FTAI Infrastructure (FIP) - 2025 Q3 - Quarterly Results

Financial Performance - FTAI Infrastructure reported a net loss attributable to stockholders of $118.352 million for Q3 2025, compared to a loss of $49.971 million in Q3 2024[2]. - Total revenues for Q3 2025 were $140.556 million, up from $83.311 million in Q3 2024[14]. - Basic and diluted loss per share of common stock for Q3 2025 was $1.38, compared to $0.45 in Q3 2024[14]. - Net loss for the nine months ended September 30, 2025, was $54.3 million, a significant improvement from a loss of $141.4 million in the same period of 2024[19]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $272.1 million, compared to $98.4 million for the same period in 2024, reflecting a 176% increase[23]. Assets and Liabilities - Total assets increased to $5.452 billion as of September 30, 2025, compared to $2.374 billion at the end of 2024[16]. - Total liabilities rose to $4.373 billion as of September 30, 2025, up from $1.918 billion at the end of 2024[16]. - Total liabilities, redeemable preferred stock, and equity amounted to $5.45 billion as of September 30, 2025, compared to $2.37 billion at December 31, 2024[17]. - Stockholders' equity decreased to $181.1 million as of September 30, 2025, from $202.7 million at December 31, 2024[17]. Cash Flow and Investments - Cash and cash equivalents at the end of the period were $353.9 million, up from $144.6 million at the beginning of the period[20]. - The company made an investment of $1.12 billion in unconsolidated entities during the nine months ended September 30, 2025[19]. - Proceeds from debt financing for the nine months ended September 30, 2025, were $1.74 billion, compared to $449.7 million in the same period of 2024[19]. - The company issued redeemable preferred stock amounting to $1 billion during the nine months ended September 30, 2025[20]. Operational Highlights - The acquisition of the Wheeling & Lake Erie Railway was completed on August 25, 2025[9]. - West Virginia gas production commenced in August 2025, leading to excess gas sales at Long Ridge[9]. - The company is evaluating strategic alternatives for Long Ridge, including a potential sale[9]. Expenses and Other Financial Metrics - Adjusted EBITDA for Q3 2025 was $70.931 million, representing a 54% increase from Q2 2025[9]. - The company incurred interest expenses of $11,768,000 for the nine months ended September 30, 2025, compared to $7,906,000 for the same period in 2024, reflecting a year-over-year increase of approximately 49%[28]. - Depreciation and amortization expenses for the three months ended September 30, 2025, were $26,561,000 across all segments, with the highest contribution from the Power and Gas segment at $15,568,000[30]. - The company reported acquisition and transaction expenses of $218,000 for the nine months ended September 30, 2025, a significant increase from $3,000 in the same period of 2024[28]. - Equity-based compensation expenses for the three months ended September 30, 2025, totaled $1,404,000, down from $1,179,000 in the same period of 2024[28]. - The company recognized a loss on the modification or extinguishment of debt amounting to $360,000 for the nine months ended September 30, 2025, compared to a loss of $1,975,000 in the same period of 2024[28]. - The company experienced a provision for income taxes of $202,000 for the nine months ended September 30, 2025, compared to a benefit of $(374,000) in the same period of 2024[28]. - The company reported other non-recurring items totaling $61,000 for the nine months ended September 30, 2025[28]. Segment Performance - For the three months ended September 30, 2025, the company reported a net income attributable to stockholders of $2,949,000, with a significant loss in the Power and Terminal segments of $(11,978,000) and $(6,167,000) respectively[28]. - Adjusted EBITDA for the four core segments totaled $76,554,000, with the Railroad segment contributing $29,128,000 and the Power and Gas segment contributing $11,024,000[28]. - The Railroad segment reported a severance expense of $7,000 for the three months ended September 30, 2025[31].