New Fortress Energy Inc. (NFE): Business Model Canvas [Dec-2025 Updated]

You're looking past the headlines to understand the real mechanics of New Fortress Energy Inc. (NFE)'s business, and what you find is a high-stakes, integrated infrastructure model that runs on massive scale. Honestly, this operation balances a $2.36 billion Trailing Twelve Months revenue base against a substantial $9.2 billion in total debt, so every move matters. My take, after two decades analyzing these plays, is that their value proposition-delivering reliable, cleaner gas to island nations-is entirely dependent on securing those long-term government deals and flawlessly managing their specialized fleet of floating regasification units. Dive into the nine blocks below to see the precise structure that drives their strategy and where the near-term opportunities are hiding.

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

You're looking at the core relationships that underpin New Fortress Energy Inc.'s (NFE) operations and its recent financial stabilization efforts as of late 2025. These partnerships are critical, especially given the company's ongoing balance sheet management.

Government Entities and Long-Term Supply Contracts

New Fortress Energy Inc. has cemented key relationships with government bodies to secure long-term revenue visibility. The most significant is the Gas Supply Agreement (GSA) with the Government of Puerto Rico, which finally received final approval from the Financial Oversight and Management Board (FOMB) in December 2025.

This long-term arrangement builds upon NFE's established presence in the region and is designed to support Puerto Rico's energy transformation initiatives.

Puerto Rico's FOMB 7-Year, 75 TBtu Gas Deal

The approved GSA with Puerto Rico is a cornerstone partnership, securing substantial, predictable volumes. Securing this deal is a major step forward for the island's energy transition, according to Chairman and CEO Wes Edens.

Here are the key statistical and financial terms of this agreement:

The guaranteed margin under the minimum take-or-pay volume is estimated at around $330 million USD yearly, with an option to reach approximately $620 million USD margin if both take-or-pay and deliver-or-pay volumes are realized. This deal is expected to be supplied from New Fortress Energy Inc.'s 1.4 mtpa Fast LNG facility offshore Altamira, Mexico, which reached Commercial Operation Date (COD) in Q4 2024.

Ship Charter Counterparties

New Fortress Energy Inc. actively manages its logistics assets through strategic charters, optimizing its fleet deployment. The company executed several key agreements in late 2024 and 2025 to secure long-term utilization for its Floating Storage and Regasification Units (FSRUs).

Key charter counterparties and contract details include:

The Energos Freeze deployment to Energia 2000 S.A.'s terminal at the port of Pepillo Salcedo (Manzanillo) is expected to commence operations in September 2025.

Financial Advisors for Capital Structure and Debt Restructuring

Facing financial strain from project delays, New Fortress Energy Inc. has engaged multiple financial and legal advisors to navigate confidential debt restructuring talks, including exploring a UK scheme of arrangement. The company is actively working to ease near-term liquidity hurdles, which included a missed interest payment that led Fitch Ratings to downgrade the company to 'Restricted Default'.

The company's interest expense more than doubled to $420 million for the six-months ended June 30, 2025, up from $158 million for the prior year's comparable period. The total corporate debt profile being addressed is nearly $9 billion.

Key advisors involved in the restructuring process are:

• New Fortress Energy Inc.'s primary adviser: Houlihan Lokey Capital, Inc.
• Legal adviser to the company: Skadden, Arps, Slate, Meagher & Flom LLP
• Advisers to various creditor groups: Evercore Inc. and Akin Gump Strauss Hauer & Feld
• Advisers to a separate creditor group: Paul Weiss Rifkind Wharton & Garrison and Perella Weinberg Partners
• Advisers to some lenders: FTI Consulting

A prior restructuring effort in late 2024 involved a plan to issue around $2.6 billion of senior secured notes due in 2029 and a public stock offering that raised $400 million, with Chairman and CEO Wes Edens personally investing approximately $50 million in that offering. The company anticipated these transactions would provide $725 million of new capital to support initiatives and transition to positive free cash flow by 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of New Fortress Energy Inc., the day-to-day work that turns their infrastructure into revenue. It's all about building, moving, and selling gas, and the numbers show where the focus is right now.

Developing and operating integrated LNG-to-power infrastructure

New Fortress Energy Inc. focuses on designing, building, and running facilities that take cryogenic Liquefied Natural Gas (LNG) and convert it back to gas for delivery into transmission networks. This also involves owning and operating modular, gas-fired power plants.

The company streamlined its portfolio by completing the sale of its Jamaican assets in Q1 2025 for $1.055 billion. These assets included the LNG import terminal in Montego Bay, the offshore floating storage and regasification terminal in Old Harbour, and a 150 MW Combined Heat and Power Plant in Clarendon. Financially, the results show the transition; Q1 2025 Total Revenues were $470.5 million, with Adjusted EBITDA at $82 million. By Q2 2025, Adjusted EBITDA was $(4) million, and the net loss was $557 million, though this included a $473 million gain from the Jamaican sale and $699 million in non-cash impairments. As of June 30, 2025, the Total cash balance stood at $821 million, with $551 million unrestricted. The company's FLNG 1 asset offshore Altamira, Mexico, has a 1.4 MTPA production capacity, which is approximately 70 TBtus. Furthermore, the Terminal Gas Sul (TGS) LNG terminal in Santa Catarina, Brazil, has an approximate capacity of 6 MTPA (300 TBtu) and a maximum gas send out of 500 mmscf/day.

Managing a global fleet of FSRUs and LNG carriers

A critical activity is managing the specialized fleet used to transport and regasify LNG where pipelines don't reach. This involves chartering and deploying Floating Storage and Regasification Units (FSRUs).

Recent fleet movements show active management:

• The Energos Freeze, a 125,000 m³ FSRU, was chartered for three years to Energía 2000 S.A. in the Dominican Republic, beginning services in September 2025.
• The Energos Winter, a 138,250 m³ FSRU, executed a 5-year charter with EGAS for deployment at the Damietta, Egypt terminal by August 2025.
• A 10-year charter was secured for the Hoegh Gallant FSRU (144,300m³) to replace the Golar Freeze (125,000m³) at Old Harbour, Jamaica, starting in Q4 2025.

As of January 2024, the associated entity Energos owned and operated 13 LNG infrastructure vessels, comprising nine FSRUs, two FSUs, and two LNGCs.

Executing large-scale projects like Brazil's PortoCem and CELBA plants

Developing major integrated gas-to-power projects in high-demand markets like Brazil is a core activity. The Barcarena terminal development is central to this effort.

Here's the quick math on the Barcarena power assets:

The total installed capacity under development at the Barcarena terminal, including both, is 2.2 gigawatts (GW). New Fortress Energy Inc. is positioning itself for Brazil's upcoming power auctions scheduled for March 2026.

Securing long-term LNG supply and managing commodity price risk

Locking in supply volumes and managing the associated price exposure is vital for margin stability, especially with major contracts in place.

The company secured final approval in December 2025 for a seven-year Gas Supply Agreement (GSA) with Puerto Rico's government, valued at an estimated $3.2 billion. This deal secures the delivery of approximately 75 TBtu of natural gas per year. The pricing structure is a blend: 115% of Henry Hub plus $7.95/MMBtu for most volumes, while volumes for San Juan 5 & 6 (historically consuming around 20 trillion Btu per year) are priced at 115% of Henry Hub plus $6.50/MMBtu. These volumes are expected to be sourced from New Fortress Energy Inc.'s 1.4 MTPA Fast LNG 1 facility.

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

You're looking at the core assets that allow New Fortress Energy Inc. (NFE) to execute its business-the physical and contractual foundation that underpins its entire operation. These aren't just line items on a balance sheet; they are the engines and the long-term revenue locks. As of late 2025, the company's balance sheet shows total assets of approximately $11.9B, supported by equity around $995M, which highlights a significant reliance on capital assets and debt to fuel growth and operations.

Integrated LNG-to-power Assets and Terminals

New Fortress Energy Inc.'s physical infrastructure is centered around its integrated LNG (liquefied natural gas) delivery system, which moves gas from liquefaction/sourcing points to end-users, often directly powering generation facilities. The San Juan, Puerto Rico, LNG import terminal is a prime example of this integration, having been commissioned in April 2020. This terminal is strategically positioned next to the 478 MW combined-cycle power plant being developed by Energiza, which is slated to begin operations in 2028.

On the production side, the company's first Fast LNG (FLNG) unit, which utilizes proprietary modular technology, has a nameplate capacity of 1.4 mtpa (million tonnes per annum) and achieved COD (Commercial Operation Date) in the fourth quarter of 2024, consistently producing LNG above its nameplate capacity as of mid-2025. Furthermore, New Fortress Energy Inc. continues to make substantial progress on its PortoCem power plant in Brazil, which was reported as over 70% complete in the second quarter of 2025.

Specialized Fleet of FSRUs and LNG Carriers

The company's ability to rapidly deploy infrastructure relies heavily on its specialized marine assets, primarily Floating Storage and Regasification Units (FSRUs). As of early 2024, the joint venture Energos owned and operated 13 LNG infrastructure vessels, including nine FSRUs, two FSUs, and two LNGCs (LNG carriers). These assets are crucial for delivering turnkey energy solutions globally. Here's a look at some recent deployment activity:

The deployment of the Energos Freeze is expected to commence operations in September 2025.

Long-term Contracts

Securing long-term offtake agreements is fundamental to locking in sustainable margins and providing a foundation of financial stability. The most significant recent development is the agreement with the government of Puerto Rico.

• The seven-year Gas Supply Agreement (GSA) with Puerto Rico received final approval in late 2025, valued at an estimated $3.2 billion.
• This GSA mandates the supply of up to 75 TBtu of natural gas annually.
• Minimum annual take-or-pay volumes are set at 40 TBtu, with an option to increase to 50 TBtu.
• Pricing is structured as 115 percent of Henry Hub plus $7.95/MMBtu for most volumes.
• This complements an existing 25-year supply contract with Energiza for their new power plant.

The company also realized $373 million in cash from the sale of its emergency power plants in San Juan and Palo Seco to the Puerto Rico Electric Power Authority (PREPA) last year. On the investor side, institutional ownership stands at 63.05%, indicating significant professional backing, though the analyst consensus target price as of late 2025 was a cautious $4.63.

Intellectual Property for Rapid, Modular Infrastructure Deployment

The core intellectual property for New Fortress Energy Inc. revolves around its ability to rapidly deploy LNG infrastructure using modular components, exemplified by the Fast LNG (FLNG) technology. This technology allows for quicker project timelines compared to traditional stick-built facilities. The first FLNG unit has a nameplate capacity of 1.4 mtpa. The company is actively considering leveraging this expertise further, including a plan to install up to two FLNG units offshore Grand Isle, Louisiana. This modular approach is a key differentiator, enabling the company to meet energy demands faster, such as the expected start-up of the Energos Freeze in the Dominican Republic in September 2025.

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:

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:

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.

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).

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:

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.

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:

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.