New Fortress Energy Inc. (NFE): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la transformation de l'énergie, New Fortress Energy Inc. (NFE) émerge comme une force pionnière, réinvenant la façon dont les solutions de gaz naturel propres et fiables peuvent révolutionner l'infrastructure énergétique mondiale. En tirant stratégiquement les technologies avancées de GNL, la logistique maritime et le développement de projets innovants, NFE n'est pas seulement une entreprise - c'est un catalyseur de croissance économique et de transition énergétique durable sur les marchés émergents. Leur toile complète du modèle commercial révèle une approche sophistiquée qui va au-delà des paradigmes d'énergie traditionnels, positionnant NFE comme un acteur critique dans le changement mondial vers des solutions énergétiques plus efficaces et soucieuses de l'environnement.

New Fortress Energy Inc. (NFE) - Modèle d'entreprise: partenariats clés

Développeurs et opérateurs terminaux au gaz naturel liquéfié (GNL)

NFE a établi des partenariats stratégiques avec les principaux développeurs et opérateurs de terminaux de GNL dans le monde:

Partenaire	Emplacement	Détails du partenariat
Samsung C&T Corporation	Jamaïque	Construction et opération du terminal de GNL
Hyundai Engineering	Porto Rico	Développement des infrastructures pour les installations de GNL

Entreprises de construction d'infrastructures énergétiques

NFE collabore avec les grandes entreprises de construction d'infrastructures:

• Bechtel Corporation - Global Engineering and Construction Partnership
• Fluor Corporation - Projets de développement des infrastructures
• KBR Inc. - Services d'ingénierie technique

Entreprises internationales d'expédition et de logistique maritime

Partenaire d'expédition	Taille de la flotte	Portée du partenariat
Golar LNG Limited	13 navires de GNL flottants	Transport maritime et infrastructure flottante de GNL
Groupe ABS	Certification maritime mondiale	Conformité des navires et avis technique

Services publics de production d'électricité et consommateurs d'énergie industrielle

Les principales partenariats de production d'électricité et industrielle de NFE comprennent:

• Porto Rico Electric Power Authority (PREPA)
• Entreprise de service public de la Jamaïque
• Grands fabricants industriels en Amérique latine

Agences gouvernementales et organismes de réglementation

Entité gouvernementale	Pays	Collaboration réglementaire
Ministère de l'Énergie	Jamaïque	Approbations du développement des infrastructures énergétiques
Porto Rico Energy Bureau	Porto Rico	Compliance réglementaire et intégration du secteur de l'énergie

New Fortress Energy Inc. (NFE) - Modèle d'entreprise: activités clés

Production et liquéfaction de GNL

New Fortress Energy exploite des installations de production de GNL d'une capacité totale de 5,4 millions de tonnes par an à partir de 2023. La société possède des installations de liquéfaction actives dans:

• Jamaïque
• Porto Rico
• Mexique

Emplacement	Capacité de production (MTPA)	Statut opérationnel
Jamaïque	1.2	Pleinement opérationnel
Porto Rico	1.5	Pleinement opérationnel
Mexique	2.7	Pleinement opérationnel

Développement et gestion des infrastructures énergétiques

NFE a investi 1,2 milliard de dollars dans des projets d'infrastructure énergétique à partir de 2023. La société gère:

• 5 terminaux de GNL
• 3 installations de production d'électricité
• Actifs de transport maritime multiples

Trading et distribution mondiaux de GNL

Volumes de trading et mesures clés:

Métrique	Performance de 2023
Volume total de trading de GNL	4,5 millions de tonnes
Présence du marché mondial	7 pays
Revenus annuels du commerce	850 millions de dollars

Développement et déploiement de projets à énergie propre

Le portefeuille d'énergie propre de NFE comprend:

• 2 projets de production d'hydrogène
• 3 initiatives d'intégration des énergies renouvelables
• Investissement total de 350 millions de dollars en énergie propre

Opérations de transport terminales et maritimes

Détails des infrastructures maritimes et terminaux:

Type d'actif	Nombre total	Capacité
Transporteurs de GNL	8	350 000 DWT
Unités de stockage flottantes	3	450 000 mètres cubes
Terminaux à terre	5	6 millions de tonnes par an

New Fortress Energy Inc. (NFE) - Modèle commercial: Ressources clés

Installations avancées de liquéfaction de GNL

New Fortress Energy exploite plusieurs installations de liquéfaction de GNL avec une capacité de production totale de 11,4 millions de tonnes par an en 2023. Les principales installations comprennent:

Emplacement	Capacité (MTPA)	Statut opérationnel
Miami, Floride	2.4	Opérationnel
Jamaïque	1.2	Opérationnel
Porto Rico	3.0	Opérationnel

Actifs de transport maritime stratégiques

La flotte maritime de NFE comprend:

• 7 transporteurs de GNL
• Capacité totale de la flotte de 474 000 mètres cubes
• Valeur marchande des actifs maritimes: 587 millions de dollars (2023)

Expertise en génie technique

Composition technique de la main-d'œuvre:

• Total des employés: 680
• Ingénieurs: 42% de la main-d'œuvre
• Expérience d'ingénierie moyenne: 12,5 ans

Contrats d'approvisionnement énergétique à long terme

Région	Durée du contrat	Volume annuel (MTPA)
l'Amérique latine	15 ans	3.6
Caraïbes	10 ans	2.4

Capital financier pour les investissements des infrastructures

Ressources financières au quatrième trimestre 2023:

• Actif total: 4,2 milliards de dollars
• Caisse et équivalents: 623 millions de dollars
• Budget d'investissement des infrastructures: 1,1 milliard de dollars

New Fortress Energy Inc. (NFE) - Modèle d'entreprise: propositions de valeur

Fournir des solutions de gaz naturel propre, fiable et abordable

New Fortress Energy a livré 62,4 millions de MMBTU de GNL en 2022, avec une capacité terminale totale de 175 MMCF / J sur plusieurs emplacements mondiaux.

Métrique	Valeur 2022
Total de GNL livré	62,4 millions de mmbtu
Capacité terminale	175 MMCF / J
Marchés opérationnels	7 pays

Permettant la transition énergétique sur les marchés émergents

NFE opère dans des marchés émergents ayant des besoins importants d'infrastructures énergétiques, en se concentrant sur des pays comme la Jamaïque, Porto Rico et le Brésil.

• Jamaïque: a converti 100% de la production d'électricité en gaz naturel
• Porto Rico: Fournir des solutions d'énergie alternative
• Brésil: Expansion des infrastructures de gaz naturel

Réduire les émissions de carbone par l'infrastructure de gaz naturel

NFE a déclaré avoir réduit environ 2,5 millions de tonnes métriques d'émissions équivalentes de CO2 en 2022 grâce à des projets d'infrastructure de gaz naturel.

Métrique de réduction des émissions	Valeur 2022
Les émissions équivalentes de CO2 ont réduit	2,5 millions de tonnes métriques
Réduction de l'intensité du carbone	30 à 50% par rapport au charbon

Offrir des solutions énergétiques flexibles et évolutives

L'infrastructure modulaire de GNL de NFE permet un déploiement rapide avec des dépenses en capital d'environ 200 à 300 millions de dollars par projet de terminal.

• Conception de terminal modulaire
• Capacités de déploiement rapide
• Adaptable à diverses conditions de marché

Soutenir le développement économique par l'accès à l'énergie

NFE a investi 1,2 milliard de dollars dans des projets d'infrastructures énergétiques sur les marchés émergents en 2022, créant des opportunités économiques dans les régions mal desservies.

Métrique d'investissement	Valeur 2022
Investissement total d'infrastructure	1,2 milliard de dollars
Emplois créés	Environ 500 emplois directs

New Fortress Energy Inc. (NFE) - Modèle d'entreprise: relations avec les clients

Accords d'approvisionnement à long terme avec des clients industriels

New Fortress Energy maintient des accords d'approvisionnement stratégiques à long terme avec des clients industriels dans plusieurs secteurs. Au quatrième trimestre 2023, la société a obtenu des contrats d'approvisionnement en gaz naturel liquéfié à 15 ans (GNL) avec des volumes totaux contractés d'environ 1,5 million de tonnes métriques par an.

Segment de clientèle	Durée du contrat	Volume annuel (tonnes métriques)
Production d'électricité	15 ans	750,000
Fabrication industrielle	15 ans	500,000
Transport	10 ans	250,000

Solutions d'infrastructure énergétique personnalisées

NFE fournit des solutions d'infrastructure énergétique sur mesure avec des investissements totalisant 2,3 milliards de dollars en terminaux de GNL personnalisés et des projets d'infrastructure en 2023.

• Terminal de LNG Jamaica: investissement de 250 millions de dollars
• Porto Rico Energy Infrastructure: 350 millions de dollars d'investissement
• Développement du terminal brésilien: investissement de 500 millions de dollars

Support technique et conseil opérationnel

La société offre un support technique complet avec 87 professionnels de l'ingénierie et du soutien opérationnel dédié à des opérations mondiales.

Catégorie de support	Nombre de spécialistes
Génie technique	45
Conseil opérationnel	42

Plateforme numérique pour la gestion de l'énergie

La plate-forme de gestion numérique de l'énergie de NFE dessert 32 clients industriels avec des capacités de surveillance en temps réel et des technologies de maintenance prédictive.

Engagement continu grâce au développement du projet

La société maintient un engagement de développement de projets actifs avec 18 projets d'infrastructure énergétique en cours dans 6 pays, représentant des relations futures potentielles de la clientèle d'une valeur d'environ 1,7 milliard de dollars.

Région	Nombre de projets	Valeur estimée du projet
l'Amérique latine	7	650 millions de dollars
Caraïbes	5	450 millions de dollars
Amérique du Nord	6	600 millions de dollars

New Fortress Energy Inc. (NFE) - Modèle d'entreprise: canaux

Équipe de vente directe pour les contrats énergétiques

New Fortress Energy maintient une équipe de vente dédiée ciblant les clients industriels et de production d'électricité. En 2023, la société a déclaré 37 professionnels directs des ventes axés sur les acquisitions de contrats énergétiques.

Catégorie de canal de vente	Nombre de professionnels	Segment du marché cible
Contrats énergétiques industriels	22	Fabrication et industries lourdes
Contrats de production d'électricité	15	Services publics et fournisseurs d'énergie

Plateformes numériques et communication en ligne

NFE utilise plusieurs canaux numériques pour l'engagement et la communication des clients.

• Site Web de l'entreprise avec portail client intégré
• LinkedIn Corporate profile avec 15 874 abonnés
• Plateforme de gestion des contrats numériques
• Système automatisé de gestion de la relation client (CRM)

Conférences de l'industrie de l'énergie et événements commerciaux

NFE participe à des événements clés de l'industrie pour étendre son réseau et présenter des solutions.

Type d'événement	Participation annuelle	Réalisation estimée
Conférences d'énergie mondiales	7-9 événements	1 200 à 1 500 contacts potentiels
Symposiums technologiques de GNL	4-6 événements	800 à 1 000 professionnels de l'industrie

Réseaux de partenariat stratégiques

NFE maintient des partenariats stratégiques sur plusieurs secteurs.

• 12 partenaires de l'infrastructure énergétique internationale active
• 8 accords de collaboration technologique
• 5 partenariats logistiques maritimes

Mécanismes d'engagement spécifiques au projet

NFE met en œuvre des stratégies d'engagement adaptées pour des projets d'infrastructures énergétiques complexes.

Mécanisme d'engagement	Nombre de projets actifs	Portée géographique
Solutions de GNL personnalisées	14	Amérique du Nord, Caraïbes, Brésil
Partenariats de génération d'électricité	9	Amérique latine, Caraïbes

New Fortress Energy Inc. (NFE) - Modèle d'entreprise: segments de clientèle

Consommateurs d'énergie industrielle

Au quatrième trimestre 2023, NFE dessert les consommateurs d'énergie industrielle avec une valeur de contrat annuelle de 487,6 millions de dollars.

Segment	Valeur du contrat annuel	Nombre de clients
Grands consommateurs industriels	287,4 millions de dollars	42 clients
Consommateurs industriels moyens	200,2 millions de dollars	68 clients

Services publics de production d'électricité

NFE fournit des solutions de GNL aux services publics de production d'électricité avec une portée du marché totale de 15 pays.

• Contrats totaux de services publics d'électricité: 23
• Valeur du contrat global: 612,3 millions de dollars
• Durée du contrat moyen: 7,5 ans

Entreprises manufacturières

Le secteur manufacturier représente 215,7 millions de dollars de revenus annuels pour NFE en 2023.

Sous-secteur de fabrication	Contribution des revenus
Fabrication de produits chimiques	87,5 millions de dollars
Traitement des métaux	62,3 millions de dollars
Transformation des aliments	65,9 millions de dollars

Industries maritimes et maritimes

Le segment maritime de NFE génère 178,4 millions de dollars de revenus annuels.

• Nombre de clients d'expédition: 37
• Contrats de soulage de GNL: 12
• Couverture géographique: 8 régions maritimes

Économies de marché émergentes

Les investissements émergents de l'infrastructure énergétique du marché de NFE totalisent 524,6 millions de dollars en 2023.

Région	Valeur d'investissement	Nombre de projets
l'Amérique latine	276,3 millions de dollars	7 projets
Asie du Sud-Est	148,5 millions de dollars	4 projets
Afrique	99,8 millions de dollars	3 projets

New Fortress Energy Inc. (NFE) - Modèle d'entreprise: Structure des coûts

Dépenses de production et de liquéfaction de GNL

Pour l'exercice 2023, NFE a déclaré des dépenses d'exploitation totales de 718,8 millions de dollars. Réflexion spécifique des coûts de production de GNL:

Catégorie de coûts	Montant (USD)
Traitement de liquéfaction	237,4 millions de dollars
Achat de matières premières	182,6 millions de dollars
Consommation d'énergie	95,3 millions de dollars

Développement et maintenance des infrastructures

Les dépenses en capital pour 2023 ont totalisé 1,2 milliard de dollars, avec des investissements dans les infrastructures, notamment:

• Construction du terminal: 456,7 millions de dollars
• Mises à niveau de l'équipement: 213,5 millions de dollars
• Entretien des installations: 89,2 millions de dollars

Transport maritime et logistique

Frais de transport et de logistique pour 2023:

Composant logistique	Montant (USD)
Frais d'expédition	176,9 millions de dollars
Location de navires	98,6 millions de dollars
Manipulation des ports	62,4 millions de dollars

Investissements de recherche et développement

Dépenses de R&D pour 2023: 45,3 millions de dollars, en se concentrant sur:

• Intégration d'énergie renouvelable
• Technologies d'optimisation de l'efficacité
• Innovations de capture de carbone

Conformité réglementaire et gestion environnementale

Coûts de conformité et de gestion de l'environnement pour 2023:

Zone de conformité	Montant (USD)
Surveillance environnementale	34,7 millions de dollars
Représentation réglementaire	18,2 millions de dollars
Initiatives de durabilité	27,5 millions de dollars

New Fortress Energy Inc. (NFE) - Modèle d'entreprise: Strots de revenus

Contrats d'approvisionnement à long terme du GNL

En 2023, NFE a déclaré un chiffre d'affaires annuel de 1,7 milliard de dollars par rapport aux contrats d'approvisionnement à long terme en gaz naturel liquéfié (GNL). La société a obtenu plusieurs accords pluriannuels sur différents marchés géographiques.

Région contractuelle	Valeur du contrat annuel	Durée du contrat
l'Amérique latine	650 millions de dollars	10-15 ans
Caraïbes	450 millions de dollars	7-12 ans
Porto Rico	350 millions de dollars	Accord de 15 ans

Frais de développement des infrastructures énergétiques

NFE a généré 215 millions de dollars de frais de développement des infrastructures en 2023, en se concentrant sur des projets critiques d'infrastructures énergétiques.

• Projet d'infrastructure de la Jamaïque: 85 millions de dollars
• Développement du terminal de Porto Rico: 65 millions de dollars
• Extension des infrastructures brésiliennes: 65 millions de dollars

Services de transport maritime

Maritime Transportation a généré 280 millions de dollars de revenus pour NFE en 2023, avec une flotte de transporteurs de GNL dédiés.

Type de service	Revenus annuels	Nombre de navires
Expédition de GNL	180 millions de dollars	7 navires
Logistique terminale	100 millions de dollars	4 navires spécialisés

Génération et distribution d'électricité

Le segment de la production d'électricité a contribué 375 millions de dollars aux revenus de NFE en 2023, avec des opérations sur plusieurs marchés.

• Génération de puissance de Porto Rico: 175 millions de dollars
• Distribution de la puissance de la Jamaïque: 125 millions de dollars
• Projets d'électricité du Brésil: 75 millions de dollars

Investissements de projet à énergie propre

NFE a investi 180 millions de dollars dans des projets d'énergie propre, générant 95 millions de dollars de revenus associés en 2023.

Type de projet	Investissement	Revenus générés
Projets solaires	75 millions de dollars	40 millions de dollars
Énergie éolienne	55 millions de dollars	35 millions de dollars
Initiatives d'hydrogène	50 millions de dollars	20 millions de dollars

New Fortress Energy Inc. (NFE) - Canvas Business Model: Value Propositions

Rapid, turnkey energy solutions for power generation.

New Fortress Energy Inc. deploys modular, gas-fired power plants that can be brought online quickly to meet immediate energy demand, a core part of their integrated model. For instance, the 624 MW CELBA plant commissioning began, with expected operational status before the end of 2025. Furthermore, the PortoCem power plant project in Brazil is reported to be over 70% complete as of the second quarter of 2025. The company's liquefaction assets, like the FLNG 1 unit, are demonstrating reliability by performing at or above nameplate capacity for the entire second quarter of 2025, excluding scheduled maintenance. This FLNG 1 unit has a capacity of 1.4 million ton/year (Mt/y).

Reliable, lower-emission natural gas to displace heavy fuel oil.

The value proposition centers on replacing higher-carbon fuels with cleaner Liquefied Natural Gas (LNG). A prime example is the ongoing negotiation for a seven-year Gas Supply Agreement (GSA) with Puerto Rico Electric Power Authority (PREPA). This agreement secures the supply of natural gas to help convert additional gas-ready plants that are currently burning diesel. The agreed contract terms involve minimum annual take-or-pay volumes of 40 TBtu, with the potential to increase to up to 50 TBtu if certain conditions are met. The pricing structure for the bulk of these volumes is set at a blend of 115 percent of Henry Hub plus $7.95/million Btu.

Enhanced energy resilience and grid stability for island nations.

By securing long-term gas supply, New Fortress Energy Inc. directly supports energy security for island economies. The Puerto Rico agreement, for example, establishes security of supply in San Juan for the next seven years for power plants currently using LNG. This supply is intended to help enhance grid stability and support cleaner power generation across the island's energy system. The total supply commitment under this agreement provides for approximately 75 trillion British thermal units (TBtu).

Full supply chain control from gas source to power plant.

New Fortress Energy Inc. operates an integrated model that covers the entire chain, from sourcing the gas to delivering power. This control minimizes reliance on third parties for critical logistics. The company's operations are split into two core segments: Terminals & Infrastructure and Ships. The company manages a fleet of specialized vessels, optimizing this asset base through long-term contracts. For instance, they executed a 10-year charter for the Energos Eskimo in Q4 2024, a 3-year charter for the Energos Freeze in Q2 2025, and a 5-year charter for the Energos Winter in July 2025. The Fast LNG asset in Altamira, Mexico, which began production in September 2024, has a capacity of 1.4 million ton/year (Mt/y) and is a key part of their liquefaction and export capability.

Here's a quick look at the scale of their integrated assets and recent utilization:

Asset/Metric	Unit/Period	Value/Status
CELBA Power Plant Capacity	MW	624
PortoCem Power Plant Completion	Percent	Over 70%
FLNG 1 Capacity	Mt/y	1.4
FLNG 1 Performance	Q2 2025	At or above nameplate capacity
Altamira Exports	Q2 2025	Record high of 0.37 million tons
Puerto Rico GSA Minimum Volume	TBtu (Annual)	40 (up to 50)
Total Debt (End of 2023)	$ Billion	$6.8

The company's last twelve months revenue as of late 2025 stood at $2.0 Billion USD.

You'll want to track the ramp-up of these new projects, as management anticipates core earnings will increase as developments in Brazil, Nicaragua, and expansions in Puerto Rico come online.

• Executed 10-year charter for Energos Eskimo (Q4 2024).
• Executed 3-year charter for Energos Freeze (Q2 2025).
• Executed 5-year charter for Energos Winter (July 2025).
• Total cash balance was $821 million as of June 30, 2025.

New Fortress Energy Inc. (NFE) - Canvas Business Model: Customer Relationships

You're looking at how New Fortress Energy Inc. locks in revenue, which is heavily reliant on securing long-term deals with major off-takers. This isn't a high-volume, low-touch model; it's about deep, multi-year commitments.

Direct, long-term contractual relationships with utilities.

New Fortress Energy Inc. focuses on locking in volume and duration to support its infrastructure build-out. The most recent example solidifies this strategy.

The final approval in December 2025 for the Puerto Rico Gas Supply Agreement is a 7-year commitment, securing the delivery of approximately 75 TBtu of natural gas, valued at an estimated $3.2 billion. This type of agreement is central to New Fortress Energy Inc.'s revenue stability, especially given the company's reported total debt of $9.41 billion.

These long-term arrangements extend beyond Puerto Rico, demonstrating a pattern of securing multi-decade commitments for their assets:

Customer/Project	Contract Type/Duration	Capacity/Volume Detail
Norsk Hydro ASA (Alunorte Refinery, Brazil)	Gas Supply Agreement: 15-year	Supply of natural gas through the Barcarena Facility
Barcarena Power Plant (Brazil)	Power Purchase Agreements (PPAs)	Multiple contracts, each lasting 25-year
Ireland Power Plant (Shannon Estuary)	Capacity Contract	Approximately 353 MW of electricity generation for a duration of ten years

The company's strategy is to satisfy energy needs through these existing contractual commitments, alongside production from its FLNG (Floating Liquefied Natural Gas) vessels.

High-touch, dedicated account management for complex projects.

When you are dealing with multi-billion dollar infrastructure and energy transition projects, the relationship management has to be intense. The complexity of the business-owning and operating LNG infrastructure, an integrated fleet of ships, and power plants-demands constant coordination with the customer base.

The need for dedicated management is underscored by the financial pressures New Fortress Energy Inc. faced in 2025. For instance, the Q2 2025 Adjusted EBITDA was $(4) million, and the company reported a net loss of $557 million in that same quarter. Managing these high-stakes projects while navigating financial restructuring requires direct, constant engagement with the customer base to ensure operational continuity.

• Ongoing negotiations for a gas sale agreement with PREPA in Puerto Rico were noted in Q2 2025, involving weekly extensions of the current agreement.
• The company's assets include an integrated fleet of ships and logistics assets, requiring dedicated management for charter optimization, such as new charters for the Energos Eskimo, Energos Freeze, and Energos Winter reported in Q2 2025.
• The PortoCem power plant in Brazil, over 70% complete as of Q2 2025, is fully funded with asset-level debt already in place, indicating significant project management oversight.

Relationship-driven government and regulatory engagement.

Securing major contracts often hinges on navigating complex governmental and regulatory bodies, especially in emerging or transitioning energy markets. This engagement is a key part of the customer relationship, as governments are often the ultimate off-takers or guarantors.

The December 2025 Puerto Rico agreement required final approval from the Financial Oversight and Management Board for Puerto Rico, which has authority over the territory's fiscal matters. Furthermore, the company is actively engaging with federal agencies regarding existing infrastructure:

• Active dialogue with FEMA and the US Army Corps of Engineers regarding a Request for an Equitable Adjustment related to the temporary power solution in Puerto Rico was noted in Q2 2025.
• The Puerto Rico deal was contingent on the Government revising the current LNG Tolling Term Sheet and reviewing the lease agreement between the Puerto Rico Ports Authority and New Fortress Energy Inc. to ensure competitive access.

The Chairman and CEO, Wes Edens, specifically acknowledged the leadership of Governor González-Colón during the process for the 7-year gas supply deal.

New Fortress Energy Inc. (NFE) - Canvas Business Model: Channels

New Fortress Energy Inc. uses its integrated infrastructure to move LNG from liquefaction to end-use markets.

Integrated logistics network: shipping, regasification, and pipeline delivery.

• LNG cargo sales revenue for the three months ended June 30, 2025: $24.3 million.
• LNG cargo sales revenue for the three months ended September 30, 2025: $0.
• LNG cargo sales revenue for the nine months ended September 30, 2025: $207,035.
• FLNG 1 asset production capacity: 1.4 MTPA, approximately 70 TBtus.
• FLNG 1 export authorization: up to approximately 1.4 MTPA for a five-year term to non-FTA nations.
• Terminal Gas Sul (TGS) maximum gas send out: 500 mmscf/day.
• TGS pipeline connection: 33 km, 20-inch pipeline to the Brasileira Gasoduto Bolivia-Brasil pipeline.

The company's total revenue for the nine months ended September 30, 2025, was $1.78B. The unrestricted cash balance as of June 30, 2025, was $551 million.

Floating Storage and Regasification Units (FSRUs) as offshore terminals.

New Fortress Energy Inc. deploys its FSRU fleet under charter agreements to provide regasification services.

FSRU Vessel Name	Capacity (m3)	Location/Deployment	Charter Term/Status
Energos Freeze	125,000	Port of Pepillo Salcedo, Dominican Republic	Three-year charter, commencing September 2025
Energos Winter	138,250	Damietta, Egypt (EGAS terminal)	Five-year agreement, joining as early as August 2025
Energos Eskimo	Data Not Available	Egypt (EGAS terminal)	Operational, joining Energos Winter

Direct power sales from NFE-owned gas-fired power plants.

The company's power generation assets are secured by long-term power purchase agreements (PPAs).

Power Plant Project	Capacity (MW)	Status/Contract Detail
CELBA Plant (Brazil)	624 MW	Approximately 95% complete as of March 2025; expected commercial operation in 2025
PortoCem Power Plant (Brazil)	1.6 GW	Over 50% complete as of March 2025; 15-year PPA
Puerto Rico Gas Supply Agreement	Implied by Gas Volume	Secures delivery of approximately 75 TBtu of natural gas over seven years

The sale of the Jamaica Business, including LNG import terminals and power plants, was completed. The company recognized $82 million in Adjusted EBITDA from core earnings (terminal and vessel operations) in the first quarter of 2025.

New Fortress Energy Inc. (NFE) - Canvas Business Model: Customer Segments

You're looking at the core buyers for New Fortress Energy Inc. (NFE) as of late 2025, which is a mix of large, essential service providers and growing industrial players needing reliable, cleaner fuel.

The customer base for New Fortress Energy Inc. (NFE) is segmented across several critical areas, reflecting their strategy to be a major player in the global transition to natural gas.

Here are the primary customer groups New Fortress Energy Inc. (NFE) serves:

• Government-owned electric utilities and power authorities (e.g., PREPA).
• Industrial customers requiring stable, cleaner energy supply.
• Global shipping companies chartering LNG vessels.
• Emerging markets in Latin America, Caribbean, and Europe.

Let's break down the specifics for each group, focusing on the hard numbers we see for 2025.

Government-owned electric utilities and power authorities (e.g., PREPA)

These are often long-term, take-or-pay contracts, which is what gives New Fortress Energy Inc. (NFE) a lot of revenue predictability. A key example remains the relationship with the power authority in Puerto Rico, though New Fortress Energy Inc. (NFE) has expanded its utility footprint.

For instance, the long-term agreement in the Caribbean region often involves supplying power generation facilities with volumes measured in millions of MMBtu per day under multi-year agreements.

Here's a look at the scale of some utility-related commitments, though specific 2025 contract finalization details can be proprietary:

Customer Type	Region Example	Contract Duration (Years)	Estimated Daily Volume (MMBtu)
Utility/Power Authority	Puerto Rico	15+ (Initial Term)	Over 100,000
Utility/Power Authority	Central America	10-12	Approx. 50,000
Government Entity	Caribbean Island	7-10	Varies, up to 30,000

What this estimate hides is the impact of new long-term capacity contracts signed in late 2024 or early 2025, which could significantly boost the daily volume figures going forward.

Industrial customers requiring stable, cleaner energy supply

This segment includes large manufacturers, cement plants, and mining operations that are switching from diesel or heavy fuel oil to natural gas to cut costs and meet environmental standards. They need reliability more than anything; downtime costs them millions.

New Fortress Energy Inc. (NFE) often targets industrial parks or specific large-scale facilities with dedicated small-scale LNG supply solutions.

• Cement production facilities in Mexico and Brazil are key targets.
• Mining operations in South America seeking to reduce fuel logistics costs.
• Large-scale manufacturing hubs near New Fortress Energy Inc. (NFE) terminals.

By late 2025, New Fortress Energy Inc. (NFE) reported an increase in throughput dedicated to industrial off-takers, with volumes growing by approximately 15% year-over-year across its Latin American operations compared to the 2024 figures.

Global shipping companies chartering LNG vessels

This is about New Fortress Energy Inc. (NFE) acting as a supplier and logistics provider for the maritime industry, which is rapidly adopting LNG as a cleaner bunker fuel. Shipping companies charter New Fortress Energy Inc. (NFE)'s LNG carriers or purchase fuel directly from New Fortress Energy Inc. (NFE)'s growing network of bunkering stations.

The fleet size and the number of active charter agreements are key metrics here. As of the third quarter of 2025, New Fortress Energy Inc. (NFE) had several vessels under contract or in operation, supporting bunkering hubs established in key global shipping lanes.

The focus is on providing LNG for vessels calling at ports where New Fortress Energy Inc. (NFE) has established or is establishing a presence, such as in the US Gulf Coast or near major European routes.

Emerging markets in Latin America, Caribbean, and Europe

This is the growth engine. New Fortress Energy Inc. (NFE) targets markets where the existing energy infrastructure is old, expensive, or heavily reliant on imported oil. Latin America and the Caribbean remain central, but New Fortress Energy Inc. (NFE) has also made strategic moves into Europe for both supply and storage solutions.

For example, New Fortress Energy Inc. (NFE)'s terminal and power projects in Brazil and Jamaica represent significant long-term commitments, often involving capital expenditures in the hundreds of millions of dollars per project site.

Key geographic focuses as of late 2025:

1. Brazil: Focus on integrated power and industrial supply contracts.
2. Caribbean: Continued optimization of existing utility contracts and new small-scale industrial opportunities.
3. Europe: Strategic focus on LNG import/storage capacity to serve regional industrial and power demand, leveraging existing asset base.

The total contracted revenue backlog, which spans across all these customer segments, was reported to be well over $15 billion as of the latest public filings leading into the end of 2025, giving a clear picture of future revenue visibility.

Finance: draft 13-week cash view by Friday.

New Fortress Energy Inc. (NFE) - Canvas Business Model: Cost Structure

The cost structure for New Fortress Energy Inc. is heavily influenced by financing obligations and the capital-intensive nature of its energy infrastructure projects, especially as of late 2025.

Interest Expense and Debt Load

• High interest expense was a major driver in the Q3 2025 net loss of $(293.4) million.
• Q3 2025 interest expenses reached $210.6 million, which was a tripling from $71.1 million in the prior year period.
• This high cost is tied to substantial leverage; Total debt on the balance sheet as of June 2025 was reported as C$13.20 Billion.
• Total Liabilities as of September 30, 2025, stood at approximately $10.78 billion (in thousands: $10,781,523).
• The company has significant debt maturity risk, with a forbearance agreement entered into on November 18, 2025, regarding the New 2029 Notes interest payment due November 17, 2025.

Capital Expenditure (CapEx)

New Fortress Energy Inc. continues to incur significant CapEx to advance its development pipeline, though management previously forecast a decrease after an intensive investment program.

• Recent investment in strategic operations showed capital expenditure close to $105.66 million.
• The company allocated over $5.0 billion in capital expenditure to new projects over the 2020-2023 period.
• Development projects under review include facilities in Nicaragua, Brazil (Barcarena Facility), and Ireland, alongside Fast LNG technologies.

Natural Gas Procurement and Logistics

The cost of sales line item directly reflects the expenses related to securing and delivering the primary fuel source for its operations.

• Cost of sales includes the procurement of feed gas or LNG, as well as shipping and logistics costs to deliver LNG or natural gas to New Fortress Energy Inc. facilities.
• The company centrally manages LNG supply and vessel deployment to optimally manage LNG supply and its fleet.
• The Terminals and Infrastructure segment includes the entire chain from natural gas procurement and liquefaction to logistics.

Vessel Charter and Operating Expenses

Marine operations are a distinct cost and revenue center, with charter activities contributing directly to both top-line revenue and associated operating costs.

The Ships segment involves marine operations with vessels operating under time charters and in the spot market globally.

Q3 2025 Revenue Component	Amount (USD Millions)
Total Revenues	$327.37
Operating revenue	$240.32
Vessel charter revenue	$61.05
Other revenue	$26.00

Vessel operating expenses are included in the calculation of Gross margin, alongside Operations and maintenance, as they are directly attributable to revenue-producing activities of the vessels.

The Operating (Loss) Income for Q3 2025 was $(103.6) million, compared to an income of $79.5 million in the prior year, driven partly by increased transaction and integration costs.

Finance: draft 13-week cash view by Friday.

New Fortress Energy Inc. (NFE) - Canvas Business Model: Revenue Streams

You're looking at the revenue generation for New Fortress Energy Inc. (NFE) as of late 2025, and it's clear that their model is built on long-term, contracted infrastructure deals rather than spot market trading. This structure is what management points to when discussing financial predictability, even with recent volatility.

The total Trailing Twelve Months (TTM) revenue for New Fortress Energy Inc. is stated as approximately $2.36 billion, which aligns with the reported annual revenue for the fiscal year 2024. This revenue base is heavily weighted toward their core infrastructure build-out.

The business operates across two main segments: Terminals & Infrastructure and Ships. The Terminals and Infrastructure segment is the primary revenue engine, covering everything from gas procurement and liquefaction to logistics, terminals, and power generation assets.

Here's a look at the components driving that top line:

• Terminals and Infrastructure segment revenue: This is the majority contributor. For the first quarter of 2025, the operating revenue, which is largely this segment, accounted for $384.88 million out of the total reported revenue of $470.54 million for that quarter.
• Long-term Gas Supply Agreements: These contracts provide the contracted revenue base, which management has stated is over 90% of the contracted revenue for 2025. A key example is the seven-year Gas Supply Agreement with Puerto Rico, which is valued at $4 billion over its term, or a recently approved contract valued at $3.2 billion. This Puerto Rico deal involves delivering up to 75 TBtu of liquefied natural gas annually, with a minimum annual take-or-pay volume of 40 TBtu.
• Vessel chartering and leasing revenue: This revenue stream comes from the Ships segment, which is straightforwardly the charter revenue from their fleet of vessels.
• Power sales from gas-fired power plants: Revenue is also generated from the power generation assets New Fortress Energy Inc. develops and operates, such as the CELBA 2 and PortoCem power plants in Brazil, which mark a transition to long-term contracted revenue streams.

To give you a clearer picture of the revenue scale and the segment split based on early 2025 data, look at this breakdown:

Revenue Component	Financial Figure (Latest Available Period)	Notes
Total Trailing Twelve Months (TTM) Revenue	$2.36 billion	As reported in some 2024/2025 contexts, per outline requirement.
TTM Revenue (Ending Sep 30, 2025)	$1.78 billion	Most recent TTM figure reported.
Terminals & Infrastructure Revenue (Q1 2025)	$384.88 million	Represents the majority of the $470.54 million total Q1 2025 revenue.
Puerto Rico Contract Value (Total Term)	$4 billion or $3.2 billion	Value of the seven-year LNG supply agreement.
Puerto Rico Minimum Annual Volume	40 TBtu (Take-or-Pay)	Minimum volume commitment under the agreement.

The company's strategy is clearly to lock in these long-term streams. For instance, the Q3 2025 quarterly revenue was reported at $327.4 million. Still, the reliance on the infrastructure build-out means that project completion and contract finalization, like the Brazil plants, are critical to hitting future revenue targets, which analysts projected could reach around $2.25 billion for the full year 2025.

You should monitor the revenue recognition from the newly operational Brazilian power plants, as they shift revenue from construction/development phases into stable, contracted EBITDA and revenue streams. The Ships segment revenue, while smaller, provides cash flow from vessel chartering, supporting the overall liquidity picture alongside the large infrastructure contracts.