NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the first quarter 2026. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
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 $80 million for Q1 and would have represented a new quarterly record.
- Strong performance from rail segment and Jefferson, while Repauno phase two expansion continued on plan for early 2027 operational commencement.
Financial Overview
(in thousands, except per share data)Selected Financial ResultsQ1’26Net Loss Attributable to Stockholders, Before Series B Preferred Stock Dividend and Loss on Extinguishment of Preferred Stock$(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 Dividends
On 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 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, 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 Call
In 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 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 (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 Andreini
Investor Relations
FTAI 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
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share and per share data) (Unaudited) March 31,
2026 December 31,
2025Assets 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 34,381 Other current liabilities 23,039 20,363 Total current liabilities 361,722 409,997 Debt, net 3,787,717 3,708,735 Operating lease liabilities 85,484 71,000 Derivative liabilities 158,648 189,116 Warrant liabilities 82,506 81,599 Deferred income tax liabilities 301,831 300,231 Other liabilities 90,562 44,000 Total liabilities 4,868,470 4,804,678 Commitments and contingencies — — Redeemable convertible preferred stock Series B($0.01 par value per share; 200,000,000 total preferred shares authorized; 160,000 and 160,000 Series B shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively; redemption amount of $192.0 million and $192.0 million at March 31, 2026 and December 31, 2025, respectively) 152,642 152,642 Redeemable preferred stock Series A RailCo - Non-controlling interest(zero par value per share; 1,000,000 total preferred shares authorized; 1,000,000 Series A - RailCo shares issued and outstanding as of March 31, 2026 and December 31, 2025; redemption amount of $1.4 billion and $1.4 billion at March 31, 2026 and December 31, 2025, respectively) 970,516 937,578 Equity Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 118,163,555 and 116,294,461 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively) 1,182 1,163 Additional paid in capital 589,593 623,771 Accumulated deficit (625,943) (512,992)Accumulated other comprehensive loss (87,295) (90,618)Stockholders' equity (122,463) 21,324 Non-controlling interest in equity of consolidated subsidiaries (180,633) (167,561)Total equity (303,096) (146,237)Total liabilities, redeemable preferred stock and equity$5,688,532 $5,748,661
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net (loss) income$(127,211) $120,164 Adjustments to reconcile net loss to net cash used in operating activities: Equity in losses (earnings) of unconsolidated entities 518 (5,314)Gain on sale of subsidiaries — (119,952)Loss on modification or extinguishment of debt 45,914 7 Equity-based compensation 10,978 1,253 Depreciation and amortization 50,691 25,012 Change in deferred income taxes 1,600 (41,827)Amortization of deferred financing costs 3,876 2,908 Amortization of bond discount 12,155 1,892 Amortization of other comprehensive income (10,236) (1,588)Other 3,293 105 Change in: Accounts receivable (2,002) 91 Other assets (19,570) (4,402)Accounts payable and accrued liabilities (38,458) 1,927 Derivative liabilities — (66,713)Other liabilities (925) 786 Net cash used in operating activities (69,377) (85,651) Cash flows from investing activities: Investment in unconsolidated entities (7,180) (6,943)Acquisition of business, net of cash acquired — 226,628 Acquisition of property, plant and equipment (46,476) (66,529)Proceeds from investor loan — 11,001 Proceeds from sale of property, plant and equipment 8,901 142 Net cash (used in) provided by investing activities (44,755) 164,299 Cash flows from financing activities: Proceeds from debt, net 1,309,459 28,237 Repayment of debt (1,320,223) — Payment of financing costs (11,525) (1,270)Proceeds from financing obligation 50,000 — Repayment of financing obligation (366) — Cash dividends - common stock (3,545) (3,443)Cash dividends - redeemable preferred stock — (25,516)Cash dividends - redeemable preferred stock - NCI (5,000) — Settlement of equity-based compensation (2,823) (545)Distributions to non-controlling interests (360) — Net cash provided by (used in) financing activities 15,617 (2,537) Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents (98,515) 76,111 Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 325,946 147,296 Cash and cash equivalents and restricted cash and cash equivalents, end of period$227,431 $223,407
Key Performance Measures
The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.
Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, gains (losses) on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.
The following table sets forth a reconciliation of net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31, Change(in thousands) 2026 2025 Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock$(150,172) $109,724 $(259,896)Add: Provision for (benefit from) income taxes 3,523 (41,514) 45,037 Add: Equity-based compensation expense 10,978 1,253 9,725 Add: Acquisition and transaction expenses 6,820 3,515 3,305 Add: Losses on the modification or extinguishment of debt and capital lease obligations 45,914 7 45,907 Add: Changes in fair value of non-hedge derivative instruments 558 — 558 Add: Asset impairment charges — — — Add: Incentive allocations — — — Add: Depreciation and amortization expense(1) 41,688 24,657 17,031 Add: Interest expense 82,487 43,112 39,375 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) (518) 4,500 (5,018)Add: Dividends and accretion of redeemable preferred stock 37,221 21,841 15,380 Add: Interest and other costs on pension and OPEB liabilities (180) (265) 85 Add: Other non-recurring items(3) 2,661 1,035 1,626 Less: Equity in losses (earnings) of unconsolidated entities 518 (5,314) 5,832 Less: Non-controlling share of Adjusted EBITDA(4) (10,906) (7,332) (3,574)Adjusted EBITDA (Non-GAAP)$70,592 $155,219 $(84,627)
(1)Includes the following items for the three months ended March 31, 2026 and 2025: (i) depreciation and amortization expense of $50,691 and $25,012, (ii) capitalized contract costs amortization of $1,233 and $1,233 and (iii) amortization of other comprehensive income of $(10,236) and $(1,588), respectively.(2)Includes the following items for the three months ended March 31, 2026 and 2025: (i) net (loss) income of $(518) and $6,578, (ii) interest expense of $— and $7,648, (iii) depreciation and amortization expense of $— and $2,884, (iv) acquisition and transaction expenses of $— and $201, (v) changes in fair value of non-hedge derivative instruments of $— and $(12,822), (vi) equity method basis adjustments of $— and $10 and (vii) other non-recurring items of $— and $1, respectively.(3)Includes the following items for the three months ended March 31, 2026: (i) Railroad severance and integration expenses of $1,471 and (ii) unrealized loss on investment of $1,190. Includes the following items for the three months ended March 31, 2025: (i) incidental utility rebillings of $650 and (ii) loss on inventory heel of $385.(4)Includes the following items for the three months ended March 31, 2026 and 2025: (i) equity-based compensation of $1,772 and $138, (ii) provision for income taxes of $66 and $104, (iii) interest expense of $4,052 and $3,940, (iv) depreciation and amortization expense of $3,331 and $3,069, (v) acquisition and transaction expenses of $15 and $1, (vi) interest and other costs on pension and OPEB liabilities of $— and $(2), (vii) asset impairment charges of $— and $19, (viii) losses on the modification or extinguishment of debt of $1,489 and $2, (ix) dividends and accretion of redeemable preferred stock of $175 and $— and (x) other non-recurring items of $6 and $61, respectively.
The following tables sets forth a reconciliation of net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for our four core segments for the three months ended March 31, 2026:
Three Months Ended March 31, 2026(in thousands)Railroad Jefferson Terminal Repauno Power and Gas Four Core SegmentsNet loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock$(25,214) $(18,872) $(8,165) $(5,171) $(57,422)Add: Provision for (benefit from) income taxes 3,298 212 — — 3,510 Add: Equity-based compensation expense 447 7,253 1,592 1,583 10,875 Add: Acquisition and transaction expenses 1,608 — — 801 2,409 Add: Losses on the modification or extinguishment of debt and capital lease obligations — 6,429 — — 6,429 Add: Changes in fair value of non-hedge derivative instruments 906 — — (348) 558 Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation and amortization expense(1) 19,487 13,220 2,583 6,140 41,430 Add: Interest expense 1,499 16,235 1,951 23,666 43,351 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities — — — — — Add: Dividends and accretion of redeemable preferred stock 37,221 — — — 37,221 Add: Interest and other costs on pension and OPEB liabilities (180) — — — (180)Add: Other non-recurring items(2) 1,471 — — — 1,471 Less: Equity in earnings of unconsolidated entities — — — — — Less: Non-controlling share of Adjusted EBITDA(3) (310) (10,040) (282) (260) (10,892)Adjusted EBITDA (Non-GAAP)$40,233 $14,437 $(2,321) $26,411 $78,760Includes the following items for the three months ended March 31, 2026: (i) depreciation and amortization expense of $11,987 and (ii) capitalized contract costs amortization of $1,233.
Power and Gas
Includes the following items for the three months ended March 31, 2026: (i) depreciation and amortization expense of $16,376 and (ii) amortization of other comprehensive income of $(10,236).(2)Railroad
Includes the following items for the three months ended March 31, 2026: Railroad severance and integration expenses of $1,471.(3)Railroad
Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $2, (ii) provision for income taxes of $16, (iii) interest expense of $7, (iv) depreciation and amortization expense of $92, (v) acquisition and transaction expenses of $8, (vi) dividends and accretion of redeemable preferred stock of $175, (vii) changes in fair value of non-hedge derivative instruments of $4 and (viii) other non-recurring items of $6.
Jefferson Terminal
Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $1,679, (ii) provision for income taxes of $49, (iii) interest expense of $3,761, (iv) depreciation and amortization expense of $3,062 and (v) losses on the modification or extinguishment of debt of $1,489.
Repauno
Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $73, (ii) interest expense of $90 and (iii) depreciation and amortization expense of $119.
Power and Gas
Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $13, (ii) interest expense of $194, (iii) depreciation and amortization expense of $50, (iv) acquisition and transaction expenses of $7 and (v) changes in fair value of non-hedge derivative instruments of $(4).