NEW YORK, May 14, 2025--(BUSINESS WIRE)--New Fortress Energy Inc. (Nasdaq: NFE) ("NFE" or the "Company") today announced the completion of the sale of its assets and operations in Jamaica to Excelerate Energy, Inc. (NYSE: EE) ("Excelerate") for $1.055 billion. The transaction was initially announced by NFE on March 27, 2025. Proceeds from the transaction will be used to reduce NFE’s corporate debt and for general corporate purposes.

Pursuant to the transaction, Excelerate Energy, Inc. has acquired full ownership of NFE’s LNG import terminal in Montego Bay, offshore floating storage and regasification terminal in Old Harbour, and 150 MW Combined Heat and Power Plant in Clarendon, along with the associated infrastructure.

"The closing of the sale of our Jamaican assets to Excelerate is a significant milestone for the Company as we streamline our operations and paydown corporate debt through asset sales," said Wes Edens, Chairman and CEO of New Fortress Energy. "NFE has made a positive impact on Jamaica’s energy transition, and we are proud of the contributions our world class employees and assets have made in improving energy costs and reliability on the island. We are confident that Excelerate will continue NFE’s vision of providing reliable and cost-effective energy to Jamaica and continue to drive substantial progress towards improving Jamaica’s energy future."

The Company today also reported its financial results for the first quarter of 2025.

Adjusted EBITDA(1) of $82 million in the first quarter of 2025 Net loss of $197 million in the first quarter of 2025 EPS of $(0.73) on a fully diluted basis in the first quarter of 2025 Total cash balance of $827 million, of which $448 million is unrestricted as of March 31, 2025

Our first quarter 2025 Adjusted EBITDA of $82 million is entirely comprised of what we consider to be core earnings, which consist of earnings from our terminal and vessel operations without regard to any one-time gains that have benefited our results in prior periods. Other than the novation income that we earned last quarter, our revenue from terminal operations have been largely unchanged since the termination of our temporary power contract in the first quarter of 2024. As we have previously disclosed, we sold the emergency power plants to the Puerto Rico Electric Power Authority in March 2024 and no longer recognize revenue from the temporary power project. We are pursuing a request for equitable adjustment related to the early termination of the temporary power project.

Story Continues

We have a number of notable one time events such as the FEMA claim, FSRU sub charters, and the Genera incentive payment that we expect will boost remaining earnings through 2025. We expect our core earnings to increase as our developments in Brazil, Nicaragua and expansions in Puerto Rico, come online(3).

In Brazil, we have continued to make great progress on our power plant developments, with our 624 MW CELBA plant ~95% complete(3), and the adjacent PortoCem power plant that is over 50% complete(3). Both projects are on-time and on-budget and we expect to start generating earnings from the CELBA power plant in the third quarter of this year. These developments are fully funded with asset-level debt already in place.

Our Fast LNG asset has been fully commissioned, and we are in the process of increasing available liquefaction capacity through optimization projects.

We have just announced the closing of the sale of our Jamaican assets and operations to Excelerate Energy, Inc. for $1.055 billion, highlighting our near term focus on asset sales and corporate debt reduction. We’ve committed to use the proceeds of this transaction to pay down $270 million of our Revolving Credit Facility, and pay down $55 million of our Term Loan A facility, with remaining proceeds going to cash on our balance sheet.

Following the sale of our Jamaica business, our plan is to simplify our balance sheet with a potential asset based financing with a similar structure to other liquefier financings and using our robust portfolio of LNG terminals and long term LNG supply and downstream demand contracts.

Financial Detail

Three Months Ended (in millions, except per share amounts) March 31, 2024  December 31, 2024   March 31, 2025  Revenues $ 690.3  $ 679.0   $ 470.5  Net income (loss) $ 56.7  $ (223.5 )  $ (197.4 ) Diluted EPS $ 0.26  $ (1.11 )  $ (0.73 ) Terminals and Infrastructure Segment Operating Margin(2) $ 350.1  $ 206.1   $ 74.6  Ships Segment Operating Margin(2) $ 34.2  $ 34.1   $ 31.4  Total Segment Operating Margin(2) $ 384.3  $ 240.2   $ 106.0  Adjusted EBITDA(1) $ 340.1  $ 313.5   $ 82.3

Please refer to our Q1 2025 Investor Presentation (the "Presentation") for further information about the following terms:

1)"Adjusted EBITDA," see definition and reconciliation of this non-GAAP measure in the exhibits to this press release.

2) "Total Segment Operating Margin" is the total of our Terminals and Infrastructure Segment Operating Margin and Ships Segment Operating Margin, each as reported in our financial statements. Our segment measure also excludes unrealized mark-to-market gains or losses on derivative instruments, certain contract acquisition costs and deferred earnings from contracted sales for which a prepayment has been received.

3) "Completed", "Placed into service" "Online" or similar statuses (either capitalized or lower case) with respect to a particular project means we expect gas to be made available in the near future, gas has been made available to the relevant project, or that the relevant project is in full commercial operations. Where gas is going to be made available or has been made available but full commercial operations have not yet begun, full commercial operations will occur later than, and may occur substantially later than, our reported Operational, Completion or Deployment date, and we may not generate any revenue until full commercial operations have begun. We cannot assure you if or when such projects will reach full commercial operation. Our ability to export liquefied natural gas depends on our ability to obtain export and other permits from governmental and regulatory agencies. No assurance can be given that we will receive required permits, approvals and authorizations from governmental and regulatory agencies in connection with the exportation of liquefied natural gas on a timely basis or at all or that, once received, we will be able to maintain in full force and effect, renew or replace such permits, approvals and authorizations.

Preliminary Results

The company’s actual operating results remain subject to the completion of its quarter-end closing process, which includes review by management and the Audit Committee of the company’s Board of Directors. While carrying out such procedures, the company may identify items that would require it to make adjustments to the preliminary estimates of the results set forth herein. As a result, the company’s actual results could differ from the preliminary results set forth herein and such differences could be material. The information presented herein should not be considered a substitute for the financial information the company files with the Securities and Exchange Commission in its Quarterly Report on Form 10-Q for the three months ended March 31, 2025. The company has no intention or obligation to update the preliminary estimates of operating results set forth above prior to the release of its consolidated financial statements as of and for the three months ended March 31, 2025.

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investors section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K, which is available on the Company’s website. Nothing on our website is included or incorporated by reference herein.

Earnings Conference Call

Management will host a conference call on Wednesday, May 14, 2025 at 4:30 P.M. Eastern Time. The conference call may be accessed by dialing (888) 256-1007 (toll free from within the U.S.) or +1-323-701-0225 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference "NFE First-Quarter 2025 Earnings Call" or conference code 8378656.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com under the Investors section within "Events & Presentations." Please allow time prior to the call to visit the site and download any necessary software required to listen to the internet broadcast. A replay of the conference call will be available at the same website location shortly after the conclusion of the live call.

About New Fortress Energy Inc.

New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.

Cautionary Statement Concerning Forward-Looking Statements This press release contains certain statements and information that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as "expects," "may," "will," "can," "could," "should," "predicts," "intends," "plans," "estimates," "anticipates," "believes," "schedules," "progress," "targets," "budgets," "outlook," "trends," "forecasts," "projects," "guidance," "focus," "on track," "goals," "objectives," "strategies," "opportunities," "poised," or the negative version of those words or other comparable words. Forward looking statements include statements regarding the transaction, including deleveraging following the closing of the transaction and other anticipated benefits from the transaction. These forward-looking statements are based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company’s control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: our strategy and plans for the Company, including the structure, form, timing and nature of the Company’s business in the future and characteristics of the business going forward; risks related to the development, construction, completion or commissioning schedule for the facilities; risks related to the operation and maintenance of our facilities and assets; failure of our third-party contractors, equipment manufacturers, suppliers and operators to perform their obligations for the development, construction and operation of our projects, vessels and assets; our ability to implement our business strategy; our capital allocation plans, as such plans may change including with respect to de-leveraging actions; operational execution by our businesses; changes in law, economic and financial conditions, including the effect of enactment of U.S. tax reform or other tax law changes, trade policy and tariffs, interest and exchange rate volatility, commodity and equity prices and the value of financial assets; the other factors that are described in "Forward-Looking Statements" in the Company’s most recent earnings release or SEC filings; and the other factors that are described in "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as updated in our Quarterly Reports on Form 10-Q. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of the Company’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no duty to update or revise any forward-looking statements, even though our situation may change in the future or we may become aware of new or updated information relating to such forward-looking statements. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in New Fortress Energy Inc.’s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement.

Source: New Fortress Energy Inc.

Exhibits – Financial Statements

Condensed Consolidated Statements of Operations

For the three months ended December 31, 2024 and March 31, 2025

(Unaudited, in thousands of U.S. dollars, except share and per share amounts)  For the Three Months Ended December 31, 2024  March 31, 2025 Revenues  Total revenues  678,998    470,536   Operating expenses  Cost of sales (exclusive of depreciation and amortization shown separately below)  288,398    302,377  Vessel operating expenses  8,219    7,176  Operations and maintenance  34,411    54,957  Selling, general and administrative  61,800    59,271  Transaction and integration costs  5,994    11,931  Depreciation and amortization  38,746    53,057  Asset impairment expense  10,738    246  Loss (gain) on sale of assets, net  422    —  Total operating expenses  448,728    489,015  Operating income (loss)  230,270    (18,479 ) Interest expense  99,527    213,694  Other expense (income), net  52,447    (63,937 ) Loss on extinguishment of debt, net  260,309    467  (Loss) before income taxes  (182,013 )   (168,703 ) Tax provision  41,497    28,670  Net (loss)  (223,510 )   (197,373 )  Net (loss) attributable to common stockholders $ (242,139 )  $ (200,129 )  Net (loss) per share - basic $ (1.11 )  $ (0.73 ) Net (loss) per share - diluted $ (1.11 )  $ (0.73 )  Weighted average number of shares outstanding – basic  217,581,687    273,609,766  Weighted average number of shares outstanding – diluted  217,581,687    273,609,766

Adjusted EBITDA For the three months ended March 31, 2025 (Unaudited, in thousands of U.S. dollars)

Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income from operations, net income, cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP measure, as we have defined it, offers a useful supplemental view of the overall operation of our business in evaluating the effectiveness of our ongoing operating performance in a manner that is consistent with metrics used for management’s evaluation of our overall performance and to compensate employees. We believe that Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation, and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, we exclude certain items from our SG&A not otherwise indicative of ongoing operating performance.

We calculate Adjusted EBITDA as net income, plus transaction and integration costs, contract termination charges and loss on mitigations sales, depreciation and amortization, asset impairment expense, loss on asset sales, interest expense, net, other (income) expense, net, loss on extinguishment of debt, changes in fair value of non-hedge derivative instruments and contingent consideration, tax expense, and adjusting for certain items from our SG&A not otherwise indicative of ongoing operating performance, including non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost to pursue new business opportunities and expenses associated with changes to our corporate structure, certain non-capitalizable contract acquisition costs plus our pro rata share of Adjusted EBITDA from certain unconsolidated entities, less the impact of equity in earnings (losses) of certain unconsolidated entities.

Adjusted EBITDA is mathematically equivalent to our Total Segment Operating Margin, as reported in the segment disclosures within our financial statements, minus Core SG&A, including our pro rata share of such expenses of certain unconsolidated entities, minus deferred earnings for which a prepayment was received. Core SG&A is defined as total SG&A adjusted for non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost of exploring new business opportunities and expenses associated with changes to our corporate structure. Core SG&A excludes certain items from our SG&A not otherwise indicative of ongoing operating performance.

The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income, and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA does not have a standardized meaning, and different companies may use different Adjusted EBITDA definitions. Therefore, Adjusted EBITDA may not be necessarily comparable to similarly titled measures reported by other companies. Moreover, our definition of Adjusted EBITDA may not necessarily be the same as those we use for purposes of establishing covenant compliance under our financing agreements or for other purposes. Adjusted EBITDA should not be construed as alternatives to net income and diluted earnings per share attributable to New Fortress Energy, which are determined in accordance with GAAP.

The following table sets forth a reconciliation of net income to Adjusted EBITDA for the three months ended March 31, 2024, December 31, 2024 and March 31, 2025:

(in thousands)  Three Months Ended March 31,
2024  Three Months Ended December 31,
2024  Three Months Ended March 31,
2025 Total Segment Operating Margin  $ 384,260  $ 240,243   $ 106,026  Less: Core SG&A (see definition above)   44,112   34,484    34,086  Less: Revenue recognized from deferred earnings from cargo sales   —  $ (107,727 )   —  Add: Depreciation in Cost of Sales   —  $ —    10,401  Adjusted EBITDA (Non-GAAP)  $ 340,148  $ 313,486   $ 82,341    Net income (loss)  $ 56,670  $ (223,510 )  $ (197,373 ) Add: Interest expense   77,344   99,527    213,694  Add: Tax provision   21,624   41,497    28,670  Add: Depreciation and amortization   50,491   38,746    63,458  Add: Asset impairment expense   —   10,738    246  Add: SG&A items excluded from Core SG&A (see definition above)   26,642   27,316    25,185  Add: Transaction and integration costs   1,371   5,994    11,931  Add: Other expense (income), net   19,112   52,447    (63,937 ) Add: Loss on extinguishment of debt, net   9,754   260,309    467  Add: Loss on sale of assets, net   77,140   422    —  Adjusted EBITDA  $ 340,148  $ 313,486   $ 82,341

Segment Operating Margin (Unaudited, in thousands of U.S. dollars)

Performance of our two segments, Terminals and Infrastructure and Ships, is evaluated based on Segment Operating Margin. Segment Operating Margin reconciles to Consolidated Segment Operating Margin as reflected below, which is a non-GAAP measure. We define Consolidated Segment Operating Margin as GAAP net income, adjusted for selling, general and administrative expense, transaction and integration costs, contract termination charges and loss on mitigation sales, depreciation and amortization, asset impairment expense, loss on asset sales, interest expense, other (income) expense, loss on extinguishment of debt, net, (income) loss from equity method investments and tax (benefit) provision. Consolidated Segment Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance minus Vessel operating expenses, each as reported in our financial statements.

Three Months Ended March 31, 2025 (in thousands of $) Terminals and
Infrastructure  Ships  Total
Segment  Consolidation
and Other  Consolidated Segment Operating Margin $ 74,593  $ 31,433  $ 106,026  $ —  $ 106,026  Less:  Selling, general and administrative          59,271  Transaction and integration costs          11,931  Depreciation and amortization          53,057  Asset impairment expense          246  Interest expense          213,694  Other expense, net          (63,937 ) Loss on extinguishment of debt, net          467  Tax provision          28,670  Net (loss)         $ (197,373 )

Three Months Ended December 31, 2024 (in thousands of $) Terminals and
Infrastructure  Ships  Total
Segment  Consolidation
and Other ⁽¹⁾  Consolidated Segment Operating Margin $ 206,099  $ 34,144  $ 240,243  $ 107,727  $ 347,970  Less:  Selling, general and administrative          61,800  Transaction and integration costs          5,994  Depreciation and amortization          38,746  Asset impairment expense          10,738  Loss on sale of assets, net          422  Interest expense          99,527  Other expense, net          52,447  Loss on extinguishment of debt, net          260,309  Tax provision          41,497  Net (loss)         $ (223,510 )

(1)  Consolidation and Other adjusts for deferred earnings that were included in Terminals and Infrastructure in the prior quarters, but were recognized as revenue during the fourth quarter of 2024.

Three Months Ended March 31, 2024 (in thousands of $) Terminals and Infrastructure  Ships  Total Segment  Consolidation and

Other  Consolidated Segment Operating Margin $ 350,072  $ 34,188  $ 384,260  $ —  $ 384,260 Less:  Selling, general and administrative          70,754 Transaction and integration costs          1,371 Depreciation and amortization          50,491 Interest expense          77,344 Other expense, net          19,112 Loss on sale of assets, net          77,140 Loss on extinguishment of debt, net          9,754 Tax provision          21,624 Net income         $ 56,670

Condensed Consolidated Balance Sheets

For the three months ended March 31, 2025 and 2024

(Unaudited, in thousands of U.S. dollars, except share and per share amounts)  March 31, 2025  December 31, 2024 Assets  Current assets  Cash and cash equivalents $ 447,862   $ 492,881 Restricted cash  379,537    472,696 Receivables, net of allowances of $13,322 and $13,629, respectively  273,136    335,813 Inventory  66,695    103,224 Assets held for sale - current  104,553    — Prepaid expenses and other current assets, net  201,925    205,496 Total current assets  1,473,708    1,610,110  Construction in progress  3,901,113    3,574,389 Property, plant and equipment, net  5,545,980    5,842,807 Right-of-use assets  465,939    618,733 Intangible assets, net  188,118    179,510 Goodwill  594,256    766,350 Deferred tax assets, net  6,848    2,698 Assets held for sale - non-current  633,654    — Other non-current assets, net  218,464    272,899 Total assets $ 13,028,080   $ 12,867,496  Liabilities  Current liabilities  Current portion of long-term debt and short-term borrowings $ 260,848   $ 539,132 Accounts payable  655,073    473,736 Accrued liabilities  268,083    391,359 Current lease liabilities  82,442    128,362 Liabilities held for sale - current  35,894    — Other current liabilities  171,342    174,829 Total current liabilities  1,473,682    1,707,418  Long-term debt  8,931,506    8,355,703 Non-current lease liabilities  355,050    475,161 Deferred tax liabilities, net  51,359    73,198 Liabilities held for sale - non-current  135,398    — Other long-term liabilities  168,851    166,358 Total liabilities  11,115,846    10,777,838  Commitments and contingencies (Note 20)   Series B convertible preferred stock, $0.01 par value, 36,746 shares authorized, issued and outstanding as of March 31, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $36,746 and $96,746 at March 31, 2025 and December 31, 2024  40,708    90,570  Stockholders’ equity  Class A common stock, $0.01 par value, 750 million shares authorized, 273.8 million issued and outstanding as of March 31, 2025; 266.5 million issued and outstanding as of December 31, 2024  2,738    2,664 Additional paid-in capital  1,722,829    1,674,312 Retained earnings (accumulated deficit)  (3,766 )   196,363 Accumulated other comprehensive income  26,671    3,089 Total stockholders’ equity attributable to NFE  1,748,472    1,876,428 Non-controlling interest  123,054    122,660 Total stockholders’ equity  1,871,526    1,999,088 Total liabilities and stockholders’ equity $ 13,028,080   $ 12,867,496

Condensed Consolidated Statements of Operations

For the three months ended March 31, 2025 and 2024

(Unaudited, in thousands of U.S. dollars, except share and per share amounts)  Three Months Ended March 31, 2025  2024 Revenues  Operating revenue $ 384,881   $ 609,504 Vessel charter revenue  45,436    46,655 Other revenue  40,219    34,162 Total revenues  470,536    690,321  Operating expenses  Cost of sales (exclusive of depreciation and amortization shown separately below)  302,377    229,117 Vessel operating expenses  7,176    8,396 Operations and maintenance  54,957    68,548 Selling, general and administrative  59,271    70,754 Transaction and integration costs  11,931    1,371 Depreciation and amortization  53,057    50,491 Asset impairment expense  246    — Loss on sale of assets, net  —    77,140 Total operating expenses  489,015    505,817 Operating (loss) income  (18,479 )   184,504 Interest expense  213,694    77,344 Other (income) expense, net  (63,937 )   19,112 Loss on extinguishment of debt, net  467    9,754 (Loss) income before income taxes  (168,703 )   78,294 Tax provision  28,670    21,624 Net (loss) income  (197,373 )   56,670  Net (loss) income attributable to common stockholders $ (200,129 )  $ 53,939  Net (loss) income per share – basic $ (0.73 )  $ 0.26 Net (loss) income per share – diluted $ (0.73 )  $ 0.26  Weighted average number of shares outstanding – basic  273,609,766    205,061,967 Weighted average number of shares outstanding – diluted  273,609,766    205,977,720

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Contacts

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Media Relations: 
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(516) 268-7403

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