Business Highlights
Reported $70.9 million of Adjusted EBITDA, up 54% from the second quarter of 2025.
Closed the acquisition of the Wheeling & Lake Erie Railway into a voting trust on August 25th.
West Virginia gas production commenced in August, resulting in excess gas sales at Long Ridge.
Evaluating strategic alternatives for Long Ridge, including a potential sale of the company.
Financial Overview
(in thousands, except per share data)
Selected Financial Results
Q3'25
Net Loss Attributable to Stockholders, Before Series B Preferred Stock Dividend and Loss on Extinguishment of Preferred Stock
$
(118,352
)
Basic and Diluted Loss per Share of Common Stock
$
(1.38
)
Adjusted EBITDA(1)
$
70,931
Adjusted EBITDA - Four core segments(1)(2)
$
76,554
_______________________________
(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.
Third Quarter 2025 Dividends
On October 29, 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 September 30, 2025, payable on November 28, 2025 to the holders of record on November 14, 2025.
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 CallIn addition, management will host a conference call on Friday, October 31, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BIb24fbd29a9a24fb883530bc1dc7ef604. 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 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, October 31, 2025 through 11:30 A.M. on Friday, November 7, 2025 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 AndreiniInvestor RelationsFTAI Infrastructure Inc.(646)
Exhibit - Financial Statements
FTAI INFRASTRUCTURE INC.CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(Dollar amounts in thousands, except share and per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Revenues
Total revenues
$
140,556
$
83,311
$
359,003
$
250,733
Expenses
Operating expenses
74,985
62,766
216,465
188,566
General and administrative
3,202
2,989
12,177
10,690
Acquisition and transaction expenses
3,221
2,526
15,440
4,373
Management fees and incentive allocation to affiliate
3,782
2,807
10,004
8,584
Depreciation and amortization
34,813
19,492
93,823
60,176
Asset impairment
—
—
4,401
—
Total expenses
120,003
90,580
352,310
272,389
Other income (expense)
Equity in earnings (losses) of unconsolidated entities
2,928
(14,308
)
6,247
(38,998
)
Gain on sale of assets, net
28
2,758
119,856
2,595
(Loss) gain on modification or extinguishment of debt
(55,208
)
747
(59,281
)
(8,423
)
Interest expense
(73,312
)
(31,513
)
(175,628
)
(88,796
)
Other income
5,554
6,537
12,299
15,865
Total other expense
(120,010
)
(35,779
)
(96,507
)
(117,757
)
Loss before income taxes
(99,457
)
(43,048
)
(89,814
)
(139,413
)
Provision for (benefit from) income taxes
5,081
(92
)
(35,481
)
1,980
Net loss
(104,538
)
(42,956
)
(54,333
)
(141,393
)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders
(11,497
)
(9,963
)
(33,998
)
(32,053
)
Less: Preferred dividends and accretion on redeemable non-controlling interests
12,487
—
12,487
—
Less: Dividends and accretion of redeemable preferred stock
12,824
16,978
55,622
51,563
Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock
$
(118,352
)
$
(49,971
)
$
(88,444
)
$
(160,903
)
Net loss attributable to common stockholders
$
(159,283
)
$
(49,971
)
$
(134,924
)
$
(160,903
)
Loss per share:
Basic
$
(1.38
)
$
(0.45
)
$
(1.17
)
$
(1.51
)
Diluted
$
(1.38
)
$
(0.45
)
$
(1.18
)
$
(1.51
)
Weighted average shares outstanding:
Basic
115,555,973
109,723,831
114,851,106
106,317,677
Diluted
115,555,973
109,723,831
114,851,106
106,317,677
FTAI INFRASTRUCTURE INC.CONSOLIDATED BALANCE SHEETS(Dollar amounts in thousands, except share and per share data)
(Unaudited)
September 30, 2025
December 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
34,722
$
27,785
Restricted cash and cash equivalents
319,194
119,511
Accounts receivable, net
63,664
52,994
Other current assets
25,247
19,561
Total current assets
442,827
219,851
Leasing equipment, net
36,845
37,453
Operating lease right-of-use assets, net
68,563
67,937
Property, plant, and equipment, net
3,255,047
1,653,468
