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New Fortress Energy Announces Second Quarter 2025 Results
September 5, 2025
NEW YORK -- New Fortress Energy Inc. (Nasdaq: NFE) (“NFE” or the “Company”) today reported its financial results for the second quarter of 2025.
•Adjusted EBITDA(1) of $(4) million in the second quarter of 2025
•Net loss of $557 million in the second quarter of 2025
◦Significant non-cash impairments of assets and goodwill totaling $699 million
◦Gain on sale of our Jamaican operations of $473 million
•EPS of $(2.02) on a fully diluted basis in the second quarter of 2025
•Total cash balance of $821 million, of which $551 million is unrestricted as of June 30, 2025
We believe there are a number of substantial commercial opportunities to improve our results of operations and liquidity position by the end of 2025, including:
•We continue to negotiate a long-term gas sale agreement ("GSA") with PREPA to provide gas island-wide in Puerto Rico. During these negotiations we are extending the current island-wide GSA on a weekly basis as we work towards a long-term agreement that is in the best interests of both parties and achieves our mutual goal of sustained, efficient, and economical power generation for the people of Puerto Rico.
•We continue to be in active dialogue with FEMA and the US Army Corps of Engineers on our Request for an Equitable Adjustment related to the temporary power solution in Puerto Rico and are increasingly confident the matter will be resolved by the end of this year.
•We have begun the commissioning of our 624 MW CELBA plant, and we expect the power plant to be operational(3) before the end of the year.
•We continue to optimize our shipping portfolio; we executed a 10 year charter for the Energos Eskimo with the Egyptian Natural Gas Holding Company ("EGAS") in Q4 2024, and we have executed a 3 year charter for the Energos Freeze with Energia 2000 S.A. in Q2 2025. Furthermore, we executed a 5 year charter for the Energos Winter with EGAS in July.
•We are encouraged by a recent announcement in Brazil of an intention to hold power auctions on March 13, 2026. We think the ultimate size of the auction could be larger than initially expected, potentially as large as 15 GW. We believe our critical infrastructure assets, including our terminal in Santa Catarina, positions us well to either develop our own power projects or provide reliable service to others.
We expect our core earnings to increase as our developments in Brazil, Nicaragua and expansions in Puerto Rico, come online(3), and we have the following positive developments across our business:
•We continue to make substantial progress on our PortoCem power plant in Brazil that is over 70% complete(3). The project is on-time, on-budget and is fully funded with asset-level debt already in place.

•FLNG 1 performed at or above nameplate capacity for all of Q2.(4)
NFE has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist NFE in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital


raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, NFE is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions described above are outside management’s control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits.
Financial Detail
 Three Months Ended
(in millions, except per share amounts)June 30, 2024March 31, 2025June 30, 2025
Revenues$428.0 $470.5 $301.7 
Net income (loss)$(86.9)$(197.4)$(556.8)
Diluted EPS$(0.44)$(0.73)$(2.02)
Terminals and Infrastructure Segment Operating Margin(2)
$214.3 $74.6 $(7.2)
Ships Segment Operating Margin(2)
$34.1 $31.4 $32.2 
Total Segment Operating Margin(2)
$248.4 $106.0 $25.0 
Adjusted EBITDA(1)
$120.2 $82.3 $(3.7)


1)For a definition and reconciliation of “Adjusted EBITDA,” a non-GAAP measure, see 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.
4) The FLNG 1 unit performed at or above name plate capacity for all of the second quarter excluding scheduled and planned maintenance periods during the quarter. 
Additional Information
For additional information that management believes to be useful for investors, please refer to the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, posted on New Fortress Energy’s website, www.newfortressenergy.com. Nothing on our website is included or incorporated by reference herein.
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 our expectations in the remainder of 2025, including the impact on our results, core earnings, the process to evaluate our strategic alternatives, and any potential asset sales, capital raising, debt amendments and refinancing and other transactions. 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:
press@newfortressenergy.com
(516) 268-7403
Source: New Fortress Energy Inc.


Exhibits – Financial Statements
Condensed Consolidated Statements of Operations
For the three months ended March 31, 2025 and June 30, 2025
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)

 
For the Three Months Ended
 March 31, 2025June 30, 2025
Revenues 
Total revenues$470,536 $301,692 
 
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)302,377 208,852 
Vessel operating expenses7,176 8,056 
Operations and maintenance54,957 59,817 
Selling, general and administrative59,271 57,256 
Transaction and integration costs11,931 75,384 
Depreciation and amortization53,057 52,870 
Goodwill impairment expense— 582,172 
Asset impairment expense246 117,312 
(Gain) loss on sale— (472,699)
Total operating expenses489,015 689,020 
Operating loss(18,479)(387,328)
Interest expense213,694 206,408 
Other (income), net(63,937)(56,262)
Loss on extinguishment of debt, net467 20,320 
(Loss) before income taxes(168,703)(557,794)
Tax provision28,670 (967)
Net (loss)(197,373)(556,827)
Net (loss) attributable to common stockholders$(200,129)$(555,077)
 
Net (loss) per share - basic$(0.73)$(2.02)
Net (loss) per share - diluted$(0.73)$(2.02)
Weighted average number of shares outstanding – basic273,609,766 274,371,636 
Weighted average number of shares outstanding – diluted273,609,766274,371,636



Adjusted EBITDA
For the three months ended June 30, 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 June 30, 2024, March 31, 2025 and June 30, 2025:
 (in thousands)Three Months
 Ended
June 30, 2024		Three Months
 Ended
March 31, 2025		Three Months
 Ended
June 30, 2025
Total Segment Operating Margin$248,351 $106,026 $24,967 
Less: Core SG&A (see definition above)38,190 34,086 36,939 
Less: Deferred earnings from contracted sales90,000 — — 
Add: Depreciation in Cost of Sales— $10,401 $8,314 
Adjusted EBITDA (Non-GAAP)$120,161 $82,341 $(3,658)
 
 
Net loss$(86,860)$(197,373)$(556,827)
Add: Interest expense80,399 213,694 206,408 
Add: Tax provision (benefit)3,435 28,670 (967)
Add: Depreciation and amortization37,413 63,458 61,184 
Add: Goodwill impairment expense— — 582,172 
Add: Asset impairment expense4,272 246 117,312 
Add: SG&A items excluded from Core SG&A (see definition above)32,388 25,185 20,317 
Add: Transaction and integration costs1,760 11,931 75,384 
Add: Other expense (income), net47,354 (63,937)(56,262)
Add: Loss on extinguishment of debt, net— 467 20,320 
Add: (Gain) loss on sale— — (472,699)
Adjusted EBITDA$120,161 $82,341 $(3,658)


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, (gain) loss on 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 June 30, 2025
(in thousands of $)Terminals and InfrastructureShipsTotal SegmentConsolidation and
 Other
Consolidated
Segment Operating Margin$(7,198)$32,165 $24,967 $— $24,967 
Less:
Selling, general and administrative57,256 
Transaction and integration costs75,384 
Depreciation and amortization52,870 
Goodwill impairment expense582,172 
Asset impairment expense117,312 
Interest expense206,408 
Other (income) expense, net(56,262)
(Gain) on sale(472,699)
Loss on extinguishment of debt, net20,320 
Tax provision (benefit)    (967)
Net (loss)    $(556,827)



Three Months Ended March 31, 2025
(in thousands of $)Terminals and InfrastructureShipsTotal SegmentConsolidation and
 Other
Consolidated
Segment Operating Margin$74,593 $31,433 $106,026 $— $106,026 
Less:
Selling, general and administrative59,271 
Transaction and integration costs11,931 
Depreciation and amortization53,057 
Asset impairment expense246 
Interest expense213,694 
Other expense, net(63,937)
Loss on extinguishment of debt, net467 
Tax provision28,670 
Net (loss)$(197,373)






Three Months Ended June 30, 2024
(in thousands of $)
Terminals and Infrastructure (1)
ShipsTotal SegmentConsolidation and
 Other⁽¹⁾
Consolidated
Segment Operating Margin$214,276 $34,075 $248,351 $(90,000)$158,351 
Less:
Selling, general and administrative70,578 
Transaction and integration costs1,760 
Depreciation and amortization37,413 
Asset impairment expense4,272 
Interest expense80,399 
Other expense, net47,354 
Tax provision3,435 
Net loss$(86,860)

(1)Terminals and Infrastructure included deferred earnings from contracted sales that were contracted in the current period, and prepayment for these sales was received. Revenue was recognized in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income when delivery under these forward sales transactions was completed in the third and fourth quarters of 2024. Consolidation and Other adjusts for the inclusion of deferred earnings from contracted sales in Total Segment Operating Margin of $90,000.













































Condensed Consolidated Balance Sheets
As of June 30, 2025 and December 31, 2024
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)

June 30, 2025December 31, 2024
Assets
Current assets
Cash and cash equivalents$551,109 $492,881 
Restricted cash270,298 472,696 
Receivables, net of allowances of $13,571 and $13,629, respectively
269,405 335,813 
Inventory74,000 103,224 
Prepaid expenses and other current assets, net317,687 205,496 
Total current assets1,482,499 1,610,110 
Construction in progress4,072,291 3,574,389 
Property, plant and equipment, net5,539,901 5,842,807 
Right-of-use assets437,548 618,733 
Intangible assets, net194,752 179,510 
Goodwill15,938 766,350 
Deferred tax assets, net155 2,698 
Other non-current assets, net214,246 272,899 
Total assets$11,957,330 $12,867,496 
Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings$1,181,559 $539,132 
Accounts payable578,835 473,736 
Accrued liabilities253,043 391,359 
Current lease liabilities79,060 128,362 
Other current liabilities108,807 174,829 
Total current liabilities2,201,304 1,707,418 
Long-term debt7,805,260 8,355,703 
Non-current lease liabilities341,509 475,161 
Deferred tax liabilities, net61,770 73,198 
Other long-term liabilities154,139 166,358 
Total liabilities10,563,982 10,777,838 
Commitments and contingencies
Series B convertible preferred stock, $0.01 par value, 36,746 shares authorized, issued and outstanding as of June 30, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $36,746 and $96,746 at June 30, 2025 and December 31, 2024
41,154 90,570 
Stockholders’ equity
Class A common stock, $0.01 par value, 750 million shares authorized, 274.2 million issued and outstanding as of June 30, 2025; 266.5 million issued and outstanding as of December 31, 2024
2,742 2,664 
Additional paid-in capital1,725,985 1,674,312 
Retained earnings (accumulated deficit)(558,397)196,363 
Accumulated other comprehensive income 59,426 3,089 
Total stockholders’ equity attributable to NFE1,229,756 1,876,428 
Non-controlling interest122,438 122,660 
Total stockholders’ equity1,352,194 1,999,088 
Total liabilities and stockholders’ equity$11,957,330 $12,867,496 


Condensed Consolidated Statements of Operations
For the three and six months ended June 30, 2025 and 2024
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues
Operating revenue$227,204 $291,222 $612,085 $900,726 
Vessel charter revenue46,739 52,416 92,175 99,071 
Other revenue27,749 84,368 67,968 118,530 
Total revenues301,692 428,006 772,228 1,118,327 
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)208,852 221,860 511,229 450,977 
Vessel operating expenses8,056 8,503 15,232 16,899 
Operations and maintenance59,817 39,292 114,774 107,840 
Selling, general and administrative57,256 70,578 116,527 141,332 
Transaction and integration costs75,384 1,760 87,315 3,131 
Depreciation and amortization52,870 37,413 105,927 87,904 
Goodwill impairment expense582,172 — 582,172 — 
Asset impairment expense117,312 4,272 117,558 4,272 
(Gain) loss on sale(472,699)— (472,699)77,140 
Total operating expenses689,020 383,678 1,178,035 889,495 
Operating (loss) income(387,328)44,328 (405,807)228,832 
Interest expense206,408 80,399 420,102 157,743 
Other (income) expense, net(56,262)47,354 (120,199)66,466 
Loss on extinguishment of debt, net20,320 — 20,787 9,754 
Loss before income taxes(557,794)(83,425)(726,497)(5,131)
Tax (benefit) provision(967)3,435 27,703 25,059 
Net loss(556,827)(86,860)(754,200)(30,190)
Net loss attributable to common stockholders$(555,077)$(90,044)$(755,206)$(36,105)
Net loss per share – basic$(2.02)$(0.44)$(2.76)$(0.18)
Net loss per share – diluted$(2.02)$(0.44)$(2.76)$(0.18)
Weighted average number of shares outstanding – basic274,371,636 205,070,756 273,996,219 205,066,362 
Weighted average number of shares outstanding – diluted274,371,636 205,851,364 273,996,219 205,846,970