FTAI Infrastructure Inc.

Listed Company

FIPCIK 0001899883NasdaqLarge AcceleratedRailroads, Line-Haul OperatingDelawareFY ends Dec 31

Period

FY 2025

Revenue

$502.52M

Net Income

$-152.05M

Total Assets

$5.75B

Equity

$21.32M

Shares Out

118.16M

Op. Cash Flow

$-118.01M

Business

FTAI Infrastructure Inc. is in the business of acquiring, developing and operating critical infrastructure assets and businesses serving the transportation, energy and industrial products industries. It provides freight rail operations, port and terminal development and operation, power and gas facility development and operation, and sustainability and energy transition investments including battery and plastic recycling, hydrogen projects and carbon capture. Its operations are organized into four segments: Railroad, Ports and Terminals, Power and Gas, and Sustainability and Energy Transition. The company operates primarily across North America through direct ownership, leases, joint ventures and third‑party partnerships serving industrial and energy customers.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from Contract with Customer, Excluding Assessed Tax	503	331	320	262	120
Operating expenses	300	248	254	208	99
General and administrative	16	15	13	11	9
Acquisition and transaction expenses	27	5	4	17	15
Management fees and incentive allocation to affiliate	15	11	12	13	16
Depreciation and amortization	132	79	81	71	54
Asset impairment	4	72	743,000	—	—
Total expenses	495	431	365	320	192
Equity in earnings (losses) of unconsolidated entities	12	−55	−25	−67	−13
Gain on sale of assets, net	129	2	7	−2	16,000
Loss on modification or extinguishment of debt	−59	−9	−2	0	0
Interest expense	−266	−122	−100	−53	−16
Other income	21	21	7	−3	−9
Total other expense	−163	−163	−113	−125	−38
Loss before income taxes	−155	−263	−157	−183	−110
Total provision	−3	3	2	4	−4
Net loss	−152	−266	−160	−188	−106
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	−45	−42	−38	−34	−26
Less: Preferred dividends and accretion on redeemable non-controlling interests	45	0	0	—	—
Less: Dividends and accretion of redeemable preferred stock	56	71	62	—	—
Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	−207	−294	−184	−177	−80
Net loss attributable to common stockholders	−260	−294	−184	—	—
Basic (dollar per share)	−2.24	−2.72	−1.78	−1.73	−0.8
Diluted (dollars per share)	−2.26	−2.72	−1.79	−1.73	−0.8
Basic (in shares)	115	108	103	103	99
Diluted (in shares)	115	108	103	103	99

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	57	28	29	36	50
Restricted cash and cash equivalents	269	120	58	113	252
Accounts receivable, net	95	53	56	61	50
Other current assets	63	20	42	67	61
Total current assets	484	220	186	278	413
Leasing equipment, net	37	37	36	35	36
Operating lease right-of-use assets, net	133	68	70	71	72
Property, plant, and equipment, net	4,582	1,653	1,631	1,674	1,518
Investments	22	13	73	74	54
Intangible assets, net	43	46	53	60	68
Goodwill	366	275	275	260	257
Other assets	82	62	57	27	25
Total assets	5,749	2,374	2,380	2,478	2,442
Accounts payable and accrued liabilities	281	176	131	136	116
Debt, net	65	49	0	—	—
Operating lease liabilities	9	7	7	7	3
Derivative Liability, Current	34	0	—	—	—
Other current liabilities	20	19	13	16	11
Total current liabilities	410	251	151	160	129
Debt, net	3,709	1,539	1,341	1,230	719
Operating lease liabilities	71	61	62	63	68
Derivative liabilities	189	0	—	—	—
Warrant liabilities	82	0	—	—	—
Deferred income tax liabilities	300	10	—	—	—
Other liabilities	44	57	88	236	65
Total liabilities	4,805	1,918	1,642	1,689	980
Commitments and contingencies	0	0	0	0	—
Redeemable preferred stock Series A ($0.01 par value per share; 200,000,000 total preferred shares authorized; 300,000 Series A shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; redemption amount of $ million and $431.8 million as of December 31, 2025 and December 31, 2024, respectively)	1,090	381	325	265	0
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 116,294,461 and 113,934,860 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively)	1	1	1	994,000	0
Additional paid in capital	624	764	844	912	0
Accumulated deficit	−513	−406	−182	−61	0
Accumulated other comprehensive loss	−91	−157	−179	−300	−155
Stockholders' equity	21	203	484	552	1,462
Non-controlling interests in equity of consolidated subsidiaries	−168	−128	−71	−27	−91,000
Total equity	−146	75	413	525	1,462
Total liabilities, redeemable preferred stock and equity	5,749	2,374	2,380	2,478	2,442

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain (Loss) on Disposition of Stock in Subsidiary	129	0	0	—	—
Gain (Loss) on Disposition of Assets	−79,000	2	7	−2	16,000
Gain On Sale Of Easement	0	−3	0	0	—
Equity-based compensation	11	9	9	4	4
Depreciation and amortization	132	79	81	71	54
Change in deferred income taxes	−6	2	2	4	−4
Change in fair value of non-hedge derivatives	603,000	0	1	−1	−2
Fair Value Adjustment of Warrants	−4	0	0	—	—
Amortization of deferred financing costs	11	6	7	4	3
Amortization Of Other Comprehensive Income (Loss)	−20	0	0	—	—
Paid-in-Kind Interest	6	0	0	—	—
Provision for (recovery) credit losses	−888,000	863,000	2	575,000	74,000
Amortization of Debt Discount (Premium)	23	9	5	2	0
Accounts receivable	−10	2	3	−3	−27
Other assets	−13	−2	25	−8	−18
Accounts payable and accrued liabilities	52	21	9	7	15
Increase (Decrease) in Derivative Liabilities	−67	0	0	—	—
Other liabilities	−3	−7	1	−5	6
Net cash (used in) provided by operating activities	−118	−15	6	−43	−62
Investment in unconsolidated entities	−19	−4	−7	−6	−55
Payments to Acquire Businesses, Net of Cash Acquired	−857	0	−4	4	627
Acquisition of business, net of cash acquired	−724,000	−3	−2	0	0
Acquisition of property, plant and equipment	−281	−80	−99	−217	−141
Proceeds from Collection of Loans Receivable	11	0	0	—	—
Investment in promissory notes	0	−31	−36	−47	−10
Investment In equity instruments	0	−5	0	0	—
Proceeds from sale of leasing equipment	0	0	105,000	0	0
Proceeds from Insurance Settlement, Investing Activities	0	267,000	0	0	—
Proceeds from Sale of Property, Plant, and Equipment	3	1	1	7	4
Proceeds from sale of easement	0	3	0	0	—
Net cash used in investing activities	−1,143	−118	−147	−267	−829
Proceeds from debt, net	1,794	498	181	519	451
Repayment of debt	−780	−248	−75	0	0
Payment of financing costs	−62	−11	−9	−14	−12
Proceeds from issuance of common shares	3	0	0	—	—
Proceeds from issuance of redeemable preferred stock and warrants	1,000	0	0	291	0
Redeemable preferred stock issuance costs	−21	0	0	−16	0
Payments for Repurchase of Preferred Stock and Preference Stock	−447	0	0	—	—
Distributions to non-controlling interests	−1	−15	−2	−143,000	0
Settlement of equity-based compensation	−6	−3	−2	−593,000	0
Cash dividends - common stock	−14	−13	−12	−3	0
Cash dividends - redeemable preferred stock	−26	−15	−2	−2	0
Net cash provided by financing activities	1,439	193	79	158	1,137
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	179	60	−62	−152	246
Cash paid for interest, net of capitalized interest	220	94	88	38	7
Acquisition of property, plant and equipment	−46	−49	−2	−6	−581,000
Noncash or Part Noncash Acquisition, Acquisition Of Business	286	0	0	—	—
Dividends and accretion of redeemable preferred stock	0	−56	−61	−22	0
Dividends and accretion of redeemable preferred stock - NCI	−45	0	0	−21	0
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction	0	−16	0	0	—

Filings

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