“Net Income Net Income decreased by $14.0 million, to a net income of $21.5 million for the year ended December 31, 2025 compared to $35.5 million for the year ended December 31, 2024, d riven primarily by lower gross profit, an increase in interest expense, equity investment losses and tax receivable agreements expense during 2025 partially offset by 2025 income tax benefit compared to 2024 income tax expense, the remeasurement gain on business combination and increased gains on sales of property and equipment and divestitures, net.”
“The $40.3 million decrease in net cash provided by financing activities was due primarily to a $235.0 million decrease in borrowings net of repayments, a $2.9 million decrease in cash received from noncontrolling interest holders and a $1.3 million increase in repurchases of common stock partially offset by $191.7 million in proceeds received from a public offering of our Class A common stock and $7.4 million lower debt issuance costs.”
“This increase was primarily driven by a decline in water sourcing revenue and reduced margins in the water transfer, poly and containment and well testing business lines, reflecting selective price reductions implemented to retain key customer relationships.”