITDA 54,564 56,539 (3) % 49,995 9 % Gross Margin/Barrel (1) $ 0.29 $ 0.32 (9) % $ 0.32 (9) % Adjusted Operating Margin/Barrel (1) $ 0.41 $ 0.44 (7) % $ 0.46 (11) % Capital Expenditures $ 22,078 $ 21,162 4 % $ 37,346 (41) % This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. (1) Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment. Expand (in thousands) Six Months Ended June 30, % Change 2025 2024 Net Income $ 30,084 $ 29,942 — % Adjusted Net Income 41,893 37,433 12 % Adjusted EBITDA 111,103 103,103 8 % Gross Margin/Barrel (1) $ 0.31 $ 0.32 (3 ) % Adjusted Operating Margin/Barrel (1) $ 0.43 $ 0.46 (7 ) % Capital Expenditures $ 43,240 $ 75,062 (42 ) % This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix. (1) Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment Expand STRONG BALANCE SHEET AND LIQUIDITY As of June 30, 2025, the Company had net debt of approximately $445 million with $57 million in cash and $347 million available under its revolving credit facility. The Company's leverage ratio 3 at the end of the second quarter of 2025 was 2.0X, below the Company's target leverage of 2.5X – 3.5X. THIRD QUARTER 2025 DIVIDEND Aris's Board of Directors declared a dividend on its Class A common stock for the third quarter of 2025 of $0.14 per share. In conjunction with the dividend payment, a distribution of $0.14 per unit will be paid to unit holders of Aris Water Holdings, LLC. The dividend will be paid on September 18, 2025, to holders of record of the Company's Class A common stock as of the close of business on September 4, 2025. The distribution to unit holders of Aris Water Holdings, LLC will be subject to the same payment and record dates. CONFERENCE CALL Given the previously announced transaction with WES, Aris will not host an earnings conference call for the Second Quarter of 2025. About Aris Water Solutions, Inc. Aris Water Solutions, Inc. is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris Water delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin. Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, statements, information, opinions or beliefs regarding our business strategy, our industry, our future profitability, business and financial performance, including our guidance for 2025, current and potential future long-term contracts, legal and regulatory developments, our ability to identify strategic acquisitions and realize expected benefits therefrom, the development of technologies for the beneficial reuse of produced water and related strategies, plans, objectives and strategic pursuits and other statements that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as 'anticipate,' 'guidance,' 'preliminary,' 'project,' 'estimate,' 'expect,' 'anticipate,' 'continue,' 'sustain,' 'will,' 'intend,' 'strive,' 'plan,' 'goal,' 'target,' 'believe,' 'forecast,' 'outlook,' 'future,' 'potential,' 'opportunity,' 'predict,' 'may,' 'visibility,' 'possible,' 'should,' 'could' and variations of such words or similar expressions. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated or implied by the forward-looking statements including our guidance for 2025. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to, energy prices, trade policy of domestic and foreign governments (including the imposition of tariffs), the Russia-Ukraine and Middle Eastern conflicts, macroeconomic conditions (such as inflation) and market uncertainty related thereto, legislative and regulatory developments, customer plans and preferences, adverse results from litigation and the use of financial resources for litigation defense, technological innovations and developments, and other events discussed or referenced in our filings made from time to time with the Securities and Exchange Commission ('SEC'), including such factors discussed under 'Risk Factors' in our most recent Annual Report on Form 10-K, and if applicable, our subsequent SEC filings, which are available on our Investor Relations website at or on the SEC's website at Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. All forward-looking statements, expressed or implied, included in this press release and any oral statements made in connection with this press release are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Table 2 Aris Water Solutions, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except for share and per share amounts) June 30, 2025 2024 Assets Cash $ 57,359 $ 28,673 Accounts Receivable, Net 66,878 63,016 Accounts Receivable from Affiliate 24,418 12,016 Other Receivables 13,222 13,829 Other Current Assets 8,728 10,418 Total Current Assets 170,605 127,952 Fixed Assets Property, Plant and Equipment 1,245,013 1,188,781 Accumulated Depreciation (180,435 ) (160,176 ) Total Property, Plant and Equipment, Net 1,064,578 1,028,605 Intangible Assets, Net 180,709 195,223 Goodwill 34,585 34,585 Deferred Income Tax Assets, Net 7,199 1,735 Operating Lease Right-of-Use Assets, Net 15,714 15,016 Other Assets 3,485 5,284 Total Assets $ 1,476,875 $ 1,408,400 Liabilities and Stockholders' Equity Accounts Payable $ 22,627 $ 20,182 Payables to Affiliate 3,567 941 Insurance Premium Financing Liability 2,281 6,725 Accrued and Other Current Liabilities 70,386 77,339 Total Current Liabilities 98,861 105,187 Long-Term Debt, Net of Debt Issuance Costs 490,522 441,662 Asset Retirement Obligations 22,930 21,865 Tax Receivable Agreement Liability 58,700 49,844 Other Long-Term Liabilities 18,200 17,335 Total Liabilities 689,213 635,893 Preferred Stock $0.01 par value, 50,000,000 authorized. None issued or outstanding as of June 30, 2025 and December 31, 2024 — — Class A Common Stock $0.01 par value, 600,000,000 authorized, 33,636,716 issued and 32,650,610 outstanding as of June 30, 2025; 31,516,468 issued and 30,857,526 outstanding as of December 31, 2024 335 314 Class B Common Stock $0.01 par value, 180,000,000 authorized, 26,493,565 issued and outstanding as of June 30, 2025; 27,493,565 issued and outstanding as of December 31, 2024 264 274 Treasury Stock (at Cost), 986,106 shares as of June 30, 2025; 658,492 shares as of December 31, 2024 (19,037 ) (8,988 ) Additional Paid-in-Capital 411,779 380,565 Retained Earnings 19,522 13,676 Total Stockholders' Equity Attributable to Aris Water Solutions, Inc. 412,863 385,841 Noncontrolling Interest 374,799 386,666 Total Stockholders' Equity 787,662 772,507 Total Liabilities and Stockholders' Equity $ 1,476,875 $ 1,408,400 Expand Table 3 Aris Water Solutions, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended (in thousands) June 30, 2025 2024 Cash Flow from Operating Activities Net Income $ 30,084 $ 29,942 Adjustments to reconcile Net Income to Net Cash Provided by Operating Activities: Deferred Income Tax Expense 4,397 3,770 Depreciation, Amortization and Accretion 39,728 39,128 Stock-Based Compensation 11,937 8,214 Abandoned Well Costs 1,460 310 Loss on Disposal of Assets, Net 219 114 Abandoned Projects 237 745 Amortization of Debt Issuance Costs, Net 1,306 1,436 Loss on Debt Extinguishment 2,535 — Other 177 735 Changes in Operating Assets and Liabilities: Accounts Receivable (3,862 ) (5,524 ) Accounts Receivable from Affiliate (12,402 ) (6,169 ) Other Receivables 1,482 (665 ) Other Current Assets 2,355 2,975 Accounts Payable 2,686 1,818 Payables to Affiliate (1,024 ) (215 ) Accrued Liabilities and Other (15,158 ) (18,467 ) Net Cash Provided by Operating Activities 66,157 58,147 Cash Flow from Investing Activities Property, Plant and Equipment Expenditures (40,814 ) (56,879 ) Cash Paid for Acquisitions (15,231 ) — Proceeds from the Sale of Property, Plant and Equipment 4,629 94 Net Cash Used in Investing Activities (51,416 ) (56,785 ) Cash Flow from Financing Activities Dividends and Distributions Paid (17,108 ) (11,817 ) Repurchase of Shares for the Payment of Withholding Taxes (10,049 ) (1,326 ) Repayment of Credit Facility (89,000 ) (15,000 ) Proceeds from Credit Facility 45,000 37,000 Proceeds from 2030 Notes 500,000 — Satisfaction and Discharge of 2026 Notes (400,000 ) — Payment of Debt Issuance Costs Related to 2030 Notes (9,914 ) — Payment of Insurance Premium Financing (4,615 ) (3,756 ) Payment of Finance Leases (369 ) — Net Cash Provided by Financing Activities 13,945 5,101 Net Increase in Cash 28,686 6,463 Cash, Beginning of Period 28,673 5,063 Cash, End of Period $ 57,359 $ 11,526 Expand Use of Non-GAAP Financial Information The Company uses financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ('GAAP'), including Adjusted EBITDA, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, Adjusted Net Income, net debt and leverage ratio and Capital Expenditures. Although these Non-GAAP financial measures are important factors in assessing the Company's operating results and cash flows, they should not be considered in isolation or as a substitute for net income, gross margin, net cash flows provided from operating activities or any other measures prepared under GAAP. The Company calculates Adjusted EBITDA as net income (loss) plus: interest expense; income taxes; depreciation, amortization and accretion expense; abandoned well costs, asset impairment and abandoned project charges; losses on the sale of assets; transaction costs; research and development expense; change in payables related to the Tax Receivable Agreement liability as a result of state tax rate changes; loss on debt extinguishment; stock-based compensation expense; and other non-recurring or unusual expenses or charges (such as litigation expenses, severance costs and amortization expense related to the implementation costs of our new enterprise resource planning system), less any gains on the sale of assets. The Adjusted Operating Margin and Adjusted Operating Margin per Barrel measures are related to our Water Gathering and Processing segment, as they are dependent upon the volume of produced water we gather and handle, the volume of recycled water and groundwater we sell, the fees we charge for such services and the recurring operating expenses we incur to perform such services. The Company calculates Adjusted Operating Margin as Gross Margin (Total Revenue less Total Cost of Revenue) plus depreciation, amortization and accretion. The Company defines Adjusted Operating Margin per Barrel as Adjusted Operating Margin divided by total volumes handled or sold. The Company calculates Adjusted Net Income as Net Income (Loss) plus the after-tax impacts of stock-based compensation and plus or minus the after-tax impacts of certain items affecting comparability, which are typically non-cash and/or non-recurring items. The Company calculates Diluted Adjusted Net Income Per Share as (i) Net Income (Loss) plus the after-tax impacts of stock-based compensation and plus or minus the after-tax impacts of certain items affecting comparability, which are typically non-cash and/or non-recurring items, divided by (ii) the diluted weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC interests, adjusted for the dilutive effect of outstanding equity-based awards. The Company calculates its leverage ratio as net debt as of June 30, 2025, divided by Adjusted EBITDA for the trailing twelve months. Net debt is calculated as the principal amount of total debt outstanding as of June 30, 2025, less cash and cash equivalents as of June 30, 2025. The Company calculates Capital Expenditures as cash capital expenditures for property, plant, and equipment additions less changes in accrued capital costs. The Company believes these presentations are used by investors and professional research analysts to assess the ability of our assets to generate sufficient cash to meet our business needs and return capital to equity holders, as well as for the valuation, comparison, rating and investment recommendations of companies within its industry. Similarly, the Company's management uses this information for comparative purposes as well. Adjusted EBITDA, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, Adjusted Net Income and Capital Expenditures are not measures of financial performance under GAAP and should not be considered as measures of liquidity or as alternatives to net income (loss), gross margin, cash paid for property, plant and equipment or net cash flows provided from operating activities. Additionally, these presentations as defined by the Company may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) and other measures prepared in accordance with GAAP, such as gross margin, operating income, net income, cash paid for property, plant, and equipment or net cash flows from operating activities. Although we provide forecasts for the non-GAAP measures Adjusted EBITDA, Adjusted Operating Margin per Barrel and Capital Expenditures, we are not able to forecast their most directly comparable measures (net income, gross margin, cash paid for property, plant, and equipment and net cash flows from operating activities) calculated and presented in accordance with GAAP without unreasonable effort. Certain elements of the composition of forward-looking GAAP metrics are not predictable, making it impractical for us to forecast. Such elements include but are not limited to non-recurring gains or losses, unusual or non-recurring items, income tax benefit or expense, or one-time transaction costs and cost of revenue, which could have a significant impact on the GAAP measures. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. As a result, no reconciliation of forecasted non-GAAP measures is provided. Table 5 Aris Water Solutions, Inc. Reconciliation of Net Income to Non-GAAP Adjusted EBITDA (Unaudited) Three Months Ended Six Months Ended (in thousands) June 30, June 30, 2025 2024 2025 2024 Net Income $ 14,084 $ 13,112 $ 30,084 $ 29,942 Interest Expense, Net 9,567 8,813 18,797 17,251 Income Tax Expense 2,680 1,994 2,750 4,583 Depreciation, Amortization and Accretion 19,972 19,707 39,728 39,128 Abandoned Well Costs 998 (25 ) 1,460 310 Stock-Based Compensation 6,247 4,693 11,937 8,214 Abandoned Projects — 16 237 745 Loss on Disposal of Assets, Net 128 168 219 114 Loss on Debt Extinguishment — — 2,535 — Transaction Costs 42 89 926 96 Research and Development Expense 946 1,128 2,074 2,193 Other (100 ) 300 356 527 Adjusted EBITDA $ 54,564 $ 49,995 $ 111,103 $ 103,103 Expand Table 6 Aris Water Solutions, Inc. Reconciliation of Gross Margin to Adjusted Operating Margin and Adjusted Operating Margin per Barrel (Unaudited) Three Months Ended Six Months Ended (in thousands) June 30, June 30, 2025 2024 2025 2024 Total Revenue $ 123,748 $ 101,117 $ 243,999 $ 204,523 Cost of Revenue (77,634 ) (59,285 ) (146,947 ) (117,729 ) Gross Margin 46,114 41,832 97,052 86,794 Depreciation, Amortization and Accretion 19,410 19,091 38,538 37,889 Adjusted Operating Margin $ 65,524 $ 60,923 $ 135,590 $ 124,683 Total Volumes (thousands of barrels) 159,890 132,372 317,382 270,974 Gross Margin/Barrel $ 0.29 $ 0.32 $ 0.31 $ 0.32 Adjusted Operating Margin/Barrel $ 0.41 $ 0.46 $ 0.43 $ 0.46 This table includes information related to our Water Gathering and Processing segment. Expand Table 7 Aris Water Solutions, Inc. (Unaudited) Three Months Ended Six Months Ended (in thousands) June 30, June 30, 2025 2024 2025 2024 Net Income $ 14,084 $ 13,112 $ 30,084 $ 29,942 Adjusted items: Abandoned Well Costs 998 (25 ) 1,460 310 Loss on Disposal of Assets, Net 128 168 219 114 Stock-Based Compensation 6,247 4,693 11,937 8,214 Tax Effect of Adjusting Items (1) (978 ) (638 ) (1,807 ) (1,147 ) Adjusted Net Income $ 20,479 $ 17,310 $ 41,893 $ 37,433 (1) Estimated tax effect of adjusted items allocated to Aris based on statutory rates. Expand Table 8 Aris Water Solutions, Inc. Reconciliation of Diluted Net Income Per Share to Non-GAAP Diluted Adjusted Net Income Per Share (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Diluted Net Income Per Share of Class A Common Stock $ 0.19 $ 0.18 $ 0.44 $ 0.41 Adjusted items: Reallocation of Net Income Attributable to Noncontrolling Interests From the Assumed Exchange of LLC Interests 0.04 0.04 0.05 0.08 Abandoned Well Costs 0.02 — 0.02 0.01 Stock-Based Compensation 0.10 0.08 0.20 0.14 Tax Effect of Adjusting Items (1) (0.02 ) (0.01 ) (0.03 ) (0.02 ) Diluted Adjusted Net Income Per Share $ 0.33 $ 0.29 $ 0.68 $ 0.62 (1) Estimated tax effect of adjusted items allocated to Aris based on statutory rates. Basic Weighted Average Shares of Class A Common Stock Outstanding 32,702,834 30,549,092 32,048,183 30,451,553 Adjusted Items: Assumed Redemption of LLC Interests 26,493,565 27,543,565 26,921,343 27,543,565 Dilutive Performance-Based Stock Units (2) 791,891 40,905 832,006 20,452 Diluted Adjusted Fully Weighted Average Shares of Class A Common Stock Outstanding 59,988,290 58,133,562 59,801,532 58,015,570 (2) Dilutive impact of Performance-Based Stock Units already included for the three and six months ended June 30, 2025 and 2024. Expand Table 9 Aris Water Solutions, Inc. Computation of Leverage Ratio (Unaudited) As of (in thousands) June 30, 2025 Principal Amount of Debt at June 30, 2025 $ 502,281 Less: Cash at June 30, 2025 (57,359 ) Net Debt $ 444,922 Net Debt $ 444,922 ÷ Trailing Twelve Months Adjusted EBITDA 219,885 Leverage Ratio 2.02 Expand Table 10 Aris Water Solutions, Inc. Reconciliation of Capital Expenditures (Unaudited) Three Months Ended Six Months Ended June 30, June 30, (in thousands) 2025 2024 2025 2024 Cash Paid for Property, Plant and Equipment $ 20,424 $ 37,297 $ 40,814 $ 56,879 Change in Capital Related Accruals 1,654 49 2,426 18,183 Capital Expenditures $ 22,078 $ 37,346 $ 43,240 $ 75,062 Expand Table 11 Aris Water Solutions, Inc. Segment Information (Unaudited) (in thousands) Three Months Ended June 30, 2025 Water Gathering and Processing Corporate and Other Consolidated Revenue $ 123,748 $ 344 $ 124,092 Cost of Revenue Direct Operating Costs 58,224 3 58,227 Cost of Goods Sold — 127 127 Depreciation, Amortization and Accretion 19,410 562 19,972 Total Cost of Revenue 77,634 692 78,326 Operating Costs and Expenses Abandoned Well Costs 998 — 998 General and Administrative — 17,699 17,699 Research and Development Expense — 946 946 Other Operating Income, Net — (208 ) (208 ) Total Operating Expenses 998 18,437 19,435 Operating Income (Expense) 45,116 (18,785 ) 26,331 Other Expense Interest Expense, Net — 9,567 9,567 Income (Loss) Before Income Taxes 45,116 (28,352 ) 16,764 Income Tax Expense — 2,680 2,680 Net Income (Loss) 45,116 (31,032 ) 14,084 Net Income Attributable to Noncontrolling Interest — 7,433 7,433 Net Income (Loss) Attributable to Aris Water Solutions, Inc. $ 45,116 $ (38,465 ) $ 6,651 Expand (in thousands) Three Months Ended June 30, 2024 Water Gathering and Processing Corporate and Other Consolidated Revenue $ 101,117 $ — $ 101,117 Cost of Revenue Direct Operating Costs 40,194 — 40,194 Depreciation, Amortization and Accretion 19,091 616 19,707 Total Cost of Revenue 59,285 616 59,901 Operating Costs and Expenses Abandoned Well Costs (25 ) — (25 ) General and Administrative — 16,037 16,037 Research and Development Expense — 1,128 1,128 Other Operating Expense, Net 16 141 157 Total Operating (Income) Expenses (9 ) 17,306 17,297 Operating Income (Expense) 41,841 (17,922 ) 23,919 Other Expense Interest Expense, Net — 8,813 8,813 Income (Loss) Before Income Taxes 41,841 (26,735 ) 15,106 Income Tax Expense — 1,994 1,994 Net Income (Loss) 41,841 (28,729 ) 13,112 Net Income Attributable to Noncontrolling Interest — 7,147 7,147 Net Income (Loss) Attributable to Aris Water Solutions, Inc. $ 41,841 $ (35,876 ) $ 5,965 Expand (in thousands) Six Months Ended June 30, 2025 Water Gathering and Processing Corporate and Other Total Revenue $ 243,999 $ 584 $ 244,583 Cost of Revenue Direct Operating Costs 108,409 6 108,415 Cost of Goods Sold — 127 127 Depreciation, Amortization and Accretion 38,538 1,190 39,728 Total Cost of Revenue 146,947 1,323 148,270 Operating Costs and Expenses Abandoned Well Costs 1,460 — 1,460 General and Administrative — 37,709 37,709 Research and Development Expense — 2,074 2,074 Other Operating Expense, Net 237 667 904 Total Operating Expenses 1,697 40,450 42,147 Operating Income (Expense) 95,355 (41,189 ) 54,166 Other Expense Interest Expense, Net — 18,797 18,797 Other — 2,535 2,535 Total Other Expense — 21,332 21,332 Income (Loss) Before Income Taxes 95,355 (62,521 ) 32,834 Income Tax Expense — 2,750 2,750 Net Income (Loss) 95,355 (65,271 ) 30,084 Net Income Attributable to Noncontrolling Interest — 14,822 14,822 Net Income (Loss) Attributable to Aris Water Solutions, Inc. $ 95,355 $ (80,093 ) $ 15,262 Expand (in thousands) Six Months Ended June 30, 2024 Water Gathering and Processing Corporate and Other Total Revenue $ 204,523 $ — $ 204,523 Cost of Revenue Direct Operating Costs 79,840 — 79,840 Depreciation, Amortization and Accretion 37,889 1,239 39,128 Total Cost of Revenue 117,729 1,239 118,968 Operating Costs and Expenses Abandoned Well Costs 310 — 310 General and Administrative — 30,538 30,538 Research and Development Expense — 2,193 2,193 Other Operating Expense (Income), Net 745 (8 ) 737 Total Operating Expenses 1,055 32,723 33,778 Operating Income (Expense) 85,739 (33,962 ) 51,777 Other Expense Interest Expense, Net — 17,251 17,251 Other — 1 1 Total Other Expense — 17,252 17,252 Income (Loss) Before Income Taxes 85,739 (51,214 ) 34,525 Income Tax Expense — 4,583 4,583 Net Income (Loss) 85,739 (55,797 ) 29,942 Net Income Attributable to Noncontrolling Interest — 16,354 16,354 Net Income (Loss) Attributable to Aris Water Solutions, Inc. $ 85,739 $ (72,151 ) $ 13,588 Expand
