New Fortress Energy Inc.
For the period ended Dec 31, 2025. Filed Apr 13, 2026.
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FY2025 · Filed Apr 13, 2026
NFE$3.58-10.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands of U.S. dollars)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 (as Restated) | 2023 (as Restated) | |
| Cash flows from operating activities | |||
| Net (loss) income | $(1,831,953) | $(244,537) | $548,224 |
| Adjustments for: | |||
| Amortization of deferred financing costs and debt guarantee, net | 53,983 | 31,313 | 6,589 |
| Depreciation and amortization | 242,346 | 159,302 | 161,424 |
| Deferred taxes | 25,847 | (3,332) | 13,812 |
| Share-based compensation | 14,546 | 50,625 | 1,573 |
| Asset impairment expense | 860,865 | 16,494 | 10,958 |
| Goodwill impairment expense | 598,110 | — | — |
| Earnings recognized from vessels chartered to third parties transferred to Energos | (48,279) | (95,487) | (156,997) |
| (Gain) loss on sale of assets, net | (670,938) | 80,207 | (27,978) |
| Loss on extinguishment of debt | 19,937 | 270,063 | — |
| Other | 93 | 165,976 | 77,055 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| (Increase) decrease in receivables | (216,387) | 67,709 | (41,629) |
| (Increase) in inventories | (38,360) | (251) | (42,290) |
| (Increase) decrease in other assets | (62,021) | (71,233) | 43,205 |
| Decrease in right-of-use assets | 63,424 | 164,136 | 83,537 |
| Increase in accounts payable/accrued liabilities | 513,528 | 194,163 | 89,095 |
| (Decrease) in lease liabilities | (76,112) | (160,604) | (74,576) |
| Increase (decrease) in other liabilities | (32,011) | (22,338) | 126,577 |
| Net cash (used in) provided by operating activities | (583,382) | 602,206 | 818,579 |
| Cash flows from investing activities | |||
| Capital expenditures | (650,811) | (2,130,641) | (2,919,768) |
| Sale of Jamaica Business | 961,865 | — | — |
| Sale of vessels to Energos | 150,000 | — | — |
| Sale of equity method investment | — | 136,365 | 100,000 |
| Other asset sales | — | 328,999 | 16,464 |
| Sale of Miami Facility | — | 58,336 | — |
| Other investing activities | 4,709 | 22,887 | 9,227 |
| Net cash provided by (used in) investing activities | 465,763 | (1,584,054) | (2,794,077) |
| Cash flows from financing activities | |||
| Proceeds from borrowings of debt | 1,375,495 | 5,865,299 | 3,014,567 |
| Payments made for capital expenditures paid beyond customary vendor payment terms | (257,943) | (506,057) | (103,889) |
| Repayment of debt | (1,606,841) | (3,801,034) | (695,688) |
| Payment of deferred financing costs | (28,340) | (146,722) | (37,806) |
| Payment of dividends | (3,472) | (65,310) | (723,962) |
| Issuance of Class A stock | — | 386,583 | — |
| Other financing activities | (22,539) | (14,248) | (28,161) |
| Net cash (used in) provided by financing activities | (543,640) | 1,718,511 | 1,425,061 |
| Impact of changes in foreign exchange rates on cash and cash equivalents | 52,624 | (81,900) | 6,168 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (608,635) | 654,763 | (544,269) |
| Cash, cash equivalents and restricted cash – beginning of period | 965,577 | 310,814 | 855,083 |
| Cash, cash equivalents and restricted cash – end of period | $356,942 | $965,577 | $310,814 |
(in thousands of U.S. dollars)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 (as Restated) | 2023 (as Restated) | |
| Cash paid for interest, net of capitalized interest | $352,242 | $90,318 | $106,481 |
| Year Ended December 31, | |||
| 2025 | 2024 (as Restated) | 2023 (as Restated) | |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Changes in accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions | $(183,785) | $(236,561) | $322,854 |
| Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions | 233,809 | 494,462 | 738,419 |
| Principal payments on financing obligation paid to Energos by third party charters | (30,811) | (21,731) | (66,866) |
| Non-cash settlement of Vessel Financing Obligation | 734,172 | — | — |
| Proceeds held in escrow | 58,000 | — | — |
| Accrued dividend | — | 20,507 | — |
| Preferred shares issued and debt assumed in PortoCem acquisition | — | (125,198) | — |
| Fair value of contingent payments in the Lins acquisition | — | 8,080 | — |
| Deemed dividend related to Series B preferred stock | — | (17,605) | — |
| Non-cash financing costs | — | 181,928 | — |
| Consideration received on asset sale | — | — | 27,704 |
| Shares received in Hilli Exchange | — | — | (122,754) |
| Investment in Energos | — | — | 1,501 |
The following table identifies the balance sheet line-items included in Cash and cash equivalents, Current restricted cash, and Non-current restricted cash presented in Other non-current assets, net on the Consolidated Balance Sheets (Note 19) presented in the Consolidated Statement of Cash Flows:
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash and cash equivalents | 226,453 | 492,881 |
| Current restricted cash | 130,489 | 472,696 |
| Cash, cash equivalents and restricted cash – end of period | $356,942 | $965,577 |
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