Shares declined 1.5% following the quarter despite management’s raised full-year guidance, likely reflecting investor caution about the anticipated Q1 sequential softness and modest commercial activity early in the year.

• Q1 revenue and adjusted EBITDA grew approximately 16% year-over-year, with an adjusted EBITDA margin of 88%.
• Sequential results were softer versus Q4, consistent with seasonality in service-related payments linked to operator activity.
• Management raised full-year guidance based on an accelerating commercial pipeline and improved macroeconomic environment.
• Commercial momentum is expected to pick up in Q2 and beyond, driven by new contracts and bolt-on acquisitions expanding surface acreage to over 320,000 acres.
• The company emphasized its asset-light, fee-surface ownership model, highlighting strategic long-term leases such as the 3,400-acre data center campus agreement with PowerBridge.