New Fortress Energy Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, on March 3, 2025. The company achieved an Adjusted EBITDA of $313 million for Q4 2024, surpassing its guidance of $200-$220 million, and a full-year Adjusted EBITDA of $950 million, exceeding its guidance of $835-$855 million. Q4 revenues were $679.0 million, while the company reported a net loss of $223.5 million and diluted EPS of -$1.11 for the quarter.
A significant operational milestone was the completion and placement into service of the Fast LNG asset for accounting purposes in December 2024, which has been operating above nameplate capacity. In Puerto Rico, the company extended its 80 TBtu island-wide gas supply contract for one year and modified its 10-year Operation and Maintenance Agreement with Genera & PREPA, eliminating future incentive payments in exchange for a $110 million payment.
Financially, New Fortress Energy completed the $2.7 billion issuance of new senior secured notes due 2029, providing approximately $300 million in additional liquidity, and a $400 million common equity offering in October 2024. Further strengthening its balance sheet, the company issued $350 million in additional notes in Brazil in February 2025 and upsized its Term Loan B by $425 million in March 2025. Progress in Brazil includes the 624 MW CELBA plant being nearly 88% complete, positioning the company for upcoming power auctions.
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