Company: WBI
Filing Date: 2025-08-04
Form Type: DRS/A
Source: 0000950123-25-006924
Chunk: 159

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-04
Form: DRS/A
Chunk 159
---
, if required, proceeds from borrowings under our credit facilities. We expect our primary liquidity and capital requirements will be for our operating expenses, servicing of our debt, the payment of dividends to our shareholders, if any, general company needs and investing in our business. We believe that we will be able to fully fund our ongoing capital expenditures, working capital requirements and other capital needs for the foreseeable short‑term and long‑term future through cash on hand and cash flows from our operating activities. Although we believe that we will be able to fully fund our ongoing capital expenditures, working capital requirements and other capital needs for the foreseeable future through cash on hand and cash flows from our operating activities, we may choose to use borrowings under our credit facilities to finance our operating and investing activities. See “—Debt Instruments” for more information. We strive to maintain financial flexibility and proactively monitor potential capital sources, including equity and debt financing, to meet our target liquidity and capital requirements. If market conditions were to change and our revenues were to decline significantly or operating costs were to increase significantly, our cash flows and liquidity could be reduced and we could be required to seek alternative financing sources. As of June 30, 2025, on a pro forma basis, we had a surplus in working capital, defined as current assets less current liabilities, of $31.7 million, and cash and cash equivalents of $32.0 million. As of June 30, 2025, on a pro forma, as adjusted, basis, we had a surplus in working capital of $91.8 million and cash and cash equivalents of $77.6 million. Cash Flows The following table shows cash flows from operating activities, investing activities and financing activities for the stated periods for our predecessors: Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

| (in thousands)                                       
 Consolidated Statement of Cash Flow Data:            |     | WBEF             
 Six Months Ended 
 June 30,         
 2025             
 (unaudited)      |         |   |     | 2024 |         |   |     | Amount of  
 Increase   
 (Decrease) |         |   |     | Percentage 
 Change     |     |    |     | NDB Operating    
 Six Months Ended 
 June 30,         
 2025             
 (unaudited)      |          |   |     | 2024 |          |   |     | Amount of  
 Increase