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Highlights
New Fortress Energy reported a net loss of USD 557 million in Q2 2025, driven by USD 699 million in non-cash impairments.
The company booked a USD 473 million gain from the sale of its Jamaican operations during the quarter.
NFE has initiated a strategic review to evaluate asset sales, capital raising, and refinancing options to improve liquidity.
New Fortress Energy Inc. (NASDAQ:NFE) announced its financial results for the second quarter of 2025. The company posted a net loss of USD 557 million, with significant non-cash impairments of assets and goodwill totaling USD 699 million.
Adjusted EBITDA for the quarter was negative USD 4 million, while earnings per share stood at negative USD 2.02 on a fully diluted basis.
The company reported a total cash balance of USD 821 million as of June 30, 2025, of which USD 551 million was unrestricted.
One-Time Gain and Impairments
During the quarter, NFE completed the sale of its Jamaican operations, generating a gain of USD 473 million. However, this was offset by the large impairment charges, which weighed heavily on quarterly earnings.
The impairments included reductions in asset values and goodwill, reflecting accounting adjustments that contributed to the overall reported loss.
Business Developments and Operations
NFE highlighted several ongoing projects and commercial initiatives aimed at supporting its operations and future earnings. These include:
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Continued negotiations with the Puerto Rico Electric Power Authority (PREPA) for a long-term gas supply agreement, with an interim weekly extension in place.
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Engagement with FEMA and the US Army Corps of Engineers over a Request for Equitable Adjustment related to temporary power solutions in Puerto Rico.
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Commissioning of the 624 MW CELBA power plant, which is expected to be operational before year-end.
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Progress on the PortoCem power plant in Brazil, now more than 70% complete and fully funded with asset-level debt.
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Execution of multiple shipping charters, including long-term agreements with the Egyptian Natural Gas Holding Company (EGAS) and Energia 2000 S.A.
The company also noted that FLNG 1 performed at or above nameplate capacity throughout the second quarter.
Strategic Review Underway
To address liquidity and capital structure challenges, NFE has initiated a process to evaluate strategic alternatives. The company has engaged Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor.
Options under consideration include asset sales, capital raising, debt amendments, refinancing transactions, and other potential strategic initiatives. Discussions with stakeholders and potential investors are ongoing.
NFE cautioned that the outcome of these negotiations is uncertain, and there can be no assurances that the transactions under consideration will be completed or that they will sufficiently improve liquidity.
About New Fortress Energy
New Fortress Energy Inc. is a global energy infrastructure company focused on addressing energy access and supporting the transition to reliable and affordable energy solutions worldwide.
