Operating Revenue

Down ~45% YoY

Q4 2024 Operating Revenue dropped to $351.57M from $643.04M in Q4 2023. The decline likely reflects a major shift in revenue generation—possibly from reduced cargo sales and lower pricing or volume under challenging market conditions compared to the period when higher margins and stronger pricing (e.g., Henry Hub index pricing) boosted revenues. " "

Total Revenue

Down ~10% YoY

Total Revenue fell to $678.998M from $758.358M. While some revenue streams remained steady, the overall mix contracted. The decline suggests that the lower operating revenue and possible adjustments in revenue from different segments (compared to favorable circumstances in Q4 2023) contributed to this moderate drop. " "

Operating Income

Down ~31% YoY

Operating Income decreased to $230.27M from $334.884M. This decline is linked to the significant drop in high-margin operating revenue without a proportionate reduction in fixed operating expenses. The compression in margins indicates that the cost structure could not fully offset the revenue loss relative to the prior profitable setup. " "

Net Income

Swing to -$223.51M

Net Income swung from a profit of $214.87M to a loss of $223.51M. Despite previous strong earnings, non-operating items—such as increased interest expenses, asset impairments, or other charges—combined with the lower core revenue performance, resulted in a dramatic reversal of profitability. " "

EPS

Declined from 1.06 to -1.11

EPS declined sharply following the net income reversal. With earnings per share dropping from a positive 1.06 to a negative 1.11, the decline underscores the combined impact of reduced operating performance and non-operating factors that eroded shareholder value compared to Q4 2023. " "

Other Revenue

Reversed from $48.13M to -$22.00M

Other Revenue reversed from positive to negative. This adverse change can be attributed to reversals related to the operation and maintenance contracts—specifically from Genera PR LLC—where revenue recognized in Q4 2023 from fixed fees, pass-through expenses, and variable consideration was reversed in Q4 2024. " "

Adjusted EBITDA

FY 2025

$1.3 billion "

$1 billion "

lowered

EBITDA

FY 2025

no prior guidance

$1 billion " "

no prior guidance

SG&A

FY 2025

no prior guidance

$30 million per quarter or $120 million for the year "

no prior guidance

Debt Payoff

FY 2025

no prior guidance

$2 billion "

no prior guidance

Asset Sales Proceeds

FY 2025

no prior guidance

$2 billion net proceeds "

no prior guidance

End-of-Year Cash Balance

FY 2025

no prior guidance

$1.2 billion "

no prior guidance

FEMA Claim

FY 2025

no prior guidance

Excluded from guidance "

no prior guidance

Puerto Rico Natural Gas Conversion & Contract Renewal

In Q1–Q3 2024, the discussion focused on the transition from diesel to natural gas, large cost‐savings (up to $1B annually), and evolving contract structures (including moving from FEMA emergency contracts to a new 4‑year, 80 TBtu arrangement). " " "

In Q4 2024, NFE provided more technical details on gas-readiness of individual plants, emphasized short-term conversion execution, cost-savings estimates ($5/unit), and ongoing discussions for a longer-term, Henry Hub–based pricing contract. " " "

Consistently prioritized over all periods with a shift from high-level potential and regulatory setup to detailed technical execution and contract optimization.

Brazil Power Auctions & Capacity Expansion Opportunities

Q1 and Q2 2024 discussions emphasized upcoming auctions (e.g., 8 GW auction in Q1), competitive advantages provided by LNG terminals, and expected EBITDA benefits from assets like the Santa Catarina terminal. " " "

In Q4 2024, the focus returned to Brazil with expanded details on leveraging terminal capacity, creative asset utilization, and the integration of incremental power projects to support long-term free cash flow growth. " " "

A high-growth area with consistently positive sentiment; earlier discussions centered on auction opportunities, while later periods underscore capacity expansion and asset flexibility.

FLNG Asset Performance, Deployment Delays & Cash Flow Impact

Across Q1–Q3 2024, FLNG 1 was highlighted – from nearing commissioning with minor issues (pipe fracture, commissioning delays) to demonstrating strong operational performance (105–120% of capacity) and establishing its role in robust free cash flow generation. " " "

Q4 2024 detailed FLNG 1’s achievement of 120% of nameplate capacity, process optimizations, and improved projections for fiscal 2025 free cash flow, along with constructive steps taken on FLNG 2’s planning to avoid prior delays. " " "

A recurring narrative that evolved from initial delays and teething problems to operational excellence and improved financial impact, reflecting enhanced execution and mitigation measures.

LNG Supply Stability, Pricing & Volatility

In Q1–Q3 2024, the company discussed securing long-term LNG supply through fixed pricing (e.g., 115% of Henry Hub plus a premium in Q1), noted supply shortages with expectations of normalization by 2027–2028 (Q2), and emphasized the role of long-term contracts to mitigate volatility (Q3). " " "

Q4 2024 emphasized an excess LNG situation due to FLNG entry, active hedging strategies to capture spreads, and considerations of geopolitical factors influencing pricing. " " "

A consistently important topic; initial concerns over high prices and supply tightness have gradually shifted toward managing surplus and hedging against volatility, yielding a more secure supply outlook.

Political & Regulatory Developments

Q1 2024 provided brief mentions of permitting processes in Puerto Rico; Q2 deepened the discussion with regulatory processes needed to convert mega generators; and Q3 expanded on pending permits for FLNG 2 and the impact of Puerto Rico’s elections on project timelines. " " "

In Q4 2024, specific political or regulatory updates were not prominently mentioned, suggesting that earlier uncertainties may have been largely addressed or deprioritized relative to operational details [–].

Initially a major focus during transitional periods (Q2 and Q3), political and regulatory concerns receded in Q4 as technical execution and contract details took precedence, indicating progress in permitting and governmental engagement.

Guidance Adjustments, Non-recurring EBITDA & Earnings Volatility

Across Q1–Q3 2024, guidance was stable with isolated one-off items (e.g., a $78M turbine sale loss in Q1, deferred revenues, and modest adjustments due to maintenance and transactional charges in Q3). " " "

Q4 2024 saw significant adjustments, including a reduced 2025 EBITDA guidance (down from $1.3B to $1B) due to exclusion of the FEMA claim and $235M in debt extinguishment charges, leading to marked GAAP earnings volatility. " " "

A recurring theme with increasing short-term earnings volatility in Q4 driven by sizable non-recurring charges and refinancing consequences; while the underlying business remains strong, financial metrics reflect transitional adjustments.

Refinancing Risks & Debt Maturity Concerns

Q1 2024 outlined plans for refinancing near-term notes via FLNG asset–backed bond deals; Q2 highlighted a committed backstop for 2025 notes and target leverage ratios; and Q3 detailed extensions of corporate debt and revolver maturities to 2027. " " " "

Q4 2024 confirmed completion of refinancing transactions with a new $2.7B tranche maturing in 2029 and improvements in liquidity (e.g., revised revolving credit terms), signaling de-risking of the debt profile. " "

Evolving from planned refinancing to successfully completed transactions; proactive liquidity management has shifted sentiment from cautious risk management to a more positive outlook on debt maturity and financial stability.

Asset Sales Considerations & Liquidity Improvement

Q1 2024 touched on asset monetization in Brazil and FLNG asset financing for debt reduction; Q2 did not highlight asset sales explicitly; and Q3 discussed pursuing strategic asset partnerships to unlock value and improve liquidity, including refinancing progress. " " "

In Q4 2024, there was strong emphasis on asset sales (notably the Jamaica asset), with clear targets (an expected $2B net from asset sales) and integrated liquidity improvement strategies (refinancing, equity issuance, and debt paydown). " " "

This topic gained momentum over time—from early strategic considerations in Q1 to concrete, target-driven actions in Q4—reflecting a growing commitment to deleveraging and improving liquidity.

Expansion into Data Center Power Market

Q1 2024 mentioned data centers as a potential adjacency with significant demand for core dispatchable power; Q2 then detailed the creation of a new entity (Conde) to address data center power needs with specific solutions and permitting plans. " " "

In Q3 2024, further progress was noted with active discussions at the Wyalucing site and planning for necessary infrastructure, although by Q4 there was no further update on this initiative. "

A new growth avenue emerging from Q1 that gained detailed treatment in Q2 and Q3; its absence in Q4 might indicate either a strategic pause or integration into broader business priorities, though it remains a high-potential long-term opportunity.

Emergency Power Contract Settlements & FEMA Claims

Q1 2024 initiated discussions on settling the emergency power contracts (including a $78M loss on turbine sales) and outlined the transition from FEMA emergency contracts; Q2 provided detailed descriptions of a $659M claim and the ongoing settlement process; and Q3 reiterated ongoing resolution efforts with potential material financial impacts. " " " "

In Q4 2024, the topic was revisited with clarifications that the FEMA claim was excluded from 2025 guidance, and further explanations of adjustments related to contract settlements and deferred fuel incentive revenue were provided. " " "

Consistently critical over all periods, the narrative has evolved from establishing the claim’s basis to clarifying its impact on financial guidance, with persistent uncertainty that continues to affect near-term financial recovery yet is expected to have a constructive long-term impact upon resolution.