NFE delays quarterly filing as it finalizes accounting for debt restructuring
By THE STAR STAFF
New Fortress Energy Inc. (NFE) said it will delay filing its quarterly report for the period ended Sept. 30, citing the need for additional time to complete the accounting and valuation work related to its sweeping debt restructuring and the divestiture of its Brazilian operations.
The parent company of Genera PR, which is the private administrator of Puerto Rico’s legacy power plants, disclosed the delay in a Form 12b-25 filed with the U.S. Securities and Exchange Commission (SEC) on Nov. 10. The filing notifies regulators that NFE was unable to submit its Form 10-Q by the required deadline and intends to file it within the five-day extension period allowed under SEC rules.
According to the company, the delay stems from the complexity of accounting for a comprehensive restructuring of its principal-funded debt obligations, which was completed on Sept. 11, along with the related sale of its Brazilian operations. NFE said it needs additional time to review the transaction’s accounting treatment, valuations and internal controls before finalizing its quarterly results.
Although the company has not yet completed its financial closing process and cannot provide a quantitative estimate of its results, it offered a preliminary assessment of how performance changed during the quarter and the first nine months of 2026.
For the three months ending Sept. 30, NFE said revenue increased compared with the same period a year earlier, driven primarily by higher operating revenue and income from contract novations. The company expects to report net income under U.S. generally accepted accounting principles, compared with a net loss in the third quarter of 2025. It said gains related to the restructuring and extinguishment of debt more than offset asset impairment charges and losses from discontinued operations.
For the first nine months of 2026, however, revenue is expected to decline from the prior-year period, largely because of the sale of its Jamaica business in May 2025 and lower cargo sales. The company said its net loss narrowed, helped by gains from the debt restructuring and the absence of a goodwill impairment charge recorded in 2025. Those benefits were partially offset by higher long-lived asset impairment charges and the lack of gains recognized from the Jamaica divestiture a year earlier.
Despite the improvement in overall net loss, NFE said net loss attributable to common stockholders increased during both the three- and nine-month periods. The increase was primarily due to deemed dividends associated with the company’s Series A Mandatorily Convertible Preferred Stock and preferred equity interests issued by NFE FLNG 2 Parent LLC.
The filing was signed by Frederick W. Hundt, the company’s interim chief financial officer and chief accounting officer, who said NFE expects to complete and file the quarterly report as soon as practicable.
