$NFE

New Fortress Energy Inc.

CIK:0001749723|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Operating revenue	$ 272,436	$ 228,088	$ 457,650	$ 612,969
Vessel charter revenue	16,091	46,739	27,319	92,175
Contract novation income	1,275	1,693	2,218	3,439
Total other revenue	22,700	27,580	52,268	67,799
Total revenues	312,502	304,100	539,455	776,382
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	210,380	208,162	410,065	510,539
Vessel operating expenses	5,973	8,068	6,627	15,244
Operations and maintenance	41,048	57,403	89,313	112,343
Selling, general and administrative	85,342	56,559	132,982	108,379
Transaction and integration costs	72,483	75,354	125,767	87,285
Depreciation and amortization	45,590	52,870	86,672	109,181
Goodwill impairment expense	0	582,172	0	582,172
Asset impairment expense	0	122,883	61,864	123,129
Loss (Gain) on sale	404	(470,994)	258	(470,994)
Total operating expenses	461,220	692,477	913,548	1,177,278
Operating (loss) income	(148,718)	(388,377)	(374,093)	(400,896)
Interest expense	226,672	186,389	413,552	386,698
Other (income) expense, net	1,236	(59,024)	(41,956)	(122,961)
Loss on extinguishment of debt	4,293	20,320	4,293	20,787
(Loss) income before income taxes	(380,919)	(536,062)	(749,982)	(685,420)
Tax (benefit) provision	(7,964)	10,400	23,577	36,468
Net (loss) income	(372,955)	(546,462)	(773,559)	(721,888)
Net (loss) income attributable to common stockholders	$ (371,441)	$ (544,712)	$ (771,386)	$ (722,894)
Net (loss) income per share - basic (in dollars per share)	$ (1.30)	$ (1.99)	$ (2.70)	$ (2.64)
Net (loss) income per share – diluted (in dollars per share)	$ (1.30)	$ (1.99)	$ (2.70)	$ (2.64)
Weighted average number of shares outstanding, basic (in shares)	285,607,906	274,371,636	285,654,849	273,996,219
Weighted average number of shares outstanding - diluted (in shares)	285,607,906	274,371,636	285,654,849	273,996,219
Other comprehensive (loss) income:
Currency translation adjustment	$ 3,179	$ 29,920	$ 37,509	$ 54,173
Comprehensive (loss) income	(369,776)	(516,542)	(736,050)	(667,715)
Comprehensive (income) loss attributable to non-controlling interest	2,130	616	2,758	(2,263)
Comprehensive (loss) income attributable to stockholders	$ (367,646)	$ (515,926)	$ (733,292)	$ (669,978)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (773,559)	$ (721,888)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	21,643	43,073
Depreciation and amortization	107,867	127,785
Deferred taxes	(9,766)	11,822
Share-based compensation	8,812	5,021
Asset impairment expense	61,864	123,129
Goodwill impairment expense	0	582,172
(Gain) loss on sale	258	(470,994)
Loss on extinguishment of debt	4,293	20,787
(Earnings) recognized from vessels chartered to third parties transferred to Energos	(3,652)	(23,329)
Other	9,269	(14,422)
Changes in operating assets and liabilities:
(Increase) decrease in receivables	145,653	(16,317)
(Increase) decrease in inventories	(1,723)	6,112
(Increase) decrease in other assets	(70,052)	(37,370)
(Increase) decrease in right-of-use assets	33,405	32,772
Increase (decrease) in accounts payable/accrued liabilities	134,486	101,753
Increase (decrease) in lease liabilities	(27,776)	(39,857)
Increase (decrease) in other liabilities	80,737	(66,440)
Net cash provided by (used in) operating activities	(278,241)	(336,191)
Cash flows from investing activities
Capital expenditures	(83,848)	(501,730)
Sale of Jamaica business	0	949,456
Other investing activities	0	4,791
Net cash provided by (used in) investing activities	(83,848)	452,517
Cash flows from financing activities
Proceeds from borrowings of debt	1,201,276	1,316,864
Repayment of debt	(674,194)	(1,390,187)
Payments made for capital expenditures paid beyond customary vendor payment terms	(16,114)	(199,033)
Payment of deferred financing costs	(6,443)	(27,774)
Payment of dividends	0	(3,014)
Other financing activities	(7,132)	(6,317)
Net cash provided by (used in) financing activities	497,393	(309,461)
Impact of changes in foreign exchange rates on cash and cash equivalents	7,901	48,965
Net increase (decrease) in cash, cash equivalents and restricted cash	143,205	(144,170)
Cash, cash equivalents and restricted cash – beginning of period	356,942	965,577
Cash, cash equivalents and restricted cash – end of period	500,147	821,407
Supplemental disclosure of non-cash investing and financing activities:
Changes in accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	65,703	(186,115)
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	239,098	272,194
Proceeds held in escrow	0	98,635
Principal payments on financing obligation to Energos by third-party charters	0	(17,027)
Cash and cash equivalents	161,191	551,109
Restricted cash	338,956	270,298
Cash, cash equivalents and restricted cash – end of period	$ 500,147	$ 821,407

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 161,191	$ 226,453
Restricted cash	338,956	130,489
Receivables, net of allowances of $17,533 and $17,800, respectively	276,693	451,962
Inventory	119,834	119,447
Prepaid expenses and other current assets, net	512,557	400,347
Total current assets	1,409,231	1,328,698
Construction in progress	3,557,258	3,593,971
Property, plant and equipment, net	5,253,168	4,892,737
Right-of-use assets	209,583	411,817
Intangible assets, net	190,358	187,596
Other non-current assets, net	109,222	140,804
Total assets	10,728,820	10,555,623
Current liabilities
Current portion of long-term debt and short-term borrowings	6,727,175	7,073,477
Accounts payable	608,408	731,619
Accrued liabilities	1,032,745	597,776
Current lease liabilities	83,040	72,257
Other current liabilities	247,889	177,809
Total current liabilities	8,699,257	8,652,938
Long-term debt	2,131,176	1,105,442
Non-current lease liabilities	172,277	318,819
Deferred tax liabilities, net	70,195	76,502
Other long-term liabilities	88,353	92,291
Total liabilities	11,161,258	10,245,992
Commitments and contingencies (Note 18)
Stockholders’ (deficit) equity
Class A common stock, $0.01 par value, 750 million shares authorized, 285.6 million issued and outstanding as of June 30, 2026; 284.6 million issued and outstanding as of December 31, 2025	2,856	2,845
Additional paid-in capital	1,773,290	1,776,306
Retained earnings (accumulated deficit)	(2,421,978)	(1,650,592)
Accumulated other comprehensive income	92,182	54,088
Total stockholders’ (deficit) equity attributable to NFE	(553,650)	182,647
Non-controlling interest	121,212	126,984
Total stockholders’ (deficit) equity	(432,438)	309,631
Total liabilities and stockholders’ (deficit) equity	$ 10,728,820	$ 10,555,623