FTAI Infrastructure (FIP) - 2025 Q2 - Quarterly Results

Financial and Operational Highlights FTAI Infrastructure reported a Q2 2025 net loss of $79.8 million and Adjusted EBITDA of $45.9 million, with strategic acquisitions progressing Q2 2025 Selected Financial Results | (in thousands, except per share data) | Q2'25 | | :--- | :--- | | Net Loss Attributable to Stockholders | $(79,816) | | Basic and Diluted Loss per Share | $(0.73) | | Adjusted EBITDA | $45,916 | | Adjusted EBITDA - Four core segments | $52,642 | - The Board of Directors declared a quarterly cash dividend of $0.03 per common share, payable on September 8, 2025[4] - Key strategic initiatives in Q2 2025 include: - Agreed to acquire Wheeling & Lake Erie Railway for $1.05 billion in cash - Planning to refinance existing 10.50% senior notes and Series A preferred stock concurrent with the acquisition closing - Closed $300 million of tax-exempt debt financing at Repauno, with phase 2 construction now fully underway[9] Consolidated Financial Statements Consolidated financial statements show total assets increased to $4.41 billion by June 30, 2025, with Q2 2025 revenues at $122.3 million, resulting in a $70.0 million net loss Consolidated Statements of Operations Q2 2025 vs Q2 2024 Statement of Operations Highlights | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenues | $122,286 | $84,887 | | Total expenses | $129,080 | $87,925 | | Interest expense | $59,204 | $29,690 | | Net (loss) income | $(69,959) | $(48,140) | | Net (loss) attributable to stockholders | $(79,816) | $(54,350) | | Basic and Diluted (Loss) per share | $(0.73) | $(0.52) | Consolidated Balance Sheets Balance Sheet Highlights (June 30, 2025 vs Dec 31, 2024) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $33,626 | $27,785 | | Property, plant, and equipment, net | $3,232,712 | $1,653,468 | | Total assets | $4,406,960 | $2,374,388 | | Debt, net (Current + Non-current) | $3,084,363 | $1,587,835 | | Total liabilities | $3,631,040 | $1,918,032 | | Total equity | $225,626 | $75,138 | Consolidated Statements of Cash Flows Six Months Ended June 30, Cash Flow Summary | (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(90,872) | $(21,470) | | Net cash provided by (used in) investing activities | $78,359 | $(52,652) | | Net cash provided by financing activities | $313,480 | $173,108 | | Net increase in cash | $300,967 | $98,986 | Non-GAAP Financial Measures The company uses Adjusted EBITDA as a key performance measure, which increased to $45.9 million in Q2 2025, with core segments generating $52.6 million Reconciliation of Net Loss to Adjusted EBITDA - Adjusted EBITDA is a key performance measure used by the Chief Operating Decision Maker (CODM) to assess operational performance and make resource allocation decisions[21][22] Reconciliation of Net Loss to Adjusted EBITDA (Q2 2025 vs Q2 2024) | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net (loss) attributable to stockholders | $(79,816) | $(54,350) | | Add: Depreciation and amortization expense | $32,086 | $21,596 | | Add: Interest expense | $59,204 | $29,690 | | Add: Acquisition and transaction expenses | $8,704 | $921 | | Adjusted EBITDA (Non-GAAP) | $45,916 | $34,256 | Segment Adjusted EBITDA Reconciliation Adjusted EBITDA by Core Segment (Q2 2025) | (in thousands) | Adjusted EBITDA | | :--- | :--- | | Railroad | $20,671 | | Jefferson Terminal | $11,082 | | Repauno | $(2,082) | | Power and Gas | $22,971 | | Total Four Core Segments | $52,642 |