Infinity Natural Resources (INR) Q1 2026 earnings summary

Executive summary

• Achieved 88% year-over-year production growth in Q1 2026, driven by gas-weighted development, acquisitions, and the Antero and Chase deals.

• Net revenues reached $154.9 million in Q1 2026, up from $85.2 million in Q1 2025, with revenue growth of 79%.

• Net loss attributable to common stockholders narrowed to $4.98 million, a significant improvement from a $34.6 million loss in Q1 2025, excluding non-recurring IPO-related expenses.

• Expanded operational footprint with 48,000 net horizon acres added in Q1 2026, including strategic acquisitions in Ohio and Pennsylvania.

• Issued $550 million in senior unsecured notes, $350 million in convertible preferred stock, and expanded credit facility to $875 million.

Financial highlights

• Total production volumes increased to 299 MMcfe/d in Q1 2026 from 159 MMcfe/d in Q1 2025.

• Adjusted EBITDAX rose to $97.3 million in Q1 2026, with a margin of $3.61/Mcfe, highest among Appalachian peers.

• Operating costs per Mcfe declined 14% year-over-year, reaching $0.95/Mcfe in Q1 2026.

• Net cash provided by operating activities was $58.4 million; net cash used in investing was $698.9 million; net cash from financing was $710.6 million.

• Net debt stood at $477.0 million; liquidity was $928.8 million as of March 31, 2026.

Outlook and guidance

• 2026 net production guidance: 345–375 MMcfe/d, with 70% year-over-year growth at midpoint.

• Development capital expenditures projected at $450–$500 million for 2026, funded by operating cash flow, credit facility, and recent capital raises.

• Plan to operate two rigs, focusing on long laterals averaging 14,000 feet, with 77% of drilling in Ohio and 23% in Pennsylvania.

• Focus remains on disciplined capital allocation, maximizing returns, and aligning development with hedging opportunities.