FIP · FTAI Infrastructure Inc.

FTAI Infrastructure Inc. reported first quarter 2026 results marked by a GAAP net loss attributable to stockholders of $150.2 million before preferred items, or $(1.32) per share, compared to net income of $109.7 million in Q1 2025. Revenues grew significantly to $188.4 million from $96.2 million year-over-year, driven by contributions across segments, though total expenses rose to $185.6 million including higher operating costs, depreciation, and interest expense of $82.5 million. Key non-GAAP measure Adjusted EBITDA reached $70.6 million, with four core segments at $78.8 million; management noted Long Ridge's results were pressured by a 25-day planned outage, stating pro forma excluding this impact would exceed $80 million, a quarterly record. Strong rail segment performance and Jefferson operations offset challenges, while Repauno phase two expansion remains on plan for early 2027 start. A pivotal business highlight is the April 30 agreement to divest Long Ridge to MARA Holdings for $1.52 billion, enabling immediate deleveraging of $1.16 billion asset-level debt and $300 million parent debt repayment upon closing, poised to reduce interest costs and boost free cash flow. The Board declared a $0.03 per share common dividend, payable June 12 to May 18 holders, signaling commitment to capital return amid transformation. Balance sheet shows total assets at $5.69 billion, debt at $3.81 billion, and negative stockholders' equity of $122.5 million as of March 31. Operating cash flow used $69.4 million. Investors should monitor Long Ridge sale closing for deleveraging benefits and Q1 drivers in the upcoming 10-Q.