FTAI Infrastructure Inc. Reports $502.5 Million Revenue for 2025, Driven by Power and Gas Segment

**FTAI Infrastructure Inc. Reports Increased Revenue Driven by Power and Gas Segment**

FTAI Infrastructure Inc. (FIP) reported total revenues of $502.5 million for the year ended December 31, 2025, an increase of $171.0 million compared to $331.5 million in 2024. This growth was primarily driven by the Power and Gas segment, which contributed $156.2 million in power revenues and $21.2 million in gas revenues following the acquisition of GCM’s 49.9% interest in Long Ridge Energy & Power LLC in February 2025. The Ports and Terminals business also saw a slight increase in terminal services revenue, rising by $1.8 million due to higher throughput volumes at Jefferson Terminal, offset by lower volumes at Repauno. However, rail revenues decreased by $5.8 million due to decreased carloads, and roadside services revenue declined by $2.8 million due to a decrease in roadside services at FYX.

The company's total expenses increased to $494.6 million in 2025 from $431.0 million in 2024. Operating expenses rose by $51.9 million, largely due to increased drilling and legal expenses in the Power and Gas segment. Acquisition and transaction expenses also saw a significant increase of $21.7 million, primarily related to the Long Ridge Energy & Power LLC acquisition, the Wheeling acquisition, and costs for warrants issued. Depreciation and amortization increased by $53.1 million, reflecting the consolidation of Long Ridge's assets. These increases were partially offset by a decrease in asset impairment charges of $67.9 million, due to a prior year impairment of an investment in GM-FTAI Holdco LLC.

FTAI Infrastructure reported a net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, of $(207.4) million for 2025, compared to a net loss of $(294.5) million for 2024. The company's Adjusted EBITDA, a non-GAAP measure used by management to assess operational performance, increased significantly to $361.2 million in 2025 from $127.6 million in 2024. This increase in Adjusted EBITDA was primarily due to the consolidation of Long Ridge Energy & Power LLC and the acquisition of Wheeling.

Looking ahead, FTAI Infrastructure is focused on managing its debt obligations and has taken steps to preserve liquidity, including limiting discretionary spending and re-prioritizing capital projects. Subsequent to the end of the fiscal year, the company refinanced its Bridge Loan Credit Agreement with a Term Loan Credit Agreement and entered into a binding Commitment Agreement for a potential bridge facility. Management intends to refinance the $218 million Jefferson Taxable Series 2024B Bonds with long term financing, and if such plans are not met, the Company would draw on the Backstop Agreement to pay off the Jefferson Taxable Series 2024B Bonds due July 1, 2026. Additionally, management’s plan includes exercising existing contractual options to extend the DRP DB Term Loan of $106 million, the first tranche of EB-5 Loan Agreement of $26 million, and the second tranche of EB-5 Loan Agreement of $9.7 million that will extend maturities to May 30, 2028, January 25, 2028, and March 11, 2028, respectively.