FIP FTAI Infrastructure Inc.

Overview and Growth

Fiscal 2025 results for FTAI Infrastructure Inc. combined $502.52M of revenue with net loss of $207.40M and an operating cash outflow of $118.01M. The $502.52M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 51.6% from $331.50M in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were -$2.26, translating the period’s attributable earnings into the amount reported for each diluted share. The diluted weighted-average share count was 115.21M, linking total earnings with the per-share result received by shareholders. Compared with 108.22M diluted shares in fiscal 2024, the current 115.21M base was 6.5% higher. At period end, total assets were $5.75B, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.09x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The bottom-line result was a net loss of $207.40M after operating, financing, tax, and other recognized items. The net loss equaled 41.3% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported a pretax loss of $155.37M, before the effect of income taxes. The pretax loss equaled 30.9% of revenue, measuring the pre-tax deficit against sales. An income-tax benefit of $3.32M improved the final result relative to pretax income or loss. The net loss equaled 3.6% of period-end assets, showing the deficit relative to the asset base. The bottom-line deficit decreased from $294.46M in fiscal 2024 to $207.40M.

Liquidity and Capital Structure

At period end, the $5.75B asset base was financed through $4.80B of liabilities and -$146.24M of equity. The company reported negative equity of -$146.24M, a capital deficit that reduces its ability to absorb losses through book equity. The near-term balance sheet paired $484.01M of current assets with $410.00M of current liabilities at the reporting date. At 1.18x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $57.35M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 14.0%, excluding receivables and other current assets. The company carried $3.77B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-assets relationship was 65.7%, comparing borrowing with the total asset balance. Equity equaled -2.5% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 83.6%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 1.0%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $2.37B in fiscal 2024, the current asset base moved 142.1% and finished higher. Book equity was 294.6% lower than fiscal 2024 equity of $75.14M, showing how shareholder capital changed year over year. The reported cash balance changed 106.4% from $27.79M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $118.01M, showing that operations absorbed cash during the period. Capital spending of $280.53M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $398.53M cash deficit after capital spending for the period. Relative to revenue, the post-investment cash deficit represented 79.3%. The free-cash-flow deficit equaled 6.9% of total assets, placing the cash shortfall against the company’s resource base. Cash absorbed by operations increased from $15.28M in fiscal 2024 to $118.01M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.