NASDAQ: NFE
New Fortress Energy Inc.CIK 0001749723 · SIC 4924 · Natural Gas Distribution
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New Fortress Energy CFO Christopher Guinta resigns effective immediately
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NFE enters debt restructuring, posts -$373.0M net loss, faces going concern and delisting
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NFE Brazil subsidiary issues $973.5M of 12% secured notes to refinance debt and fund operations
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New Fortress Energy stockholders approve 1-for-50 reverse split and major governance overhaul
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New Fortress Energy CAO Michael Lowe to resign July 1; Global Controller Fred Hundt promoted
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New Fortress Energy announces updates to UK Restructuring Plan implementation
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NFE: revenue $227.0M, net income -$400.6M. NFE in default across debt facilities, restructuring to divest Brazil ops and dilute equity 96%
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New Fortress Energy subsidiary secures $885M debt financing for Brazil operations
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New Fortress Energy receives Nasdaq delisting notice, plans reverse stock split
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NFE: revenue $1.50B, net income -$1.83B. NFE discloses going concern doubt, debt restructuring, and adverse audit opinion on controls
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Latest financial statements
From 10-Q filed Aug 6, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 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 |
| 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 | — | 582,172 | — | 582,172 |
| Asset impairment expense | — | 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 | (1.30) | (1.99) | (2.70) | (2.64) |
| Net (loss) income per share diluted | (1.30) | (1.99) | (2.70) | (2.64) |
| Weighted average number of shares outstanding basic | 285,607,906 | 274,371,636 | 285,654,849 | 273,996,219 |
| Weighted average number of shares outstanding diluted | 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 Balance Sheets (Unaudited)
(Unaudited, in thousands of U.S. dollars, except share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| 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 |
| Liabilities | ||
| 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 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Unaudited, in thousands of U.S. dollars)
| Description | Six months ended June 30, 2026 | Six months ended June 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 | — | 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 | — | 949,456 |
| Other investing activities | — | 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 | — | (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 | — | 98,635 |
| Principal payments on financing obligation to Energos by third-party charters | — | (17,027) |
Amounts as printed on the EDGAR/iXBRL face — (Unaudited, in thousands of U.S. dollars, except share and per share amounts); (Unaudited, in thousands of U.S. dollars, except share amounts); (Unaudited, in thousands of U.S. dollars). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗