Battalion Oil Corporation Announces First Quarter 2025 Financial and Operating Results
14.05.2025 | GlobeNewswire
HOUSTON, May 14, 2025 - Battalion Oil Corp. (NYSE American: BATL, "Battalion" or the "Company") today announced financial and operating results for the first quarter of 2025.
Key Highlights
- Generated first quarter 2025 sales volumes of 11,900 barrels of oil equivalent per day ("Boe/d") (53% oil)
- Continued to lower capex per well, outperforming AFE estimates
- AGI facility online and treated 1.6 Bcf for the first quarter of 2025
- Commenced drilling operations on final two wells of 2025 six-well plan
Management Comments
The Company has continued drilling operations as part of its previously announced 2025 six-well activity plan, completing four Monument Draw wells and drilling ahead of schedule on the remaining two wells in the West Quito area. Capital on first well post-TD in West Quito is approximately $1.0 million under AFE and the 10,000 foot lateral well was drilled in record time for the area. The Company is currently in the final stages of drilling operations on the last well. Recently completed wells in the Monument Draw field continue to produce above type curve and are on track to deliver over 1,000,000 barrels of oil ultimate recovery each. Additional permits and drilling pads are being built in Hackberry Draw and the Company is currently planning additional permits and drilling pads in Monument Draw and West Quito.
During the first quarter 2025, the acid gas injection ("AGI") facility treated approximately 18 MMcf/d average and returned approximately 15 MMcf/d of sweet gas to the Company for sales to its midstream partner. Daily average volume was lower in the quarter due to facility-related downtime. Subsequent to quarter end, the midstream partner has added equipment and daily rates have reached over 30 MMcf/d.
Results of Operations
Average daily net production and total operating revenue during the first quarter of 2025 were 11,900 Boe/d (53% oil) and $47.5 million, respectively, as compared to production and revenue of 12,989 Boe/d (48% oil) and $49.9 million, respectively, during the first quarter of 2024. The decrease in revenues in the first quarter of 2025 as compared to the first quarter of 2024 is primarily attributable to an approximate 1,089 Boe/d decrease in average daily production partially offset by a $2.33 increase in average realized prices (excluding the impact of hedges). Excluding the impact of hedges, Battalion realized 97.7% of the average NYMEX oil price during the fourth quarter of 2024. Realized hedge losses totaled approximately $2.5 million during the first quarter of 2025.
Lease operating and workover expense was $11.01 per Boe in the first quarter of 2025 versus $10.55 per Boe in the first quarter of 2024. The increase in lease operating and workover expense per Boe year-over-year is primarily a result of an inflationary market increase in maintenance, power and chemical costs combined with a decrease in average daily production. Gathering and other expenses were $11.20 per Boe in the first quarter of 2025 versus $14.62 per Boe in the first quarter of 2024. The decrease in gathering and other expenses per Boe is primarily related to a full quarter of volumes being treated by the AGI facility this quarter compared to the prior period as the plant did not come online until March 2024. General and administrative expenses were $4.12 per Boe in the first quarter of 2025 compared to $3.44 per Boe in the first quarter of 2024. The increase in general and administrative expense is primarily due to higher payroll and benefits costs this quarter. Excluding non-recurring charges, general and administrative expenses would have been $3.01 per Boe in the first quarter of 2025 compared to $2.57 per Boe in the first quarter of 2024.
For the first quarter of 2025, the Company reported a net loss available to common stockholders of $5.8 million and a net loss of $0.35 per share available to common stockholders. After adjusting for selected items, the Company reported an adjusted diluted net loss available to common stockholders for the first quarter of 2025 of $16.5 million or an adjusted diluted net loss of $1.00 per common share (see Reconciliation for additional information). Adjusted EBITDA during the first quarter ended March 31, 2025 was $15.1 million as compared to $9.4 million during the quarter ended March 31, 2024 (see Adjusted EBITDA Reconciliation table for additional information).
Liquidity and Balance Sheet
As of March 31, 2025, the Company had $225.0 million of term loan indebtedness outstanding and total liquidity made up of cash and cash equivalents of $73.6 million.
For further discussion on our liquidity and balance sheet, as well as recent developments, refer to Management's Discussion and Analysis and Risk Factors in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Forward Looking Statements
This release contains 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. Statements that are not strictly historical statements constitute forward-looking statements. Forward-looking statements include, among others, statements about anticipated production, liquidity, capital spending, drilling and completion plans, and forward guidance. Forward-looking statements may often, but not always, be identified by the use of such words such as "expects", "believes", "intends", "anticipates", "plans", "estimates", "projects," "potential", "possible", or "probable" or statements that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov or through the Company's website at www.battalionoil.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.
About Battalion
Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.
Contact
Matthew B. Steele
Chief Executive Officer & Principal Financial Officer
832-538-0300
| BATTALION OIL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Operating revenues: | ||||||||
| Oil, natural gas and natural gas liquids sales: | ||||||||
| Oil | $ | 39,700 | $ | 42,429 | ||||
| Natural gas | 2,823 | 2,047 | ||||||
| Natural gas liquids | 4,862 | 5,056 | ||||||
| Total oil, natural gas and natural gas liquids sales | 47,385 | 49,532 | ||||||
| Other | 90 | 338 | ||||||
| Total operating revenues | 47,475 | 49,870 | ||||||
| Operating expenses: | ||||||||
| Production: | ||||||||
| Lease operating | 10,358 | 11,586 | ||||||
| Workover and other | 1,433 | 888 | ||||||
| Taxes other than income | 2,800 | 2,991 | ||||||
| Gathering and other | 12,000 | 17,286 | ||||||
| General and administrative | 4,413 | 4,071 | ||||||
| Depletion, depreciation and accretion | 13,080 | 13,025 | ||||||
| Total operating expenses | 44,084 | 49,847 | ||||||
| Income from operations | 3,391 | 23 | ||||||
| Other income (expenses): | ||||||||
| Net gain (loss) on derivative contracts | 9,302 | (24,187 | ) | |||||
| Interest expense and other | (6,670 | ) | (7,039 | ) | ||||
| Total other income (expenses) | 2,632 | (31,226 | ) | |||||
| Income (loss) income before income taxes | 6,023 | (31,203 | ) | |||||
| Income tax benefit (provision) | - | - | ||||||
| Net income (loss) | $ | 6,023 | $ | (31,203 | ) | |||
| Preferred dividends | (11,820 | ) | (5,632 | ) | ||||
| Net income (loss) available to common stockholders | $ | (5,797 | ) | $ | (36,835 | ) | ||
| Net income (loss) per share of common stock available to common stockholders: | ||||||||
| Basic | $ | (0.35 | ) | $ | (2.24 | ) | ||
| Diluted | $ | (0.35 | ) | $ | (2.24 | ) | ||
| Weighted average common shares outstanding: | ||||||||
| Basic | 16,457 | 16,457 | ||||||
| Diluted | 16,457 | 16,457 | ||||||
| BATTALION OIL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 73,568 | $ | 19,712 | ||||
| Accounts receivable, net | 21,177 | 26,298 | ||||||
| Assets from derivative contracts | 15,706 | 6,969 | ||||||
| Restricted cash | 91 | 91 | ||||||
| Prepaids and other | 901 | 982 | ||||||
| Total current assets | 111,443 | 54,052 | ||||||
| Oil and natural gas properties (full cost method): | ||||||||
| Evaluated | 841,213 | 816,186 | ||||||
| Unevaluated | 49,091 | 49,091 | ||||||
| Gross oil and natural gas properties | 890,304 | 865,277 | ||||||
| Less: accumulated depletion | (509,945 | ) | (497,272 | ) | ||||
| Net oil and natural gas properties | 380,359 | 368,005 | ||||||
| Other operating property and equipment: | ||||||||
| Other operating property and equipment | 4,669 | 4,663 | ||||||
| Less: accumulated depreciation | (2,589 | ) | (2,455 | ) | ||||
| Net other operating property and equipment | 2,080 | 2,208 | ||||||
| Other noncurrent assets: | ||||||||
| Assets from derivative contracts | 8,846 | 4,052 | ||||||
| Operating lease right of use assets | 298 | 453 | ||||||
| Other assets | 3,222 | 2,278 | ||||||
| Total assets | $ | 506,248 | $ | 431,048 | ||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 58,499 | $ | 52,682 | ||||
| Liabilities from derivative contracts | 14,716 | 12,330 | ||||||
| Current portion of long-term debt | 22,579 | 12,246 | ||||||
| Operating lease liabilities | 286 | 406 | ||||||
| Total current liabilities | 96,080 | 77,664 | ||||||
| Long-term debt, net | 196,833 | 145,535 | ||||||
| Other noncurrent liabilities: | ||||||||
| Liabilities from derivative contracts | 6,272 | 6,954 | ||||||
| Asset retirement obligations | 19,428 | 19,156 | ||||||
| Operating lease liabilities | 43 | 84 | ||||||
| Commitments and contingencies | ||||||||
| Temporary equity: | ||||||||
| Redeemable convertible preferred stock: 138,000 shares | 189,354 | 177,535 | ||||||
| of $0.0001 par value authorized, issued and outstanding | ||||||||
| at March 31, 2025 and December 31, 2024 | ||||||||
| Stockholders' equity: | ||||||||
| Common stock: 100,000,000 shares of $0.0001 par value authorized; | ||||||||
| 16,456,563 shares issued and outstanding at March 31, 2025 and | ||||||||
| December 31, 2024 | 2 | 2 | ||||||
| Additional paid-in capital | 277,088 | 288,993 | ||||||
| Accumulated deficit | (278,852 | ) | (284,875 | ) | ||||
| Total stockholders' (deficit) equity | (1,762 | ) | 4,120 | |||||
| Total liabilities, temporary equity and stockholders' equity | $ | 506,248 | $ | 431,048 | ||||
| BATTALION OIL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | 6,023 | $ | (31,203 | ) | |||
| Adjustments to reconcile net income (loss) to net cash | ||||||||
| provided by operating activities: | ||||||||
| Depletion, depreciation and accretion | 13,080 | 13,025 | ||||||
| Stock-based compensation, net | (109 | ) | 99 | |||||
| Unrealized (gain) loss on derivative contracts | (11,828 | ) | 19,761 | |||||
| Amortization/accretion of financing related costs | 395 | 1,701 | ||||||
| Accrued settlements on derivative contracts | (560 | ) | 1,433 | |||||
| Change in fair value of embedded derivative liability | - | (928 | ) | |||||
| Other | 53 | 270 | ||||||
| Cash flows from operations before changes in working capital | 7,054 | 4,158 | ||||||
| Changes in working capital | 5,677 | (242 | ) | |||||
| Net cash provided by operating activities | 12,731 | 3,916 | ||||||
| Cash flows from investing activities: | ||||||||
| Oil and natural gas capital expenditures | (19,800 | ) | (24,599 | ) | ||||
| Contract asset | - | (7,235 | ) | |||||
| Other operating property and equipment capital expenditures | (6 | ) | (8 | ) | ||||
| Other | (306 | ) | (6 | ) | ||||
| Net cash used in investing activities | (20,112 | ) | (31,848 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from borrowings | 63,000 | - | ||||||
| Repayments of borrowings | (26 | ) | (10,026 | ) | ||||
| Debt issuance costs | (1,737 | ) | - | |||||
| Payment of debt financing costs | - | (129 | ) | |||||
| Proceeds from issuance of preferred stock | - | 19,500 | ||||||
| Merger deposit | - | 10,000 | ||||||
| Net cash provided by financing activities | 61,237 | 19,345 | ||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 53,856 | (8,587 | ) | |||||
| Cash, cash equivalents and restricted cash at beginning of period | 19,803 | 57,619 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 73,659 | $ | 49,032 | ||||
| BATTALION OIL CORPORATION SELECTED OPERATING DATA (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Production volumes: | ||||||||
| Crude oil (MBbls) | 569 | 566 | ||||||
| Natural gas (MMcf) | 1,799 | 2,180 | ||||||
| Natural gas liquids (MBbls) | 202 | 253 | ||||||
| Total (MBoe) | 1,071 | 1,182 | ||||||
| Average daily production (Boe/d) | 11,900 | 12,989 | ||||||
| Average prices: | ||||||||
| Crude oil (per Bbl) | $ | 69.77 | $ | 74.96 | ||||
| Natural gas (per Mcf) | 1.57 | 0.94 | ||||||
| Natural gas liquids (per Bbl) | 24.07 | 19.98 | ||||||
| Total per Boe | 44.24 | 41.91 | ||||||
| Cash effect of derivative contracts: | ||||||||
| Crude oil (per Bbl) | $ | (7.00 | ) | $ | (12.36 | ) | ||
| Natural gas (per Mcf) | 0.81 | 1.18 | ||||||
| Natural gas liquids (per Bbl) | - | - | ||||||
| Total per Boe | (2.36 | ) | (3.74 | ) | ||||
| Average prices computed after cash effect of settlement of derivative contracts: | ||||||||
| Crude oil (per Bbl) | $ | 62.77 | $ | 62.60 | ||||
| Natural gas (per Mcf) | 2.38 | 2.12 | ||||||
| Natural gas liquids (per Bbl) | 24.07 | 19.98 | ||||||
| Total per Boe | 41.88 | 38.17 | ||||||
| Average cost per Boe: | ||||||||
| Production: | ||||||||
| Lease operating | $ | 9.67 | $ | 9.80 | ||||
| Workover and other | 1.34 | 0.75 | ||||||
| Taxes other than income | 2.61 | 2.53 | ||||||
| Gathering and other | 11.20 | 14.62 | ||||||
| General and administrative, as adjusted (1) | 3.01 | 2.57 | ||||||
| Depletion | 11.83 | 10.68 | ||||||
| (1) Represents general and administrative costs per Boe, adjusted for items noted in the reconciliation below: | ||||||||
| General and administrative: | ||||||||
| General and administrative, as reported | $ | 4.12 | $ | 3.44 | ||||
| Stock-based compensation: | ||||||||
| Non-cash | (0.04 | ) | (0.08 | ) | ||||
| Non-recurring charges and other: | ||||||||
| Cash | (1.07 | ) | (0.79 | ) | ||||
| General and administrative, as adjusted(2) | $ | 3.01 | $ | 2.57 | ||||
| Total operating costs, as reported | $ | 28.94 | $ | 31.14 | ||||
| Total adjusting items | (1.11 | ) | (0.87 | ) | ||||
| Total operating costs, as adjusted(3) | $ | 27.83 | $ | 30.27 | ||||
________________________
(2) General and administrative, as adjusted, is a non-GAAP measure that excludes non-cash stock-based compensation charges relating to equity awards under our incentive stock plan, as well as other cash charges associated with non-recurring charges and other. The Company believes that it is useful to understand the effects that these charges have on general and administrative expenses and total operating costs and that exclusion of such charges is useful for comparison to prior periods.
(3) Represents lease operating expense, workover and other expense, taxes other than income, gathering and other expense and general and administrative costs per Boe, adjusted for items noted in the reconciliation above.
| BATTALION OIL CORPORATION RECONCILIATION (Unaudited) (In thousands, except per share amounts) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| As Reported: | ||||||||
| Net (loss) income available to common stockholders - diluted (1) | $ | (5,797 | ) | $ | (36,835 | ) | ||
| Impact of Selected Items: | ||||||||
| Unrealized loss (gain) on derivatives contracts: | ||||||||
| Crude oil | $ | (5,544 | ) | $ | 21,417 | |||
| Natural gas | (6,284 | ) | (1,656 | ) | ||||
| Total mark-to-market non-cash charge | (11,828 | ) | 19,761 | |||||
| Change in fair value of embedded derivative liability | - | (928 | ) | |||||
| Non-recurring charges | 1,149 | 937 | ||||||
| Selected items, before income taxes | (10,679 | ) | 19,770 | |||||
| Income tax effect of selected items | - | - | ||||||
| Selected items, net of tax | (10,679 | ) | 19,770 | |||||
| Net loss available to common stockholders, as adjusted (2) | $ | (16,476 | ) | $ | (17,065 | ) | ||
| Diluted net income (loss) per common share, as reported | $ | (0.35 | ) | $ | (2.24 | ) | ||
| Impact of selected items | (0.65 | ) | 1.20 | |||||
| Diluted net loss per common share, excluding selected items (2)(3) | $ | (1.00 | ) | $ | (1.04 | ) | ||
| Net cash provided by (used in) operating activities | $ | 12,731 | $ | 3,916 | ||||
| Changes in working capital | (5,677 | ) | 242 | |||||
| Cash flows from operations before changes in working capital | 7,054 | 4,158 | ||||||
| Cash components of selected items | 1,709 | (496 | ) | |||||
| Income tax effect of selected items | - | - | ||||||
| Cash flows from operations before changes in working capital, adjusted for selected items (1) | $ | 8,763 | $ | 3,662 | ||||
________________________
(1) Amount reflects net (loss) income available to common stockholders on a diluted basis for earnings per share purposes as calculated using the two-class method of computing earnings per share which is further described in Note 15, Earnings Per Share in our Form 10-K for the year ended December 31, 2024.
(2) Net (loss) income per share excluding selected items and cash flows from operations before changes in working capital adjusted for selected items are non-GAAP measures presented based on management's belief that they will enable a user of the financial information to understand the impact of these items on reported results. These financial measures are not measures of financial performance under GAAP and should not be considered as an alternative to net income, earnings per share and cash flows from operations, as defined by GAAP. These financial measures may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's performance.
(3) The impact of selected items for the three months ended March 31, 2025 and 2024 were calculated based upon weighted average diluted shares of 16.5 million due to the net (loss) income available to common stockholders, excluding selected items.
| BATTALION OIL CORPORATION ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Net income (loss), as reported | $ | 6,023 | $ | (31,203 | ) | |||
| Impact of adjusting items: | ||||||||
| Interest expense | 7,189 | 8,391 | ||||||
| Depletion, depreciation and accretion | 13,080 | 13,025 | ||||||
| Stock-based compensation | 48 | 99 | ||||||
| Interest income | (579 | ) | (701 | ) | ||||
| Unrealized loss (gain) on derivatives contracts | (11,828 | ) | 19,761 | |||||
| Change in fair value of embedded derivative liability | - | (928 | ) | |||||
| Non-recurring charges and other | 1,149 | 937 | ||||||
| Adjusted EBITDA(1) | $ | 15,082 | $ | 9,381 | ||||
________________________
(1) Adjusted EBITDA is a non-GAAP measure, which is presented based on management's belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's performance.
| BATTALION OIL CORPORATION ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) | ||||||||||||||||
| Three Months | Three Months | Three Months | Three Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | |||||||||||||
| Net income (loss), as reported | $ | 6,023 | $ | (22,202 | ) | $ | 21,628 | $ | (105 | ) | ||||||
| Impact of adjusting items: | ||||||||||||||||
| Interest expense | 7,189 | 6,135 | 6,873 | 7,610 | ||||||||||||
| Depletion, depreciation and accretion | 13,080 | 14,155 | 12,533 | 13,213 | ||||||||||||
| Impairment of contract asset | - | 18,511 | - | - | ||||||||||||
| Stock-based compensation | 48 | 12 | 5 | 36 | ||||||||||||
| Interest income | (579 | ) | (278 | ) | (509 | ) | (634 | ) | ||||||||
| Loss (gain) on extinguishment of debt | - | 7,489 | ||||||||||||||
| Unrealized loss (gain) on derivatives contracts | (11,828 | ) | 1,648 | (28,091 | ) | (4,434 | ) | |||||||||
| Change in fair value of embedded derivative liability | - | (761 | ) | 41 | (436 | ) | ||||||||||
| Merger Termination Payment | - | (10,000 | ) | - | - | |||||||||||
| Non-recurring charges (credits) and other | 1,149 | 3,310 | 978 | 384 | ||||||||||||
| Adjusted EBITDA(1) | $ | 15,082 | $ | 18,019 | $ | 13,458 | $ | 15,634 | ||||||||
| Adjusted LTM EBITDA(1) | $ | 62,193 | ||||||||||||||
________________________
(1) Adjusted EBITDA is a non-GAAP measure, which is presented based on management's belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's performance.
| BATTALION OIL CORPORATION ADJUSTED EBITDA RECONCILIATION (Unaudited) (In thousands) | ||||||||||||||||
| Three Months | Three Months | Three Months | Three Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||
| Net (loss) income, as reported | $ | (31,203 | ) | $ | 32,688 | $ | (53,799 | ) | $ | (4,748 | ) | |||||
| Impact of adjusting items: | ||||||||||||||||
| Interest expense | 8,391 | 8,917 | 9,219 | 9,366 | ||||||||||||
| Depletion, depreciation and accretion | 13,025 | 12,337 | 13,426 | 14,713 | ||||||||||||
| Stock-based compensation | 99 | 161 | (686 | ) | (772 | ) | ||||||||||
| Interest income | (701 | ) | (525 | ) | (293 | ) | (234 | ) | ||||||||
| Unrealized loss (gain) on derivatives contracts | 19,761 | (45,403 | ) | 46,805 | (2,332 | ) | ||||||||||
| Change in fair value of embedded derivative liability | (928 | ) | 529 | (1,878 | ) | 358 | ||||||||||
| Non-recurring charges (credits) and other | 937 | 1,268 | 831 | 477 | ||||||||||||
| Adjusted EBITDA(1) | $ | 9,381 | $ | 9,972 | $ | 13,625 | $ | 16,828 | ||||||||
| Adjusted LTM EBITDA(1) | $ | 49,806 | ||||||||||||||
________________________
(1) Adjusted EBITDA is a non-GAAP measure, which is presented based on management's belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net income (loss). This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's performance.