Financial Overview - FTAI Infrastructure reported a net loss attributable to stockholders of $49.971 million for Q3 2024, compared to a loss of $56.101 million in Q3 2023, reflecting an improvement of $6.130 million [1][21] - The basic and diluted loss per share for Q3 2024 was $0.45, down from $0.55 in Q3 2023 [1][21] - Adjusted EBITDA for Q3 2024 was $36.928 million, an increase from $24.655 million in Q3 2023, representing a growth of $12.273 million [1][21] Dividend Declaration - The Board of Directors declared a cash dividend of $0.03 per share for the quarter ended September 30, 2024, payable on November 19, 2024 [2] Business Highlights - The company signed a long-term contract and additional Letter of Intent (LOI) at Repauno and commenced construction for phase 2 of the transloading system [3] - Construction projects at Jefferson are progressing on schedule and on budget for contracts commencing in 2025 [3] - The Long Ridge power plant operated at a 99% capacity factor, with new capacity pricing for the 2025-26 season expected to generate an additional $16 million in annual Adjusted EBITDA [3] Key Performance Measures - Adjusted EBITDA is utilized as a key performance measure by the Chief Operating Decision Maker (CODM) to assess operational performance and make resource allocation decisions [19][20] - The reconciliation of net loss attributable to stockholders to Adjusted EBITDA for Q3 2024 includes various adjustments such as equity-based compensation, acquisition expenses, and interest expenses [21][22] Financial Statements - Total revenues for Q3 2024 were $83.311 million, compared to $80.706 million in Q3 2023, indicating a year-over-year increase [11] - Total expenses for Q3 2024 were $90.580 million, down from $94.938 million in Q3 2023 [12] - The company reported total assets of $2.437 billion as of September 30, 2024, compared to $2.380 billion at the end of 2023 [13][14]
FTAI Infrastructure Inc. Reports Third Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock