FTAI Infrastructure Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the third quarter of 2024, total revenues increased to $83.3 million, up from $80.7 million in Q3 2023. This growth was driven by higher revenues in the Railroad segment, which rose to $44.8 million from $41.9 million, and the Jefferson Terminal segment, which saw revenues increase to $19.7 million from $16.6 million. However, revenues from the Corporate and Other segment decreased to $14.9 million from $18.1 million. For the nine months ended September 30, 2024, total revenues reached $250.7 million, an increase from $239.0 million in the same period last year.
Despite the revenue growth, FTAI Infrastructure reported a net loss of $43.0 million for Q3 2024, an improvement from a loss of $50.0 million in Q3 2023. The net loss attributable to stockholders also decreased to $50.0 million from $56.1 million. For the nine-month period, the net loss increased to $141.4 million from $119.8 million in the prior year. The basic loss per share for Q3 2024 was $(0.45), compared to $(0.55) in Q3 2023.
Total expenses for Q3 2024 decreased to $90.6 million from $94.9 million in Q3 2023, primarily due to reduced operating expenses. For the nine months, total expenses decreased to $272.4 million from $277.9 million, reflecting lower operating costs and depreciation.
Strategically, FTAI Infrastructure has been active in managing its debt. As of September 30, 2024, total debt, net, increased to $1.5 billion from $1.3 billion at the end of 2023. The company completed a $382.3 million bond offering in June 2024, which was used to repay existing debt and fund operational needs. Additionally, the company has been focusing on its operational segments, with the Railroad and Jefferson Terminal segments expected to continue generating positive Adjusted EBITDA in future years.
The company also reported a significant increase in restricted cash, which rose to $124.3 million from $58.1 million, indicating a strategic reserve for future obligations. However, total equity decreased to $253.2 million from $412.9 million, primarily due to the accumulated deficit increasing to $(291.5) million.
Overall, FTAI Infrastructure Inc. is navigating a complex financial landscape with a focus on revenue growth and strategic debt management while addressing ongoing operational challenges.
About FTAI Infrastructure Inc.
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