New Fortress Energy (NFE) reported its financial results for the fourth quarter and full year 2024. The company achieved adjusted EBITDA of $313 million in Q4 2024, surpassing its guidance of $200–$220 million, and totaled $950 million for the full year, exceeding its forecast of $835–$855 million. Despite this strong performance, NFE posted a net loss of $224 million in Q4 and $242 million for the year, primarily due to refinancing costs, including a $260 million loss on debt extinguishment in Q4. Adjusted net income was $29 million in Q4 and $101 million for the full year, with adjusted EPS of $0.13 and $0.46, respectively.

Operationally, the company completed and placed its Fast LNG asset into service in December 2024, with the liquefier producing above nameplate capacity. NFE also extended its island-wide gas supply contract in Puerto Rico and adjusted its incentive structure for a subsidiary’s agreement with PREPA in exchange for a $110 million payment. In Brazil, its 624 MW CELBA power plant is nearly 88% complete, and the company is positioning itself for Brazil’s upcoming power auctions in June 2025.

On the financial front, NFE successfully issued $2.7 billion in new senior secured notes to refinance its 2025 bonds and part of its 2026 and 2029 bonds, improving liquidity by $300 million. Additionally, it completed a $400 million equity offering in October 2024 and raised another $350 million in Brazil in February 2025. In March 2025, it upsized its Term Loan B by $425 million.

Looking ahead, NFE continues to focus on optimizing its LNG portfolio, completing ongoing infrastructure projects, and strengthening its financial position to support future growth. The company will host a conference call on March 3, 2025, to discuss these results further.