New Fortress Energy (NFE) Q1 2025 earnings summary

Executive summary

• Completed the sale of the Jamaica Business/assets for $1.055 billion, generating a $430 million gain and net proceeds between $678 million and $800 million, with proceeds used for debt reduction and liquidity enhancement.

• Q1 2025 core earnings were $116 million, with Adjusted EBITDA of $82 million and a reported net loss of $200 million, consistent with expectations and reflecting lower one-time gains.

• Revenue for Q1 2025 was $471 million, down from $690 million in Q1 2024, primarily due to the Jamaica sale and lower delivered volumes.

• Strategic focus remains on generating long-duration, repeatable cash flows, simplifying the balance sheet, and advancing major projects in Brazil.

• Liquidity concerns persist, but recent asset sales and amended credit agreements have improved flexibility and reduced near-term debt maturities.

Financial highlights

• Adjusted EBITDA for Q1 2025 was $82 million, down from $313 million in Q4 2024 and $340 million in Q1 2024.

• Net loss attributable to common stockholders was $200 million in Q1 2025, compared to net income of $54 million in Q1 2024.

• Segment operating margin for Q1 2025 was $106 million, down from $240 million in Q4 2024 and $384 million in Q1 2024.

• Cash on hand at quarter-end was $448 million, with total available liquidity post-Jamaica sale exceeding $1.1 billion.

• Interest expense increased to $214 million in Q1 2025 from $77 million in Q1 2024.

Outlook and guidance

• 2025 AEBITDA/EBITDA plus gains guidance raised to $1.25–$1.5 billion, supported by core earnings and anticipated one-off gains from asset sales and FSRU contracts.

• Core earnings expected to accelerate in the second half of 2025 as Brazilian assets (CELBA and PortoCem) reach commercial operation.

• Proceeds from Jamaica sale to be used for debt repayment and reinvestment in new projects; management anticipates replacing lost earnings with new projects in Brazil, Nicaragua, and Puerto Rico.

• Anticipates resolution of a $659 million FEMA claim and additional one-off gains.