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New York - August 9, 2024 New Fortress Energy Inc. (Nasdaq: NFE) ("NFE" or the "Company") today reported its financial results for the second quarter of 2024. Summary Highlights • Adjusted EBITDA(1) of $120 million in the second quarter of 2024 • Second quarter results do not include $107 million of contracted LNG sales during the quarter, which will be included in Adjusted EBITDA and earnings in the second half of 2024 • Net loss of $87 million in the second quarter of 2024 • Adjusted EPS(2) of $(0.41) on a fully diluted basis in the second quarter of 2024 • EPS of $(0.44) on a fully diluted basis in the second quarter of 2024 • Funds from Operations per share(3) of $(0.23) on a fully diluted basis in the second quarter of 2024 • Illustrative Adjusted EBITDA Goal(4) of $1.4-1.5 billion in the full year 2024 and $1.3 billion in the full year 2025 • FLNG 1 project complete with First Cargo(5) expected in August 2024
"We are very pleased to report that FLNG 1 is now in service as of July 19 and performing as expected. While we are disappointed in the delay, we believe this project is by far the fastest LNG facility ever built and positions the Company well to take advantage of the current market for LNG. "Our Adjusted EBITDA in the second quarter does not include $107 million of contracted LNG sales completed during the quarter, of which $90 million has been received to date. These sales will be reflected in Adjusted EBITDA and earnings in the second half of this year. For the full calendar year 2024 and 2025, we are forecasting Adjusted EBITDA of $1.4-1.5 billion, inclusive of the expected resolution of our outstanding early termination claims on our FEMA contracts, and $1.3 billion, respectively. "We have a large and expanding business, with a broad and robust portfolio and customers. While we are disappointed in the delay in placing FLNG 1 into service, it is now operational and we are very excited about the future of our business," said Wes Edens, Chairman and CEO of New Fortress Energy. Financial Highlights We generated Adjusted EBITDA(1) of $120 million in the second quarter of 2024, the majority of which was generated by contracted downstream assets. Adjusted EBITDA in the second quarter of 2024 reflects the completed sale of the power plants that we developed for FEMA in Puerto Rico and concurrent 80 TBtu island-wide gas contract awarded in March 2024. These transformative transactions pave the way for significant expansion of our business in Puerto Rico, supporting expected growth in Adjusted EBITDA(1). Growth is expected to further accelerate upon the completion of our Nicaragua terminal and power asset in the fourth quarter of 2024 and our 2.2 GW power asset in Barcarena in 2025 and 2026. We completed our initial Fast LNG asset located offshore Altamira, Mexico, following the achievement of First LNG in July 2024. With a production capacity of 1.4 MTPA, or approximately 70 TBtus per annum, FLNG 1 completes the vertical integration of NFE's LNG portfolio and will play a pivotal role in supplying low-cost, clean LNG to the Company's downstream terminal customers with First Cargo(5) expected in August 2024. The completion of FLNG 1 marks a significant milestone for the Company, establishing itself as the fastest large-scale LNG project ever developed and enabling significant reductions in future capital expenditures. On August 8, 2024, NFE's Board of Directors approved a dividend of $0.10 per share, with a record date of September 13, 2024 and a payment date of September 27, 2024. Full report About New Fortress Energy Inc. New Fortress Energy Inc. (NASDAQ: NFE) 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 and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company's assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world. New Fortress Energy Inc. - press release 
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