FTAI Infrastructure Inc. Reports Second Quarter 2025 Results, Declares Dividend of $0.03 per Share of Common Stock
FTAI Infrastructure (NASDAQ:FIP) reported its Q2 2025 financial results, highlighting a net loss of $79.8 million, or $0.73 per share. The company achieved Adjusted EBITDA of $45.9 million, with its four core segments contributing $52.6 million.
In a significant strategic move, FTAI announced plans to acquire the Wheeling & Lake Erie Railway for $1.05 billion in cash. The company also successfully closed a $300 million tax-exempt debt financing at Repauno with average coupons of 6.50%. The Board declared a quarterly dividend of $0.03 per share, payable on September 8, 2025, to shareholders of record as of August 25, 2025.
FTAI Infrastructure (NASDAQ:FIP) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando una perdita netta di 79,8 milioni di dollari, pari a 0,73 dollari per azione. La societ脿 ha registrato un EBITDA rettificato di 45,9 milioni di dollari, con i suoi quattro segmenti principali che hanno contribuito per 52,6 milioni di dollari.
In una mossa strategica significativa, FTAI ha annunciato l'intenzione di acquisire la Wheeling & Lake Erie Railway per 1,05 miliardi di dollari in contanti. L'azienda ha inoltre concluso con successo un finanziamento di debito esente da tasse di 300 milioni di dollari a Repauno, con coupon medi del 6,50%. Il Consiglio di Amministrazione ha dichiarato un dividendo trimestrale di 0,03 dollari per azione, pagabile il 8 settembre 2025 agli azionisti registrati al 25 agosto 2025.
FTAI Infrastructure (NASDAQ:FIP) inform贸 sus resultados financieros del segundo trimestre de 2025, destacando una p茅rdida neta de 79,8 millones de d贸lares, o 0,73 d贸lares por acci贸n. La compa帽铆a logr贸 un EBITDA ajustado de 45,9 millones de d贸lares, con sus cuatro segmentos principales aportando 52,6 millones de d贸lares.
En un movimiento estrat茅gico importante, FTAI anunci贸 planes para adquirir el Wheeling & Lake Erie Railway por 1.050 millones de d贸lares en efectivo. La empresa tambi茅n cerr贸 con 茅xito un financiamiento de deuda exenta de impuestos por 300 millones de d贸lares en Repauno, con cupones promedio del 6,50%. La Junta declar贸 un dividendo trimestral de 0,03 d贸lares por acci贸n, pagadero el 8 de septiembre de 2025 a los accionistas registrados al 25 de agosto de 2025.
FTAI 鞚疙攧霛检姢韸鸽煭觳� (NASDAQ:FIP)電� 2025雲� 2攵勱赴 鞛 瓴瓣臣毳� 氚滍憸頃橂┌, 7,980毵� 雼煬 靾滌啇鞁�, 欤茧嫻 0.73雼煬 靻愳嫟鞚� 旮半頄堧嫟瓿� 氚濏様鞀惦媹雼�. 須岇偓電� 臁办爼 EBITDA搿� 4,590毵� 雼煬毳� 雼劚頄堨溂氅�, 雱� 臧滌潣 頃奠嫭 攵�氍胳澊 5,260毵� 雼煬毳� 旮办棳頄堨姷雼堧嫟.
欷戩殧頃� 鞝勲灥鞝� 臁办箻搿� FTAI電� Wheeling & Lake Erie 觳犽弰毳� 順勱笀 10鞏� 5觳滊 雼煬鞐� 鞚胳垬頃� 瓿勴殟鞚� 氚滍憸頄堨姷雼堧嫟. 霕愴暅 韽夑窢 炜犿彴 6.50%搿� 3鞏� 雼煬鞚� 靹戈笀 氅挫牅 毂勲 旮堨湹鞚� Repauno鞐愳劀 靹标车鞝侅溂搿� 毵堦皭頄堨姷雼堧嫟. 鞚挫偓須岆姅 2025雲� 9鞗� 8鞚检棎 歆�旮夒悹 欤茧嫻 0.03雼煬 攵勱赴 氚半嫻旮堨潉 靹犾柛頄堨溂氅�, 氚半嫻 旮办鞚检潃 2025雲� 8鞗� 25鞚检瀰雼堧嫟.
FTAI Infrastructure (NASDAQ:FIP) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025, mettant en avant une perte nette de 79,8 millions de dollars, soit 0,73 dollar par action. La soci茅t茅 a r茅alis茅 un EBITDA ajust茅 de 45,9 millions de dollars, ses quatre segments principaux ayant contribu茅 pour 52,6 millions de dollars.
Dans une d茅marche strat茅gique importante, FTAI a annonc茅 son projet d'acqu茅rir le Wheeling & Lake Erie Railway pour 1,05 milliard de dollars en esp猫ces. L'entreprise a 茅galement finalis茅 avec succ猫s un financement par dette exon茅r茅e d'imp么ts de 300 millions de dollars 脿 Repauno, avec des coupons moyens de 6,50 %. Le conseil d'administration a d茅clar茅 un dividende trimestriel de 0,03 dollar par action, payable le 8 septembre 2025 aux actionnaires inscrits au 25 ao没t 2025.
FTAI Infrastructure (NASDAQ:FIP) meldete seine Finanzergebnisse 蹿眉谤 das zweite Quartal 2025 und verzeichnete einen Nettverlust von 79,8 Millionen US-Dollar bzw. 0,73 US-Dollar je Aktie. Das Unternehmen erzielte ein bereinigtes EBITDA von 45,9 Millionen US-Dollar, wobei die vier Kernsegmente 52,6 Millionen US-Dollar beitrugen.
In einem bedeutenden strategischen Schritt k眉ndigte FTAI Pl盲ne an, die Wheeling & Lake Erie Railway 蹿眉谤 1,05 Milliarden US-Dollar in bar zu 眉bernehmen. Das Unternehmen schloss zudem erfolgreich eine steuerbefreite Fremdfinanzierung 眉ber 300 Millionen US-Dollar in Repauno mit durchschnittlichen Kupons von 6,50 % ab. Der Vorstand erkl盲rte eine Quartalsdividende von 0,03 US-Dollar je Aktie, zahlbar am 8. September 2025 an die Aktion盲re, die am 25. August 2025 im Register eingetragen sind.
- Strategic acquisition of Wheeling & Lake Erie Railway, one of the largest regional railroads in the U.S., for $1.05 billion
- Successful closing of $300 million tax-exempt debt financing at Repauno with favorable 6.50% average coupons
- Core segments demonstrated strong performance with $52.6 million in Adjusted EBITDA
- Significant net loss of $79.8 million in Q2 2025
- Plans to refinance existing 10.50% senior notes and Series A preferred stock, potentially increasing debt burden
- Low quarterly dividend of $0.03 per share indicates limited cash distribution to shareholders
Insights
FTAI reports $79.8M Q2 loss while progressing on $1.05B railway acquisition and securing $300M tax-exempt financing for Repauno facility.
FTAI Infrastructure's Q2 2025 results reveal mixed performance with some concerning metrics but strategic growth initiatives. The company posted a substantial net loss of
The most significant development is FTAI's agreement to acquire the Wheeling & Lake Erie Railway for
In another positive development, FTAI secured
The Board declared a quarterly dividend of
These strategic moves indicate FTAI is actively repositioning its portfolio toward transportation infrastructure assets while continuing development of existing projects, though investors should monitor how the substantial railway acquisition impacts the balance sheet and when it might contribute positively to financial results.
NEW YORK, Aug. 07, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the 鈥淐ompany鈥� or 鈥淔TAI Infrastructure鈥�) today reported financial results for the second quarter 2025. The Company鈥檚 consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Financial Overview
| (in thousands, except per share data) | |||
| Selected Financial Results | 蚕2鈥�25 | ||
| Net Loss Attributable to Stockholders | $ | (79,816 | ) |
| Basic and Diluted Loss per Share of Common Stock | $ | (0.73 | ) |
| Adjusted EBITDA (1) | $ | 45,916 | 听 |
| Adjusted EBITDA - Four core segments (1)(2) | $ | 52,642 | 听 |
_______________________________
| (1) | For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release. |
| (2) | Excludes Sustainability and Energy Transition and Corporate and Other segments. |
| 听 | 听 |
Second Quarter 2025 Dividends
On August 7, 2025, the Company鈥檚 Board of Directors (the 鈥淏oard鈥�) declared a cash dividend on its common stock of
Business Highlights
- Agreed to acquire the Wheeling & Lake Erie Railway, one of the largest regional railroads in the U.S. for cash consideration of
$1.05 billion - Plan to refinance existing
10.50% senior notes and Series A preferred stock simultaneously with the closing of the acquisition - Closed financing of
$300 million of tax-exempt debt at Repauno at average coupons of6.50% ; construction of phase 2 infrastructure fully underway
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company鈥檚 website, www.fipinc.com, and the Company鈥檚 Quarterly Report on Form 10-Q, when available on the Company鈥檚 website. Nothing on the Company鈥檚 website is included or incorporated by reference herein.
Conference Call
In addition, management will host a conference call on Friday, August 8, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link . Once registered, participants will receive a dial-in and unique pin to access the call.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at . Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. on Friday, August 8, 2025 through 11:30 A.M. on Friday, August 15, 2025 on .
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
About FTAI Infrastructure Inc.
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company鈥檚 control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled 鈥淩isk Factors鈥� and 鈥淢anagement鈥檚 Discussion and Analysis of Financial Condition and Results of Operations鈥� in the Company鈥檚 most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company鈥檚 website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
For further information, please contact:
Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
听
Exhibit - Financial Statements
| FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||||||||||
| 听 | Three Months Ended June 30, | 听 | Six Months Ended June 30, | ||||||||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Revenues | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Total revenues | $ | 122,286 | 听 | 听 | $ | 84,887 | 听 | 听 | $ | 218,447 | 听 | 听 | $ | 167,422 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Operating expenses | 听 | 74,435 | 听 | 听 | 听 | 61,225 | 听 | 听 | 听 | 141,480 | 听 | 听 | 听 | 125,800 | 听 |
| General and administrative | 听 | 3,862 | 听 | 听 | 听 | 2,840 | 听 | 听 | 听 | 8,975 | 听 | 听 | 听 | 7,701 | 听 |
| Acquisition and transaction expenses | 听 | 8,704 | 听 | 听 | 听 | 921 | 听 | 听 | 听 | 12,219 | 听 | 听 | 听 | 1,847 | 听 |
| Management fees and incentive allocation to affiliate | 听 | 3,680 | 听 | 听 | 听 | 2,776 | 听 | 听 | 听 | 6,222 | 听 | 听 | 听 | 5,777 | 听 |
| Depreciation and amortization | 听 | 33,998 | 听 | 听 | 听 | 20,163 | 听 | 听 | 听 | 59,010 | 听 | 听 | 听 | 40,684 | 听 |
| Asset impairment | 听 | 4,401 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 4,401 | 听 | 听 | 听 | 鈥� | 听 |
| Total expenses | 听 | 129,080 | 听 | 听 | 听 | 87,925 | 听 | 听 | 听 | 232,307 | 听 | 听 | 听 | 181,809 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Other (expense) income | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Equity in (losses) earnings of unconsolidated entities | 听 | (1,995 | ) | 听 | 听 | (12,788 | ) | 听 | 听 | 3,319 | 听 | 听 | 听 | (24,690 | ) |
| (Loss) gain on sale of assets, net | 听 | 鈥� | 听 | 听 | 听 | (150 | ) | 听 | 听 | 119,828 | 听 | 听 | 听 | (163 | ) |
| Loss on modification or extinguishment of debt | 听 | (4,066 | ) | 听 | 听 | (9,170 | ) | 听 | 听 | (4,073 | ) | 听 | 听 | (9,170 | ) |
| Interest expense | 听 | (59,204 | ) | 听 | 听 | (29,690 | ) | 听 | 听 | (102,316 | ) | 听 | 听 | (57,283 | ) |
| Other income | 听 | 3,052 | 听 | 听 | 听 | 6,963 | 听 | 听 | 听 | 6,745 | 听 | 听 | 听 | 9,328 | 听 |
| Total other (expense) income | 听 | (62,213 | ) | 听 | 听 | (44,835 | ) | 听 | 听 | 23,503 | 听 | 听 | 听 | (81,978 | ) |
| (Loss) income before income taxes | 听 | (69,007 | ) | 听 | 听 | (47,873 | ) | 听 | 听 | 9,643 | 听 | 听 | 听 | (96,365 | ) |
| Provision for (benefit from) income taxes | 听 | 952 | 听 | 听 | 听 | 267 | 听 | 听 | 听 | (40,562 | ) | 听 | 听 | 2,072 | 听 |
| Net (loss) income | 听 | (69,959 | ) | 听 | 听 | (48,140 | ) | 听 | 听 | 50,205 | 听 | 听 | 听 | (98,437 | ) |
| Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | 听 | (11,100 | ) | 听 | 听 | (11,400 | ) | 听 | 听 | (22,501 | ) | 听 | 听 | (22,090 | ) |
| Less: Dividends and accretion of redeemable preferred stock | 听 | 20,957 | 听 | 听 | 听 | 17,610 | 听 | 听 | 听 | 42,798 | 听 | 听 | 听 | 34,585 | 听 |
| Net (loss) income attributable to stockholders | $ | (79,816 | ) | 听 | $ | (54,350 | ) | 听 | $ | 29,908 | 听 | 听 | $ | (110,932 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Net (loss) income attributable to common stockholders | $ | (83,898 | ) | 听 | $ | (54,350 | ) | 听 | $ | 24,359 | 听 | 听 | $ | (110,932 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| (Loss) earnings per share: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic | $ | (0.73 | ) | 听 | $ | (0.52 | ) | 听 | $ | 0.21 | 听 | 听 | $ | (1.06 | ) |
| Diluted | $ | (0.73 | ) | 听 | $ | (0.52 | ) | 听 | $ | 0.21 | 听 | 听 | $ | (1.06 | ) |
| Weighted average shares outstanding: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Basic | 听 | 114,880,817 | 听 | 听 | 听 | 105,039,831 | 听 | 听 | 听 | 114,491,338 | 听 | 听 | 听 | 104,612,209 | 听 |
| Diluted | 听 | 114,880,817 | 听 | 听 | 听 | 105,039,831 | 听 | 听 | 听 | 115,260,452 | 听 | 听 | 听 | 104,612,209 | 听 |
| FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||
| 听 | (Unaudited) | 听 | 听 | ||||
| 听 | June 30, 2025 | 听 | December 31, 2024 | ||||
| Assets | 听 | 听 | 听 | ||||
| Current assets: | 听 | 听 | 听 | ||||
| Cash and cash equivalents | $ | 33,626 | 听 | 听 | $ | 27,785 | 听 |
| Restricted cash and cash equivalents | 听 | 414,637 | 听 | 听 | 听 | 119,511 | 听 |
| Accounts receivable, net | 听 | 68,150 | 听 | 听 | 听 | 52,994 | 听 |
| Other current assets | 听 | 22,632 | 听 | 听 | 听 | 19,561 | 听 |
| Total current assets | 听 | 539,045 | 听 | 听 | 听 | 219,851 | 听 |
| Leasing equipment, net | 听 | 37,195 | 听 | 听 | 听 | 37,453 | 听 |
| Operating lease right-of-use assets, net | 听 | 66,749 | 听 | 听 | 听 | 67,937 | 听 |
| Property, plant, and equipment, net | 听 | 3,232,712 | 听 | 听 | 听 | 1,653,468 | 听 |
| Investments | 听 | 17,730 | 听 | 听 | 听 | 12,529 | 听 |
| Intangible assets, net | 听 | 45,223 | 听 | 听 | 听 | 46,229 | 听 |
| Goodwill | 听 | 401,229 | 听 | 听 | 听 | 275,367 | 听 |
| Other assets | 听 | 67,077 | 听 | 听 | 听 | 61,554 | 听 |
| Total assets | $ | 4,406,960 | 听 | 听 | $ | 2,374,388 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Liabilities | 听 | 听 | 听 | ||||
| Current liabilities: | 听 | 听 | 听 | ||||
| Accounts payable and accrued liabilities | $ | 223,498 | 听 | 听 | $ | 176,425 | 听 |
| Debt, net | 听 | 82,754 | 听 | 听 | 听 | 48,594 | 听 |
| Operating lease liabilities | 听 | 7,268 | 听 | 听 | 听 | 7,172 | 听 |
| Derivative liabilities | 听 | 30,443 | 听 | 听 | 听 | 鈥� | 听 |
| Other current liabilities | 听 | 18,801 | 听 | 听 | 听 | 18,603 | 听 |
| Total current liabilities | 听 | 362,764 | 听 | 听 | 听 | 250,794 | 听 |
| Debt, net | 听 | 3,001,609 | 听 | 听 | 听 | 1,539,241 | 听 |
| Operating lease liabilities | 听 | 59,635 | 听 | 听 | 听 | 60,893 | 听 |
| Derivative liabilities | 听 | 138,340 | 听 | 听 | 听 | 鈥� | 听 |
| Other liabilities | 听 | 68,692 | 听 | 听 | 听 | 67,104 | 听 |
| Total liabilities | 听 | 3,631,040 | 听 | 听 | 听 | 1,918,032 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Commitments and contingencies | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| 听 | 听 | 听 | 听 | ||||
| Redeemable preferred stock Series A ( | 听 | 397,652 | 听 | 听 | 听 | 381,218 | 听 |
| Redeemable convertible preferred stock Series B ( | 听 | 152,642 | 听 | 听 | 听 | 鈥� | 听 |
| 听 | 听 | 听 | 听 | ||||
| Equity | 听 | 听 | 听 | ||||
| Common stock ( | 听 | 1,151 | 听 | 听 | 听 | 1,139 | 听 |
| Additional paid in capital | 听 | 724,514 | 听 | 听 | 听 | 764,381 | 听 |
| Accumulated deficit | 听 | (333,112 | ) | 听 | 听 | (405,818 | ) |
| Accumulated other comprehensive loss | 听 | (17,084 | ) | 听 | 听 | (157,051 | ) |
| Stockholders' equity | 听 | 375,469 | 听 | 听 | 听 | 202,651 | 听 |
| Non-controlling interest in equity of consolidated subsidiaries | 听 | (149,843 | ) | 听 | 听 | (127,513 | ) |
| Total equity | 听 | 225,626 | 听 | 听 | 听 | 75,138 | 听 |
| Total liabilities, redeemable preferred stock and equity | $ | 4,406,960 | 听 | 听 | $ | 2,374,388 | 听 |
| FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollar amounts in thousands, unless otherwise noted) | |||||||
| 听 | Six Months Ended June 30, | ||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Cash flows from operating activities: | 听 | 听 | 听 | ||||
| Net income (loss) | $ | 50,205 | 听 | 听 | $ | (98,437 | ) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | 听 | 听 | 听 | ||||
| Equity in (earnings) losses of unconsolidated entities | 听 | (3,319 | ) | 听 | 听 | 24,690 | 听 |
| Gain on sale of subsidiaries | 听 | (119,952 | ) | 听 | 听 | 鈥� | 听 |
| Loss on sale of assets, net | 听 | 124 | 听 | 听 | 听 | 163 | 听 |
| Loss on modification or extinguishment of debt | 听 | 4,073 | 听 | 听 | 听 | 9,170 | 听 |
| Equity-based compensation | 听 | 2,163 | 听 | 听 | 听 | 4,139 | 听 |
| Depreciation and amortization | 听 | 59,010 | 听 | 听 | 听 | 40,684 | 听 |
| Asset impairment | 听 | 4,401 | 听 | 听 | 听 | 鈥� | 听 |
| Change in deferred income taxes | 听 | (41,298 | ) | 听 | 听 | 1,493 | 听 |
| Amortization of deferred financing costs | 听 | 5,218 | 听 | 听 | 听 | 4,570 | 听 |
| Amortization of bond discount | 听 | 5,459 | 听 | 听 | 听 | 2,898 | 听 |
| Amortization of other comprehensive income | 听 | (4,732 | ) | 听 | 听 | 鈥� | 听 |
| Paid-in-kind interest expense | 听 | 897 | 听 | 听 | 听 | 鈥� | 听 |
| Provision for credit losses | 听 | 195 | 听 | 听 | 听 | 514 | 听 |
| Change in: | 听 | 听 | 听 | ||||
| Accounts receivable | 听 | (2,988 | ) | 听 | 听 | 3,255 | 听 |
| Other assets | 听 | 2,540 | 听 | 听 | 听 | (3,040 | ) |
| Accounts payable and accrued liabilities | 听 | 15,593 | 听 | 听 | 听 | (12,787 | ) |
| Derivative liabilities | 听 | (66,178 | ) | 听 | 听 | 鈥� | 听 |
| Other liabilities | 听 | (2,283 | ) | 听 | 听 | 1,218 | 听 |
| Net cash used in operating activities | 听 | (90,872 | ) | 听 | 听 | (21,470 | ) |
| 听 | 听 | 听 | 听 | ||||
| Cash flows from investing activities: | 听 | 听 | 听 | ||||
| Investment in unconsolidated entities | 听 | (12,585 | ) | 听 | 听 | (1,639 | ) |
| Acquisition of business, net of cash acquired | 听 | 226,628 | 听 | 听 | 听 | 鈥� | 听 |
| Acquisition of leasing equipment | 听 | (564 | ) | 听 | 听 | (1,204 | ) |
| Acquisition of property, plant and equipment | 听 | (148,319 | ) | 听 | 听 | (27,420 | ) |
| Proceeds from investor loan | 听 | 11,001 | 听 | 听 | 听 | 鈥� | 听 |
| Investment in promissory notes and loans | 听 | 鈥� | 听 | 听 | 听 | (17,500 | ) |
| Investment in equity instruments | 听 | 鈥� | 听 | 听 | 听 | (5,000 | ) |
| Proceeds from sale of property, plant and equipment | 听 | 2,198 | 听 | 听 | 听 | 111 | 听 |
| Net cash provided by (used in) investing activities | 听 | 78,359 | 听 | 听 | 听 | (52,652 | ) |
| 听 | 听 | 听 | 听 | ||||
| Cash flows from financing activities: | 听 | 听 | 听 | ||||
| Proceeds from debt, net | 听 | 494,074 | 听 | 听 | 听 | 449,689 | 听 |
| Repayment of debt | 听 | (126,102 | ) | 听 | 听 | (242,001 | ) |
| Payment of financing costs | 听 | (21,545 | ) | 听 | 听 | (10,022 | ) |
| Cash dividends - common stock | 听 | (6,886 | ) | 听 | 听 | (6,303 | ) |
| Cash dividends - redeemable preferred stock | 听 | (25,516 | ) | 听 | 听 | 鈥� | 听 |
| Settlement of equity-based compensation | 听 | (545 | ) | 听 | 听 | (3,216 | ) |
| Distributions to non-controlling interests | 听 | 鈥� | 听 | 听 | 听 | (15,039 | ) |
| Net cash provided by financing activities | 听 | 313,480 | 听 | 听 | 听 | 173,108 | 听 |
| 听 | 听 | 听 | 听 | ||||
| Net increase in cash and cash equivalents and restricted cash and cash equivalents | 听 | 300,967 | 听 | 听 | 听 | 98,986 | 听 |
| Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 听 | 147,296 | 听 | 听 | 听 | 87,479 | 听 |
| Cash and cash equivalents and restricted cash and cash equivalents, end of period | $ | 448,263 | 听 | 听 | $ | 186,465 | 听 |
Key Performance Measures
The Chief Operating Decision Maker (鈥淐ODM鈥�) utilizes Adjusted EBITDA as our key performance measure.
Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (鈥淥PEB鈥�) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.
The following table sets forth a reconciliation of net (loss) income attributable to stockholders to Adjusted EBITDA for the three and six months ended June听30, 2025 and 2024:
| 听 | Three Months Ended June 30, | 听 | Change | 听 | Six Months Ended June 30, | 听 | Change | ||||||||||||||||
| (in thousands) | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | ||||||
| Net (loss) income attributable to stockholders | $ | (79,816 | ) | 听 | $ | (54,350 | ) | 听 | $ | (25,466 | ) | 听 | $ | 29,908 | 听 | 听 | $ | (110,932 | ) | 听 | $ | 140,840 | 听 |
| Add: Provision for (benefit from) income taxes | 听 | 952 | 听 | 听 | 听 | 267 | 听 | 听 | 听 | 685 | 听 | 听 | 听 | (40,562 | ) | 听 | 听 | 2,072 | 听 | 听 | 听 | (42,634 | ) |
| Add: Equity-based compensation expense | 听 | 910 | 听 | 听 | 听 | 1,799 | 听 | 听 | 听 | (889 | ) | 听 | 听 | 2,163 | 听 | 听 | 听 | 4,139 | 听 | 听 | 听 | (1,976 | ) |
| Add: Acquisition and transaction expenses | 听 | 8,704 | 听 | 听 | 听 | 921 | 听 | 听 | 听 | 7,783 | 听 | 听 | 听 | 12,219 | 听 | 听 | 听 | 1,847 | 听 | 听 | 听 | 10,372 | 听 |
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | 听 | 4,066 | 听 | 听 | 听 | 9,170 | 听 | 听 | 听 | (5,104 | ) | 听 | 听 | 4,073 | 听 | 听 | 听 | 9,170 | 听 | 听 | 听 | (5,097 | ) |
| Add: Changes in fair value of non-hedge derivative instruments | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Add: Asset impairment charges | 听 | 4,401 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 4,401 | 听 | 听 | 听 | 4,401 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 4,401 | 听 |
| Add: Incentive allocations | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Add: Depreciation and amortization expense (1) | 听 | 32,086 | 听 | 听 | 听 | 21,596 | 听 | 听 | 听 | 10,490 | 听 | 听 | 听 | 56,743 | 听 | 听 | 听 | 42,693 | 听 | 听 | 听 | 14,050 | 听 |
| Add: Interest expense | 听 | 59,204 | 听 | 听 | 听 | 29,690 | 听 | 听 | 听 | 29,514 | 听 | 听 | 听 | 102,316 | 听 | 听 | 听 | 57,283 | 听 | 听 | 听 | 45,033 | 听 |
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | 听 | (100 | ) | 听 | 听 | 3,208 | 听 | 听 | 听 | (3,308 | ) | 听 | 听 | 4,400 | 听 | 听 | 听 | 9,465 | 听 | 听 | 听 | (5,065 | ) |
| Add: Dividends and accretion of redeemable preferred stock | 听 | 20,957 | 听 | 听 | 听 | 17,610 | 听 | 听 | 听 | 3,347 | 听 | 听 | 听 | 42,798 | 听 | 听 | 听 | 34,585 | 听 | 听 | 听 | 8,213 | 听 |
| Add: Interest and other costs on pension and OPEB liabilities | 听 | (264 | ) | 听 | 听 | (138 | ) | 听 | 听 | (126 | ) | 听 | 听 | (529 | ) | 听 | 听 | 462 | 听 | 听 | 听 | (991 | ) |
| Add: Other non-recurring items (3) | 听 | 298 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 298 | 听 | 听 | 听 | 1,333 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 1,333 | 听 |
| Less: Equity in losses (earnings) of unconsolidated entities | 听 | 1,995 | 听 | 听 | 听 | 12,788 | 听 | 听 | 听 | (10,793 | ) | 听 | 听 | (3,319 | ) | 听 | 听 | 24,690 | 听 | 听 | 听 | (28,009 | ) |
| Less: Non-controlling share of Adjusted EBITDA (4) | 听 | (7,477 | ) | 听 | 听 | (8,305 | ) | 听 | 听 | 828 | 听 | 听 | 听 | (14,809 | ) | 听 | 听 | (13,987 | ) | 听 | 听 | (822 | ) |
| Adjusted EBITDA (Non-GAAP) | $ | 45,916 | 听 | 听 | $ | 34,256 | 听 | 听 | $ | 11,660 | 听 | 听 | $ | 201,135 | 听 | 听 | $ | 61,487 | 听 | 听 | $ | 139,648 | 听 |
_______________________________
| (1) | Includes the following items for the three months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of |
| (2) | Includes the following items for the three months ended June 30, 2025 and 2024: (i)听net loss of |
| (3) | Includes the following items for the three months ended June听30, 2025: Railroad severance expense of |
| (4) | Includes the following items for the three months ended June 30, 2025 and 2024: (i) equity-based compensation of |
| 听 | 听 |
The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended June听30, 2025:
| 听 | Three Months Ended June 30, 2025 | ||||||||||||||||||
| (in thousands) | Railroad | 听 | Jefferson Terminal | 听 | Repauno | 听 | Power and Gas | 听 | Four Core Segments | ||||||||||
| Net income (loss) attributable to stockholders | $ | 7,320 | 听 | 听 | $ | (11,966 | ) | 听 | $ | (9,610 | ) | 听 | $ | (15,087 | ) | 听 | $ | (29,343 | ) |
| Add: Provision for income taxes | 听 | 768 | 听 | 听 | 听 | 336 | 听 | 听 | 听 | 25 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 1,129 | 听 |
| Add: Equity-based compensation expense | 听 | 358 | 听 | 听 | 听 | 327 | 听 | 听 | 听 | 150 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 835 | 听 |
| Add: Acquisition and transaction expenses | 听 | 2,783 | 听 | 听 | 听 | 69 | 听 | 听 | 听 | 1,980 | 听 | 听 | 听 | 1,397 | 听 | 听 | 听 | 6,229 | 听 |
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | 听 | 鈥� | 听 | 听 | 听 | 742 | 听 | 听 | 听 | 3,324 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 4,066 | 听 |
| Add: Changes in fair value of non-hedge derivative instruments | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Add: Asset impairment charges | 听 | 4,401 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 4,401 | 听 |
| Add: Incentive allocations | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Add: Depreciation and amortization expense (1) | 听 | 4,979 | 听 | 听 | 听 | 12,522 | 听 | 听 | 听 | 2,494 | 听 | 听 | 听 | 11,874 | 听 | 听 | 听 | 31,869 | 听 |
| Add: Interest expense | 听 | 112 | 听 | 听 | 听 | 16,000 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 24,787 | 听 | 听 | 听 | 40,899 | 听 |
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Add: Dividends and accretion of redeemable preferred stock | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Add: Interest and other costs on pension and OPEB liabilities | 听 | (264 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (264 | ) |
| Add: Other non-recurring items (2) | 听 | 298 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 298 | 听 |
| Less: Equity in earnings of unconsolidated entities | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Less: Non-controlling share of Adjusted EBITDA (3) | 听 | (84 | ) | 听 | 听 | (6,948 | ) | 听 | 听 | (445 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (7,477 | ) |
| Adjusted EBITDA (Non-GAAP) | $ | 20,671 | 听 | 听 | $ | 11,082 | 听 | 听 | $ | (2,082 | ) | 听 | $ | 22,971 | 听 | 听 | $ | 52,642 | 听 |
_______________________________
| (1) | Jefferson Terminal |
| 听 | Includes the following items for the three months ended June听30, 2025: (i) depreciation and amortization expense of |
| 听 | Power and Gas |
| 听 | Includes the following items for the three months ended June听30, 2025: (i) depreciation and amortization expense of |
| (2) | Railroad |
| 听 | Includes the following items for the three months ended June听30, 2025: Railroad severance expense of |
| (3) | Railroad |
| 听 | Includes the following items for the three months ended June听30, 2025: (i) equity-based compensation expense of |
| 听 | Jefferson Terminal |
| 听 | Includes the following items for the three months ended June听30, 2025: (i) equity-based compensation expense of |
| 听 | Repauno |
| 听 | Includes the following items for the three months ended June听30, 2025: (i) equity-based compensation expense of |
FAQ
What were FTAI Infrastructure's (FIP) Q2 2025 financial results?
How much is FTAI Infrastructure paying for the Wheeling & Lake Erie Railway acquisition?
What is FTAI Infrastructure's Q2 2025 dividend payment?
What financing did FTAI Infrastructure secure for Repauno?
When is FTAI Infrastructure's Q2 2025 earnings conference call?
