BKV (BKV) Q2 FY2025 earnings: revenue $269 million, up 100.5% on the year

BKV Corp. (BKV) reported revenue of $269 million for Q2 FY2025, the quarter ended 30 June 2025, up 100.5% on the same quarter a year earlier. Net income was $108 million, and diluted earnings per share $1.27. The figures are the company's own, from the 10-Q it filed with the SEC on 12 August 2025.

Revenue$269 millionup 100.5%

Net income$108 million

Diluted EPS$1.27

QuarterQ2 FY2025ended 30 June 2025

The quarter, against the one before and a year earlier

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Revenue	269	272	134	+100.5%
Operating income	161	-100	-43.2	n/a
Operating margin	60.1%	-36.7%	-32.2%
Pre-tax income	142	-117	-88.1	n/a
Income tax	29.2	-30.7	-28.4	n/a
Effective tax rate	20.6%	n/a	n/a
Net income	108	-82.0	-59.7	n/a
Net margin	40.1%	-30.1%	-44.6%
Diluted EPS	$1.27	-$0.97	-$0.90	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Operating cash flow	76.2	16.5	-9.5	n/a
Capital expenditure	n/a	57.6	n/a	n/a
Free cash flow	n/a	-41.2	n/a	n/a
Free cash flow margin	n/a	-15.1%	n/a
Cash from investing	-73.6	-56.2	122	n/a
Cash from financing	3.6	31.3	-266	n/a
Depreciation and amortisation	38.1	49.7	59.4	-35.8%
Share-based compensation	4.1	2.1	1.1	+279.6%
Diluted shares, weighted	85m	85m	66m	+27.9%
Shares outstanding at period end	85m	85m	85m	+0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Shareholders' equity	1,590	1,482	1,199	+32.6%
Redeemable equity	-2.1	0.0	190	n/a
Debt	200	200	n/a	n/a
Other liabilities	516	569	n/a	n/a
Total liabilities and equity	2,304	2,251	n/a	n/a
Goodwill	18.4	18.4	n/a	n/a
Cash and equivalents	21.4	15.3	9.2	+133.0%
Inventory	7.0	6.1	n/a	n/a
Other assets	2,258	2,211	n/a	n/a
Total assets	2,304	2,251	n/a	n/a

Questions

What was BKV's revenue in Q2 FY2025?

BKV (BKV) reported revenue of $269 million for Q2 FY2025, the quarter ended 30 June 2025, up 100.5% on the same quarter a year earlier.

How much did BKV earn in Q2 FY2025?

Net income for Q2 FY2025 was $108 million, and diluted earnings per share $1.27.

When did BKV report Q2 FY2025 results?

BKV filed its 10-Q for the quarter ended 30 June 2025 with the SEC on 12 August 2025.

Quarterly results, the last 11 quarters

	Q3 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	182	156	134	133	177	272	269	200	256	377	322
Operating income	-5.3	-34.4	-43.2	-21.0	-56.3	-100	161	82.3	101	86.0	122
Operating margin	-3%	-22%	-32%	-16%	-32%	-37%	60%	41%	39%	23%	38%
Pre-tax income	23.7	-51.6	-88.1	24.2	-71.0	-117	142	97.7	87.8	63.3	97.5
Tax rate	22%	n/a	n/a	47%	n/a	n/a	21%	20%	19%	18%	21%
Net income	18.6	-38.6	-59.7	12.9	-57.5	-82.0	108	76.8	70.4	44.1	75.8
Net margin	10%	-25%	-45%	10%	-32%	-30%	40%	38%	28%	12%	24%
Diluted EPS	$0.30	-$0.58	-$0.90	$0.18	-$0.68	-$0.97	$1.27	$0.90	$0.75	$0.42	$0.67
Operating cash flow	n/a	19.3	-9.5	65.0	43.8	16.5	76.2	74.5	69.4	72.0	110
Capital expenditure	n/a	n/a	n/a	52.8	n/a	57.6	n/a	201	91.2	107	86.8
Free cash flow	n/a	n/a	n/a	12.2	n/a	-41.2	n/a	-127	-21.8	-34.5	22.9
Shares outstanding	85m	85m	85m	84m	85m	85m	85m	90m	97m	109m	109m
Filing	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2025, filed 12 August 2025: the filing.