US-based LNG developer, New Fortress Energy (NFE) suffered a net loss of $224 mill in the fourth quarter of 2024 and $242 mill for the full year.
This was mainly caused by costs incurred with refinancing debt including a 4Q24 loss on extinguishment of debt totalling $260 mill.
The company also reported an adjusted EBITDA of $313 mill for 4Q24 and $950 mill for the 12 month period.
Adjusted net income was $29 mill in 4Q24 and $101 mill for the full year.
In addition, adjusted EPS was $0.13 on a fully diluted basis and $0.46 for the two periods, respectively.
At the end of last year, the total cash balance was $966 mill, of which $493 mill was unrestricted.
CEO Wes Edens claimed: “This has been a strong fourth quarter for the company as we achieved adjusted EBITDA of $313 mill, surpassing our guidance of $200-$220 mill. Earnings for the year also held strong, as we achieved adjusted EBITDA of $950 mill, surpassing our guidance of $835-$855 mill.
“Our results have benefited from the recognition of income from optimising our current LNG portfolio. Our Fast LNG asset has been completed and was placed into service for accounting purposes in December, 2024.
“The liquefier has been operating smoothly and has been routinely producing above nameplate capacity since the start of the year. This significant milestone concludes the development of a cornerstone asset that secures NFE’s LNG supply and enhances the energy security of our downstream customers across the globe.
“While the asset is in service from an accounting perspective, we will continue to commission the asset, and such costs that enhance the asset will be capitalised on our balance sheet.
“We also recently announced the extension of our 80 TBtu island-wide gas supply contract in Puerto Rico, and an adjustment to our incentive structure on the operation and maintenance agreement between NFE subsidiary Genera & PREPA in exchange for a $110 mill payment.
“These agreements provide significant opportunity to generate substantial cost savings and significantly reduce emissions by converting existing plants from diesel to LNG, and also reinforce NFE’s longstanding commitment to delivering reliable and clean power to Puerto Ricans at the lowest cost possible.
“In Brazil, we have continued to make great progress on our power plant developments, with our 624 MW CELBA plant in particular nearly 88% complete. We also believe that NFE should be in prime position to take advantage of the recently announced Brazil power auctions expected to occur in June this year, which will provide a significant opportunity for both brownfield & greenfield gas to power plants that can either be developed by NFE or supplied via our LNG terminals.
“In Q4 2024, NFE also completed the $2.7 bill issuance of new senior secured notes, due 2029, that was used to refinance our 2025 bonds and more than two-thirds of our outstanding 2026 and 2029 bonds, which resulted in approximately $300 mill in additional liquidity for the company.
“This transaction, combined with the $400 mill common equity offering completed in October, 2024, marked an important step forward in strengthening the company’s balance sheet and positions the Company for future sustained growth.
“In February, 2025, we issued additional notes in Brazil raising $350 mill that will be utilised to repay existing debt in Brazil and to add additional liquidity to our balance sheet. In March 2025, we upsized our Term Loan B by an additional $425 mill,” he concluded.
