Company Overview - The company completed its IPO on July 3, 2023, and its common stock is trading on the NYSE under the ticker symbol "KGS" [28]. - As of December 31, 2025, the company had approximately 1,300 full-time employees, with no employees under collective bargaining agreements [82]. - The company sold its operations in Mexico on September 30, 2025, resulting in a net loss of $33.3 million as part of a strategic refocus [90]. - The company is acquiring Distributed Power Solutions for approximately $675.0 million, consisting of $575.0 million in cash and $100.0 million in common stock, subject to customary conditions [220]. Financial Performance - The company's four largest customers accounted for approximately 32% of total revenues for the years ended December 31, 2025, 2024, and 2023 [46]. - The company declared a quarterly dividend of $0.49 per share on January 28, 2026, totaling approximately $43.1 million, with expectations to continue comparable cash dividends in the foreseeable future [196]. - The One Big Beautiful Bill Act of 2025 has materially reduced current income tax expenses due to full expensing of qualified capital expenditures [216]. - The settlement of Texas sales tax matters resulted in a recorded amount of $28.0 million in interest and penalties [224]. Operations and Assets - Approximately 80% of the company's 4.5 million overall fleet horsepower is categorized as large horsepower, defined as greater than 1,000 horsepower [32]. - As of December 31, 2025, approximately 82.8% of the company's compression assets were deployed in the Permian Basin and Eagle Ford Shale [43]. - The company typically owns the compression equipment used for Contract Services and bears the risk of loss or damage to its equipment [60]. - The company operates under fixed-revenue contracts, which help protect against industry and macroeconomic cycles, and supports the growing demand for natural gas and oil [211]. Sustainability and Environmental Compliance - The company has a focus on sustainability, investing in modern compression equipment to meet stringent U.S. air-quality regulatory standards [48]. - The company has begun deploying electric motor-driven compression to reduce emissions intensity across its fleet [49]. - Compliance with stringent environmental regulations could expose the company to significant costs and liabilities, impacting operations and growth [67]. - The company's operations are subject to various environmental laws, including the Clean Air Act and Clean Water Act, which impose strict controls on emissions and discharges [69][76]. Competition and Market Dynamics - The contract compression business is competitive, with numerous companies adapting quickly to changes and adopting aggressive pricing policies [64]. - The company faces significant competition in the compression business, which may adversely affect its market share and financial condition [99]. - The company's operations are concentrated in the Permian Basin and Eagle Ford Shale, making it vulnerable to regional supply and demand fluctuations [102]. Workforce and Training - In 2025, over 270 employees graduated from the Technician Fundamentals program at BEARS Academy, which provides hands-on training in various technical skills [86]. - The company is constructing a larger training facility for BEARS Academy, scheduled to open in summer 2026, to enhance its technical training capacity [86]. Debt and Financial Risks - Kodiak's total long-term debt as of December 31, 2025, was approximately $2.6 billion, including $750 million due in 2029, $770 million due in 2033, and $630 million due in 2035 [151]. - Kodiak's ability to generate sufficient cash flows to service its debt obligations is uncertain and may be affected by various external factors [155]. - The ABL Credit Agreement and senior notes indentures impose significant operating and financial restrictions on Kodiak, potentially limiting its operational flexibility [160]. - Kodiak's variable rate indebtedness exposes it to interest rate risk, which could increase debt service obligations significantly if rates rise [163]. Cybersecurity and Data Privacy - Kodiak is subject to significant legal and reputational risks related to privacy and data security, particularly with the implementation of the California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA) [143]. - Kodiak has experienced cybersecurity incidents in the past, which could adversely affect its business in the future, especially as some personnel work remotely [145]. - The company maintains a cyber risk management program integrated within its enterprise risk management process to address cybersecurity threats [182]. - The company engages third-party cybersecurity firms to enhance its cybersecurity infrastructure and response capabilities [184]. Regulatory and Legislative Risks - Future greenhouse gas regulations could result in increased compliance costs and impact demand for the company's services [75]. - Regulatory changes and evolving environmental laws may impose additional costs and operational challenges for Kodiak and its customers [120]. - The EPA's proposed rules to reduce methane emissions could lead to increased expenditures for pollution control equipment, affecting Kodiak's customers [122]. - Legislative and regulatory actions aimed at reducing GHG emissions could lead to increased costs for consuming natural gas and oil, thereby reducing demand for these products [124].

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Kodiak Gas Services (NYSE:KGS) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsDoug Irwin - Managing DirectorEli Jossen - VP of Equity ResearchGraham Sones - VP of Investor RelationsJohn Griggs - EVP and CFOJohn Mackay - VP in Equity ResearchMickey McKee - President and CEONate Pendleton - VP of Sales and TradingConference Call ParticipantsJim Rollyson - Director and Equity Research AnalystNeal Dingmann - Equity Research Analyst in Energy and Power TechnologiesSelman Akyol - Managing ...

Kodiak Gas Services (NYSE:KGS) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsDoug Irwin - VPEli Jossen - VP in Equity ResearchGraham Sones - VP of Investor RelationsJohn Griggs - EVP and CFOJohn Mackay - VP in Equity ResearchMickey McKee - President and CEONate Pendleton - VPConference Call ParticipantsJim Rollyson - Director and Equity Research AnalystNeal Dingmann - Equity Research Analyst in Energy and Power TechnologiesSelman Akyol - Managing Director and Senior Equity AnalystO ...

Kodiak Gas Services (NYSE:KGS) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Speaker9Welcome to Kodiak Gas Services conference call and webcast to review fourth quarter and full year 2025 results. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to tur ...

Financial Performance - Reported net income of $24.6 million, or $0.28 per diluted share, with adjusted net income of $35.3 million, or $0.40 per adjusted diluted share [6] - The company reported a net income of $81.588 million for the year ended December 31, 2025, compared to $50.334 million in 2024, marking a year-over-year increase of approximately 62% [36] - Adjusted net income attributable to common shareholders for the three months ended December 31, 2025, was $24.625 million, compared to a loss of $14.011 million in the same period of 2024 [36] - Basic earnings per share for the three months ended December 31, 2025, was $0.28, recovering from a loss of $0.17 in the previous year [36] - The company reported a diluted earnings per share of $0.89 for 2025, up from $0.56 in 2024, reflecting a growth of 58.9% [41] Revenue Growth - Total revenues for the year ended December 31, 2025, were $1,308.1 million, an increase from $1,159.3 million in 2024, representing a growth of approximately 12.8% [36] - Contract Services segment revenue reached $301.8 million in Q4 2025, a 7.7% increase from $280.2 million in Q4 2024 [10] - Total revenues for the Contract Services segment reached $301.81 million for the three months ended December 31, 2025, up from $296.97 million in the previous quarter, and $1.18 billion for the year ended December 31, 2025, compared to $1.03 billion in 2024 [46] - Total revenues for the Other Services segment increased to $31.06 million for the three months ended December 31, 2025, from $25.77 million in the previous quarter, and $126.83 million for the year ended December 31, 2025, compared to $125.14 million in 2024 [47] EBITDA and Cash Flow - Record quarterly adjusted EBITDA of $184.5 million, a 9.1% increase compared to Q4 2024 [6] - Full-year 2026 adjusted EBITDA expected to be in the range of $750 million to $780 million [21] - Adjusted EBITDA for 2025 reached $715,033 thousand, representing an increase of 17.4% compared to $609,550 thousand in 2024 [44] - Generated net cash provided by operating activities of $599.7 million, a 23.7% increase compared to 2024 [6] - Net cash provided by operating activities was $194.86 million for the three months ended December 31, 2025, compared to $113.38 million in the previous quarter, and $599.74 million for the year ended December 31, 2025, compared to $327.99 million in 2024 [48] - Free cash flow for the three months ended December 31, 2025, was $78.61 million, significantly up from $33.46 million in the previous quarter, and $229.58 million for the year ended December 31, 2025, compared to $122.32 million in 2024 [48] Expenses and Liabilities - Total operating expenses for the year ended December 31, 2025, were $968.1 million, compared to $909.9 million in 2024, reflecting an increase of approximately 6.4% [36] - Interest expense for the year ended December 31, 2025, was $198.370 million, slightly increasing from $197.144 million in 2024 [36] - Total liabilities rose from $3,061,516 thousand in 2024 to $3,110,621 thousand in 2025, an increase of 1.6% [38] - Total current liabilities increased from $319,369 thousand in 2024 to $385,942 thousand in 2025, an increase of 20.8% [38] Shareholder Returns - Returned over $263 million to shareholders through dividends and share repurchases in 2025 [8] - The company repurchased common shares worth $103,968 thousand in 2025, compared to $40,000 thousand in 2024, indicating a significant increase in share repurchase activity [40] Strategic Acquisitions - Announced acquisition of Distributed Power Solutions, LLC valued at approximately $675 million, expected to close in early April 2026 [13][14] - The company plans to pursue strategic acquisitions, including the pending acquisition of Distributed Power Solutions, LLC, to enhance operational capabilities and market position [32] Asset Management - The company experienced a long-lived asset impairment of $6.344 million for the year ended December 31, 2025, down from $9.921 million in 2024 [36] - The company incurred a long-lived asset impairment of $6,344 thousand in 2025, compared to $9,921 thousand in 2024, indicating a reduction of 36.5% [40] - Total assets decreased from $4,435,123 thousand in 2024 to $4,318,017 thousand in 2025, a decline of approximately 2.6% [38] Cash and Equivalents - Cash and cash equivalents decreased from $4,750 thousand at the end of 2024 to $3,179 thousand at the end of 2025, a decline of 33.1% [40] Other Financial Matters - The company incurred severance expenses of $2.12 million for the three months ended December 31, 2025, and $10.50 million for the year ended December 31, 2024, related to the CSI Acquisition [49] - The company received a settlement offer from the Texas Comptroller's office for outstanding sales and use tax matters, totaling $28.0 million in interest and penalties for all open periods [49]

Kodiak Gas Services Reports Fourth Quarter and Full Year 2025 Financial Results; Provides Full Year 2026 Guidance-# Kodiak Gas Services Reports Fourth Quarter and Full Year 2025 Financial Results; Provides Full Year 2026 GuidanceShare---THE WOODLANDS, Texas--([BUSINESS WIRE])--Kodiak Gas Services, Inc. (NYSE: KGS) ("Kodiak†or the "Company†), a leading provider of critical energy infrastructure and contract compression services, today reported financial and operating results for the fourth quarter and full ...

Citi Research Global Technology, Communications, Real Estate, Energy, and Industrials February 23, 2026 Data Center GAINs (Gen AI Names) Multi-Asset Strong Absorption Supports Solid 2026 and LT Data Center Demand | Equities | | | | | ABS | | --- | --- | --- | --- | --- | --- | | Michael Rollins, CFAAC +1 212 816-3116 | Heath TerryAC +1 212 723-4624 | Caitlyn Walsh caitlyn.walsh@citi.com | | | | | michael.rollins@citi.com | heath.terry@citi.com | | | | | | Siraj Ahmed AC | AC Scott Gruber | Andrew KaplowitzA ...

Core Viewpoint - Kingman Minerals Ltd. has received approval from the Arizona Department of Water Resources for drilling seven exploration holes at its Mohave Project, marking a significant step in its Phase III exploration efforts [1][2]. Company Overview - Kingman Minerals Ltd. is a publicly traded exploration and development company focused on precious metals in North America, with its flagship project being the fully owned historic Rosebud Mine located in Mohave County, Arizona [4]. Project Details - The drilling is set to commence on or about February 25, 2026, and aims to test the continuity of the Southwick gold-silver vein corridor beyond the Rosebud Mine, supported by a recently completed 3D Magnetic Vector Inversion model [2]. - Additional model-defined targets will be mapped and sampled through parallel field work as part of the exploration strategy [2].

Core Insights - Kingman Minerals Ltd. has completed a project-scale 3D magnetic vector inversion (MVI) model and engaged Altar Drilling Inc. for a Phase III diamond drill program at its Mohave Project in Arizona [1][6]. Magnetic Vector Inversion Model - The 3D MVI model was developed using high-resolution drone-based airborne magnetic survey data collected in December 2025 [2]. - Fathom Geophysics LLC processed the magnetic data, which included various filtering and inversion steps to interpret structural features [3]. - The model outlines northwest-trending magnetic lineaments that align with mapped vein structures and historic workings at the Rosebud Mine [4][5]. Phase III Drill Program - The Phase III program consists of seven HQ-diameter diamond drill holes totaling approximately 815 meters (2,673 feet) [7]. - The drilling aims to test the southeastern and northwestern extensions of the Southwick vein corridor adjacent to the historic Rosebud Mine [7]. - Mobilization for drilling is expected to begin around February 25, pending final water-use authorization from the Arizona Department of Water Resources [8]. Company Overview - Kingman Minerals Ltd. is focused on precious metals exploration and development in North America, with its flagship project being the historic Rosebud Mine in Arizona [11]. - The Rosebud Mine has a history of high-grade gold and silver production dating back to the 1880s, with significant underground development completed in the late 1920s and 1930s [11].