Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 374

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 374
---
 as of December 31, 2024 and 2023, respectively. Income Taxes The Company is a limited liability company classified as a pass-through entity for federal income tax purposes. As a result, the net taxable income of the Company and any related tax credits, for federal income tax purposes, are deemed to pass to the members and are included in their tax returns even though such net taxable income or tax credits may not have actually been distributed. The Company is subject to Texas margin taxes. We estimate our state tax liability utilizing management estimates related to the deductibility of certain expenses and other factors. We recorded $0.3 million and $0.1 million in Texas margin tax liability as of December 31, 2024 and 2023, respectively. Concentrations of Risk The Company provides services to customers involved in the E&P industry in the Northern Delaware Basin in west Texas and southern New Mexico and the Eagle Ford Basin in south Texas and is almost entirely dependent upon the continued activity of such customers. In the normal course of business, we maintain cash balances in excess of federally insured limits. The Company regularly monitors these institutions’ financial condition. We have not experienced any losses in our accounts and believe we are not exposed to any significant credit risk on cash or cash equivalents. Significant Customers Customers that individually comprised more than 10% of the Company’s consolidated revenues were as follows:

|            |     | Year Ended December 31, | 2024 |   |     |     | 2023 |   |
|:-----------|:----|:------------------------|-----:|:--|:----|:----|-----:|:--|
| Customer A |     |                         |   27 | % |     |     |   24 | % |
| Customer B |     |                         |   10 | % |     |     |   15 | % |

Recently Adopted Accounting Pronouncements In 2024, we adopted ASU 2023-07, Segment Reporting (Topic 280). This guidance requires a public entity, including entities with a single reportable segment, to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that were previously required annually. This ASU was effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company has adopted and retroactively applied this standard to our