NFE New Fortress Energy Inc.

Overview and Growth

Fiscal 2025 results for New Fortress Energy Inc. combined $1.50B of revenue with net loss of $1.84B and an operating cash outflow of $583.38M. The $1.50B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 36.2% below fiscal 2024 revenue of $2.36B, marking a top-line contraction. Diluted earnings per share were -$6.63, translating the period’s attributable earnings into the amount reported for each diluted share. At period end, total assets were $10.56B, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.14x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $585.43M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 38.9% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $1.12B after the reported operating expense base. Relative to revenue, the operating deficit measured 74.5%, showing the shortfall after operating costs. After all below-operating-line items, the company recorded a net loss of $1.84B for the fiscal year. The net loss equaled 122.7% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported a pretax loss of $1.77B, before the effect of income taxes. Measured against revenue, the pretax deficit represented 117.7%. Income tax expense totaled $61.35M, providing the reported tax component that separates pretax and after-tax earnings. Relative to period-end equity, the net loss represented 595.8%. The net loss equaled 17.5% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

The company held $10.56B of assets against $10.25B of liabilities and $309.63M of equity, revealing how the asset base was financed. At period end, current assets of $1.33B compared with current liabilities of $8.65B, defining the company’s short-term resource position. Current assets covered only 0.15x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $226.45M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 2.6% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $8.18B, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 26.42x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 77.5%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 97.1%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 2.1% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 18.3% lower than fiscal 2024 assets of $12.92B, measuring the company’s own balance-sheet change. Against $2.00B of equity in fiscal 2024, the current book-equity balance moved 84.5% and ended lower. Cash and equivalents were 54.1% lower than fiscal 2024 cash of $492.88M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $583.38M, showing that operations absorbed cash during the period. Capital spending of $650.81M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $1.23B cash deficit after capital spending for the period. Free-cash-flow margin was -82.1%, reflecting a cash deficit equal to 82.1% of revenue after capital spending. Relative to total assets, the post-investment cash deficit measured 11.7%.

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