Form 8-K

8-K — INFINITY NATURAL RESOURCES, INC.

Accession: 0002029118-26-000096

Filed: 2026-08-10

Period: 2026-08-10

CIK: 0002029118

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — inr-20260810.htm (Primary)

EX-99.1 (inr2q26earningsrelease.htm)

GRAPHIC (image_0.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: inr-20260810.htm · Sequence: 1

inr-20260810

FALSE000202911800020291182026-08-102026-08-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 8-K

__________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 10, 2026

__________________________

INFINITY NATURAL RESOURCES, INC.

(Exact name of registrant as specified in its charter)

__________________________

Delaware 001-42499 99-3407012

(State or other jurisdiction

of incorporation) (Commission

File Number) (I.R.S. Employer

Identification No.)

2605 Cranberry Square

Morgantown, WV 26508

(Address of principal executive offices, including zip code)

(304) 212-2350

(Registrant’s telephone number, including area code)

__________________________

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading

Symbol(s) Name of each exchange

on which registered

Class A common stock, par value $0.01 per share INR The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On August 10, 2026, Infinity Natural Resources, Inc. (the “Company”) issued a press release announcing its financial and operating results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

On August 10, 2026, the Company posted an investor presentation related to the financial and operating results for the quarter ended June 30, 2026 to its website at ir.infinitynaturalresources.com.

The information furnished in this Current Report on Form 8-K pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01.

Financial Statements and Exhibits.

(d)Exhibits.

Exhibit

Number Description

99.1

Press Release, dated August 10, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INFINITY NATURAL RESOURCES, INC.

By: /s/ Zack Arnold

Zack Arnold

President and Chief Executive Officer

Dated: August 10, 2026

EX-99.1

Filename: inr2q26earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

Infinity Natural Resources Announces Second Quarter 2026 Results

August 10, 2026

Morgantown, West Virginia—Infinity Natural Resources, Inc. (“Infinity” or the “Company”) (NYSE: INR) today reported its second quarter 2026 financial and operating results and maintained its 2026 guidance.

Second Quarter 2026 Results

•Delivered 75% growth in net daily production to 348.5 MMcfe/d compared to the second quarter of 2025

◦ 73% increase in natural gas net production to 216.8 MMcf/d

◦102% increase in oil net production to 12.4 Mbbls/d

•Reported net income of $108.0 million, or $0.88 per share of Class A common stock on a diluted basis, during the second quarter 2026 compared to net income of $1.18 per share of Class A common stock during the second quarter 2025

•Delivered 131% growth in Adjusted EBITDAX(1) to $114.7 million in the second quarter 2026 compared to the second quarter 2025, representing an Adjusted EBITDAX Margin(1) of $3.62 / Mcfe, which we believe is the best among our Appalachian Basin peers

•Generated $137.9 million of net cash provided by operating activities for the three months ended June 30, 2026, a 136% increase compared to the first quarter of 2026

•Incurred $129.1 million of development capital expenditures

•Total net debt(1) was approximately $524.1 million and total liquidity was $900.9 million as of June 30, 2026

Second Quarter 2026 and Recent Highlights

•Turned into sales 10 wells in the Ohio Utica Shale, comprised of 7 oil-weighted wells in the volatile oil window and 3 rich gas wells, which are the first from the recently acquired acreage four months after closing

•Spudded 9 wells, including 4 volatile oil wells in Ohio, 2 rich gas wells in Ohio, 2 dry gas Marcellus wells, and 1 deep dry gas Utica well

•Completed 10 wells, including 7 volatile oil wells in Ohio and 3 dry gas Marcellus wells in Pennsylvania

•Drilled first deep dry gas Utica vertical pilot well and 9,500 foot lateral in Pennsylvania

•Approximately 70% of our gross natural gas production is currently flowing through Company-owned midstream assets

•Acquired approximately 1,100 net horizon acres during the quarter, demonstrating continued success in organic leasing

•Repurchased 109,579 shares of Class A common stock at an average price of $13.72 per share during the second quarter 2026

(1) Adjusted EBITDAX, Adjusted EBITDAX Margin and net debt are non-GAAP financial measures. Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included in the section titled “Non-GAAP Financial Measures.”

Management Commentary

“Our second quarter results reflect continued strong execution of our strategic plan across our Appalachian portfolio, as we delivered strong production growth, advanced development across both our Utica and Marcellus positions, and began developing the assets we acquired earlier this year,” said Zack Arnold, President and CEO of Infinity. “During the quarter, we successfully turned in line our first wells from the acquired Antero acreage and moved a rig onto the assets to develop another pad, demonstrating our ability to rapidly incorporate new assets into our development program while maintaining operational execution. We also drilled our first deep dry gas Utica vertical pilot well and lateral, an important step in further evaluating the long-term value and development potential of this emerging opportunity.”

“Our integrated upstream and midstream platform continues to differentiate Infinity. As production grows, our owned infrastructure provides increasing operating leverage through greater utilization, lowering controllable costs per unit and enhancing market access. Our $3.62 per Mcfe Adjusted EBITDAX Margin exceeds all of our Appalachian Basin peers, demonstrating the strong performance and efficiency of our operations. We continue to see encouraging operating results across our core development areas, including strong performance from our volatile oil wells, reinforcing the quality and depth of our inventory.”

“Looking ahead, our strategy remains unchanged. We are focused on disciplined capital allocation, capital-efficient production growth and the execution of our development program. Our diversified inventory across the Utica and Marcellus Shales provides flexibility to allocate capital toward our highest return opportunities while preserving optionality across changing commodity price environments. Combined with our integrated midstream assets and strong balance sheet, we believe Infinity remains well positioned to continue creating long-term shareholder value,” concluded Mr. Arnold.

Operational Update

The following table sets forth information regarding our production, revenues and realized prices and production costs for the three and six months ended June 30, 2026 and 2025:

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Production data:

Oil (MBbls)

1,131 559 1,996 1,301

Natural gas (MMcf)

19,725 11,420 37,256 17,939

NGL (MBbls)

867 551 1,570 1,111

Total (MMcfe)(1)

31,713 18,080 58,652 32,411

Average daily production (Mcfe/d)(1)

348,495 198,681 324,044 179,066

Average wellhead realized prices (before giving effect to realized derivatives):

Oil (/Bbl)

$ 85.41 $ 56.45 $ 76.86 $ 60.42

Natural gas (/Mcf)

$ 2.34 $ 2.67 $ 3.24 $ 2.97

NGL (/Bbl)

$ 32.27 $ 18.93 $ 29.95 $ 22.25

Average wellhead realized prices (after giving effect to realized derivatives):

Oil (/Bbl)

$ 68.31 $ 65.00 $ 63.98 $ 64.83

Natural gas (/Mcf)

$ 3.08 $ 2.53 $ 3.31 $ 2.80

NGL (/Bbl)

$ 30.28

18.22

$ 29.17 $ 21.96

Operating costs and expenses (per Mcfe)(1):

Gathering, processing and transportation

$ 0.93 $ 0.80 $ 0.84 $ 0.82

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Lease operating

0.32 0.31 0.32 0.38

Production and ad valorem taxes

0.06 0.17 0.07 0.11

Midstream operations and maintenance expense 0.07 0.04 0.07

0.04

Direct operating costs 1.38 1.32 1.30 1.35

Depreciation, depletion, and amortization

1.40 1.31 1.37 1.36

General and administrative(2)

0.39 0.29 0.58 4.23

Total operating expenses

$ 3.17 $ 2.92 $ 3.24 $ 6.97

Controllable Cash Costs (per Mcfe):

Gathering, processing and transportation

$ 0.93

$ 0.80 $ 0.84 $ 0.82

Lease operating

0.32

0.31 0.32 0.38

Production and ad valorem taxes

0.06

0.17 0.07 0.11

Midstream operations and maintenance expense 0.07

0.04 0.07 0.04

Recurring Cash G&A(3)

$ 0.20 $ 0.15 $ 0.21 $ 0.21

Total Controllable Cash Costs $ 1.58 $ 1.47 $ 1.51 $ 1.57

(1) Calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Boe.

(2) General and administrative expense (“G&A”) includes a one-time share-based compensation expense of $126.1 million for the six months ended June 30, 2025, incurred in connection with the Company’s initial public offering (the “IPO”) and certain one-time transaction expenses $16.5 million for the six months ended June 30, 2026 associated with the acquisition of assets from Antero Resources Corporation and Antero Midstream LLC (the “Antero Acquisition”).

(3) Recurring Cash G&A is a non-GAAP financial measure. Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included in the section titled “Non-GAAP Financial Measures.”

Capital Investment

Capital expenditures incurred during the quarter were $137.3 million, which included $129.1 million on development activities and $8.2 million on land activities.

Financial Position and Liquidity

As of June 30, 2026, Infinity had no borrowings under its revolving credit facility and liquidity of $900.9 million, including $25.9 million of cash and cash equivalents and $875.0 million of available borrowing capacity under its revolving credit facility.

2026 Capital & Production Guidance

Infinity is reaffirming its 2026 capital & production guidance from its fourth quarter 2025 earnings press release. Infinity’s capital budget for 2026 is $450 million to $500 million related to development activities, including drilling and completions and midstream. Net production is expected to be between 345 and 375 MMcfe/d for 2026, with natural gas expected to be between 235 and 255 MMcfe/d and oil and liquids expected to be between 18 and 20 Mbbls/d.

Share Repurchase Program

In November 2025, our board of directors authorized a share repurchase program, whereby we may purchase up to an aggregate of $75.0 million of our Class A common stock. During the second quarter of 2026, the Company repurchased 109,579 shares of Class A common stock at an average price of $13.72 per share. As of June 30, 2026, we have $72.3 million remaining under our existing repurchase program.

Conference Call and Webcast Details

Infinity will host a conference call Tuesday, August 11, 2026, at 10:00 a.m. ET to discuss the results. To participate in the call, register at https://events.q4inc.com/attendee/627523741 or dial +1 585 542 9983 (U.S. Local) or +1 833 461 5787 (U.S. Toll-Free), using Meeting ID: 627523741. A unique dial-in code will be provided upon registration via link. The conference call will also be webcast live on the Company’s investor relations website at https://ir.infinitynaturalresources.com/. A replay of the call will be available approximately two hours after the live call concludes and will remain accessible for 14 days at https://events.q4inc.com/attendee/627523741 and on the investor relations website.

About Infinity

Infinity (NYSE: INR) is a growth oriented, independent energy company focused on the acquisition, development, production and gathering of hydrocarbons in the Appalachian Basin. Our operations are focused on the Utica Shale in eastern Ohio as well as our stacked dry gas assets in both the Marcellus and Utica Shales in southwestern Pennsylvania.

Cautionary Statement Regarding Forward-Looking Statements

This release contains statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. All statements, other than statements of historical fact, included in this release regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, future commodity prices, future production targets, leverage targets or debt repayment, hedging strategy, future capital spending plans, capital efficiency, our ability to pay future dividends and make share repurchases, expected drilling and completions plans and projected well costs, among other similar statements, are forward-looking statements. When used in this release, words such as “may,” “assume,” “forecast,” “could,” “should,” “will,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “target,” “outlook,” “guidance,” “budget” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events at the time such statements were made.

Such statements are subject to a number of assumptions, risks and uncertainties, including those incident to the development, production, gathering and sale of oil, natural gas and NGLs, most of which are difficult to predict and many of which are beyond the control of the Company. These include, but are not limited to, our failure to realize, in full or at all, the anticipated benefits of capital raising transactions and acquisitions, including synergies; commodity price volatility; inflation; lack of availability and cost of drilling, completion and production equipment and services; supply chain disruption; project construction delays; environmental risks; drilling, completion and other operating risks; lack of availability or capacity of midstream gathering and transportation infrastructure; regulatory changes; the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital; the timing of development expenditures; the concentration of the Company’s operations in the Appalachian Basin; difficult and adverse conditions in the domestic and global capital and credit markets; impacts of geopolitical events and world health events, including trade wars; the impacts of recently enacted legislation; lack of transportation and storage capacity as a result of oversupply, government regulations or other factors; potential financial losses or earnings reductions resulting from the Company’s commodity price risk management program or any inability to manage its commodity risks; failure to realize expected value creation from property acquisitions and trades; weather related risks; competition in the oil and natural gas industry; loss of production and leasehold rights due to mechanical failure or depletion of wells and the Company’s inability to re-establish production; the Company’s ability to service its indebtedness; political and economic conditions and events in foreign oil and natural gas producing countries, including embargoes, armed conflict, political instability and civil unrest, including instability in the Middle East, Venezuela and Mexico and other sustained military campaigns, the armed conflict in Ukraine and associated economic sanctions on Russia, conditions in South America, Central America, China and Russia, and acts of terrorism or sabotage; evolving cybersecurity risks such as those involving unauthorized access, denial-of-service attacks, third-party service provider failures, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, social engineering, physical breaches or other actions; technological advancements, including artificial intelligence and its application in our industry; risks related to the Company’s ability to expand its business, including through the recruitment and retention of qualified personnel; and the other risks described in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimates depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the

schedule of any future production and development program. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.

Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, and in other filings we make with the SEC, for a discussion of the risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. As a result, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Therefore, these forward-looking statements are not a guarantee of our performance, and you should not place undue reliance on such statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law.

Contacts

Infinity Natural Resources, Inc.

Thomas Marchetti

Vice President, Investor Relations

Email: ir@infinitynr.com

Source: Infinity Natural Resources, Inc.

INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)

(amounts in thousands, except share and per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues:

Oil, natural gas, and natural gas liquids sales

170,410

72,471

321,114

156,655

Midstream and other revenues

609

2,005

4,777

2,986

Total revenues

171,019

74,476

325,891

159,641

Operating expenses:

Gathering, processing, and transportation

29,401

14,515

49,124

26,585

Lease operating

10,028

5,583

18,944

12,354

Production and ad valorem taxes

1,902

3,071

4,251

3,703

Midstream operations and maintenance expense

2,359

711

3,837

1,374

Depreciation, depletion, and amortization

44,414

23,652

80,074

44,910

General and administrative(1)

12,411

5,265

33,824

137,015

Total operating expenses

100,515

52,797

190,054

225,941

Operating income (loss)

70,504

21,679

135,837

(66,300)

Other income (expense):

Interest, net

(14,733)

(1,360)

(20,522)

(4,427)

Gain (loss) on derivative instruments

57,542

52,121

(7,592)

14,903

Other income (expense)

144

(1,075)

(957)

(1,138)

Net income (loss) before income tax expense (benefit)

113,457

71,365

106,766

(56,962)

Income tax expense (benefit)

5,458

(588)

5,110

(553)

Net income (loss)

107,999

$ 71,954

101,656

(56,409)

Net income attributable to Infinity Natural Resources, LLC prior to the reorganization — — — 9,914

Net income (loss) attributable to redeemable non-controlling interests 76,247 53,966 71,769 (49,742)

Net income (loss) attributable to Infinity Natural Resources, Inc. $ 31,752 $ 17,988 $ 29,887 $ (16,581)

Weighted-average shares of Class A common stock outstanding:

Basic 18,711,659 15,237,500 18,190,162 15,237,500

Diluted 36,207,325 15,237,500 30,558,472 15,237,500

Net income (loss) attributable to Infinity Natural Resources, Inc. per share of Class A common stock

Basic(2)

$ 1.35 $ 1.18 $ 1.11 $ (1.09)

Diluted(2)

$ 0.88 $ 1.18 $ 0.98 $ (1.09)

(1) G&A includes a one-time share-based compensation expense of $126.1 million for the six months ended June 30, 2025, incurred in connection with the IPO.

INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(amounts in thousands, except share and per share amounts)

June 30, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

25,883

2,849

Accounts receivable:

Oil and natural gas sales, net

69,690

54,836

Joint interest and other, net

36,031

12,912

Short-term deposit on acquisitions

—

61,200

Prepaid expenses and other current assets

6,537

4,002

Commodity derivative assets

24,599

24,838

Total current assets

162,740

160,637

Oil and natural gas properties, full cost method (including $114.2 million and $88.7 million as of June 30, 2026 and December 31, 2025, respectively, excluded from amortization)

1,971,289

1,264,212

Midstream and other property and equipment

352,635

57,116

Less: Accumulated depreciation, depletion, and amortization

(336,501)

(256,712)

Property and equipment, net

1,987,423

1,064,616

Operating lease right-of-use assets, net

1,852

1,147

Deferred tax asset, net

301

4,858

Other assets

16,883

6,709

Commodity derivative assets

17,918

2,885

Total assets

2,187,117

1,240,852

Total liabilities, stockholders’ equity, redeemable interest and Series A Preferred Stock

Current liabilities:

Accounts payable

29,852

38,572

Royalties payable

78,105

39,686

Accrued liabilities and other

76,483

23,021

Operating lease liabilities

593

181

Commodity derivative liabilities, short-term

2,137

1,106

Total current liabilities

187,170

102,566

Long-term debt

538,150

150,862

Operating lease liabilities, non-current

1,275

966

Asset retirement obligations

7,497

3,636

Commodity derivative liabilities

298

3,361

Tax receivable agreement

3,592

1,537

Total liabilities

737,982

262,928

Series A Preferred Stock ($0.01 par value; 350,000 and 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)

343,591

—

Redeemable non-controlling interest

706,595

670,785

Stockholders’ equity

Class A common stock ($0.01 par value; 400,000,000 shares authorized, 18,641,598 and 15,542,521 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)

186

155

Class B common stock ($0.01 par value; 150,000,000 shares authorized, 44,780,230 and 45,247,974 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)

447

452

Additional paid-in capital

382,734

310,972

Retained earnings (accumulated deficit)

15,582

(4,440)

Total stockholders’ equity

398,949

307,139

Total liabilities, stockholders’ equity, redeemable interest and Series A Preferred Stock

2,187,117

1,240,852

INFINITY NATURAL RESOURCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(amounts in thousands)

Six Months Ended June 30,

2026

2025

Cash flows from operating activities:

Net income (loss)

101,656

(56,409)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation, depletion, and amortization

80,074

44,892

Amortization of debt issuance costs

4,313

1,090

Share-based compensation expense

5,461

129,188

Loss (gain) on derivative instruments

7,592

(14,903)

Cash paid on settlement of derivative instruments

(24,419)

(808)

Non-cash lease expense

222

163

Deferred income taxes

4,557

(569)

Changes in operating assets and liabilities:

Accounts receivable

(37,973)

37,196

Prepaid expenses and other

(2,015)

863

Accounts payable

7,587

11,443

Royalties payable

25,363

496

Accrued and other expenses

24,091

(2,941)

Other assets and liabilities

(232)

(5,070)

Net cash provided by operating activities

196,277

144,631

Cash flows from investing activities:

Additions to oil and gas properties

(241,128)

(188,271)

Antero Acquisition

(622,697)

—

Additions to midstream and other property and equipment

(13,784)

(6,275)

Net cash used in investing activities

(877,609)

(194,546)

Cash flows from financing activities:

Borrowings under revolving credit facility

430,530

82,000

Payments on revolving credit facility

(581,376)

(307,000)

Proceeds from issuance of Notes

550,000

—

Proceeds from capital contributions

—

286,465

Proceeds from issuance of Series A Preferred Stock

350,000

—

Payments of credit facility debt issuance costs

(13,625)

(645)

Payments of Notes debt issuance costs

(11,667)

—

Shares of Class A common stock withheld for employee tax obligations upon vesting RSUs

(1,201)

—

Repurchases of Class A common stock

(1,505)

—

Payments of Series A preferred stock issuance costs

(16,736)

—

Payments on notes payable

(55)

(66)

Payments of initial public offering costs

—

(6,760)

Net cash provided by (used in) financing activities

704,366

53,994

Net increase (decrease) in cash and cash equivalents

23,034

4,079

Cash and cash equivalents at beginning of period

2,849

2,203

Cash and cash equivalents at end of period

25,883

6,282

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), our earnings release contains non-GAAP financial measures as described below.

Adjusted EBITDAX, Adjusted EBITDAX Margin, Net Debt and Recurring Cash G&A

We define Adjusted EBITDAX as net income (loss) plus interest, net, income tax expense (benefit), depreciation, depletion, and amortization, unrealized loss (gain) on derivative instruments, net cash settlements received (paid) on derivatives, non-recurring transaction expenses and non-cash compensation expense. We believe Adjusted EBITDAX is useful because it makes for an easier comparison of our operating performance, without regard to our financing methods, corporate form or capital structure. We determined our adjustments from net income (loss) to arrive at Adjusted EBITDAX to reflect the substantial variance in practice from company to company within our industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. Adjusted EBITDAX should not be considered more meaningful than or as an alternative to net income (loss) determined in accordance with U.S. GAAP. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDAX. Our presentation of Adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of Adjusted EBITDAX may differ from and may not be comparable to similarly titled measures of other companies. Adjusted EBITDAX Margin is defined as Adjusted EBITDAX divided by total production.

Net debt is defined as total long-term debt less cash and cash equivalents. Management uses net debt to evaluate its financial position, including its ability to service its debt obligations.

Recurring Cash G&A is defined as U.S. GAAP general and administrative expense exclusive of the Company’s stock-based compensation and non-recurring transaction expenses. Recurring Cash G&A per Mcfe is defined as Recurring Cash G&A divided by total production for a period. These metrics are used by management because they isolate cash costs within G&A expense and measure cash costs relative to overall production, which is a widely utilized metric to evaluate operational performance within the energy sector. We believe Recurring Cash G&A and Recurring Cash G&A per Mcfe provide external users of the Company’s consolidated financial statements with additional information to assist in their analysis of the Company.

The following table provides a reconciliation of our net loss, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Adjusted EBITDAX for the periods presented herein:

Three Months Ended

June 30,

Six Months Ended

June 30,

(in thousands)

2026

2025

2026

2025

Net income (loss)

$ 107,999 $ 71,954 $ 101,567 $ (56,409)

Interest, net

14,734 1,360 20,522 4,427

Income tax expense (benefit)

5,458 (604) 5,110 (569)

Depreciation, depletion, and amortization

44,414 23,652 80,074 44,910

(Gain) loss on derivative instruments

(57,542) (52,121) 7,592 (14,903)

Net cash settlements received (paid) on derivatives

(6,427) 2,778 (24,419) (806)

Non-cash compensation expense

3,003 2,293 4,915 3,048

Non-recurring transaction expenses(1)

3,035 331 16,487 127,190

Adjusted EBITDAX

$ 114,674 $ 49,641 $ 211,939 $ 106,887

(1) Consists primarily of fees and expenses related to the Antero Acquisition in 2026 and one-time, non‑cash stock‑based compensation associated with the Company’s IPO in 2025.

The following table provides a reconciliation of total debt, the most directly comparable financial measure presented in accordance with U.S. GAAP, to net debt:

June 30, 2026

December 31, 2025

(in thousands)

Credit facility borrowings

$ — $ 150,862

7.625% senior notes due 2031 550,000 —

Total long-term debt(1)

$ 550,000 $ 150,862

Less: Cash and cash equivalents

$ 25,883 2,849

Net debt(1)

$ 524,117 $ 148,013

(1) Includes $61.2 million of borrowings to fund a short-term deposit associated with the Antero Acquisition as of December 31, 2025.

The following table provides a reconciliation of general and administrative expense, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Recurring Cash G&A:

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

(in thousands)

General and administrative

12,411

5,265

33,824

137,015

Non-cash compensation expense 3,003 2,293 4,915 3,048

Non-recurring transaction expenses(1)

3,035 331 16,487 $ 127,190

Recurring Cash G&A

$ 6,373 $ 2,641 $ 12,421 $ 6,777

Recurring Cash G&A per Mcfe $ 0.20 $ 0.15 $ 0.21 $ 0.21

(1) Consists primarily of fees and expenses related to the Antero Acquisition in 2026 and one-time, non‑cash stock‑based compensation associated with the Company’s IPO in 2025.

GRAPHIC

Filename: image_0.jpg · Sequence: 6

Binary file (13551 bytes)

Download image_0.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Cover

Aug. 10, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Aug. 10, 2026

Registrant Name

INFINITY NATURAL RESOURCES, INC.

Entity Incorporation, State or Country Code

Entity File Number

001-42499

Entity Tax Identification Number

99-3407012

Entity Address, Address Line One

2605 Cranberry Square

Entity Address, City or Town

Morgantown

Entity Address, State or Province

Entity Address, Postal Zip Code

26508

City Area Code

304

Local Phone Number

212-2350

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Class A common stock, par value $0.01 per share

Trading Symbol

INR

Security Exchange Name

NYSE

Entity Emerging Growth Company

true

Entity Ex Transition Period

false

Amendment Flag

false

Central Index Key

0002029118

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 7A

-Section B

-Subsection 2

+ Details

Name:

dei_EntityExTransitionPeriod

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration