New Fortress Energy Inc. (NFE) reported its financial results for the fiscal year ending December 31, 2024, revealing total revenues of $2.36 billion, a decrease of 2.0% from $2.41 billion in 2023. The company’s net loss for the year was $242.4 million, a significant decline compared to a net income of $548.9 million in the previous year. This downturn was attributed to various factors, including lower cargo sales and the impact of a terminated emergency power contract in Puerto Rico, which had previously contributed to revenue.
In terms of operational performance, NFE's Terminals and Infrastructure segment generated $2.04 billion in revenue, down from $2.14 billion in 2023. The decrease was primarily driven by a 17% drop in average Henry Hub index pricing and a reduction in cargo sales, which fell to $291 million from $618.5 million the previous year. However, the company noted an increase in volumes delivered to downstream customers, which rose to 81.3 TBtu in 2024 from 68.3 TBtu in 2023, reflecting the operational ramp-up of the La Paz Power Plant.
Strategically, NFE has made significant advancements, including the launch of its first floating liquefaction unit, Fast LNG, which began production in July 2024. The company also expanded its footprint with the commissioning of the Santa Catarina Facility in Brazil and the Barcarena Facility, which is expected to support a new 630 MW combined cycle natural gas-fired power plant. Additionally, NFE is pursuing new projects in Nicaragua and Ireland, although regulatory challenges have emerged, particularly regarding the Ireland Facility, where a planning application was initially denied but is under reconsideration following a court ruling.
The company’s operational metrics indicate a robust pipeline, with ongoing discussions for new contracts across various regions. As of December 31, 2024, NFE employed 682 full-time employees and reported a total of 14 operational or under-development facilities, positioning itself to meet increasing demand for cleaner energy solutions. Looking ahead, NFE anticipates improved liquidity and operational performance driven by new gas sale agreements and the expected ramp-up of its Fast LNG production, although it remains cautious about market volatility and regulatory challenges that could impact its growth trajectory.
About New Fortress Energy Inc.
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