FIP FTAI INFRASTRUCTURE INC

FTAI Infrastructure Inc. Reports Second Quarter 2025 Results, Declares Dividend of $0.03 per Share of Common Stock

FTAI Infrastructure Inc. Reports Second Quarter 2025 Results, Declares Dividend of $0.03 per Share of Common Stock

NEW YORK, Aug. 07, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the second quarter 2025. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Financial Overview

(in thousands, except per share data)
Selected Financial ResultsQ2’25
Net Loss Attributable to Stockholders$(79,816)
Basic and Diluted Loss per Share of Common Stock$(0.73)
Adjusted EBITDA (1)$45,916 
Adjusted EBITDA - Four core segments (1)(2)$52,642 

_______________________________

(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.
  

Second Quarter 2025 Dividends

On August 7, 2025, 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 June 30, 2025, payable on September 8, 2025 to the holders of record on August 25, 2025.

Business Highlights

  • Agreed to acquire the Wheeling & Lake Erie Railway, one of the largest regional railroads in the U.S. for cash consideration of $1.05 billion
  • Plan to refinance existing 10.50% senior notes and Series A preferred stock simultaneously with the closing of the acquisition
  • Closed financing of $300 million of tax-exempt debt at Repauno at average coupons of 6.50%; construction of phase 2 infrastructure fully underway

Additional Information

For 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, , 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 Call

In addition, management will host a conference call on Friday, August 8, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link . 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 . 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, August 8, 2025 through 11:30 A.M. on Friday, August 15, 2025 on .

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 Statements

Certain 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 (). 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 Andreini

Investor Relations

FTAI Infrastructure Inc.

(646) 734-9414

 



Exhibit - Financial Statements

FTAI INFRASTRUCTURE INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Dollar amounts in thousands, except share and per share data)



 Three Months Ended June 30, Six Months Ended June 30,
  2025   2024   2025   2024 
Revenues       
Total revenues$122,286  $84,887  $218,447  $167,422 
        
Expenses       
Operating expenses 74,435   61,225   141,480   125,800 
General and administrative 3,862   2,840   8,975   7,701 
Acquisition and transaction expenses 8,704   921   12,219   1,847 
Management fees and incentive allocation to affiliate 3,680   2,776   6,222   5,777 
Depreciation and amortization 33,998   20,163   59,010   40,684 
Asset impairment 4,401      4,401    
Total expenses 129,080   87,925   232,307   181,809 
        
Other (expense) income       
Equity in (losses) earnings of unconsolidated entities (1,995)  (12,788)  3,319   (24,690)
(Loss) gain on sale of assets, net    (150)  119,828   (163)
Loss on modification or extinguishment of debt (4,066)  (9,170)  (4,073)  (9,170)
Interest expense (59,204)  (29,690)  (102,316)  (57,283)
Other income 3,052   6,963   6,745   9,328 
Total other (expense) income (62,213)  (44,835)  23,503   (81,978)
(Loss) income before income taxes (69,007)  (47,873)  9,643   (96,365)
Provision for (benefit from) income taxes 952   267   (40,562)  2,072 
Net (loss) income (69,959)  (48,140)  50,205   (98,437)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (11,100)  (11,400)  (22,501)  (22,090)
Less: Dividends and accretion of redeemable preferred stock 20,957   17,610   42,798   34,585 
Net (loss) income attributable to stockholders$(79,816) $(54,350) $29,908  $(110,932)
        
Net (loss) income attributable to common stockholders$(83,898) $(54,350) $24,359  $(110,932)
        
(Loss) earnings per share:       
Basic$(0.73) $(0.52) $0.21  $(1.06)
Diluted$(0.73) $(0.52) $0.21  $(1.06)
Weighted average shares outstanding:       
Basic 114,880,817   105,039,831   114,491,338   104,612,209 
Diluted 114,880,817   105,039,831   115,260,452   104,612,209 



FTAI INFRASTRUCTURE INC.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollar amounts in thousands, except share and per share data)



 (Unaudited)  
 June 30, 2025 December 31, 2024
Assets   
Current assets:   
Cash and cash equivalents$33,626  $27,785 
Restricted cash and cash equivalents 414,637   119,511 
Accounts receivable, net 68,150   52,994 
Other current assets 22,632   19,561 
Total current assets 539,045   219,851 
Leasing equipment, net 37,195   37,453 
Operating lease right-of-use assets, net 66,749   67,937 
Property, plant, and equipment, net 3,232,712   1,653,468 
Investments 17,730   12,529 
Intangible assets, net 45,223   46,229 
Goodwill 401,229   275,367 
Other assets 67,077   61,554 
Total assets$4,406,960  $2,374,388 
    
Liabilities   
Current liabilities:   
Accounts payable and accrued liabilities$223,498  $176,425 
Debt, net 82,754   48,594 
Operating lease liabilities 7,268   7,172 
Derivative liabilities 30,443    
Other current liabilities 18,801   18,603 
Total current liabilities 362,764   250,794 
Debt, net 3,001,609   1,539,241 
Operating lease liabilities 59,635   60,893 
Derivative liabilities 138,340    
Other liabilities 68,692   67,104 
Total liabilities 3,631,040   1,918,032 
    
Commitments and contingencies     
    
Redeemable preferred stock Series A ($0.01 par value per share; 200,000,000 total preferred shares authorized; 300,000 Series A shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; redemption amount of $435.5 million and $431.8 million at June 30, 2025 and December 31, 2024, respectively) 397,652   381,218 
Redeemable convertible preferred stock Series B ($0.01 par value per share; 200,000,000 total preferred shares authorized; 160,000 Series B shares issued and outstanding as of March 31, 2025; redemption amount of $192.0 million at June 30, 2025) 152,642    
    
Equity   
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 115,087,817 and 113,934,860 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) 1,151   1,139 
Additional paid in capital 724,514   764,381 
Accumulated deficit (333,112)  (405,818)
Accumulated other comprehensive loss (17,084)  (157,051)
Stockholders' equity 375,469   202,651 
Non-controlling interest in equity of consolidated subsidiaries (149,843)  (127,513)
Total equity 225,626   75,138 
Total liabilities, redeemable preferred stock and equity$4,406,960  $2,374,388 



FTAI INFRASTRUCTURE INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollar amounts in thousands, unless otherwise noted)



 Six Months Ended June 30,
  2025   2024 
Cash flows from operating activities:   
Net income (loss)$50,205  $(98,437)
Adjustments to reconcile net income (loss) to net cash used in operating activities:   
Equity in (earnings) losses of unconsolidated entities (3,319)  24,690 
Gain on sale of subsidiaries (119,952)   
Loss on sale of assets, net 124   163 
Loss on modification or extinguishment of debt 4,073   9,170 
Equity-based compensation 2,163   4,139 
Depreciation and amortization 59,010   40,684 
Asset impairment 4,401    
Change in deferred income taxes (41,298)  1,493 
Amortization of deferred financing costs 5,218   4,570 
Amortization of bond discount 5,459   2,898 
Amortization of other comprehensive income (4,732)   
Paid-in-kind interest expense 897    
Provision for credit losses 195   514 
Change in:   
Accounts receivable (2,988)  3,255 
Other assets 2,540   (3,040)
Accounts payable and accrued liabilities 15,593   (12,787)
Derivative liabilities (66,178)   
Other liabilities (2,283)  1,218 
Net cash used in operating activities (90,872)  (21,470)
    
Cash flows from investing activities:   
Investment in unconsolidated entities (12,585)  (1,639)
Acquisition of business, net of cash acquired 226,628    
Acquisition of leasing equipment (564)  (1,204)
Acquisition of property, plant and equipment (148,319)  (27,420)
Proceeds from investor loan 11,001    
Investment in promissory notes and loans    (17,500)
Investment in equity instruments    (5,000)
Proceeds from sale of property, plant and equipment 2,198   111 
Net cash provided by (used in) investing activities 78,359   (52,652)
    
Cash flows from financing activities:   
Proceeds from debt, net 494,074   449,689 
Repayment of debt (126,102)  (242,001)
Payment of financing costs (21,545)  (10,022)
Cash dividends - common stock (6,886)  (6,303)
Cash dividends - redeemable preferred stock (25,516)   
Settlement of equity-based compensation (545)  (3,216)
Distributions to non-controlling interests    (15,039)
Net cash provided by financing activities 313,480   173,108 
    
Net increase in cash and cash equivalents and restricted cash and cash equivalents 300,967   98,986 
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 147,296   87,479 
Cash and cash equivalents and restricted cash and cash equivalents, end of period$448,263  $186,465 



Key Performance Measures

The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.

Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

The following table sets forth a reconciliation of net (loss) income attributable to stockholders to Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024:

 Three Months Ended June 30, Change

 Six Months Ended

June 30,
 Change

(in thousands) 2025   2024    2025   2024  
Net (loss) income attributable to stockholders$(79,816) $(54,350) $(25,466) $29,908  $(110,932) $140,840 
Add: Provision for (benefit from) income taxes 952   267   685   (40,562)  2,072   (42,634)
Add: Equity-based compensation expense 910   1,799   (889)  2,163   4,139   (1,976)
Add: Acquisition and transaction expenses 8,704   921   7,783   12,219   1,847   10,372 
Add: Losses on the modification or extinguishment of debt and capital lease obligations 4,066   9,170   (5,104)  4,073   9,170   (5,097)
Add: Changes in fair value of non-hedge derivative instruments                 
Add: Asset impairment charges 4,401      4,401   4,401      4,401 
Add: Incentive allocations                 
Add: Depreciation and amortization expense (1) 32,086   21,596   10,490   56,743   42,693   14,050 
Add: Interest expense 59,204   29,690   29,514   102,316   57,283   45,033 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) (100)  3,208   (3,308)  4,400   9,465   (5,065)
Add: Dividends and accretion of redeemable preferred stock 20,957   17,610   3,347   42,798   34,585   8,213 
Add: Interest and other costs on pension and OPEB liabilities (264)  (138)  (126)  (529)  462   (991)
Add: Other non-recurring items (3) 298      298   1,333      1,333 
Less: Equity in losses (earnings) of unconsolidated entities 1,995   12,788   (10,793)  (3,319)  24,690   (28,009)
Less: Non-controlling share of Adjusted EBITDA (4) (7,477)  (8,305)  828   (14,809)  (13,987)  (822)
Adjusted EBITDA (Non-GAAP)$45,916  $34,256  $11,660  $201,135  $61,487  $139,648 

_______________________________

(1)Includes the following items for the three months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $33,998 and $20,163, (ii) capitalized contract costs amortization of $1,232 and $1,433 and (iii) amortization of other comprehensive income of $(3,144) and $—, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $59,010 and $40,684, (ii) capitalized contract costs amortization of $2,465 and $2,009 and (iii) amortization of other comprehensive income of $(4,732) and $—, respectively.
(2)Includes the following items for the three months ended June 30, 2025 and 2024: (i) net loss of $(100) and $(12,838), (ii) interest expense of $— and $11,182, (iii) depreciation and amortization expense of $— and $8,050, (iv) acquisition and transaction expenses of $— and $31, (v) changes in fair value of non-hedge derivative instruments of $— and $(3,875), (vi) equity-based compensation of $— and $1, (vii) asset impairment charges of $— and $163, (viii) equity method basis adjustments of $— and $16 and (ix) other non-recurring items of $— and $478, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) net income (loss) of $6,478 and $(24,780), (ii) interest expense of $7,648 and $22,075, (iii) depreciation and amortization expense of $2,884 and $13,180, (iv) acquisition and transaction expenses of $201 and $50, (v) changes in fair value of non-hedge derivative instruments of $(12,822) and $(1,822), (vi) equity-based compensation expense of $— and $2, (vii) asset impairment of $— and $250, (viii) equity method basis adjustments of $10 and $32 and (ix) other non-recurring items of $1 and $478, respectively.
(3)Includes the following items for the three months ended June 30, 2025: Railroad severance expense of $298. Includes the following items for the six months ended June 30, 2025: (i) incidental utility rebillings of $650, (ii) loss on inventory heel of $385 and (iii) Railroad severance expense of $298.
(4)Includes the following items for the three months ended June 30, 2025 and 2024: (i) equity-based compensation of $86 and $268, (ii) provision for (benefit from) income taxes of $84 and $(142), (iii) interest expense of $3,706 and $2,639, (iv) depreciation and amortization expense of $3,071 and $3,387, (v) acquisition and transaction expenses of $165 and $3, (vi) interest and other costs on pension and OPEB liabilities of $(1) and $—, (vii) asset impairment charges of $8 and $—, (viii) losses on the modification or extinguishment of debt of $356 and $2,150 and (ix) other non-recurring items of $2 and $—, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) equity-based compensation expense of $224 and $699, (ii) provision for (benefit from) income taxes of $188 and $(276), (iii) interest expense of $7,646 and $4,828, (iv) depreciation and amortization expense of $6,140 and $6,581, (v) acquisition and transaction expenses of $166 and $3, (vi) interest and other costs on pension and OPEB liabilities of $(3) and $2, (vii) asset impairment of $27 and $—, (viii) losses on the modification or extinguishment of debt of $358 and $2,150 and (ix) other non-recurring items of $63 and $—, respectively.
  

The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended June 30, 2025:

 Three Months Ended June 30, 2025
(in thousands)Railroad Jefferson

Terminal
 Repauno Power and

Gas
 Four Core

Segments
Net income (loss) attributable to stockholders$7,320  $(11,966) $(9,610) $(15,087) $(29,343)
Add: Provision for income taxes 768   336   25      1,129 
Add: Equity-based compensation expense 358   327   150      835 
Add: Acquisition and transaction expenses 2,783   69   1,980   1,397   6,229 
Add: Losses on the modification or extinguishment of debt and capital lease obligations    742   3,324      4,066 
Add: Changes in fair value of non-hedge derivative instruments              
Add: Asset impairment charges 4,401            4,401 
Add: Incentive allocations              
Add: Depreciation and amortization expense (1) 4,979   12,522   2,494   11,874   31,869 
Add: Interest expense 112   16,000      24,787   40,899 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities              
Add: Dividends and accretion of redeemable preferred stock              
Add: Interest and other costs on pension and OPEB liabilities (264)           (264)
Add: Other non-recurring items (2) 298            298 
Less: Equity in earnings of unconsolidated entities              
Less: Non-controlling share of Adjusted EBITDA (3) (84)  (6,948)  (445)     (7,477)
Adjusted EBITDA (Non-GAAP)$20,671  $11,082  $(2,082) $22,971  $52,642 

_______________________________

(1)Jefferson Terminal
 Includes the following items for the three months ended June 30, 2025: (i) depreciation and amortization expense of $11,290 and (ii) capitalized contract costs amortization of $1,232.
 Power and Gas
 Includes the following items for the three months ended June 30, 2025: (i) depreciation and amortization expense of $15,018 and (ii) amortization of other comprehensive income of $(3,144).
(2)Railroad
 Includes the following items for the three months ended June 30, 2025: Railroad severance expense of $298.
(3)Railroad
 Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $2, (ii) provision for income taxes of $5, (iii) interest expense of $1, (iv) depreciation and amortization expense of $31, (v) acquisition and transaction expenses of $17, (vi) interest and other costs on pension and OPEB liabilities of $(1), (vii) asset impairment charges of $27 and (viii) other non-recurring items of $2.
 Jefferson Terminal
 Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $76, (ii) provision for income taxes of $78, (iii) interest expense of $3,707, (iv) depreciation and amortization expense of $2,900, (v) acquisition and transaction expenses of $16 and (vi) losses on the modification or extinguishment of debt of $171.
 Repauno
 Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $8, (ii) provision for income taxes of $1, (iii) interest expense of $(2), (iv) depreciation and amortization expense of $140, (v) acquisition and transaction expenses of $132, (vi) loss on the modification or extinguishment of debt of $185 and (vii) asset impairment charges of $(19).





EN
07/08/2025

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