Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 79

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 79
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 does not materialize or for which we are unable to acquire new customers. As a result, our new infrastructure may not be able to attract enough demand for our water management solutions to achieve our expected investment return, which could have a material adverse effect on our results of operations and financial position.

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We engage in transactions with related parties and such transactions present possible conflicts of interest that could have an adverse effect on us.

We have historically entered into a number of transactions with related parties. In particular, we have certain agreements with LandBridge, Five Point and Desert Environmental. Related party transactions create the possibility of conflicts of interest with regard to our management. Such a conflict could cause an individual in our management to seek to advance the economic interests of a related party above ours. It is possible that a conflict of interest could have a material adverse effect on our liquidity, results of operations and financial condition.

A loss of one or more significant customers could have a material adverse effect on our results of operations, cash flows and financial position.

For the year ended December 31, 2024, on a pro forma basis, revenues from Permian Resources Corporation and Devon each individually comprised more than 10% of our total water-related revenues and collectively represented 32% of our total water-related revenues. For the six months ended June 30, 2025, on a pro forma basis, revenues from Permian Resources Corporation and Devon each individually comprised more than 10% of our total water-related revenues and collectively represented 33% of our total water-related revenues. Devon and Permian Resources Corporation each individually comprised 17% and 18% of our total accounts receivable, on a pro forma basis, as of June 30, 2025, respectively, and collectively represented 35% of our total accounts receivable at such date. As of December 31, 2024, Devon and Permian Resources Corporation each individually comprised 21% and 11% of our total accounts receivable, on a pro forma basis, respectively, and collectively represented 32% of our total accounts receivable at such date. No other customer accounted for more than 10% of our total pro forma revenue or outstanding accounts receivables.

Any development that materially and adversely affects these customers could result in a reduction in our customers’ spending for our water management solutions. The loss of key customers, failure to renew contracts upon expiration or a sustained decrease in demand by one or more key customers could result in a substantial loss of