EagleRock Q2 normalized rev up 32% QoQ, net loss $37.5M; buys Intrepid Ranch for $78.2M

EagleRock Land, LLC

Q2 revenue $41.5M, net loss $37.5M; normalized revenue $46.8M (+32.3% QoQ).
Normalized Adjusted EBITDA $36.2M (+31.7% QoQ), margin 77.5%.
IPO closed May 15, 2026: 19.9M Class A shares at $18.50, ~$368M gross proceeds.
Acquired Intrepid Ranch (50k acres, 22k fee acres) from Hydrosource for $78.2M, cash and credit.
Initiated FY2026 guidance above company forecast.

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