New Fortress Energy (NFE) Q4 2024 earnings summary

Executive summary

• Achieved $313 million in Q4 2024 adjusted EBITDA, over 50% above guidance, and $950 million for the full year; 2025 EBITDA guidance reaffirmed at $1 billion, driven by FLNG performance and gas supply optimization.

• FLNG 1 asset outperformed, operating above nameplate capacity since entering service in December 2024; FLNG 2 construction is over 50% complete and expected to leverage operational synergies.

• Significant progress in Puerto Rico and Brazil, including contract extensions, new build and conversion opportunities, and strong positioning for Brazil's 2025 power auction.

• Robust capital markets activity: $400 million equity raised, $2.7 billion bond issued, $900 million revolver extended, $425 million Term Loan B upsize, and Brazilian facility refinanced.

• Asset sales in Jamaica, Brazil, and ship charters expected to generate ~$2 billion for debt reduction and deleveraging.

Financial highlights

• Q4 2024 segment operating margin was $240 million; full year 2024 segment operating margin just under $1.1 billion.

• Q4 2024 revenue: $679 million; full year 2024 revenue: $2.36 billion.

• Q4 2024 Adjusted EBITDA: $313 million (up 78% QoQ); full year: $950 million.

• Q4 2024 net loss: $224 million; full year net loss: $242 million, mainly due to $235–$260 million in non-cash debt extinguishment charges.

• Q4 2024 Adjusted Net Income: $29 million ($0.13/share); full year: $101 million ($0.46/share).

Outlook and guidance

• 2025 adjusted EBITDA guidance reaffirmed at $1 billion, supported by FLNG production, asset sales, and organic growth in core markets.

• Expectation to generate $2 billion in net proceeds from asset sales in 2025, primarily to deleverage and pay down corporate debt.

• Significant growth expected from new power plant builds and conversions in Puerto Rico and participation in Brazil's 2025 power auction (10–15 GW capacity to be awarded).

• Continued commissioning of Fast LNG asset expected to enhance future performance and energy security.