Business Highlights
Announced agreement on April 30, 2026, to sell Long Ridge to MARA Holdings, Inc. for $1.52 billion transaction value.
At closing of the sale, FIP will immediately eliminate $1.16 billion of Long Ridge debt and use net proceeds to repay approximately $300 million of debt at the FIP parent level, resulting in lower interest expense and higher free cash flow going forward.
Reported $70.6 million of Adjusted EBITDA for the first quarter of 2026.
Long Ridge first quarter results were impacted by a 25-day planned outage of the power plant for scheduled maintenance; excluding the impact of the outage, Adjusted EBITDA for FIP would have exceeded $80 million for Q1 and would have represented a new quarterly record.
Strong performance from rail segment and Jefferson, while Repauno phase two expansion continued on plan for early 2027 operational commencement.
Financial Overview
(in thousands, except per share data)
Selected Financial Results
Q1'26
Net Loss Attributable to Stockholders, Before Series B Preferred Stock Dividend and Loss on Extinguishment of Preferred Stock
$
(150,172
)
Basic and Diluted Loss per Share of Common Stock
$
(1.32
)
Adjusted EBITDA(1)
$
70,592
Adjusted EBITDA - Four core segments(1)(2)
$
78,760
____________________
(1)
For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2)
Excludes Sustainability and Energy Transition and Corporate and Other segments.
First Quarter 2026 DividendsOn May 7, 2026, the Company's Board of Directors (the "Board") declared a cash dividend on its common stock of $0.03 per share for the quarter ended March 31, 2026, payable on June 12, 2026 to the holders of record on May 18, 2026.
Additional InformationFor additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company's website, www.fipinc.com, and the Company's Quarterly Report on Form 10-Q, when available on the Company's website. Nothing on the Company's website is included or incorporated by reference herein.
Conference CallIn addition, management will host a conference call on Friday, May 8, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://dpregister.com/sreg/10207794/103afb4fca0. Once registered, participants will receive a dial-in and unique pin to access the call.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. on Friday, May 8, 2026 through 11:30 A.M. on Friday, May 15, 2026 on https://ir.fipinc.com/news-events/events.
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
About FTAI Infrastructure Inc.FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
Cautionary Note Regarding Forward-Looking StatementsCertain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company's control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company's website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
For further information, please contact:
Alan AndreiniInvestor RelationsFTAI Infrastructure Inc.(646) 734-9414[email protected]
Exhibit - Financial Statements
FTAI INFRASTRUCTURE INC.CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(Dollar amounts in thousands, except share and per share data)
Three Months Ended March 31,
2026
2025
Revenues
Total revenues
$
188,364
$
96,161
Expenses
Operating expenses
120,394
67,045
General and administrative
3,554
5,113
Acquisition and transaction expenses
6,820
3,515
Management fees and incentive allocation to affiliate
4,092
2,542
Depreciation and amortization
50,691
25,012
Total expenses
185,551
103,227
Other income (expense)
Equity in (losses) earnings of unconsolidated entities
(518
)
5,314
(Loss) gain on sale of assets, net
(566
)
119,828
Loss on modification or extinguishment of debt
(45,914
)
(7
)
Interest expense
(82,487
)
(43,112
)
Other income
2,984
3,693
Total other (expense) income
(126,501
)
85,716
(Loss) income before income taxes
(123,688
)
78,650
Provision for (benefit from) income taxes
3,523
(41,514
)
Net (loss) income
(127,211
)
120,164
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders
(14,260
)
(11,401
)
Less: Preferred dividends and accretion on redeemable non-controlling interests
37,221
—
Less: Dividends and accretion of redeemable preferred stock
—
21,841
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock
$
(150,172
)
$
109,724
Net (loss) income attributable to common stockholders
$
(154,525
)
$
108,257
(Loss) earnings per share:
Basic
$
(1.32
)
$
0.95
Diluted
$
(1.32
)
$
0.89
Weighted average shares outstanding:
Basic
116,689,474
114,101,860
Diluted
116,689,474
122,758,859
FTAI INFRASTRUCTURE INC.CONSOLIDATED BALANCE SHEETS(Dollar amounts in thousands, except share and per share data)
(Unaudited)
March 31,2026
December 31,2025
Assets
Current assets:
Cash and cash equivalents
$
37,860
$
57,351
Restricted cash and cash equivalents
189,571
268,595
Accounts receivable, net
97,368
95,388
Other current assets
72,778
62,677
Total current assets
397,577
484,011
Leasing equipment, net
36,178
36,570
Operating lease right-of-use assets, net
149,274
133,493
Property, plant, and equipment, net
4,576,463
4,581,771
Investments
21,726
22,243
Intangible assets, net
42,170
43,173
Goodwill
365,703
365,703
Other assets
99,441
81,697
Total assets
$
5,688,532
$
5,748,661
Liabilities
Current liabilities:
Accounts payable and accrued liabilities
$
251,870
$
280,707
Debt, net
25,433
65,438
Operating lease liabilities
11,090
9,108
Derivative liabilities
50,290
