Bergen, Norway / Denver, USA – Bergen Engines today announced an award from Liberty Energy for more than 500 megawatts (“MW”) of on-site power generation capacity for large-scale AI data center developments in the United States.

The projects may operate fully off-grid, in true island mode, or grid parallel, providing a comprehensive power solution designed to meet the demands of high-density AI computing environments.

The developments form part of Liberty Energy’s strategy to deploy scalable, on-site power infrastructure tailored to the unique requirements of AI data centers, combining rapid deployment capability with long-term operational resilience. By partnering with Bergen Engines (formally Rolls-Royce Bergen Engines), Liberty is leveraging proven medium-speed generation technology to deliver reliable, high-capacity power systems independent of grid constraints.

The projects are being developed by Liberty Energy through its Liberty Power Innovations (LPI) division, a purpose-built platform focused on deploying distributed power infrastructure to support the growing demands of AI-era data centers.

As AI infrastructure continues to scale, data center developers are turning to uniquely engineered solutions to overcome grid limitations and accelerate deployment timelines. These AI facilities introduce highly dynamic and unpredictable load profiles, placing new demands on both power generation systems and the stability of sensitive IT infrastructure.

Under the agreement, Bergen Engines will supply 45 × B36:45V20 AG1 gas generator sets, each rated at 11.2Mwe, delivering a total installed capacity of over 500MW. The engines can operate in true island mode, forming the backbone of a fully independent power system.

The solution integrates Bergen Engines’ gensets with Piller Power Systems’ SHIELDX™ Dynamic Power Stabilization technology, both part of Langley Holdings’ Power Solutions Division. This flywheel-based architecture continuously absorbs and manages sub-second AI load step variations of up to 30%, protecting the generation assets while delivering stable, conditioned power across a 20+ year operating lifecycle.

This integrated architecture enables the system to manage extreme load transients without requiring oversized generation capacity, improving efficiency while reducing fuel consumption, emissions, and overall system footprint.

“AI data centers are fundamentally changing how power infrastructure can be designed and deployed, and this initial order with Bergen Engines reflects a shared commitment to providing reliable, high-efficiency power solutions to support critical data center infrastructure growth,” said Ron Gusek, CEO of Liberty Energy. “Collaborating with Bergen Engines strengthens our power platform, serving as an important component of our broader integrated solution that includes LPI’s Forte^SM modular power generation architecture and Tempo^SM power quality system.  Together, we will be able to deliver essential power generation infrastructure to support the demanding requirements of next-generation computing.”

“These environments require robust baseload generation and the ability to respond to rapid and significant load fluctuations,” said Theo Lorentzos, Vice President Sales Americas at Bergen Engines. “By working in partnership with Liberty and integrating SHIELDX™, we are delivering a solution that combines proven generation performance with the flexibility required for AI-driven demand profiles.”

“SHIELDX™ protects the generation assets from highly dynamic, sub-second load behavior, enabling stable plant operation under extreme load fluctuations,” said Dean Miller, CEO of Piller Power Systems. “This ensures optimal engine performance while delivering consistent, high-quality power to the data center.”

Deliveries are scheduled to commence in the second half of 2027.

The agreement reflects a broader shift in the U.S. energy and technology sectors, as the expansion of AI drives investment in dedicated, on-site power infrastructure. As grid capacity struggles to keep pace with demand, integrated solutions such as this are enabling a new generation of resilient, scalable data center deployments.

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ABOUT LIBERTY ENERGY

Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.

ABOUT BERGEN ENGINES

Bergen Engines produces medium-speed engines and generator sets to a broad range of land-based, commercial marine, and naval applications. The Bergen name is a watchword for quality and reliability in its field. The tradition of engineering in Bergen, Norway, dates to 1855 when the original company Bergen Mekaniske Verksted (BMV) was founded. In 1946, the company built its first diesel engine and has since commissioned over 7,500 of its iconic liquid and gas fueled engines. Around half of them are still in operation today. Formerly Rolls-Royce Bergen Engines, on 31st December 2021, the company became part of the privately owned British engineering group, Langley Holdings plc.

ABOUT PILLER POWER SYSTEMS

Piller technology is the Gold Standard premium power technology. For many of the world’s best known central banks, stock exchanges, financial institutions and governmental agencies; data center operators, telecoms networks and airports, hospitals, semiconductor and pharmaceutical manufacturers, Piller is the go-to technology for mission-critical power reliability. And now, as AI data center operators increasingly go to behind-the-meter (BTM) power, Piller technology is finding a whole new purpose managing AI transients and BTM load steps with ease.

In 2016 Piller acquired the Austin TX kinetic energy storage producer, Active Power Inc. Piller Group GmbH is a wholly owned subsidiary of the UK engineering and industrial group, Langley Holdings plc and is part of the Power Solutions Division.

Forward Looking Statements

The information above contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  All statements, other than statements of historical facts, included herein that address activities, events or developments that will or may occur in the future are forward-looking statements, including those with respect to the delivery timelines for equipment and  performance of the equipment being acquired.  Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “forecast,” “assume,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation and expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Liberty Energy Contact:

Michael Stock
Chief Financial Officer

Anjali Voria, CFA
Vice President of Investor Relations

303-515-2851
IR@libertyenergy.com

The post Liberty Selects Bergen Engines to Deliver Over 500MW of On-Site Generation Capacity to Support Large-Scale Data Center Developments Across the United States appeared first on Liberty Energy.

The post 2025 Liberty Energy Annual Report appeared first on Liberty Energy.

Summary Results and Highlights

• Revenue of $4.0 billion for the year ended December 31, 2025
• Net income of $148 million, or $0.89 fully diluted earnings per share (“EPS”), for the year ended December 31, 2025
• Adjusted EBITDA¹ of $634 million for the year ended December 31, 2025
• Achieved 13% Cash Return on Capital Invested (“CROCI”)² for the year ended December 31, 2025
• Distributed $77 million to shareholders in 2025 through quarterly cash dividends and share repurchases
• Fourth quarter 2025 revenue of $1.0 billion and net incomeof $14 million, or $0.08 fully diluted earnings per share
• Fourth quarter 2025 Adjusted EBITDA¹ of $158 million
• Raised quarterly cash dividend by 13% to $0.09 per share beginning in the fourth quarter of 2025
• Announced a 1 GW power development agreement with Vantage Data Centers, anchored by a firm reservation contract for 400 MW
• Executed a 330 MW power reservation and preliminary energy services agreement (“ESA”) with a leading data center developer for a site expansion in Texas last week
• Accelerated deployment plan for distributed power projects to 3 GW by 2029

“Liberty’s strong fourth quarter results capped a year marked by heightened oil market uncertainty and softer industry completions activity. Our team’s focus on technological innovation and strong operational execution drove superior performance and a resilient CROCI² of 13% during a volatile year,” commented Ron Gusek, chief executive officer. “During the year, we strengthened our customer relationships by expanding our simulfrac offering with strategic, dedicated customers and delivering meaningful efficiencies. Leveraging Liberty developed AI-driven asset optimization software and our digiTechnologies^SM transition, we reduced total maintenance costs per unit of work by approximately 14%. We built the Liberty Power Innovations (“LPI”) execution platform for earnings growth with strategic partnerships and targeted investments. We have gained strong commercial traction, capitalizing on the revolutionary transformation of power supply and delivery that is redefining the energy landscape.”

“Earlier this year, we announced an agreement with Vantage Data Centers to develop and deliver at least one gigawatt (“1 GW”) of utility scale, high efficiency power solutions, supporting the energization of Vantage data center projects for hyperscale end users. The agreement is anchored by a firm reservation of 400 megawatts (“MW”) delivered during 2027, with a contracted payment structure that aligns with the expected returns under an ESA with end users,” continued Mr. Gusek. “This agreement creates a collaborative framework to accelerate the deployment of power solutions for Vantage’s data centers, preserving flexible execution to meet customer needs across a broad portfolio of data center sites.”

“We also entered into a power reservation and preliminary ESA with another leading data center developer for a 330 MW data center expansion in Texas. The project is currently expected to begin operations in two phases, with the first half online in Q4 2027 and the second half in Q2 2028. The agreement defines the economic terms of the expected ESA as well as the construction schedule, cost recovery, and termination payment provisions in the event the final agreement is not executed,” continued Mr. Gusek. “Our projects will be developed using LPI’s Forte^SM modular, standardized construction approach designed to de-risk project execution and will include the Tempo^SM power quality system to manage the high-amplitude, cyclical load variations of AI workloads. These customers could also benefit from the Chorus^SM solution with a potential grid integration, optimizing power costs and providing access to grid attributes that they value.”

“We are at the forefront of a seismic shift in how data centers and other large loads are sourcing power. Onsite generation has emerged as the preferred long-term energy strategy for large consumers of power due to evolving grid dynamics and market pressures. Our robust power execution platform is built upon 15 years of industry-leading experience in the design, manufacture, engineering, and operation of complex, industrial scale assets, leveraging our broad North American geographic footprint, expansive supply chain, and AI-enhanced operations and maintenance systems. Our comprehensive power solution is designed to address our customers’ top priorities: rapid, scalable deployment with uninterrupted operations and predictable power costs. LPI’s power as a service offering, underpinned by the Forte generation platform, Tempo power quality management system, and our midstream services, delivers resilience, economic efficiency, and operational flexibility. Our Chorus solution could further unlock power cost advantages through grid integration, while also transforming our customers into active contributors to grid reliability for local communities,” continued Mr. Gusek. “LPI’s distributed power solutions are a strategic cornerstone of resilient, future-proof energy planning for our customers.”

“We are focused on driving value creation, prioritizing long-term returns with our industry-leading completions business and our power growth platform,” commented Mr. Gusek. “Our success is fueled by the combination of cutting-edge technology, a dedicated workforce, and strategic partners across the energy ecosystem, powering innovation today to shape the future of the industry.”

Outlook

As we enter the new year, Liberty’s premier completions business and rapidly scaling power infrastructure platform position the company to lead through market cycles and capitalize on power growth potential. During 2025, we strengthened our core oilfield service operations while aggressively expanding our reach into the growing power market.

U.S. power demand is rising at the fastest pace in decades. The convergence of AI-driven data center expansion, the onshoring of domestic manufacturing, and increased industrial electrification has created structural demand growth for power. Underinvestment in grid infrastructure, transmission constraints, and evolving commercial realities and utility reforms, driven in part by public concerns, have catalyzed broader market recognition of the inherent strategic value of distributed power solutions. Against this backdrop, data center demand for power is projected to grow threefold by 2030, and already long interconnection queues continue to lengthen, highlighting the urgent need for flexible, scalable capacity to meet rapidly evolving energy requirements. LPI is well positioned to support this call, providing power consumers with predictable, long-term power prices. Our platform is designed to be economically competitive with today’s grid prices at our targeted returns and is increasingly advantaged as grid power prices rise over time.

Within North American oil and gas markets, conditions have now stabilized after a protracted period of softening activity, as the industry has largely adjusted to last year’s OPEC+ supply concerns and tariff-related volatility. Fourth quarter completions activity defied normal seasonal declines, surpassing expectations. Completions demand is projected to hold firm in 2026. North American producers are responding to global oil and gas dynamics with flat oil production targets and modest growth in gas-directed activity. Global oil markets are currently balancing a structural oil surplus, elevated geopolitical risk, and an OPEC+ production pause, keeping oil prices largely rangebound. Natural gas markets are supported by significant expansion in LNG export capacity and multi-year growth in power consumption.

Industry fundamentals are expected to improve over time as supply-side dynamics gradually rebalance with completions demand. Recent pricing pressures on completions services, combined with the slowdown in activity, have driven an acceleration in equipment cannibalization and attrition, while underinvestment in next generation technology has limited the replacement of lost capacity. As the market recalibrated at the start of the year, fewer crews are available to meet any incremental completions demand.

E&Ps remain focused on harnessing efficiency gains and engineering solutions to lower the total cost per unit of energy, driving the bar higher for technologically superior services and operational success to achieve these results. Few service providers are positioned to meet the increasing demand for multi-frac jobs, 24-hour continuous operations, and AI-optimized automation and real-time operational transparency that enhances completions execution and data-driven decision-making. This ongoing “flight to quality” is fundamentally reinforcing Liberty’s market leadership, as producers rely on our total service platform, seamlessly aligning our integrated services to deliver a superior service and drive relative outperformance.

“Liberty has evolved from a premier North American completions company into a diversified energy technology and power infrastructure platform. We invested in our technology and culture, while growing our oilfield market share and developing LPI,” commented Mr. Gusek. “This proactive stance has left us well-positioned to capitalize on the dual tailwinds of a potential completions inflection and the generational surge in U.S. power demand.”

“Our differentiated power execution platform and a robust pipeline of power projects position us to capture structural growth in power demand. We now plan to deploy approximately 3 GW of power projects by 2029 to deliver sustained, long duration earnings and high returns for our investors,” continued Mr. Gusek.

“Our first quarter is expected to reflect the full realization of pricing headwinds and winter weather disruption to drive lower sequential revenue and Adjusted EBITDA. While the precise timing of a broader oil market recovery remains uncertain, we are anticipating stabilization in completions markets, significant demand for our digiTechnologies platform at improved economics, and a powerful growth engine with AI and cloud data center power demand.”

Cash Dividend

During the quarter ended December 31, 2025, Liberty paid a quarterly cash dividend of $0.09 per share of Class A common stock, or approximately $15 million in aggregate to shareholders. During the year ended December 31, 2025, Liberty paid cash dividends of $53 million in aggregate to shareholders.

On January 20, 2026, the Board declared a cash dividend of $0.09 per share of Class A common stock, to be paid on March 18, 2026, to holders of record as of March 4, 2026.

Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declarations of dividends are in the best interests of Liberty and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.

Share Repurchase Program

During the year ended December 31, 2025, Liberty repurchased and retired 1,546,138 shares of Class A common stock at an average of $15.50 per share, representing 1% of shares outstanding, for approximately $24 million.

Liberty has cumulatively repurchased and retired 16% of shares outstanding at program commencement on July 25, 2022. Total remaining authorization for future common share repurchases is approximately $270 million.

The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s common stock, the market price of the Company’s common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand, borrowings under its revolving credit facility and expected free cash flow to be generated through the authorization period.

2025 Full Year Results

For the year ended December 31, 2025, revenues of $4.0 billion decreased 7% from $4.3 billion for the year ended December 31, 2024.

Net income(after taxes) totaled $148 million for the year ended December 31, 2025 compared to $316 million for the year ended December 31, 2024.

Adjusted Net Income³ (after taxes) totaled $25 million for the year ended December 31, 2025 compared to $277 million for the year ended December 31, 2024.

Adjusted EBITDA¹ of $634 million for the year ended December 31, 2025, decreased 31% from $922 million for the year ended December 31, 2024. Please refer to the reconciliation of Adjusted EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this earnings release.

Fully diluted earnings per share was $0.89 for the year ended December 31, 2025 compared to $1.87 for the year ended December 31, 2024.

Adjusted Net Income per Diluted Share³ of $0.15 for the year ended December 31, 2025 compared to $1.64 for the year ended December 31, 2024.

Please refer to the tables at the end of this earnings release for a reconciliation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per Diluted Share (each, a non-GAAP financial measure) to the most directly comparable GAAP financial measures.

Fourth Quarter Results

For the fourth quarter of 2025, revenue was $1 billion, an increase of 10% from $944 million in the fourth quarter of 2024 and 10% from $947 million in the third quarter of 2025.

Net income (after taxes) totaled $14 million for the fourth quarter of 2025 compared to $52 million in the fourth quarter of 2024 and $43 million in the third quarter of 2025.

Adjusted Net Income (Loss)³ totaled $8 million for the fourth quarter of 2025 compared to $17 million in the fourth quarter of 2024 and ($10 million) in the third quarter of 2025.

Adjusted EBITDA¹ of $158 million for the fourth quarter of 2025 increased 1% from $156 million in the fourth quarter of 2024 and 23% from $128 million in the third quarter of 2025. Please refer to the reconciliation of Adjusted EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this earnings release.

Fully diluted earnings per share was $0.08 for the fourth quarter of 2025 compared to $0.31 for the fourth quarter of 2024 and $0.26 for the third quarter of 2025.

Adjusted Net Income (Loss) per Diluted Share³ was $0.05 for the fourth quarter of 2025 compared to $0.10 for the fourth quarter of 2024 and $(0.06) for the third quarter of 2025.

Balance Sheet and Liquidity

As of December 31, 2025, Liberty had cash on hand of $28 million, an increase from third quarter levels, and total debt of $247 million drawn on the secured asset-based revolving credit facility (“ABL Facility”) and long-term note facility, a $6 million decrease from third quarter. Total liquidity, including availability under the ABL Facility, was $281 million as of December 31, 2025.

Conference Call

Liberty will host a conference call to discuss the results at 7:30 a.m. Mountain Time (9:30 a.m. Eastern Time) on Thursday, January 29, 2026. Presenting Liberty’s results will be Ron Gusek, chief executive officer, and Michael Stock, Chief Financial Officer.

Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyenergy.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (855) 669-9658, or for international callers (412) 317-0088. The passcode for the replay is 5460375. The replay will be available until February 5, 2026.

About Liberty

Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.

View the full press release on Liberty’s investor site.

¹“Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Please see the supplemental financial information in the table under “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure.

²Cash Return on Capital Invested (“CROCI”) is a non-U.S. GAAP operational measure. Please see the supplemental financial information in the table under “Calculation of Cash Return on Capital Invested” at the end of this earnings release.

³“Adjusted Net Income” and “Adjusted Net Income per Diluted Share” are not presented in accordance with U.S. GAAP. Please see the supplemental financial information in the table under “Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share” at the end of this earnings release for a reconciliation of the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income per Diluted Share to the most directly comparable GAAP financial measures.

The post Fourth Quarter and Full Year 2025 Financial and Operational Results appeared first on Liberty Energy.

Under the agreement, Vantage and LPI will partner to deliver up to one gigawatt (1GW) of power agreements between LPI and end-users of Vantage’s data centers within the next five years, including a reservation of 400 megawatts (MW) of 2027 power generation capacity, as well as future expansion potential beyond 1GW.

The collaboration between Vantage and LPI will bolster Vantage’s strategic capabilities to accelerate data center campus development for sophisticated technology companies, enabling Vantage to rapidly deliver digital infrastructure featuring LPI’s integrated power solutions in markets where grid capacity is constrained.

The AI revolution along with continued cloud growth is driving a generational change in power demand. The LPI and Vantage collaboration will deliver power solutions that protect local communities from higher power costs and supply strain, while offering the ability to support the local grid and strengthen energy resilience when needed.

“As demand for digital infrastructure accelerates, access to dependable, high efficiency, scalable power is critical for hyperscale growth,” said Dana Adams, president, North America at Vantage Data Centers. “Partnering with strategic organizations such as LPI strengthens our ability to deliver capacity for our customers where and when they need it, while controlling costs and growing responsibly in power-constrained markets. LPI’s ability to provide significant, near-term generation, and their long-term commitment to reliable operations, make them an ideal partner as we deliver the next wave of innovative digital infrastructure. This partnership, combined with our existing supplier relationships, puts Vantage in a unique position to support our customers.”

“We are excited to join Vantage in this landmark collaboration to develop and deliver 1GW or more of power for their data center campuses. With more than a decade of expertise in advanced distributed power systems, we design, build and operate tailored power solutions that address increasingly complex power demands, combining integrated engineering with real-time digital operations. Our North American platform provides the scale, reliability and operational expertise to support Vantage in this major energy infrastructure undertaking,” commented Ron Gusek, chief executive officer of Liberty. “This alliance represents a significant step forward in aligning energy and digital infrastructure to meet growing demand for AI services while setting a new standard for unprecedented scale and reliability.”

LPI’s comprehensive platform, including Forte℠ power generation and Tempo℠ intelligent load management, provides reliable long-term primary power along with energy services and grid management capabilities for optimization and resiliency. Within data center campuses, co-located generation will connect through a dedicated distribution network, enabling high-density, AI-optimized operations, and includes the ability to accommodate a future grid interconnect. The system can operate autonomously or leverage grid attributes to maximize efficiency and reliability.

About Vantage Data Centers

Vantage Data Centers is a global leader in digital infrastructure serving the world’s most influential AI and cloud providers. With operations spanning North America, EMEA and Asia Pacific, Vantage delivers capacity at unrivaled speed and scale, driven by a relentless commitment to operational excellence and customer success. Vantage is empowering transformative companies to shape the future.

For more information, visit https://www.vantage-dc.com.

About Liberty Energy

Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, including partnerships in advanced nuclear, enhanced geothermal, and battery energy storage systems, for the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado.

For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.

Forward-Looking and Cautionary Statements

The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “forecast,” “assume,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent our current expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty’s filings with the Securities and Exchange Commission. As a result of these factors, many of which are beyond our control, actual results may differ materially from those indicated or implied by such forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260104200386/en/

Liberty Energy Contacts:
Michael Stock
Chief Financial Officer

Anjali Voria, CFA
Vice President of Investor Relations
IR@libertyenergy.com
+1-303-515-2851

Vantage Data Centers Contacts:
Mark Freeman
Vantage Data Centers
mfreeman@vantage-dc.com
+1-202-680-4243

Robin Bectel
REQ for Vantage Data Centers
vdc@req.co
+1-202-936-6335

The post Vantage Data Centers and Liberty Energy Announce Strategic Partnership to Develop and Operate One Gigawatt of Power Solutions for Next Generation Data Centers appeared first on Liberty Energy.

Key Topics of the Forum Included: 

– Data Center Value Chain 

– Power Strategy and Project Planning for New Development 

– Current Industry Expert Insights 

– Why NatGas is Optimal for Data Centers 

– NatGas 101 

– Clean Energy Alternatives 

Richard Bradsby was a speaker for the panel “Get Real: AI Data Centers, Energy Realities, and the Road to Market” alongside fellow industry experts: Rock Graham, the Manager Origination of NRG Energy Inc, Trenton Thornock, the CEO of Prometheus Hyperscale, and John Carrington, the Executive Chairman of the Board of Enchanted Rock. This panel was moderated by Kenneth Yagelski, Director of Gas Supply for Southern Company Gas. 

Richard Bradsby provided insights from his 25+ years of experience in the oil and gas industry, primarily overseeing midstream infrastructure development. His experience with the vital midstream link between gas producers and consumers provides extensive insight into the infrastructure requirements of on-site Natural Gas power generation. NatGas-powered data centers present unique infrastructure and logistical demands that will require a bespoke midstream link between the producer and the data center to maintain a stable power supply and market viability. 

This panel brought together market experts in Data Center construction, infrastructure, and power generation to explore exactly what it takes to bring a Data Center online and to market. “From grid interconnection timelines and permitting hurdles to the role of nuclear energy and renewables in powering high-density compute, we’ll unpack the technical, financial, and environmental realities behind the hype.” AI demand is urgent and massive; however, the legal and financial realities that shape Data Centers and Natural Gas are complex. This panel discussed practical solutions to the roadblocks of constructing, powering, and maintaining AI Data Centers in the modern regulatory environment. 

The post SVP of Power Generation & Fuel Solutions Richard Bradsby Joins Industry Leaders at NatGas to Power Forum appeared first on Liberty Energy.

Key goals of the conference: 

– “Engage senior leaders across accounting, finance, operations, ESG, investment, and regulatory roles” in open dialogue with the public, focused on the future of the industry. 

– Share information on the “emerging dynamics reshaping oil and gas: reporting and regulatory changes, capital and M&A trends, technology acceleration, ESG realities, and global market forces.” 

– Provide an opportunity to “earn high-quality CPE credits from expert-led sessions.” 

– Create the space to “Network in an exclusive, executive-focused environment designed for meaningful conversations, not a crowded expo hall.” 

– Stage these conversations in “a premium venue that enhances engagement, visibility, and connection. 

The post Liberty’s Corporate Controller Richard Loving Opens UNT Energy Evolution Conference as Keynote Speaker appeared first on Liberty Energy.

We are excited and honored to join NYSE Texas. Texas sits at the heart of North American energy leadership, shaping the future of global progress.

– Ron Gusek, CEO

“We are excited and honored to join NYSE Texas. Texas sits at the heart of North American energy leadership, shaping the future of global progress,” said Ron Gusek, Chief Executive Officer. “With a strong presence and a dedicated team of over 2,000 employees across the state, our mission of bettering human lives begins with empowering the communities where we live and work. We’re proud to deliver reliable energy and power solutions that underpin the technological revolution and human flourishing, guided by the same spirit of innovation, entrepreneurship, and operational excellence that define both our company and the Lone Star State.”

“As a key player in the energy services industry, we are proud to welcome Liberty Energy to the NYSE Texas community,” said Bryan Daniel, President, NYSE Texas.

Liberty will maintain its primary listing on the New York Stock Exchange and will trade with the same “LBRT” ticker symbol on NYSE Texas, effective October 30, 2025.

About Liberty

Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions for the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251029295923/en/

Michael Stock
Chief Financial Officer

Anjali Voria, CFA
Vice President of Investor Relations
303-515-2851

IR@libertyenergy.com

Source: Liberty Energy Inc.

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Summary Results and Highlights

• Revenue of $947 million, a 9% sequential decrease
• Net income of $43 million, or $0.26 fully diluted earnings per share (“EPS”)
• Adjusted EBITDA¹ of $128 million
• Distributed $13 million to shareholders through cash dividends
• Increased quarterly cash dividend by 13% to $0.09 per share beginning fourth quarter of 2025
• Achieved quarterly record pumping efficiency and tons of sand sold from Liberty mines
• Launched Forge, Liberty’s large language model for intelligent asset orchestration
• Total power generation capacity increasing to over one gigawatt expected to be delivered through 2027
• Appointed Alice Yake (Jackson) to the Board of Directors, bringing decades of experience in energy infrastructure and power generation

“Liberty achieved revenue of $947 million and Adjusted EBITDA of $128 million in the third quarter, despite a slowdown in industry completions activity and market pricing pressure. Our team delivered solid operational results, once again delivering the highest combined average daily pumping efficiency and safety performance in Liberty’s history,” commented Ron Gusek, Chief Executive Officer. “The team remains committed to driving outstanding results for our customers while navigating current market challenges. While we anticipate market headwinds to persist in the near term, we are well positioned to capitalize on opportunities when conditions improve. Our leadership in technology innovation and service quality delivers differential results, strengthening long-term relationships and reinforcing our competitive position through cycles.”

“Our digiPrime fleets are achieving outstanding performance and leading efficiency metrics across the company. Several fleets deployed with our largest customers broke new records for pumping hours, horsepower hours, and proppant volumes pumped during the quarter. Additionally, our team’s uniquely engineered digiPrime pumps are realizing measurable cost improvements relative to conventional technologies. Early indications show total maintenance costs savings are greater than 30% on digiPrime pumps,” continued Mr. Gusek. “Across our fleet, we are also driving meaningful efficiencies for our customers with our AI-driven automated and intelligent rate and pressure control software, StimCommander. Fleet automation is driving a 65% improvement in the time to deliver the desired fluid injection rate and a 5% to 10% improvement in hydraulic efficiency. Our cloud-based large language model, Forge, further empowers StimCommander with intelligent asset orchestration through continuous AI optimization.”

“Liberty’s power opportunities continue to strengthen as sophisticated electricity consumers seeking dynamic, flexible solutions are recognizing the value of having an advantaged energy partner that provides a solution aligned with their specific needs. Liberty is in close engagement with potential customers with large, highly transient power demand that will benefit from rapid deployment schedules with high reliability power solutions at grid competitive prices,” continued Mr. Gusek. “Liberty customers will have a key partner that offers a fully integrated energy solution spanning on-site power, fuel management, and the option for grid integration and attributes.”

“We are confident in the growth trajectory of our power business and are expanding our power deliveries in anticipation of customer conversions from our expansive pipeline of opportunities. We are in the process of securing additional power generation, bringing our total capacity to over one gigawatt to be delivered through 2027, and we expect further increases will be necessary to meet the growing demand for our services,” continued Mr. Gusek.

“Our strategic investments are targeted at accelerating the growth of our power business and advancing completion technologies that reinforce our competitive edge,” commented Mr. Gusek. “Earlier this week, we raised our quarterly cash dividend by 13% to reflect confidence in our future and a continued commitment to delivering long-term value to shareholders.”

Outlook

Industry frac activity has now fallen below levels required to sustain North American oil production. Oil producers, which comprise a vast majority of North American frac activity, opted to moderate completions against a backdrop of macroeconomic uncertainty and after exceeding production targets during the first half of the year. Slowing trends in oil markets have more than offset increased demand for natural gas fleet activity where long-term fundamentals remain encouraging in support of LNG export capacity expansion and rising power consumption.

Moderation in activity anticipated in the near term is transitory in nature. Global oil oversupply is expected to peak during the first half of 2026. Many shale oil producers are targeting relatively flat oil production, requiring modest activity improvement in the coming year from current levels, and long-term gas demand and related completions activity continue to be on a favorable trajectory. Together, these factors set the backdrop for improving frac fundamentals later in 2026, assuming commodity futures prices remain supportive.

Lower industry activity and underutilized fleets in today’s frac markets are driving pricing pressure, primarily for conventional fleets. This slowdown is accelerating equipment attrition and fleet cannibalization, setting the stage for a more constructive supply and demand balance of industry frac fleets in the future. An improvement in frac activity coupled with tightening frac capacity would support better pricing dynamics.

The outlook for higher quality, next generation fleets remains strong, as operators continue to demand next generation fleets that provide significant fuel savings, emissions benefits, and operational efficiencies. Liberty’s digiTechnologies platform continues to see significant demand and more favorable economics through cycles, and leverages our total service platform with scale advantages, integrated services, and robust digital technologies.

“Although industry frac activity has declined since early 2023, the Liberty team has consistently outperformed markets by staying relentlessly focused on customer success and alignment of shared priorities. During the third quarter, we further strengthened our simulfrac offering with the reallocation of horsepower for long-term partners,” commented Mr. Gusek. “We remain focused on expanding competitive advantages through cycles, allowing us to navigate softer anticipated conditions in the months ahead while remaining well-positioned to react swiftly when demand for frac services rises.”

“Structural demand for power continues to strengthen, as evidenced by large-scale, long duration power commitments across the industry. AI compute load represents a meaningful long-term growth opportunity, and broader electrification trends and industrial reshoring efforts are also driving incremental, steady base load demand. At the same time, the grid is facing mounting reliability and capacity challenges driven by increased intermittent generation and a lack of investment in transmission infrastructure,” continued Mr. Gusek. “Liberty’s on-site power solutions are fully customizable power plants that provide consumers with reliability and clarity around power costs, serving as a strategic hedge against potentially significant increases in grid power prices. We are excited by the momentum we are seeing in power opportunities and are well positioned to deliver an unparalleled offering in the years ahead.”

Cash Dividend

During the quarter ended September 30, 2025, the Company paid a quarterly cash dividend of $0.08 per share of Class A common stock, or approximately $13 million in aggregate to shareholders.

On October 14, 2025, the Board declared a cash dividend of $0.09 per share of Class A common stock, to be paid on December 18, 2025 to holders of record as of December 4, 2025.

Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declarations of dividends are in the best interests of Liberty and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.

Third Quarter Results

For the third quarter of 2025, revenue was $947 million, a decrease of 17% from $1.1 billion in the third quarter of 2024 and a decrease of 9% from $1.0 billion in the second quarter of 2025.

Net income (after taxes) totaled $43 million for the third quarter of 2025 compared to $74 million in the third quarter of 2024 and $71 million in the second quarter of 2025.

Adjusted Net (Loss) Income² totaled ($10 million) for the third quarter of 2025 compared to $76 million in the third quarter of 2024 and $20 million in the second quarter of 2025.

Adjusted EBITDA¹ of $128 million for the third quarter of 2025 decreased 48% from $248 million in the third quarter of 2024 and decreased 29% from $181 million in the second quarter of 2025.

Fully diluted earnings per share of $0.26 for the third quarter of 2025 compared to $0.44 for the third quarter of 2024 and $0.43 for the second quarter of 2025.

Adjusted Net (Loss) Income per Diluted Share² of $(0.06) for the third quarter of 2025 compared to $0.45 for the third quarter of 2024 and $0.12 for the second quarter of 2025.

Please refer to the tables at the end of this earnings release for a reconciliation of Adjusted EBITDA, Adjusted Net (Loss) Income, and Adjusted Net (Loss) Income per Diluted Share (each, a non-GAAP financial measure) to the most directly comparable GAAP financial measures.

Balance Sheet and Liquidity

As of September 30, 2025, Liberty had cash on hand of $13 million and total debt of $253 million, drawn on the secured asset-based revolving credit facility. Total liquidity, including availability under the credit facility, was $146 million as of September 30, 2025.

In July 2025, Liberty expanded its credit facility to provide for a $225 million increase in aggregate commitments to $750 million, subject to borrowing base limitations.

Conference Call

Liberty will host a conference call to discuss the results at 8:30 a.m. Mountain Time (10:30 a.m. Eastern Time) on Friday, October 17, 2025. Presenting Liberty’s results will be Ron Gusek, President and Chief Executive Officer, and Michael Stock, Chief Financial Officer.

Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers, (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyenergy.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 6314706. The replay will be available until October 24, 2025.

About Liberty

Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions for the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.

View the full press release on Liberty’s investor site.

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In this conversation, we explore how public policy choices intersect with the rapid growth of AI and other large load industries—and what this means for energy demand in the years ahead.

With forecasts pointing to significant increases in electricity demand, states are taking different approaches to policy and incentives. Colorado is one example of how policy choices are impacting our ability to attract and retain development, providing an interesting lens for comparison against other states charting their own paths.

Topics of Discussion:

• Anticipated growth in energy demand driven by AI and large loads.
• How different states are using policy and incentives to attract or manage these industries.
• What business and policy leaders should watch as models for attracting growth emerge across the country.

Thank you to our panelists:

• Bill Barnes, Director Regulatory Affairs, NRG
• Judith Judson, SVP of Energy for North America, Vantage Datacenters
• Sandra Solin, Founder and Head of Capitol Solutions
• Will McAdams, Partner, Texas Lobby Strategies

And moderator, Greg Thurner, SVP Power Generation and Market Solutions, Liberty Power Innovations

The post Liberty & Energy: Policy, AI, and the Future of Energy Demand appeared first on Liberty Energy.

Ron’s presentation, titled “Liberty: Engineering the Energy Future,” highlighted Liberty’s legacy and ongoing role in the shale revolution. Reflecting on the company’s journey, Ron said, “Couldn’t have imagined the journey that we would have found ourselves on over the next 15 years. And we started out with a very, very simple mission at Liberty, and that was to build the best damn frac company, period. I don’t know how many of you follow the Kimberlite survey, but the results for this year just came out. And I think now for eight years in a row which is maybe as long as the Kimberlite survey has happened, Liberty has been ranked the number one frac company in the United States. And so, I’m incredibly proud that we have successfully accomplished the goal we set out to achieve.” 

He also emphasized the importance of people and culture at Liberty, which are at the center of everything we do, explaining, “Of course, we’re very people intensive. You can see we have a little more than 5,500 employees today. If you could create a culture where people would want to come and stay and make a career of it, particularly out in the field, we believed you could do differential things, you could deliver a differential offering that was unrivaled in the space. And so, that was our whole goal from the very outset, was to create an environment where particularly those staff that are at the tip of the spear, the folks that are running the pumps, the blender, the hydration unit who are doing equipment maintenance, the e-techs and the mechanics, would want to come and stay, and not just stay for a while, but to stay for their career. And that if we could accomplish that, amazing things would happen.” 

During the keynote, Ron also described Liberty’s approach to operational control and technology: “We made a very, very conscious decision as we launched the digi platform to get into the CNG business. We own our own compression facilities in both here in the DJ and down in Texas. We own our own trucking fleet to deliver that CNG to the field. We own the equipment to distribute that gas to our equipment on location. We own gas processing equipment for when we are going to use field gas. All of that with the goal of ensuring that we can execute at the highest level that our pumps are getting the – not only the volume of fuel, but at the right conditions, at the – and with the right quality to ensure successful execution.” 

Ron also highlighted Liberty’s strategic growth beyond fracturing, including international expansion and the launch of a power business, part of Liberty Power Innovations. “Power generation co-located with an asset offers you a very, very different opportunity. Once the capital’s invested and presuming we have control over the fuel supply which we certainly do from a midstream standpoint, there is a real opportunity to provide long-term surety around the price of power generation, and it’s certainly at a price that could be very, very competitive with the grid today, and I would argue highly competitive with the grid five years from now. And so, I think this offers a very, very long-term, compelling proposition.” 

His presentation highlights Liberty’s commitment to innovation and leadership in shaping the future of energy. 

Check out Ron’s full slide deck: enercom-2025-v1

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