8-K
New Fortress Energy Inc. (NFE)
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): May 14, 2025
New Fortress Energy Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-38790 | 83-1482060 |
|---|---|---|
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| 111 W. 19th Street, 8th Floor<br><br>New York, NY | 10011 | |
| --- | --- | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (516) 268-7400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | 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 | “NFE” | NASDAQ Global Select Market |
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
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 ☐
Item 2.02. Results of Operations and Financial Condition.
On May 14, 2025, New Fortress Energy Inc. (“NFE” or the “Company”) issued a press release announcing the Company’s financial and operating results for its fiscal quarter ended March 31, 2025. A copy of the Company’s press release is attached to this Current Report on Form 8-K (the “Current Report”) as Exhibit 99.1 and is incorporated herein solely for purposes of this Item 2.02 disclosure.
This Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly set forth as being incorporated by reference into such filing.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits
| Exhibit<br><br>No. | Description |
|---|---|
| 99.1 | Press Release, dated May 14, 2025, issued by New Fortress Energy Inc. |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NEW FORTRESS ENERGY INC. | ||
|---|---|---|
| May 14, 2025 | By: | /s/ Christopher S. Guinta |
| Name: | Christopher S. Guinta | |
| Title: | Chief Financial Officer |
Document
Exhibit 99.1
| 111 W 19th Street, 8th Floor<br><br>New York, NY 10011 |
|---|
New Fortress Energy Completes Sale of Jamaica Assets & Operations to Excelerate Energy and Announces First Quarter 2025 Results
May 14, 2025
NEW YORK -- New Fortress Energy Inc. (Nasdaq: NFE) (“NFE” or the “Company”) today announced the completion of the sale of its assets and operations in Jamaica to Excelerate Energy, Inc. (NYSE: EE) (“Excelerate”) for $1.055 billion. The transaction was initially announced by NFE on March 27, 2025. Proceeds from the transaction will be used to reduce NFE’s corporate debt and for general corporate purposes.
Pursuant to the transaction, Excelerate Energy, Inc. has acquired full ownership of NFE’s LNG import terminal in Montego Bay, offshore floating storage and regasification terminal in Old Harbour, and 150 MW Combined Heat and Power Plant in Clarendon, along with the associated infrastructure.
“The closing of the sale of our Jamaican assets to Excelerate is a significant milestone for the Company as we streamline our operations and paydown corporate debt through asset sales,” said Wes Edens, Chairman and CEO of New Fortress Energy. “NFE has made a positive impact on Jamaica’s energy transition, and we are proud of the contributions our world class employees and assets have made in improving energy costs and reliability on the island. We are confident that Excelerate will continue NFE’s vision of providing reliable and cost-effective energy to Jamaica and continue to drive substantial progress towards improving Jamaica’s energy future.”
The Company today also reported its financial results for the first quarter of 2025.
•Adjusted EBITDA(1) of $82 million in the first quarter of 2025
•Net loss of $197 million in the first quarter of 2025
•EPS of $(0.73) on a fully diluted basis in the first quarter of 2025
•Total cash balance of $827 million, of which $448 million is unrestricted as of March 31, 2025
Our first quarter 2025 Adjusted EBITDA of $82 million is entirely comprised of what we consider to be core earnings, which consist of earnings from our terminal and vessel operations without regard to any one-time gains that have benefited our results in prior periods. Other than the novation income that we earned last quarter, our revenue from terminal operations have been largely unchanged since the termination of our temporary power contract in the first quarter of 2024. As we have previously disclosed, we sold the emergency power plants to the Puerto Rico Electric Power Authority in March 2024 and no longer recognize revenue from the temporary power project. We are pursuing a request for equitable adjustment related to the early termination of the temporary power project.
We have a number of notable one time events such as the FEMA claim, FSRU sub charters, and the Genera incentive payment that we expect will boost remaining earnings through 2025. We expect our core earnings to increase as our developments in Brazil, Nicaragua and expansions in Puerto Rico, come online(3).
In Brazil, we have continued to make great progress on our power plant developments, with our 624 MW CELBA plant ~95% complete(3), and the adjacent PortoCem power plant that is over 50% complete(3). Both projects are on-time and on-budget and we expect to start generating earnings from the CELBA power plant in the third quarter of this year. These developments are fully funded with asset-level debt already in place.
Our Fast LNG asset has been fully commissioned, and we are in the process of increasing available liquefaction capacity through optimization projects.
We have just announced the closing of the sale of our Jamaican assets and operations to Excelerate Energy, Inc. for $1.055 billion, highlighting our near term focus on asset sales and corporate debt reduction. We’ve committed to use the proceeds
of this transaction to pay down $270 million of our Revolving Credit Facility, and pay down $55 million of our Term Loan A facility, with remaining proceeds going to cash on our balance sheet.
Following the sale of our Jamaica business, our plan is to simplify our balance sheet with a potential asset based financing with a similar structure to other liquefier financings and using our robust portfolio of LNG terminals and long term LNG supply and downstream demand contracts.
Financial Detail
| Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| (in millions, except per share amounts) | March 31, 2024 | December 31, 2024 | March 31, 2025 | |||
| Revenues | $ | 690.3 | $ | 679.0 | $ | 470.5 |
| Net income (loss) | $ | 56.7 | $ | (223.5) | $ | (197.4) |
| Diluted EPS | $ | 0.26 | $ | (1.11) | $ | (0.73) |
| Terminals and Infrastructure Segment Operating Margin(2) | $ | 350.1 | $ | 206.1 | $ | 74.6 |
| Ships Segment Operating Margin(2) | $ | 34.2 | $ | 34.1 | $ | 31.4 |
| Total Segment Operating Margin(2) | $ | 384.3 | $ | 240.2 | $ | 106.0 |
| Adjusted EBITDA(1) | $ | 340.1 | $ | 313.5 | $ | 82.3 |
Please refer to our Q1 2025 Investor Presentation (the “Presentation”) for further information about the following terms:
1)“Adjusted EBITDA,” see definition and reconciliation of this non-GAAP measure in the exhibits to this press release.
2) “Total Segment Operating Margin” is the total of our Terminals and Infrastructure Segment Operating Margin and Ships Segment Operating Margin, each as reported in our financial statements. Our segment measure also excludes unrealized mark-to-market gains or losses on derivative instruments, certain contract acquisition costs and deferred earnings from contracted sales for which a prepayment has been received.
3) "Completed", “Placed into service” "Online" or similar statuses (either capitalized or lower case) with respect to a particular project means we expect gas to be made available in the near future, gas has been made available to the relevant project, or that the relevant project is in full commercial operations. Where gas is going to be made available or has been made available but full commercial operations have not yet begun, full commercial operations will occur later than, and may occur substantially later than, our reported Operational, Completion or Deployment date, and we may not generate any revenue until full commercial operations have begun. We cannot assure you if or when such projects will reach full commercial operation. Our ability to export liquefied natural gas depends on our ability to obtain export and other permits from governmental and regulatory agencies. No assurance can be given that we will receive required permits, approvals and authorizations from governmental and regulatory agencies in connection with the exportation of liquefied natural gas on a timely basis or at all or that, once received, we will be able to maintain in full force and effect, renew or replace such permits, approvals and authorizations.
Preliminary Results
The company’s actual operating results remain subject to the completion of its quarter-end closing process, which includes review by management and the Audit Committee of the company’s Board of Directors. While carrying out such procedures, the company may identify items that would require it to make adjustments to the preliminary estimates of the results set forth herein. As a result, the company’s actual results could differ from the preliminary results set forth herein and such differences could be material. The information presented herein should not be considered a substitute for the financial information the company files with the Securities and Exchange Commission in its Quarterly Report on Form 10-Q for the three months ended March 31, 2025. The company has no intention or obligation to update the preliminary estimates of operating results set forth above prior to the release of its consolidated financial statements as of and for the three months ended March 31, 2025.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investors section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K, which is available on the Company’s website. Nothing on our website is included or incorporated by reference herein.
Earnings Conference Call
Management will host a conference call on Wednesday, May 14, 2025 at 4:30 P.M. Eastern Time. The conference call may be accessed by dialing (888) 256-1007 (toll free from within the U.S.) or +1-323-701-0225 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE First-Quarter 2025 Earnings Call” or conference code 8378656.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com under the Investors section within “Events & Presentations.” Please allow time prior to the call to visit the site and download any necessary software required to listen to the internet broadcast. A replay of the conference call will be available at the same website location shortly after the conclusion of the live call.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain statements and information that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “can,” “could,” “should,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “believes,” “schedules,” “progress,” “targets,” “budgets,” “outlook,” “trends,” “forecasts,” “projects,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” or the negative version of those words or other comparable words. Forward looking statements include statements regarding the transaction, including deleveraging following the closing of the transaction and other anticipated benefits from the transaction. These forward-looking statements are based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company’s control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: our strategy and plans for the Company, including the structure, form, timing and nature of the Company’s business in the future and characteristics of the business going forward; risks related to the development, construction, completion or commissioning schedule for the facilities; risks related to the operation and maintenance of our facilities and assets; failure of our third-party contractors, equipment manufacturers, suppliers and operators to perform their obligations for the development, construction and operation of our projects, vessels and assets; our ability to implement our business strategy; our capital allocation plans, as such plans may change including with respect to de-leveraging actions; operational execution by our businesses; changes in law, economic and financial conditions, including the effect of enactment of U.S. tax reform or other tax law changes, trade policy and tariffs, interest and exchange rate volatility, commodity and equity prices and the value of financial assets; the other factors that are described in "Forward-Looking Statements" in the Company’s most recent earnings release or SEC filings; and the other factors that are described in "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as updated in our Quarterly Reports on Form 10-Q. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of the Company’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no duty to update or revise any forward-looking statements, even though our situation may change in the future or we may become aware of new or updated information relating to such forward-looking statements. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in New Fortress Energy Inc.’s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement.
Investor Relations:
ir@newfortressenergy.com
Media Relations:
Ben Porritt
press@newfortressenergy.com
(516) 268-7403
Source: New Fortress Energy Inc.
Exhibits – Financial Statements
Condensed Consolidated Statements of Operations
For the three months ended December 31, 2024 and March 31, 2025
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)
| For the Three Months Ended | ||||
|---|---|---|---|---|
| December 31, 2024 | March 31, 2025 | |||
| Revenues | ||||
| Total revenues | 678,998 | 470,536 | ||
| Operating expenses | ||||
| Cost of sales (exclusive of depreciation and amortization shown separately below) | 288,398 | 302,377 | ||
| Vessel operating expenses | 8,219 | 7,176 | ||
| Operations and maintenance | 34,411 | 54,957 | ||
| Selling, general and administrative | 61,800 | 59,271 | ||
| Transaction and integration costs | 5,994 | 11,931 | ||
| Depreciation and amortization | 38,746 | 53,057 | ||
| Asset impairment expense | 10,738 | 246 | ||
| Loss (gain) on sale of assets, net | 422 | — | ||
| Total operating expenses | 448,728 | 489,015 | ||
| Operating income (loss) | 230,270 | (18,479) | ||
| Interest expense | 99,527 | 213,694 | ||
| Other expense (income), net | 52,447 | (63,937) | ||
| Loss on extinguishment of debt, net | 260,309 | 467 | ||
| (Loss) before income taxes | (182,013) | (168,703) | ||
| Tax provision | 41,497 | 28,670 | ||
| Net (loss) | (223,510) | (197,373) | ||
| Net (loss) attributable to common stockholders | $ | (242,139) | $ | (200,129) |
| Net (loss) per share - basic | $ | (1.11) | $ | (0.73) |
| Net (loss) per share - diluted | $ | (1.11) | $ | (0.73) |
| Weighted average number of shares outstanding – basic | 217,581,687 | 273,609,766 | ||
| Weighted average number of shares outstanding – diluted | 217,581,687 | 273,609,766 |
Adjusted EBITDA
For the three months ended March 31, 2025
(Unaudited, in thousands of U.S. dollars)
Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income from operations, net income, cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP measure, as we have defined it, offers a useful supplemental view of the overall operation of our business in evaluating the effectiveness of our ongoing operating performance in a manner that is consistent with metrics used for management’s evaluation of our overall performance and to compensate employees. We believe that Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation, and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, we exclude certain items from our SG&A not otherwise indicative of ongoing operating performance.
We calculate Adjusted EBITDA as net income, plus transaction and integration costs, contract termination charges and loss on mitigations sales, depreciation and amortization, asset impairment expense, loss on asset sales, interest expense, net, other (income) expense, net, loss on extinguishment of debt, changes in fair value of non-hedge derivative instruments and contingent consideration, tax expense, and adjusting for certain items from our SG&A not otherwise indicative of ongoing operating performance, including non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost to pursue new business opportunities and expenses associated with changes to our corporate structure, certain non-capitalizable contract acquisition costs plus our pro rata share of Adjusted EBITDA from certain unconsolidated entities, less the impact of equity in earnings (losses) of certain unconsolidated entities.
Adjusted EBITDA is mathematically equivalent to our Total Segment Operating Margin, as reported in the segment disclosures within our financial statements, minus Core SG&A, including our pro rata share of such expenses of certain unconsolidated entities, minus deferred earnings for which a prepayment was received. Core SG&A is defined as total SG&A adjusted for non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost of exploring new business opportunities and expenses associated with changes to our corporate structure. Core SG&A excludes certain items from our SG&A not otherwise indicative of ongoing operating performance.
The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income, and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA does not have a standardized meaning, and different companies may use different Adjusted EBITDA definitions. Therefore, Adjusted EBITDA may not be necessarily comparable to similarly titled measures reported by other companies. Moreover, our definition of Adjusted EBITDA may not necessarily be the same as those we use for purposes of establishing covenant compliance under our financing agreements or for other purposes. Adjusted EBITDA should not be construed as alternatives to net income and diluted earnings per share attributable to New Fortress Energy, which are determined in accordance with GAAP.
The following table sets forth a reconciliation of net income to Adjusted EBITDA for the three months ended March 31, 2024, December 31, 2024 and March 31, 2025:
| (in thousands) | Three Months <br> Ended <br>March 31, 2024 | Three Months <br> Ended <br>December 31, 2024 | Three Months <br> Ended <br>March 31, 2025 | |||
|---|---|---|---|---|---|---|
| Total Segment Operating Margin | $ | 384,260 | $ | 240,243 | $ | 106,026 |
| Less: Core SG&A (see definition above) | 44,112 | 34,484 | 34,086 | |||
| Less: Revenue recognized from deferred earnings from cargo sales | — | $ | (107,727) | — | ||
| Add: Depreciation in Cost of Sales | — | $ | — | 10,401 | ||
| Adjusted EBITDA (Non-GAAP) | $ | 340,148 | $ | 313,486 | $ | 82,341 |
| Net income (loss) | $ | 56,670 | $ | (223,510) | $ | (197,373) |
| Add: Interest expense | 77,344 | 99,527 | 213,694 | |||
| Add: Tax provision | 21,624 | 41,497 | 28,670 | |||
| Add: Depreciation and amortization | 50,491 | 38,746 | 63,458 | |||
| Add: Asset impairment expense | — | 10,738 | 246 | |||
| Add: SG&A items excluded from Core SG&A (see definition above) | 26,642 | 27,316 | 25,185 | |||
| Add: Transaction and integration costs | 1,371 | 5,994 | 11,931 | |||
| Add: Other expense (income), net | 19,112 | 52,447 | (63,937) | |||
| Add: Loss on extinguishment of debt, net | 9,754 | 260,309 | 467 | |||
| Add: Loss on sale of assets, net | 77,140 | 422 | — | |||
| Adjusted EBITDA | $ | 340,148 | $ | 313,486 | $ | 82,341 |
Segment Operating Margin
(Unaudited, in thousands of U.S. dollars)
Performance of our two segments, Terminals and Infrastructure and Ships, is evaluated based on Segment Operating Margin. Segment Operating Margin reconciles to Consolidated Segment Operating Margin as reflected below, which is a non-GAAP measure. We define Consolidated Segment Operating Margin as GAAP net income, adjusted for selling, general and administrative expense, transaction and integration costs, contract termination charges and loss on mitigation sales, depreciation and amortization, asset impairment expense, loss on asset sales, interest expense, other (income) expense, loss on extinguishment of debt, net, (income) loss from equity method investments and tax (benefit) provision. Consolidated Segment Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance minus Vessel operating expenses, each as reported in our financial statements.
| Three Months Ended March 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands of $) | Terminals and Infrastructure | Ships | Total Segment | Consolidation and<br> Other | Consolidated | |||||
| Segment Operating Margin | $ | 74,593 | $ | 31,433 | $ | 106,026 | $ | — | $ | 106,026 |
| Less: | ||||||||||
| Selling, general and administrative | 59,271 | |||||||||
| Transaction and integration costs | 11,931 | |||||||||
| Depreciation and amortization | 53,057 | |||||||||
| Asset impairment expense | 246 | |||||||||
| Interest expense | 213,694 | |||||||||
| Other expense, net | (63,937) | |||||||||
| Loss on extinguishment of debt, net | 467 | |||||||||
| Tax provision | 28,670 | |||||||||
| Net (loss) | $ | (197,373) | ||||||||
| Three Months Ended December 31, 2024 | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in thousands of $) | Terminals and Infrastructure | Ships | Total Segment | Consolidation and<br> Other ⁽¹⁾ | Consolidated | |||||
| Segment Operating Margin | $ | 206,099 | $ | 34,144 | $ | 240,243 | $ | 107,727 | $ | 347,970 |
| Less: | ||||||||||
| Selling, general and administrative | 61,800 | |||||||||
| Transaction and integration costs | 5,994 | |||||||||
| Depreciation and amortization | 38,746 | |||||||||
| Asset impairment expense | 10,738 | |||||||||
| Loss on sale of assets, net | 422 | |||||||||
| Interest expense | 99,527 | |||||||||
| Other expense, net | 52,447 | |||||||||
| Loss on extinguishment of debt, net | 260,309 | |||||||||
| Tax provision | 41,497 | |||||||||
| Net (loss) | $ | (223,510) |
(1)Consolidation and Other adjusts for deferred earnings that were included in Terminals and Infrastructure in the prior quarters, but were recognized as revenue during the fourth quarter of 2024.
| Three Months Ended March 31, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands of $) | Terminals and Infrastructure | Ships | Total Segment | Consolidation and<br> Other | Consolidated | |||||
| Segment Operating Margin | $ | 350,072 | $ | 34,188 | $ | 384,260 | $ | — | $ | 384,260 |
| Less: | ||||||||||
| Selling, general and administrative | 70,754 | |||||||||
| Transaction and integration costs | 1,371 | |||||||||
| Depreciation and amortization | 50,491 | |||||||||
| Interest expense | 77,344 | |||||||||
| Other expense, net | 19,112 | |||||||||
| Loss on sale of assets, net | 77,140 | |||||||||
| Loss on extinguishment of debt, net | 9,754 | |||||||||
| Tax provision | 21,624 | |||||||||
| Net income | $ | 56,670 |
Condensed Consolidated Balance Sheets
For the three months ended March 31, 2025 and 2024
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)
| March 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | $ | 447,862 | $ | 492,881 |
| Restricted cash | 379,537 | 472,696 | ||
| Receivables, net of allowances of $13,322 and $13,629, respectively | 273,136 | 335,813 | ||
| Inventory | 66,695 | 103,224 | ||
| Assets held for sale - current | 104,553 | — | ||
| Prepaid expenses and other current assets, net | 201,925 | 205,496 | ||
| Total current assets | 1,473,708 | 1,610,110 | ||
| Construction in progress | 3,901,113 | 3,574,389 | ||
| Property, plant and equipment, net | 5,545,980 | 5,842,807 | ||
| Right-of-use assets | 465,939 | 618,733 | ||
| Intangible assets, net | 188,118 | 179,510 | ||
| Goodwill | 594,256 | 766,350 | ||
| Deferred tax assets, net | 6,848 | 2,698 | ||
| Assets held for sale - non-current | 633,654 | — | ||
| Other non-current assets, net | 218,464 | 272,899 | ||
| Total assets | $ | 13,028,080 | $ | 12,867,496 |
| Liabilities | ||||
| Current liabilities | ||||
| Current portion of long-term debt and short-term borrowings | $ | 260,848 | $ | 539,132 |
| Accounts payable | 655,073 | 473,736 | ||
| Accrued liabilities | 268,083 | 391,359 | ||
| Current lease liabilities | 82,442 | 128,362 | ||
| Liabilities held for sale - current | 35,894 | — | ||
| Other current liabilities | 171,342 | 174,829 | ||
| Total current liabilities | 1,473,682 | 1,707,418 | ||
| Long-term debt | 8,931,506 | 8,355,703 | ||
| Non-current lease liabilities | 355,050 | 475,161 | ||
| Deferred tax liabilities, net | 51,359 | 73,198 | ||
| Liabilities held for sale - non-current | 135,398 | — | ||
| Other long-term liabilities | 168,851 | 166,358 | ||
| Total liabilities | 11,115,846 | 10,777,838 | ||
| Commitments and contingencies (Note 20) | ||||
| Series B convertible preferred stock, $0.01 par value, 36,746 shares authorized, issued and outstanding as of March 31, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $36,746 and $96,746 at March 31, 2025 and December 31, 2024 | 40,708 | 90,570 | ||
| Stockholders’ equity | ||||
| Class A common stock, $0.01 par value, 750 million shares authorized, 273.8 million issued and outstanding as of March 31, 2025; 266.5 million issued and outstanding as of December 31, 2024 | 2,738 | 2,664 | ||
| Additional paid-in capital | 1,722,829 | 1,674,312 | ||
| Retained earnings (accumulated deficit) | (3,766) | 196,363 | ||
| Accumulated other comprehensive income | 26,671 | 3,089 | ||
| Total stockholders’ equity attributable to NFE | 1,748,472 | 1,876,428 | ||
| Non-controlling interest | 123,054 | 122,660 | ||
| Total stockholders’ equity | 1,871,526 | 1,999,088 | ||
| Total liabilities and stockholders’ equity | $ | 13,028,080 | $ | 12,867,496 |
Condensed Consolidated Statements of Operations
For the three months ended March 31, 2025 and 2024
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Revenues | ||||
| Operating revenue | $ | 384,881 | $ | 609,504 |
| Vessel charter revenue | 45,436 | 46,655 | ||
| Other revenue | 40,219 | 34,162 | ||
| Total revenues | 470,536 | 690,321 | ||
| Operating expenses | ||||
| Cost of sales (exclusive of depreciation and amortization shown separately below) | 302,377 | 229,117 | ||
| Vessel operating expenses | 7,176 | 8,396 | ||
| Operations and maintenance | 54,957 | 68,548 | ||
| Selling, general and administrative | 59,271 | 70,754 | ||
| Transaction and integration costs | 11,931 | 1,371 | ||
| Depreciation and amortization | 53,057 | 50,491 | ||
| Asset impairment expense | 246 | — | ||
| Loss on sale of assets, net | — | 77,140 | ||
| Total operating expenses | 489,015 | 505,817 | ||
| Operating (loss) income | (18,479) | 184,504 | ||
| Interest expense | 213,694 | 77,344 | ||
| Other (income) expense, net | (63,937) | 19,112 | ||
| Loss on extinguishment of debt, net | 467 | 9,754 | ||
| (Loss) income before income taxes | (168,703) | 78,294 | ||
| Tax provision | 28,670 | 21,624 | ||
| Net (loss) income | (197,373) | 56,670 | ||
| Net (loss) income attributable to common stockholders | $ | (200,129) | $ | 53,939 |
| Net (loss) income per share – basic | $ | (0.73) | $ | 0.26 |
| Net (loss) income per share – diluted | $ | (0.73) | $ | 0.26 |
| Weighted average number of shares outstanding – basic | 273,609,766 | 205,061,967 | ||
| Weighted average number of shares outstanding – diluted | 273,609,766 | 205,977,720 |