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distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Power demand creates a substantial addressable opportunity, but supplier orders do not establish customer revenue or an internally funded build. The operating test is whether existing service cash flow can finance the equipment program after leases and other claims.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"More firm customer contracts, disclosed power margins and cash milestones could strengthen the case. Persistent cash deficits, redacted obligations resolving into larger near-term payments, or weak frac pricing would weaken it."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1694028/000169402826000039/lbrt-20260630.htm","title":"July 23 filing, cash flow, equipment commitments and notes","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1694028/000169402826000036/lbrt_6302026.htm","title":"Q2 earnings and PowerBridge timing","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1694028/000169402826000050/a101-jenbachercontract.htm","title":"September 18-filed original Jenbacher equipment contract","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1694028/000169402826000050/a102-jenbachercontractxame.htm","title":"Filed May amendment moves notice-to-proceed milestone","retrieved":"2026-09-19"}],"business":{"drivers":["Consolidated activity, pricing and contribution margins","Power-equipment payment milestones and contracted deployments","Gross cash capex, leases and financing ahead of common owners"],"description":"Liberty supplies hydraulic-fracturing services and related technology to North American producers, and is developing distributed power through Liberty Power Innovations. It reports one consolidated segment. Frac utilization, service pricing and operating efficiency generate the current cash base; power engines, deposits and construction require capital well before new data-center projects begin contributing."},"earnings":{"source":"estimated from 10-Q filed 2026-07-23 plus 90 days","next_report_date":"2026-10-21"},"identity":{"cik":1694028,"sic":"1389","name":"Liberty Energy Inc.","symbol":"LBRT","cluster":"Energy, materials & power","exchange":"NYSE"},"research":{"risks":["Producer activity and service pricing are cyclical.","Power buildouts need customers, fuel and site execution in addition to purchased engines.","Supplier milestone percentages are partly redacted and the equipment program extends through 2030.","Leases, TRA, small-loan principal and dividend choices use cash beyond PP&E.","Zero-coupon convertibles still create repayment and dilution risk.","Investment marks can move net income without improving service economics."],"title":"The cash cost of moving from frac services into power","question":"Can the existing service business fund the power-equipment program before new sites produce material cash?","economics":"H1 revenue was $2.210B and adjusted EBITDA $277.0M, but CFO was $141.4M against gross PP&E cash spending of $380.9M. Company reported capex of $354.9M nets $26.0M asset-sale proceeds. Another $48.3M finance-lease principal, $7.9M TRA and $30.3M dividends sit below CFO. Cash of $555.4M follows $1.295B convertible issuance and $186.5M capped-call spending; the notes have zero regular coupon and mature in 2031/2032. June remaining power-equipment commitments were approximately $1.1B, with a separate $801M CAT contract signed July 22. Capital deposits already totaled $248.0M. The September 18-filed Jenbacher agreement has original price $493.1554M for 2028 delivery; it is part of the broader program, and its May amendment changes payment timing, with percentages redacted. PowerBridge initial capacity targets late 2027. Noncash investment gains of $60.2M supported H1 net income but are not operating cash.","change_note":"Completed consolidated service and power-funding model with gross capex, leases, TRA and zero-coupon note context.","checkpoints":[{"event":"Power commitments and customers","watch":"Reconcile deposits, remaining commitments and actual contracted cash terms; do not count equipment orders as backlog.","timing":"Next quarterly filing and contract announcements","date_status":"estimated"},{"event":"Frac cash generation","watch":"Compare consolidated margins and cash conversion, including receivables and unbilled revenue.","timing":"Each earnings release","date_status":"estimated"},{"event":"Deployment timing","watch":"Check the first PowerBridge phase against actual deliveries and acceptance.","timing":"Late 2027 company target","date_status":"estimated"}],"countercase":"Frac cash generation may recover while power investment still consumes more capital than it produces. Engine commitments carry currency, tariff and delivery exposure. Site readiness, grid/fuel access, commercial terms and customer acceptance can delay monetization beyond equipment payments.","limitations":["Consolidated activity/pricing factors are analytical sensitivities, not a disclosed fleet count, reported segment revenue or company revenue guidance. No independent 2027 revenue guidance is asserted.","New power revenue is incremental to existing consolidated activity. The PowerBridge initial greater-than-300MW phase targets late 2027; no full-year revenue is booked from its announcement.","Equipment commitments are supplier purchases, not customer backlog. The $493.1554M Jenbacher contract is within the equipment program, not added to the $1.3B aggregate. July CAT $801M is a separate contract. Payment milestones are partly redacted.","Cash PP&E is a gross investing outflow. Management reported capex nets disposal proceeds; the two measures differ. Deposits and future fleet finance leases can make cash needs differ from accounting depreciation.","Forecast dividends, TRA and investment spending are explicit desk cash assumptions, not board commitments or a full liabilities roll-forward. New financing, asset-sale proceeds and optional buybacks are outside the cash-after-claims measure.","Convertible principal totals $1.295B at zero regular coupon, due 2031/2032 beyond the horizon. Zero coupon does not remove future repayment, conversion/dilution or capped-call counterparty risk. No fully diluted EPS or valuation is supplied."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":1248501238.4},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":1176472320.8},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":1236496418.8},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":1284515697.2}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Consolidated revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 revenue","value":2209.78,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1694028/000169402826000039/lbrt-20260630.htm","source_date":"2026-07-23"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 operating income","value":34.994,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1694028/000169402826000039/lbrt-20260630.htm","source_date":"2026-07-23"},{"id":"h1_adj_ebitda","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"H1 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activity/pricing factors are analytical sensitivities, not a disclosed fleet count, reported segment revenue or company revenue guidance. No independent 2027 revenue guidance is asserted.","New power revenue is incremental to existing consolidated activity. The PowerBridge initial greater-than-300MW phase targets late 2027; no full-year revenue is booked from its announcement.","Equipment commitments are supplier purchases, not customer backlog. The $493.1554M Jenbacher contract is within the equipment program, not added to the $1.3B aggregate. July CAT $801M is a separate contract. Payment milestones are partly redacted.","Cash PP&E is a gross investing outflow. Management reported capex nets disposal proceeds; the two measures differ. Deposits and future fleet finance leases can make cash needs differ from accounting depreciation.","Forecast dividends, TRA and investment spending are explicit desk cash assumptions, not board commitments or a full liabilities roll-forward. 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