NFE

Let’s dig into the relative performance of New Fortress Energy (NASDAQ:NFE) and its peers as we unravel the now-completed Q2 infrastructure earnings season. Energy infrastructure companies build, own, and operate assets including pipelines, storage facilities, and processing plants that transport and handle oil, natural gas, and related products. These businesses often generate fee-based revenues providing cash flow stability. Tailwinds include growing production volumes requiring expanded takeaway capacity and export infrastructure demand. Long-term contracts with creditworthy counterparties reduce commodity price exposure. Headwinds include permitting and regulatory challenges delaying new projects, environmental opposition to pipeline construction, and potential long-term demand decline from energy transition. High capital intensity and interest rate sensitivity affecting financing costs present additional considerations. The 9 infrastructure stocks we track reported a mixed Q2. As a group, revenues beat analysts’ consensus estimates by 6.5%. While some infrastructure stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.2% since the latest earnings results. Building its first floating liquefaction unit off the coast of Mexico in 2024, New Fortress Energy (NASDAQ:NFE) supplies liquefied natural gas (LNG) to power plants and industrial customers in emerging markets. New Fortress Energy reported revenues of $301.7 million, down 29.5% year on year. This print fell short of analysts’ expectations by 46%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ EBITDA and EPS estimates. New Fortress Energy delivered the weakest performance against analyst estimates and slowest revenue growth of the whole group. Unsurprisingly, the stock is down 74% since reporting and currently trades at $0.64. Is now the time to buy New Fortress Energy? Access our full analysis of the earnings results here, it’s free. Operating industrial facilities across the Americas, Europe, Middle East, and Asia, Tenaris (NYSE:TEN) manufactures seamless and welded steel pipes used in oil and gas drilling and transportation. Tenaris reported revenues of $222.1 million, up 18% year on year, outperforming analysts’ expectations by 28.4%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates. The market seems happy with the results as the stock is up 10.2% since reporting. It currently trades at $38.51. Is now the time to buy Tenaris? Access our full analysis of the earnings results here, it’s free. With roots dating back to 1919 and facilities strategically positioned from Louisiana to Montana, Calumet (NASDAQ:CLMT) refines crude oil into specialty products like lubricating oils, solvents, and waxes used in cosmetics, batteries, and industrial applications. Calumet reported revenues of $1.04 billion, up 9.4% year on year, falling short of analysts’ expectations by 1.8%. It was a slower quarter as it posted a miss of analysts’ EBITDA estimates. Interestingly, the stock is up 6.6% since the results and currently trades at $32.23. Read our full analysis of Calumet’s results here. Dominating the Permian Basin with a fleet focused on large horsepower units exceeding 1,000 horsepower each, Kodiak Gas Services (NYSE:KGS) operates compression equipment that maintains natural gas pressure for production, gathering, and transportation. Kodiak Gas Services reported revenues of $332.9 million, up 7.5% year on year. This result topped analysts’ expectations by 0.8%. However, it was a slower quarter as it recorded a significant miss of analysts’ EPS estimates. The stock is up 22% since reporting and currently trades at $64.33. Read our full, actionable report on Kodiak Gas Services here, it’s free. With each vessel capable of carrying roughly 2 million barrels of oil—enough to fill about 125 Olympic swimming pools—DHT Holdings (NYSE:DHT) operates very large crude carriers that transport crude oil across international routes for energy companies and traders. DHT Holdings reported revenues of $118.1 million, up 37.1% year on year. This print beat analysts’ expectations by 1.7%. It was a satisfactory quarter as it also recorded a decent beat of analysts’ EBITDA estimates. The stock is up 23.8% since reporting and currently trades at $17.26. Read our full, actionable report on DHT Holdings here, it’s free. Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. 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Image source: The Motley Fool. Monday, May 12, 2025 at 5 p.m. ET Chairman and CEO — Wes Edens Managing Director, Brazil — Leandro Cunha Managing Director, Construction — Jeremy Dawson Chief Financial Officer — Chris Guinta Need a quote from a Motley Fool analyst? Email [email protected] Wes Edens: Great. Thanks, Matt. Welcome, everyone. So lots to go through here this afternoon and I'll try and make my own statements brief. Start with the core earnings for the quarter, very much in line with expectation. If you look at the yellow boxes on the piece of paper, you can see that post the first quarter of 2024, which is the last quarter that we had the FEMA claims online in Puerto Rico, we've had basically extremely consistent core earnings $110 million, $177 million but then $109 million, $116 million, so very much in line with that. Our forecast for the core earnings for the remainder of the year are basically very much in line with what this is for the first half and then accelerating the second half as we start to bring assets online, in particular those assets in Brazil. That said, the EBITDA that we had forecast for the quarter were less than that simply because we did not have any one-off results to add to it. Again, if you look at our numbers historically we've had a combination of core results plus one-off results and we simply didn't have any one-off results this quarter. That said, we expect EBITDA plus gains to be $1.25 billion to $1.5 billion for the year, which is higher than our previous estimate. We're actually off to quite a good start in that regard, in particular, when you consider the events of just today. We already had meaningful gains with our Jamaica sale, which I'll talk about in a second and there's a handful of other things that are going to be significant events for us to add to our core events. But our goal is the quality versus quantity of the earnings, in particular, what we are looking to generate for shareholders and for our constituents is repeatable, easy to understand and very long duration cash flows. And I'll explain kind of what the portfolio looks like because we have a lot of those to offer. So let's flip the page to Page number 4, material events that are in front of us. First and foremost is the Jamaica sale. $1.055 billion closed today just a few hours ago. That translates into about $800 million in net proceeds, a $430 million gains. So again a good start at whacking at the one-off gains that we expect to generate for the course of the year. The FEMA claim is as we originally had filed it with FEMA $659 million. There's a very high degree of engagement with the Army Core, which is our and our prime contractor Weston, that is making a lot of progress and we expect resolution of this claim at some point in the near-term. As with any proceeding with the government, it's impossible to really forecast accurately either the time or the amount of that. But we remain optimistic about what our position is as we know what we are owed. So the -- and the $659 million reflects that. On the FSRU sub charters, we basically had a handful of FSRUs that were surplus to our needs in our portfolio that we basically took back and then re-let them at a higher rate to third-parties. The estimate of the freeze and then there's two others that are in there. The total nominal dollars are shown in the line below, so $143 million in profit, $59 million, $110 million and $312 million. They range in periods from anywhere from 3 to 10 years. The present value at a 10% discount rate, just to give context to it is $236 million. So these are assets we can either collect month by month over the next 3, 5, 10 years or we can look to sell them and generate a one-time gain, something we're evaluating. Lastly, the excess cargo sale that we conducted at the end of last year and reported the results in the fourth quarter, which again, if you look at the previous page, the excess cargo was $296 million. Excess cargoes we had, we were concerned that actually the market might decline for value that turned out to be prophetic because that's exactly what happened. We sold them. So really the gain from them was the one-time gain from last year. There's another $125 million to be collected primarily in the periods of 2026 and 2027 and 2028. So those are the big events for us. There's others as well, but hopefully, this gives you some useful context in evaluating the $1.25 billion to $1.5 billion EBITDA or gain estimates we're providing for the year. Page number 5, so our near-term focus has been on asset sales, on debt reduction and deleveraging. And the case study is the sale that we just concluded in Jamaica. If you look at the timeline below, you can see we listed the property for sale in the fourth quarter of 2024. We conducted our second round bid and win it down to five bidders in the first quarter. We chose to work with Excelerate exclusively in March, and we concluded the sale now, basically both the timing and the amount that we had forecast that we've exceeded. So we did it in a shorter period of time, and at a higher price than what we had originally forecasted. So we feel great about that. A little bit on Jamaica above. This is the first market that we had started to conduct business in, and it is a great market. We ended up generating $125 million EBITDA, stable, mature market with long-term contracts with a 20-year duration. So the significant portion of them were supplying Jamaica's gas and power needs. So roughly 60% of the island's gas or power we supply. They still think there are significant remaining growth opportunities in Jamaica for bunkering and expansion. So we feel great about the asset that we sold on to Excelerate. But from our standpoint, this is a meaningful deleveraging event for us. So sale price of $1.055 billion, $227 million in debt repayment from direct Jamalco asset and the power plant, estimated $50 million in fees, net proceeds of $778 million. Chris will talk about that later. Page number 6, following the Jamaica sale, our goals are very, very clear. Number one, first and foremost is to simplify the balance sheet and do so by extending the duration to match underlying assets and lower our debt costs. To do so, we are focused on moving from a corporate debt structure to one which is more asset level financing, and describe that in some detail. This is something we've had a lot of experience about the floor. And I think in many cases, when you have a capital structure that becomes too complex or too difficult for people to interpret, the underlying asset value can become obscured by it and you get kind of the worst of all worlds. And so we're very focused on is isolating those assets that have the long duration, the credit quality, the repeatability that we know to be the most mixes valuable, expose those in a financing context and generate the right result for that. So if you look at Page number 7, this is a good example of what I mean. Basically, what we have done is matched our long-term supply in our portfolio with our FLNG unit, which is performing terrifically. And then, two long-term contracts with Venture Global and match them up side-by-side with those contracts that are long-term demand. So I've listed the five that are the most notable, there are smaller ones as well, but these are the ones that are the most meaningful. And basically, you can see on the supply side, we have 215 TBtus of supply for a term of 20 years. On the demand side, this handful of the large contracts is for 20 years as well on average, and it ranges from BBB, BB+, BBB-, B+ in the one case, but they are generally high credit quality assets, very long-term duration and these are their stated contract terms, and simply subtracting the cost of supply from the value of the demand, you can see these assets alone generate $500 million in annual margin. These are not assets that we are aspirational about building or assets that we are talking about pursuing or whatever, this really represents the core of the portfolio. And the way I think of it is, we're utilizing about 50% of our total supply portfolio. So of the 215, this is committed on the 109 TBtus of it. And if we're able to replicate our activities on the second half of this at terms similar to the first half, we can generate $500 million that grows to $1 billion annual margin with very, very long duration. And with that, that presents tremendous financing opportunities. It also presents great value to shareholders and that's what our focus is. Page number 8, is that in order to close the loop and finance this efficiently, you need to control every aspect of the logistics chain, supply-demand, terminal ships and overall logistics. Fortunately, we control all of that. So the four terminals that are relevant in this discussion is the La Paz terminal in Mexico, Puerto Sandino in Nicaragua, the Barcarena terminal in Brazil and the San Juan terminal in San Juan, Puerto Rico. We have these terminals that we own and control essentially have developed. In addition, we have a dedicated fleet of terminal ships and transport ships to basically both supply to the locations, but then also supply then onto the land. So basically, you connected the dots between every aspect of it. And so the combination of the long-term cash flows, credit quality, duration, in particular, of this, the 20-year duration is what actually gives us so much optimism that there's meaningful things to do here. There's a reason why Charlie Munger used to carry around the compounding tables in this back pocket, 20 years of repeatable cash flows is an incredibly powerful combination. And that's what we have already in hand, and we think the prospects for adding to it are terrific. So on the growth side, two elements that we're focused on is Brazil and in Puerto Rico. And I'm joined here in New York by Leandra and Jeremy from our Brazil team who run Brazil for us, and they can give some context both on what we have accomplished and what we're focused on. Fellas? Leandro Cunha: Thanks a lot, Wes. Good afternoon, everyone. I'm pleased to be discussing our progress and outlook in Brazil. Over the past few years, we've made significance in strategic investments in the country laying the foundation for a high value and resilient business. After years of dedicated work and over billions of investment, we are finally approaching the full commercial operation dates of our key assets. One of our projects, a 624-megawatt combined cycle power plant is expected to reach COD in the second half of this year, while the second power plant, a 1.6 gigawatt open cycle plant is on track for COD by mid next year. This is a key moment for us. These investments are converting it to a long-term contracted assets, and we are very excited to be part of this transformation at NFE Brazil. In this Slide number 10, I wanted to highlight the Barcarena complex and its associated long-term contracts. These contracts, all of them are inflation linked; they are protected from gas price volatility and backed by strong credit ratings, providing stable and predictable cash flows for our business. Starting with the Norsk Hydro contract, we began deliveries in March 2024, under a 15-year gas supply agreement, which is indexed to Henry Hub plus $6.04 per million Btu adder, with part of the added adjusted by U.S. CPI on a yearly basis, as shown in this slide. The contract covers approximately 30 TBtus a year with a 90% take-or-pay. For CELBA 2, our 624-megawatt plant, we have a 25-year PPA with 100% take-or-pay during the second semester of each year, starting from COD expected to occur in the second semester of the year. The gas volumes here is approximately 18 TBtus a year, considering only the take-or-pay with price index to 91% of JKM plus another of $3.36 per million Btu, which is also adjusted by U.S. CPI on a yearly basis. Finally, at PortoCem, our 1.6 gigawatt plant, we secured this 15-year capacity contract with the national grid, which pays approximately $280 million for the availability of the plant, plus a dispatch components whenever the plant produces power. Assuming a 10% dispatch rate, it would translate into an approximately 12 TBtus a year of additional gas demand at a premium gas prices. These projects are secured by strong counterparties as mentioned by Wes, which demonstrates how robust our commercial foundation is. I will hand it over to Jeremy to walk you through the construction update. Jeremy Dawson: Good afternoon, everybody. It's my pleasure to give you a very positive construction update this quarter. Since we last spoke on our CELBA power plant, as Leandro just mentioned, the 624-megawatt combined cycle plant. Since our last update, we've increased general progress by over 7%. On PortoCem, we've increased the progress by over 15%. That brings both of our plants now to a 95% completion for CELBA and over 54% completion for PortoCem. Those major milestones that we've achieved are actually in spite of the fact that in this previous quarter, we had a very intense rainy season to work through. In a couple of the months of the quarter, we had near 30-year historical levels of precipitation. And in the case of PortoCem, which is in a largely civil construction phase that was a significant achievement for the project team to not only maintain the float and the schedule improvement that we have, but also actually increased it a little bit. Back to CELBA 2 on the combined cycle plant at 95%, we're nearing a very important milestone of mechanical completion. We're in a phase right now, a very critical phase of the high-pressure hydro testing. We've tested the steam system up to 96 bar on our way to 300 bar eventually. Another important milestone of the 95% is that it means a different level of effort at our site. The 95% mechanical completion milestone effectively means that we can transfer the main level of effort from our construction contractor over to our power core provider, Mitsubishi, and allow them to after first fire, which we expect -- first fire of the gas turbine, which we expect at the end of August to take over the level of effort at site, and to start generating commissioning power. On PortoCem, although we are in a civil construction phase, we did advance it significantly during this last quarter. We -- one interesting note is, if you recall the last update, we showed you photos of gas turbines in transit to the site. As you see here in our update on Slide 11, we're showing you photos of gas turbines installed at site. We actually have two out of the three turbines that are already manufactured; we have them installed at the site. The third gas turbine will be arriving at the end of the month, and we're also in the process of installing two of the three electric generators. We have -- the primary ability that we've leveraged in our schedule being more than 10% ahead of the planned completion percentage at this point is that our main equipment has arrived well ahead of the planned delivery dates. This de-risks our schedule completely and helps us to maintain a 10% float in our completion plan at this point. Importantly, in this past quarter since we last spoke, we've also commenced work on our 500 kV transmission line and the substation where our GIS will arrive later this year to be installed. Just before I hand back to Leandro for the power auctions, one interesting note on PortoCem. As you recall, this project is one that we procured from another site and transferred it to our Barcarena facility, with some milestones that were delayed from the original project developer. We've actually transitioned to the schedule advancement to such a point that we're now accomplishing some of the original developers milestones that were promised to the regulators in Brazil, although it was -- they were more than a year into development when we procured this project. So we'll look forward to another successful quarter and get back to you at that time. Thanks, Leandro. Leandro Cunha: Thank you, Jeremy. Turning to Slide number 12. I want to discuss the market outlook and the upcoming opportunities. We will focus on the capacity auction expected later this year. First of all, I mean, probably most of you heard about it, the auction that was originally scheduled to happen in June was canceled. And we believe this is a temporary delay, actually. The Ministry of Mines and Energy has stated publicly that he expects the auction to take place in 2025. And we expect rules to provide more clarity and fairness to the competition. Just to make it clear, the fundamentals haven't changed. Brazil still needs to contract in our estimate 10 to 15 gigawatts of capacity. The PPAs are expected to have CODs between 2026 and 2030, for both brownfields and Greenfield assets. And we will offer capacity payments similar to PortoCem with 15-year terms for Greenfield projects and gas indexed to JKN and TTF. While the postponement of the auction created some short-term noise in the country, we are confidence in the structural need for the auction. There is no question that Brazil needs the power. And if this action doesn't happen, the system could face real operational challenges. We're fully prepared as NFE Brazil. We are positioned to register over 2 gigawatts of projects in the upcoming auction. Additionally, more than 3 gigawatts of third-parties projects have requested gas proposals from us, showing clear market confidence and the competitiveness of our platform in Brazil. In short, we see a path for meaningful expansion of our business in Brazil with strong counterparties, solid regulatory support and rising demand for our integrated LNG to power model. Thank you very much, and I want to hand it over to Wes. Wes Edens: Great. Thanks, Leandro. Let me briefly talk about Puerto Rico because it's another big market for us with a lot of activity. Just a bit of a situational overview of what the energy system in Puerto Rico looks like. It's a very under-invested, very antiquated system that is in great need of repair and great need of new investment, in particular on the new generation side. There's been no power plants built that are material in the last 30 years. So the average power plant is quite old, which rotating equipment is really not to operate efficiently for 40, 50, 60 years. And so there's a lot of challenges in terms of the fleet that exists. Over 50% of it runs on some combination of oil and diesel. Contrast that to the mainland United States, where less than 1% of our electricity is operated on diesel. You can see there's a huge difference between utilities that we find in the mainland and what we see there. What that means is that the plan and the needs in the business in Puerto Rico on the energy side, we think are extremely clear. Number one, there's a lack of sufficient reserve, which hence means that they need temporary power, which is exactly what they have done in terms of going out for a bid for temporary power, especially with the upcoming summer and the demands on the system that happened when it gets hotter down there and of course, hurricane seasons around the corner. There's a concern that they lack adequate reserve from some of the plants being offline, instead trying to buttress that by holding an RFP for temporary power. Number two is, there is a total of about 925 megawatts of power today that runs on diesel that can be readily converted to natural gas. That represents roughly a $300 million difference in fuel cost between burning the diesel and burning the natural gas for no benefit whatsoever. And so our view is that in the context of the RFP that has been talked about for gas supply, it should include a provision to also convert those to other assets, we list the four that are on here. There's the Mayaguez 200-megawatt plant. Cambalache 240 megawatts, the three Pratt & Whitney mega gens that are in Palo Seco and the Aguirre 1 and 2, which is the combined cycle plant in the South. All those can be readily converted and simply doing so is a relatively low cost to the system and can generate very, very meaningful decreases in fuel cost to them, upwards of $300 million a year. Lastly is, there's been no new power generation built in the last 30 years. There was a plant that was agreed by the government in early January. That was the first new PPA that's been signed in some time. We are the gas provider for that in the long-term. And so we think that basically building a new generation is really what will cure to what ails the system for the most part because the lack of reliability and the inefficiency of the system really, really a function of these old power plants. So -- and right now, there are plans underway by PREPA to address these issues by running the RFPs for temporary power, running RFP for gas supply and running an RFP for new generation, all of which we think are interesting opportunities and situations, which we will certainly take a hard look at. Our infrastructure in San Juan has had a very good quarter. This is the first time that we got a large ship. So basically, we were able to replace the flotilla of kind of smaller logistical ships in a larger ship with the channel widening that the Army Core has engaged in, that actually allows us to be more efficient in bringing in more supply. So basically, cuts our expenses, but it also greatly increases the capacity of that terminal, which is a good time. So with that, let me turn it over to Chris. Chris Guinta: Great. Thanks, Wes. Appreciate the opportunity to talk to everybody today. First, let me start with giving a little bit more color regarding the two recent SEC filings that we submitted earlier this week. On Monday, we filed an 8-K outlining an update to the use of proceeds of the Jamaica sale, which I'll walk through shortly. And yesterday, we filed a notification of way filing under Rule 12b-25, which allows the company to file our full form 10-Q no later than Monday, the 19th. The reason for the late filing is twofold. First, we wanted to be able to announce the consummation of the sale of the Jamaica business, including describing for investors the use of proceeds. And second, with the Jamaica asset sale proceeds in hand, we can report an improved liquidity prediction and reduction of the going concern risk that was included in the 10-K. So now turning to Slide 15. We've outlined both the cash and the accounting treatment of the Jamaica transaction. On the left side of the page, we show the proceeds waterfall, and on the right side, the gain we will recognize in the second quarter. Now prior to the most recent amendment of the credit agreement, there was a requirement to use 75% of the proceeds of material asset sales to pay down super priority debt, which included the revolving credit facility, the term loans A and B and the new 2029 notes. However, we were able to negotiate an agreement with the revolving credit facility lenders to waive this asset sale proceeds waterfall in exchange for the early paydown of the September amortization payment of $270 million. In addition, we also amended the Term Loan A where we agreed to a modest pay down of $55 million, which is in line with what they would have received under the waterfall anyway. Further, we eliminated the debt-to-capitalization covenant in this facility, and we matched the financial covenants of that loan to those in the revolving credit facility, none of which will be tested until September 30 of this year. As a result of these amendments, we were able to retain almost $400 million of proceeds after tax that can be used to solve in part nearer-term maturities, including the 2026 notes and non-extended revolver tranche, thus eliminating debt maturities until the second half of 2027. On the right side of the page, we show the expected accounting gain on this transaction. Gross proceeds of $1.055 billion less the asset level debt and fees and expenses gets to net proceeds of $778 million, then reduced by our basis, which is $177 million and reduced by goodwill allocation of $172 million will result in a book gain of $430 million. A big thank you to our full team that tirelessly worked to get to the Jamaica deal closed. This includes our internal employees, our external advisers and our partners that Excelerate, and we send best wishes for their success with an incredible asset. Go ahead and turn now to Slide number 16. And let's talk for a minute more about the two FSRU contracts that we signed over the last couple of months. In December, we announced that we chartered the Eskimo to EGAS. And this week, we announced that we chartered the Freeze to Energia 2000. These two projects alone equate to approximately $200 million of future earnings. Additionally, we are in advanced discussions with counterparties on two additional FSRU opportunities, which contribute an incremental $100 million to the total value of the portfolio. On an annual basis, these re-lets can increase our cash flow up to about $50 million in added EBITDA per year. Further, with the high demand for these contracts, we have the opportunity to innovate or sell them to other companies, which would provide us with upfront payments that we think are around $200 million. And when that occurs, it would be included in EBITDA and of course, earnings. Turn, please, now to Slide 17, we have financial results. Total segment operating margin was $106 million for Q1 compared to $240 million for Q4 of 2024. Core SG&A for the first quarter was $34 million, which is equal to what we had for Q4 of 2024. And for the balance of 2025, we're forecasting $30 million a quarter. As Wes stated earlier, adjusted EBITDA for the first quarter was $82 million. Moving to Slide 18. For Q1, we had $200 million net loss for GAAP or a loss of $0.73 a share. We had no material one-time items leading to the adjusted EPS to be the same as GAAP. As Wes said already, the quality of our earnings this quarter was high, but the quantity was lower than we were initially forecasting. Two differences that we were initially expecting in the first quarter versus what we are reporting is one, the recognition of the PR incentive payment, which is about $110 million. This is still something we expect to receive in 2025 was not agreed to before the end of the -- before the closing of the first quarter. And two, a sale of the Eskimo vessel charter. Again, this is still something that we expect to complete in 2025, but we think that combining this with the other charters that have been signed as well as ones in process makes this more attractive as a package of contracts than one-off. In spite of lower-than-expected earnings, we still have a strong liquidity position. We ended Q1 with $448 million of cash on hand and $275 million available under our revolving credit facility. Add to that, the $393 million of cash proceeds after debt pay down and you have over $1.1 billion of pro forma liquidity at the end of Q1. With that, thanks, everybody, for your time. I'll turn the call back over to the operator for Q&A. Operator: Thank you. [Operator Instructions]. And our first question is going to come from Gregory Lewis from BTIG. Gregory Lewis: Yes. Hi, thank you, and good afternoon, and thanks for taking my questions, everybody. Chris, I was hoping, thanks for laying out the liquidity and the cash and the injection post the Jamaica sale. I was hoping you could walk us through -- I mean, clearly, you have a lot of restricted cash on the balance sheet. Could you may be kind of point to -- is that restricted against specific projects? And what kind of hurdles are there that could free up that cash to make it unrestricted? Chris Guinta: Hey Greg, short answer is, it's almost all related to the CapEx in Brazil. So that is restricted cash, meaning it can only be spent on the two projects that are still under construction, the CELBA power plant and the PortoCem power plant. The remainder, which is probably in the magnitude of $40 million to $50 million is restricted around kind of other credit instruments that we have inside the business, some of which will be freed up as a result of this Jamaica transaction, about $30 million of it. And the remainder would stay restricted just because, again, it's collateral for other kind of credit support enhancement -- credit enhancement on other instruments around the business. Gregory Lewis: Okay. Super helpful. And then just as we look -- as we kind of look across the cap structure at some of the debt, it's trading at a discount. You kind of alluded to maybe looking to kind of refinance that post the Jamaica transaction. But just given some of the cash on the balance sheet and kind of running the numbers, is the company looking at potentially building open market repurchases of some of that debt just to try to maybe be a little bit opportunistic? Wes Edens: We certainly look at the capital structure. We think that there's some significant opportunities as a result of it. I think the -- I talked about the asset level debt and maybe I should amplify that just in the -- for a second because it will help this. The capital structure that's used for liquefaction generally as people build a liquefier, they enter into a series of SPAs -- it's, for the most part, kind of a wholesaling strategy of selling gas on to others. The margin in that business is relatively low, but then the credit quality and the duration is very, very long and very, very high, so they're able to generate significant amounts of finance ability when they do so. In our case, we also have a portfolio of gas, both from our own liquefier as well as some other sources. Our overall cost of that gas is roughly Henry Hub plus $2.50. Our margin across the assets that I've list is about $4.50. So it's $500 million of financeable cash flow that's buried in our capital structure right now, that we expose that into a 20-year duration transaction and just run the numbers on it, it has got the ability to refinance a significant portion of the balance sheet, if not all of it. And so from a standing start on where we are right now, we think it's now the appropriate time to really focus on this. Obviously, there was a lot of focus on the company's part in this Jamaica sale, but that's over with. And this will be the next step of it. And I think in the context of that, the goal would be to refinance the corporate balance sheet in its entirety over the course of the next 12 months or so. And as part of doing so, if we're successful in that, we'll obviously repay all the debt. And as we start to repay it, you'll look at opportunities perhaps to retire at a discount if there still are bonds that are available at discount. So that's the process for it. We think that deleveraging through the asset sale we just had, adding meaningful liquidity and addressing liquidity issues, which now $1 billion plus in liquidity, we feel great about what the transaction has realized for us. We're near completion on the power plant in Brazil, as we have assets in hand that are extremely financeable with very, very high quality and very long-term cash flows. Now is the time to refinance lower cost dramatically. Extend the terms, so they're consistent with the duration of the underlying cash flows. And then we think we can actually, with the improvement in our capital structure that alone will actually be a substantial benefit to us. And we still have a lot of dry powder. So we've only utilized about half of the volumes that we own in our portfolio. And so if we're successful in recapitalizing the balance sheet and lowering costs, and extending. And then, we also then grow as we expect to in Brazil and Puerto Rico and other places all that growth would then accrue to the benefit of the shareholders. And so that's the next two steps that we really see. So first was an asset sale, and now it's a recapitalization refinance, and then it will be growth. And those are the primary components of what we think it takes to be really successful. So sort of give you a long answer to -- or look to a short question, but that's the context that hopefully will make sense a little bit better. Gregory Lewis: No, that was super helpful. Thank you very much. Operator: Our next question comes from Chris Robertson from Deutsche Bank. Chris Robertson: Hey, good afternoon. Thank you for taking my questions. Wes, I was wondering if you could talk a little bit about the short-term power opportunity in Puerto Rico here. When people are bidding into the process -- is it for equipment or equipment plus fuel? And what strategy is NFE taking here in terms of are you bidding in to provide equipment or just fuel supply? Or how does that process work? Wes Edens: I can only relate to what I've read through the portal because it's a government-run process, so they're actually quite disciplined about how they respond to information and provide information. The rules were quite clear in that they were asking for a unitary cost of power kind of period. So you're not actually able to just simply bid in turbines. We actually asked that question specifically in the RFP questionnaire in the portal. And the two questions we ask are, were you allowed to bid in equipment versus an aggregate power price, number one. And number two, was there any minimum dispatch that we could assume that would be guaranteed to know how much power would be generated and therefore we can run the numbers on, it will be easier. And the answer to that was, no, there was no minimum. So the requirements in the RFP were quite stringent. From our standpoint, we're blessed to have a big operation on the island and so it can take advantage of the infrastructure that we have in place, but that's basically what it is. And I'd say of the three opportunities that I outlined the emergency power and the gas contract and the long-term generation, they all could be interesting under the right circumstances. But let's say, the emergency power is probably the least interesting just economically, given the relatively short duration and the lack of any kind of a commitment in terms of the utility of them, so. Chris Robertson: Okay. Got you. As my follow-up question, maybe one for Leandro here. As it relates to CELBA, on the 18 TBtu per year, should we think about that as being more seasonally weighted in the back half of the year? Or is it kind of split across all four quarters. And then just to confirm on Slide 10 here, there's no fixed capacity payment related to that. It's just the 100% take-or-pay on the volumes? Leandro Cunha: Yes. So Chris, the power plants do have a capacity payment. It's around $25 million per year. But the biggest payment that we get is the second semester of the year, which is linkage to the production of power and linkage to the 18 TBtus of gas mentioned in the slide. So we get some payments throughout the year, but most of the payments of the plants they are due on the second semester where we need to produce power. Chris Robertson: Okay. That's a lot more clear. Thank you for clarifying that. I'll turn it over. Wes Edens: Welcome. Operator: And our next question is going to come from Wade Suki from Capital One. Wade Suki: Good afternoon, everyone. Appreciate you all taking my questions. Just a follow-up. I think it was on Greg's question to make sure I heard you all correctly. On asset sales, I think you originally had a goal of like $2 billion, if memory serve oftentimes fails me. But clearly, Jamaica de-risk substantially -- substantial portion of that. Anything left out here you could discuss? Chris Guinta: You asked about other asset sales. I mean I think like the business, we have an amazing business in Brazil, as these guys have talked about, which closes a lot of opportunities for us. You have those Pacific Theater, which is another kind of business in and of itself in Nicaragua and in Mexico. But I think like absent asset sales, Wes' point of being able to do large kind of securitization type transactions would allow us to refinance our debt at a significantly cheaper rate. That's our real goal, to be honest with you, Wade. Wade Suki: Understood. Appreciate that. And just switching gears here a little bit, I did notice FLNG 2, not on the -- not in the presentation. Can you give us a status update there [indiscernible]? Chris Guinta: Sure. Yes. And there hasn't been much development over the last kind of 60 days on FLNG number 2. I mean, still under construction in the Kiewit yard. We have been focused obviously on the closing of the Jamaica transaction and on the refinancing of the business in order to ensure that we have ample liquidity and altitude, so to speak, in the day-to-day operations. We love the project. We're still engaged on it with the people in Corpus and in Mexico, and we'll be providing additional updates as we make more material construction progress. Wade Suki: Great. And Nicaragua? Chris Guinta: I'm sorry. Wes Edens: Nicaragua. Wade Suki: Nicaragua, just hoping to get an update there. Thank you. Wes Edens: Yes. Nicaragua, we are in the final stages of restructuring our PPA with the government. We had a lot of productive thoughts about that. And basically, what we're trying to do is to create a structure that looks most similar to the CELBA in new Puerto Rico, long-term gas contracts. So there's basically a capacity payment that is designed to cover expenses. And then the marginal gas cost that we think reflects kind of the value of the credit. So if you think about it, Norsk Hydro, which is an investment-grade credit, is Henry Hub plus $6, the CFD which is a BBB- credit is Henry Hub plus $7.45, so we want to be a modest premium to that to reflect the -- so lower credit quality for Nicaragua. So I think once we get the final agreement on the contract, then we'll finish up what remaining work we've got the power plant itself is virtually 100% built the terminal, needs a little bit more time and effort, but we're very, very close to the end. So we just need to finalize our agreement to move ahead on that. Wade Suki: Great. Thank you so much. I'll go back into the queue. Operator: And our next question is going to come from Craig Shere from Tuohy Brothers. Craig Shere: Hi, thanks for taking the questions. On Slide 7, I mean, obviously, we're not getting the Plaquemines and especially CP2 volumes anytime soon. What are your thoughts about bridging LNG supply needs between now and commencement of the Venture Global SPAs? Wes Edens: We're actually very well-positioned right now because we've got the volumes from FLNG. Right now, the asset is producing basically right at nameplate capacity at the cold box. We are planning an outage here in a couple of weeks that we think is going to significantly improve from that level. So it's already performing very consistently and reliably and at a good level. We think there's a significant amount of upside with the planned outage and debottlenecking activity of it. So that's 90 TBtus is our estimate of where that will end up with. With the volumes that we have in place that are needed in Brazil is really just the Norsk Hydro this year in the second half of next year, then it becomes the CELBA plant. Puerto Rico, the large gas contracts we signed earlier this year is slated to come on in 2028. So as we look across the portfolio, it's actually quite balanced overall in terms of the needs, kind of step-by-step. And if we add to those lines because we're successful in either Brazil or Puerto Rico or elsewhere, we can always then add any volumes to address that. But we've got a net position that is $2.15 versus the long-term of $1.09. Obviously, there's some short-term volumes in there that, that could be displaced if we're successful in some of these longer-term things. But we're in a very good position in terms of our gas needs and our gas used at the time. So it's actually -- it works well for the timing of these future developments. Craig Shere: Got you. And you've been talking for a number of months or quarters about the significant opportunities with both the Puerto Rico RFP and Brazil capacity auction into June and second half this year. Obviously, you have some competitive infrastructure advantages. Do you believe some of the noise around liquidity and balance sheet could impact any of the decision-making there by regulators? Or do you think that given your entrenched position and the obvious virtual cycle of favorable awards on the whole business just kind of makes that a moot point? Wes Edens: Well, I think that we have a very viable business. We have $1 billion on balance sheet. We've got significant assets that are not only very expensive to build, but are also very time consuming to build. So we feel like we've kind of earned our competitive position in these countries, the hard way. We actually have set out years ago to build the essential infrastructure to get it into there. I mean that said, in no case, are we a monopoly. We don't want to be a monopoly. We're not regulated like monopoly. That's not what we aspire to be. In Puerto Rico itself, I think today, we actually provide less than 50% of the fuels that is provided on the island. So EcoElectrica in the South has significant gas abilities. We've got a very, very good position in San Juan, that's by design. And we spent hundreds of millions of dollars developing our product there like anybody else could do or could have done to give ourselves that position. But in no respect are we monopolistic about this. We think we're well-positioned. And what we have predicted to happen in these countries, we think is largely coming true. I mean like we're certainly disappointed that the auctions in Brazil were delayed, but there was reasons for that are out of our control. And as Leandro said, the needs of the country having gotten less. They've gotten greater during that period. So we feel great about those auctions. And we've got a great, great asset in the South that we think is going to play a central role in those auctions when they do come. And in Puerto Rico, with the -- both the short-term and long-term generation needed, we think that having gas in San Juan is going to prove to be very, very helpful. And so we'll obviously need to find if we can do that economically attractive levels. And go from there. But we feel like the competitive situation is actually really good. I mean, I think most importantly, when you disaggregate and you look behind the numbers, you look at the assets that we've got, you're generating $0.5 billion in cash flow on a 20-year duration assets that are largely right around investment grade. So that is a laudable place to be. We feel like that our valuation in no way reflects that. And so we'll go finance ourselves on a long-term basis, and we'll fix the capital structure and align it with the same duration of what we're -- we've got on the asset side and kind of go from there. And if we're fortunate and through hard work of us and our people in the field, we can add to our with more long-term off-take and use up some of the excess capacity we've got on the spot side, we think that there's a tremendous amount of upside in both the debt and the equity side. So that's the plan. The one thing I'd say is that on this -- the last thing I'll say is that on the securitization front, we've securitized or have created structured financings for many, many different products over our careers. And I think in the scale of degree of difficulty, if you just take the Brazilian assets, you've got two assets that have got direct obligations by the Brazilian government in the one case, Norsk Hydro and the other. So BB+ and BBB rated counterparties discrete cash flows with no variability that run out for 15 and 25 years, that doesn't sound like the hardest thing in the world to kind of realize. They're U.S. dollar-based contracts. That's what we're going to be very focused on. And I think if we're successful there, it gives us a real opportunity then to attack our capital structure and do some good work there. So that's the plan for the summer, and we'll see how it plays out. Craig Shere: Great. Thank you. Operator: And our last question will come from Tarek Hamid from JPMorgan. Tarek Hamid: Hey, good afternoon. Could you guys maybe help us bridge through the liquidity picture a little bit, particularly sort of how you're thinking about gross CapEx needs for the remainder of the year. Obviously, you have a bunch of restricted cash as well as liquidity outlined, but just would love to understand sort of how much is yet to go out the door? Chris Guinta: Yes. So I'd say -- we'll start in Brazil. So the remainder of the CapEx for CELBA and PortoCem is fully funded with cash on the balance sheet on the restricted cash line. So that's paid for. And that will be paced this year and through the first kind of 6-ish, maybe nine months in total because you'll have some lag in the payments beyond COD in 2026 for PortoCem. Beyond PortoCem, you have very little remaining CapEx to spend. Obviously, FLNG 1 has been placed into service. You have no more spend in Mexico or in -- really in Puerto Rico until you get conversions and those conversions, whatever CapEx is needed for those conversions we envision would be paid for by PREPA. That really then leaves you with Nicaragua, and we've disclosed this before, it's about -- remaining to spend in Nicaragua is about $50 million to $60 million. And then the rest is FLNG 2. I would say that FLNG 2, the pacing -- we have the control on that, on how that goes out. And as I mentioned a moment ago, our intention is to be very disciplined with cash at the moment, so that we can ensure that we are solving all near-term maturities. And as we have those in hand or we do refinancings, as Wes just discussed, we would then -- we would move forward in greater pace on the FLNG 2 CapEx development. Tarek Hamid: Thank you. And then it was very helpful when you guys walked through the covenant amendments on the revolver and the Term Loan A, but is it fair to assume that through the asset to language on the 12 and the Term Loan B likely don't apply given the amount of capital you're spending? Chris Guinta: I'm not sure I understood the question. You're talking about like the reinvestment rates? Tarek Hamid: Yes. Well, in terms of you're -- having to prepay those without sale proceeds? Chris Guinta: Well, we aren't using asset sale proceeds to repay those. We have cash on the balance sheet and cash flows from our operations that we can use to refinance if we want the -- or to pay off any of the other instruments. Tarek Hamid: Okay, fair enough. Thank you very much. Operator: And there are no further questions in the queue. Wes Edens: Great. Okay. Thank you very much, everyone. We look forward to talking to you next quarter. Thank you. Chris Guinta: Thank you. Operator: And this concludes today's call. Thank you for your participation. You may now disconnect. Before you buy stock in New Fortress Energy, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and New Fortress Energy wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $532,929!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,091,848!* Now, it’s worth noting Stock Advisor’s total average return is 928% — a market-crushing outperformance compared to 186% for the S&P 500. 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Image source: The Motley Fool. Thursday, November 7, 2024 at 8 a.m. ET Chairman and CEO — Wesley Edens Managing Director — Andrew Dete Chief Financial Officer — Christopher Guinta Need a quote from a Motley Fool analyst? Email [email protected] Wesley Edens: Great. Thanks, Matt, and thanks everyone for dialing in. So as usual, we will refer to the deck as we flip through here, but let's start at the beginning. So Page 3, first with the quarterly financial results. Q3 adjusted EBITDA $176 million that was basically right on top of what we forecast here last summer. From an operational standpoint, the quarter was a very placid one. So we continue to operationalize FLNG operations. I'll talk about that in a minute. We sold our first full cargo was sold and transported to Europe. We obtained the non FTA permits in Labor Day, which allowed us to then ship to non-FTA countries. Of course, it looks like that band is likely to be lifted in presidential election but that was a good milestone for us. We are reducing our guidance in the fourth quarter modestly due to some maintenance that we've taken here. So we're going to have lower volumes in FLNG. The unit is back up and is running well now. We've been working on optimizing production but we're very, very happy with the production of it and I'll talk about that in a second, but that's good. We also are going to bring Barcarena in place that into service, which has got some accounting implications, but it's nothing but positives from an operational standpoint, from a business standpoint, but Andrew will talk about that in a minute. The claim from FEMA is something I get asked about all the time. We continue to have conversations with Weston, which is our contractor, as well as with the core and with FEMA and expect -- as expected, we do think that the resolution of that is pending and is positive. We don't have anything specific to report on it. Obviously, the impact of the FEMA settlement in the Q4 or Q1 would materially affect what our forecast would be. And also to the extent that these new strategic options that we are pursuing that I'll talk about at some length come to bear, they could move things around. So actually the ability to then forecast specifically away from operations is a little more complex just because these are such big and large individual transactions. So notable events, let's flip to the following page. Start with fast FLNG. Prior to the maintenance event, we ran for 14 days on an hourly basis at about 105% of nameplate capacity, so working extremely well. This is now the time of the process in the liquefier that you then sit down with the vendors and brainstorm about debottlenecking and operational changes that you can implement to increase production. We had a big meeting in Houston on Monday exactly on this. It went really well. Our team is quite positive that there's a number of short-term additions that we can bring into it to add 3% to 5% to 10% of nameplate capacity. That is consistent with other people in the industry. This is just a natural process to go through. First, get up and running at full nameplate. Second, make those adjustments that allow you to enhance what you're doing. So, very, very good news there. We're just completing our fourth cargo, I believe, this morning. One thing about this, I've been asking questions. The Penguin is about 170,000 cubic meters of storage. The average ship that we're filling on our run back and forth to Puerto Rico is about 135,000 cubic meters. That buffer provides us a tremendous amount of operational flexibility. So when there is weather, when there's a storm that has gone through and there are swells and you have to maybe delay a day or here or there that 35,000 cubic meters of buffering basically means that we expect to have no downtime from an operational standpoint as we load and that's been our experiences thus far. So all going well and going to plan but FLNG has moved squarely out of the construction phase into the last stages of commissioning and now operationally we're performing kind of extremely well. Brazil, I'm going to leave Andrew to talk about this, but the big construction continues. The bottom line from our standpoint is on time, on budget. The EPC is performing extremely well and there's a tremendous beehive activity there, but I'll let Andrew talk about that specifically. Lastly for us, a big focus for the company has the corporate refinancing and capital formation that we did in the quarter and culminating with the signing of our agreements here this morning to kind of finalize it. But in simple terms, what we did is we refinanced and extended out 100% of the 2025 corporate debt, 2/3 of the 2026 is into a single class and then extended the vast majority of the revolvers to 2027. Lastly, we also completed a $400 million equity raise that I actually personally participated in a significant amount of investment back in October as well. What this has done is it basically has added significant liquidity to the company and also has extended debt maturities that now allows for us to really pursue the next series of things I'm going to talk about here in a very ordinary course of events. So that's great. It was done very collaboratively with our bondholders and our banks. We're blessed to have a very, very professional and broad based group of lenders that worked with us well. And now it sets the stage for us to focus on the strategic goals that we outlined the other day. But before I get to that let me turn over the rest of the updates to Andrew. Andrew? Andrew Dete: Hey, so nice to talk to everybody again. I'm on Page 5. Just talking about the Brazil construction update. So a positive update this quarter. CELBA 2 which is our 630 megawatt combined cycle plant is just at 80% complete. So, really good milestone for us there. You can see the pictures on the bottom left. We've got a real power plant on-site and we've almost 2,000 people on-site last month. So, a ton of activity going on. Sort of in the final stages of the electromechanical assembly everything is on-site and now it's just a matter of kind of all the work getting done. Our forecast for this is cash flows commencing in second half of 2025, and that's the firm date and great EPC agreement with Mitsubishi and Toyo-Setal as well. So, everything on track at CELBA 2 for the moment and really good progress over the last quarter. Our Portocem project which if you remember we acquired -- assigned to acquire in December. And then I think announced in January of this year and we moved that to the site at Barcarena and is under construction today. We made a lot of progress there; we're actually ahead of schedule. So we've planned on being 15% complete at this point and we're actually achieving 25% complete. So we've had great activity. If you see the pictures on the bottom right, what you can see there in the top are the four different pads for the large gas turbines and then the big clear to the bottom is for the substation. Mitsubishi is making great progress on the turbines as well. So that progress is that project is really coming together faster than expected. And right now we're ahead of schedule, so very positive update on our construction in Brazil for the quarter. And back to you, Wes. Wesley Edens: Yes. So flipping the page in Nicaragua, this is the last of the terminals that we expect to go operational. Our expectation is still in Q1. The 300 megawatt power plant, 100% complete. The jetty and the FSU is 95% complete. We expect that to be completed here in the next month or two. The pipeline, as you can see, has been dredged and is being put in place. So, just the remaining works really include finalizing the jetty and then connecting the pipeline from the terminal to the power plant. And we expect to put the freeze, our FSRU, will go in there when it gets out of the dry dock here at the end of this year. So a very, very good update from that standpoint. So now flip me to the next section too on the strategic update. Let's start with the on the page and this is quotes from the words that we put out on our 8-K a couple of days ago. So on October 2, 2024, New Fortress Energy announced a series of financing transactions that upon closing are intended to increase the company's liquidity and financial flexibility. That's what we just referred to. Amanda will talk about that in a little bit more detail. In furtherance of these goals, the company has begun work to identify strategic partners for one or more of our primary businesses, including projects in Brazil, Puerto Rico, Jamaica, Mexico, Nicaragua, FLNG1 and Klondike. Company expects to explore with potential strategic partners, financings, commercial ventures or asset sales that are intended to enhance the company's liquidity and financial flexibility. That's the 8-K that we issued a couple of days ago, which I think does a clear job of laying out what our focus is in. From a the lay perspective, what I think about this is that what we are focused on in simple terms is that we believe that the sum of the parts of our businesses and units are worth significantly more than the current debt and equity levels of the company. And so our focus therefore is to close that gap by focusing on individual assets that can be capitalized, bringing partners kind of et cetera to realize that value. The characteristics of our businesses for the most part are, number one, they are fully constructed or in the case of Brazil will be shortly. Therefore have very little, if any construction risk. They're operating assets with many long-term committed customers. Number two, they need little or no CapEx. And so the cash flows that they generate, which are significant from operations essentially go straight to the bottom line. Number three, they have LNG supply to match the customers. So essentially, when you match the supply and the demand that you remove commodity exposure and what is left is simply a matched business between inflows of product, outflows of gas and power to customers and then just a long-term contract between both the supply and the demand and it becomes really just a pure infrastructure business. And lastly, they have visible and clear growth prospects as only a fraction of the capacity of the asset itself is utilized. These characteristics in sum total are basically the holy grail of infrastructure investments. No construction risk or little significant cash flow with very, very long-term commitments, no CapEx, so there is no additional capital that goes straight to the bottom line, long operational histories without incidents and no commodity exposure. So that's broadly speaking is the description of our assets. When you flip to Page number 9, we believe that there's significant value in all of the businesses. We've chosen to highlight these three as they are the most developed and most significant in size, but we're very positive and constructive on the value of all of them and believe that once added together, the sum of the parts is quite substantially greater than the current valuation of our debt and equity. These three assets, Brazil, Jamaica and then the combination in Puerto Jamaica and FLNG 1 have the characteristics which I just went through. They have long-term supply specifically matched with the long-term customer uptake, which mitigates the commodity exposure. The projects, again with the exception of the final construction in Brazil but the other two, the projects are completed and are operational and require little or no additional CapEx and they have very significant value add in terms of material growth opportunities. Each of these are unique assets but they have a lot of similarities. We've invested billions of dollars in building these and taken many years in doing so, roughly 10 years in making in Jamaica, seven years in Puerto Rico, five years in Brazil. So the investments we've made have resulted in these terrific assets and now we think we're very well positioned to go talk to investors about different options for them.So let's look at Page 10. Kind of going from left to right, the Puerto Rico and FLNG assets are the perfect downstream complement and upstream complement to each other. As FLNG 1 is now operational and possibly FLNG 2, they each have a significant independent value because, obviously, we live in a world where there's still a significant difference between the price of creating LNG and what the market will pay for it.But they have far more value than our estimation when you combine them with the downstream needs of San Juan. We have a Jones Act exemption that allows us to bring the gas straight from one side to the other. Today in Puerto Rico we have this 80 TBtu island wide gas contract that is partially utilized but we're very, very optimistic that's going to like change and grow substantially.But even today it's a 70 plus TBtu market. There's nine customers. LNG supply 20 years. The contract duration is four years, but we think that there's a good chance that will change over time. The total owned and managed power capacity across the complex is 9,000 megawatts. So it's a huge market, which we have obviously a very significant presence of and now we have the supply to match that.Jamaica, which is our oldest and most mature asset, 30 TBtu's volumes, 25 customers, we have supply matching against it for 20 years. Average contract duration is 17 years. Own tower and managed capacity of 330 megawatts, right? So that's very, long-term and very, stable and significantly has a chance to grow materially. And then lastly, the Brazil complex, which again I'll leave to Andrew to talk about. But in the north, you have a massive combination of terminal baseload customer with Norsk Hydro 2.2 gigawatts of power. It's an island of activity in one of the most environmentally sensitive parts of the world with huge long-term off-takes. So what is the plan? The goal for us is simply to deleverage the company and by doing so greatly simplify for investors the merits of the assets that we own. The refinance gives us the ability to do this in a thoughtful and measured manner. One of the key elements of that refinance is that to the extent that we use asset sales, we can pay off debt without penalty. So this results in effectively a very flexible capital structure to the extent that we pursue asset sales, which is what we're going to do. You can also organically deleverage by simply making more money than it costs you to pay the bills, which is of course a base case but the asset sales can greatly accelerate this process and that's why it's where our focus is. The form of the strategic transactions could be a number of different forms. They could be equity sales or JVs. They could be partnerships. They could be outright sales of all our portions of these businesses. We've hired advisors on a few of these and expect a very, busy few months as we go forward on this. Fortunately, electricity and access to it is perhaps the hottest topic in the world both internationally and domestically as well. And the only commodity that cannot be purchased as I said before is time. We've invested the time decades of time in these assets and expect that we'll have a lot of interesting things to talk about as we move ahead. So I'll turn it over to Andrew to talk about Jamaica. Andrew Dete: Yes, thanks. So as a follow-up to that, we just want to provide a case study on our Jamaica business. So on Page 12, just a reminder, NFE really started in Jamaica with the Montego Bay terminal in 2015, which was completed in 2016. We then built our CHP plant in 2017 and then constructed the Old Harbour terminal just west of Kingston in 2018. Old Harbour was finished in 2019 and then we would COD on the power plant in 2020. The map on the left really going to orient you to our business in Jamaica. The Montego Bay terminal is critical because it supplies the Bogue power plant as well as serves our 21 different small scale customers, which are most of the large industrial customers in Jamaica. The Old Harbour terminal is directly connected by pipeline to the Clarendon CHP plant, which we own, just about 150 megawatts that supplies electricity to Jamaica Public Service and then also supplies steam to the Jamalco alumina refinery. And then it's also connected by pipeline to the Old Harbour power plant, which is owned by Jamaica Public Service. So really we own and supply three of the major power plants on the island. We supply out of our Montego Bay terminal, basically the 21 largest industrial customers on the island with LNG. And you can see the key metrics on the bottom right. Traditionally, we've supplied about 30 TBtus a year. We have 23 plus customers. We started all of our long-term agreements were initially 20 years. There are about 17 years remaining generally now. And they have two components. One is a fixed capacity payment and the other is a volumetric payment for the gas that has about an 85% take or pay on the volumes every year. I mentioned 17 years average remaining contract duration. We own the 150 megawatt combined heat and power plant at Clarendon. And overall, we account for about 65% of the electricity supply in Jamaica. Moving to Page 13, it just gives you a better sense for our operations. So today, we basically base out of the Old Harbour terminal just west of Kingston. We run a shuttle vessel from there up to our Montego Bay terminal about once a week to keep the storage at Montego Bay supplied. We received larger international LNG deliveries into the Old Harbor Terminal. And then we supply gas by pipeline to the three power plants I mentioned, one of which we own and the two others are owned by JPS and we supply gas under a long-term agreement. And then out of our Montego Bay terminal is where we run our trucking business to the 21 industrial customers I mentioned. On Page 14, just a few investment highlights on how to think about our business in Jamaica. So we have really long-term off-takes, so 17 years average remaining contract duration. Jamaica Public Service has been a great partner to us. We've had an extremely productive relationship, even kind of going through difficult economic times like during COVID. We've had a great business relation with them and our ability to continue to grow and do more. As you guys might know, Jamaica Public Service is actually owned by Marubeni and Korea East-West Power as well as the government of Jamaica. We have investment grade LNG supply. So we generally supply Jamaica through a long-term delivered contract with [Shell]. And as Wes mentioned, this creates the business that we have set out as a mission to create NFE, which is a long-term spread business between selling gas and power in Jamaica under the 17 year long-term off-take agreements and then receiving international LNG shipments from [Shell] under our DES contract and delivered into the Old Harbour terminal. We have a great operating team. So we've -- since 2015 obviously had a great team in Jamaica that runs the terminals, runs the trucking operations and we've had a great base of people that's grown over time. NFE actually started a program at the University of West Indies to help train people in cryogenic engineering. We've hired a bunch of those people. They've been great employees for us and generally a place where we've had a super capable and positive team.And then the next step here is obviously continued to grow. So we have great opportunities for incremental growth. Bunkering is a big one in terms of targeting the switch for container vessels to LNG supply. And then also many new opportunities to develop new power in Jamaica continue to grow access to electricity in the country and continue to supply other small-scale customers.Further, we think as the market develops, our hub in Jamaica can really be a hub for the entire Caribbean. We're obviously sort of well-located to access other Caribbean islands. Obviously, our Puerto Rico business actually started and was supplied out of Jamaica originally, which is a great case study for growing other countries out of using this terminal in Jamaica as a hub. And all that incremental growth requires very little CapEx. Page 15 is a deeper dive on our Montego Bay terminal. So it's about a 24 TBtu terminal in terms of capacity. We built these on storage tanks here, which provide about 57 TBtus of annual storage. This is what we supply once a week from our main terminal in Old Harbour.Here we re-gas and send gas to the Bogue power plant which is connected by pipeline to this terminal here and then we also run our trucking operations out of the truck loading manifold you can see on the left side of the storage tanks there.Page 16 is the offshore terminal in Old Harbour. So this is just west of Kingston and that's the 170,000 FSRU Hoegh Gallant. This is a world scale LNG terminal can accept all those sort of large cargo deliveries you can imagine coming into the terminal here. And it's just a few miles offshore and connected by pipeline into the power system in Jamaica. Page 17 is a picture of our CHP plant, so combined heat and power. So here we use the two Siemens SGT 800 turbines, which you can see there to produce electricity that we sell to JPS and then the high pressure steam which comes off of that is sold and used in the alumina refining process at the Jamalco refinery, which you can't see here, but it's sort of just to the right side of the picture there and it's connected by pipeline. So, one of the incremental growth opportunities is certainly to sell more gas into the Jamalco alumina refinery, which we're looking to do over time as well. Page 18 just shows kind of how important this has been to Jamaica. So I mentioned before, as a combination of the power that we supply, the gas that we supply and then the small scale fuel that we supply, we're about 65% of the overall kind of energy production in Jamaica. So, really critical infrastructure for the country.By entering into these relationships from 2015 to 2019. And doing this in a way where we were able to lock long-term prices over 20 years, we've been able to have a really good effect on Jamaica's overall energy cost, which we think has been reflected really positively in sort of the overall macro picture for Jamaica. So debt to GDP from when we started was about 135%, it's gone down to about 75%. Huge credit to the leadership team in Jamaica and everything they've done to bring that number down. Unemployment rate, when we started there was about 14%, now it's about 4.5% and then they've been upgraded a number of times from B rating to BB minus. Jamaica has been an amazing case study for economic development and macro development. And we think by making the very smart decision to do long-term gas and power at very stable and competitive market prices, that's at a great base to be able to do a number of these sort of positive macro developments. On the right side, you can see, when we came to the country in 2015, natural gas was zero, oil based energy generation was 97% of the mix. That's flipped. Natural gas is now 64% and oil is down to 16%, which we think over time continues to develop. And obviously, this kind of base of dispatchable natural gas generation has obviously created the ability to then go do other intermittent sources of generation in Jamaica. And we've seen a lot of renewable power development from that time as well. So we calculate about $2 billion of overall fuel cost savings, a 33% reduction in carbon emissions and then 36.5 million trees planted, an equivalent from what NFE has been able to do in switching from oil-based power in Jamaica to natural gas. Page 19 is just a few of the growth vectors that we see going forward in Jamaica. Bunkering is really the big one. Where the Old Harbour terminal is just top of Kingston is a super busy shipping lane. And we've already seen a number of kind of spot transactions in bunkering that we've been able to do. And as more cargo ships, both on the container side and the bulk carrier side, continue to get either built with LNG based engines or able to convert, we think this is going to be a huge opportunity for our terminal to service kind of all of the commercial ship traffic that goes by Jamaica. On the new power side, there's a need for a new power plant on the East side of Kingston, which is the Government of Jamaica make has been public about and we think that's something we want to be involved in. And obviously, over the next couple of years, something we believe should and could happen. And then also continue to convert some of the other kind of peaking generation on the island that still runs on oil to gas is a main focus of ours. I mentioned incremental gas supply. We're already connected by pipeline to the Jamalco alumina refinery. There's an opportunity there. And then we see other opportunities with continuing to grow the LNG fuel for the industrial base of the country. And then I mentioned on the right side, continuing to be a hub for the Caribbean. We obviously effectively did that in starting our Puerto Rico business where we initially ran volumes out of Jamaica. But we continue to grow into other places that want to have cleaner fuels and more access to electricity in the Caribbean. With that, I will move into the refinancing update to -- in Page 21. As Wes mentioned, we've just completed a refinancing transaction which basically refinances our 2025 notes, which were previously $875 million and also exchanges about 2/3 of the 2026 and 2029 notes. All of those are going into a new bond tranche for us, which is a November 2029 maturity at 12%. So you can see here the page that takes the bonds at the top, the three series we previously had, the '25, the '26s and the '29s, and it can show those kind of going into this new series of notes at the bottom which we're calling the senior note to 2029 new. And that is effectively pushing out the maturities by refinancing all of the '25 and then 2/3 of the '26s and '29s. We're also increasing our overall debt a little bit by raising some new money. So we've bolstered our overall corporate liquidity by raising incremental $327 million as part of this transaction, in combination with the $400 million of equity that we did, it's about $727 million of incremental corporate liquidity. Flipping to Page 22. This just tracks how we pushed out the maturities of this transaction. So not only have we refinanced the '25 notes as well as 2/3 of the '26s and the '29s. But we've also pushed out our revolver -- most of our revolver maturity. So we have a $1 billion revolver. We've pushed out $900 million of that revolver maturity into 2027. So 18 months from where it was in 2026. $100 million of that is not extending and staying at the 2026 maturity date. So this is our new maturity profile, which generally back ends our bond maturities into 2029. Chris, I turn it over to you. Christopher Guinta: Great. Thanks, Andrew. Good morning, everybody. Let's move to Slide 24 and talk through CapEx and financials. This first slide, Page 26 -- 24, excuse me, is meant to be responsive to questions that we've received about gross and net CapEx and seeks to provide a little added clarity. I know there are a lot of numbers here, but let me talk through the concepts and then we will drill down on 2025. So we start with CapEx for the statement of cash flows and reduced for capitalized interest, and that gets you to gross CapEx. For the non-accountants out there, here's how capitalized interest works. When we're building large capital projects, we're required to include a portion of the company's interest expense that was incurred during construction. To do that, we estimate the amount of interest expense of the company in total and attribute some of that total to our construction projects and include those costs on our balance sheet. You'll notice that we don't have a forward capitalized interest expense forecast for '25 and ‘26 as this is highly dependent on when assets are placed into service. As our assets migrate from construction in progress to PPE, you'll see capitalized interest reduced to zero. Following down the page, we show the notional gross dollars of CapEx for each of the asset classes, power plants, terminals, maintenance, vessels and FLNG. Finally, when we show the asset-level financings associated with the power plant and FLNG projects and we arrive at the blue bolded line called net CapEx, which we've showed in the past. So if I focus on 2025, as you can see, the forecasted gross CapEx is $815 million made up of $415 million of power plant CapEx, which aligns with the $415 million of power plant financing and $330 million of CapEx associated with FLNG 2, again, aligning with the FLNG term-loan A facility. So the conclusion is of the $815 million in gross CapEx, there's $745 million funded through committed debt facilities, leaving approximately $70 million of net CapEx will be funded by cash flows from operations. Now to the financial results for the third quarter, and we're looking at Slide #25. Total segment operating margin for Q3 was $220 million. This breaks down to $185 million from sales to customers through our downstream terminals and cargoes that were sold to the market. As Wes has mentioned before, when the market price exceeds the price we can sell through the terminals, we can optimize the portfolio, which we've done from time to time. We had another $35 million of operating margin from the ships segment. Core SG&A for the third quarter was $26 million, which is down for the third consecutive quarter this year, and better approximates what we will be running on a go forward basis in 2025. The deferred earnings line reflects a payment that received in Q3 and shows up in segment revenue, but will not be earned in EBITDA or earnings until 2025. So this is just similar to what we did in Q2. We collected about $60 million in a prepayment for sale of cargoes that will be delivered in 2025. And -- we were slightly long LNG based on our scheduled delivery, and we were able to take advantage of strong market dynamics and lock in earnings that will be recognized in '25. The $60 million collected in Q3 gets netted against $42 million that was earned in Q3, leaving 18 as deferred and excluded from the adjusted EBITDA line. As a result of all of this, the adjusted EBITDA for the third quarter was $176 million, bringing us to $636 million for the nine months ended September 30. And finally, moving on to Slide #26. We had $9 million in GAAP net income and $0.03 a share. When you adjust for a $2 million impairment charge for the Miami liquefier, you result in adjusted net income of about $11 million for Q3, which is about $0.05 a share. On the Miami liquefier, we have received regulatory approvals, and we do expect to close that sale before the end of the month. Finally, the funds from operations for the first quarter was $46 million or about $0.22 a share. Couple of quick comments on the balance sheet. Obviously, Andrew has been at the Vanguard with bond holder group over the past several weeks, but I wanted to highlight that we've been able to work with our involving -- revolving letter of credit and term loan A lenders to agree to a few critical amendments that further show their support for the company in our strategic initiatives. Specifically on the revolving credit facility, we've extended $900 million into new tranches that will mature on October 27, thus reducing 2026 maturities and derisking the balance sheet further. Pricing on this facility is attractive relative to the new bond issuance and we're thankful for the continued support of our relationship lending syndicate. One last thing I want to flag is that the filing of the third quarter 10-Q with the SEC will be done on Tuesday, November 12. As we've discussed this morning, we've reached a binding deal with the bondholder group as well as the various bank facilities that will settle in the next two weeks. However, at the time of the filing, the 2025 bonds and various bank facilities will show as current liabilities on the balance sheet. Once the transactions close and fund, the maturities will extend and accurately reflect the long-term nature of debt classification. We will be putting out a press release when the transactions fund that shows the pro-forma balance sheet for [ 930 ] with the appropriate classification. With that, I'll turn the call back over to the operator for Q&A. Operator: [Operator Instructions] The first question is from Ben Nolan with Stifel. Frank Galanti: This is Frank Galanti on for Ben. I wanted to start with the status of the FLNG 2. How are you guys thinking about CapEx on that? And has it received all the regulatory approval and the financial agreement with Mexico. And then, do you have the ability to toggle development timing to manage cash flows? Christopher Guinta: Actually, it's in reverse order. So absolutely have the ability to toggle timing to manage cash flows. And that's why you've seen kind of the CapEx expected in Q3 and Q4 related to FLNG 2 decrease. So we have several different mechanisms within the contract for the module construction and the civil construction that allow us to pace CapEx at our own discretion so that's very important. On the second of the three parts and our relationship with Mexico remains extremely strong. There's been administration -- administration change there recently. And the new leadership of the CFE have reiterated to us their support for this facility and for the overall partnership. We've extended our gas supply to them in other parts of the country in Baja. And so we remain, I think accounted and trusted on partner with the CFE. Our execution of existing -- excuse me, future permits is still pending. And as they organize over the course of we expect the next kind of 90 days, they'll get back into kind of the regular issuances of various construction permits that would be needed. Again, nothing dissimilar to what we've done for FLNG number 1 and should be received in ordinary course. On the first part of the project, look, we have -- the expected CapEx, as we laid out, I think it was Slide 24, shows that you kind of go back to full spend rates in January. And so again, that will be a discussion with the management team on exactly how fast we want to move forward. But these are contracts with the construction outfit for the modules and you have contract signed -- fixed-price contracts for the civil construction onshore at the Altamira facility. Wesley Edens: Yes. I mean from a business standpoint, the combination of FLNG 2 or even prospectively 3, et cetera, with the operating FLNG 1 asset is something that is obviously a big, big part of the process that we're going through in terms of looking at these individual business units. I mean to the extent you have incremental downstream demand, which, of course, we do, having more supply there in a more efficient way in a relatively short period of time could be very, very attractive for a third party. So we know that because we've gotten lots of inquiries about that, but that's one of the things that definitely will be into consideration. You don't have to bundle the two of them together, but there are obviously synergies to doing so just like you find the different trains of Train 1, 2, 3, 4, the different liquefiers. It's the same basic process here. Frank Galanti: Then switching gears a little bit to Puerto Rico. Previous guidance was sort of north of 100 TBtus with that 80 TBtu island wide contract. But the recent detailed financial update only guided to 53 TBtu in 2025. I think that both of the difference was the conversion of either the Aguirre or the Mayaguez power plant. Is that the right way to think about that? And then can you give an update on the status of those power plant conversions, the regulatory perspective. Wesley Edens: Yes. Well, the -- our view was that there was a bit of a hiatus there pending the elections. The elections happened. Jenniffer was elected governor. Two days ago, her first speech, she refers to gas conversions and new gas fired power being needed, which we think literally from the beginning, the first minute of the first day, you can get a transcript of her speech, but it actually couldn't have been more consistent, more positive with what we think it is. We think that there are a number of very, very simple and obvious gas conversions, the first of which will be these MegaGens, which we think will be turned on here in the next couple of days. You then have Mayaguez, [Kavalachi], Aguirre all of these are significant users of diesel. And they basically end up costing Puerto Ricans significant amounts of money on burning diesel versus natural gas. I think that with the new administration, you're going to get a renewed focus on that. The conversions of those, we think are actually quite straightforward. When you look at Puerto Rico, broadly speaking, I think it is one of the largest market opportunities of diesel to gas changeovers. Anywhere we're aware of, it could save them literally billions of dollars on an ongoing basis. So there couldn't be a stronger business case for it. And I think in the next 60, 90, 120 days, you're likely to see a significant amount of activity out of there and these numbers then will kind of reflect that. The 53 TBtus is only the base case of what is there at this moment and does not at all reflect what we think that the market opportunity is likely to be in the coming months. Operator: The next question is from Craig Shere with Tuohy Brothers. Craig Shere: So I understand some of the parts arguments, but historically, the business model seems to have been build and monetize power plants that retain downstream import terminals. After the next coming quarters of rejiggering, has that long-term focus changed? And could you see finally achieving stable recurring modelable operations by maybe 2026? Wesley Edens: A little confused about the nature of it. I mean, I think that -- the basic plan in any of these markets is the same, which is to go in there, provide gas and power to people that need it. There's obviously big deficits of access to gas, big deficits of access to power. And so we have built power in places. We built the power plant in Jamaica as an example. We're building these power plants in Brazil, we're building -- we built a small power plant in Mexico. But really, what you're left with is incredibly simple in each and every case. It's basically a discrete supply of gas into the country, a discrete downstream demand from customers, no commodity risk, a very stable and very long-term sort of cash flows and one that can go up materially with little additional capital. I mean, that is literally the holy grail of an infrastructure investment. And so these individual markets are at various levels of development but they're all very, very -- either at or very close to be completed. Jamaica is complete. Puerto Rico is complete. Mexico is complete. Nicaragua turns on next quarter, the Brazil stuff will be turned on materially over the course of the next 9 to 18 months. And they all have very similar characteristics. There's differences between them, but what they have that is remarkable is they're all very substantial amounts of cash flow. So even when we say Jamaica is a relatively small market relative to our overall business, it's $100 plus million of long-term income. There's nothing small about $100 million for 17 years. So we think that these things are worth far, far more as infrastructure investments than they're being rated right now. And we're going to go out and test the market for that, and we feel really good about it. And I think that selling one or two assets, you could literally end up in a place where you've paid off all your corporate debt and you're in a very, very different place as a company. Even selling one would rerate it. So this is not a spurious exercise or one which we hope to try out. We are quite confident that we're going to get great interest in these assets. So there's a variety of different things we could do, and we'll go pursue them and stay tuned. So that's the basic plan. Craig Shere: And as far as the value to others and what your long-term plan is for retained assets, do you see the Trump election victory possibly creating a new renaissance of U.S. liquefaction contracting? Perhaps spurring the market saturation, the moderating long-term pricing that really dramatically adds value to the downstream infrastructure you've built towards the end of the decade. Wesley Edens: Yes. That's a really, really -- it's a nuance point, and it's a really good one. I mean lower prices help customers, and we're in the customer business. So we still can perform, I mean, prices are high but they're not ridiculously high right now. So you can still basically provide people gas and power and they can afford it. But obviously, to the extent that you had a more normalized forward curve, as you do right now in the end of the decade that's just good for the customers, and that's good for these downstream assets. I mean our capacity utilization across the portfolio is around 20%. So what it means is we've invested billions of dollars building this, decades building them and whatnot and you still have a lot of capacity to go. So a lower price commodity price would definitely encourage more consumption and it would be beneficial to us. So I do think that -- and look, we're not experts on the political landscape, but it certainly seems like the ban on the LNG exports is very likely to be eased. And if freights are more normalized, there's a vibrant economy, there's probably more LNG to be produced, which is net-net, a good thing for the market and for us. Operator: The next question is from Chris Robertson with Deutsche Bank. Chris Robertson: I just wanted to ask a question here with regards to the current FSRU market and how the company is thinking about some sub-chartering opportunities, especially as it relates to the Eskimo. I guess, where do you guys see the best test market opportunities right now globally? And how should we be thinking about that in terms of a potential uplift to EBITDA going forward? Wesley Edens: So we have a fleet of FSRUs, some of which we use, some of which are actually surplus and are leased out to others. There's still a real premium placed on the FSRU market because there's a lot of need for re-gas capacity and it takes time and money to build new ones. We have one short-term charter that's coming off that we think is at a material discount to what the market value is. That would be a big win for us. We think there's other situations as well. But the kind of hidden value of our long-term Energos portfolio from our standpoint is that we think that there is a substantial amount of uplift from a number of those assets, FSRUs to be at the top of the list. And we want to report on things that have happened rather than forecast about things that could happen, but we think that the differences are material. So the one big charter into [M Shab ] and I guess a couple of years ago, the Eskimos and another one that's on the list. But there should be some good activity to report on, hopefully in the very near-term. Operator: The next question is from Martin Malloy with Johnson Rice. Martin Malloy: I wanted to ask first about free cash flow looking forward to next year. In the early September presentation, I think you had $1.3 billion in an illustrative adjusted EBITDA out there for 2025. And then given your CapEx, $70 million net CapEx on Slide 24 here, should we be looking for free cash flow in '25 available for debt reduction north of $1 billion? Christopher Guinta: Marty, it's Chris. I think we -- the way you read that prior slide is absolutely correct. So we do have EBITDA less the maintenance CapEx and kind of unfunded CapEx of about $70 million next year. So we keep talking about free cash flow. It's important to say you have CapEx, so definitional free cash flow will still be negative, but you have the financings that will support the bulk of the CapEx spend. So I agree that the way to think about it is as we put on the prior slide, EBITDA less the unfunded CapEx, less, obviously, debt service and taxes. And so using that methodology, I would expect that to be positive in 2025. Martin Malloy: And then there wasn't any discussion around data centers on the call yet. Could you maybe give us an update there? Wesley Edens: Sure. We have a ton going on in terms of the assets that we own. In Wyalusing, we've had a number of conversations with a variety of different tenants for it. One of which were, I think, is a very good fit for us, and we're working on it. Just -- I've not updated on it simply because we don't have a definitive agreement in hand. We're optimistic we can have one in the very short-term. And the one thing I would say is that the overall market sentiment and interest in island power. So kind of off the grid power to supplement people's access to the grid has grown exponentially over the next -- pass of 6 to 12 months, and it's a hot, hot topic. I mean, this recent ruling by FERC on the Amazon situation at Talon. I think it adds to that. We think that the abilities we have as a company to provide power in a relatively short period of time, it's highly reliable and cost effective is an extraordinary benefit for us. And we're just -- we're very focused on this first site because it's something we control. We're in the process of filing for permits to allow us to build power, get water, build data centers, et cetera. And I think that the economic model for it is a compelling one. And I think when we have our first in-hand contract, we'll talk about it with folks. But we think it is not only a very attractive stand-alone investment but in perspective, it could be a real model for a number of others to follow. So more on that to come. And hopefully, by the time we have another update here we'll have something great to talk about. Operator: Next question is from Wade Suki with Capital One. Wade Suki: Just first, sort of a logistical question, if I may, kind of -- kind of for the ship watchers out there. I know you all mentioned the -- I think it was the BW Pavilion was headed to Puerto Rico, it seems to have stopped in Jamaica and the Virgin Isles. Kind of help explain, if you don't mind, kind of the logistics side of things and how to read through some of the movements you might see on Bloomberg or whatever other services we're using here. Wesley Edens: Well, I think that the ship watching is going to be a pretty boring sport for the FLNG assets in Puerto Rico because we expect over time that turns into basically a bucket or gate of just simply ship loads of LNG from Puerto Rico -- from Altamira and taking it to Puerto Rico. So there's that. Obviously, there's -- there are adjustments that you make when you need to move cargoes around to service customer demand. In some cases, you have to discharge a heel if it's U.S. gas and not able to go to Puerto Rico. There's a variety of small things that happen. But the basic logistics path that we expect over time is ships being filled in Altamira, going to Puerto Rico to discharge and returning. That's the bulk of that. In Jamaica, we have a long-term contract with [Shell], there is a DES contract that basically just delivers it there. In Barcarena, we have other contracts of service. So it's not that many terminals, it's not that much complexity. I think the focus on FLNG is to make sure that number one, it's operational performing as expected, which it is, which is great. And then the logistics of it are so simple that there's just a number of different things you can do to move it around. But we're just servicing our demand in Puerto Rico and as the unit becomes more and more and more productive and reliable and in service those logistics become easier and easier to kind of to keep track of. Wade Suki: And just kind of going forward, safe to assume maybe a cargo every couple of two, three weeks, something like that. Is that on target? Wesley Edens: Yes. I think about 20 days-ish, right? 18 to 20 days is about what full capacity is. I guess we had a really good production run, 14 days consecutively running at 105% with no breaks. We took a downturn, a maintenance cycle to replace a valve that had been -- that needed to be swapped out and fixed, that just came back online. So we're back producing now. And our expectation now is that given the performance that we have seen thus far and the reliability of it, we have really high hopes that, that now only improves and we add a little bit more production over time, and it just runs. And that would be the cycle. And this last -- the nuance that I kind of -- because I've gotten this question from a number of different people, what do you do when there's wave activity or swells and you have trouble loading. There's a difference between the 170,000, 135,000, in terms of the capacity gives you kind of four or days of window on either side of it, which is a tremendous amount of flexibility to move in and kind of load and do one for the other. So that's where the logistics path for this is such a simple one, and one that is highly reliable, which we feel is exactly what we designed it for, but it's working really well. Wade Suki: If I could squeeze one more in. Just on SG&A, obviously, a little uptick here. Can you help us kind of parch that out for us? And then maybe help us think about the path forward on SG&A. Christopher Guinta: Yes. I would say like the focus on core SG&A is down three consecutive quarters. Overall, SG&A had a lot of non-cash items in it this quarter, and also some expenses related to the transactions that we're undertaking. And that's why we have kind of the transactional or integration costs separated out. But overall, when I look into 2025, I would expect it to be close to the $25 million or so in core SG&A and a small bit $5 million to $10 million of cash, and then any noncash costs would run through the T&I stuff. Operator: There are no further questions at this time. I will turn the conference back to Wes Edens for any additional or closing remarks. Wesley Edens: That's great. Well, thanks for your participation and your interest in the company and the call this morning. We look forward to updating you on this in the near-term. Thank you. Have a good day. Operator: This concludes today's call. Thank you for your participation. You may now disconnect. Before you buy stock in New Fortress Energy, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and New Fortress Energy wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $532,929!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,091,848!* Now, it’s worth noting Stock Advisor’s total average return is 928% — a market-crushing outperformance compared to 186% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of April 8, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. New Fortress Energy (NFE) Earnings Transcript was originally published by The Motley Fool

Shareholders of New Fortress Energy would probably like to forget the past six months even happened. The stock dropped 75.6% and now trades at $0.59. This was partly due to its softer quarterly results and may have investors wondering how to approach the situation. Is now the time to buy New Fortress Energy, or should you be careful about including it in your portfolio? Get the full stock story straight from our expert analysts, it’s free. Even though the stock has become cheaper, we're swiping left on New Fortress Energy for now. Here are two reasons we avoid NFE and a stock we'd rather own. Free cash flow isn't a prominently featured metric in company financials and earnings releases, but we think it's telling because it accounts for all operating and capital expenses, making it tough to manipulate. Cash is king. New Fortress Energy’s demanding reinvestments have drained its resources over the last five years, putting it in a pinch and limiting its ability to return capital to investors. Its free cash flow margin averaged negative 71.3%, meaning it lit $71.26 of cash on fire for every $100 in revenue. As long-term investors, the risk we care about most is the permanent loss of capital, which can happen when a company goes bankrupt or raises money from a disadvantaged position. This is separate from short-term stock price volatility, something we are much less bothered by. New Fortress Energy burned through $1.89 billion of cash over the last year, and its $9.33 billion of debt exceeds the $551.1 million of cash on its balance sheet. This is a deal breaker for us because indebted loss-making companies spell trouble. Unless the New Fortress Energy’s fundamentals change quickly, it might find itself in a position where it must raise capital from investors to continue operating. Whether that would be favorable is unclear because dilution is a headwind for shareholder returns. We remain cautious of New Fortress Energy until it generates consistent free cash flow or any of its announced financing plans materialize on its balance sheet. New Fortress Energy isn’t a terrible business, but it doesn’t pass our quality test. Following the recent decline, the stock trades at 79.8× forward EV-to-EBITDA (or $0.59 per share). This valuation multiple is fair, but we don’t have much faith in the company. We're fairly confident there are better stocks to buy right now. We’d suggest looking at one of our top software and edge computing picks. ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren't just high-quality businesses. Something is happening with them right now. Elite fundamentals meeting near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week's Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.

New Fortress Energy has gotten torched over the last six months - since October 2025, its stock price has dropped 72.2% to $0.61 per share. This was partly due to its softer quarterly results and might have investors contemplating their next move. Is now the time to buy New Fortress Energy, or should you be careful about including it in your portfolio? Get the full breakdown from our expert analysts, it’s free. Despite the more favorable entry price, we're sitting this one out for now. Here are two reasons you should be careful with NFE and a stock we'd rather own. Free cash flow isn't a prominently featured metric in company financials and earnings releases, but we think it's telling because it accounts for all operating and capital expenses, making it tough to manipulate. Cash is king. New Fortress Energy’s demanding reinvestments have drained its resources over the last five years, putting it in a pinch and limiting its ability to return capital to investors. Its free cash flow margin averaged negative 71.3%, meaning it lit $71.26 of cash on fire for every $100 in revenue. As long-term investors, the risk we care about most is the permanent loss of capital, which can happen when a company goes bankrupt or raises money from a disadvantaged position. This is separate from short-term stock price volatility, something we are much less bothered by. New Fortress Energy burned through $1.89 billion of cash over the last year, and its $9.33 billion of debt exceeds the $551.1 million of cash on its balance sheet. This is a deal breaker for us because indebted loss-making companies spell trouble. Unless the New Fortress Energy’s fundamentals change quickly, it might find itself in a position where it must raise capital from investors to continue operating. Whether that would be favorable is unclear because dilution is a headwind for shareholder returns. We remain cautious of New Fortress Energy until it generates consistent free cash flow or any of its announced financing plans materialize on its balance sheet. New Fortress Energy isn’t a terrible business, but it doesn’t pass our bar. Following the recent decline, the stock trades at 79.8× forward EV-to-EBITDA (or $0.61 per share). This valuation multiple is fair, but we don’t have much faith in the company. We're fairly confident there are better investments elsewhere. We’d recommend looking at a top digital advertising platform riding the creator economy. ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662%. AppLovin before it ran 753%. Nvidia before it ran 1,178%. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today.

Overwhelming Support of Over 95% of Lenders Achieved NEW YORK, April 01, 2026--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) ("NFE" or the "Company") previously announced on March 17, 2026 that it entered into a Restructuring Support Agreement ("RSA") with its creditors as part of a consensual UK Restructuring Plan ("UK RP"). NFE is pleased to announce that it has received strong indications of support for the previously announced transaction, to be implemented through a UK RP, from its stakeholders, including holders and lenders representing over 95% of its approximately $5.8 billion principal amount of NFE’s aggregate indebtedness, including, approximately: 93% of holders of the 2026 Legacy Notes; 87% of holders of the 2029 Legacy Notes; 98% of holders of the 2029 New Notes; 100% of lenders of the Term Loan A; 88% of lenders of the Term Loan B; and 100% of lenders of the Revolving Credit Facility. To ensure all holders who intend to accede to the RSA have ample time to submit directions via their custodians, the Company is announcing today the extension of the deadline for creditors to accede to the RSA and, provided certain conditions are met, be eligible for an early consent fee, to 5:00pm, New York City time, on April 8, 2026. Any questions on how to accede to the RSA including submitting direction through the clearing systems should be directed to the information agent, Kroll Issuer Services Limited, at the email address [email protected] and further information is available on its website https://deals.is.kroll.com/nfe. As previously announced, the Company expects to launch the UK RP process in April and the transaction is expected to be completed by the third quarter of 2026, subject to court availability, customary conditions and regulatory approvals. This expected timeline is on track and remains unchanged. About New Fortress Energy Inc. New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to 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. No Offer or Solicitation The information set forth in this press release is not an offer to sell or exchange, or solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for, any securities, or the solicitation of a proxy, consent, or authorization in any jurisdiction or any vote or approval in any jurisdiction in connection with the transaction, the stockholder approvals or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In particular, this communication is not an offer of securities for sale into the United States. No offer of securities shall be made in the United States absent registration under the Securities Act of 1933, as amended (the "Securities Act"), or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. Additional Information and Where to Find It This communication may be deemed to be solicitation material in respect of the transaction and the stockholder approvals. In connection with the transaction and the stockholder approvals, the Company will file with the U.S. Securities and Exchange Commission (the "SEC") a proxy statement (as amended or supplemented from time to time, the "proxy statement"). BEFORE MAKING ANY VOTING DECISION, THE COMPANY’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION AND THE STOCKHOLDER APPROVALS OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT (IF ANY) CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION AND THE STOCKHOLDER APPROVALS AND THE PARTIES TO THE TRANSACTION. Copies of the proxy statement and other relevant materials and any other documents filed by the Company with the SEC may be obtained free of charge at the SEC’s website, at www.sec.gov. In addition, stockholders and investors may obtain free copies of the proxy statement and other relevant materials by directing a request to: New Fortress Energy Inc., 111 W. 19th Street, 8th Floor, New York, New York 10011, Attention: Investor Relations. Participants in Proxy Solicitation The Company and certain of its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in respect of the transaction and the stockholder approvals. Information about the directors and executive officers of the Company, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 10, 2025, and the Company’s Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 29, 2025, including under the headings "Executive Compensation," "Compensation Committee Report," "Director Compensation" and "Security Ownership of Management and Certain Beneficial Owners." To the extent holdings of NFE common stock by the directors and executive officers of NFE have changed from the amounts disclosed in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3, Statements of Changes in Beneficial Ownership on Form 4 or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5, in each case filed with the SEC. Other information regarding the persons who may be deemed participants in the proxy solicitations in connection with the transaction, and a description of any interests that they have in the transaction, by security holdings or otherwise, will be contained in the proxy statement to be filed with the SEC regarding the transaction and the stockholder approvals when they become available. Stockholders, potential investors, and other interested persons should read the proxy statement carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above. Cautionary Statement Regarding Forward-Looking Statements This press release includes "forward-looking statements," within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act of 1934, as amended, including, in particular, any statements about our plans, strategies, objectives, initiatives, roadmap and prospects. We generally use the words "may," "will," "could," "expect," "anticipate," "believe," "estimate," "plan," "intend," "aim" and similar expressions in this press release to identify forward-looking statements. We have based these forward-looking statements on our current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements, include, but are not limited to, statements related to the transaction described above, including the Company’s ability to complete the transaction on the terms contemplated by the RSA, on the timeline contemplated or at all, and the Company’s ability to realize the intended benefits of the transaction. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company’s reports filed with the SEC, including in the section entitled "Risk Factors" in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and the section entitled "Risk Factors" in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those identified herein, could cause our results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, we do not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of the filing of this press release or to reflect the occurrence of unanticipated events or otherwise. Source: New Fortress Energy Inc. View source version on businesswire.com: https://www.businesswire.com/news/home/20260331922417/en/ Contacts Investors [email protected] Media [email protected]

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Trending interest in New Fortress Energy (NFE) has picked up after activist investor Peter Levinson disclosed a 0.3% stake, elevated pre earnings options activity emerged, and concerns around losses and debt levels resurfaced. See our latest analysis for New Fortress Energy. The latest activist interest and pre earnings options activity are landing against a weak backdrop, with a 1 day share price return showing a 7.02% decline at US$1.06 and a 1 year total shareholder return reflecting an 88.55% loss, suggesting momentum has been fading rather than building. If this situation has you looking beyond New Fortress Energy, it could be a useful moment to see what is happening across nuclear energy infrastructure through our screener of 86 nuclear energy infrastructure stocks. With the share price sharply lower and revenue of US$1.77b set against a net loss of US$1.32b, is New Fortress Energy now trading below what its assets and risks imply, or is the market already discounting any future progress? With New Fortress Energy last closing at $1.06 against a narrative fair value of $3.50, the gap is wide enough that the underlying thesis matters. Read the complete narrative. Want to understand why a higher required return is used yet the fair value still sits well above today’s price? Revenue growth, thinner margins and a future earnings multiple all pull in different directions. The narrative shows how those moving parts are stitched together. Based on the most followed narrative, the valuation work uses a 12.5% discount rate applied to projected revenue growth and future margins, rather than relying on current losses, to arrive at a fair value estimate of $3.50 per share. Result: Fair Value of $3.50 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this depends on execution in key markets like Puerto Rico and Brazil, as well as on managing high capital needs if contract renewals or asset sales disappoint. Find out about the key risks to this New Fortress Energy narrative. Given the mix of concerns and optimism you have just read, it makes sense to look at the numbers yourself and move quickly while sentiment is divided. To see how the balance of risks and potential rewards stacks up in one place, check out the 2 key rewards and 2 important warning signs. If this story has you rethinking your watchlist, do not stop here. Use the broader market to pressure test your next move with a few focused ideas. Hunt for quality at a discount by scanning our 48 high quality undervalued stocks, spotlighting companies whose fundamentals and prices tell two very different stories. Prioritise durability by checking out the 68 resilient stocks with low risk scores, featuring businesses that score well on balance sheet strength and overall risk profiles. Spot earlier stage opportunities before they hit the mainstream with the screener containing 23 high quality undiscovered gems, built to surface companies that may not yet be widely followed. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NFE. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Golar LNG (GLNG) came out with quarterly earnings of $0.3 per share, missing the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.3 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -20.00%. A quarter ago, it was expected that this operator of carriers for natural gas shipping would post earnings of $0.46 per share when it actually produced earnings of $0.43, delivering a surprise of -6.52%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Golar LNG, which belongs to the Zacks Oil and Gas - Integrated - International industry, posted revenues of $132.81 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 14.44%. This compares to year-ago revenues of $65.47 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Golar LNG shares have added about 20.6% since the beginning of the year versus the S&P 500's gain of 0.7%. While Golar LNG has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Golar LNG was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.45 on $122.23 million in revenues for the coming quarter and $0.84 on $337.55 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Integrated - International is currently in the bottom 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, New Fortress Energy (NFE), is yet to report results for the quarter ended December 2025. This company is expected to post quarterly loss of $1.08 per share in its upcoming report, which represents a year-over-year change of -930.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. New Fortress Energy's revenues are expected to be $635.46 million, down 6.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Golar LNG Limited (GLNG) : Free Stock Analysis Report New Fortress Energy LLC (NFE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

As the U.S. stock market experiences a slight uptick following a break in its five-session winning streak, investors are paying close attention to sectors like technology and cryptocurrency, which have shown notable rebounds. In this environment, growth companies with high insider ownership can present intriguing opportunities due to their potential for strong alignment between management and shareholder interests. Click here to see the full list of 200 stocks from our Fast Growing US Companies With High Insider Ownership screener. We'll examine a selection from our screener results. Simply Wall St Growth Rating: ★★★★☆☆ Overview: monday.com Ltd., along with its subsidiaries, develops software applications across various regions including the United States, Europe, the Middle East, Africa, and the United Kingdom, with a market cap of $7.73 billion. Operations: The company's revenue primarily comes from its Internet Software & Services segment, generating $1.17 billion. Insider Ownership: 13.7% Earnings Growth Forecast: 32.4% p.a. monday.com is experiencing significant growth, with earnings projected to rise substantially above the market average. Despite trading below its estimated fair value, the company's revenue growth is expected to outpace the broader US market. Recent partnerships with high-profile teams like Bonds Flying Roos underscore its strategic expansion efforts. Noteworthy product innovations and a substantial share repurchase program further highlight monday.com's commitment to enhancing shareholder value and operational efficiency in a competitive tech landscape. Get an in-depth perspective on monday.com's performance by reading our analyst estimates report here. Our valuation report here indicates monday.com may be undervalued. Simply Wall St Growth Rating: ★★★★★☆ Overview: New Fortress Energy Inc. is an integrated gas-to-power energy infrastructure company offering energy and development services globally, with a market cap of $372.76 million. Operations: The company generates revenue from its Ships segment, contributing $145.03 million, and its Terminals and Infrastructure segment, which brings in $1.53 billion. Insider Ownership: 36.9% Earnings Growth Forecast: 97.1% p.a. New Fortress Energy faces financial challenges, with a significant net loss reported for recent quarters and ongoing debt restructuring efforts. Despite these hurdles, the company is positioned for substantial growth, with revenue forecasted to grow at 24.7% annually—outpacing the US market. Recent operational milestones in Brazil and a long-term LNG supply agreement in Puerto Rico highlight strategic expansions. However, its volatile share price and delayed SEC filings underscore potential risks amidst its growth trajectory. Take a closer look at New Fortress Energy's potential here in our earnings growth report. Our comprehensive valuation report raises the possibility that New Fortress Energy is priced lower than what may be justified by its financials. Simply Wall St Growth Rating: ★★★★☆☆ Overview: ZKH Group Limited operates a trading and service platform for maintenance, repair, and operating (MRO) products in China, offering items like spare parts and office supplies, with a market cap of $535.38 million. Operations: The company's revenue is primarily derived from its Business-To-Business Trading and Services of Industrial Products segment, which generated CN¥8.80 billion. Insider Ownership: 17.8% Earnings Growth Forecast: 122.1% p.a. ZKH Group's revenue for Q3 2025 increased to CNY 2.33 billion, with a reduced net loss of CNY 24.31 million, indicating improved financial performance. The company is expected to become profitable in three years and shows strong earnings growth potential at over 122% annually, outperforming the US market average. Trading significantly below its estimated fair value and with no recent insider trading activity, ZKH presents a compelling investment case despite slower revenue growth projections. Navigate through the intricacies of ZKH Group with our comprehensive analyst estimates report here. Our valuation report unveils the possibility ZKH Group's shares may be trading at a discount. Investigate our full lineup of 200 Fast Growing US Companies With High Insider Ownership right here. Ready For A Different Approach? The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 25 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.The analysis only considers stock directly held by insiders. It does not include indirectly owned stock through other vehicles such as corporate and/or trust entities. All forecast revenue and earnings growth rates quoted are in terms of annualised (per annum) growth rates over 1-3 years. Companies discussed in this article include MNDY NFE and ZKH. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

As November wraps up, a holiday-shortened week of trading — courtesy of Thanksgiving Day and Black Friday — will greet investors who continue to wrestle with the fallout from Nvidia's (NVDA) blockbuster earnings report alongside flagging confidence in the overall AI-driven market. On Friday, markets capped a roller-coaster week with daily gains but weekly losses, as the tech-heavy Nasdaq Composite (^IXIC) fell over 2% while the S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) fell about 1.5% for the week. A strong September jobs report, strong earnings from Nvidia, and a positive third quarter report from Walmart were all greeted on Thursday by one of the market's biggest intraday reversals of the last decade, with the S&P 500 flipping from a gain above 1.5% at the opening bell to a loss of more than 1.5% by market close. The swing in the Nasdaq was even greater. In the week ahead, the economic calendar will continue to pick up steam as the government works through a data backlog following the resolution of the shutdown earlier this month. Data on producer prices in September from the Bureau of Labor Statistics and the Census Bureau's retail sales data for the same month will be highlights, with both reports due out Tuesday amid a rush of data ahead of the Thanksgiving weekend. Investors will also keep a close eye on The Conference Board's consumer confidence reading for November, due out Tuesday. Read more: What is consumer confidence, and why does it matter? In the corporate world, a relatively quiet week of earnings awaits investors. Alibaba Holdings (BABA), Dell Technologies (DELL), and a smattering of retailers including Kohl's (KSS) and Best Buy (BBY) will headline the calendar for the week. It's been a tough month for tech bulls. Several of the "Magnificent Seven" stocks, crypto, and AI-focused plays like CoreWeave (CRWV) and Oracle (ORCL) have seen their stocks fall sharply in the past month. Meta (META) and Oracle have lost more than 15% and 25%, respectively, as both outlined plans for even more AI spending. Microsoft (MSFT) stock has dropped 9% in the last month. Nvidia stock is roughly flat over the period, while smaller chip plays like AMD (AMD) and Intel (INTC) have lost closer to 10%. Nvidia's earnings report on Wednesday evening offered plenty for AI bulls to be excited about. And its CEO, Jensen Huang, summarily dismissed fears about an AI bubble on the company's earnings call, telling investors, "We see something very different." After initially rallying, Nvidia stock faded during the day on Thursday. On Friday, the stock fell another 1%. "Nvidia just reaffirmed its role as the market’s sentiment anchor," Jake Behan, the head of capital markets at Direxion, wrote in an email. The negative reception to a positive earnings report encapsulates investor sentiment as we approach the final month of the year. "The momentum simply was not there [on Thursday] to carry the rally through, with the passing of two critical risk events — both with positive outcomes, no less — not enough to kill the bearishness gripping the markets currently," Capital.com analyst Kyle Rodda wrote in an email. This month's fears have largely centered on the infrastructure spending boom major tech companies say is necessary to meet demand for artificial intelligence, Northlight Asset Management chief investment officer Chris Zaccarelli wrote in an email. And the worry is that this boom — which has seen tech giants commit hundreds of billions towards — is turning into a bubble. Read more: How to protect your portfolio from an AI bubble "But in the meantime, the largest technology companies in the world are extremely profitable and they are reinvesting billions of dollars into data centers, servers, and chips and the spending is real," Zaccarelli said. Institutional investors like hedge funds and pension funds have been piling into tech's heavyweight names, with institutional portfolios adding $348 billion in Nvidia holdings during the third quarter, according to regulatory data compiled by LPL Financial. Total institutional holdings for both Nvidia and Microsoft have surpassed $2 trillion. While stocks notched a tough week in the red, the major indexes remain far above the lows seen in April shortly after President Trump announced his surprise "Liberation Day" tariffs. Bitcoin (BTC-USD), on the other hand, has not held up as well. The world's largest cryptocurrency fell sharply this past week, approaching $80,000 at Friday's lows and coming within a few percentage points of April's doldrums. Year to date, bitcoin has dropped nearly 10%. For companies that have made their business model acquiring bitcoin, like Michael Saylor's Strategy (MSTR), which pioneered the digital asset treasury model, performance has been even worse. Strategy is down more than 40% on the year. It might be tempting to look at bitcoin's downturn as an event isolated to the more speculative crypto markets. But these markets have become mainstream parts of the financial market fabric, and as such, have "become such a proxy for speculation" that this week's selling can't be viewed in isolation, Interactive Brokers' chief strategist Steve Sosnick wrote in an email. Macquarie Bank global strategist Viktor Shvets compared the links between "AI and digital platforms (chips, data centers, blockchain, stablecoins and cryptos)" to the Japanese concept of keiretsu, where a group of companies, instead of all acting as independent competitors, all hold stakes in the others and operate more as one entity. "While such links facilitate co-operation, they also create vulnerabilities, especially at times of distress," Shvets wrote in a recent note to clients. "Keiretsu magnifies such vulnerabilities, as an avalanche cascading through complex links." If the market turns bearish on tech, crypto is likely to be taken along for the ride in Shvets's "American Keiretsu." Economic data: Chicago Fed national activity index, October; Dallas Fed manufacturing activity, November (-5.0 previously) Earnings: Agilent Technologies (A), Symbotic (SYM), Keysight Technologies (KEYS), Zoom Communications (ZM), StoneX Group (SNEX) Economic data: Retail sales, month-on-month, September (+0.6% previously); Producer price index, month-on-month, September (-0.1% previously); PPI ex-food and energy, month-on-month, September (-0.1% previously); PPI, year-on-year, September (+2.6% previously); PPI ex-food and energy, year-on-year, September (+2.8% previously); FHFA home price index, month-on-month, September (+0.4% previously); Richmond Fed manufacturing index, November (-4 previously); The Conference Board consumer confidence, November (93.3 expected, 94.6 previously); Pending home sales, month-on-month, October (0% previously); Dallas Fed services activity, November (-9.4% previously) Earnings: Alibaba (BABA), Analog Devices (ADI), Dell Technologies (DELL), Autodesk (ADSK), Workday (WDAY), Zscaler (ZS), HP Inc. (HPQ), DICK'S Sporting Goods (DKS), Burlington Stores (BURL), Best Buy (BBY), Urban Outfitters (URBN), Pony AI (PONY), Abercrombie & Fitch (ANF), Kohl's (KSS) Economic data: MBA Mortgage Applications, week ended Nov. 21 (-5.2% previously); Initial jobless claims, week ended Nov. 22 (220,000 previously); Durable goods orders, September, preliminary reading (+2.9% previously); MNI Chicago PMI, November (43.8 previously); Federal Reserve's Beige Book Earnings: Deere & Company (DE), Li Auto (LI), Diginex Limited (DGNX), New Fortress Energy (NFE) Economic data: US markets closed for Thanksgiving holiday. Earnings: US markets closed for Thanksgiving holiday. Economic data: No notable economic data. Earnings: Nordic American Tankers (NAT), Platinum Group Metals (PLG) Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at [email protected]. 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