FTAI Infrastructure Inc. Reports First Quarter 2026 Results, Declares Dividend of $0.03 per Share of Common Stock

(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.

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

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

FTAI INFRASTRUCTURE INC.
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

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.

Three Months Ended March 31, 2026

(in thousands)

Railroad

Jefferson Terminal

Repauno

Power and Gas

Four Core Segments

Net 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

$

78,760

____________________

(1)

Jefferson Terminal
Includes 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).