WaterBridge Infrastructure LLC-A 2026年季度报告

FORM 10-Q (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period ended March 31, 2026OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b‑2 of the Exchange Act. Large accelerated filerNon‑accelerated filerEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes☐No☒As of May 6, 2026, the registrant had 47,016,059 Class A shares and 76,440,150 Class B shares representing limited liability company interests(“Class B shares”) outstanding. TABLE OF CONTENTS PART I – FINANCIAL INFORMATION Glossary2Cautionary Statement Regarding Forward-Looking Statements3Item 1.Financial Statements (Unaudited)5 WaterBridge Infrastructure LLC Condensed Consolidated Balance Sheets5Condensed Consolidated Statements of Operations6Condensed Consolidated Statements of Shareholders’and Member’s Equity7Condensed Consolidated Statements of Cash Flows8Notes to the Condensed Consolidated Financial Statements9 WaterBridge Equity Finance LLC Condensed Consolidated Statement of Operations22Condensed Consolidated Statement of Changes in Mezzanine Equity and Members’ Equity23Condensed Consolidated Statement of Cash Flows24Notes to the Condensed Consolidated Financial Statements25Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations28Item 3.Quantitative and Qualitative Disclosures About Market Risk42Item 4.Controls and Procedures42PART II ‑ OTHER INFORMATION Item 1.Legal Proceedings43Item 1A.Risk Factors43Item 2.Unregistered Sales of Equity Securities and Use of Proceeds44Item 3.Defaults Upon Senior Securities44Item 4.Mine Safety Disclosures44Item 5.Other Information44Item 6.Exhibits45Signatures46 GLOSSARY The following are abbreviations and definitions of certain terms used in this document, many of which are commonly used in theindustry: Bpd or Bbl/d. Barrels per calendar day. Brackish water. Water with salinity levels between seawater and freshwater. Completion. The process of preparing a well for the production of oil and gas by injecting high-pressure fluids mixed withproppants to create fractures in reservoir rock to enhance permeability. Crude oil. A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid atatmospheric pressure after passing through surface separating facilities. Delaware Basin. A geological depositional and structural basin in West Texas and southeastern New Mexico, which is a part of thePermian Basin. Desert Environmental. Desert Environmental LLC, a Delaware limited liability company and subsidiary of the Company. E&P. Oil and natural gas exploration and production. E&P companies. Oil and natural gas exploration and production companies, including producers and/or operators. Five Point. Five Point Infrastructure LLC, a Delaware limited liability company and our legacy financial sponsor. GAAP. Accounting principles generally accepted in the United States of America. Incentive Units. Management incentive units consisting of time-based awards of profits interests. LandBridge. LandBridge Company LLC, a Delaware limited liability company (NYSE: LB; NYSE TX: LB), and its subsidiaries. MBbls. One thousand barrels. MBbl/d. One thousand barrels per day. MVC. Minimum volume commitment. NDB Incentive Units. Management incentive units consisting of time‑based awards of profits interests in NDB LLC. NDB LLC. WaterBridge NDB LLC, a Delaware limited liability company and portfolio company of funds affiliated with FivePoint. OpCo.WBI Operating LLC, a