New Fortress Energy Inc. (NASDAQ: NFE) announced its second-quarter 2025 financial results, revealing a substantial net loss. The company attributed the significant loss primarily to non-cash impairments of assets and goodwill.
The reported net loss reached $557 million for the three-month period ending June 30, 2025. This figure included a gain on the sale of Jamaican operations, partially offsetting the impact of the impairments. Adjusted EBITDA, a non-GAAP measure, was negative at $4 million.
NFE‘s earnings per share (EPS) on a fully diluted basis was a negative $2.02. Despite the losses, the company maintained a substantial cash balance of $821 million, with $551 million unrestricted.
The company is actively pursuing several initiatives to bolster its financial performance and liquidity by the end of the year. Negotiations for a long-term gas sales agreement with PREPA in Puerto Rico are underway, while a temporary power solution agreement is being finalized with FEMA and the U.S. Army Corps of Engineers.
Progress is also being made on the 624 MW CELBA power plant in Brazil, expected to be operational before year-end. Furthermore, NFE has been actively optimizing its shipping portfolio, securing several long-term charters for its vessels.
Looking ahead, NFE is optimistic about upcoming power auctions in Brazil, seeing potential for significant growth in the sector. The company believes its existing infrastructure in Santa Catarina positions it favorably for participation in these auctions.
NFE is also progressing with its PortoCem power plant in Brazil, which is more than 70% complete and fully funded. The company’s FLNG 1 unit also performed well, achieving or exceeding its expected capacity during the second quarter.
To address its capital structure, NFE has initiated a process to evaluate strategic alternatives. It has engaged Houlihan Lokey Capital, Inc. as its financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel to explore options including asset sales, capital raising, and debt refinancing. While these efforts are underway, the company acknowledges inherent uncertainties in the outcome of these negotiations.
The company’s financial statements revealed that revenues were down compared to the previous quarter and the same period in 2024. Detailed breakdowns of the company’s operating expenses, segment performance, and balance sheet information were also provided in the release.
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