New Fortress Energy Inc. 10-Q

Item 1. Financial Statements. New Fortress Energy Inc. Condensed Consolidated Balance Sheets As of June 30, 2025 and December 31, 2024 (Unaudited, in thousands of U.S. dollars, except share amounts) June 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 551,109 $ 492,881 Restricted cash 270,298 472,696 Receivables, net of allowances of $ 13,571 and $ 13,629 , respectively 269,405 335,813 Inventory 74,000 103,224 Prepaid expenses and other current assets, net 317,687 205,496 Total current assets 1,482,499 1,610,110 Construction in progress 4,072,291 3,574,389 Property, plant and equipment, net 5,539,901 5,842,807 Right-of-use assets 437,548 618,733 Intangible assets, net 194,752 179,510 Goodwill 15,938 766,350 Deferred tax assets, net 155 2,698 Other non-current assets, net 214,246 272,899 Total assets $ 11,957,330 $ 12,867,496 Liabilities Current liabilities Current portion of long-term debt and short-term borrowings $ 1,181,559 $ 539,132 Accounts payable 578,835 473,736 Accrued liabilities 253,043 391,359 Current lease liabilities 79,060 128,362 Other current liabilities 108,807 174,829 Total current liabilities 2,201,304 1,707,418 Long-term debt 7,805,260 8,355,703 Non-current lease liabilities 341,509 475,161 Deferred tax liabilities, net 61,770 73,198 Other long-term liabilities 154,139 166,358 Total liabilities 10,563,982 10,777,838 Commitments and contingencies (Note 21) Series B convertible preferred stock, $ 0.01 par value, 36,746 shares authorized, issued and outstanding as of June 30, 2025 ( 96,746 as of December 31, 2024); aggregate liquidation preference of $ 36,746 and $ 96,746 at June 30, 2025 and December 31, 2024 41,154 90,570 Stockholders’ equity Class A common stock, $ 0.01 par value, 750 million shares authorized, 274.2 million issued and outstanding as of June 30, 2025; 266.5 million issued and outstanding as of December 31, 2024 2,742 2,664 Additional paid-in capital 1,725,985 1,674,312 Retained earnings (accumulated deficit) ( 558,397 ) 196,363 Accumulated other comprehensive income 59,426 3,089 Total stockholders’ equity attributable to NFE 1,229,756 1,876,428 Non-controlling interest 122,438 122,660 Total stockholders’ equity 1,352,194 1,999,088 Total liabilities and stockholders’ equity $ 11,957,330 $ 12,867,496 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Contents New Fortress Energy Inc. Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income For the three and six months ended June 30, 2025 and 2024 (Unaudited, in thousands of U.S. dollars, except share and per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues Operating revenue $ 227,204 $ 291,222 $ 612,085 $ 900,726 Vessel charter revenue 46,739 52,416 92,175 99,071 Other revenue 27,749 84,368 67,968 118,530 Total revenues 301,692 428,006 772,228 1,118,327 Operating expenses Cost of sales (exclusive of depreciation and amortization shown separately below) 208,852 221,860 511,229 450,977 Vessel operating expenses 8,056 8,503 15,232 16,899 Operations and maintenance 59,817 39,292 114,774 107,840 Selling, general and administrative 57,256 70,578 116,527 141,332 Transaction and integration costs 75,384 1,760 87,315 3,131 Depreciation and amortization 52,870 37,413 105,927 87,904 Goodwill impairment expense 582,172 — 582,172 — Asset impairment expense 117,312 4,272 117,558 4,272 (Gain) loss on sale ( 472,699 ) — ( 472,699 ) 77,140 Total operating expenses 689,020 383,678 1,178,035 889,495 Operating (loss) income ( 387,328 ) 44,328 ( 405,807 ) 228,832 Interest expense 206,408 80,399 420,102 157,743 Other (income) expense, net ( 56,262 ) 47,354 ( 120,199 ) 66,466 Loss on extinguishment of debt, net 20,320 — 20,787 9,754 Loss before income taxes ( 557,794 ) ( 83,425 ) ( 726,497 ) ( 5,131 ) Tax (benefit) provision ( 967 ) 3,435 27,703 25,059 Net loss ( 556,827 ) ( 86,860 ) ( 754,200 ) ( 30,190 ) Net loss attributable to common stockholders $ ( 555,077 ) $ ( 90,044 ) $ ( 755,206 ) $ ( 36,105 ) Net loss per share – basic $ ( 2.02 ) $ ( 0.44 ) $ ( 2.76 ) $ ( 0.18 ) Net loss per share – diluted $ ( 2.02 ) $ ( 0.44 ) $ ( 2.76 ) $ ( 0.18 ) Weighted average number of shares outstanding – basic 274,371,636 205,070,756 273,996,219 205,066,362 Weighted average number of shares outstanding – diluted 274,371,636 205,851,364 273,996,219 205,846,970 Other comprehensive (loss) income: Currency translation adjustment $ 34,335 $ ( 20,557 ) $ 58,588 $ ( 28,265 ) Comprehensive loss ( 522,492 ) ( 107,417 ) ( 695,612 ) ( 58,455 ) Comprehensive income (loss) attributable to non-controlling interest 616 ( 1,963 ) ( 2,263 ) ( 4,193 ) Comprehensive loss attributable to stockholders $ ( 521,876 ) $ ( 109,380 ) $ ( 697,875 ) $ ( 62,648 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents New Fortress Energy Inc. Condensed Consolidated Statements of Changes in Stockholders’ Equity For the three and six months ended June 30, 2025 and 2024 (Unaudited, in thousands of U.S. dollars, except share amounts) Series B convertible preferred stock Class A common stock Additional paid-in capital Retained earnings (Accumulated deficit) Accumulated other comprehensive income Non-controlling Interest Total stockholders’ equity Shares Amount Shares Amount Balance as of December 31, 2024 96,746 $ 90,570 266,459,093 $ 2,664 $ 1,674,312 $ 196,363 $ 3,089 $ 122,660 $ 1,999,088 Net income (loss) — — — — — ( 199,581 ) — 2,208 ( 197,373 ) Other comprehensive income (loss) — — — — — — 23,582 671 24,253 Share-based compensation expense — — — — ( 229 ) — — — ( 229 ) Class A stock issued, net of issuance costs — — 661,207 7 363 — — — 370 Acquisition of non-controlling interest — — — — ( 1,356 ) — — 534 ( 822 ) Issuance of shares for vested share-based compensation awards — — 31,814 — — — — — — Shares withheld from employees related to share-based compensation, at cost — — ( 13,086 ) — ( 159 ) — — — ( 159 ) Conversion of Series B convertible preferred stock ( 60,000 ) ( 49,969 ) 6,651,511 67 49,898 — — — 49,965 Dividends — 107 — — — ( 548 ) — ( 3,019 ) ( 3,567 ) Balance as of March 31, 2025 36,746 $ 40,708 273,790,539 $ 2,738 $ 1,722,829 $ ( 3,766 ) $ 26,671 $ 123,054 $ 1,871,526 Net income (loss) — — — — — ( 554,631 ) — ( 2,196 ) ( 556,827 ) Other comprehensive income (loss) — — — — — — 32,755 1,580 34,335 Share-based compensation expense — — — — 5,250 — — — 5,250 Issuance of shares for vested share-based compensation awards — — 720,642 7 — — — — 7 Shares withheld from employees related to share-based compensation, at cost — — ( 309,718 ) ( 3 ) ( 1,648 ) — — — ( 1,651 ) Dividends — 446 — — ( 446 ) — — — ( 446 ) Balance as of June 30, 2025 36,746 $ 41,154 274,201,463 $ 2,742 $ 1,725,985 $ ( 558,397 ) $ 59,426 $ 122,438 $ 1,352,194 3 Table of Contents Series A convertible preferred stock Class A common stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Non- controlling interest Total stockholders’ equity Shares Amount Shares Amount Balance as of December 31, 2023 — $ — 205,031,406 $ 2,050 $ 1,038,530 $ 527,986 $ 71,528 $ 137,775 $ 1,777,869 Net income — — — — — 54,081 — 2,589 56,670 Other comprehensive income — — — — — — ( 7,349 ) ( 359 ) ( 7,708 ) Share-based compensation expense — — — — 5,248 — — — 5,248 Issuance of shares for vested share-based compensation awards — — 14,126 — — — — — — Shares withheld from employees related to share-based compensation, at cost — — ( 3,708 ) — ( 126 ) — — — ( 126 ) Issuance of Series A convertible preferred stock, net 96,746 96,513 — — — — — — — Dividends — 142 — — — ( 20,645 ) — ( 11,681 ) ( 32,326 ) Balance as of March 31, 2024 96,746 $ 96,655 205,041,824 $ 2,050 $ 1,043,652 $ 561,422 $ 64,179 $ 128,324 $ 1,799,627 Net income — — — — — ( 88,854 ) — 1,994 ( 86,860 ) Other comprehensive income — — — — — — ( 20,526 ) ( 31 ) ( 20,557 ) Share-based compensation expense — — — — 20,064 — — — 20,064 Issuance of shares for vested share-based compensation awards — — 34,578 — — — — — — Shares withheld from employees related to share-based compensation, at cost — — ( 11,074 ) — ( 290 ) — — — ( 290 ) Dividends — 1,190 — — — ( 21,697 ) — ( 3,019 ) ( 24,716 ) Balance as of June 30, 2024 96,746 $ 97,845 205,065,328 $ 2,050 $ 1,063,426 $ 450,871 $ 43,653 $ 127,268 $ 1,687,268 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents New Fortress Energy Inc. Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2025 and 2024 (Unaudited, in thousands of U.S. dollars) Six Months Ended June 30, 2025 2024 Cash flows from operating activities Net (loss) income $ ( 754,200 ) $ ( 30,190 ) Adjustments for: Depreciation and amortization 124,531 88,400 Deferred taxes 590 ( 13,860 ) Goodwill impairment expense 582,172 — Asset impairment expense 117,558 4,272 Loss on extinguishment of debt 20,787 9,754 (Gain) loss on sale ( 472,699 ) 77,140 (Earnings) recognized from vessels chartered to third parties transferred to Energos ( 23,329 ) ( 51,674 ) Other 30,549 62,077 Changes in operating assets and liabilities, net of Jamaica Business disposition: (Increase) in receivables ( 14,951 ) ( 114,030 ) Decrease (increase) in inventories 6,112 ( 62,815 ) (Increase) in other assets ( 31,961 ) ( 91,251 ) Decrease in right-of-use assets 32,772 111,561 Increase in accounts payable/accrued liabilities 98,782 255,337 (Decrease) in lease liabilities ( 39,857 ) ( 126,311 ) (Decrease) increase in other liabilities ( 61,012 ) 44,558 Net cash (used in) provided by operating activities ( 384,156 ) 162,968 Cash flows from investing activities Capital expenditures ( 652,798 ) ( 1,346,385 ) Sale of equity method investment — 136,365 Sale of Jamaica Business 949,456 — Asset sales — 328,999 Other investing activities 4,791 ( 1,694 ) Net cash provided by (used in) investing activities 301,449 ( 882,715 ) Cash flows from financing activities Proceeds from borrowings of debt 1,316,864 3,037,127 Payment of deferred financing costs ( 27,774 ) ( 37,983 ) Repayment of debt ( 1,390,187 ) ( 2,202,722 ) Payment of dividends ( 3,014 ) ( 55,710 ) Other financing activities ( 6,317 ) ( 5,033 ) Net cash (used in) provided by financing activities ( 110,428 ) 735,679 Impact of changes in foreign exchange rates on cash and cash equivalents 48,965 ( 28,898 ) Net (decrease) increase in cash, cash equivalents and restricted cash ( 144,170 ) ( 12,966 ) Cash, cash equivalents and restricted cash – beginning of period 965,577 310,814 Cash, cash equivalents and restricted cash – end of period $ 821,407 $ 297,848 Supplemental disclosure of non-cash investing and financing activities: Changes in accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions $ ( 161,057 ) $ ( 162,056 ) Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions 266,191 609,009 Principal payments on financing obligation to Energos by third party charters ( 17,027 ) ( 6,445 ) Proceeds held in escrow 98,635 — Class A convertible preferred stock issued and debt assumed in the PortoCem Acquisition — ( 125,195 ) 5 Table of Contents The following table identifies the balance sheet line-items included in Cash and cash equivalents and Restricted cash presented in the Condensed Consolidated Statements of Cash Flows: Six Months Ended June 30, 2025 2024 Cash and cash equivalents $ 551,109 $ 132,960 Restricted cash 270,298 164,888 Cash, cash equivalents and restricted cash – end of period $ 821,407 $ 297,848 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Table of Contents 1. Organization New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”), a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas ("LNG") infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. The Company currently conducts its business through two operating segments, Terminals and Infrastructure and Ships. The business and reportable segment information reflects how the Chief Operating Decision Maker (“CODM”) regularly reviews and manages the business. The Company's CODM is its Chief Executive Officer. 2. Basis of presentation The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair presentation of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K/A for the year ended December 31, 2024 (the "Annual Report"). Certain prior year amounts have been reclassified to conform to current year presentation. The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared on the basis that the Company will continue as a going concern over the next twelve months from the date of their issuance, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. The Company's going concern assessment included the following considerations; • In the first and second quarters of 2025, the Company recognized operating losses and negative operating cash flows, and this decline in earnings accelerated in the second quarter of 2025. The Company’s forecasted cash flows are expected to be impacted by, among other things, (i) reduced earnings following the sale of the Jamaica Business, (ii) increased interest expense, and (iii) cash tax payments resulting from the taxable gain on the sale of the Company’s Jamaica Business in May 2025. • The Company was required to provide a $ 79,100 bank guarantee to holders of the PortoCem Debentures on or before August 17, 2025; this guarantee was not provided by the deadline, and as a result, a majority of debenture holders have the right to call for a meeting of holders and declare an event of early maturity. If the debenture holders exercise their right to declare an early maturity, substantially all of the Company’s outstanding indebtedness would be payable on demand. • As of the date of this filing, the Company does not expect to be in compliance with the consolidated first lien ratio or the fixed charge coverage ratio included within the Revolving Facility, Letter of Credit Facility and Term Loan A Credit Agreement for the fiscal quarter ending September 30, 2025. If the Company is not in compliance with these covenants and this non-compliance is not waived, the lenders have the right to accelerate the repayment of the outstanding principal under the Revolving Facility and Term Loan A and require cash collateralization of all outstanding letters of credit. If lenders choose to accelerate under those facilities, substantially all of the Company’s outstanding indebtedness would be payable on demand. If substantially all of the Company's outstanding indebtedness is accelerated, the Company would not have sufficient liquidity or capital resources to satisfy the outstanding principal obligations. • As of June 30, 2025, the Company has $ 510,879 of aggregate principal amount outstanding under the 2026 Notes, which mature on September 30, 2026. If more than $ 100,000 of the 2026 Notes remain outstanding 91 days prior to the maturity date (the "Springing Maturity Date"), the outstanding principal of $ 2,730,127 under the New 2029 Notes becomes due. If any of the 2026 Notes remain outstanding on the Springing Maturity Date, the outstanding balance under the Revolving Facility becomes due. As of June 30, 2025, the Revolving Facility was fully drawn with $ 710,400 in revolving loans plus $ 19,533 in letters of credit. Additionally, if any of the 2026 Notes remain 7 Table of Contents outstanding on July 31, 2026, the outstanding principal under the Term Loan B (as defined below) becomes due. Also, if any of the 2026 Notes remain outstanding 60 days prior to the maturity date of the 2026 Notes, the outstanding principal under the Term Loan A (as defined below) become due. As of June 30, 2025, there was $ 295,000 outstanding under the Term Loan A and $ 1,269,259 outstanding under the Term Loan B. As such, management has concluded that, the Company’s current liquidity and forecasted cash flows from operations are not probable to be sufficient to support, in full, its obligations as they become due, and there is substantial doubt as to the Company’s ability to continue as a going concern. The Company is currently engaged in discussions with holders of the PortoCem Debentures to obtain a waiver of the debenture holders’ ability to declare an event of early maturity. Should the Company not be in compliance with covenants in the Revolving Facility, Letter of Credit Facility and Term Loan A, the Company will engage in negotiations with these lenders to obtain a waiver to avoid acceleration of outstanding balances. The Company has also initiated a process to evaluate strategic alternatives and has retained a financial advisor to assist in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. There are inherent uncertainties as the outcome of these negotiations and potential transactions described above are outside management’s control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. The condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements. Actual results could be different from these estimates. 3. Adoption of new and revised standards (a) New and amended standards adopted by the Company: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , requiring companies to annually disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires disclosure of income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and early adoption is permitted. The amendments should be applied on a prospective basis, but retrospective application is permitted. The Company will include the new disclosures as required by ASU 2023-09 in the annual financial statements for the year ending December 31, 2025. In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards , providing illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early adoption is allowed, and the amendments can be applied on a prospective or retrospective basis. The Company adopted ASU 2024-01 on January 1, 2025 and will apply the amendments on a prospective basis. The Company has not entered into any new or amended agreements which would require the application of the guidance. (b) New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2025: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . These amendments require public business entities to disclose additional information about specific expense categories in the notes to financial statements at each interim and annual reporting period. ASU 2024-03 will be effective for annual reporting periods 8 Table of Contents beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied prospectively or retrospectively. The Company is currently reviewing the impact that the adoption of ASU 2024-03 may have on the Company's financial statements and disclosures. The Company has reviewed all other recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption. 4. Dispositions Jamaica business sale In March 2025, the Company entered into an equity and asset purchase agreement (the “EAPA”) to sell the Company’s Jamaica business, including operations at the LNG import terminal in Montego Bay, the offshore floating storage and regasification terminal in Old Harbour and the 150 megawatt Combined Heat and Power Plant in Clarendon, along with the associated infrastructure (the "Jamaica Business") to Excelerate Energy Limited Partnership (“EELP”), a subsidiary of Excelerate Energy, Inc. for cash consideration of $ 1,055,000 , subject to certain purchase price adjustments. On May 14, 2025, the Company completed the sale of the Jamaica Business. After the repayment of all outstanding South Power Bonds in the amount of $ 227,157 (Note 18) and payment of certain transaction costs in the amount of $ 50,903 , the Company received net proceeds of approximately $ 678,480 , with an additional $ 98,635 of proceeds held in escrow. Proceeds held in escrow of $ 79,192 are presented within Prepaid expenses and other current assets, net (Note 10) relating to estimated purchase price adjustment and certain indemnification matters, which are expected to resolve within the next 12 months. The remaining proceeds held in escrow relating to indemnifications for certain tax related matters are presented within Other non-current assets, net (Note 15) on the Condensed Consolidated Balance Sheets as these proceeds are expected to be released to the Company during the year ending December 31, 2029. The book value of the Jamaica Business at the time of sale was $ 575,374 and the Company recognized a gain of $ 472,699 during the six months ended June 30, 2025, which is presented in (Gain) loss on sale in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company incurred $ 70,869 of transaction costs directly attributable to the sale, including fees for novating a vessel charter to the buyer and contingent fees due to the Company's advisors. These transaction costs are presented within Transactions and integration costs in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company also recognized guarantee liabilities of $ 4,659 associated with the escrow indemnification matters, which are presented within Other current liabilities and Other non-current liabilities on the Condensed Consolidated Balance Sheets. The divestiture did not meet the criteria to be reported as discontinued operations as it did not represent a strategic shift for the Company. Until the date of sale, the Company 9 Table of Contents reported the operating results for the Jamaica Business in the Company’s Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in the Terminals and Infrastructure segment. The following is a summary of the carrying amounts of the major classes of assets and liabilities as of closing: May 14, 2025 Assets Current: Cash and cash equivalents $ 6,434 Restricted cash 650 Receivables, net of allowances 65,319 Inventory 25,098 Prepaid expenses and other current assets, net 5,555 Total current assets 103,056 Non-current: Construction in progress 1,934 Property, plant and equipment, net 305,982 Right-of-use assets 144,719 Intangible assets, net 623 Goodwill 184,620 Deferred tax assets, net 13,937 Other non-current assets, net 33,872 Total non-current assets $ 685,687 Total assets $ 788,743 Liabilities Current: Accounts payable $ 6,805 Accrued liabilities 12,485 Current lease liabilities 19,805 Other current liabilities 4,603 Total current liabilities 43,698 Non-current: Non-current lease liabilities 122,085 Deferred tax liabilities, net 42,197 Other long-term liabilities 5,389 Total non-current liabilities $ 169,671 Total liabilities $ 213,369 The following is a summary of the income from continuing operations before taxes for the operations of the Jamaica Business: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Income from continuing operations before taxes $ 337 $ 7,530 $ 17,609 $ 20,558 Equipment sale In March 2024, the Company completed a series of transactions that included the sale of turbines and related equipment to the Puerto Rico Electric Power Authority ("PREPA") under an Asset Purchase Agreement ("APA"). The book value of the 10 Table of Contents turbines and equipment at the time of sale was $ 368,799 , and the Company recognized a loss of $ 77,530 during the six months ended June 30, 2024 in (Gain) loss on sale in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company's contract to provide emergency power services to support the grid stabilization project was also terminated as part of the sale transaction. All unrecognized contract liabilities and cost to fulfill at the time of termination were recognized in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company believes that there are remedies available under the customer contract, and is currently in pursuit of these remedies. As the result of this process is uncertain, any transaction price associated with closing this contract has been fully constrained. In March 2024, the Company was awarded a gas sale agreement with PREPA pursuant to which the Company provides gas supply to the sold turbines, which expired in March 2025. During 2025, the Company and PREPA agreed to a series of short-term extensions of the gas supply agreement while working towards a long-term solution that is in the best interests of both parties and achieves our mutual goal of sustained, efficient power generation for Puerto Rico. The gas supply agreement is currently set to expire on September 12, 2025. There can be no assurances that the long-term gas sale agreement will be executed, and to the extent the Company is not able to execute such an agreement, the Company's future results of operations could be adversely impacted and the impact could be material. 5. Revenue recognition Operating revenue in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income includes revenue from sales of LNG and natural gas as well as outputs from the Company’s natural gas-fueled power generation facilities, including power and steam, and the sale of LNG cargos. LNG cargo sales for the three and six months ended June 30, 2025 were $ 24,304 and $ 207,035 , respectively. LNG cargo sales for both the three and six months ended June 30, 2024 were $ 24,502 . The table below summarizes the activity in Other revenue: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Interest income and other revenue $ — $ 4,746 $ 11,449 $ 9,677 Operation and maintenance revenue 27,749 79,622 56,519 108,853 Total other revenue $ 27,749 $ 84,368 $ 67,968 $ 118,530 Operation and maintenance reve nue is recognized by the Company's subsidiary, Genera PR LLC ("Genera"), under its contract for the operation and maintenance of PREPA's thermal generation assets. Under this agreement, Genera is paid a fixed annual fee and reimbursed for pass-through expenses, including payroll expenses of Genera employees. Amounts recognized in the three and six months ended June 30, 2025 include fixed fees and reimbursement of pass-through expenditures. Under most customer contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. As of June 30, 2025 and December 31, 2024, receivables related to revenue from contracts with customers totaled $ 260,889 and $ 330,944 , respectively, and were included in Receivables, net on the Condensed Consolidated Balance Sheets, net of current expected credit losses of $ 13,571 and $ 13,629 , respectively. Other items included in Receivables, net not related to revenue from contracts with customers represent leases, which are accounted for outside the scope of ASC 606. Contract assets include unbilled amounts resulting from contracts with variable considerations, in which the performance obligation is satisfied and revenue is recognized. The Company has recognized contract liabilities, comprised of unconditional payments due or paid under the contracts with customers prior to the Company’s satisfaction of the related performance obligations. The contract assets and contract liabilities balances as of June 30, 2025 and December 31, 2024 are detailed below: 11 Table of Contents June 30, 2025 December 31, 2024 Contract assets, net - current $ 31,662 $ 44,902 Contract assets, net - non-current 11,236 20,270 Total contract assets, net $ 42,898 $ 65,172 Contract liabilities, net - current $ 12,536 $ 14,415 Contract liabilities, net - non-current 10,500 11,750 Total contract liabilities, net $ 23,036 $ 26,165 Revenue recognized in the year from: Amounts included in contract liabilities at the beginning of the year $ 2,265 $ 82,454 Contract assets are presented net of expected credit losses of $ 762 and $ 158 as of June 30, 2025 and December 31, 2024, respectively. The Company has recognized costs to fulfill contracts with customers, which primarily consist of expenses required to enhance resources to deliver under agreements with these customers. These costs can include set-up and mobilization costs incurred ahead of the service period, and such costs will be recognized on a straight-line basis over the expected terms of the agreement. As of June 30, 2025, the Company has capitalized $ 12,828 , of which $ 1,602 of these costs is presented within Prepaid expenses and other current assets, net and $ 11,226 is presented within Other non-current assets, net on the Condensed Consolidated Balance Sheets. As of December 31, 2024, the Company had capitalized $ 22,797 , of which $ 2,205 of these costs was presented within Prepaid expenses and other current assets, net and $ 20,592 was presented within Other non-current assets, net on the Condensed Consolidated Balance Sheets. Transaction price allocated to remaining performance obligations Some of the Company’s contracts are short-term in nature with a contract term of less than a year. The Company applied the optional exemption not to report any unfulfilled performance obligations related to these contracts. The Company has arrangements in which LNG, natural gas or outputs from the Company’s power generation facilities are sold on a “take-or-pay” basis whereby the customer is obligated to pay for the minimum guaranteed volumes even if it does not take delivery. The price under these agreements is typically based on a market index plus a fixed margin. The fixed transaction price allocated to the remaining performance obligations under these arrangements represents the fixed margin multiplied by the outstanding minimum guaranteed volumes. The Company expects to recognize this revenue over the following time periods. The pattern of recognition reflects the minimum guaranteed volumes in each period: Period Revenue Remainder of 2025 $ 64,928 2026 451,458 2027 451,368 2028 440,735 2029 430,440 Thereafter 6,709,479 Total $ 8,548,408 For all other sales contracts that have a term exceeding one year, the Company has elected the practical expedient in ASC 606. Under this expedient, the Company does not disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. For these excluded contracts, the sources of variability are (a) the market index prices of natural gas used to price the contracts, and (b) the variation in volumes that may be delivered to the customer. Both sources of variability are expected to be resolved at or shortly before delivery of each unit of LNG, natural gas, power or steam. As each unit of LNG, natural gas, power or steam represents a separate performance obligation, future volumes are wholly unsatisfied. 12 Table of Contents Lessor arrangements In August 2022, the Company completed a transaction with an affiliate of Apollo Global Management, Inc., pursuant to which the Company transferred ownership of 11 vessels to Energos Infrastructure ("Energos") in exchange for approximately $ 1.85 billion in cash and a 20 % equity interest in Energos (the “Energos Formation Transaction”). The Company's equity investment provided certain rights, including representation on the Energos board of directors, that gave the Company significant influence over the operations of Energos, and as such, the investment was accounted for under the equity method. Energos was also an affiliate, and all transactions with Energos were transactions with an affiliate. In February 2024, the Company sold substantially all of its stake in Energos and therefore, Energos was no longer an affiliate. Vessels that are chartered to customers under operating leases are recognized within Vessels in Note 12. Vessels included in the Energos Formation Transaction, including those vessels chartered to third parties, continue to be recognized on the Condensed Consolidated Balance Sheets, and as such, the carrying amount of these vessels that are leased to third parties under operating leases is as follows: June 30, 2025 December 31, 2024 Property, plant and equipment $ 617,595 $ 602,192 Accumulated depreciation ( 94,805 ) ( 83,135 ) Property, plant and equipment, net $ 522,790 $ 519,057 The components of lease income from vessel operating leases for the three and six months ended June 30, 2025 and 2024 are shown below. As the Company has not recognized the sale of all of the vessels included in the Energos Formation Transaction, the operating lease income shown below for the three and six months ended June 30, 2025 includes revenue of $ 28,453 and $ 59,771 , respectively, from third-party charters of vessels included in the Energos Formation Transaction. The operating lease income shown below for the three and six months ended June 30, 2024 includes revenue of $ 42,578 and $ 85,162 , respectively, from third-party charters of vessels included in the Energos Formation Transaction. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating lease income $ 44,231 $ 49,944 $ 85,138 $ 93,303 Variable lease income 2,508 2,472 7,037 5,768 Total operating lease income $ 46,739 $ 52,416 $ 92,175 $ 99,071 6. Leases, as lessee The Company has oper ating leases primarily for the use of LNG vessels, marine port space, office space, land and equipment under non-cancellable lease agreements. The Company’s leases may include multiple optional renewal periods that are exercisable solely at the Company’s discretion. Renewal periods are included in the lease term when the Company is reasonably certain that the renewal options would be exercised, and the associated lease payments for such periods are reflected in the right-of-use ("ROU") asset and lease liability. The Company’s leases include fixed lease payments which may include escalation terms based on a fixed percentage or may vary based on an inflation index or other market adjustments. Escalations resulting from changes in inflation indices and market adjustments, as well as other lease costs that depend on the use of the underlying asset, are not considered lease payments when calculating the lease liability or ROU asset. Instead, such payments are accounted for as variable lease cost when the condition that triggers the variable payment becomes probable. Variable lease cost includes contingent rent payments for office space based on the percentage occupied by the Company in addition to common area charges and other charges that are variable in nature. The Company also has a component of lease payments that are variable related to the LNG vessels, in which the Company may receive credits based on the performance of the LNG vessels during the period. As of June 30, 2025 and December 31, 2024, ROU assets, current lease liabilities and non-current lease liabilities consisted of th e following: 13 Table of Contents June 30, 2025 December 31, 2024 Operating right-of-use-assets $ 419,789 $ 599,937 Finance right-of-use-assets (1) 17,759 18,796 Total right-of-use assets $ 437,548 $ 618,733 Current lease liabilities: Operating lease liabilities $ 74,940 $ 124,391 Finance lease liabilities 4,120 3,971 Total current lease liabilities $ 79,060 $ 128,362 Non-current lease liabilities: Operating lease liabilities $ 340,289 $ 471,961 Finance lease liabilities 1,220 3,200 Total non-current lease liabilities $ 341,509 $ 475,161 (1) Finance lease ROU assets are recorded net of accumulated amortization of $ 8,145 and $ 8,134 , respectively, as of June 30, 2025 and December 31, 2024. For the three and six months ended June 30, 2025 and 2024, the Company’s operating lease cost recorded within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income was as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Fixed lease cost $ 35,284 $ 43,154 $ 76,929 $ 76,248 Variable lease cost ( 749 ) 1,073 ( 227 ) 2,709 Short-term lease cost 567 3,564 1,510 6,590 Lease cost - Cost of sales $ 31,700 $ 40,006 $ 69,866 $ 66,008 Lease cost - Operations and maintenance 2,550 5,573 5,825 15,146 Lease cost - Selling, general and administrative 852 2,212 2,521 4,393 For the three months ended June 30, 2025 and 2024, the Company has capitalized $ 2,479 and $ 22,208 of lease costs, respectively. For the six months ended June 30, 2025 and 2024, the Company has capitalized $ 7,137 and $ 37,137 of lease costs, respectively. Capitalized costs include vessels and port space used during the commissioning of development projects. Short-term lease costs for vessels chartered by the Company to transport inventory from a supplier’s facilities to the Company’s storage locations are capitalized to inventory. The Company has leases of ISO tanks and a parcel of land that are recognized as finance leases. For the three and six months ended June 30, 2025 and 2024, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income were as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Interest expense related to finance leases $ 77 $ 124 $ 167 $ 722 Amortization of right-of-use asset related to finance leases 369 353 744 5,324 Cash paid for operating leases is reported in operating activities in the Condensed Consolidated Statements of Cash Flows. Supplemental cash flow information related to leases was as follows for the six months ended June 30, 2025 and 2024: 14 Table of Contents Six Months Ended June 30, 2025 2024 Operating cash outflows for operating lease liabilities $ 92,318 $ 100,246 Financing cash outflows for finance lease liabilities 1,994 5,332 Right-of-use assets obtained in exchange for new operating lease liabilities — 206,344 The future payments due under operating and finance leases as of June 30, 2025 are as follows: Operating Leases Financing Leases Due remainder of 2025 $ 69,652 $ 2,254 2026 88,215 2,577 2027 88,253 89 2028 86,770 89 2029 62,742 89 Thereafter 196,093 763 Total lease payments $ 591,725 $ 5,861 Less: effects of discounting 176,496 521 Present value of lease liabilities $ 415,229 $ 5,340 Current lease liability $ 74,940 $ 4,120 Non-current lease liability 340,289 1,220 As of June 30, 2025, the weighted average remaining lease term for operating leases was 7.2 years and finance leases was 3.0 years . The weighted average discount rate associated with operating leases as of June 30, 2025 was 10.8 % and as of December 31, 2024 was 10.3 %. The weighted average discount rate associated with finance leases as of June 30, 2025 was 5.3 % and as of December 31, 2024 was 5.2 %. As the Company generally does not have access to the rate implicit in the lease, the incremental borrowing rate is utilized as the discount rate. 7. Financial instruments Foreign currency risk management During 2024, the Company entered into a series of foreign exchange forward contracts and zero-cost collars to reduce exchange rate risk associated with U.S. dollar borrowings and expected capital expenditures. As of June 30, 2025, t he notional amount of outstanding foreign exchange contracts was approximately $ 61,920 . These instruments are expected to settle through the third quarter of 2026. The amount of loss (gain) recognized in Other expense (income) expense, net in 15 Table of Contents the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and six months ended June 30, 2025 and 2024 is as follows: Financial instrument Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Foreign exchange forward contracts $ 257 $ ( 3,966 ) $ 13,993 $ ( 3,144 ) Zero-cost collar options 3,638 ( 6,950 ) 4,265 ( 6,950 ) Total $ 3,895 $ ( 10,916 ) $ 18,258 $ ( 10,094 ) The Company does not hold or issue instruments for speculative purposes, and the counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts; however, the Company does not anticipate non-performance by any counterparties. Embedded contingent interest derivative During 2024, the Company entered into a side letter with lenders in the Term Loan A Credit Agreement, under which the Company's interest on the Term Loan A would increase by 2 % if the lenders demand that the Company pursue a refinancing of the Term Loan A and the Company is not able to successfully refinance. This contingent interest feature meets the definition of a derivative and requires bifurcation from the debt host contract. Changes to the fair value of this derivative are recognized within Interest expense, net in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income . Fair value Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1 – observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2 – inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3 – unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • Market approach – uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Income approach – uses valuation techniques, such as the discounted cash flow technique, to convert future amounts to a single present amount based on current market expectations about those future amounts. • Cost approach – based on the amount that currently would be necessary to replace the service capacity of an asset (replacement cost). The Company uses the market approach when valuing investment in equity securities and foreign exchange forward contracts which are recorded in Prepaid expenses and other current assets, net, Other non-current assets, net, and Other current liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024. The Company uses the income approach for valuing the contingent consideration derivative liabilities and embedded contingent interest derivative. The contingent consideration derivative liabilities represent consideration due to the sellers in asset acquisitions when certain contingent events occur and are recorded within Other current liabilities and Other long-term liabilities based on the timing of expected settlement. The embedded contingent interest derivative represents incremental interest payments due to the lenders when certain contingent events occur and is recorded within Other current liabilities and Other long-term liabilities based on the timing of expected payments. 16 Table of Contents The fair value of derivative instruments is estimated considering current interest rates, foreign exchange rates, closing quoted market prices and the creditworthiness of counterparties. The Company estimates fair value of the contingent consideration derivative liabilities using a discounted cash flows method with discount rates based on the average yield curve for bonds with similar credit ratings and matching terms to the discount periods as well as a probability of the contingent events occurring. The Company estimates fair value of the embedded contingent interest derivative using a discounted cash flows method with discount rate based on the effective interest rate for the debt host instrument as well as a probability of the contingent events occurring. The followi ng table presents the Company’s financial assets and financial liabilities, including those that are measured at fair value, as of June 30, 2025 and December 31, 2024: Level 1 Level 2 Level 3 Total June 30, 2025 Assets Investment in equity securities $ — $ — $ 8,678 $ 8,678 Foreign exchange contracts — 1,091 — 1,091 Liabilities Contingent consideration derivative liabilities — — 39,032 39,032 Embedded contingent interest derivative — — 4,790 4,790 December 31, 2024 Assets Investment in equity securities $ — $ — $ 8,678 $ 8,678 Foreign exchange contracts — 22,055 — 22,055 Liabilities Foreign exchange contracts — 1,168 — 1,168 Contingent consideration derivative liabilities — — 41,984 41,984 Embedded contingent interest derivative — — 10,629 10,629 The Company believes the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximated their fair value as of June 30, 2025 and December 31, 2024 and are classified as Level 1 within the fair value hierarchy. The table below summarizes the fair value adjustment to instruments measured at Level 3 in the fair value hierarchy. The adjustments to contingent consideration derivative liabilities and embedded contingent interest derivative for the three and six months ended June 30, 2025 and 2024 are shown below. These adjustments have been recorded within Other expense (income), net, and Interest expense, net, respectively, in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2025 and 2024: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Contingent consideration derivative liabilities - Fair value adjustment - (gain) $ ( 3,830 ) $ ( 1,668 ) $ ( 6,205 ) $ ( 2,304 ) Embedded contingent interest derivative - Fair value adjustment - (gain) ( 1,597 ) — ( 5,839 ) — During the three and six months ended June 30, 2025 and 2024, the Company had no transfers in or out of Level 3 in the fair value hierarchy. During the first quarter of 2024, the Company sold substantially all of its investment in Energos; this investment had been accounted for as an equity method investment. The Company retained an investment in Energos valued at $ 1,000 , which is shown as a Level 3 investment in equity securities in the table above. 17 Table of Contents 8. Restricted cash As of June 30, 2025 and December 31, 2024, restricted cash consisted of the following: June 30, 2025 December 31, 2024 Cash restricted under the terms of loan agreements $ 230,916 $ 422,098 Collateral for letters of credit and performance bonds 39,382 50,598 Total restricted cash $ 270,298 $ 472,696 Uses of cash proceeds under the BNDES Term Loan, Brazil Financing Notes and PortoCem Debentures (see Note 18) are restricted to certain payments to construct the Company's power plants in Brazil. 9. Inventory As of June 30, 2025 and December 31, 2024, inventory consisted of the following: June 30, 2025 December 31, 2024 LNG and natural gas inventory $ 51,152 $ 67,232 Automotive diesel oil inventory 844 7,934 Bunker fuel, materials, supplies and other 22,004 28,058 Total inventory $ 74,000 $ 103,224 Inventory is adjusted to the lower of cost or net realizable value each quarter. Changes in the value of inventory are recorded within Cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income . No adjustments were recorded during the three and six months ended June 30, 2025 and 2024 . 10. Prepaid expenses and other current assets As of June 30, 2025 and December 31, 2024 , prepaid expenses and other current assets consisted of the following: June 30, 2025 December 31, 2024 Prepaid expenses $ 24,425 $ 28,667 Recoverable taxes 123,298 98,101 Contract assets (Note 5) 31,662 44,902 Due from affiliates 3,349 2,627 Proceeds held in escrow (Note 4) 79,192 — Derivative asset 515 19,807 Other current assets 55,246 11,392 Total prepaid expenses and other current assets, net $ 317,687 $ 205,496 Other current assets as of June 30, 2025 and December 31, 2024 primarily consists of deposits. 18 Table of Contents 11. Construction in progress The Company’s construction in progress activity during the six months ended June 30, 2025 is detailed below: June 30, 2025 Construction in progress as of December 31, 2024 $ 3,574,389 Additions 519,618 Asset impairment expense (Note 13) ( 111,640 ) Impact of currency translation adjustment 158,812 Assets placed in service ( 66,954 ) Dispositions (Note 4) ( 1,934 ) Construction in progress as of June 30, 2025 $ 4,072,291 Interest expense of $ 136,641 and $ 215,039 , inclusive of amortized debt issuance costs, was capitalized for the six months ended June 30, 2025 and 2024, respectively. The Company has significant development activities in Latin America. The successful completion of these development projects is subject to various risks, such as obtaining government approvals, identifying suitable sites, securing financing and permitting, and ensuring contract compliance. 12. Property, plant and equipment, net As of June 30, 2025 and December 31, 2024, the Company’s property, plant and equipment, net consisted of the following: June 30, 2025 December 31, 2024 LNG liquefaction facilities $ 3,269,659 $ 3,316,504 Vessels 1,677,735 1,575,299 Terminal and power plant equipment 419,744 630,822 Gas pipelines 291,355 323,196 Power facilities 157,219 283,470 ISO containers and other equipment 46,596 66,766 Land 56,971 51,897 Leasehold improvements 48,861 49,862 Accumulated depreciation ( 428,239 ) ( 455,009 ) Total property, plant and equipment, net $ 5,539,901 $ 5,842,807 LNG liquefaction facilities includes the Company's first Fast LNG project, which was placed into service in the fourth quarter of 2024. The book value of the vessels that was recognized due to the failed sale leaseback in the Energos Formation Transaction as of June 30, 2025 and December 31, 2024 was $ 1,328,343 and $ 1,272,334 , respectively. Depreciation expense for the three months ended June 30, 2025 and 2024 totaled $ 56,431 and $ 33,626 , respectively, of which $ 8,314 and $ 235 , respectively, is included within Cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income . Depreciation expense for the six months ended June 30, 2025 and 2024 totaled $ 116,046 and $ 78,151 , respectively, of which $ 18,715 and $ 495 , respectively, is included within Cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. 19 Table of Contents 13. Impairment of long-lived assets The Company performs a recoverability assessment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Due to the goodwill impairment triggering event identified in May 2025 (Note 14), the Company performed a recoverability test of its long-lived assets, including ROU assets and definite lived intangible assets. This analysis uses estimated undiscounted cash flow projects expected to be generated over the remaining useful life of the primary asset of the asset group at the lowest level with identifiable cash flows that are independent of other assets. Based on the recoverability tests performed, the Company recorded an impairment charge of $ 117,311 in the Terminals and Infrastructure segment, primarily relating to the Lakach deepwater project in the amount of $ 47,294 , and the development project in Pennsylvania in the amount of $ 48,155 . The Company has determined that it was not probable that it would pursue development of the Lakach deepwater project, and after this impairment, there are no longer any costs capitalized for this project. In testing the recoverability of the capitalized costs for the development project in Pennsylvania, the Company used a range of possible outcomes (which included using the land for a potential data center project) and concluded that the asset group was not recoverable. Accordingly, the Company recognized an impairment charge to reduce the carrying value of the asset group to its estimated fair value. The determination of the estimated fair value of the asset group used analyses obtained from independent third-party valuation specialists based on market observable inputs, representing Level 2 assets determined based on Level 2 inputs. We determined that, other than the impairments outlined above, (1) the Company's remaining long-lived assets, including ROU assets and definite lived intangible assets, were recoverable and (2) no adjustments to the remaining useful lives were necessary. There were no material impairment charges during the three months ended March 31, 2025 or the three and six months ended June 30, 2024. The Company measures fair value of certain assets on a non-recurring basis when GAAP requires the application of fair value, including events or changes in circumstances that indicate that carrying amounts of assets may not be recoverable. Assets subject to these measurements include goodwill (Note 14), intangible assets, property, plant and equipment and leased assets. We record such assets at fair value when it is determined the carrying value may not be recoverable. Depending on the underlying nature of the asset group, fair value measurements for assets subject to impairment tests are determined using a market approach, which uses Level 2 input, including quoted prices for similar assets or market corroborated inputs ; or an income approach, which uses Level 3 inputs, including assumptions as to future cash flows from operations of the underlying assets. 14. Goodwill and intangible assets Goodwill The Company reviews the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment assessment is conducted as of October 1st of each year. Additionally, the Company reviews the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. During the three months ended June 30, 2025, the Company identified an interim impairment triggering event due to the significant decline in the Company's stock price. Using level 3 inputs, the Company performed a quantitative assessment of each of the reporting units using the income approach, specifically a discounted cash flow method. This method requires us to apply significant assumptions and unobservable inputs, including projected EBITDA, weighted average cost of capital ("WACC") (and estimates included in the WACC) and terminal growth rate. Based on the impairment assessment, the Company recorded an impairment charge in the Terminals and Infrastructure reporting unit primarily as a result of (i) the significant increase in the WACC which reflected a higher company specific risk premium, and (ii) a reduction in 20 Table of Contents forecasted cash flows following changes in customer revenue projections and the timing of completion of development projects. Below is a summary of the changes in the carrying value of goodwill by reportable segment for the six months ended June 30, 2025: Terminals and infrastructure Ships Total Balance as of December 31, 2024 $ 750,412 $ 15,938 $ 766,350 Adjustments 16,380 — 16,380 Divestitures (1) ( 184,620 ) — ( 184,620 ) Impairment losses ( 582,172 ) — ( 582,172 ) Balance as of June 30, 2025 $ — $ 15,938 $ 15,938 (1) Upon classification of the Jamaica Business as held for sale on March 31, 2025, the Company allocated $ 172,094 of goodwill from the Terminals and Infrastructure reporting unit to include in the carrying value of the disposal group on a relative fair value basis. On May 14, 2025, the Company allocated $ 12,526 of additional goodwill to the Jamaica Business and subsequently derecognized the allocated goodwill with the assets and liabilities of the Jamaica Business (See Note 4). Intangible assets The following tables summarize the composition of intangible assets as of June 30, 2025 and December 31, 2024: June 30, 2025 Gross Carrying Amount Accumulated Amortization Currency Translation Adjustment Net Carrying Amount Weighted Average Life Definite-lived intangible assets Acquired capacity reserve contract $ 162,045 $ ( 10,909 ) $ ( 13,685 ) $ 137,451 17 Permits and development rights 61,894 ( 8,377 ) 2,001 55,518 34 Easements 660 ( 132 ) — 528 30 Indefinite-lived intangible assets Easements 1,191 — 64 1,255 n/a Total intangible assets $ 225,790 $ ( 19,418 ) $ ( 11,620 ) $ 194,752 December 31, 2024 Gross Carrying Amount Accumulated Amortization Currency Translation Adjustment Net Carrying Amount Weighted Average Life Definite-lived intangible assets Acquired capacity reserve contract $ 162,045 $ ( 5,942 ) $ ( 31,301 ) $ 124,802 17 Favorable vessel charter contracts 17,700 ( 14,942 ) — 2,758 4 Permits and development rights 61,894 ( 6,417 ) ( 5,793 ) 49,684 34 Easements 1,555 ( 392 ) — 1,163 30 Indefinite-lived intangible assets Easements 1,191 — ( 88 ) 1,103 n/a Total intangible assets $ 244,385 $ ( 27,693 ) $ ( 37,182 ) $ 179,510 21 Table of Contents Amortization expense for the three months ended June 30, 2025 and 2024 was $ 4,379 and $ 3,435 , respectively. Amortization expense for the six months ended June 30, 2025 and 2024 was $ 7,741 and $ 4,430 , respectively. In the third quarter of 2023, An Bord Pleanála (“ABP”), Ireland's planning commission, denied our application for the development of an LNG terminal and power plant. We challenged this decision, and in September 2024, the High Court of Ireland ruled that the ABP did not have appropriate grounds for the denial of our permit. In March 2025, APB withdrew their appeal to the September 2024 High Court decision. ABP is now reconsidering our planning application in accordance with Irish Law. Further, in March 2025, ABP granted the Company's application to construct a 600 MW power plant and a separate application to construct the 220 kV electricity interconnect. The Company is able to fuel this power plant via the LNG marine import terminal, if approved, or using gas provided from the Company's permitted pipeline interconnection. The continued development of this project is uncertain and there are multiple risks, including regulatory risks, which could preclude the development of this project; however, management continues to assess all options in respect of future developments for the land held. 15. Other non-current assets, net As of June 30, 2025 and December 31, 2024 , Other non-current assets, net consisted of the following: June 30, 2025 December 31, 2024 Long term receivables $ 118,798 $ 114,677 Cost to fulfill (Note 5) 11,226 20,592 Contract asset, net (Note 5) 11,236 20,270 Financing costs 24,002 57,568 Other 48,984 59,792 Total other non-current assets, net $ 214,246 $ 272,899 In the fourth quarter of 2024, the Company novated an LNG supply contract to a customer. In conjunction with this novation, the Company agreed to guarantee the performance of the LNG supplier (Note 19). In exchange for this guarantee, the Company will receive payments totaling $ 126,668 from the counterparty. These payments will be made between the third quarter of 2026 through the first quarter of 2028, and the discounted value of the payment stream has been recorded as a long-term receivable of $ 118,798 and $ 114,677 as of June 30, 2025 and December 31, 2024, respectively . Financing costs includes deferred costs associated with the Company's Revolving Facility. Other non-current assets includes the development costs for hosted software products, proceeds held in escrow from the sale of the Jamaica Business (Note 4), and investments in equity securities, which includes investments without a readily determinable fair value of $ 8,678 as of both June 30, 2025 and December 31, 2024. The Company has not recognized any gains or losses in the value of these investments during 2025. 16. Accrued liabilities As of June 30, 2025 and December 31, 2024, Accrued liabilities consisted of the following: June 30, 2025 December 31, 2024 Accrued development costs $ 48,626 $ 113,193 Accrued interest 121,601 84,566 Accrued bonuses 25,915 37,415 Accrued inventory 846 93,319 Other accrued expenses 56,055 62,866 Total accrued liabilities $ 253,043 $ 391,359 22 Table of Contents 17. Other current liabilities As of June 30, 2025 and December 31, 2024 , Other current liabilities consisted of the following: June 30, 2025 December 31, 2024 Derivative liabilities $ 38,555 $ 29,417 Contract liabilities (Note 5) 12,536 14,415 Income tax payable 19,300 88,607 Due to affiliates 4,168 11,530 Other current liabilities 34,248 30,860 Total other current liabilities $ 108,807 $ 174,829 18. Debt As of June 30, 2025 and December 31, 2024 , debt consisted of the following: June 30, 2025 December 31, 2024 Corporate debt Senior Secured Notes, due November 2029 $ 2,726,074 $ 2,728,269 Senior Secured Notes, due September 2026 509,454 509,022 Senior Secured Notes, due March 2029 234,020 233,789 Revolving Facility 710,400 1,000,000 Term Loan B, due October 2028 1,155,204 776,353 Term Loan A, due July 2027 275,573 321,573 Short-term Borrowings 159,730 179,890 Sale leaseback financing Vessel Financing Obligation, due August 2042 1,366,050 1,366,293 Tugboat Financing, due December 2038 45,980 46,224 Asset level financing PortoCem Debentures, due September 2040 847,587 729,259 BNDES Term Loan, due October 2045 362,684 350,525 Brazil Financing Notes, due August 2029 357,068 — Turbine Financing, due July 2027 138,175 142,549 EB-5 Loan, due July 2028 98,820 98,647 South Power 2029 Bonds, due May 2029 — 217,871 Barcarena Debentures, due October 2028 — 194,571 Total debt $ 8,986,819 $ 8,894,835 Current portion of long-term debt $ 1,181,559 $ 539,132 Long-term debt 7,805,260 8,355,703 Long-term debt is recorded at am ortized cost on the Condensed Consolidated Balance Sheets. The fair value of the Company's long-term debt was $ 5,785,322 and $ 9,087,890 as of June 30, 2025 and December 31, 2024, respectively, and is classified as Level 2 within the fair value hierarchy. The Company's debt arrangements include cross-acceleration clauses whereby events of default under an individual debt agreement can lead to acceleration of principal under other debt arrangements. The terms of the Company's debt instruments have been described in the Annual Report on Form 10-K. Significant changes to the Company's outstanding debt are described below. 23 Table of Contents Revolving Facility In May 2025, the Company entered into an amendment to the Revolving Facility to, among other things, (i) provide for a covenant holiday with respect to the consolidated first lien debt ratio and fixed charge coverage ratio contained therein for the fiscal quarter ending June 30, 2025, (ii) permit $ 270,000 of proceeds from the sale of the Jamaica Business to be used to prepay and terminate a portion of loans and commitments currently outstanding and otherwise not require the proceeds of the sale of the Jamaica Business to be used to prepay loans and commitments, (iii) provide that the asset sale sweep mandatory prepayment will no longer apply once aggregate commitments are reduced to $ 550,000 and (iv) restrict the Company from prepaying the 2026 Notes in excess of $ 200,000 other than to avoid springing maturities unless any such prepayment is made using proceeds from refinancing indebtedness or capital contributions. In May 2025, the Company repaid $ 270,000 of outstanding balance under the Revolving Facility which permanently reduced the borrowing capacity to $ 730,000 . As a result, the Company recognized a Loss on extinguishment of debt, net of $ 10,634 i n the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income representing write-off of unamortized deferred financing costs. As of June 30, 2025, total remaining unamortized deferred financing costs for the Revolving Facility were $ 24,002 . Additionally, the Company has issued letters of credit of $ 19,533 in the second quarter of 2025, and including the outstanding letters of credit, the Company has fully utilized the borrowing capacity of $ 729,933 as of June 30, 2025. The Company does not expect to be in compliance with the consolidated first lien debt ratio or the fixed charge coverage ratio in the Revolving Facility for the fiscal quarter ending September 30, 2025. If the Company is not compliance with both of these covenants and this non-compliance is not waived, the lenders have the right to accelerate the repayment of all outstanding balances under the Revolving Facility. At this point, substantially all of the Company’s outstanding indebtedness would be payable on demand. Letter of Credit Facility In May 2025, the Company entered into the eighth amendment to the Letter of Credit Agreement (as defined in the Annual Report), to, among other things, (i) provide for a covenant holiday with respect to the consolidated first lien debt ratio and fixed charge coverage ratio contained therein for the fiscal quarter ending June 30, 2025 and (ii) add a covenant limiting the amount of cash the Company can use to repurchase the 2026 Notes, other than payments to avoid springing maturities in respect thereof or with proceeds of certain permitted debt or equity refinancing transactions. The Company does not expect to be in compliance with the consolidated first lien debt ratio or the fixed charge coverage ratio in the Letter of Credit Facility for the fiscal quarter ending September 30, 2025. If the Company is not in compliance with both of these covenants and this non-compliance is not waived, the lenders have the right to require 102% cash collateralization of all letters of credit outstanding under the Letter of Credit Facility. If the Company does not adequately collateralize the outstanding letters of credit, certain of the Company’s outstanding indebtedness would be payable on demand. Term Loan B Credit Agreement In March 2025, the Company entered into an amendment to the Term Loan B Credit Agreement. Pursuant to the amendment, certain lenders agreed to provide incremental term loans in an aggregate principal amount of up to $ 425,000 , which increased the total outstanding principal amount to $ 1,272,440 ("Term Loan B"). The incremental term loans were issued at a discount, and the Company received proceeds, net of discount, of $ 391,000 . Net proceeds will be used primarily to fund capital expenditures of the onshore FLNG project, and for other corporate expenses. The incremental term loans are subject to the same maturity date as the term loans under the original agreement. Quarterly principal payments of approximately $ 3,181 are required beginning June 2025. The Term Loan B is secured by the same collateral that secures the term loans under the original agreement. The Term Loan B bears interest at a per annum rate equal to Adjusted Term SOFR (as defined in the amendment) plus 5.5 %. The Company may prepay the Term Loan B at its option subject to prepayment premiums until March 10, 2028 and customary break funding costs. The Company is required to prepay the Term Loan B with the net proceeds of certain asset sales, condemnations, and debt and convertible securities issuances and with the Company's Excess Cash Flow (as defined in the 24 Table of Contents amendment), in each case subject to certain exceptions and thresholds. The Company must comply with the same covenant requirements as those under the original agreement. The amendment was accounted for as a modification, and fees paid to lenders of $ 20,000 were deferred and will be amortized over the remaining life of the Term Loan B Credit Agreement. The additional third party costs associated with the amendment of $ 2,880 were recognized as expense in Transaction and integration costs in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income . As of June 30, 2025, total remaining unamortized deferred financing costs, including the un amortized original issue discount, for the Term Loan B was $ 114,055 . In connection with the amendment, all unused term loan commitments under the Term Loan A Credit Agreement were terminated. Term Loan A Credit Agreement In March 2025, the Company entered into an amendment to the Term Loan A Credit Agreement. Pursuant to the amendment, the future borrowing commitments are reduced to zero , eliminating the potential for future borrowings under the Term Loan A Credit Agreement. As a result of the amendment, $ 18,121 of origination, structuring and other fees, which were previously capitalized in Other non-current assets on the Condensed Consolidated Balance Sheet were recognized as interest expense in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income . In May 2025, the Company entered into an additional amendment to the Term Loan A Credit Agreement, which, among other things, (i) requires $ 55,000 of proceeds from the sale of the Jamaica Business to be used to prepay a portion of loans currently outstanding; (ii) increases the applicable margin to 6.70 % for SOFR loans and 5.70 % for Base Rate Loans and implement a Term SOFR floor of 4.30 % for the initial term loans and a base rate minimum of 5.30 %; (iii) requires the Company to make mandatory prepayments with 12.5 % of proceeds of a $ 659,000 request for equitable adjustment and any other proceeds related to the early termination of contracts associated with the grid stabilization project in Puerto Rico, if and when such proceeds are received. Additionally, this amendment amends certain of the financial covenants, whereby the consolidated first lien debt ratio cannot exceed (i) 6.75 to 1.00, for the fiscal quarter ending September 30, 2025, (ii) 6.50 to 1.00, for the fiscal quarter ending December 31, 2025, (iii) 7.25 to 1.00, for the fiscal quarters ending March 31, 2026 and September 30, 2026 and (iv) 6.75 to 1.00, for the fiscal quarter ending December 31, 2026 and each fiscal quarter thereafter. The amendment added a fixed charge coverage ratio covenant and removed the debt to total capitalization covenant. The Company cannot permit the fixed charge coverage ratio for the Company and its restricted subsidiaries to be less than or equal to 1.00 to 1.00 for the fiscal quarter ending September 30, 2025 and each fiscal quarter thereafter. The first lien debt ratio and the fixed charge coverage ratio covenants were waived for the fiscal quarter ended June 30, 2025. The Company does not expect to be in compliance with the consolidated first lien debt ratio or the fixed charge coverage ratio for the fiscal quarter ending September 30, 2025. If the Company is not compliance with both of these covenants and this non-compliance is not waived, the lenders have the right to accelerate the repayment of the remaining outstanding principal under the Term Loan A. At this point, substantially all of the Company’s outstanding indebtedness would be payable on demand. In May 2025, the Company repaid $ 55,000 of the Term Loan A Credit Agreement using proceeds from the sale of the Jamaica Business (Note 4). This repayment was recognized as a partial extinguishment of debt, and a portion of unamortized deferred financing costs of $ 3,806 were written off within Loss on extinguishment of debt, net in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. As of June 30, 2025, total remaining unamortized deferred financing costs and debt discount reducing the principal were $ 19,426 . Brazil Financing Notes In February 2025, one of the Company's consolidated subsidiaries entered into an agreement to issue up to $ 350,000 aggregate principal amount of 15.0 % Senior Secured Notes due 2029 (the “Brazil Financing Notes”) at a purchase price of 97.75 % of par. The Brazil Financing Notes mature on August 30, 2029; the principal is due in full on the maturity date. Interest is payable quarterly in arrears beginning on June 30, 2025, and for the first 30 months that the Brazil Financing Notes are outstanding, interest due can be paid in kind and added to the principal amount. A portion of the proceeds from the issuance of the Brazil Financing Notes of $ 208,727 was used to repay the Barcarena Debentures in full. The repayment of the Barcarena Debentures was evaluated on a creditor-by-creditor basis to determine whether the transaction should be accounted for as a modification or extinguishment of debt. As a result of this evaluation, a portion of the repayment was determined to be an extinguishment of debt and, therefore, the Company recorded a debt 25 Table of Contents extinguishment loss of $ 392 to write off a pro-rata amount of unamortized issuance costs. A portion of the repayment was treated as modification, and fees and unamortized issuance costs amounted to $ 3,484 that were attributable to the lender that participated in both the Barcarena Debentures and the Brazil Financing Notes will be amortized over the life of the Brazil Financing Notes. The additional third-party fees associated with the Brazil Financing Notes of $ 4,171 were recognized as expense in Transaction and integration costs in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income . As of June 30, 2025, total remaining unamortized deferred financing costs , including the unamortized original issue discount, for the Brazil Financing Notes were $ 10,868 . PortoCem Debentures The PortoCem Debentures included a non-automatic early maturity provision whereby upon multiple downgrades of the Company’s cr edit rating, early maturity may be declared if approved by the majority of debenture holders. Prior to the issuance of these financial statements, the Company’s credit ratings were downgraded, triggering the right of the debenture holders to determine if an early maturity event should be declared. On May 23, 2025, the debenture holders unanimously permanently waived their ability to declare an early maturity event due to this credit ratings downgrade. In connection with the debenture holders' decision to not declare an early maturity event, the Company agreed to provide a bank guarantee of $ 129,100 prior to August 17, 2025. On June 5, 2025, the Company received an additional downgrade of its credit rating, which triggered an additional non-automatic event of early maturity under the PortoCem Debenture. On June 26, 2025, the debenture holders unanimously permanently waived their ability to declare an early maturity event due to this credit ratings downgrade. No additional collateral was required; however, the Company was required to provide $ 50,000 of the previously required bank guarantee on or before July 7, 2025. The remaining $ 79,100 bank guarantee was due on or before August 17, 2025. Additionally, the debenture holders agreed to amend the debenture agreement to suspend the provision that allows for a non-automatic early maturity event upon certain downgrades of the Company’s credit rating through August 30, 2026. The Company provided the required $ 50,000 bank guarantee on July 9, 2025, subsequent to the required deadline of July 7, 2025. On August 7, 2025 the debenture holders unanimously waived their ability to declare an early maturity event due to the failure to timely meet this condition in the previous waiver. Additionally, the Company did not provide the required $ 79,100 bank guarantee by the deadline, and is currently in discussions with the debenture holders to delay or eliminate this requirement. As the required $ 79,100 bank guarantee has not been delayed or eliminated and was not provided on or before August 17, 2025, a majority of debenture holders have the right to call for a meeting of holders and declare an event of early maturity. If the debenture holders exercise their right to declare an early maturity, substantially all of the Company’s outstanding indebtedness would be payable on demand. South Power 2029 Bonds On May 14, 2025, the Company completed the sale of the Jamaica Business. In conjunction with closing, the Company repurchased all outstanding South Power Bonds for $ 227,157 , including a 1.0 % prepayment penalty and accrued interest. The Company recognized a Loss on extinguishment of debt, net of $ 5,880 in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. Interest expense Interest and related amortization of debt issuance costs, premiums and discounts recognized during major development and construction projects are capitalized and included in the cost of the project. Interest expense, net of amounts capitalized, recognized for the three and six months ended June 30, 2025 and 2024 consisted of the following: 26 Table of Contents Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Interest per contractual rates $ 209,544 $ 128,998 $ 423,258 $ 252,416 Interest expense on Vessel Financing Obligation 45,064 49,428 90,304 98,515 Amortization of debt issuance costs, premiums and discounts 14,246 12,676 43,014 21,129 Interest expense incurred on finance lease obligations 77 124 167 722 Total interest costs $ 268,931 $ 191,226 $ 556,743 $ 372,782 Capitalized interest 62,523 110,827 136,641 215,039 Total interest expense $ 206,408 $ 80,399 $ 420,102 $ 157,743 Interest expense on the Vessel Financing Obligation includes non-cash expense of $ 21,065 and $ 43,245 for the three and six months ended June 30, 2025, respectively, and $ 30,694 and $ 63,887 for the three and six months ended June 30, 2024, respectively, related to payments received by Energos from third-party charterers. 19. Other Long-Term Liabilities As of June 30, 2025 and December 31, 2024 , Other long-term liabilities consisted of the following: June 30, 2025 December 31, 2024 Guarantee liability $ 118,798 $ 115,359 Derivative liabilities 5,267 24,364 Contract liability (Note 5) 10,500 11,750 Accrued interest 5,770 9,398 Other 13,804 5,487 Total other long-term liabilities $ 154,139 $ 166,358 In the fourth quarter of 2024, the Company novated an LNG supply contract to a customer. In conjunction with this novation, the Company agreed to guarantee the performance of the LNG supplier, and in exchange for this guarantee, the customer will make payments to the Company between the third quarter of 2026 through the first quarter of 2028 totaling $ 126,668 (Note 15). 20. Income Taxes The effective tax rate for the three months ended June 30, 2025 was 0.2 % compared to ( 4.1 )% for the three months ended June 30, 2024 . The total ta x benefit for the three months ended June 30, 2025 was $ 967 compared to a provision of $ 3,435 for the three months ended J une 30, 2024. The effective tax rate for the six months ended June 30, 2025 was ( 3.8 )% compared to ( 488.4 )% for the six months ended June 30, 2024. The total ta x provision for the six months ended June 30, 2025 was $ 27,703 compared to a provision of $ 25,059 for the six months ended June 30, 2024. The Company recognized a tax provision on year-to-date pre-tax losses principally from changes in valuation allowances, expected taxes due on the gain on sale of the Jamaica Business, and taxation of foreign earnings including estimated tax liabilities under the Pillar Two framework. On July 4, 2025, the One Big Beautiful Bill Act "OBBBA" was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment of certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing its impact on our consolidated financial statements and tax provision. The Organization for Economic Cooperation and Development (OECD) released the Pillar Two model rules to reform international corporate taxation that aim to ensure that applicable multinationals pay a minimum global effective tax rate of 15%. The rules are passed into national legislation based on each country's approach, and some countries already enacted 27 Table of Contents or substantively enacted the rules. The Company continuously evaluates these developments and the potential impact of the Pillar Two framework. For the fiscal year 2025, the Company is not expected to meet certain transitional safe harbors. As a result, the Company may be subject to Pillar Two tax obligations which would increase the Company's total tax expense. Tax expense from Pillar Two is recorded as a period cost, the estimate of which has been included in the Company's estimated annual effective tax rate for the three and six months ended June 30, 2025. 21. Commitments and contingencies The Company is subject to certain legal and regulatory proceedings, claims and disputes that arise in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. In the first quarter of 2025 Alunorte Alumina do Norte do Brasil S.A. ("Alunorte") initiated arbitration proceedings at the International Chamber of Commerce (“ICC”). Alunorte claims it is owed damages for alleged delays by the Company to supply gas at the Barcarena Facility and is claiming damages up to BRL 375.7 million ($ 68.9 million using exchange rates as of June 30, 2025). The Company believes Alunorte’s claims are without merit and not supported by the contract between the parties, and as a result the Company plans to vigorously defend itself in these proceedings. However, due to the inherent difficulty in predicting the outcome of arbitration, the amount of any potential loss is uncertain. The Company has not accrued any potential losses as of June 30, 2025. 22. Earnings per share Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Basic Numerator: Net (loss) income $ ( 556,827 ) $ ( 86,860 ) $ ( 754,200 ) $ ( 30,190 ) Net (income) loss attributable to non-controlling interests 2,196 ( 1,994 ) ( 12 ) ( 4,583 ) Convertible preferred stock dividend ( 446 ) ( 1,190 ) ( 994 ) ( 1,332 ) Net income attributable to Class A common stock $ ( 555,077 ) $ ( 90,044 ) $ ( 755,206 ) $ ( 36,105 ) Denominator: Weighted-average shares - basic 274,371,636 205,070,756 273,996,219 205,066,362 Net income per share - basic $ ( 2.02 ) $ ( 0.44 ) $ ( 2.76 ) $ ( 0.18 ) Diluted Numerator: Net (loss) income $ ( 556,827 ) ( 86,860 ) ( 754,200 ) ( 30,190 ) Net (income) attributable to non-controlling interests 2,196 ( 1,994 ) ( 12 ) ( 4,583 ) Convertible preferred stock dividend ( 446 ) ( 1,190 ) ( 994 ) ( 1,332 ) Adjustments attributable to dilutive securities — ( 1,018 ) — ( 1,768 ) Net income attributable to Class A common stock $ ( 555,077 ) $ ( 91,062 ) $ ( 755,206 ) $ ( 37,873 ) Denominator: Weighted-average shares - diluted 274,371,636 205,851,364 273,996,219 205,846,970 Net income per share - diluted $ ( 2.02 ) $ ( 0.44 ) $ ( 2.76 ) $ ( 0.18 ) 28 Table of Contents The following table presents potentially dilutive securities excluded from the computation of diluted net income per share for the periods presented because its effects would have been anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Series A convertible preferred stock (1) — 96,746 — 96,746 Series B convertible preferred stock (1) 36,746 — 36,746 — Equity Agreement shares (2) 4,923,432 — 4,923,432 — Unvested RSUs — — — 1,557,599 Total 4,960,178 96,746 4,960,178 1,654,345 (1) Represents the number of unconverted Series A and Series B convertible preferred shares as of June 30, 2025 and June 30, 2024, respectively . (2) Represents Class A common stock that would be issued in relation to an agreement to issue shares executed in conjunction with a prior year asset acquisition. 23. Redeemable preferred stock and stockholder's equity Redeemable preferred stock On October 1, 2024, the Company issued to Ceiba Energy 96,746 shares of the Company's 4.8 % Series B Convertible Preferred Stock, par value $ 0.01 per share and liquidation preference $ 1,000 per share (the “Series B Convertible Preferred Stock”), in exchange for all outstanding shares of the Company’s Series A Convertible Preferred Stock. Conversion to Class A common shares During the first quarter of 2025, holders of Series B Convertible Preferred Stock submitted conversion notices to convert a total of 45,000 shares of Series B Convertible Preferred Stock, including accrued and unpaid dividends of $ 107 on these shares, into 4,977,837 Class A common shares at a conversion price of $ 9.06 per share. The Company issued a total of 6,651,511 Class A common shares to the holders of Series B Convertible Preferred Stock during the three months ended March 31, 2025, which included 1,673,674 shares issued for a conversion notice received in December 2024. Redemption rights Upon the occurrence of certain events, the holders constituting at least a majority of the outstanding voting power of the Series B Convertible Preferred Stock may require the Company to repurchase the Series B Convertible Preferred Stock, in whole but not in part, for cash or shares of Class A common stock (or any combination thereof) at a repurchase price of $ 1,000 per share plus any accumulated and unpaid dividends thereon. Contingent events that would allow the holders to require repurchase by the Company include: • change in control, downgrade in the credit rating of certain of the Company's debt or if certain financial leverage ratios aren't achieved ("Change Event"). • as of the 30th trading day following March 20, 2027, if the arithmetic average of the daily volume-weighted average price of the Company's common stock for the thirty consecutive trading day period beginning on first trading day following March 20, 2027 is less than the then-applicable conversion price ("Share Price Condition"). If the Series B Convertible Preferred Stock is to be repurchased by the Company, the majority of the holders of the Series B Convertible Preferred Stock may require the Company to repurchase the Series B Convertible Preferred Stock for shares of Class A common stock. Dividends Holders of Series B Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 4.8 % per annum, which is payable quarterly in arrears. If the Company does not declare and pay a dividend, the dividend rate will increase to 9.8 % 29 Table of Contents per annum until all accrued but unpaid dividends have been paid in full. The Company accrued dividends of $ 446 and $ 994 on the Series B Convertible Preferred Stock during the three and six months ended June 30, 2025, respectively. The Company accrued dividends on the Series A Convertible Preferred Stock of $ 1,190 and $ 1,332 for the three and six months ended June 30, 2024, respectively. The amount of unpaid cumulative dividends was $ 446 as of June 30, 2025. The Company did not declare a dividend on its Class A common stock during the three and six months ended June 30, 2025. Under certain intercompany agreements entered into in conjunction with the Refinancing Transactions completed in the fourth quarter of 2024, New Fortress Energy Inc. is no longer permitted to pay dividends to shareholders. The Company declared and paid quarterly dividends on its Class A common stock totaling $ 20,507 during the three months ended June 30, 2024, representing $ 0.10 per Class A share. The Company declared and paid dividends of $ 41,010 during the six months ended June 30, 2024, representing $ 0.10 per Class A share. During the three months and six months ended June 30, 2025 , the Company declared dividends of $ — and $ 3,019 to holders of Golar LNG Partners LP's ("GMLP") 8.75 % Series A Cumulative Redeemable Preferred Units (“GMLP Preferred Units”), respectively. During the three and six months ended June 30, 2024 , the Company declared dividends of $ 3,019 and $ 6,038 to holders of the GMLP Series A Preferred Units, respectively. The amount of unpaid cumulative dividends is $ 3,019 as of June 30, 2025 . As these equity interests have been issued by the Company’s consolidated subsidiaries, the value of the GMLP Preferred Units is recognized as non-controlling interest in the condensed consolidated financial statements. 24. Share-based compensation The Company has granted restricted stock units ("RSUs") to select officers, employees and certain non-employees under the Incentive Plan (as defined in the Annual Report). The fair value of RSUs on the grant date is estimated based on the clo sing price of the underlying shares on the grant date. The following table summarizes the RSU activity for the six months ended June 30, 2025: Restricted Stock Units Weighted-average grant date fair value per share Non-vested RSUs as of December 31, 2024 1,579,802 $ 32.60 Granted — — Vested ( 795,088 ) 32.60 Forfeited ( 488,242 ) 32.66 Non-vested RSUs as of June 30, 2025 296,472 $ 32.66 The non-vested RSUs vest over periods from 10 months to approximately two years following the grant date. The weighted-average remaining vesting period of non-vested RSUs totaled 0.51 years as of June 30, 2025. For the three and six months ended June 30, 2025 and 2024, the Company recognized compensation costs associated with equity awards in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operations and maintenance $ 14 $ 82 $ 36 $ 99 Selling, general and administrative 5,236 19,982 4,985 25,213 Total share-based compensation expense $ 5,250 $ 20,064 $ 5,021 $ 25,312 During the three and six months ended June 30, 2025, the Company recognized a reversal of previous compensation expense of $ 824 and $ 7,395 , respectively, due to the forfeiture of awards upon separation with certain employees. During 30 Table of Contents both the three and six months ended June 30, 2024, the Company recognized a reversal of cumulative compensation expense of $ 161 for forfeited RSU awards. During 2024, the Company granted an equity award to certain employees that will settle in shares of a subsidiary owning the Company's Brazilian operations. The grant date fair value of this award was $ 53,958 , and the award contains a service condition that will vest in annual increments through March 31, 2027 . Compensation expense of $ 4,708 and $ 9,364 for the three and six months ended June 30, 2025 associated with this award is included in the table above. Compensation expense of $ 2,018 for both the three and six months ended June 30, 2024 associated with this award is included in the table above. The Company recognizes the income tax benefits resulting from vesting of RSUs in the period of vesting, to the extent the compensation expense has been recognized. As of June 30, 2025, unrecognized compensation costs from non-vested RSUs was $ 2,734 , and unrecognized compensation costs for other equity awards that will settle in shares of a subsidiary owning the Company's Brazilian operations was $ 33,058 . 25. Related party transactions Management services Messrs. Edens, chie f executive officer and chairman of the Board of Directors, and Nardone, member of the Board of Directors, are currently employed by Fortress Investment Group LLC (“Fortress”). In the ordinary course of business, Fortress, through affiliated entities, charges the Company for administrative and general expenses incurred pursuant to its Administrative Services Agreement (“Administrative Agreement”). The charges under the Administrative Agreement that are attributable to the Company totaled expenses of $ 382 and a credit of $ 167 for the three months ended June 30, 2025 and 2024, respectively, and totaled expenses of $ 500 and $ 1,808 for the six months ended June 30, 2025 and 2024, respectively. Costs associated with the Administrative Agreement are included within Selling, general and administrative in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income . As of June 30, 2025 and December 31, 2024, $ 489 and $ 6,755 were due to Fortress, respectively. In addition to administrative services, Mr. Edens owns an aircraft that we charter from a third party operator for business purposes in the ordinary course of operations. The Company incurred, at aircraft operator rates, charter costs of $ 146 and $ 514 for the three months ended June 30, 2025 and 2024, respectively, and $ 1,098 and $ 1,084 for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024, $ 197 and $ 1,146 was due to this affiliate, respectively. Fortress affiliated entities The Company provides certain administrative services to related parties including entities affiliated with Fortress. No costs are incurred for such administrative services by the Company as the Company is fully reimbursed for all costs incurred. The Company has subleased a portion of office space to affiliates of entities managed by Fortress, and for the three months ended June 30, 2025 and 2024, $ 362 and $ 244 of rent and office related expenses were incurred by these affiliates, respectively. For the six months ended June 30, 2025 and 2024, $ 689 and $ 462 of rent and office related expenses were incurred by these affiliates, respectively. As of June 30, 2025 and December 31, 2024, $ 3,349 and $ 2,637 were due from affiliates, respectively. Additionally, an entity formerly affiliated with Fortress and currently owned by Messrs. Edens and Nardone provides certain administrative services to the Company, as well as providing office space under a month-to-month non-exclusive license agreement. In May 2024, this affiliate assigned the office lease to the Company, and after this point, the Company no longer incurs rent expense with this affiliate. The Company incurred rent and administrative expenses of approxim ately $ 217 and $ 900 for the three and six months ended June 30, 2024, respectively. As of June 30, 2025 and December 31, 2024, amounts d ue to Fortress affiliated entities was $ 3,614 . Land leases Prior to the sale of the Company's Miami Facility in the fourth quarter of 2024, the Company leased land from Florida East Coast Industries, LLC (“FECI”), which is controlled by funds managed by an affiliate of Fortress. The Company recognized expense related to the land lease of $ 134 and $ 237 during the three and six months ended June 30, 2024, respectively, which was included within Operations and maintenance in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. No amounts are due to FECI as of June 30, 2025 and December 31, 2024. 31 Table of Contents In September 2023, the Company entered into a lease agreement to lease land from Jefferson Terminal South LLC, which is an indirect, majority-owned subsidiary of a public company which is managed by an affiliate of Fortress. The Company recognized expense related to the land lease of $ 183 and $ 366 during the three and six months ended June 30, 2025, respectively, which was included within Operations and maintenance in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. As of June 30, 2025, the Company recorded a right-of-use asset of $ 3,339 and a lease liability of $ 4,649 on the Condensed Consolidated Balance Sheets . As of December 31, 2024, the Company recorded a right-of-use asset of $ 3,530 and a lease liability of $ 4,474 on the Condensed Consolidated Balance Sheets . DevTech investment In August 2018, the Company entered into a consulting arrangement with DevTech Environment Limited (“DevTech”) to provide business development services to increase the customer base of the Company. DevTech also contributed cash consideration in exchange for a 10 % interest in a consolidated subsidiary. The 10 % interest was reflected as non-controlling interest in the Company’s condensed consolidated financial statements. In March 2025, the Company entered into an agreement to acquire DevTech's 10 % non-controlling interest, and concurrently, terminated the consulting arrangement. A cash payment of $ 950 was made to DevTech, of which $ 822 was allocated to the value of the acquired shares of the subsidiary. The Company recognized $ 0 and $ 136 in expense related to the consulting arrangement within Selling, general and administrative for the three months ended June 30, 2025 and 2024, respectively, and $ 0 and $ 264 for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and December 31, 2024 , $ 0 and $ 149 were due to DevTech, respectively. 26. Segments As of June 30, 2025, the Company operates in two reportable segments: Terminals and Infrastructure and Ships: • Terminals and Infrastructure includes the Company’s vertically integrated gas to power solutions, spanning the entire production and delivery chain from natural gas procurement and liquefaction to logistics, shipping, facilities and conversion or development of natural gas-fired power generation. Vessels that are utilized in the Company’s terminal, logistics or sub-charter operations are included in this segment. • Ships includes certain vessels that are currently chartered to third parties under long-term arrangements and are part of the Energos Formation Transaction; three vessels are currently included in this segment. The Company’s investment in Energos was also included in the Ships segment prior to the disposition of this investment in the first quarter of 2024. The Company's CEO who is the CODM, uses Segment Operating Margin to evaluate the performance of the segments and allocate resources. Segment Operating Margin is defined as the segment’s revenue less cost of sales less operations and maintenance less vessel operating expenses, excluding unrealized gains or losses to financial instruments recognized at fair value. The CODM includes deferred earnings from contracted sales for which a prepayment was received in the current period in the segment measure. The CODM considers Segment Operating Margin to be the appropriate metric to evaluate and compare the ongoing operating performance of the Company’s segments on a consistent basis across reporting periods as it eliminates the effect of items which management does not believe are indicative of each segment’s operating performance. The table below presents segment information for the three and six months ended June 30, 2025 and 2024: 32 Table of Contents Three Months Ended June 30, 2025 (in thousands of $) Terminals and Infrastructure Ships Total Segment Consolidation and Other Consolidated Statement of operations: Total revenues $ 263,236 $ 38,456 $ 301,692 $ — $ 301,692 Less (1) : Cost of sales (3) 208,852 — 208,852 — 208,852 Vessel operating expenses 1,765 6,291 8,056 — 8,056 Operations and maintenance 59,817 — 59,817 — 59,817 Segment Operating Margin $ ( 7,198 ) $ 32,165 $ 24,967 $ — $ 24,967 Balance sheet: Total assets $ 11,438,183 $ 519,147 $ 11,957,330 $ — $ 11,957,330 Other segmental financial information: Capital expenditures (2) $ 251,863 $ — $ 251,863 $ — $ 251,863 Six Months Ended June 30, 2025 (in thousands of $) Terminals and Infrastructure Ships Total Segment Consolidation and Other Consolidated Statement of operations: Total revenues $ 695,163 $ 77,065 $ 772,228 $ — $ 772,228 Less (1) : Cost of sales (3) 511,229 — 511,229 — 511,229 Vessel operating expenses 1,765 13,467 15,232 — 15,232 Operations and maintenance 114,774 — 114,774 — 114,774 Segment Operating Margin $ 67,395 $ 63,598 $ 130,993 $ — $ 130,993 Balance sheet: Total assets $ 11,438,183 $ 519,147 $ 11,957,330 $ — $ 11,957,330 Other segmental financial information: Capital expenditures (2) $ 549,231 $ — $ 549,231 $ — $ 549,231 33 Table of Contents Three Months Ended June 30, 2024 (in thousands of $) Terminals and Infrastructure Ships Total Segment Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 385,428 $ 42,578 $ 428,006 $ — $ 428,006 Less (1) : Cost of sales (3) 221,860 — 221,860 — 221,860 Vessel operating expenses — 8,503 8,503 — 8,503 Operations and maintenance 39,292 — 39,292 — 39,292 Deferred earnings from contracted sales (5) 90,000 — 90,000 ( 90,000 ) — Segment Operating Margin $ 214,276 $ 34,075 $ 248,351 $ ( 90,000 ) $ 158,351 Balance sheet: Total assets $ 10,761,090 $ 647,287 $ 11,408,377 $ — $ 11,408,377 Other segmental financial information: Capital expenditures (2) $ 646,558 $ — $ 646,558 $ — $ 646,558 Six Months Ended June 30, 2024 (in thousands of $) Terminals and Infrastructure Ships Total Segment Consolidation and Other (4) Consolidated Statement of operations: Total revenues $ 1,033,165 $ 85,162 $ 1,118,327 $ — $ 1,118,327 Less (1) : Cost of sales (3) 450,977 — 450,977 — 450,977 Vessel operating expenses — 16,899 16,899 — 16,899 Operations and maintenance 107,840 — 107,840 — 107,840 Deferred earnings from contracted sales (5) 90,000 — 90,000 ( 90,000 ) — Segment Operating Margin $ 564,348 $ 68,263 $ 632,611 $ ( 90,000 ) $ 542,611 Balance sheet: Total assets $ 10,761,090 $ 647,287 $ 11,408,377 $ — $ 11,408,377 Other segmental financial information: Capital expenditures (2) $ 1,130,813 $ — $ 1,130,813 $ — $ 1,130,813 (1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) Capital expenditures includes amounts capitalized to construction in progress and additions to property, plant and equipment during the period. (3) Cost of sales is presented exclusive of costs included in Depreciation and amortization in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income . 34 Table of Contents (4) Consolidation and Other adjusts for the inclusion of deferred earnings from contracted sales of $ 90,000 . (5) Deferred earnings from contracted sales represent forward sales transactions that were contracted in the second and third quarters of 2024 and prepayment for these sales was received. Revenue has been recognized in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income during the third and fourth quarters of 2024. Consolidated Segment Operating Margin is defined as net income (loss), adjusted for selling, general and administrative expenses, transaction and integration costs, depreciation and amortization, asset impairment expense, gain (loss) on sale, interest expense, other (income) expense, net, and loss on extinguishment of debt, net, and tax provision. The following table reconciles Net income, the most comparable financial statement measure, to Consolidated Segment Operating Margin: Three Months Ended June 30, Six Months Ended June 30, (in thousands of $) 2025 2024 2025 2024 Net loss $ ( 556,827 ) $ ( 86,860 ) $ ( 754,200 ) $ ( 30,190 ) Add: Selling, general and administrative 57,256 70,578 116,527 141,332 Transaction and integration costs 75,384 1,760 87,315 3,131 Depreciation and amortization 52,870 37,413 105,927 87,904 Asset impairment expense 117,312 4,272 117,558 4,272 Interest expense 206,408 80,399 420,102 157,743 Other (income) expense, net ( 56,262 ) 47,354 ( 120,199 ) 66,466 (Gain) loss on sale ( 472,699 ) — ( 472,699 ) 77,140 Goodwill impairment expense 582,172 — 582,172 — Loss on extinguishment of debt, net 20,320 — 20,787 9,754 Tax (benefit) provision ( 967 ) 3,435 27,703 25,059 Consolidated Segment Operating Margin $ 24,967 $ 158,351 $ 130,993 $ 542,611 27. Subsequent events Series B Convertible Preferred Stock On July 9, 2025, the Company notified the holders of the Series B Convertible Preferred Stock of a Change Event as a result of downgrades in the credit rating of the Company's debt, which allowed the holders to require redemption of all outstanding shares by the Company. According to the Repurchase Notices received from the holders, on August 1, 2025, the Company redeemed a total of 36,746 shares through a conversion at a price of $ 950 per share plus accumulated and unpaid dividend of $ 761 and issued 10,351,360 shares of Class A common stock, which were delivered on August 1, 2025. Letter of Credit Facility On July 2, 2025, the Company entered into a deferral agreement for its Letter of Credit Agreement. The deferral agreement deferred the date on which the Company was required to cash collateralize the letters of credit scheduled that would remain outstanding on or after July 24, 2025, the then-current maturity date (the “Cash Collateralization Requirement”) until July 17, 2025. The Cash Collateralization Requirement was subsequently deferred in a second deferral agreement, dated July 17, 2025, until July 24, 2025. On July 24, 2025, the Company entered into an extension agreement to its Letter of Credit Agreement. The extension agreement extended the maturity date to July 31, 2025 and deferred the Cash Collateralization Requirement until July 31, 2025. Pursuant to a second extension agreement on July 31, 2025, the then-current maturity date was extended to August 8, 2025 and the Cash Collateralization Requirement was deferred to August 8, 2025. 35 Table of Contents On August 8, 2025, the Company entered into the ninth amendment to its Letter of Credit Agreement to, among other things, (i) change the facility from uncommitted to committed; (ii) extend the maturity date to November 14, 2025; (iii) add an asset sale sweep prepayment provision; and (iv) make certain changes to fees and pricing. In addition, the commitments were reduced to approximately $ 195,000 and are automatically reduced on October 5, 2025 to approximately $ 155,000 . The Company does not expect to be in compliance with the consolidated first lien debt ratio or the fixed change coverage ratio in the Letter of Credit Facility for the fiscal quarter ending September 30, 2025. If the Company is not compliance with these covenants and this non-compliance is not waived, the lenders have the right to require 102 % cash collateralization of all letters of credit outstanding under the Letter of Credit Facility. If the Company does not adequately collateralize the outstanding letters of credit, certain of the Company’s outstanding indebtedness would be payable on demand. 36 Table of Contents