$FIP

FTAI Infrastructure Inc.

CIK:0001899883|SEC Filings

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 186,768	$ 122,286	$ 375,132	$ 218,447
Expenses
Operating expenses	117,333	74,435	237,727	141,480
General and administrative	3,674	3,862	7,228	8,975
Acquisition and transaction expenses	6,021	8,704	12,841	12,219
Management fees and incentive allocation to affiliate	3,677	3,680	7,769	6,222
Depreciation and amortization	39,511	33,998	90,202	59,010
Asset impairment	63,188	4,401	63,188	4,401
Total expenses	233,404	129,080	418,955	232,307
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	(560)	(1,995)	(1,078)	3,319
(Loss) gain on sale of assets, net	(16)	0	(582)	119,828
Loss on modification or extinguishment of debt	(1,602)	(4,066)	(47,516)	(4,073)
Interest expense	(105,492)	(59,204)	(187,979)	(102,316)
Other income	3,287	3,052	6,271	6,745
Total other (expense) income	(104,383)	(62,213)	(230,884)	23,503
(Loss) income before income taxes	(151,019)	(69,007)	(274,707)	9,643
(Benefit from) provision for income taxes	(11,576)	952	(8,053)	(40,562)
Net (loss) income	(139,443)	(69,959)	(266,654)	50,205
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders	11,377	11,100	25,637	22,501
Less: Dividends and accretion of redeemable preferred stock	33,230	0	70,451	0
Less: Dividends and accretion of redeemable preferred stock	657	20,957	657	42,798
Less: Convertible preferred stock dividend	4,511	4,082	8,864	5,549
Net (loss) income attributable to stockholders	(166,464)	(83,898)	(320,989)	24,359
Net (loss) income attributable to common stockholders - Basic	$ (166,464)	$ (83,898)	$ (320,989)	$ 24,359
(Loss) earnings per share:
Basic (in dollars per share)	$ (1.41)	$ (0.73)	$ (2.73)	$ 0.21
Diluted (in dollars per share)	$ (1.41)	$ (0.73)	$ (2.73)	$ 0.21
Weighted average shares outstanding:
Basic (in shares)	118,163,955	114,880,817	117,430,787	114,491,338
Diluted (in shares)	118,163,955	114,880,817	117,430,787	115,260,452

CONSOLIDATED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ (266,654)	$ 50,205
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses (earnings) of unconsolidated entities	1,078	(3,319)
Gain on sale of subsidiaries	0	(119,952)
Loss on modification or extinguishment of debt	47,516	4,073
Equity-based compensation	16,438	2,163
Depreciation and amortization	90,202	59,010
Asset impairment	63,188	4,401
Change in deferred income taxes	(10,952)	(41,298)
Amortization of deferred financing costs	7,218	5,218
Amortization of bond discount	42,839	5,459
Amortization of other comprehensive income	(10,523)	(4,732)
Paid-in-kind interest expense	5,115	0
Other	840	1,216
Change in:
Accounts receivable	(5,492)	(2,988)
Other assets	(2,457)	2,540
Accounts payable and accrued liabilities	(9,731)	15,593
Derivative liabilities	0	(66,178)
Other liabilities	1,035	(2,283)
Net cash used in operating activities	(30,340)	(90,872)
Cash flows from investing activities:
Investment in unconsolidated entities	(14,391)	(12,585)
Acquisition of business, net of cash acquired	(40,411)	226,628
Acquisition of property, plant and equipment	(129,029)	(148,319)
Proceeds from investor loan	0	11,001
Proceeds from sale of property, plant and equipment	9,043	2,198
Net cash (used in) provided by investing activities	(178,163)	78,359
Cash flows from financing activities:
Proceeds from debt, net	1,407,376	494,074
Repayment of debt	(1,337,217)	(126,102)
Payment of financing costs	15,796	21,545
Proceeds from financing obligation	50,000	0
Repayment of financing obligation	(920)	0
Cash dividends - common stock	(7,090)	(6,886)
Cash dividends - redeemable preferred stock	0	(25,516)
Cash dividends - redeemable preferred stock - NCI	(5,000)	0
Settlement of equity-based compensation	(2,903)	(545)
Payments to Noncontrolling Interests	(1,248)	0
Net cash provided by financing activities	87,202	313,480
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents, including cash classified within assets held for sale	(121,301)	300,967
Less: net decrease in cash classified within assets held for sale	(32,070)	0
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	(153,371)	300,967
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period	325,946	147,296
Cash and cash equivalents and restricted cash and cash equivalents, end of period	172,575	448,263
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of property, plant and equipment	78,457	47,622
Acquisition of business	0	(285,977)
Dividends and accretion of redeemable preferred stock	(657)	(17,282)
Dividends and accretion of redeemable preferred stock	(65,451)	0
Financing fees	2,676	0
Payments for Deposits on Real Estate Acquisitions	3,410	0
Acquisition of leasing equipment	0	(564)
Proceeds from Divestiture of Businesses, Net of Cash Divested	$ 35	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 32,628	$ 57,351
Restricted cash and cash equivalents	139,947	268,595
Accounts receivable, net	89,759	95,388
Other current assets	48,500	62,677
Total current assets held for sale	56,933	0
Total current assets	367,767	484,011
Leasing equipment, net	35,822	36,570
Operating lease right-of-use assets, net	154,406	133,493
Property, plant, and equipment, net	3,135,540	4,581,771
Investments	21,166	22,243
Intangible assets, net	55,980	43,173
Goodwill	275,366	365,703
Other assets	100,241	81,697
Total non-current assets held for sale	1,600,457	0
Total assets	5,746,745	5,748,661
Current liabilities:
Accounts payable and accrued liabilities	236,752	280,707
Debt, net	476,768	65,438
Operating lease liabilities	10,985	9,108
Derivative liabilities	0	34,381
Other current liabilities	29,791	20,363
Current liabilities held for sale	579,713	0
Total current liabilities	1,334,009	409,997
Debt, net	2,286,949	3,708,735
Operating lease liabilities	91,474	71,000
Derivative liabilities	0	189,116
Warrant liabilities	82,523	81,599
Deferred income tax liabilities	289,279	300,231
Other liabilities	113,020	44,000
Non-current liabilities held for sale	911,169	0
Total liabilities	5,108,423	4,804,678
Commitments and contingencies	0	0
Redeemable preferred stock	1,157,045	1,090,220
Equity
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 118,181,737 and 116,294,461 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	1,182	1,163
Additional paid in capital	553,590	623,771
Accumulated deficit	(754,009)	(512,992)
Accumulated other comprehensive loss	(130,539)	(90,618)
Stockholders' equity	(329,776)	21,324
Non-controlling interest in equity of consolidated subsidiaries	(188,947)	(167,561)
Total equity	(518,723)	(146,237)
Total liabilities, redeemable preferred stock and equity	5,746,745	5,748,661
Series B Preferred Stock
Current liabilities:
Redeemable preferred stock	153,298	152,642
Series A Preferred Stock - Railco
Current liabilities:
Redeemable preferred stock	$ 1,003,747	$ 937,578