New Fortress Energy Inc.

For Q1 2025, NFE reported adjusted EBITDA of $82 million. Total segment operating margin was $106 million versus $240 million in Q4 2024, and core SG&A was $34 million, unchanged from Q4. GAAP net loss was $200 million, or $0.73 per share; management said there were no material one-time items in Q1, so adjusted EPS matched GAAP. Wes Edens said core earnings were consistent with prior quarters, citing historical quarters of $110 million, $177 million, $109 million, and $116 million. For 2025, management now expects EBITDA plus gains of $1.25 billion to $1.5 billion, above the prior estimate. The Jamaica sale closed at $1.055 billion, with about $800 million of net proceeds cited on the call, $778 million net proceeds after fees and debt, and a $430 million gain. Pro forma liquidity was described as more than $1.1 billion at quarter-end, including $448 million of cash, $275 million available on the revolver, and $393 million of cash proceeds after debt paydown. On capex, management said CELBA and PortoCem are fully funded by restricted cash, and remaining Nicaragua capex is about $50 million to $60 million.

Wes Edens framed the quarter as a transition toward a cleaner, more financeable business model built around repeatable long-duration cash flows. He said the company’s priority after the Jamaica sale is to simplify the balance sheet, extend debt duration to match assets, and move from corporate debt toward asset-level financing. He repeatedly emphasized the quality of NFE’s contracted portfolio, especially Brazil, and said the company believes it can unlock substantial value by monetizing and financing these assets more efficiently.

Chris Guinta focused on liquidity, debt, and the accounting effects of Jamaica. He said the company ended Q1 with $448 million of cash and $275 million available on the revolver, and that the Jamaica proceeds left NFE with over $1.1 billion of pro forma liquidity. He explained that the company negotiated amendments that let it keep almost $400 million of proceeds after tax, while agreeing to a $270 million September amortization payment and a $55 million paydown on Term Loan A; he also said debt maturities are now pushed to the second half of 2027. He noted Q1 adjusted EBITDA was $82 million, segment operating margin was $106 million, core SG&A was $34 million, and the company’s use of proceeds and timing around the 10-Q filing were tied to the Jamaica close and improved liquidity picture.

Analysts pressed on how much of the balance sheet is effectively restricted cash, whether NFE might buy back discounted debt, and how much capex still remains. Management said most restricted cash is tied to the Brazil projects, with roughly $40 million to $50 million tied to other credit instruments, about $30 million of which may be freed by the Jamaica deal. On debt, Wes said the company will first focus on refinancing the corporate balance sheet over the next 12 months and then consider opportunistic repurchases. Questions on Puerto Rico centered on whether the temporary power bid was for equipment or full power; Wes said the RFP called for a unitary power price, not just equipment. Analysts also asked about Brazil auction delays and FLNG 2; management called the auction delay temporary and said FLNG 2 is still under construction but has seen limited recent progress while the company prioritizes liquidity and refinancing.