Here are 1-2 brief analogies for New Fortress Energy (NFE):

• A global Cheniere Energy focused on converting natural gas into electricity.

• Like NextEra Energy, but specializing in developing and operating natural gas-to-power infrastructure globally.

• Integrated LNG-to-Power Solutions (Energy Infrastructure Development & Operations): New Fortress Energy develops, constructs, and operates comprehensive infrastructure to deliver clean natural gas-fueled power, from LNG sourcing to electricity generation for customers.
• Liquefied Natural Gas (LNG) Supply (Energy Commodity Supply & Logistics): The company procures, transports, and delivers Liquefied Natural Gas (LNG) as a commodity to industrial, commercial, and utility customers globally.
• Natural Gas Power Generation Facilities (Power Generation & Utilities): NFE develops, owns, and operates natural gas-fired power plants to produce and supply electricity to various markets and grids.
• LNG Terminal & Regasification Infrastructure (Energy Infrastructure Development & Operations): They design, build, and operate terminals for the import, storage, and regasification of LNG, converting it back into natural gas for distribution and power generation.

New Fortress Energy (NFE) primarily sells to other companies (B2B) rather than individuals. Its major customers are typically utilities, power generation companies, and large industrial clients that require a reliable supply of natural gas or power.

Below are some of its significant customer companies and partners:

• Jamaica Public Service Company (JPS): JPS is Jamaica's sole distributor of electricity and a long-term customer of NFE for natural gas supply to its power generation facilities. JPS is a privately held company.
• Centrais Elétricas de Sergipe S.A. (CELSE): CELSE is the owner of the Porto de Sergipe I thermal power plant in Brazil, one of the largest in Latin America, which NFE supplies with natural gas. CELSE is a joint venture, not a publicly traded company.
• Ceará Gás Natural S.A. (CEGÁS): A state-owned natural gas distribution company in the Brazilian state of Ceará, which has long-term gas supply agreements with NFE.
• LUMA Energy: While not a direct customer for gas sales, LUMA Energy is the operator of the transmission and distribution system for the Puerto Rico Electric Power Authority (PREPA), for which NFE provides power generation solutions. LUMA Energy is a privately held company.

NFE also serves various other large industrial customers and local utilities across its operational regions in the Caribbean, Latin America, and other markets, often through long-term infrastructure and supply agreements. Specific publicly traded companies are not consistently highlighted as major direct customers in NFE's public filings, as their strategy often involves developing integrated energy infrastructure solutions for local operating entities, many of which are private, state-owned, or project-specific ventures.

• PEMEX

Wesley R. Edens, Chief Executive Officer and Chairman of the Board

Mr. Edens has served as Chief Executive Officer and Chairman of the Board of New Fortress Energy since August 2018. He founded New Fortress Energy in 2014. Mr. Edens is also the co-founder and co-CEO of Fortress Investment Group, a global investment management firm, which he co-founded in May 1998. He was responsible for the oversight of Fortress' private equity and publicly traded alternative investment businesses. Fortress Investment Group was acquired by SoftBank in 2017 for $3.3 billion. Prior to co-founding Fortress, Mr. Edens was a partner and managing director of BlackRock Financial Management Inc., where he headed BlackRock Asset Investors, a private equity fund. He also previously held a position as a partner and managing director of Lehman Brothers Holdings Inc. Additionally, Mr. Edens was a catalyst behind the development of Brightline, a privately owned and operated passenger rail system in the United States, and led Fortress' acquisitions of companies such as Springleaf Financial Services and Nationstar Mortgage Holdings Inc.

Christopher S. Guinta, Chief Financial Officer

Mr. Guinta has been the Chief Financial Officer of New Fortress Energy since August 2018, and also served as the Chief Financial Officer of New Fortress Energy Holdings since April 2017. Before joining NFE, he was the Chief Financial Officer of Ranger Offshore Inc. from November 2011 to April 2017. Mr. Guinta also served as an associate at SunTx Capital Partners, a private equity firm, from April 2009 to November 2011. His earlier career included a role as an associate at Citi Capital Markets in the Investment Banking Division.

Andrew Dete, President

Mr. Dete was appointed President of New Fortress Energy on October 18, 2024. Prior to this role, he served as the Managing Director of New Business at the Company since joining in 2020. In this capacity, he was responsible for originating and executing new business initiatives to support the growth of operational assets and achieve new market development objectives. Before his tenure at NFE, Mr. Dete was a Vice President in the Project, Infrastructure, and Principal Finance group at Goldman Sachs, where he was involved in the origination, structuring, and execution of financings for infrastructure projects in the United States and Latin America. He also previously worked at SunPower Corporation, focusing on the development and financing of utility-scale, commercial, and residential solar power projects.

Michael Lowe, Chief Accounting Officer

Mr. Lowe began serving as Chief Accounting Officer of New Fortress Energy on April 29, 2025. Since 2019, he has held the position of Senior Vice President of the company's accounting team, overseeing all financial reporting and technical accounting matters. Before joining NFE, Mr. Lowe was a Director in PwC's Capital Markets and Accounting Advisory Services practice, where he advised clients on capital market transactions and complex accounting issues.

The key risks to New Fortress Energy (NFE) are primarily centered around its precarious financial health, significant regulatory challenges, and operational hurdles in key markets.

• Financial Instability and Potential Bankruptcy: New Fortress Energy is grappling with severe liquidity issues, a substantial debt burden, and insufficient earnings to cover its interest expenses. The company's liabilities are nearing $8 billion to $9 billion against considerably lower assets, and its interest coverage ratio is critically low at 0.47, indicating that earnings are inadequate to meet its financial obligations. This financial strain has led to a significant decline in stock value, and the company has entered into forbearance agreements with creditors after failing to make interest payments. Concerns about the company's ability to continue as a going concern have been explicitly raised in its financial disclosures, with a low Altman Z-score suggesting a high probability of bankruptcy within the next two years.
• Regulatory Non-Compliance and Delisting Risk: NFE has faced scrutiny and formal notices regarding its compliance with regulatory requirements. Nasdaq issued a notice of non-compliance due to the company's failure to file its quarterly report (Form 10-Q) for the period ending June 30, 2025. The company is also reportedly under SEC investigation for potential securities fraud triggered by a delayed earnings report. Failure to submit a credible compliance plan to Nasdaq could result in the delisting of NFE's stock, further eroding investor confidence and access to capital markets.
• Operational Challenges and Contractual Uncertainties: New Fortress Energy has experienced operational difficulties, including project delays and cost overruns, such as those associated with its Fast LNG unit and a facility in Mexico. The company has also struggled to secure long-term LNG supply contracts for its Latin American operations, a critical component of its business model. Furthermore, significant deals, such as a proposed $20 billion Puerto Rico supply contract, have faced rejection or suspension by regulators due to concerns over monopolistic control and energy security, highlighting the volatility of regulatory approvals in politically sensitive markets. Payment disputes and broader questions about the viability of its business model in certain regions also contribute to ongoing operational risks.

The rapid and accelerating deployment of cost-competitive renewable energy solutions (solar, wind) paired with advanced battery storage technologies, which increasingly offer reliable and dispatchable power, directly threatens the long-term viability and demand for New Fortress Energy's natural gas infrastructure and gas-to-power projects, particularly in developing markets and island nations that NFE targets. As these renewable and storage solutions become cheaper and more scalable, they can potentially bypass the need for new fossil fuel infrastructure, including LNG terminals and gas-fired power plants.

New Fortress Energy (NFE) operates primarily in two main addressable markets: Liquefied Natural Gas (LNG) production and supply, and natural gas-fired power generation.

Liquefied Natural Gas (LNG) Market

• The global liquefied natural gas market size was valued at approximately USD 122.60 billion in 2024 and is projected to reach USD 226.97 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 11.6% from 2025 to 2030.
• Other estimates indicate the global LNG market size was USD 128.44 billion in 2024 and is projected to grow to USD 1088.33 billion by 2033, exhibiting a CAGR of 26.8% during the forecast period (2025–2033).
• Another projection places the global LNG market size at USD 167.06 billion in 2024, expected to reach USD 227.28 billion by 2032, with a CAGR of 4.09% during 2025-2032.
• The global LNG market is also projected to reach $294.4 billion by 2030, with a CAGR of 4.2%.
• The Asia Pacific region dominated the global LNG industry in 2024, accounting for the largest revenue share. North America also holds a significant market share.

Natural Gas-Fired Power Generation Market

• The global natural gas-fired electricity generation market demand was USD 46.41 billion in 2024 and is projected to reach USD 64.12 billion by 2030, growing at a CAGR of 5.4% from 2025 to 2030.
• Alternatively, the global natural gas power generation market is estimated to reach USD 96.95 billion in 2025 and is projected to grow to USD 122.49 billion by 2030, at a CAGR of 4.8% between 2025 and 2030.
• Another source projects the global natural gas-fired electricity generation market to grow from USD 448.7 billion in 2024 to USD 664.1 billion by 2035.
• The Asia Pacific region dominated the global natural gas-fired electricity generation market in 2024.

1. New Terminal and Power Plant Commissioning: New Fortress Energy expects significant revenue growth from the commissioning and ramp-up of new energy infrastructure projects. This primarily includes the 300-megawatt power plant and associated jetty, floating storage unit (FSU), and pipeline in Nicaragua, which is anticipated to be fully operational in the near term. Additionally, the company's construction projects in Brazil, such as the Shell 2 plant (80% complete) and the Port of Zen project (ahead of schedule), are progressing and are expected to contribute to increased natural gas and power sales upon completion.
2. Expansion of Floating Liquefied Natural Gas (FLNG) Operations and Global Cargo Sales: The continued operationalization and increased output from New Fortress Energy's FLNG facilities are key drivers. The company has already commenced selling and transporting its first full cargo to Europe, leveraging non-FTA (Free Trade Agreement) permits. This expansion of global LNG sales, coupled with the flexibility to serve various international markets, is expected to boost revenue as FLNG operations scale up.
3. Optimization of LNG Portfolio and Supply Chain: New Fortress Energy's strategy to optimize its liquefied natural gas (LNG) portfolio, including the ability to sell excess cargoes to the market when prices exceed those achievable through its terminals, will enhance revenue generation. This flexible approach to managing its LNG supply and sales based on market dynamics allows the company to maximize profitability from its existing and growing assets.

Share Issuance

• In December 2020, New Fortress Energy (NFE) completed an underwritten public offering of 5,882,352 shares of Class A common stock, generating net proceeds of $290.8 million, to be used for general corporate purposes.
• NFE completed a $400 million common equity offering in October 2024.

Inbound Investments

• In August 2022, NFE executed the Energos Formation Transaction, transferring ownership of eleven vessels to an affiliate of Apollo Global Management, Inc. in exchange for approximately $1.85 billion in cash and a 20% equity interest in Energos.
• Institutional investors, including Osaic Holdings, have shown significant interest by increasing their stakes and making substantial new investments in the company as of October 2025.

Outbound Investments

• In April 2021, NFE completed the acquisition of Hygo Energy Transition Ltd. and Golar LNG Partners, LP for a combined enterprise value of $5.1 billion and an equity value of $2.43 billion.
• In March 2024, NFE acquired PortoCem Geração de Energia S.A., which holds a 15-year 1.6 GW capacity reserve contract in Brazil, in exchange for newly issued NFE redeemable Series A Convertible Preferred Stock and the assumption of certain liabilities.
• NFE acquired Usina Termeletrica de Lins S.A. in August 2024, gaining rights and permits to develop a natural gas-fired power plant in Brazil.

Capital Expenditures

• From 2020 to 2023, NFE invested $5.03 billion in capital expenditures, with a significant portion of $3.03 billion (60%) expended in 2023, primarily focused on new projects in Nicaragua, Brazil, and Mexico.
• Capital expenditure is projected at $881 million for 2025, with $294 million specifically allocated to Brazil projects, including the Barcarena and PortoCem power plants.
• Key projects receiving capital include the completion of the Fast LNG asset in Q4 2024, the expected completion of the Barcarena Power Plant in 2025, and the PortoCem Power Plant by 2026, with individual Fast LNG units projected to cost between $1.0 billion and $2.0 billion.