New Fortress Energy Inc. (NFE) reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

As of September 30, 2024, NFE's total assets increased to $11.97 billion from $10.50 billion at the end of 2023. Current assets also rose to $1.03 billion, while cash and cash equivalents decreased to $90.84 million from $155.41 million. Total current liabilities surged to $2.71 billion, primarily due to an increase in the current portion of long-term debt, which rose to $1.15 billion from $292.63 million. Total stockholders’ equity fell to $1.69 billion, down from $1.78 billion at the end of 2023.

In terms of revenue, NFE reported total revenues of $567.54 million for Q3 2024, up from $514.46 million in Q3 2023. For the nine months ended September 30, 2024, total revenues reached $1.69 billion, slightly higher than $1.65 billion for the same period in 2023. Operating revenue for Q3 2024 was $446.05 million, compared to $420.87 million in Q3 2023. However, operating income decreased significantly to $79.54 million from $149.59 million year-over-year, and net income for Q3 2024 was $11.31 million, down from $62.34 million in Q3 2023. For the nine-month period, NFE reported a net loss of $18.88 million, a stark contrast to a net income of $334.00 million in the prior year.

The company’s operating expenses increased substantially, totaling $488.00 million for Q3 2024, compared to $364.87 million in Q3 2023. This rise was attributed to higher costs associated with gas purchases and cargo sales. Selling, general, and administrative expenses also surged to $82.39 million for Q3 2024, up from $49.11 million in the same quarter last year.

Strategically, NFE made notable acquisitions, including the purchase of Usina Termeletrica de Lins S.A. for $10.08 million and the PortoCem acquisition, which involved a total purchase consideration of $162.86 million. The company also reported a loss of $77.53 million from the sale of turbines and related equipment to the Puerto Rico Electric Power Authority in March 2024.

NFE's capital expenditures for the nine months ended September 30, 2024, totaled $1.88 billion, reflecting ongoing investments in infrastructure and development projects, including the Fast LNG project. The company has secured commitments for 100% of expected LNG volumes for its downstream terminals and is actively pursuing additional projects in Brazil, Mexico, and Nicaragua.

Overall, while NFE experienced growth in total revenues, its profitability was impacted by rising operating expenses and strategic investments, leading to a net loss for the nine-month period.