0001749723-25-000098 | 10-K/A | XBRL Viewer

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Leases, as lessee - Right-of-use assets, Current Lease Liabilities and Non-Current Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating right-of-use assets	$ 599,937	$ 538,055
Finance leases, net	18,796	50,330
Total right-of-use assets	$ 618,733	$ 588,385
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total right-of-use assets	Total right-of-use assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total right-of-use assets	Total right-of-use assets
Current lease liabilities:
Operating lease liabilities	$ 124,391	$ 135,867
Finance lease liabilities	3,971	28,681
Total current lease liabilities	$ 128,362	$ 164,548
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total current lease liabilities	Total current lease liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total current lease liabilities	Total current lease liabilities
Non-current lease liabilities:
Operating lease liabilities	$ 471,961	$ 390,519
Finance lease liabilities	3,200	15,975
Total non-current lease liabilities	$ 475,161	$ 406,494
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total non-current lease liabilities	Total non-current lease liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total non-current lease liabilities	Total non-current lease liabilities
Finance lease, right-of-use asset, accumulated amortization	$ 8,134	$ 21,470

Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 766,350	$ 776,760
Weighted average amortization period	19 years 8 months 12 days	28 years 9 months 18 days
Amortization of intangibles	$ 12,227	$ 26,853	$ 37,162
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset impairment expense
Terminals and Infrastructure
Goodwill [Line Items]
Goodwill	$ 750,412	760,822
Ships
Goodwill [Line Items]
Goodwill	15,938
Miami Facility
Goodwill [Line Items]
Goodwill	10,410
Favorable vessel charter contracts
Goodwill [Line Items]
Amortization of intangibles		$ 88,000
Terminated Vessel Charter Contract
Goodwill [Line Items]
Impairment of finite lived intangible assets	$ 9,553

Financial instruments - Narrative (Details) MMBTU in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) MMBTU $ / MMBTU	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized gain (loss) on derivatives				$ 22,085,000
Fair value adjustment (loss) gain					$ (8,495,000)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]				Cost of sales (exclusive of depreciation and amortization shown separately below)
Realized gain (loss) on derivatives				$ 139,089,000	$ 0	$ 0
Term Loan A, due July 2027
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Increase in interest rate				2.00%
Energos
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other long-term investments				$ 1,000,000
Swap [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Energy of commodity swap transaction \| MMBTU			6,800
Underlying, derivative energy measure (in dollars per MMBtu) \| $ / MMBTU			40,550
Gain (loss) on settlement of swap		$ 41,315,000
Realized gain on settlement of swap			$ 146,112,000
Unrealized gain on settlement of swap			$ 104,797,000
Forward Currency Contract
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Realized gain (loss) on derivatives	$ 5,864,000
Foreign exchange contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, notional amount				211,547,000
Foreign Exchange Forward With Realized Gain Loss
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustment (loss) gain				$ 5,087,000

Debt - Equipment Notes (Details) - USD ($)	1 Months Ended	12 Months Ended
Debt - Equipment Notes (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Debt Instrument [Line Items]
Repayments of debt		$ 3,801,034,000	$ 686,508,000	$ 1,520,813,000
Loss on extinguishment of debt, net		$ 270,063,000	$ 0	$ 14,997,000
Equipment Notes, due July 2026
Debt Instrument [Line Items]
Debt instrument, face amount					$ 200,000,000
Fixed interest rate					7.68%
Debt, term					36 months
Repayments of debt	$ 188,431,000
Prepayment of debt premium percentage	3.00%
Loss on extinguishment of debt, net	$ 7,879,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Other Long-Term Liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Other Long-Term Liabilities

21. Other Long-Term Liabilities

As of December 31, 2024 and 2023, Other long-term liabilities consisted of the following:


	December 31, 2024		December 31, 2023
Guarantee liability	$	115,359	$	—
Derivative liabilities	24,364		18,383
Contract liability (Note 7)	11,750		31,698
Other	14,885		5,546
Total other long-term liabilities	$	166,358	$	55,627

In the fourth quarter of 2024, the Company novated an LNG supply contact to a customer (Note 7). In conjunction with this novation, the Company agreed to guarantee the performance of the LNG supplier, and the fair value of the guarantee of $115,539 was recognized. In exchange for this guarantee, the customer will make payments to the Company between the third quarter of 2026 through the first quarter of 2028 totaling $126,668 (Note 17). The value of the guarantee will be recognized as Contract novation income in the Consolidated Statements of Operations and Comprehensive (Loss) Income as these installment payments become due.

Debt - Term Loan A Credit Agreement (Details) - USD ($)	1 Months Ended		12 Months Ended
Debt - Term Loan A Credit Agreement (Details) - USD ($)	Jul. 31, 2024	Oct. 31, 2023	Dec. 31, 2024	May 31, 2024
Secured Debt
Debt Instrument [Line Items]
Outstanding principal balance				$ 148,500,000
Term Loan A, due July 2027 \| Secured Debt
Debt Instrument [Line Items]
Outstanding principal balance	$ 700,000,000
Proceeds from debt			$ 350,000,000
Commitments			0
Debt instrument, springing maturity date, period prior to maturity date	60 days
Increase percentage of interest rate	0.25%
Period taken for increase in interest rate	180 days
Debt instrument, fee amount			39,227,000
Fees reclassified as a reduction of principal balance			16,142,000
Debt discount			8,830,000
Unamortized deferred financing costs and debt discount			28,426,000
Term Loan A, due July 2027 \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate	3.75%
Term Loan A, due July 2027 \| Secured Debt \| Base Rate
Debt Instrument [Line Items]
Variable interest rate	2.75%
Barcarena Debentures, due October 2028
Debt Instrument [Line Items]
Proceeds from debt		$ 344,735,000
Debt instrument, fee amount			$ 5,061,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Allowances for receivables	$ 13,629	$ 1,158
Stockholders’ equity
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01
Temporary equity, shares authorized (in shares)	96,746	0
Temporary equity, shares issued (in shares)	96,746	0
Temporary equity, shares outstanding (in shares)	96,746	0
Temporary equity, liquidation preference	$ 96,746	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000.0	750,000,000.0
Common stock, shares, issued (in shares)	266,500,000	205,000,000.0
Common stock, shares, outstanding (in shares)	266,500,000	205,000,000.0

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share


	Year Ended December 31,
	2024		2023		2022
Basic
Numerator:
Net (loss) income	$	(242,387)	$	548,876	$	184,786
Net (loss) income attributable to non-controlling interests	(6,652)		(994)		9,693
Convertible preferred stock dividend	(3,462)		—		—
Deemed dividend from the preferred stock exchange	(17,605)		—		—
Net (loss) income attributable to Class A common stock	$	(270,106)	$	547,882	$	194,479

Denominator:
Weighted-average shares - basic	217,578,487		205,942,837		209,501,298
Net (loss) income per share - basic	$	(1.24)	$	2.66	$	0.93

Diluted
Numerator:
Net (loss) income	$	(242,387)	$	548,876	$	184,786
Net (loss) income attributable to non-controlling interests	(6,652)		(994)		9,693
Convertible preferred stock dividend	(3,462)		—		—
Deemed dividend from the preferred stock exchange	(17,605)		—		—
Adjustments attributable to dilutive securities	(2,418)		(736)		—
Net (loss) income attributable to Class A common stock	$	(272,524)	$	547,146	$	194,479

Denominator:
Weighted-average shares - diluted	218,622,419		206,481,977		209,854,413
Net (loss) income per share - diluted	$	(1.25)	$	2.65	$	0.93

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive securities excluded from the computation of diluted net (loss) income per share for the years ended December 31, 2024, 2023 and 2022 because its effects would have been anti-dilutive.


	Year Ended December 31,
	2024	2023	2022
Unvested RSUs	1,579,802	—	—
Series B convertible preferred stock(1)	81,746	—	—
Equity agreement shares(2)	—	—	458,696

(1) Represents the number of unconverted Series B convertible preferred shares as of December 31, 2024. In December 2024, the Company received an irrevocable conversion notice for 15,000 shares. Refer to Note 4 for terms of conversion features.

(2) Represents Class A common stock that would be issued in relation to an agreement to issue shares executed in conjunction with a prior year asset acquisition.

Debt - Schedule of Outstanding Debt Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025	$ 539,132
2026	712,903
2027	1,270,843
2028	1,184,328
2029	3,139,164
Thereafter	2,180,726
Total debt	9,027,096
Less: deferred finance charges	(132,261)
Total debt, net deferred finance charges	$ 8,894,835	$ 6,803,148

Construction in progress (Tables)

12 Months Ended

Dec. 31, 2024

Construction in progress [Abstract]

Construction in Progress Activity

The Company’s construction in progress activity during the years ended December 31, 2024 and 2023 is detailed below:


	December 31, 2024		December 31, 2023
Construction in progress as of beginning of period	$	5,348,294	$	2,418,608
Additions	2,247,592		3,438,895

Impact of currency translation adjustment	(196,854)		30,989
Assets placed in service	(3,824,643)		(540,198)
Construction in progress as of end of period	$	3,574,389	$	5,348,294

Share-based compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-based compensation

26. Share-based compensation

The Company has granted RSUs to select officers, employees and certain non-employees under the Incentive Plan. The fair value of RSUs on the grant date is estimated based on the closing price of the underlying shares on the grant date. The following table summarizes the RSU activity for the year ended December 31, 2024:


	Restricted Stock Units	Weighted-average grant date fair value per share
Non-vested RSUs as of December 31, 2023	32,327	$	27.12
Granted	2,786,112	32.66
Vested	(91,362)	19.78
Forfeited	(1,147,275)	32.64
Non-vested RSUs as of December 31, 2024	1,579,802	$	32.60

The non-vested RSUs vest over periods from 10 months to approximately two years following the grant date. The weighted-average remaining vesting period of non-vested RSUs totaled 0.5 years as of December 31, 2024.

For the years ended December 31, 2024, 2023, and 2022, the Company recognized compensation costs associated with equity awards in the Consolidated Statements of Operations and Comprehensive (Loss) Income as follows:


	Year Ended December 31, 2024		Year Ended December 31, 2023		Year Ended December 31, 2022
Operations and maintenance	$	250	$	—	$	4
Selling, general and administrative	50,375		1,574		30,378
Total share-based compensation expense	$	50,625	$	1,574	$	30,382

In the second quarter of 2024, the Company granted an equity award to certain employees that will settle in shares of a subsidiary owning the Company's Brazilian operations. The grant date fair value of this award was $53,958, and the award contains a service condition that will vest in annual increments through March 31, 2027. Compensation expense of $11,537 for the year ended December 31, 2024 associated with this award is included in the table above.

In 2021 and 2022, the Company granted PSUs to certain employees and non-employees that contain a performance condition under the Incentive Plan. Vesting was determined based on achievement of a performance metric for the year subsequent to the grant, and the number of shares that would vest can range from zero to a multiple of units granted. As of December 31, 2023, the Company determined that it was not probable that the performance condition required for the PSUs granted in 2022 to vest would be achieved, and as such, no compensation expense was recognized for this award. During the fourth quarter of 2022, the Company determined that the PSUs granted in 2021 would vest at a multiple of two, resulting in vesting of 681,204 PSUs. Compensation cost for the service period since the grant date of $27,705 was recognized in 2022, and this compensation expense is included in the table above.

During the year ended December 31, 2024, the Company recognized a reversal of cumulative compensation expense of $13,584 for forfeited RSU awards; no significant reversals of compensation cost were recorded in the years ended December 31, 2023 and 2022. The Company recognizes the income tax benefits resulting from vesting of RSUs in the period of vesting, to the extent the compensation expense has been recognized. As of December 31, 2024, unrecognized compensation costs from non-vested RSUs was $14,420, and unrecognized compensation costs for other equity awards that will settle in shares of a subsidiary owning the Company's Brazilian operations was $42,422.

Debt - Short-term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Short-term debt	$ 179,890	$ 182,270
Weighted average interest rate	8.87%	9.68%

Significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of presentation and principles of consolidation

(a)Basis of presentation and principles of consolidation

The accompanying consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned consolidated subsidiaries. The ownership interest of other investors in consolidated subsidiaries is recorded as a non-controlling interest. All significant intercompany transactions and balances have been eliminated on consolidation. Certain prior year amounts have been reclassified to conform to current year presentation.

Non-controlling interests are classified as a separate component of equity on the Consolidated Balance Sheets and Consolidated Statements of Changes in Stockholders’ Equity. Additionally, net income and comprehensive income (loss) attributable to non-controlling interests are reflected separately from consolidated net income and comprehensive income in the Consolidated Statements of Operations and Comprehensive (Loss) Income and Consolidated Statements of Changes in Stockholders’ Equity. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and non-controlling interests. Losses continue to be attributed to the non-controlling interests, even when the non-controlling interests’ basis has been reduced to zero.

Use of estimates

(b)Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates its estimates and related assumptions regularly. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates.

Foreign currencies

(c)Foreign currencies

The Company has certain foreign subsidiaries in which the functional currency is the local currency. All of the assets and liabilities of these subsidiaries are translated to U.S. dollars at the exchange rate in effect at the balance sheet date; income and expense accounts are translated at average rates for the period. The effects of translating financial statements of foreign operations into our reporting currency are recognized as a cumulative translation adjustment in accumulated other comprehensive income.

The Company also has foreign subsidiaries that conduct business in currencies other than their respective functional currencies. Transactions are remeasured to the subsidiaries’ functional currency at the exchange rate in effect on the dates of such transactions. Net realized foreign currency gains or losses relating to the differences between these recorded amounts and the functional currency equivalent actually received or paid are included within Other expense (income), net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which the Company does not intend to settle in the foreseeable future, are also recognized in Accumulated other comprehensive income. Accumulated foreign currency translation adjustments are reclassified from Accumulated other comprehensive income to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. If the Company commits to a plan to sell or liquidate a foreign entity, accumulated foreign currency translation adjustments would be included in carrying amounts in impairment assessments.

Cash and cash equivalents

(d)Cash and cash equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents.

Restricted cash

(e)Restricted cash

Restricted cash consists of funds that are contractually restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on the Consolidated Balance Sheets.

Receivables

(f)Receivables

Receivables are contractual rights to receive cash on a fixed or determinable date and are recognized on the balance sheet as the amount invoiced to the customer, net of an allowance for current expected credit losses. Accounts receivable are carried at amortized cost. Amounts are written off against the allowance when management is certain that outstanding amounts will not be collected. The Company estimates expected credit losses based on relevant information about the current credit quality of customers, past events, including historical experience, and reasonable and supportable forecasts that affect the collectability of the reported amount. Credit loss expense, inclusive of credit loss expense on all categories of financial assets, is recorded within Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Inventories

(g)Inventories

LNG and natural gas inventories, bunker fuel inventories and automotive diesel oil inventories are recorded at weighted average cost, and materials and other inventory are recorded at cost. The Company’s cost to convert natural gas to LNG, which primarily consists of labor, depreciation and other direct costs to operate liquefaction facilities, is reflected in Inventory on the Consolidated Balance Sheets.

LNG is subject to “boil-off,” a natural loss of gas volume over time when LNG is exposed to environments with temperatures above its optimum storage state. Boil-off losses are expensed through Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income in instances where gas cannot be contained and recycled back into the production process.

Construction in progress

(h)Construction in progress

Construction in progress is recorded at cost, and at the point at which the constructed asset is put into use, the full cost of the asset is reclassified from Construction in progress to Property, plant and equipment, net or Finance leases, net on the Consolidated Balance Sheets. Construction progress payments, engineering costs, certain direct payroll costs and other costs directly relating to the asset under construction are capitalized during the construction period, provided the completion of the construction project is deemed probable or if the costs are associated with activities that could be utilized in future projects. Prior to putting projects into service the Company may utilize gas to test and commission the assets, and the Company may be able to invoice our customers for gas used in commissioning. Amounts received as a result of the sale of test gas reduce the Construction in progress balance. Depreciation is not recognized during the construction period and commences when the assets are ready for their intended use, which may require management to make subjective judgments and assumptions about the conditions necessary for the assets to be capable of operating in the intended manner.

The interest cost associated with major development and construction projects is capitalized during the construction period and included in the cost of the project in Construction in progress.

Property, plant and equipment, net

(i)Property, plant and equipment, net

Property, plant and equipment is initially recorded at cost. Expenditures for construction activities and betterments that extend the useful life of the asset are capitalized. Vessel refurbishment costs are capitalized and depreciated over the vessels’ remaining useful economic lives. Refurbishment costs increase the capacity or improve the efficiency or safety of vessels and equipment. Expenditures for routine maintenance and repairs for assets in the Terminals and Infrastructure segment are charged to expense as incurred within Operations and maintenance in the Consolidated Statements of Operations and Comprehensive (Loss) Income; such expenditures for assets in the Ships segment that do not improve the operating efficiency or extend the useful lives of the vessels are expensed as incurred within Vessel operating expenses.

Major maintenance and overhauls of the Company’s power plant and terminals are capitalized and depreciated over the expected period until the next anticipated major maintenance or overhaul.

Drydocking expenditures, including drydocking expenditures related to vessels that were included in the Energos Formation Transaction (defined below), are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally five years. For vessels, the Company utilizes the “built-in overhaul” method of accounting and segregates vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals. If drydocking occurs prior to the expected timing, a cumulative adjustment to recognize the change in expected timing of drydocking is recognized within Depreciation and amortization in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

The Company depreciates property, plant and equipment less the estimate residual value using the straight-line depreciation method over the estimated economic life of the asset or lease term, whichever is shorter using the following useful lives:


			Useful life (Yrs)
Vessels			5-30
Terminal and power plant equipment			4-24
Power facilities			4-20
ISO containers and other equipment			3-25
LNG liquefaction facilities			20-40
Gas pipelines			4-24
Leasehold improvements			2-20

The Company reviews the remaining useful life of its assets on a regular basis to determine whether changes have taken place that would suggest that a change to depreciation policies is warranted.

Upon retirement or disposal of property, plant and equipment, the cost and related accumulated depreciation are removed from the account, and the resulting gains or losses, if any, are recorded in Loss (gain) on sale of assets, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. When a vessel is disposed, any unamortized drydocking expenditure is recognized as part of the gain or loss on disposal in the period of disposal.

Impairment of long-lived assets

(j)Impairment of long-lived assets

The Company performs a recoverability assessment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indicators may include, but are not limited to, adverse changes in the regulatory environment in a jurisdiction where the Company operates, unfavorable events impacting the supply chain for LNG to the Company’s operations, a decision to discontinue the development of a long-lived asset, early termination of a significant customer contract or the introduction of newer technology.

When performing a recoverability assessment, the Company measures whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its carrying value. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge.

Management develops the assumptions used in the recoverability assessment based on active contracts, current and future expectations of the global demand for LNG and natural gas, as well as information received from third party industry sources.

Investments in equity securities

(k)Investments in equity securities

Investments in equity securities are carried at fair value and included in Other non-current assets on the Consolidated Balance Sheets, with gains or losses recorded in earnings in Other expense (income), net in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Cloud computing costs

(l)Cloud computing costs

The Company capitalizes the costs incurred during the implementation stage for cloud computing or hosting arrangements. Costs incurred in the preliminary project stage and post-implementation stage, which includes maintenance and training costs, are expensed as incurred. Such costs are recorded in Transaction and integration costs in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Capitalized software costs are amortized over the straight-line method over three to five years and are recorded in Other assets on the Consolidated Balance Sheets. Amortization expense is recorded in Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Intangible assets

Upon a business combination or asset acquisition, the Company may obtain identifiable intangible assets. Intangible assets with a finite life are amortized over the estimated useful life of the asset under the straight-line method.

Indefinite lived intangible assets are not amortized. Intangible assets with an indefinite useful life are tested for impairment on an annual basis, on October 1st of each year, or more frequently if changes in circumstances indicate that it is more likely than not that the asset is impaired. Indefinite lived intangible assets are evaluated for impairment either under the qualitative assessment option or the two-step quantitative test. If the carrying amount of an intangible asset being tested for impairment exceeds its fair value, the excess is recognized as impairment expense in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Goodwill

(n)Goodwill

Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination.

The Company reviews the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment assessment is conducted as of October 1st of each year. Additionally, the Company reviews the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable.

For an annual goodwill impairment assessment, an optional qualitative analysis may be performed. If the option is not elected or if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a two-step goodwill impairment test is performed to identify potential goodwill impairment and to measure an impairment loss.

A goodwill impairment assessment compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The estimate of fair value of the respective reporting unit is based on the best information available as of the date of assessment, which primarily incorporates assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. If goodwill is determined to be impaired, an impairment loss, measured at the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill, is recorded.

There was no impairment of goodwill for the years ended December 31, 2024 and 2023.

Long-term debt and debt issuance costs

(o)Long-term debt and debt issuance costs

We evaluate the terms of our debt arrangements to determine whether they contain an embedded derivative that is required to be bifurcated. Any embedded derivatives that are required to be bifurcated are recorded at fair value on the Consolidated Balance Sheets.

Costs directly related to the issuance of debt are reported on the Consolidated Balance Sheets as a reduction from the carrying amount of the recognized debt liability and amortized over the term of the debt using the effective interest method. Unamortized debt issuance costs associated with the revolving credit agreement, facilities for the issuance of letters of credit and other similar arrangements are presented as an asset within Other non-current assets on the Consolidated Balance Sheets (regardless of whether there are any amounts outstanding under the credit facility) and amortized over the life of the particular arrangement. Interest and related amortization of debt issuance costs recognized during major development and construction projects are capitalized and included in the cost of the project.

The Company evaluates changes to debt arrangements to determine whether the changes represent a modification or extinguishment to the old debt arrangement. If a debt instrument is deemed to be modified, all new lender fees are capitalized, and third-party fees associated with the previous lenders are recognized as expense within Transaction and integration costs in the Consolidated Statements of Operations and Comprehensive (Loss) Income. If an extinguishment of debt instruments has occurred, the unamortized financing fees associated with the extinguished instrument and lender fees are expensed to Loss on extinguishment of debt, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. In the event an amendment to the Revolving Facility (defined below) reduces the committed capacity of any lenders, the portion of any unamortized fees associated with such lender is expensed on a pro-rata basis in proportion to the decrease in the committed capacity.

Contingencies

The Company may be involved in legal actions in the ordinary course of business, including governmental and administrative investigations, inquiries and proceedings concerning employment, labor, environmental and other claims. The Company recognizes a loss contingency in the consolidated financial statements when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. The Company discloses any loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. Gain contingencies are not recorded until realized.

Revenue recognition

(q)Revenue recognition

Terminals and Infrastructure

Within the Terminals and Infrastructure segment, the Company’s contracts with customers may contain one or several performance obligations usually consisting of the sale of LNG, natural gas, power and steam, which are outputs from the Company’s natural gas-fueled infrastructure and the sale of LNG cargos. The transaction price for each of these contracts is

structured using similar inputs and factors regardless of the output delivered to the customer. The customers consume the benefit of the natural gas, power and steam when they are delivered by the Company to the customer’s power generation facilities or interconnection facility. Natural gas, power and steam qualify as a series with revenue being recognized over time using an output method, based on the quantity of natural gas, power or steam that the customer has consumed. LNG is delivered in containers transported by truck to customer sites but may also be delivered via vessel to an unloading point specified in a contract. Revenue from sales of LNG is recognized at the point in time at which of the LNG transfers to the customer, depending on the terms of the contract. Because the nature, timing and uncertainty of revenue and cash flows are substantially the same for LNG, natural gas, power and steam, the Company has presented Operating revenue on an aggregated basis.

The Company has concluded that the variable consideration included in its agreements meets the exception for allocating variable consideration. As such, the variable consideration for these contracts is allocated to each distinct unit of LNG, natural gas, power or steam delivered and recognized when that distinct unit is delivered to the customer.

The Company’s contracts with industrial end-user customers to supply natural gas or LNG may contain a lease of equipment or vessels, which may be accounted for as a finance or operating lease. For operating leases, the Company has elected the practical expedient to combine revenue for the sale of natural gas or LNG and operating lease income as the timing and pattern of transfer of the components are the same. The Company has concluded that the predominant component of the transaction is the sale of natural gas or LNG and therefore has not separated the lease component. The lease component of such operating leases is recognized as Operating revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company allocates consideration in agreements containing finance leases between lease and non-lease components based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone selling price of the same or similar equipment leased to the customer. The Company estimates the fair value of the non-lease component by forecasting volumes and pricing of gas to be delivered to the customer over the lease term.

The current and non-current portion of finance leases are recorded within Prepaid expenses and other current assets and Other non-current assets, net on the Consolidated Balance Sheets, respectively. For finance leases accounted for as sales-type leases, the profit from the sale of equipment is recognized upon lease commencement in Other revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The lease payments for finance leases are segregated into principal and interest components similar to a loan. Interest income is recognized on an effective interest method over the lease term and included in Other revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The principal component of the lease payment is reflected as a reduction to the net investment in the lease.

Other revenue includes revenue recognized by the Company's subsidiary, Genera PR LLC ("Genera"), under its contract for the operation and maintenance of Puerto Rico Electric Power Authority's ("PREPA") thermal generation assets. Under this agreement, Genera is reimbursed for pass-through expenses, including payroll expenses of Genera employees. Genera is the principal for operation and maintenance services, and the Company recognizes revenue for amounts to be reimbursed by PREPA in the period such expenses are incurred. Genera is also eligible for performance-based incentive fees, which are considered variable consideration. The Company estimates the amount of variable consideration as the most likely amount, which is included in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur.

In addition, the Company's agreements may include a significant financing component, and the Company recognizes revenue for the interest income component over the term of the financing as Other revenue.

The timing of revenue recognition, billings and cash collections results in receivables, contract assets and contract liabilities. Receivables represent unconditional rights to consideration. Contract assets include unbilled amounts resulting from contracts with variable considerations, in which the performance obligation is satisfied and revenue is recognized. Contract assets are recognized within Prepaid expenses and other current assets, net and Other non-current assets, net on the Consolidated Balance Sheets. Contract liabilities consist of deferred revenue and are recognized within Other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets.

Shipping and handling costs are not considered to be separate performance obligations. All such shipping and handling activities are performed prior to the customer obtaining control of the LNG or natural gas.

The Company collects sales taxes from its customers based on sales of taxable products and remits such collections to the appropriate taxing authority. The Company has elected to present sales tax collections in the Consolidated Statements of Operations and Comprehensive (Loss) Income on a net basis and, accordingly, such taxes are excluded from reported revenues.

The Company elected the practical expedient under which the Company does not adjust consideration for the effects of a significant financing component for those contracts where the Company expects at contract inception that the period between transferring goods to the customer and receiving payment from the customer will be one year or less.

Ships

Charter contracts, that have a lease term greater than one year, for the use of the FSRUs and LNG carriers are leases as the contracts convey the right to obtain substantially all of the economic benefits from the use of the asset and allow the customer to direct the use of that asset.

At inception, the Company makes an assessment on whether the charter contract is an operating lease or a finance lease. Renewal periods and termination options are included in the lease term if the Company believes such options are reasonably certain to be exercised by the lessee. Generally, lease accounting commences when the asset is made available to the customer, however, where the contract contains specific customer acceptance testing conditions, the lease will not commence until the asset has successfully passed the acceptance test. The Company assesses leases for modifications when there is a change to the terms and conditions of the contract that results in a change in the scope or the consideration of the lease.

For charter contracts that are determined to be finance leases accounted for as sales-type leases, the profit from the sale of the vessel is recognized upon lease commencement in Other revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The lease payments for finance leases are segregated into principal and interest components similar to a loan. Interest income is recognized on an effective interest method over the lease term and included in Other revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The principal component of the lease payment is reflected as a reduction to the net investment in the lease. Revenue related to operating and service agreements in connection with charter contracts accounted for as sales-type leases are recognized over the term of the charter as the service is provided within Vessel charter revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Revenue includes lease payments under charters accounted for as operating leases and fees for repositioning vessels. Revenue generated from charters contracts is recorded over the term of the charter on a straight-line basis as service is provided and is included in Vessel charter revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Lease payments include fixed payments (including in-substance fixed payments that are unavoidable) and variable payments based on a rate or index. For operating leases, the Company has elected the practical expedient to combine service revenue and operating lease income as the timing and pattern of transfer of the components are the same. Variable lease payments are recognized in the period in which the circumstances on which the variable lease payments are based become probable or occur.

Repositioning fees are included in Vessel charter revenue and are recognized at the end of the charter when the fee becomes fixed. However, where there is a fixed amount specified in the charter, which is not dependent upon redelivery location, the fee is recognized evenly over the term of the charter.

Costs directly associated with the execution of the lease or costs incurred after lease inception but prior to the commencement of the lease that directly relate to preparing the asset for the contract are capitalized and amortized in Vessel operating expenses in the Consolidated Statements of Operations and Comprehensive (Loss) Income over the lease term.

The Company continues to be the accounting owner of vessels included in the Energos Formation Transaction (Note 13), and the Company accounts for third party charters of these vessels under the accounting policies for vessel leases described above. The third-party charters of these vessels are operating leases, and revenue is recognized from these charters within Vessel charter revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Leases, as lessee

(r)Leases, as lessee

The Company has entered into lease agreements primarily for the use of LNG vessels, marine port space, office space, land and equipment. Right-of-use (“ROU”) assets recognized for these leases represent the Company’s right to use an underlying asset for the lease term, and the lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term.

Leases with terms of 12 months or less are excluded from ROU assets and lease liabilities on the balance sheet, and short-term lease payments are recognized on a straight-line basis over the lease term. Variable payments under short-term leases are recognized in the period in which the obligation that triggers the variable payment becomes probable.

The Company, as lessee, has also elected the practical expedient not to separate lease and non-lease components for marine port space, office space, land and equipment leases. The Company separates the lease and non-lease components for vessel leases. The allocation of lease payments between lease and non-lease components has been determined based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone price to lease a bareboat vessel. The fair value of the non-lease component is estimated based on the estimated standalone price of operating the respective vessel, inclusive of the costs of the crew and other operating costs.

The Company has elected the land easement practical expedient, which allows the Company to continue to account for pre-existing land easements as intangible assets under the accounting policy that existed before adoption of ASC 842 Leases.

Share-based compensation

(s)Share-based compensation

The Company adopted the New Fortress Energy Inc. 2019 Omnibus Incentive Plan (the “Incentive Plan”), effective as of February 4, 2019. Under the Incentive Plan, the Company may issue options, share appreciation rights, restricted shares, restricted share units (“RSUs”), performance share units (“PSUs”) or other share-based awards to selected officers, employees, non-employee directors and select non-employees of NFE or its affiliates. The Company accounts for share-based compensation in accordance with ASC 718, Compensation and ASC 505, Equity, which require all share-based payments to employees and members of the board of directors to be recognized as expense in the consolidated financial statements based on their grant date fair values. The fair value is adjusted for material non-public information that the Company may be aware of as of the grant date. The Company has elected not to estimate forfeitures of its share-based compensation awards but recognizes the reversal in compensation expense in the period in which the forfeiture occurs.

The Company has granted PSUs to certain employees and non-employees. The PSUs contain a performance condition, and vesting is determined based on achievement of a performance metric in the year subsequent to the grant. Compensation expense is recognized on a straight-line basis over the service period based on the expected attainment of a performance metric. At each reporting period, the Company reassesses the probability of the achievement of the performance metric, and any increase or decrease in share-based compensation expense resulting from an adjustment in the number of shares expected to vest is treated as a cumulative catch-up in the period of adjustment.

Lessor expense recognition

(t)Lessor expense recognition

Vessel operating expenses are recognized when incurred. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses and third-party management fees. Initial direct costs include costs directly related to the negotiation and consummation of the lease and are deferred and recognized in Vessel operating expenses over the lease term.

Certain vessels included in the Energos Formation Transaction (defined below) are chartered to third parties under operating leases. As the accounting owner of these vessels, the Company recognizes the cost of operating these vessels in Vessel operating expenses.

Transaction and integration costs

(u)Transaction and integration costs

Transaction and integration costs is comprised of costs related to business combinations and dispositions and include advisory, legal, accounting, valuation and other professional or consulting fees. This caption also includes gains or losses recognized in connection with business combinations, including the settlement of preexisting relationships between the Company and an acquired entity. Financing costs which are not deferred as part of the cost of the financing on the balance

sheet including fees associated with debt modifications are recognized within this caption.

Taxation

The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes (“ASC 740”), under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities by applying the enacted tax rates in effect for the year in which the differences are expected to reverse. Such net tax effects on temporary differences are reflected on the Company’s Consolidated Balance Sheets as deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when the Company believes that it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

The Company recognizes the effect of tax positions only if those positions are more likely than not of being sustained. Recognized tax positions are measured at the largest amount that is greater than 50 percent likely of being realized upon ultimate settlement with the relevant tax authority. Conclusions reached regarding tax positions are continually reviewed based on ongoing analyses of tax laws, regulations and interpretations thereof. To the extent that the Company’s assessment of the conclusions reached regarding tax positions changes as a result of the evaluation of new information, such change in estimate will be recorded in the period in which such determination is made. The Company reports interest and penalties relating to an underpayment of income taxes, if applicable, as a component of income tax expense.

The Company has elected to treat amounts incurred under the global intangible low-taxed income (“GILTI”) rules as an expense in the period in which the tax is accrued. Accordingly, no deferred tax assets or liabilities are recorded related to GILTI.

Other taxes

Certain subsidiaries may be subject to payroll taxes, excise taxes, property taxes, sales and use taxes, in addition to income taxes in foreign countries in which they conduct business. In addition, certain subsidiaries are exposed to local state taxes, such as franchise taxes. Local state taxes that are not income taxes are recorded within Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Net income per share

(w)Net income per share

Basic net income per share (“EPS”) is computed by dividing net income attributable to Class A common stock by the weighted average number of shares of Class A common stock outstanding. The dilutive effect of outstanding awards, if any, is reflected in diluted earnings per share by application of the treasury stock method or if-converted method, as applicable.

Acquisitions

(x)Acquisitions

Business combinations are accounted for under the acquisition method. On acquisition, the identifiable assets acquired and liabilities assumed are measured at their fair values at the date of acquisition. Any excess of the purchase price over the fair values of the identifiable net assets acquired is recognized as goodwill. Acquisition-related costs are expensed as incurred as Transaction and integration costs in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The results of operations of acquired businesses are included in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income from the date of acquisition.

If the assets acquired do not meet the definition of a business, the transaction is accounted for as an asset acquisition and no goodwill is recognized. Costs incurred in conjunction with asset acquisitions are included in the purchase price, and any excess consideration transferred over the fair value of the net assets acquired is reallocated to the identifiable assets based on their relative fair values.

Equity method investments

(y)Equity method investments

The Company accounts for investments in entities over which the Company has significant influence, but do not meet the criteria for consolidation, under the equity method of accounting. Under the equity method of accounting, the Company’s investment is recorded at cost. In the case of equity method investments acquired as part of a business combination or

acquired in exchange for the contribution of assets or entities to the investee, the investment is initially recorded at the acquisition date fair value of the investment. The carrying amount is adjusted for the Company’s share of the earnings or losses, and dividends received from the investee reduce the carrying amount of the investment. The Company allocates the difference between the fair value of investments acquired in a business combination and the Company’s proportionate share of the carrying value of the underlying assets, or basis difference, across the assets and liabilities of the investee. The basis difference assigned to amortizable net assets is included in Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive (Loss) Income. When the Company’s share of losses in an investee equals or exceeds the carrying value of the investment, no further losses are recognized unless the Company has incurred obligations or made payments on behalf of the investee.

The Company periodically assesses if impairment indicators exist at equity method investments. When an impairment is observed, any excess of the carrying amount over its estimated fair value is recognized as impairment expense when the loss in value is deemed other-than-temporary and included in Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

In relation to the Company's 20% equity interest in Energos, the Company elected to recognize its proportional share of the income or loss from the equity method investment on a financial reporting lag of one fiscal quarter. The Company did not elect to recognize the results of other equity method investments on a financial reporting lag.

Loss of control of subsidiary

(z)Loss of control of subsidiary

When there is a loss of control over a subsidiary, the Company de-consolidates the entity as of the date the Company ceases to have a controlling financial interest. The Company accounts for the deconsolidation of a subsidiary by recognizing a gain or loss in the Consolidated Statements of Operations and Comprehensive (Loss) Income, measured by the difference between the aggregate of the fair value of the consideration received, fair value of any retained non-controlling interest in the former subsidiary and the carrying amount of any non-controlling interest in the former subsidiary with the carrying amount of the former subsidiary’s assets and liabilities. If a change of ownership interest causes a loss of control of a foreign entity, in addition to de-recognizing the assets and liabilities, the Company will also de-recognize any amounts previously recorded in other comprehensive income.

Guarantees

(aa)Guarantees

Guarantees issued by the Company, excluding those that are guaranteeing the Company’s own performance, are recognized at fair value at the time that the guarantees are issued and recognized in Other non-current liabilities on the Consolidated Balance Sheets. Guarantee liabilities are amortized using a systematic and rational method as the risk to the Company is reduced. If it becomes probable that the Company will have to perform under a guarantee, the Company will recognize an additional liability if the amount of the loss can be reasonably estimated.

Derivatives

(ab)Derivatives

The Company has entered into derivative positions that were used to reduce market risks associated with interest rates, foreign exchange rates and commodity prices. The Company also accounts for arrangements that require the Company to pay sellers contingent payments in asset acquisitions as derivatives. All derivative instruments are initially recorded at fair value as either assets or liabilities on the Consolidated Balance Sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative, unless they qualify for a Normal Purchases and Normal Sales (“NPNS”) exception. The Company has not designated any derivatives as cash flow or fair value hedges; however, certain instruments may be considered economic hedges. Cash inflows and outflows related to commodity derivatives, foreign currency and interest rate swap are classified in the Consolidated Statements of Cash Flows based on the risk that the instrument is intended to mitigate, which may be operating, investing or financing.

Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered under other applicable GAAP (e.g., ASC 606 or ASC 705). While these contracts are considered derivative financial instruments under ASC 815, Derivatives and Hedging, they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings.

Adoption of new and revised standards

New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2024:

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring companies to annually disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires disclosure of income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and early adoption is permitted. The amendments should be applied on a prospective basis, but retrospective application is permitted. The Company is currently reviewing the impact that the adoption of ASU 2023-09 may have on the Company's financial statements and disclosures.

In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, providing illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early adoption is allowed, and the amendments can be applied on a prospective or retrospective basis. The Company will adopt ASU 2024-01 on January 1, 2025 and apply the amendments on a prospective basis.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. These amendments require public business entities to disclose additional information about specific expense categories in the notes to financial statements at each interim and annual reporting period. ASU 2024-03 will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied prospectively or retrospectively. The Company is currently reviewing the impact that the adoption of ASU 2024-03 may have on the Company's financial statements and disclosures.

New and amended standards adopted by the Company:

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses and other segment items that are regularly provided to the CODM and included within each reported measure of segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also require entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 was effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Amendments in this update are required to be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The adoption of ASU 2023-07 did not have a material impact on the Company's financial statements and disclosures.

The Company has reviewed all other recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption.

Debt - Tugboat Financing (Details) - Tugboat Financing, due December 2038 $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) vessel
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	$ 46,224	$ 46,728
Financing Transaction Obligation
Debt Instrument [Line Items]
Number of vessels leased \| vessel		4
Debt, term		15 years
Debt (excluding lessor VIE loans)		$ 46,728
Effective interest rate		16.92%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related party transactions	12 Months Ended
Related party transactions	Dec. 31, 2024
Related Party Transactions [Abstract]
Related party transactions	27. Related party transactions Management services Messrs. Edens, chief executive officer and chairman of the Board of Directors, and Nardone, member of the Board of Directors, are currently employed by Fortress Investment Group LLC (“Fortress”). In the ordinary course of business, Fortress, through affiliated entities, charges the Company for administrative and general expenses incurred pursuant to its Administrative Services Agreement (“Administrative Agreement”). The charges under the Administrative Agreement that are attributable to the Company totaled $6,822, $5,845 and $5,087 for the years ended December 31, 2024, 2023 and 2022, respectively. Costs associated with the Administrative Agreement are included within Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive (Loss) Income. As of December 31, 2024 and 2023, $6,755 and $5,691 were due to Fortress, respectively. In addition to administrative services, Mr. Edens owns an aircraft that the Company charters from a third party operator for business purposes in the ordinary course of operations. The Company incurred, at aircraft operator rates, charter costs of $2,126, $2,784 and $3,714 for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, $1,146 and $1,095 was due to this affiliate, respectively. Fortress affiliated entities The Company provides certain administrative services to related parties including entities affiliated with Fortress. No costs are incurred for such administrative services by the Company as the Company is fully reimbursed for all costs incurred. The Company has subleased a portion of office space to affiliates of entities managed by Fortress, and for the years ended December 31, 2024, 2023 and 2022, rent and office related expenses of $1,080, $913 and $857 were incurred by these affiliates, respectively. As of December 31, 2024 and 2023, $2,637 and $1,547 were due from affiliates, respectively. Additionally, an entity formerly affiliated with Fortress and currently owned by Messrs. Edens and Nardone provides certain administrative services to the Company, as well as providing office space under a month-to-month non-exclusive license agreement. The Company incurred rent and administrative expenses of approximately $912, $2,702 and $2,453 for the years ended December 31, 2024, 2023 and 2022, respectively. In May 2024, this affiliate assigned the office lease to the Company, and after this point, the Company no longer incurs rent expense with this affiliate. As of December 31, 2024 and 2023, $3,614 and $2,702 were due to Fortress affiliated entities, respectively. Land leases Prior to the sale of the Company's Miami Facility in the fourth quarter of 2024, the Company leased land from Florida East Coast Industries, LLC (“FECI”), which is controlled by funds managed by an affiliate of Fortress. The Company recognized expense related to the land lease of $349, $505 and $506 during the years ended December 31, 2024, 2023 and 2022, respectively, which was included within Operations and maintenance in the Consolidated Statements of Operations and Comprehensive (Loss) Income. No amounts are due to FECI as of December 31, 2024. The Company has amounts due to FECI of $92 and had recorded a lease liability of $3,368 as of December 31, 2023. In September 2023, the Company entered into a lease agreement to lease land from Jefferson Terminal South LLC, which is an indirect, majority-owned subsidiary of a public company which is managed by an affiliate of Fortress. The Company recognized expense related to the land lease of $731 and $0 during the years ended December 31, 2024 and 2023, respectively, which was included within Operations and maintenance in the Consolidated Statements of Operations and Comprehensive (Loss) Income. As of December 31, 2024, the Company recorded a right-of-use asset of $3,530 and a lease liability of $4,474 on the Consolidated Balance Sheets. As of December 31, 2023, the Company recorded a right-of-use asset of $3,885 and a lease liability of $4,098 on the Consolidated Balance Sheets. DevTech investment In 2018, the Company entered into a consulting arrangement with DevTech Environment Limited (“DevTech”) to provide business development services to increase the customer base of the Company. DevTech also contributed cash consideration in exchange for a 10% interest in a consolidated subsidiary. The 10% interest was reflected as non-controlling interest in the Company’s consolidated financial statements. The Company recognized approximately $537, $424 and $408 in expense within Selling, general and administrative for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, $149 and $106 were due to DevTech, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Debt - Term Loan B Credit Agreement (Details) - USD ($)	Oct. 30, 2023	Aug. 03, 2023	Dec. 31, 2024	May 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Deferred financing costs			$ 132,261,000
Secured Debt
Debt Instrument [Line Items]
Outstanding principal balance				$ 148,500,000
Bridge Term Loan, Due August 2024 \| Secured Debt
Debt Instrument [Line Items]
Outstanding principal balance		$ 400,000,000
Variable interest rate		3.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR)
Term Loan B, due October 2028 \| Secured Debt
Debt Instrument [Line Items]
Outstanding principal balance	$ 856,000,000
Variable interest rate	5.00%
Debt instrument initial borrowed amount	$ 787,520,000
Debt instrument, periodic payment	2,140,000
Debt instrument, fee amount	17,719,000
Third party fees	$ 1,578,000
Deferred financing costs			$ 71,087,000		$ 84,580,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)

Asset acquisition and redeemable preferred stock - PortoCem Acquisition (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 01, 2024 USD ($) $ / shares	Mar. 20, 2024 USD ($) $ / shares GW shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Sep. 30, 2024 USD ($)
Class of Stock [Line Items]
Temporary equity, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Deemed dividends	$ 10,833		$ 3,462	$ 0	$ 0
Carrying value			90,570	$ 0
Series A convertible preferred stock
Class of Stock [Line Items]
Temporary equity, dividend rate, percentage		4.80%
Temporary equity, liquidation preference per share (in dollars per share) \| $ / shares		$ 1,000
Carrying value						$ 96,555
Fair value			107,388
Deemed dividend			$ 6,772
PortoCem Acquisition
Class of Stock [Line Items]
Issuance of Series A convertible preferred stock, net (in shares) \| shares		96,746,000
Purchase agreement, term		15 years
Purchase agreement, power \| GW		1.6
Asset acquisition, consideration transferred, transaction cost		$ 592
Total purchase consideration		162,860
Asset acquisition, deferred tax liability		$ 37,662
PortoCem Acquisition \| Series A convertible preferred stock
Class of Stock [Line Items]
Temporary equity, dividend rate, percentage		4.80%
PortoCem Acquisition \| Series B Convertible Preferred Stock
Class of Stock [Line Items]
Temporary equity, dividend rate, percentage	4.80%
Temporary equity, par value (in dollars per share) \| $ / shares	$ 0.01
Temporary equity, liquidation preference per share (in dollars per share) \| $ / shares	$ 1,000

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Philadelphia, Pennsylvania

Significant accounting policies - Taxation (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Significant accounting policies [Line Items]
Deferred tax assets, net	$ 2,698,000	$ 9,907,000
Deferred tax liabilities	565,253,000	$ 477,813,000
GILTI
Significant accounting policies [Line Items]
Deferred tax assets, net	0
Deferred tax liabilities	$ 0

Earnings per share - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends paid		$ 65,310	$ 723,962	$ 99,050
Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends paid	$ 969	41,010
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends paid		$ 2,493

Schedule II

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II


Description	Balance at Beginning of Year		Additions(1)		Deductions		Balance at End of Year

Year ended December 31, 2024

Allowance for expected credit losses	$	1,484	$	13,157	$	(172)	$	14,469

Year ended December 31, 2023

Allowance for expected credit losses	1,526		—		(42)		1,484

Year ended December 31, 2022

Allowance for expected credit losses	2,159		835		(1,468)		1,526

Notes:

(1)Amount expensed is included within Selling, general and administrative

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Share-based compensation - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 50,625	$ 1,574	$ 30,382
Operations and maintenance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	250	0	4
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 50,375	$ 1,574	$ 30,378

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue recognition

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue recognition

7. Revenue recognition

Operating revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income includes revenue from sales of LNG and natural gas as well as outputs from the Company’s natural gas-fueled power generation facilities, including power and steam, and the sale of LNG cargos. Included in operating revenue are LNG cargo sales to customers of $291,000, $618,521, and $1,175,866 for the years ended December 31, 2024, 2023 and 2022, respectively, which included $34,832 from the cargo sales from the Company's first FLNG project in 2024. LNG cargo sales included $332,000 of contract settlements for the year ended December 31, 2023. There were no such contract settlements for the years ended December 31, 2024 and 2022.

The table below summarizes the activity in Other revenue:


	Year Ended December 31,
	2024		2023		2022
Operation and maintenance revenue	$	147,596	$	49,900	$	—
Interest income and other revenue	10,749		26,341		32,469
Total other revenue	$	158,345	$	76,241	$	32,469

Operation and maintenance revenue is recognized by Genera, under its contract for the operation and maintenance of PREPA's thermal generation assets. Operation and maintenance revenue includes a fixed annual fee and reimbursement for pass-through expenses, including payroll expenses of Genera employees, beginning when the contract commenced on July 1, 2023. Amounts recognized in the year ended December 31, 2024 also include $15,707 of variable consideration for incentive fees earned for cost savings realized by PREPA. Variable consideration has been estimated based on the most likely amount method, and the Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The determination of estimated amounts included in the transaction price is based largely upon an assessment of the uncertainties associated with the variable consideration, including the susceptibility of payment to factors outside of the Company’s control. The Company considers all information that is reasonably available, including historical, current and estimates of future performance.

Under most customer contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. As of December 31, 2024 and 2023, receivables related to revenue from contracts with customers totaled $330,944 and $331,108, respectively, and were included in Receivables, net on the Consolidated Balance Sheets, net of current expected credit losses of $13,629 and $1,158, respectively. Other items included in Receivables, net not related to revenue from contracts with customers represent leases, which are accounted for outside the scope of ASC 606.

Contract assets include unbilled amounts resulting from contracts with variable considerations, in which the performance obligation is satisfied and revenue is recognized. The Company has recognized contract liabilities, comprised of unconditional payments due or paid under the contracts with customers prior to the Company’s satisfaction of the related performance obligations. The contract assets and contract liabilities balances as of December 31, 2024 and 2023 are detailed belo


	December 31, 2024		December 31, 2023
Contract assets, net - current	$	44,902	$	8,714
Contract assets, net - non-current	20,270		19,901
Total contract assets, net	$	65,172	$	28,615

Contract liabilities, net - current	$	14,415	$	65,287
Contract liabilities, net - non-current	11,750		31,698
Total contract liabilities, net	$	26,165	$	96,985

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	82,454	$	12,748

Contract assets are presented net of expected credit losses of $158 and $326 as of December 31, 2024 and 2023, respectively.

Contract liabilities decreased in 2024 due to the termination of the Company's contract to support the grid stabilization project in Puerto Rico (Refer to Note 5). Deferred revenue at the time of termination of $43,577 was recognized as Operating revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

The Company has recognized costs to fulfill contracts with customers, which primarily consist of expenses required to enhance resources to deliver under agreements with these customers. These costs can include set-up and mobilization costs incurred ahead of the service period, and such costs will be recognized on a straight-line basis over the expected term of the agreement. As of December 31, 2024, the Company has capitalized $22,797, of which $2,205 of these costs is presented within Prepaid expenses, net and other current assets, net and $20,592 is presented within Other non-current assets, net on the Consolidated Balance Sheets. As of December 31, 2023, the Company had capitalized $25,282, of which $2,864 of these costs was presented within Prepaid expenses and other current assets, net and $22,418 was presented within Other non-current assets, net on the Consolidated Balance Sheets.

In addition to the revenue recognized under ASC 606 as discussed above, in the fourth quarter of 2024, the Company novated an LNG supply contract to a customer, and the Company received $295,558 in 2024, including a prepayment of $60,000 that was received in the third quarter of 2024. As this payment was non-refundable and relieved the Company of a portion of its guarantee obligation under this arrangement (Note 21), these payments were recognized as contract novation income with the revenue and income caption in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Transaction price allocated to remaining performance obligations

Some of the Company’s contracts are short-term in nature with a contract term of less than a year. The Company applied the optional exemption not to report any unfulfilled performance obligations related to these contracts.

The Company has arrangements in which LNG, natural gas or outputs from the Company’s power generation facilities are sold on a “take-or-pay” basis whereby the customer is obligated to pay for the minimum guaranteed volumes even if it does not take delivery. The price under these agreements is typically based on a market index plus a fixed margin. The fixed transaction price allocated to the remaining performance obligations under these arrangements represents the fixed margin

multiplied by the outstanding minimum guaranteed volumes. The Company expects to recognize this revenue over the following time periods. The pattern of recognition reflects the minimum guaranteed volumes in each period:


Period	Revenue
2025	$	362,657
2026	709,063
2027	707,329
2028	691,558
2029	677,365
Thereafter	9,120,982
Total	$	12,268,954

For all other sales contracts that have a term exceeding one year, the Company has elected the practical expedient in ASC 606. Under this expedient, the Company does not disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. For these excluded contracts, the sources of variability are (a) the market index prices of natural gas used to price the contracts, and (b) the variation in volumes that may be delivered to the customer. Both sources of variability are expected to be resolved at or shortly before delivery of each unit of LNG, natural gas, power or steam. As each unit of LNG, natural gas, power or steam represents a separate performance obligation, future volumes are wholly unsatisfied.

Lessor arrangements

Vessels that are chartered to customers under operating leases are recognized within Vessels in Note 15. Vessels included in the Energos Formation Transaction, including those vessels chartered to third parties, continue to be recognized on the Consolidated Balance Sheets, and as such, the carrying amount of these vessels that are leased to third parties under operating leases is as follows:


	December 31, 2024		December 31, 2023
Property, plant and equipment	$	602,192	$	686,683
Accumulated depreciation	(83,135)		(69,977)
Property, plant and equipment, net	$	519,057	$	616,706

The components of lease income from vessel operating leases for the years ended December 31, 2024, 2023 and 2022 are shown below. As the Company has not recognized the sale of all of the vessels included in the Energos Formation Transaction, the operating lease income shown below for the years ended December 31, 2024, 2023, and 2022 respectively, includes revenue from third-party charters of vessels included in the Energos Formation Transaction.


	December 31, 2024		December 31, 2023		December 31, 2022
Operating lease income	$	194,913	$	276,113	$	328,366
Variable lease income	17,696		730		22,940
Total operating lease income	$	212,609	$	276,843	$	351,306

Prior to the completion of the Energos Formation Transaction, the Company's charter of the Nanook was accounted for as a finance lease, and the Company recognized interest income of $28,643 for the year ended December 31, 2022, related to the finance lease, which was presented within Other revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company also recognized revenue of $5,852 for the year ended December 31, 2022, related to the operation and services agreement and variable charter revenue within Vessel charter revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

The Company recognized the sale of the net investment in the finance lease of the Nanook as part of the Energos Formation Transaction. Proceeds of $593,000 were allocated to the sale of this financial asset, and upon derecognition of the finance

lease, a loss of $14,598 was recognized as Other expense (income), net, in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the year ended December 31, 2022.

Subsequent to the Energos Formation Transaction, all cash receipts on long-term vessel charters will be received by Energos. As such, future cash receipts from both operating leases and finance leases were not significant as of December 31, 2024

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Related party transactions - DevTech Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Selling, general and administrative	$ 285,520	$ 205,104	$ 236,051
Due to affiliates	11,530	9,579
DevTech Environment Limited \| Related Party
Related Party Transaction [Line Items]
Selling, general and administrative	537	424	$ 408
Due to affiliates	$ 149	$ 106
DevTech Investment
Related Party Transaction [Line Items]
Percentage of shares issued capital	10.00%

Prepaid expenses and other current assets (Tables)

12 Months Ended

Dec. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

As of December 31, 2024 and 2023, prepaid expenses and other current assets consisted of the following:


	December 31, 2024		December 31, 2023
Prepaid expenses	$	28,667	$	31,490
Recoverable taxes	98,101		80,630
Contract assets (Note 7)	44,902		8,714
Due from affiliates	2,627		1,566
Assets held for sale	—		21,265
Other current assets	31,199		69,439
Total prepaid expenses and other current assets, net	$	205,496	$	213,104

Share-based compensation - Schedule of Nonvested Performance-based Units Activity (Details) - Unvested RSU	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Restricted Stock Units
Non-vested RSUs, beginning balance (in shares) \| shares	32,327
Granted (in shares) \| shares	2,786,112
Vested (in shares) \| shares	(91,362)
Forfeited (in shares) \| shares	(1,147,275)
Non-vested RSUs, ending balance (in shares) \| shares	1,579,802
Weighted-average grant date fair value per share
Non-vested RSUs, beginning balance (in dollars per share) \| $ / shares	$ 27.12
Granted (in dollars per share) \| $ / shares	32.66
Vested (in dollars per share) \| $ / shares	19.78
Forfeited (in dollars per share) \| $ / shares	32.64
Non-vested RSUs, ending balance (in dollars per share) \| $ / shares	$ 32.60

Significant accounting policies - Revenue Recognition (Details) - Obligation	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue recognition [Abstract]
Number of performance obligations	1
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating revenue	Operating revenue

Schedule II (Details) - Allowance for expected credit losses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 1,484	$ 1,526	$ 2,159
Additions	13,157	0	835
Deductions	(172)	(42)	(1,468)
Balance at End of Year	$ 14,469	$ 1,484	$ 1,526

Financial instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Financial instruments

9. Financial instruments

Commodity risk management

The Company has utilized commodity swap transactions to manage exposure to changes in market pricing of natural gas or LNG. Realized and unrealized gains and losses on these transactions have been recognized in Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

•During the fourth quarter of 2022, the Company entered into a commodity swap transaction to swap market pricing exposure for approximately 6.8 TBtus for a fixed price of $40.55 per MMBtu. The swap settled during the first quarter of 2023 resulting in a gain of $41,315 recognized as a reduction to Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The gain was comprised of a realized gain of $146,112 and the reversal of the unrealized gain of $104,797 recognized in the fourth quarter of 2022.

•In January 2023, the Company entered into a series of commodity swap transactions. Realized losses of $8,495 for the year ended December 31, 2023 on these instruments have been recognized in Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income. All swaps were settled prior to December 31, 2023.

Interest rate and currency risk management

During 2023, the Company entered into a non-deliverable forward to secure the currency position of the Barcarena Debentures (defined below) which is denominated in U.S. dollars. The forward was settled, and the Company recorded a realized gain of $5,864 for the year ended December 31, 2023.

During 2024, the Company entered into a series of foreign exchange forward contracts and zero-cost collars to reduce exchange rate risk associated with U.S. dollar borrowings and expected capital expenditures. As of December 31, 2024, the notional amount of outstanding foreign exchange contracts was approximately $211,547. These instruments are expected to settle through the third quarter of 2026. The Company recognized unrealized gains, net of $22,085 for the year ended December 31, 2024 f

or these foreign currency contracts. The Company also recognized realized gains of $5,087 upon settlement of a portion of the foreign exchange contracts during the year ended December 31, 2024.

The Company does not hold or issue instruments for speculative purposes, and the counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts; however, the Company does not anticipate non-performance by any counterparties.

The mark-to-market gain or loss on the interest rate swap, non-deliverable forward and other foreign exchange derivative instruments that are not intended to mitigate commodity risk are reported in Other expense (income), net in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Embedded contingent interest derivative

During 2024, the Company entered into a side letter with lenders in the Term Loan A Credit Agreement (defined below), under which the Company's interest on the Term Loan A (defined below) would increase by 2% if the lenders demand that the Company pursue a refinancing of the Term Loan A and the Company is not able to successfully refinance. This contingent interest feature meets the definition of a derivative and requires bifurcation from the debt host contract. Changes to the fair value of this derivative are recognized within Interest expense, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Fair value

Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows:

•Level 1 – observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2 – inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.

•Level 3 – unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability.

The valuation techniques that may be used to measure fair value are as follows:

•Market approach – uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

•Income approach – uses valuation techniques, such as the discounted cash flow technique, to convert future amounts to a single present amount based on current market expectations about those future amounts.

•Cost approach – based on the amount that currently would be necessary to replace the service capacity of an asset (replacement cost).

The Company uses the market approach when valuing investment in equity securities and foreign exchange forward contracts which are recorded in Prepaid expenses and other current assets, net, Other non-current assets, net and Other current liabilities on the Consolidated Balance Sheets as of December 31, 2024 and 2023.

The Company uses the income approach for valuing the contingent consideration derivative liabilities and embedded contingent interest derivative. The contingent consideration derivative liabilities represent consideration due to the sellers in asset acquisitions when certain contingent events occur and are recorded within Other current liabilities and Other long-term liabilities based on the timing of expected settlement. The embedded contingent interest derivative represents incremental interest payments due to the lenders when certain contingent events occur and is recorded within Other current liabilities and Other long-term liabilities based on the timing of expected payments.

The fair value of derivative instruments is estimated considering current interest rates, foreign exchange rates, closing quoted market prices and the creditworthiness of counterparties. The Company estimates fair value of the contingent consideration derivative liabilities using a discounted cash flows method with discount rates based on the average yield

curve for bonds with similar credit ratings and matching terms to the discount periods as well as a probability of the contingent events occurring. The Company estimates fair value of the embedded contingent interest derivative using a discounted cash flows method with discount rate based on the effective interest rate for the debt host instrument as well as a probability of the contingent events occurring.

The following table presents the Company’s financial assets and financial liabilities, including those that are measured at fair value, as of December 31, 2024 and 2023:


	Level 1		Level 2		Level 3		Total
December 31, 2024
Assets
Investment in equity securities	$	—	$	—	$	8,678	$	8,678
Foreign exchange contracts	—		22,055		—		22,055

Liabilities
Foreign exchange contracts	—		1,168		—		1,168
Contingent consideration derivative liabilities	—		—		41,984		41,984
Embedded contingent interest derivative	—		—		10,629		10,629

December 31, 2023
Assets
Investment in equity securities	$	—	$	—	$	7,678	$	7,678

Liabilities
Contingent consideration derivative liabilities	—		—		37,832		37,832

The Company believes the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximated their fair value as of December 31, 2024 and 2023 and are classified as Level 1 within the fair value hierarchy.

The table below summarizes the fair value adjustment to instruments measured at Level 3 in the fair value hierarchy. The adjustments to contingent consideration derivative liabilities and embedded contingent interest derivative for the years ended December 31, 2024, 2023 and 2022 are shown below:


	Year Ended December 31,
	2024		2023		2022
Contingent consideration derivative liabilities - Fair value adjustment - (gain) loss	$	(1,959)	$	(4,801)	$	703
Embedded contingent interest derivative - Fair value adjustment - loss	1,798		—		—

During the years ended December 31, 2024 and 2023, the Company had no transfers in or out of Level 3 in the fair value hierarchy. During the first quarter of 2024, the Company sold substantially all of its investment in Energos; this investment had been accounted for as an equity method investment (Note 13). The Company retained an investment in Energos valued at $1,000, which is shown as a Level 3 investment in equity securities in the table above.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Significant accounting policies - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Abstract]
Impairment of goodwill	$ 0	$ 0

Significant accounting policies - Equity Method Investments (Details)	Dec. 31, 2024	Sep. 30, 2022
Energos
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired	20.00%	20.00%

Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

The table below presents segment information for the years ended December 31, 2024, 2023 and 2022:


Year Ended December 31, 2024
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues	$	2,044,273	$	170,587	$	2,214,860	$	150,000	$	2,364,860

Less(1):
Cost of sales(2)(4)	1,064,667		—		1,064,667		—		1,064,667
Vessel operating expenses	—		33,372		33,372		—		33,372
Operations and maintenance	174,313		—		174,313		—		174,313
Deferred earnings from contracted sales(6)	150,000		—		150,000		(150,000)		—
Segment Operating Margin	$	955,293	$	137,215	$	1,092,508	$	—	$	1,092,508
Balance sheet:
Total assets	$	12,309,565	$	557,931	$	12,867,496	$	—	$	12,867,496
Other segmental financial information:
Capital expenditures(3)	$	2,274,435	$	—	$	2,274,435	$	—	$	2,274,435


Year Ended December 31, 2023
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues	$	2,141,085	$	293,605	$	2,434,690	$	(21,394)	$	2,413,296

Less(1):
Cost of sales(2)(4)	764,828		—		764,828		112,623		877,451
Vessel operating expenses	—		51,387		51,387		(5,948)		45,439
Operations and maintenance	166,785		—		166,785		—		166,785
Segment Operating Margin	$	1,209,472	$	242,218	$	1,451,690	$	(128,069)	$	1,323,621
Balance sheet:
Total assets	$	9,680,917	$	820,328	$	10,501,245	$	—	$	10,501,245
Other segmental financial information:
Capital expenditures(3)	$	3,461,659	$	7,568	$	3,469,227	$	—	$	3,469,227


Year Ended December 31, 2022
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues	$	2,168,565	$	444,616	$	2,613,181	$	(244,909)	$	2,368,272

Less(1):
Cost of sales(2)(4)	1,142,374		—		1,142,374		(131,946)		1,010,428
Vessel operating expenses	—		90,544		90,544		(27,026)		63,518
Operations and maintenance	129,970		—		129,970		(24,170)		105,800
Segment Operating Margin	$	896,221	$	354,072	$	1,250,293	$	(61,767)	$	1,188,526
Balance sheet:
Total assets	$	5,913,775	$	1,791,307	$	7,705,082	$	—	$	7,705,082
Other segmental financial information:
Capital expenditures(3)	$	1,482,871	$	27,127	$	1,509,998	$	—	$	1,509,998

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)Cost of sales in the Company’s segment measure only includes realized gains and losses on derivative transactions that are an economic hedge of commodity purchases and sales, and a realized gain of $139,089 for the year ended December 31, 2023 was recognized as a reduction to Cost of sales in the segment measure. No realized gains or losses were recognized for the years ended December 31, 2024 and 2022.

The Company recognized unrealized (losses) and earnings of ($106,393) and $106,103 on the mark-to-market value of derivative transactions for the years ended December 31, 2023 and 2022, respectively, and these losses reconcile Cost of sales in the segment measure to Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

The Company has excluded contract acquisition costs that do not meet the criteria for capitalization from the segment measure. Contract acquisition costs of $6,232 for the year ended December 31, 2023 reconcile Cost of sales in the segment measure to Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company did not incur such costs in the years ended December 31, 2024 and 2022.

(3)Capital expenditures includes amounts capitalized to construction in progress and additions to property, plant and equipment during the period.

(4)Cost of sales is presented exclusive of costs included in Depreciation and amortization in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

(5)For the year ended December 31, 2024, Consolidation and Other adjusts for the inclusion of deferred earnings from contracted sales of $150,000 (Note 7) which were recognized during the third and fourth quarters of 2024.

In 2023 and 2022, the effective share of revenues, expenses and operating margin attributable to the Company's ownership of the common units of Hilli LLC and the Company's 50% ownership of CELSEPAR was included in the segment measure prior to the disposition of these investments. Unrealized mark-to-market gains or losses on derivative instruments and the exclusion of non-capitalizable contract acquisition costs were also removed.

(6)Deferred earnings from contracted sales represent forward sales transactions that were contracted in the second and third quarters of 2024 and prepayment for these sales was received. Revenue has been recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income during the third and fourth quarters of 2024.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table reconciles Net income, the most comparable financial statement measure, to Consolidated Segment Operating Margin:


	Year Ended December 31,
(in thousands of $)	2024		2023		2022
Net income	$	(242,387)	$	548,876	$	184,786
Add:
Selling, general and administrative	285,520		205,104		236,051
Transaction and integration costs	12,279		6,946		21,796
Depreciation and amortization	162,014		187,324		142,640
Interest expense	328,377		277,842		236,861
Other expense (income), net	113,077		10,408		(48,044)
Loss (gain) on sale of assets, net	77,562		(29,378)		—
Tax provision (benefit)	69,509		115,513		(123,439)
Asset impairment expense	16,494		10,958		50,659
Loss on extinguishment of debt, net	270,063		—		14,997
Income (loss) from equity method investments	—		(9,972)		472,219
Consolidated Segment Operating Margin	$	1,092,508	$	1,323,621	$	1,188,526

Financial instruments - Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Investment in equity securities	$ 8,678	$ 7,678
Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	41,984	37,832
Foreign exchange contracts
Assets
Investment in equity securities	22,055
Liabilities
Contingent consideration derivative liabilities	1,168
Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	10,629
Level 1
Assets
Investment in equity securities	0	0
Level 1 \| Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	0	0
Level 1 \| Foreign exchange contracts
Assets
Investment in equity securities	0
Liabilities
Contingent consideration derivative liabilities	0
Level 1 \| Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	0
Level 2
Assets
Investment in equity securities	0	0
Level 2 \| Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	0	0
Level 2 \| Foreign exchange contracts
Assets
Investment in equity securities	22,055
Liabilities
Contingent consideration derivative liabilities	1,168
Level 2 \| Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	0
Level 3
Assets
Investment in equity securities	8,678	7,678
Level 3 \| Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	41,984	$ 37,832
Level 3 \| Foreign exchange contracts
Assets
Investment in equity securities	0
Liabilities
Contingent consideration derivative liabilities	0
Level 3 \| Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	$ 10,629

Subsequent events (Details) - USD ($)				12 Months Ended
Subsequent events (Details) - USD ($)	May 14, 2025	Mar. 06, 2025	Feb. 28, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2025	May 31, 2024	Aug. 03, 2023
Subsequent Event [Line Items]
Repayments of debt				$ 3,801,034,000	$ 686,508,000	$ 1,520,813,000
Secured Debt
Subsequent Event [Line Items]
Outstanding principal balance								$ 148,500,000
Bridge Term Loan, Due August 2024 \| Secured Debt
Subsequent Event [Line Items]
Outstanding principal balance									$ 400,000,000
Subsequent Event
Subsequent Event [Line Items]
Repayments of debt	$ 325,000,000
Subsequent Event \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Jamaica Business
Subsequent Event [Line Items]
Net proceeds	$ 678,480,000
Subsequent Event \| Senior Secured Notes due 2029
Subsequent Event [Line Items]
Outstanding principal balance			$ 350,000,000
Fixed interest rate			15.00%
Purchase price percentage			97.75%
Debt instrument, payment terms			30 months
Subsequent Event \| Bridge Term Loan, Due August 2024 \| Secured Debt
Subsequent Event [Line Items]
Outstanding principal balance							$ 425,000,000
Subsequent Event \| Backstop Agreement \| Senior Loans
Subsequent Event [Line Items]
Outstanding principal balance							$ 100,000,000
Maturity period		3 years

Related party transactions - Management Services Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to affiliates	$ 11,530	$ 9,579
Related party transaction, amounts of transaction	2,126	2,784	$ 3,714
Related Party \| Service Agreements
Related Party Transaction [Line Items]
General and administrative expense	6,822	5,845	$ 5,087
Due to affiliates	6,755	5,691
Affiliated Entity \| Chartered Aircraft
Related Party Transaction [Line Items]
Due to affiliates	$ 1,146	$ 1,095

Debt - 2024 Exchange Transactions (Details) - USD ($)		12 Months Ended
Debt - 2024 Exchange Transactions (Details) - USD ($)	Nov. 06, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Debt Instrument [Line Items]
Repayments of debt		$ 3,801,034,000	$ 686,508,000	$ 1,520,813,000
Loss on extinguishment of debt, net		270,063,000	$ 0	$ 14,997,000
Deferred financing costs		132,261,000
New 2029 Notes
Debt Instrument [Line Items]
Outstanding principal balance	$ 2,730,127,000
Loss on extinguishment of debt, net	30,541,000
Deferred financing costs	$ 32,341,000	$ 31,747,000
New 2029 Notes \| Entity That Owns Brazil Business
Debt Instrument [Line Items]
Debt instrument, guaranteed, secured by first-priority liens, percentage of equity	45.00%
New 2029 Notes \| New Notes Guarantor
Debt Instrument [Line Items]
Debt instrument, guaranteed, secured by first-priority liens, percentage of equity	100.00%
New 2029 Notes \| Commitment Fee, Election Option One
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	5.00%
Line of credit facility, commitment fee, payable in shares, share price (in dollars per share)	$ 8.63
New 2029 Notes \| Commitment Fee, Election Option Two
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	2.00%
New 2029 Notes, Subscription Transactions
Debt Instrument [Line Items]
Outstanding principal balance	$ 1,210,396,000
Fixed interest rate	12.00%
Days accelerated before maturity	91 days
Indebtedness	$ 100,000,000
New 2029 Notes, Exchange Transactions
Debt Instrument [Line Items]
Outstanding principal balance	1,519,731,000
Loss on extinguishment of debt, net	$ 11,442,000
Percentage of consent of holders	66.67%
Commitment Fee Notes
Debt Instrument [Line Items]
Outstanding principal balance	$ 5,368,000
Loss on extinguishment of debt, net	193,370,000
Senior Secured Notes, due September 2025
Debt Instrument [Line Items]
Outstanding principal balance					$ 1,250,000,000
Fixed interest rate					6.75%
Repayments of debt	$ 886,648,000

Significant accounting policies - Cloud Computing Costs (Details)	Dec. 31, 2024
Maximum
Finite-Lived Intangible Assets [Line Items]
Hosting arrangement, service contract, useful life	5 years
Minimum
Finite-Lived Intangible Assets [Line Items]
Hosting arrangement, service contract, useful life	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Equity method investments (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Changes in Equity Method Investments


	December 31, 2024		December 31, 2023
Equity method investments as of beginning of period	$	137,793	$	392,306
Capital contributions	6,794		1,501
Dividends	—		(5,830)
Equity in earnings of investees	—		15,249
Other-than-temporary impairment	—		(5,277)
Sale of equity method investments	(144,587)		(260,156)
Equity method investments as of end of period	$	—	$	137,793

Other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Derivative liabilities	$ 29,417	$ 19,450
Contract liabilities (Note 7)	14,415	65,287
Income tax payable	88,607	54,040
Due to affiliates	11,530	9,579
Winter sub-charter liability	0
Other current liabilities	30,860	30,195
Total other current liabilities	$ 174,829	227,951
Energos
Schedule of Equity Method Investments [Line Items]
Winter sub-charter liability		49,400
Lease termination asset, current		$ 59,074

Equity method investments - Changes in Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity Method Investments [Roll Forward]
Equity method investments as of beginning of period	$ 137,793	$ 392,306
Capital contributions	6,794	1,501
Dividends	0	(5,830)
Equity in earnings of investees	0	15,249
Other-than-temporary impairment	0	(5,277)
Sale of equity method investments	(144,587)	(260,156)
Equity method investments as of end of period	$ 0	$ 137,793

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Revenue recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Operating revenue		$ 1,698,348	$ 2,060,212	$ 1,978,645
Other revenue		158,345	76,241	32,469
Receivables, revenue from contracts with customers		330,944	331,108
Accounts receivable, allowance for credit loss, current		13,629	1,158
Contract with customer, receivable, after allowance for credit loss		158	326
Total contract liabilities, net		26,165	96,985		$ 43,577
Capitalized contract cost, net		22,797	25,282
Other current assets		2,205	2,864
Other noncurrent assets		20,592	22,418
Direct financing lease, interest income				28,643
Vessel charter revenue		212,609	276,843	357,158
Proceeds from sale of other assets		593,000
Derecognition of lease, loss		14,598
Cargo Sales
Disaggregation of Revenue [Line Items]
Operating revenue		291,000	618,521	1,175,866
Cargo sales, cancellation fee
Disaggregation of Revenue [Line Items]
Contract settlements			332,000
FLNG Project
Disaggregation of Revenue [Line Items]
Operating revenue		34,832
Operation and maintenance revenue
Disaggregation of Revenue [Line Items]
Other revenue		147,596	$ 49,900	0
Incentive Fees
Disaggregation of Revenue [Line Items]
Other revenue		15,707
Contract Novation
Disaggregation of Revenue [Line Items]
Other revenue	$ 60,000	$ 295,558
CELSE
Disaggregation of Revenue [Line Items]
Vessel charter revenue				$ 5,852

Leases, as lessee (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Right-of-use Assets, Current Lease Liabilities and Non-current Lease Liabilities

As of December 31, 2024 and 2023, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	December 31, 2024		December 31, 2023
Operating right-of-use assets	$	599,937	$	538,055
Finance right-of-use assets (1)	18,796		50,330
Total right-of-use assets	$	618,733	$	588,385

Current lease liabilities:
Operating lease liabilities	$	124,391	$	135,867
Finance lease liabilities	3,971		28,681
Total current lease liabilities	$	128,362	$	164,548
Non-current lease liabilities:
Operating lease liabilities	$	471,961	$	390,519
Finance lease liabilities	3,200		15,975
Total non-current lease liabilities	$	475,161	$	406,494

(1)Finance lease ROU assets are recorded net of accumulated amortization of $8,134 and $21,470 as of December 31, 2024 and 2023, respectively.

Lease, Cost

For the years ended December 31, 2024, 2023, and 2022, the Company’s operating lease cost recorded within the Consolidated Statements of Operations and Comprehensive (Loss) Income was as follows:


	Year Ended December 31,
	2024		2023		2022
Fixed lease cost	$	161,830	$	109,873	$	75,771
Variable lease cost	2,984		4,601		2,203
Short-term lease cost	8,603		23,903		20,129

Lease cost - Cost of sales	$	147,539	$	88,608	$	87,610
Lease cost - Operations and maintenance	17,961		42,520		3,681
Lease cost - Selling, general and administrative	7,917		7,249		6,812

For the years ended December 31, 2024, 2023 and 2022, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the Consolidated Statements of Operations and Comprehensive (Loss) Income were as follows:


	Year Ended December 31,
	2024		2023		2022
Interest expense related to finance leases	$	981	$	3,706	$	852
Amortization of right-of-use asset related to finance leases	6,132		19,337		1,512

Supplemental Cash Flow Information Related to Leases

Cash paid for operating leases is reported in operating activities in the Consolidated Statements of Cash Flows. Supplemental cash flow information related to leases was as follows for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Operating cash outflows for operating lease liabilities	$	175,862	$	133,132	$	96,698
Financing cash outflows for finance lease liabilities	9,500		21,187		3,697
Right-of-use assets obtained in exchange for new operating lease liabilities	206,344		265,537		135,075
Right-of-use assets obtained in exchange for new finance lease liabilities	—		47,672		—

Future Payments Due under Operating and Financing Lease

The future payments due under operating and finance leases as of December 31, 2024 are as follows:


	Operating Leases		Financing Leases
2025	$	175,222	$	4,263
2026	110,417		2,592
2027	110,468		89
2028	109,062		89
2029	85,023		89
Thereafter	240,447		763
Total Lease Payments	$	830,639	$	7,885
Less: effects of discounting	234,287		714
Present value of lease liabilities	$	596,352	$	7,171

Current lease liability	$	124,391	$	3,971
Non-current lease liability	471,961		3,200

Inventory - Narrative (Details)	6 Months Ended
Inventory - Narrative (Details)	Jun. 30, 2024 USD ($)
Inventory Disclosure [Abstract]
Inventory write-down	$ 6,232,000

Income Taxes - Significant Deferred Tax Asset or Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Accrued interest	$ 49,870	$ 37,735
IRC Section 163(j) interest carryforward	27,333	758
Federal and state net operating loss carryforward	658	2,063
Foreign net operating loss carryforward	256,863	123,386
Debt	362,942	289,820
Lease liability	126,743	106,293
Goodwill	43,004	47,043
Other	77,412	24,214
Total deferred tax assets	944,825	631,312
Valuation allowance	(450,072)	(188,036)	$ (130,649)
Deferred tax assets, net of valuation allowance	494,753	443,276
Deferred tax liabilities:
Property and equipment	(360,340)	(343,247)
Right-of-use assets	(126,764)	(107,919)
Intangibles	(46,077)	0
Deferred income	(132)	(20,714)
Capitalized costs	20,542	0
Other	(11,398)	(5,933)
Total deferred tax liabilities	(565,253)	(477,813)
Net deferred tax liabilities	$ (70,500)	$ (34,537)

Asset acquisition and redeemable preferred stock -Series A Convertible Preferred Stock (Details) $ / shares in Units, $ in Thousands		1 Months Ended
	Mar. 20, 2024 $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Class of Stock [Line Items]
Number of consecutive trading days	30 days
Series A convertible preferred stock
Class of Stock [Line Items]
Temporary equity, liquidation preference per share (in dollars per share)	$ 1,000
Preferred stock, dividend rate, increase, percentage	9.80%
Shares issued upon conversion (in shares) \| shares	5,000
Temporary equity, conversion price quotient (in dollars per share)	$ 1,000
Initial conversion price (in dollars per share)	9.96	$ 9.06
Number of shares converted (in shares) \| shares		15,000
Reclassifications of temporary to permanent equity \| $		$ 16,619
Temporary equity, redemption price per share (in usd per share)	$ 1,000
Temporary equity, written notice period	45 days
Temporary equity, return on investment as of redemption date	1.4
Temporary equity, number of trading days share price condition is not met	30 days
Temporary equity, number of calendar days after delivery of required notice if share price condition is met	30 days
Class A Shares [Member]
Class of Stock [Line Items]
Number of shares issued (in shares) \| shares		1,673,374

Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Effective tax rate	(40.20%)	17.40%	(201.20%)
Offset percentage of future taxable income	80.00%
Deferred tax assets, operating loss carryforwards, foreign	$ 938,763
Deferred tax assets, operating loss carryforwards, subject to expiration	254,294
Deferred tax assets, operating loss carryforwards, subject to non expiration	$ 684,469
Foreign tax rate differential	71.10%	(12.10%)	(25.50%)
Tax provision (benefit)	$ 69,509	$ 115,513	$ (123,439)
Minimum
Income Tax Disclosure [Line Items]
Tax examinations open period in other foreign jurisdictions	4 years
Maximum
Income Tax Disclosure [Line Items]
Tax examinations open period in other foreign jurisdictions	6 years
United States
Income Tax Disclosure [Line Items]
Operating loss carryforwards	$ 2,584
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Operating loss carryforwards	2,927
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Operating loss carryforwards annual limitation	$ 5,431
Puerto Rico
Income Tax Disclosure [Line Items]
Effective tax rate	4.00%
Foreign tax rate differential	4.00%
Tax provision (benefit)	$ 142,776	$ 164,668
Income (loss) from continuing operations, per diluted share (in dollars per share)	$ (0.65)	$ (0.80)

Equity method investments

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity method investments

6. Energos Formation Transaction

On August 15, 2022, the Company completed a transaction (the “Energos Formation Transaction”) with an affiliate of Apollo Global Management, Inc., pursuant to which the Company transferred ownership of 11 vessels to Energos Infrastructure ("Energos") in exchange for approximately $1.85 billion in cash and a 20% equity interest in Energos. Ten of the vessels were subject to current or future charters with the Company and one vessel (the Nanook) was not subject to a future NFE charter. The in-place and future charters to the Company of ten vessels prevent the recognition of the sale of those vessels to Energos, and the proceeds associated with these vessels have been treated as a failed sale leaseback. As a result, these ten vessels continue to be recognized on the Consolidated Balance Sheets as Property, plant and equipment, and the proceeds are recognized as debt ("Vessel Financing Obligation"). Consistent with this treatment as a failed sale leaseback, (i) the third party charter revenues continue to be recognized by the Company as Vessel charter revenue; (ii) the costs of operating the vessels is included in Vessel operating expenses for the remaining terms of the third-party charters and (iii) such revenues are included as part of debt service for the sale leaseback financing debt and are included in additional financing costs within Interest expense, net. The Company had accounted for

the investment in Energos as an equity method investment; see Note 13 for further discussion of this investment. In February 2024, the Company sold substantially all of its stake in Energos.

13. Equity method investments

Changes in the balance of the Company’s equity method investments are as follows:


	December 31, 2024		December 31, 2023
Equity method investments as of beginning of period	$	137,793	$	392,306
Capital contributions	6,794		1,501
Dividends	—		(5,830)
Equity in earnings of investees	—		15,249
Other-than-temporary impairment	—		(5,277)
Sale of equity method investments	(144,587)		(260,156)
Equity method investments as of end of period	$	—	$	137,793

At December 31, 2023, the carrying value of the Company’s equity method investments was less than its proportionate share of the underlying net assets of its investees by $5,277.

Energos

In August 2022, the Company completed a transaction with an affiliate of Apollo Global Management, Inc., pursuant to which the Company transferred ownership of 11 vessels to Energos Infrastructure ("Energos") in exchange for approximately $1.85 billion in cash and a 20% equity interest in Energos (the “Energos Formation Transaction”). The Company's equity investment provided certain rights, including representation on the Energos board of directors, that gave the Company significant influence over the operations of Energos, and as such, the investment was accounted for under the equity method. Energos was also an affiliate, and all transactions with Energos were transactions with an affiliate.

In February 2024, the Company sold substantially all of its stake in Energos. As a result of the transaction, the Company has recognized an other than temporary impairment ("OTTI") of the investment in Energos totaling $5,277 for the year ended December 31, 2023, and this loss was recognized in Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Nonrecurring, Level 2 inputs were used to estimate the fair value of the investment for the purpose of recognizing the OTTI. The sale was completed on February 14, 2024 and the Company received proceeds of $136,365, resulting in a loss of $7,222 presented within Other expense (income), net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company retained an investment in Energos valued at $1,000, which has been recognized within Other non-current assets. Following the disposition of substantially all of the stake in Energos, the Company no longer has significant influence over Energos.

Due to the timing and availability of financial information of Energos, the Company recognized its proportional share of the income or loss from the equity method investment on a financial reporting lag of one fiscal quarter. For the years ended December 31, 2023 and 2022, the Company has recognized earnings from Energos of $9,263 and $2,788, respectively. There were no earnings from Energos for the year ended December 31, 2024.

Hilli LLC

On March 15, 2023, the Company completed a transaction with Golar LNG Limited ("GLNG") for the sale of the Company's investment in the common units of Hilli LLC in exchange for approximately 4.1 million NFE shares and

$100,000 in cash (the "Hilli Exchange"). In the fourth quarter of 2022, the Company recognized an OTTI on the investment in Hilli LLC of $118,558; this impairment was recognized in Income (loss) from equity method investments in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Upon completion of the Hilli Exchange, a loss on disposal of $37,401 was recognized in Other expense (income), net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. As a result of the Hilli Exchange, the Company no longer has an ownership interest in the Hilli. NFE shares received from GLNG were cancelled upon closing of the Hilli Exchange.

Asset acquisition and redeemable preferred stock	12 Months Ended
Asset acquisition and redeemable preferred stock	Dec. 31, 2024
Equity [Abstract]
Asset acquisition and redeemable preferred stock	4. Asset acquisition and redeemable preferred stock Lins Acquisition On August 2, 2024, the Company acquired 100% of the outstanding equity interest of Usina Termeletrica de Lins S.A. ("Lins"), which owns key rights and permits to develop a combined cycle gas-fired power plant for up to 2.05GW located in the State of Sao Paulo, within the city limits of Lins, Brazil. The purchase consideration consisted of a $2,000 cash payment made at closing in addition to potential future payments contingent on achieving certain milestones of up to $18,500. As the contingent payments meet the definition of a derivative, the fair value of the contingent payments of $8,080 was included as part of the purchase consideration and was recognized in Other non-current liabilities on the Consolidated Balance Sheets upon acquisition. The fair value of the derivative liability was $8,401 as of December 31, 2024. The purchase of Lins has been accounted for as an asset acquisition. As a result, no goodwill was recorded. The total purchase consideration of $10,080 was allocated to permits and authorizations acquired and is recorded within Intangible assets, net on the Consolidated Balance Sheets. In addition, the Company recognized a deferred tax liability of $4,163 that resulted from the acquisition. PortoCem Acquisition On March 20, 2024, the Company completed transactions pursuant to an agreement among the Company, Ceiba Energy Fundo de Investimento em Participações Multiestratégia - Investimento no Exterior (“Ceiba Energy”) and PortoCem Geração de Energia S.A., a wholly-owned subsidiary of Ceiba Energy (“PortoCem”), pursuant to which the Company issued to Ceiba Energy 96,746 shares of 4.8% Series A Convertible Preferred Stock of the Company (the “Series A Convertible Preferred Stock”), and assumed certain of PortoCem’s existing indebtedness in exchange for all outstanding equity interests in PortoCem, the owner of a 15-year 1.6GW capacity reserve contract in Brazil (the “PortoCem Acquisition”). The PortoCem Acquisition was accounted for as an asset acquisition. As a result, no goodwill was recorded, and the Company’s acquisition-related costs of $592 were included in the purchase consideration. The total purchase consideration of $162,860, which was comprised of the value of the Series A Convertible Preferred Stock issued, PortoCem BTG Loan assumed (defined in Note 20) and deferred tax liability of $37,662 recognized as a result of the acquisition, was allocated to acquired capacity reserve contract within Intangible assets, net. On October 1, 2024, the Company issued to Ceiba Energy 96,746 shares of the Company’s 4.8% Series B Convertible Preferred Stock, par value $0.01 per share and liquidation preference $1,000 per share (the “Series B Convertible Preferred Stock”), in exchange for all outstanding shares of the Company’s Series A Convertible Preferred Stock. The Company analyzed the exchange based on the change in fair value and determined that the exchange resulted in a substantial change and therefore should be accounted for as an extinguishment. Accordingly, the Company recognized a deemed dividend of $10,833 as the difference between the fair value of the Series B Convertible Preferred Stock issued of $107,388 and the carrying value of the Series A Convertible Preferred Stock prior to the exchange of $96,555. Subsequent to the exchange, the Company's Equity Offering (defined in Note 25) triggered an adjustment to the conversion price. The Company recognized the effect of the down round feature of $6,772 as a deemed dividend and increased Additional paid-in capitial based on the difference between the fair values of the Series B Convertible Preferred Stock using the initial conversion price and the reduced conversion price. Series B Convertible Preferred Stock The Series B Convertible Preferred Stock was issued with substantially consistent terms as the Series A Convertible Preferred Stock, with the exceptions of the conversion price and the dividend rate adjustment as described below. The Series B Convertible Preferred Stock has a liquidation preference of $1,000 per share and is not subject to any sinking fund. The Series B Convertible Preferred Stock has no stated maturity and will remain outstanding indefinitely unless redeemed or repurchased by the Company or converted into shares of Class A common stock. Dividend rights The Series B Convertible Preferred Stock ranks senior to the shares of the Company’s common stock, in terms of dividend rights and rights upon any voluntary or involuntary liquidation, dissolution or winding up of the Company. Holders of Series B Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 4.8% per annum, which is payable quarterly in arrears. If the Company does not declare and pay a dividend, the dividend rate will increase to 9.8% per annum until all accrued but unpaid dividends have been paid in full. Conversion features The Series B Convertible Preferred Stock may be converted by each holder, in whole or in minimum increments of 5,000 shares, at any time into a number of shares of Class A common stock per share of Series B Convertible Preferred Stock equal to the quotient of $1,000 per share plus any accumulated and unpaid dividends thereon and the then applicable conversion price. The initial conversion price is $9.96 per share of Class A common stock, subject to customary anti-dilution adjustments. In December 2024, holders of Series B Convertible Preferred Stock submitted a conversion notice to convert 15,000 shares of Series B Convertible Preferred Stock into 1,673,374 Class A common shares at a conversion price of $9.06 per share. These common shares were issued in January 2025. The Company recorded a reclassification of $16,619 from mezzanine equity to permanent equity as the conversion notice is irrevocable. These Class A common shares are included in the outstanding shares in the Company's EPS calculation. Redemption rights Upon the occurrence of certain events, the holders constituting at least a majority of the outstanding voting power of the Series B Convertible Preferred Stock may require the Company to repurchase the Series B Convertible Preferred Stock, in whole but not in part, for cash or shares of Class A common stock (or any combination thereof) at a repurchase price of $1,000 per share plus any accumulated and unpaid dividends thereon. Contingent events that would allow the holders to require repurchase by the Company include: •change in control, downgrade in the credit rating of certain of the Company's debt or if certain financial leverage ratios aren't achieved ("Change Event"). •as of the 30th trading day following March 20, 2027, if the arithmetic average of the daily volume-weighted average price of the Company's common stock for the thirty consecutive trading day period beginning on first trading day following March 20, 2027 is less than the then-applicable conversion price ("Share Price Condition"). If the Series B Convertible Preferred Stock is to be repurchased by the Company, the majority of the holders of the Series B Convertible Preferred Stock may require the Company to repurchase the Series B Convertible Preferred Stock for shares of Class A common stock. The Series B Convertible Preferred Stock may be redeemed by the Company, in whole but not in part, at its option upon 45 days’ written notice as follows: •on or before March 20, 2027 at a redemption price equal to the greater of (i) $1,000 per share plus any accumulated and unpaid dividends and (ii) the cash amount necessary per share for a holder to achieve a Return on Investment (as defined in the Certificate of Designations) as of the redemption date equal to 1.4; •after the 30th trading day following March 20, 2027 if the Share Price Condition is not met or (y) 30 calendar days after the delivery of the required notice if the Share Price Condition is met, in each case, at a redemption price equal to $1,000 per share plus any accumulated and unpaid dividends; •occurrence of a Change Event at a redemption price equal to $1,000 per share plus any accumulated and unpaid dividends. The Company may redeem the Series B Convertible Preferred Stock for cash or shares of Class A common stock (or any combination thereof); provided that for a redemption prior to March 20, 2027 due to a Change Event, a majority of the holders of the Series B Convertible Preferred Stock may require the Company to redeem for cash or shares of Class A common stock. Since the redemption of the Series B Convertible Preferred Stock is contingently redeemable and therefore not certain to occur, the Series B Convertible Preferred Stock is not required to be classified as a liability. The Series B Convertible Preferred Stock is redeemable at the option of the holder in certain circumstances upon the occurrence of an event that is not solely within the Company's control, and as such, the Series B Convertible Preferred Stock is classified as mezzanine equity on the Consolidated Balance Sheets. Voting rights Holders of Series B Convertible Preferred Stock are generally entitled to vote with the holders of common stock on an as-converted basis. Holders of Series B Convertible Preferred Stock are entitled to a separate class vote with respect to amendments to the Company’s organizational documents that adversely affect the rights, preferences or voting powers of the Series B Convertible Preferred Stock.

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent events	30. Subsequent events In February 2025, one of the Company's consolidated subsidiaries entered into an agreement to issue up to $350,000 aggregate principal amount of 15% Senior Secured Notes due 2029 (the “Brazil Financing Notes”) at a purchase price of 97.75% of par. The Brazil Financing Notes bear interest at a rate of 15.0% and mature on August 30, 2029; the principal is due in full on the maturity date. Interest is payable quarterly in arrears beginning on March 30, 2025, and for the first 30 months that the Brazil Financing Notes are outstanding, interest due can be paid in kind and added to the principal amount. A portion of the proceeds from the issuance of the Brazil Financing Notes was used to repay the Barcarena Debentures in full. In March 2025, the Company entered into an amendment to the Term Loan B Agreement. Pursuant to the amendment, certain lenders agreed to provide incremental term loans in an aggregate principal amount of up to $425,000. The incremental term loans are subject to the same terms as the initial Term Loan B, including interest rates and maturity date. Net proceeds will be used primarily to fund capital expenditures of the Altamira Onshore Project, and for other corporate expenses. In connection with the amendment, all unused term loan commitments under the Term Loan A Credit Agreement were terminated. In March 2025, the Company entered into a Backstop Agreement (the "Backstop Agreement") with a lender, pursuant to which the Company may, at its sole option, issue and sell to this lender (subject to the satisfaction of certain conditions) senior debt securities up to an aggregate principal amount sufficient to generate gross proceeds of $100,000 with a term of at least three years from the closing date. Proceeds received would be used to satisfy the repayment of the outstanding borrowings under the Revolving Facility required by the reduction of commitments by September 30, 2025 (Note 20). The Backstop Agreement would be terminated in the event that the Company completes the sale of assets or receives proceeds associated with a contract termination fee sufficient to satisfy such required repayment. On May 14, 2025, the Company completed the sale of its Jamaica business and received net proceeds of approximately $678,480, of which approximately $325,000 was immediately used to reduce outstanding indebtedness. During the first quarter of 2025, the Company recognized an operating loss and negative operating cash flows. In addition, the Company’s forecasted cash flows through June 27, 2026 are expected to be negatively impacted by (i) reduced earnings following the sale of the Company’s business in Jamaica in May 2025, (ii) increased interest expense and collateral requirements for certain debt instruments, (iii) cash tax payments resulting from the taxable gain on the sale of the Company’s Jamaica business in May 2025, and (iv) recent declines in commodity prices. Based on the Company's forecast through June 27, 2026, the Company may require additional liquidity to fund its debt service and capital expenditure commitments. As such, in connection with issuing its interim financial statements for the period ended March 31, 2025, management concluded that the Company’s liquidity and forecasted cash flows from operations through June 2026 are not probable to be sufficient to support, in full, obligations as they become due, and there is substantial doubt as to the Company’s ability to continue as a going concern for the period of twelve months from June 27, 2025. The Company is evaluating strategies to obtain the required additional funding that are not fully in management’s control including asset sales, settlement of claims, capital raising, debt amendments and refinancing transactions and other strategic transactions that seek to optimize the value of the Company’s portfolio while providing additional liquidity and cash flow to the Company. However, since these plans are not within management’s control, they do not alleviate the substantial doubt as to the Company’s ability to continue as a going concern.

Goodwill and intangible assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Definite-lived intangible assets
Accumulated Amortization	$ (27,693)	$ (16,513)
Net Carrying Amount	178,407
Indefinite-lived intangible assets
Total intangible assets, Gross Carrying Amount	244,385	68,663
Total Intangible Assets, Currency Translation Adjustment	(37,182)	(335)
Total Intangible Assets, Net Carrying Amount	179,510	51,815
Easements
Indefinite-lived intangible assets
Gross Carrying Amount	1,191	1,191
Currency Translation Adjustment	(88)	(44)
Net Carrying Amount	1,103	1,147
Acquired capacity reserve contract
Definite-lived intangible assets
Gross Carrying Amount	162,045
Accumulated Amortization	(5,942)
Currency Translation Adjustment	(31,301)
Net Carrying Amount	$ 124,802
Weighted Average Life	17 years
Favorable vessel charter contracts
Definite-lived intangible assets
Gross Carrying Amount	$ 17,700	17,700
Accumulated Amortization	(14,942)	(10,615)
Currency Translation Adjustment	0	0
Net Carrying Amount	$ 2,758	$ 7,085
Weighted Average Life	4 years	4 years
Permits and development rights
Definite-lived intangible assets
Gross Carrying Amount	$ 61,894	$ 48,217
Accumulated Amortization	(6,417)	(5,557)
Currency Translation Adjustment	(5,793)	(291)
Net Carrying Amount	$ 49,684	$ 42,369
Weighted Average Life	34 years	38 years
Easements
Definite-lived intangible assets
Gross Carrying Amount	$ 1,555	$ 1,555
Accumulated Amortization	(392)	(341)
Currency Translation Adjustment	0	0
Net Carrying Amount	$ 1,163	$ 1,214
Weighted Average Life	30 years	30 years

Inventory (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventory

As of December 31, 2024 and 2023, inventory consisted of the following:


	December 31, 2024		December 31, 2023
LNG and natural gas inventory	$	67,232	$	75,417
Automotive diesel oil inventory	7,934		10,121
Bunker fuel, materials, supplies and other	28,058		28,146
Total inventory	$	103,224	$	113,684

Financial instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following table presents the Company’s financial assets and financial liabilities, including those that are measured at fair value, as of December 31, 2024 and 2023:


	Level 1		Level 2		Level 3		Total
December 31, 2024
Assets
Investment in equity securities	$	—	$	—	$	8,678	$	8,678
Foreign exchange contracts	—		22,055		—		22,055

Liabilities
Foreign exchange contracts	—		1,168		—		1,168
Contingent consideration derivative liabilities	—		—		41,984		41,984
Embedded contingent interest derivative	—		—		10,629		10,629

December 31, 2023
Assets
Investment in equity securities	$	—	$	—	$	7,678	$	7,678

Liabilities
Contingent consideration derivative liabilities	—		—		37,832		37,832

Gain (Loss) on Securities

The adjustments to contingent consideration derivative liabilities and embedded contingent interest derivative for the years ended December 31, 2024, 2023 and 2022 are shown below:


	Year Ended December 31,
	2024		2023		2022
Contingent consideration derivative liabilities - Fair value adjustment - (gain) loss	$	(1,959)	$	(4,801)	$	703
Embedded contingent interest derivative - Fair value adjustment - loss	1,798		—		—

Debt - Vessel Financing Obligation (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Aug. 15, 2022
Debt Instrument [Line Items]
Deferred financing costs	$ 132,261,000
Current portion of long-term debt	539,132,000	$ 292,625,000
Financing Transaction Obligation
Debt Instrument [Line Items]
Lessee, finance lease, term of contract			20 years
Vessel Financing Obligation, due August 2042 \| Financing Transaction Obligation
Debt Instrument [Line Items]
Effective interest rate			15.90%
Debt instrument, fee amount			$ 10,010,000
Deferred financing costs	6,141,000	$ 6,490,000	7,015,000
Vessel Financing Obligation, due August 2042 \| Financing Transaction Obligation \| Nanook
Debt Instrument [Line Items]
Debt instrument, fee amount			$ 2,995,000
Term Loan A, due July 2027 \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, fee amount	39,227,000
Current portion of long-term debt	$ 57,762,000

Customer concentrations	12 Months Ended
Customer concentrations	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Customer concentrations	28. Customer concentrations For the year ended December 31, 2024, revenue from three significant customers constituted 48% of total revenue; no other customers comprised more than 10% of our revenue. For the year ended December 31, 2023, revenue from two significant customers constituted 47% of the total revenue. For the year ended December 31, 2022, revenue from two significant customers constituted 42% of the total revenue. These customers’ revenues are included in the Company’s Terminals and Infrastructure segment. During the years ended December 31, 2024, 2023 and 2022, revenue from external customers that were derived from customers located in the United States were $1,045,654, $1,060,678 and $246,628, respectively, and from customers outside of the United States were $1,319,206, $1,352,618, and $2,121,644, respectively. The Company attributes revenue from customers to the country in which the party to the applicable agreement has its principal place of business. As of December 31, 2024 and 2023, long lived assets, which are all non-current assets excluding investment in equity securities, restricted cash, deferred tax assets, goodwill, intangible assets and assets held for sale located in the United States were $1,529,478 and $1,744,591, respectively, and long lived assets located outside of the United States were $8,655,996 and $6,938,199, respectively, primarily located in Brazil and the Caribbean.

Energos Formation Transaction (Details)		1 Months Ended
Energos Formation Transaction (Details)	Aug. 15, 2022 USD ($) vessel	Aug. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of vessels	11
Purchase agreement, consideration received \| $	$ 1,850,000,000	$ 1,850,000,000
Number of vessels subject to long term charter agreements	10
Number of vessels not subject to long term charter agreements	1
Energos Infrastructure
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired	20.00%

Accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued development costs	$ 113,193	$ 286,030
Accrued interest	84,566	82,507
Accrued inventory	93,319	4,855
Accrued bonuses	37,415	41,356
Other accrued expenses	62,866	56,927
Total accrued liabilities	$ 391,359	$ 471,675

Financial instruments - Summary of Fair Value Adjustment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustment loss (gain)		$ 8,495
Contingent consideration derivative liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustment loss (gain)	$ (1,959)	(4,801)	$ 703
Embedded contingent interest derivative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustment loss (gain)	$ 1,798	$ 0	$ 0

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Performance-based Units Activity

The following table summarizes the RSU activity for the year ended December 31, 2024:


	Restricted Stock Units	Weighted-average grant date fair value per share
Non-vested RSUs as of December 31, 2023	32,327	$	27.12
Granted	2,786,112	32.66
Vested	(91,362)	19.78
Forfeited	(1,147,275)	32.64
Non-vested RSUs as of December 31, 2024	1,579,802	$	32.60

Schedule of Share Based Compensation Expense


	Year Ended December 31, 2024		Year Ended December 31, 2023		Year Ended December 31, 2022
Operations and maintenance	$	250	$	—	$	4
Selling, general and administrative	50,375		1,574		30,378
Total share-based compensation expense	$	50,625	$	1,574	$	30,382

Debt - 2026 Notes (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2021
Senior Secured Notes [Abstract]
Deferred financing costs	$ 132,261,000
Senior Secured Notes, due September 2026
Senior Secured Notes [Abstract]
Debt instrument, face amount			$ 1,500,000,000
Fixed interest rate			6.50%
Fees incurred			$ 25,240,000
Deferred financing costs	$ 1,857,000	$ 13,626,000

Dispositions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Dispositions (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on extinguishment of debt			$ (270,063)	$ 0	$ (14,997)
Goodwill		$ 766,350	766,350	$ 776,760
Equipment Notes, due July 2026
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on extinguishment of debt	$ (7,879)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Turbines And Related Equipment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds	$ 306,599
Maintenance service obligation period	12 months
Standalone selling price of maintenance services	$ 15,330
Maintenance services revenue			3,830
Property, plant and equipment	$ 368,799
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Miami Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds						$ 62
Impairment loss		16,016
Goodwill		$ 10,410	$ 10,410

Debt - PortoCem Financings (Details)		1 Months Ended		12 Months Ended
Debt - PortoCem Financings (Details)	Mar. 20, 2024 USD ($)	Nov. 30, 2024 USD ($)	May 31, 2024 BRL (R$)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2024 BRL (R$)	Apr. 30, 2024 BRL (R$)	Mar. 20, 2024 BRL (R$)	Jul. 31, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross				$ 9,027,096,000
Deferred financing costs				132,261,000
Loss on extinguishment of debt, net				270,063,000	$ 0	$ 14,997,000
Letter of Credit
Debt Instrument [Line Items]
Issuance of letter of credit					$ 350,000,000					$ 75,000,000
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Issuance of letter of credit \| R$								R$ 2,900,000,000
PortoCem Bank Credit Note \| Credit Note
Debt Instrument [Line Items]
Outstanding principal balance \| R$								R$ 600,000,000
PortoCem Bridge Loan Due October 2025 [Member] \| Line of Credit
Debt Instrument [Line Items]
Variable interest rate			4.25%
Issuance of letter of credit \| R$			R$ 2,900,000,000
PortoCem Debentures
Debt Instrument [Line Items]
Deferred financing costs				6,301,000
PortoCem Debentures \| Line of Credit
Debt Instrument [Line Items]
Variable interest rate		9.15%
Issuance of letter of credit		$ 726,750,000					R$ 4,500,000,000
PortoCem Credit Note
Debt Instrument [Line Items]
Outstanding principal balance \| R$			R$ 1,500,000,000
Debt instrument, fee amount				11,663,000
Loss on extinguishment of debt, net				25,010,000
PortoCem Bridge Loan and Debenture
Debt Instrument [Line Items]
Debt instrument, fee amount				$ 6,301,000
PortoCem Acquisition \| PortoCem Bridge Loan, due October 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 28,093,000								R$ 141,445,000,000
Variable interest rate	5.00%

Organization	12 Months Ended
Organization	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”), a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas ("LNG") infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. The Company currently conducts its business through two operating segments, Terminals and Infrastructure and Ships. The business and reportable segment information reflect how the Chief Operating Decision Maker (“CODM”) regularly reviews and manages the business.

Significant accounting policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Significant accounting policies

2. Significant accounting policies

The principal accounting policies adopted are set out below.

(a)Basis of presentation and principles of consolidation

The accompanying financial statements have been prepared on the basis that the Company will continue as a going concern over the next twelve months from the date of original issuance of these financial statements, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. Under ASC 205-40, when first assessing whether substantial doubt is raised about the entity’s ability to continue as a going concern, management cannot consider the potential mitigating effects of its plans that have not been fully implemented at the assessment date. Management has concluded that the Company’s current liquidity and forecasted cash flows (which exclude the effect of the Transactions as defined below), from operations are not sufficient to support, in full, obligations as they become due through the twelve months from the date of the original issuance of these financial statements. Management has approved a plan to support its liquidity position by: (i) delaying certain discretionary payments, including planned capital expenditures and dividends, that are within management’s control, and (ii) continuously renewing the LNG cargo financing facility over the succeeding twelve months. Management’s plan also includes the availability of a backstop agreement that was executed in March 2025 (Note 30) and provides up to $100,000 of availability. Management concluded that such plans are probable of being implemented and the Company will have sufficient liquidity to meet its obligations as they become due over the next twelve months from the original date that the consolidated financial statements were issued. In addition to management’s plan outlined above, the Company continues to explore asset sales, settlement of claims and other strategic transactions (collectively, the “Transactions”) that seek to optimize the value of the Company’s portfolio while providing additional liquidity and cash flow to the Company. However, there are inherent uncertainties, as the execution of the Transactions are outside of management’s control and therefore there are no assurances that these transactions will be executed. Furthermore, there are inherent risks with the Company’s ability to continue to implement plans in future periods that will support its liquidity position, such as its ability to further extend the terms of vendor payments and other obligations.

(b)Use of estimates

(c)Foreign currencies

(d)Cash and cash equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents.

(e)Restricted cash

Restricted cash consists of funds that are contractually restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on the Consolidated Balance Sheets.

(f)Receivables

(g)Inventories

(h)Construction in progress

The interest cost associated with major development and construction projects is capitalized during the construction period and included in the cost of the project in Construction in progress.

(i)Property, plant and equipment, net

Major maintenance and overhauls of the Company’s power plant and terminals are capitalized and depreciated over the expected period until the next anticipated major maintenance or overhaul.


			Useful life (Yrs)
Vessels			5-30
Terminal and power plant equipment			4-24
Power facilities			4-20
ISO containers and other equipment			3-25
LNG liquefaction facilities			20-40
Gas pipelines			4-24
Leasehold improvements			2-20

The Company reviews the remaining useful life of its assets on a regular basis to determine whether changes have taken place that would suggest that a change to depreciation policies is warranted.

(j)Impairment of long-lived assets

(k)Investments in equity securities

(l)Cloud computing costs

(m)Intangible assets

(n)Goodwill

Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in a business combination.

There was no impairment of goodwill for the years ended December 31, 2024 and 2023.

(o)Long-term debt and debt issuance costs

(p)Contingencies

(q)Revenue recognition

Terminals and Infrastructure

Ships

(r)Leases, as lessee

(s)Share-based compensation

(t)Lessor expense recognition

(u)Transaction and integration costs

sheet including fees associated with debt modifications are recognized within this caption. The Company records cloud computing costs incurred in the preliminary project stage and post-implementation stage within this caption.

(v)Taxation

Other taxes

(w)Net income per share

(x)Acquisitions

(y)Equity method investments

(z)Loss of control of subsidiary

(aa)Guarantees

(ab)Derivatives

Leases, as lessee - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash outflows for operating lease liabilities	$ 175,862	$ 133,132	$ 96,698
Financing cash outflows for finance lease liabilities	9,500	21,187	3,697
Right-of-use assets obtained in exchange for new operating lease liabilities	206,344	265,537	135,075
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0	$ 47,672	$ 0

Stockholders' equity	12 Months Ended
Stockholders' equity	Dec. 31, 2024
Equity [Abstract]
Stockholders' equity	25. Stockholders' equity Equity issuance On October 1, 2024, the Company entered into an Underwriting Agreement with several underwriters to issue and sell 46,349,942 shares of the Company's Class A common stock, at a purchase price to the public of $8.63 per share, less underwriting discounts and commissions, in a registered public offering (the "Equity Offering"). The Company's Chief Executive Officer, Wesley R. Edens, agreed to purchase 5,793,742 shares at the public offering price per share and on the same terms as the other purchasers in the Equity Offering. The Equity Offering closed on October 2, 2024. The Company received net proceeds of approximately $386,583 after underwriters' discounts and commissions and the estimated offering expenses payable by the Company. Dividends The Company declared dividends of $0.10 per share totaling $61,517 during the year ended December 31, 2024, of which $41,010 have been paid. Under certain intercompany agreements entered into in conjunction with the Refinancing Transactions completed in the fourth quarter of 2024, New Fortress Energy Inc. is no longer permitted to pay dividends to shareholders. The Company paid quarterly dividends totaling $81,976 during the year ended December 31, 2023 representing $0.10 per Class A share. During 2022, the Company’s Board of Directors approved an update to its dividend policy and declared a dividend of $626,310, representing $3.00 per Class A share, which was paid in January 2023. During each of the years ended December 31, 2024, 2023, and 2022, the Company paid dividends of $12,076 to holders of Golar LNG Partners LP's ("GMLP") 8.75% Series A Cumulative Redeemable Preferred Units (“GMLP Preferred Units”). As these equity interests have been issued by the Company’s consolidated subsidiaries, the value of the GMLP Preferred Units is recognized as non-controlling interest in the consolidated financial statements. Upon the sale of the vessel Mazo (Refer to Note 12), one of the Company's non-wholly owned subsidiaries paid a dividend using proceeds from the sale. The dividend of $8,662 paid to the other shareholder in this subsidiary was recognized as a reduction to non-controlling interest during the first quarter of 2024.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Feb. 28, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K/A
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38790
Entity Registrant Name	New Fortress Energy Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1482060
Entity Address, Address Line One	111 W. 19th Street
Entity Address, Address Line Two	8th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	516
Local Phone Number	268-7400
Title of 12(b) Security	Class A common stock
Trading Symbol	NFE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,274.6
Entity Common Stock, Shares Outstanding		273,771,811
Documents Incorporated by Reference	Documents Incorporated by Reference: Portions of the registrant’s definitive proxy statement for the registrant’s 2025 annual meeting are incorporated by reference into Part III of this Annual Report on Form 10-K.
Amendment Description	New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”) is filing this Amendment No. 1 on Form 10-K/A (this "Amendment") to its Annual Report on Form 10-K for the year ended December 31, 2024, originally filed with the Securities and Exchange Commission ("SEC") on March 10, 2025 (the "Original Form 10-K) to make certain changes as described below. Subsequent to the filing of the Original Form 10-K, management identified a material weakness in internal control over financial reporting in connection with the preparation of the Company's interim unaudited financial statements for the interim period ended March 31, 2025. As a result, management reevaluated the effectiveness of the Company's disclosure controls and procedures and internal control over financial reporting, as further described in this Amendment. Notwithstanding the identified material weakness, management believes the consolidated financial statements contained in the Original Form 10-K fairly present, in all material respects, the financial condition, results of operations and cash flows of the Company for all periods presented in accordance with accounting principles generally accepted in the United States of America, and that such material weakness did not result in any change to the Company’s consolidated financial statements as set forth in the Original Form 10-K. Accordingly, this Amendment is limited in scope and is being filed solely to amend:•The Cautionary Statement on Forward-Looking Statements.•Part I - Item 1A. Risk Factors to add an additional risk factor regarding the potential adverse impact that the failure to remediate the material weakness could have on our timely and accurate reporting of financial results. •Part II - Item 8. Financial Statements and Supplementary Data to restate the Report of Independent Registered Public Accounting Firm, on the Company's internal control over financial reporting as of December 31, 2024 and to restate the Report of Independent Registered Public Accounting Firm on the Company’s consolidated financial statements updated to include a reference to their updated report on internal control over financial reporting, and the last three paragraphs of Note 30, Subsequent Events, to the consolidated financial statements.•Part II - Item 9A. Controls and Procedures related to the effectiveness of our disclosure controls and procedures.•Part IV - Item 15 Exhibits, Financial Statement Schedules to include currently dated (i) auditor consent, which is filed herewith as Exhibit 23.1 and (ii) certifications from the Company's Principal Executive Officer and Principal Financial Officer as required by Sections 302 and 906 of the Sarbanes Oxley Act of 2002, which certifications are filed herewith as Exhibits 31.1, 31.2, 32.1 and 32.2.Except (i) as described above and (ii) the additional subsequent events in Note 30, this Amendment does not update or amend the Original Form 10-K to give effect to any subsequent events beyond those that existed as of the Original Form 10-K filing date. This Amendment should thus be read in conjunction with the Original Form 10-K and any of the Company's other filings with the SEC subsequent to the Original Form 10-K, together with any amendments to those filings. Other than as identified above, this Amendment does not modify or update the disclosure in the Original Form 10-K in any way.
Amendment Flag	true
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Entity Central Index Key	0001749723

Segments - Reconciliation of Net loss to Operating Margin (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Net (loss) income	$ (242,387)	$ 548,876	$ 184,786
Add:
Selling, general and administrative	285,520	205,104	236,051
Transaction and integration costs	12,279	6,946	21,796
Depreciation and amortization	162,014	187,324	142,640
Interest expense	328,377	277,842	236,861
Other expense (income), net	113,077	10,408	(48,044)
Loss (gain) on sale of assets, net	77,562	(29,378)	0
Tax provision (benefit)	69,509	115,513	(123,439)
Asset impairment expense	16,494	10,958	50,659
Loss on extinguishment of debt, net	270,063	0	14,997
Income (loss) from equity method investments	0	(9,972)	472,219
Segment Operating Margin	$ 1,092,508	$ 1,323,621	$ 1,188,526

Other non-current assets, net (Tables)

12 Months Ended

Dec. 31, 2024

Other Assets, Noncurrent Disclosure [Abstract]

Schedule of Other Assets, Noncurrent

As of December 31, 2024 and 2023, Other non-current assets consisted of the following:


	December 31, 2024		December 31, 2023

Long term receivables	$	114,677	$	—
Contract asset, net (Note 7)	20,270		19,901

Cost to fulfill (Note 7)	20,592		22,418
Financing costs	57,568		11,923
Other	59,792		72,661
Total other non-current assets	$	272,899	$	126,903

Property, plant and equipment, net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

As of December 31, 2024 and 2023, the Company’s property, plant and equipment, net consisted of the following:


	December 31, 2024		December 31, 2023
LNG liquefaction facilities	$	3,316,504	$	63,316
Vessels	1,575,299		1,494,433
Terminal and power plant equipment	630,822		668,927
Gas pipelines	323,196		66,319
Power facilities	283,470		273,978
ISO containers and other equipment	66,766		97,984
Land	51,897		54,324
Leasehold improvements	49,862		139,967
Accumulated depreciation	(455,009)		(377,833)
Total property, plant and equipment, net	$	5,842,807	$	2,481,415

Other current liabilities

12 Months Ended

Dec. 31, 2024

Other Liabilities, Current [Abstract]

Other current liabilities

19. Other current liabilities

As of December 31, 2024 and 2023, Other current liabilities consisted of the following:


	December 31, 2024		December 31, 2023
Derivative liabilities	$	29,417	$	19,450
Contract liabilities (Note 7)	14,415		65,287
Income tax payable	88,607		54,040
Due to affiliates	11,530		9,579
Winter sub-charter liability	—		49,400
Other current liabilities	30,860		30,195
Total other current liabilities	$	174,829	$	227,951

During the fourth quarter of 2023, the Company began to sub-charter the Winter, a vessel included in the Energos Formation Transaction, and a liability was recorded representing the Company's obligation to pay sub-charter payments until the vessel is chartered directly from Energos. The Company also recognized an asset of $59,074 (see Note 12) representing the charterer's remaining payments to Energos. The sub-charter was terminated during the third quarter of 2024, and the Company derecognized both the sub-charter asset and liability.

The remaining balance of other current liabilities as of December 31, 2024 primarily consists of recoverable taxes payable.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Revenue recognition - Carrying Amount of Leased Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Property, plant and equipment	$ 602,192	$ 686,683
Accumulated depreciation	(83,135)	(69,977)
Property, plant and equipment, net	$ 519,057	$ 616,706

Inventory

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventory

11. Inventory

As of December 31, 2024 and 2023, inventory consisted of the following:


	December 31, 2024		December 31, 2023
LNG and natural gas inventory	$	67,232	$	75,417
Automotive diesel oil inventory	7,934		10,121
Bunker fuel, materials, supplies and other	28,058		28,146
Total inventory	$	103,224	$	113,684

Inventory is adjusted to the lower of cost or net realizable value each quarter. Changes in the value of inventory are recorded within Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company recognized an adjustment to inventory of $6,232 during the year ended December 31, 2023. In the second quarter of 2023, the Company acquired a spot cargo at a higher cost to obtain a new customer contract (Note 29), and the net realizable value of this cargo was below the cost. No inventory adjustments were recognized during the years ended December 31, 2024 or December 31, 2022.

Income Taxes - Uncertain Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at the beginning of the period	$ 0	$ 0
Unrecognized Tax Benefits, Period Increase (Decrease)	0	0
Balance at the end of the period	$ 0	$ 0

Goodwill and intangible assets - Estimated aggregate amortization expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 12,312
2026	9,553
2027	9,553
2028	9,553
2029	9,553
Thereafter	127,883
Total	$ 178,407

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Domestic	$ 36,175	$ 47,198	$ 37,831
Foreign	27,868	53,377	118,266
Total current tax expense	64,043	100,575	156,097
Deferred:
Domestic	(11,391)	4,030	5,794
Foreign	16,857	10,908	(285,330)
Total deferred tax (benefit) expenses	5,466	14,938	(279,536)
Total provision for (benefit from) income taxes	$ 69,509	$ 115,513	$ (123,439)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Barcarena Term Loan Narrative (Details)	1 Months Ended
Debt - Barcarena Term Loan Narrative (Details)	Oct. 31, 2023 USD ($) financingAgreement tranche	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total debt, net deferred finance charges		$ 8,894,835,000		$ 6,803,148,000
Deferred financing costs		132,261,000
Barcarena Term Loan, due February 2024
Debt Instrument [Line Items]
Number of financing arrangements \| financingAgreement	2
Barcarena Debentures, due October 2028
Debt Instrument [Line Items]
Debt instrument, fee amount		5,061,000
Deferred financing costs		3,085,000		$ 4,975,000
Line of credit facility, number of tranches \| tranche	3
Proceeds from debt	$ 344,735,000
Issuance of letter of credit			$ 355,566,000
Barcarena Debentures, due October 2028 \| Minimum
Debt Instrument [Line Items]
Fixed interest rate	2.61%
Barcarena Debentures, due October 2028 \| Maximum
Debt Instrument [Line Items]
Fixed interest rate	4.41%
Convertible Debt \| Barcarena Debentures, due October 2028
Debt Instrument [Line Items]
Debt instrument, face amount		200,000,000
Total debt, net deferred finance charges		$ 180,000,000
Fixed interest rate		12.00%
Debt instrument, interest rate, increase (decrease)	1.25%

Related party transactions - Fortress Affiliated Entities Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 2,126	$ 2,784	$ 3,714
Due from affiliates	2,627	1,566
Due to affiliates	11,530	9,579
Affiliated Entity \| Fortress
Related Party Transaction [Line Items]
Due from affiliates	2,637	1,547
Affiliated Entity \| Fortress \| Rent And Related Office Expenses
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	1,080	913	857
Affiliated Entity \| Fortress, Formerly Owned Entity
Related Party Transaction [Line Items]
Due to affiliates	3,614	2,702
Affiliated Entity \| Fortress, Formerly Owned Entity \| Rent And Administrative Expenses
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 912	$ 2,702	$ 2,453

Equity method investments - Carrying Amount of Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 0	$ 137,793	$ 392,306

- Definition

+ References + Details

Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Estimated Economic Life of Property Plant and Equipment


			Useful life (Yrs)
Vessels			5-30
Terminal and power plant equipment			4-24
Power facilities			4-20
ISO containers and other equipment			3-25
LNG liquefaction facilities			20-40
Gas pipelines			4-24
Leasehold improvements			2-20

Revenue recognition - Other Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Other revenue	$ 158,345	$ 76,241	$ 32,469
Operation and maintenance revenue
Disaggregation of Revenue [Line Items]
Other revenue	147,596	49,900	0
Interest income and other revenue
Disaggregation of Revenue [Line Items]
Other revenue	$ 10,749	$ 26,341	$ 32,469

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt - Letter of Credit Facility (Details) - Letter of Credit - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2021
Debt Instrument [Line Items]
Issuance of letter of credit		$ 350,000,000	$ 75,000,000
Remaining borrowing capacity		$ 315,000,000
Interest rate	3.35%
Unutilized letter of credit facility	$ 69,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt - Revolving Facility Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
Debt - Revolving Facility Narrative (Details) - USD ($)	Nov. 06, 2024	May 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 30, 2021
Line of Credit Facility [Abstract]
Long-term debt, gross			$ 9,027,096,000
Deferred financing costs			$ 132,261,000
Revolving Credit Facility
Line of Credit Facility [Abstract]
Outstanding principal balance						$ 200,000,000
Interest rate			8.22%	8.29%
Fees incurred			$ 32,410,000	$ 9,431,000	$ 5,398,000
Deferred financing costs			$ 38,190,000	11,923,000
Debt instrument, covenant, amount drawn, minimum threshold percentage			50.00%
Revolving Credit Facility \| Fiscal Quarter Ended Through March 31, 2025
Line of Credit Facility [Abstract]
Maximum net debt to EBITDA ratio			8.75
Fixed charge coverage ratio			0.80
Revolving Credit Facility \| Fiscal Quarter Ended Through June 30, 2025
Line of Credit Facility [Abstract]
Maximum net debt to EBITDA ratio			7.25
Fixed charge coverage ratio			1.00
Revolving Credit Facility \| Fiscal Quarter Ended Through September 30, 2025
Line of Credit Facility [Abstract]
Maximum net debt to EBITDA ratio			6.75
Revolving Credit Facility \| Fiscal Quarter Ended Through December 31, 2025
Line of Credit Facility [Abstract]
Maximum net debt to EBITDA ratio			6.50
Revolving Credit Facility \| Fiscal Quarter Ended Through March 31, 2026 Through September 30, 2026
Line of Credit Facility [Abstract]
Maximum net debt to EBITDA ratio			7.25
Revolving Credit Facility \| Fiscal Quarter Ended Through December 31, 2026
Line of Credit Facility [Abstract]
Maximum net debt to EBITDA ratio			6.75
Revolving Credit Facility \| Last day Of Each Month, Commencing On October 31, 2024
Line of Credit Facility [Abstract]
Minimum level of liquidity			$ 50,000
Revolving Credit Facility \| Last day Of Each Month, Commencing On December 31, 2024
Line of Credit Facility [Abstract]
Minimum level of liquidity			100,000
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Abstract]
Outstanding principal balance		$ 1,000,000,000		950,000,000
Line of credit facility, increase limit		$ 50,000,000
Long-term debt, gross			$ 1,000,000,000	$ 866,600,000
Revolving Credit Facility \| Line of Credit \| Consenting Lenders
Line of Credit Facility [Abstract]
Long-term debt, gross	$ 900,000,000
Line of credit noncurrent	630,000,000
Line of credit current	$ 270,000,000
Extended maturity period			1 year
Line of credit facility, applicable margin payable, increase percentage	1.00%

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

As of December 31, 2024 and 2023, debt consisted of the following:


	December 31, 2024		December 31, 2023
Corporate debt
Senior Secured Notes, due November 2029	$	2,728,269	$	—
Senior Secured Notes, due September 2026	509,022		1,486,374
Senior Secured Notes, due March 2029	233,789		—
Senior Secured Notes, due September 2025	—		1,245,662
Revolving Facility	1,000,000		866,600
Term Loan B, due October 2028	776,353		771,420
Term Loan A, due July 2027	321,573		—
Short-term Borrowings	179,890		182,270
Sale leaseback financing
Vessel Financing Obligation, due August 2042	1,366,293		1,359,995
Tugboat Financing, due December 2038	46,224		46,728
Asset level financing
PortoCem Debentures, due September 2040	729,259		—
BNDES Term Loan, due October 2045	350,525		—
South Power 2029 Bonds, due May 2029	217,871		216,993
Barcarena Debentures, due October 2028	194,571		175,025
Turbine Financing, due July 2027	142,549		—
EB-5 Loan, due July 2028	98,647		61,614
Barcarena Term Loan, due February 2024	—		199,678
Equipment Notes, due July 2026	—		190,789
Total debt	$	8,894,835	$	6,803,148
Current portion of long-term debt	$	539,132	$	292,625
Long-term debt	8,355,703		6,510,523

Schedule of Maturities of Long-term Debt

Our outstanding debt as of December 31, 2024 is repayable as follows:


	December 31, 2024
2025	$	539,132
2026	712,903
2027	1,270,843
2028	1,184,328
2029	3,139,164
Thereafter	2,180,726
Total debt	$	9,027,096

Less: deferred finance charges	(132,261)
Total debt, net deferred finance charges	$	8,894,835

Interest Expense

Interest expense, net of amounts capitalized, recognized for the years ended December 31, 2024, 2023 and 2022 consisted of the following:


	Year Ended December 31,
	2024		2023		2022
Interest per contractual rates	$	561,477	$	339,631	$	227,960
Interest expense on Vessel Financing Obligation	192,107		211,745		91,405
Amortization of debt issuance costs, premiums and discounts	60,208		18,569		11,098
Interest expense incurred on finance lease obligations	981		3,706		852
Total interest costs	$	814,773	$	573,651	$	331,315
Capitalized interest	486,396		295,809		94,454
Total interest expense	$	328,377	$	277,842	$	236,861

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

20. Debt

As of December 31, 2024 and 2023, debt consisted of the following:


	December 31, 2024		December 31, 2023
Corporate debt
Senior Secured Notes, due November 2029	$	2,728,269	$	—
Senior Secured Notes, due September 2026	509,022		1,486,374
Senior Secured Notes, due March 2029	233,789		—
Senior Secured Notes, due September 2025	—		1,245,662
Revolving Facility	1,000,000		866,600
Term Loan B, due October 2028	776,353		771,420
Term Loan A, due July 2027	321,573		—
Short-term Borrowings	179,890		182,270
Sale leaseback financing
Vessel Financing Obligation, due August 2042	1,366,293		1,359,995
Tugboat Financing, due December 2038	46,224		46,728
Asset level financing
PortoCem Debentures, due September 2040	729,259		—
BNDES Term Loan, due October 2045	350,525		—
South Power 2029 Bonds, due May 2029	217,871		216,993
Barcarena Debentures, due October 2028	194,571		175,025
Turbine Financing, due July 2027	142,549		—
EB-5 Loan, due July 2028	98,647		61,614
Barcarena Term Loan, due February 2024	—		199,678
Equipment Notes, due July 2026	—		190,789
Total debt	$	8,894,835	$	6,803,148
Current portion of long-term debt	$	539,132	$	292,625
Long-term debt	8,355,703		6,510,523

Long-term debt is recorded at amortized cost on the Consolidated Balance Sheets. The fair value of the Company's long-term debt was $9,087,890 and $6,835,487 as of December 31, 2024 and 2023, respectively, and was classified as Level 2 within the fair value hierarchy. The Company's debt arrangements include cross-acceleration clauses whereby events of default under an individual debt agreement can lead to acceleration of principal under other debt arrangements.

Our outstanding debt as of December 31, 2024 is repayable as follows:


	December 31, 2024
2025	$	539,132
2026	712,903
2027	1,270,843
2028	1,184,328
2029	3,139,164
Thereafter	2,180,726
Total debt	$	9,027,096

Less: deferred finance charges	(132,261)
Total debt, net deferred finance charges	$	8,894,835

The Company's future payments for the Vessel Financing Obligation include the expected carrying value of vessels that will be derecognized at the end of the lease term. The future payments also include third-party charter payments that will be received by Energos and included as part of debt service.

2024 Exchange Transactions

On November 6, 2024, the Company entered into an exchange and subscription agreement (the “Exchange and Subscription Agreement”) with certain holders (the “Supporting Holders”) of the Company’s outstanding 2026 Notes and 2029 Notes (each defined below). Pursuant to the Exchange and Subscription Agreement (i) NFE Financing LLC (“NFE Financing”), an indirect subsidiary of NFE, sold to the Supporting Holders approximately $1,210,396 aggregate principal amount of NFE Financing’s 12.0% Senior Secured Notes due 2029 (the “New 2029 Notes”) (the transactions described in clause (i), the “Subscription Transactions”) and (ii) NFE Financing issued to the Supporting Holders approximately $1,519,731 aggregate principal amount of New 2029 Notes in a dollar-for-dollar exchange for a portion of the Company’s 2026 Notes and 2029 Notes (the transactions described in clause (ii), the “Exchange Transactions” and together with the Subscription Transactions, the “Refinancing Transactions”).

NFE Financing issued $2,730,127 aggregate principal amount of New 2029 Notes pursuant to the Refinancing Transactions. The Company utilized $886,648 of these net proceeds from the Subscription Transactions to repay in full the outstanding aggregate principal amount and accrued interest on the 2025 Notes. The remainder of the net proceeds from the New 2029 Notes issued pursuant to the Subscription Transactions will be used for general corporate purposes.

Pursuant to the Exchange and Subscription Agreement, upon consummation of the Refinancing Transactions, the Supporting Holders received a commitment fee equal to either (i) 5% of the aggregate principal amount of such Supporting Holder’s New 2029 Notes, payable in shares of Class A common stock of the Company, at a price of $8.63 per share (the “Commitment Fee Shares”), (ii) 2% of the aggregate principal amount of such Supporting Holder’s New 2029 Notes, payable in kind in the form of additional New 2029 Notes (the “Commitment Fee Notes”), or (iii) a combination of the foregoing. The Company has issued 15,700,998 Commitment Fee Shares to the Supporting Holders in satisfaction of its commitment fee obligations under the Exchange and Subscription Agreement, and $5,368 Commitment Fee Notes were issued and included in the total New 2029 Notes issuance.

The New 2029 Notes were issued pursuant to, and are governed by, an indenture (the “New Notes Indenture”). The New 2029 Notes are senior, secured obligations of NFE Financing, and interest is payable semi-annually in arrears at a rate of 12.0% per annum on May 15 and November 15 of each year, beginning on May 15, 2025. The New Notes will mature on November 15, 2029, provided that the maturity date shall be accelerated to the date that is 91 days prior to the stated maturity date of any other indebtedness of the Company, subject to certain exceptions as described in the New Notes Indenture, if more than $100,000 aggregate principal amount of such other indebtedness remains outstanding on such date.

NFE Financing may redeem some or all of the New 2029 Notes at redemption prices set forth in the New Notes Indenture; such redemption prices and any “make-whole” premiums are based on the timing of the redemption. Further, upon the occurrence of certain other events, including change of control and certain distributions from the Company’s Brazil business, NFE Financing may be required to make an offer to repurchase all of the New 2029 Notes at prices specified in the New Notes Indenture.

The New 2029 Notes are guaranteed by NFE Financing’s wholly-owned subsidiary, Bradford County Real Estate Partners LLC (the “New Notes Guarantor”) which owns the Company’s land in Wyalusing, Pennsylvania. The New 2029 Notes are secured by first-priority liens on: (a) all assets of NFE Financing, including approximately 45% of the equity in the entity that owns the Company’s Brazil business, and 100% of the equity in the New Notes Guarantor and (b) all assets of the New Notes Guarantor.

The New Notes Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, acceleration and/or defaults of certain of the Company's other indebtedness. The New Notes Indenture and other credit agreements associated with certain intercompany loans of NFE Financing, limit the ability of the Company to, among other things, incur additional indebtedness, incur liens that secure indebtedness, make restricted payments, create dividend restrictions and other payment restrictions, sell or transfer certain assets, in each case subject to certain exceptions and qualifications set forth in the New Notes Indenture and other indentures.

The repayment of all of the 2025 Notes and the exchange of a portion of the 2026 Notes and 2029 Notes was treated as an extinguishment, and $11,442 of unamortized deferred debt issuance costs was recognized as a loss on extinguishment of

debt in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Fees paid to lenders, including the issuance of Commitment Fee Shares and Commitment Fee Notes, of $193,370 were included in the loss on extinguishment of debt. The Company also recognized $30,541 of loss on extinguishment of debt, which represents the fair value of the New 2029 Notes issued in excess of the carrying amount of debt exchanged or repaid. The New 2029 Notes are recorded at fair value and fees paid to third parties of $32,341 will be amortized over the term of the New 2029 Notes. As of December 31, 2024, total remaining unamortized deferred financing costs for the New 2029 Notes was $31,747.

In conjunction with the Refinancing Transactions, the Supporting Holders agreed to consent to certain amendments to the indentures pursuant to which the 2026 Notes (such indenture, the “Existing 2026 Notes Indenture”) and the 2029 Notes (such indenture, the “Existing 2029 Notes Indenture”) were issued. These amendments allow the Company to subordinate the liens on certain of the collateral securing the obligations under each of the Existing 2026 Notes Indenture and Existing 2029 Notes Indenture to the liens on the same collateral securing certain intercompany loans due to NFE Financing, and to remove all covenants and events of default that may be removed in compliance with terms of such indentures (the “Indenture Amendments”). The adoption of the Indenture Amendments required the consent of holders of at least 66.67% the outstanding principal amount of each of the 2026 Notes and 2029 Notes. The Company received the required level of consent, and subsequently executed a supplemental indenture to the Existing 2026 Notes Indenture (the “2026 Supplemental Indenture”) and a supplemental indenture to the Existing 2029 Notes Indenture (the “2029 Supplemental Indenture,” and, together with the 2026 Supplemental Indenture, the “Supplemental Indentures”) effecting the Amendments. The Supplemental Indentures became effective on December 5, 2024.2025 Notes

In September and December 2020, the Company issued an aggregate amount of $1,250,000 of 6.75% senior secured notes in private offerings pursuant to Rule 144A under the Securities Act (the “2025 Notes”). Interest was payable semi-annually in arrears on March 15 and September 15 of each year; no principal payments were due until maturity on September 15, 2025.

In connection with the offering of the 2029 Notes (defined below) in March 2024, the Company completed a cash tender offer to repurchase $375,000 of the outstanding 2025 Notes, for an aggregate repurchase price of $376,875. The tender offer was closed and the partial repurchase of the 2025 Notes was completed in the first quarter of 2024. The premium over the repurchase price of $1,875 was recognized as Loss on extinguishment of debt, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The remaining outstanding principal under the 2025 Notes was repaid in conjunction with the Refinancing Transactions.

2026 Notes

In April 2021, the Company issued $1,500,000 of 6.50% senior secured notes in a private offering pursuant to Rule 144A under the Securities Act (the “2026 Notes”). Interest is payable semi-annually in arrears on March 31 and September 30 of each year; no principal payments are due until maturity on September 30, 2026. The Company may redeem the 2026 Notes, in whole or in part, at any time prior to maturity, subject to certain make-whole premiums.

The 2026 Notes are guaranteed, jointly and severally, on a senior secured basis by certain domestic and foreign subsidiaries. Subsequent to the Refinancing Transactions, the 2026 Notes are subject to the 2026 Supplemental Indenture.

In connection with the issuance of the 2026 Notes, the Company incurred $25,240 in origination, structuring and other fees, which was deferred as a reduction of the principal balance of the 2026 Notes on the Consolidated Balance Sheets. As part of the Refinancing Transactions, the Company exchanged $989,121 of the 2026 Notes on a dollar-for-dollar basis for New 2029 Notes, resulting in a partial extinguishment. This partial extinguishment of the 2026 Notes resulted in the proportionate write-off of unamortized deferred financing fees, and as of December 31, 2024 and 2023, total remaining unamortized deferred financing costs for the 2026 Notes was $1,857 and $13,626, respectively.

2029 Notes

In March 2024, the Company issued $750,000 of 8.75% senior secured notes in a private offering pursuant to Rule 144A under the Securities Act (the “2029 Notes”). Interest is payable semi-annually in arrears on March 15 and September 15 of each year; no principal payments are due until maturity on March 15, 2029. The Company may redeem the 2029 Notes, in whole or in part, at any time prior to maturity, subject to certain make-whole premiums.

The 2029 Notes are guaranteed on a senior secured basis by each domestic subsidiary and foreign subsidiary that is a guarantor under the 2026 Notes. Subsequent to the Refinancing Transactions, the 2029 Notes are subject to the 2029 Supplemental Indenture.

In connection with the issuance of the 2029 Notes, the Company incurred $14,171 in origination, structuring and other fees, which was deferred as a reduction of the principal balance of the 2029 Notes on the Consolidated Balance Sheets. As part of the Refinancing Transactions, the Company exchanged $513,272 of the 2029 Notes on a dollar-for-dollar basis for New 2029 Notes, resulting in a partial extinguishment. This partial extinguishment of the 2029 Notes resulted in the proportionate write-off of unamortized deferred financing fees, and as of December 31, 2024, total remaining unamortized deferred financing costs for the 2029 Notes was $2,939.

Revolving Facility

In April 2021, the Company entered into a credit agreement (the "Revolving Credit Agreement") for a $200,000 senior secured revolving credit facility (the "Revolving Facility"). Through December 31, 2023, the Revolving Facility was amended to increase the borrowing capacity to $950,000. In May 2024, the Company entered into an amendment which increased the borrowing capacity by $50,000, for a total capacity of $1,000,000. The amendments did not impact the interest rate or term of the Revolving Facility, and no deferred costs were written off. As of December 31, 2024 and 2023, $1,000,000 and $866,600 was outstanding under the Revolving Facility.

The borrowings under the Revolving Facility bear interest at a Secured Overnight Financing Rate ("SOFR") based rate plus a margin based upon usage of the Revolving Facility. The rates applicable to outstanding borrowings as of December 31, 2024 and 2023 were 8.22% and 8.29%, respectively. Borrowings under the Revolving Facility may be prepaid, at the option of the Company, at any time without premium.

Concurrent with the Refinancing Transactions, the Company entered into an amendment with certain lenders in the Revolving Facility (the "Consenting Lenders") to extend the maturity of their commitments to October 15, 2027. The Consenting Lenders hold $900,000 of the total revolving commitments. The applicable margin payable on revolving borrowings to the Consenting Lenders increased by 100 basis points. The Company is required to reduce the commitments with proceeds from certain assets sales and by certain amounts received from the settlement of the Company’s claims following the termination of the Company’s contract to provide emergency power services in Puerto Rico (Note 5). Notwithstanding these required reductions, the Company must reduce commitments for Consenting Lenders to $630,000 by September 30, 2025, and as such, $270,000 of the outstanding borrowings under the Revolving Facility have been recognized as current. The remainder of the Revolving Facility will mature in April 2026 with the potential for the Company to extend the maturity date once for a one-year increment.

The obligations under the Revolving Facility are guaranteed by certain of the Company's subsidiaries, including those that own the Company's offshore FLNG facility at Altamira ("FLNG1 Project") and Altamira Onshore Project (defined below), and are secured by substantially the same collateral securing the obligations under certain intercompany loans entered into in conjunction with the Refinancing Transactions, as well as the assets comprising the FLNG1 Project and Altamira Onshore Project. The Company is required to comply with the below covenants under the Revolving Facility and the Letter of Credit Facility (defined below):

•Beginning with the fiscal quarter ended March 31, 2025, for quarters in which the Revolving Facility is greater than 50% drawn, the Debt to EBITDA Ratio must be below the following: (i) 8.75 to 1.00, for the fiscal quarter ending March 31, 2025, (ii) 7.25 to 1.00, for the fiscal quarter ending June 30, 2025, (iii) 6.75 to 1.00, for the fiscal quarter ending September 30, 2025, (iv) 6.50 to 1.00, for the fiscal quarter ending December 31, 2025, (v) 7.25 to 1.00, for the fiscal quarters ending March 31, 2026 through September 30, 2026, and (vi) 6.75 to 1.00, for the fiscal quarter ending December 31, 2026 and each fiscal quarter thereafter.

•Beginning with fiscal quarter ended March 31, 2025, the Fixed Charge Coverage Ratio must be less than or equal to (i) 0.80 to 1.00, for the fiscal quarter ending March 31, 2025 and (ii) 1.00 to 1.00, for the fiscal quarter ending June 30, 2025 and each fiscal quarter thereafter.

•The Company is also required to maintain a minimum consolidated liquidity of (i) $50,000 as of the last day of each month, commencing as of October 31, 2024 and (ii) $100,000 as of the last day of any fiscal quarter,

commencing as of December 31, 2024. The Company was in compliance with these covenants as of December 31, 2024.

The Revolving Credit Agreement contains usual and customary representations and warranties, usual and customary affirmative and negative covenants and events of default.

The Company incurred $5,398 in origination, structuring and other fees, associated with entry into the Revolving Facility, which includes additional fees to expand the facility in 2022. During the years ended December 31, 2024 and 2023, the Company incurred an additional $32,410 and $9,431, respectively, in fees in relation to the amendments. Each amendment has been accounted for as a modification, and these costs have been capitalized within Other non-current assets on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, total remaining unamortized deferred financing costs for the Revolving Facility was $38,190 and $11,923, respectively.

Letter of Credit Facility

In July 2021, the Company entered into an uncommitted letter of credit and reimbursement agreement (the "Letter of Credit Agreement") with a bank for the issuance of letters of credit for an aggregate amount of up to $75,000 (the“Letter of Credit Facility”). Through December 31, 2023, the Letter of Credit Facility was amended multiple times to increase the availability to $350,000. As at December 31, 2024, the Letter of Credit Facility had a limit of $315,000, and outstanding letters of credit have an interest rate of 3.35%. The Company had an unutilized Letter of Credit Facility balance of $69,000 as at December 31, 2024.

The Letter of Credit Agreement contains usual and customary representations and warranties, usual and customary affirmative and negative covenants and events of default. The Company is required to comply with the financial covenants applicable to the Revolving Facility.

Term Loan B Credit Agreement

On August 3, 2023, the Company entered into a credit agreement (the “Bridge Term Loan Agreement”) pursuant to which the lenders funded term loans (the “Bridge Term Loans”) to the Company in an aggregate principal amount of $400,000. The Bridge Term Loans were initially set to mature on August 1, 2024 and were payable in full on the maturity date. The Bridge Term Loans bore interest at a per annum rate equal to Adjusted Term SOFR (as defined in the Bridge Term Loan Agreement) plus 3.50%.

On October 30, 2023, the Company entered into a credit agreement (the “Term Loan B Agreement”) pursuant to which the lenders funded term loans to the Company in an aggregate principal amount of $856,000 ("Term Loan B"). Borrowings were issued at a discount, and the Company received proceeds of $787,520. The proceeds from the Term Loan B issuance were used to repay the Bridge Term Loans and may be used for working capital and other general corporate purposes. The Term Loan B will mature on the earliest of (i) October 30, 2028 if the 2026 Notes are refinanced in full prior to their maturity and (ii) July 31, 2026, if any of the 2026 Notes remain outstanding as of such date. Quarterly principal payments of approximately $2,140 are required beginning March 2024.

The obligations under the Term Loan B are guaranteed by certain of the Company's subsidiaries, including those that own the Company's FLNG1 Project and Altamira Onshore Project (defined below). The Term Loan B is secured by substantially the same collateral as the first lien obligations under the 2026 Notes, the Revolving Facility, and, in addition, is secured by assets compromising the Company's FLNG1 Project.

The Term Loan B bears interest at a per annum rate equal to Adjusted Term SOFR (as defined in the Term Loan B Agreement) plus 5.0%. The Company may prepay the Term Loan B at its option subject to prepayment premiums until October 2025 and customary break funding costs. The Company is required to prepay the Term Loan B with the net proceeds of certain asset sales, condemnations, and debt and convertible securities issuances, in each case subject to certain exceptions and thresholds. Additionally, commencing with the fiscal quarter ending December 31, 2024, the Company will be required to prepay the Term Loan B with the Company’s Excess Cash Flow (as defined in the Term Loan B Agreement).

The Term Loan B Agreement contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants. No financial covenant compliance is required under the Term Loan B Agreement.

In connection with the execution of the Bridge Term Loan Agreement and the Term Loan B Agreement, the Company incurred $17,719 in origination, structuring and other fees. The repayment of the Bridge Term Loans with borrowings under the Term Loan B Agreement was treated as a modification, and fees attributable to lenders that participated in the Bridge Term Loans will be amortized over the life of the Term Loan B Agreement; additional third-party fees associated with such lenders of $1,578 were recognized as expense in Transaction and integration costs. Additional fees for new lenders participating in the Term Loan B were recognized as a reduction of the principal balance on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, total remaining unamortized deferred financing costs, including the unamortized original issue discount, for the Term Loan B were $71,087 and $84,580, respectively.

Term Loan A Credit Agreement

In July 2024, the Company entered into a credit agreement ("Term Loan A Credit Agreement") for a senior secured, multiple draw term loan facility in an aggregate principal amount of up to $700,000 ("Term Loan A"). Proceeds will be used to pay costs of the construction and development of the Company's onshore FLNG project in Altamira (the “Altamira Onshore Project”). During the year ended December 31, 2024, the Company drew $350,000 on the Term Loan A. The remaining commitments for subsequent funding expire on the earliest of June 30, 2026, the date of completion of the Onshore Altamira Project (the “Completion Date”) and the date that the commitments are reduced to zero or terminated.

The obligations under the Term Loan A Credit Agreement are guaranteed, jointly and severally, on a senior secured basis by each subsidiary that is a guarantor under the 2026 Notes, 2029 Notes, the Company’s Revolving Facility, the Company’s letter of credit facility (the “Letter of Credit Facility”) and the Company’s Term Loan B, other than the guarantors comprising the FLNG1 Project (who guarantee the Revolving Facility, the Letter of Credit Facility, and the Term Loan B). The obligations under the Term Loan A Credit Agreement are secured by substantially the same collateral as the collateral securing such facilities, with the exception of the collateral comprising the FLNG1 Project (which secures the Revolving Facility, the Letter of Credit Facility, and the Term Loan B). Additionally, the Term Loan A is guaranteed by the entities, and secured by the assets, comprising the Onshore Altamira Project. An equal priority intercreditor agreement governs the treatment of the collateral.

The Term Loan A will mature in July 2027 and is payable in full on the maturity date. In the event that the Company’s existing 2026 Notes are not refinanced or repaid at least 60 days prior to maturity, amounts outstanding under the Term Loan A will become due and payable on such date. The Company may prepay the Term Loan A at its option without premium or penalty at any time subject to customary break funding costs. The Company is required to prepay the Term Loan A with the net proceeds of certain asset sales, condemnations, debt and convertible securities issuances, and extraordinary receipts related to the Onshore Altamira Project. Additionally, commencing with the first fiscal quarter after the Completion Date, the Company will be required to prepay the Term Loan A with the Onshore Altamira Project’s Excess Cash Flow (as defined in the Term Loan A Credit Agreement).

The Term Loan A will bear interest at a per annum rate equal to Term SOFR plus 3.75%, or at a base rate plus 2.75%. The interest rate on the Term Loan A will increase by 0.25% every 180 days beginning on June 30, 2025.

The Term Loan A Credit Agreement contains usual and customary representations, warranties and affirmative and negative covenants for financings of this type, including certain representations and warranties related to the Onshore Altamira Project. The Term Loan A Credit Agreement includes certain other covenants related solely to the Onshore Altamira Project, including limitations on capital expenditures, restrictions on additional accounts, and restrictions on amendments or termination of certain material documents related to the Onshore Altamira Project. The Company must also comply with certain financial covenants consistent with those under the Revolving Facility, including Debt to EBITDA Ratio and minimum consolidated liquidity.

In connection with the issuance of the Term Loan A, the Company incurred $39,227 in origination, structuring and other fees, which was capitalized in Other non-current assets on the Consolidated Balance Sheet as the Term Loan A is a delayed draw term loan. During the year ended December 31, 2024, $16,142 of fees were reclassified as a reduction of the principal balance of the Term Loan A on the Consolidated Balance Sheets as each draw was made. In addition, the Company recorded a debt discount of $8,830 as a result of an embedded derivative (Note 9). As of December 31, 2024, total remaining unamortized deferred financing costs and debt discount reducing the principal balance was $28,426.

Short-term Borrowings

The Company has an LNG cargo financing arrangement where it may, from time to time, enter into sales and repurchase agreements with a financial institution, whereby the Company sells to the financial institution an LNG cargo and concurrently enters into an agreement to repurchase the same LNG cargo immediately with the repurchase price payable at a future date, generally not to exceed 90-days from the date of the sale and repurchase (the “Short-term Borrowings”). As of December 31, 2024, the Company had $179,890 due under repurchase arrangements with a weighted average interest rate of 8.87%. As of December 31, 2023, the Company had $182,270 due under repurchase arrangements with a weighted average interest rate of 9.68%.

Vessel Financing Obligation

In connection with of the Energos Formation Transaction (see discussion in Note 6), the Company entered into long-term time charter agreements for certain vessels for periods of up to 20 years. Vessels chartered to the Company at the time of closing were classified as finance leases. Additionally, the Company's charter of certain other vessels will commence only upon the expiration of the vessel's existing third-party charters. These forward starting charters prevented the recognition of a sale of the vessels to Energos. As such, the Company accounted for the Energos Formation Transaction as a failed sale-leaseback and has recorded a financing obligation for consideration received.

The Company continues to be the owner for accounting purposes of vessels included in the Energos Formation Transaction (except the Nanook), and as such, the Company recognizes revenue and operating expenses related to vessels under charter to third parties. Revenue recognized from these third-party charters form a portion of the debt service for the financing obligation; at inception of the arrangement, the effective interest rate on this financing obligation was approximately 15.9% and includes the cash flows that Energos receives from these third-party charters. Charter payments due in 2025 include $57,762 that will be treated as a payment of principal, and this amount is included within the current portion of long-term debt.

In connection with closing of the Energos Formation Transaction, the Company incurred $10,010 in origination, structuring and other fees, of which $2,995 was allocated to the sale of the Nanook and recognized as Other expense (income), net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Financing costs of $7,015 were allocated and deferred as a reduction of the principal balance of the financing obligation on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, the remaining unamortized deferred financing costs for the Vessel Financing Obligation was $6,141 and $6,490, respectively.

Tugboat Financing

In December 2023, the Company sold and leased back four tugboat vessels for 15 years receiving proceeds of $46,728. ("Tugboat Financing"). The leasebacks of the tugboat vessels were classified as finance leases, and as such, the Company accounted for the Tugboat Financing as a failed sale-leaseback and has recorded a financing obligation for consideration received. The effective interest rate on this financing obligation is approximately 16.92%.

PortoCem Financings

As part of the PortoCem Acquisition, the Company assumed a term loan in the aggregate principal amount of R$141,445 million ($28,093 based on the exchange rate in effect on the acquisition date) due December 2024, bearing interest at a rate equal to the one-day interbank deposit rate in Brazil plus 5.0% (the "PortoCem BTG Loan"). Lenders under the PortoCem BTG Loan waived acceleration requirements in the event of a change in control in conjunction with the PortoCem Acquisition, and repayment of the PortoCem BTG Loan was required upon the earlier of PortoCem obtaining additional financing or the original maturity date of December 2024.

In April 2024, PortoCem and a syndicate of banks in Brazil entered into a commitment letter for R$2.9 billion of financing. PortoCem received funding under a short term credit note of R$600 million ("PortoCem Credit Note") from this syndicate that was due in July 2024, and a portion of the proceeds was used to repay the PortoCem BTG Loan.

In May 2024, the PortoCem Credit Note was replaced by a bridge financing agreement that allows PortoCem to borrow up to R$2.9 billion due in October 2025 ("PortoCem Bridge Loan"). PortoCem borrowed R$1.5 billion, and this funding was used to repay the PortoCem Credit Note and to begin the development and construction of a power plant to deliver under the capacity reserve contracts acquired in the PortoCem Acquisition. The PortoCem Bridge Loan bore interest at the one-

day interbank deposit futures rate in Brazil plus 4.25%, and no principal payments were required until maturity in October 2025.

In November 2024, PortoCem issued R$4.5 billion ($726,750 based on exchange rates in effect at December 31, 2024) of debentures to BNDES ("PortoCem Debentures"). Borrowings bear interest at 9.15%. No principal or interest payments are due until September 2027; at that point, PortoCem will begin to make semi-annual payments until maturity in September 2040. Proceeds received were utilized to repay the PortoCem Bridge Loan, and the remaining proceeds are restricted to fund the construction of the PortoCem Power Plant.

The PortoCem Debentures contain usual and customary representations and warranties, and usual and customary affirmative and negative covenants. The PortoCem Debentures do not contain any restrictive financial covenants.

The Company incurred $11,663 in origination, structuring and other fees in connection with the entry into the PortoCem Credit Note and the PortoCem Bridge Loan. The repayment of the PortoCem Bridge Loan was treated as an extinguishment, and the Company recognized $25,010 of repayment penalty and unamortized deferred financing fees as loss on extinguishment of debt in the Consolidated Statements of Operations and Comprehensive (Loss) Income at the time of repayment. The Company incurred $6,301 of new third party fees in conjunction with the repayment of the PortoCem Bridge Loan and issuance of the PortoCem Debentures. As of December 31, 2024, total remaining unamortized deferred financing costs for the PortoCem Debentures was $6,301.

Barcarena Financings

In October 2023, certain of the Company's Brazilian subsidiaries entered into two long-term financing arrangements, fully funding the construction of the Company's power plant located in Pará, Brazil (the "Barcarena Power Plant"). The parent of the owner of the Barcarena Power Plant entered into an agreement for the issuance of up to $200 million of convertible debentures maturing in October 2028 ("Barcarena Debentures") and issued $180 million of the Barcarena Debentures prior to December 31, 2023. The remaining series may be issued upon the achievement of certain conditions precedent. Interest on the Barcarena Debentures is due quarterly, and interest accrues at an annual rate of 12.0%, increasing 1.25% each year after the third anniversary of issuance. The Company is able to prepay the Barcarena Debentures, subject to certain make-whole penalties, and the Company is required to utilize certain excess cash flows from the Company's Brazilian operations to prepay principal.

The Barcarena Debentures are convertible into shares of one of the Company's indirect Brazilian subsidiaries on the maturity date at the creditors' option, based on the current fair value of this subsidiary's equity at the time of conversion.

The obligations under the Barcarena Debentures are guaranteed by certain indirect Brazilian subsidiaries that own the Barcarena Facility and the Santa Catarina Facility. NFE has also provided a parent company guarantee that will be released once the Barcarena Facility commences commercial operations. Brazilian subsidiaries guaranteeing these obligations are required to comply with customary affirmative and negative covenants, and the Barcarena Debentures also provides for customary events of default, prepayment and cure provisions.

The Company incurred $5,061 of structuring and other fees, and such fees were deferred as a reduction to the principal balance of the Barcarena Debentures. As of December 31, 2024 and 2023, the remaining unamortized deferred financing costs for the Barcarena Debentures were $3,085 and $4,975, respectively.

The owner of the Barcarena Power Plant entered into a credit agreement with BNDES, the Brazilian Development Bank (the "BNDES Credit Agreement"). The Company is able to borrow up to $355,566 under the BNDES Credit Agreement, segregated into three tranches based on the use of proceeds ("BNDES Term Loan"). The Company borrowed $344,735 under the BNDES Credit Agreement in 2024. Each tranche bears a different rate of interest ranging from 2.61% to 4.41% plus the fixed rate announced by BNDES. No principal payments are required until April 2026 and are due quarterly thereafter until maturity in 2045. Interest payments prior to April 2026 are made through an increase in the outstanding principal amount and are due quarterly thereafter.

The obligations under the BNDES Credit Agreement are guaranteed by certain indirect Brazilian subsidiaries that are constructing the Barcarena Power Plant, and are secured by the Barcarena Power Plant and receivables under the Barcarena Power Plant's PPAs. These Brazilian subsidiaries are required to comply with customary affirmative and negative

covenants, and the BNDES Credit Agreement also provides for customary events of default, prepayment and cure provisions.

South Power 2029 Bonds

In January 2022, NFE South Power Holdings Limited (“South Power”), a wholly owned subsidiary of NFE, entered into an agreement for the issuance of up to $285,000 secured bonds (“South Power 2029 Bonds”). The South Power 2029 Bonds are secured by, amongst other things, the Company’s combined heat and power plant in Clarendon, Jamaica (“CHP Plant”), and NFE has provided a guarantee of the obligations under the South Power 2029 Bonds. As of both December 31, 2024 and 2023, South Power had $221,824 of South Power 2029 Bonds issued and outstanding.

The South Power 2029 Bonds bear interest at an annual fixed rate of 6.50% and shall be partially repaid in quarterly installments beginning in August 2025 with the final repayment date in May 2029. Interest payments on outstanding principal balances are due quarterly.

South Power is required to comply with certain financial covenants as well as customary affirmative and negative covenants. The South Power 2029 Bonds also provide for customary events of default, prepayment and cure provisions. The Company was in compliance with all covenants as of December 31, 2024 and 2023.

As of December 31, 2024 and 2023, the remaining unamortized deferred financing costs for the South Power 2029 Bonds was $3,953 and $4,832, respectively.

Turbine Financing

In May 2024, the Company executed a loan agreement with a lender to borrow $148,500 under a promissory note secured by certain turbines owned by a wholly-owned subsidiary of the Company (the “Turbine Financing”). The Turbine Financing bears interest at 10.30%, and the principal is partially repayable in monthly installments over the 36-month term of the loan with the balance due upon maturity in June 2027.

The Turbine Financing contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants. The Turbine Financing does not contain any restrictive financial covenants. The Company was required to pay a deposit of approximately $5,963 that will be held by the lender throughout the term of the borrowing which was recorded in Other non-current assets, net on the Consolidated Balance Sheets.

Proceeds received were net of upfront fees due to the lender, and through December 31, 2024 the Company has incurred $2,136 in origination, structuring and other fees, associated with entry into the Turbine Financing. As of December 31, 2024, total remaining unamortized deferred financing costs for the Turbine Financing was $1,753.

EB-5 Loan Agreement

On July 21, 2023, the Company entered into a loan agreement under the U.S. Citizenship and Immigration Services EB-5 Program (“EB-5 Loan Agreement”) to pay for the development and construction of a new green hydrogen facility in Texas. The maximum aggregate principal amount available under the EB-5 Loan Agreement is $100,000, and outstanding borrowings bear interest at a fixed rate of 4.75%. The loan matures in 5 years from the initial advance with an option to extend the maturity by two one-year periods. It is expected that the loan will be secured by NFE's green hydrogen facility, and NFE has provided a guarantee of the obligations under the EB-5 Loan Agreement. In the year ended December 31, 2023, $62,

928 was funded under the EB-5 Loan Agreement, and the remaining availability of $37,072 was funded during the year ended December 31, 2024.

The EB-5 Loan Agreement contains usual and customary representations and warranties, and usual and customary affirmative and negative covenants. The EB-5 Loan Agreement does not contain any restrictive financial covenants.

The Company has incurred $1,728 in origination, structuring and other fees associated with entry into the EB-5 Loan Agreement. As of December 31, 2024 and 2023, the total remaining unamortized deferred financing costs for the EB-5 Loan Agreement was $1,353 and $1,314, respectively.

Equipment Notes

In June 2023, the Company executed a Master Loan and Security Agreement with a lender to borrow up to $200,000 under promissory notes secured by certain turbines acquired in the first quarter of 2023 to support our grid stabilization project in Puerto Rico (the “Equipment Notes”). During 2023, the Company borrowed the full capacity bearing interest at approximately 7.68%, and the principal was partially repayable in monthly installments over the 36-month term of the loan with the balance due upon maturity in July 2026.

In conjunction with the execution of the APA to sell certain turbines to PREPA in March 2024 (Note 5), the Company repaid the Equipment Notes in full, releasing any liens held on the turbines prior to their sale. The balance outstanding as of the repayment date was $188,431, and the Company incurred a prepayment premium of 3%. The prepayment premium and any unamortized financing costs of $7,879 were recognized as Loss on extinguishment of debt, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Interest Expense

Interest and related amortization of debt issuance costs, premiums and discounts recognized during major development and construction projects are capitalized and included in the cost of the project. Interest expense, net of amounts capitalized, recognized for the years ended December 31, 2024, 2023 and 2022 consisted of the following:


	Year Ended December 31,
	2024		2023		2022
Interest per contractual rates	$	561,477	$	339,631	$	227,960
Interest expense on Vessel Financing Obligation	192,107		211,745		91,405
Amortization of debt issuance costs, premiums and discounts	60,208		18,569		11,098
Interest expense incurred on finance lease obligations	981		3,706		852
Total interest costs	$	814,773	$	573,651	$	331,315
Capitalized interest	486,396		295,809		94,454
Total interest expense	$	328,377	$	277,842	$	236,861

Interest expense on the Vessel Financing Obligations includes non-cash expense of $120,962, $169,641, and $84,517 for the years ended December 31, 2024, 2023, and 2022, respectively, related to payments received by Energos from third party charterers.

Energos Formation Transaction

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Energos Formation Transaction

6. Energos Formation Transaction

the investment in Energos as an equity method investment; see Note 13 for further discussion of this investment. In February 2024, the Company sold substantially all of its stake in Energos.

13. Equity method investments

Changes in the balance of the Company’s equity method investments are as follows:


	December 31, 2024		December 31, 2023
Equity method investments as of beginning of period	$	137,793	$	392,306
Capital contributions	6,794		1,501
Dividends	—		(5,830)
Equity in earnings of investees	—		15,249
Other-than-temporary impairment	—		(5,277)
Sale of equity method investments	(144,587)		(260,156)
Equity method investments as of end of period	$	—	$	137,793

At December 31, 2023, the carrying value of the Company’s equity method investments was less than its proportionate share of the underlying net assets of its investees by $5,277.

Energos

Hilli LLC

Prepaid expenses and other current assets

12 Months Ended

Dec. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid expenses and other current assets

12. Prepaid expenses and other current assets

As of December 31, 2024 and 2023, prepaid expenses and other current assets consisted of the following:


	December 31, 2024		December 31, 2023
Prepaid expenses	$	28,667	$	31,490
Recoverable taxes	98,101		80,630
Contract assets (Note 7)	44,902		8,714
Due from affiliates	2,627		1,566
Assets held for sale	—		21,265
Other current assets	31,199		69,439
Total prepaid expenses and other current assets, net	$	205,496	$	213,104

During 2023, the Company began to sub-charter the Winter, a vessel included in the Energos Formation Transaction, and an asset was recorded representing the existing charterer's remaining payments to Energos, which was $59,074 as of December 31, 2023. The Company also recognized a liability of $49,400 as of December 31, 2023 (see Note 19) representing the Company's obligation to pay sub-charter payments until the vessel is chartered directly from Energos. The sub-charter was terminated during the third quarter of 2024, and the Company derecognized both the sub-charter asset and liability.

The remaining balance of other current assets as of December 31, 2024 and 2023 primarily consists of derivative assets recognized for foreign currency exchange contracts (Note 9) and deposits.

Assets held for sale

In December 2023, the Company entered into an agreement to sell the vessel, Mazo, for $22,400; and as such, the vessel was classified as held for sale as of December 31, 2023. In conjunction with the classification to held for sale, the Company recognized an impairment of $10,958 within Asset impairment expense in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Nonrecurring, Level 2 inputs were used to estimate the fair value of the vessel for the purpose of recognizing the impairment. The sale closed in 2024, resulting in a gain of $392.

Other Long-Term Liabilities - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Supplier Finance Program [Line Items]
Guarantee liability	$ 115,359	$ 0
Derivative liabilities	24,364	18,383
Contract liabilities, net - non-current	11,750	31,698
Other	14,885	5,546
Total other long-term liabilities	166,358	$ 55,627
LNG liquefaction facilities \| Performance Guarantee
Supplier Finance Program [Line Items]
Guarantee liability	$ 115,539

Other non-current assets, net

12 Months Ended

Dec. 31, 2024

Other Assets, Noncurrent Disclosure [Abstract]

Other non-current assets, net

17. Other non-current assets, net

As of December 31, 2024 and 2023, Other non-current assets consisted of the following:


	December 31, 2024		December 31, 2023

Long term receivables	$	114,677	$	—
Contract asset, net (Note 7)	20,270		19,901

Cost to fulfill (Note 7)	20,592		22,418
Financing costs	57,568		11,923
Other	59,792		72,661
Total other non-current assets	$	272,899	$	126,903

In the fourth quarter of 2024, the Company novated an LNG supply contact to a customer (Note 7). In conjunction with this novation, the Company agreed to guarantee the performance of the LNG supplier (Note 21). In exchange for this guarantee, the Company will receive payments totaling $126,668 from the counterparty. These payments will be made between the third quarter of 2026 through the first quarter of 2028, and the discounted value of the payment stream of $114,677 has been recorded as a long-term receivable.

Financing costs includes deferred costs associated with the Company's Revolving Facility and the undrawn portion of the Term Loan A (both defined below). Other non-current assets includes the development costs for hosted software products, foreign exchange contracts and investments in equity securities, which includes investments without a readily determinable fair value of $8,678 and $7,678 as of December 31, 2024 and 2023, respectively. The Company has not recognized any gains or losses in the value of these investments during 2024.

Leases, as lessee - Narrative (Details) $ in Thousands	12 Months Ended
Leases, as lessee - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) turbine	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Leases [Abstract]
Finance lease, impairment loss	$ 23,431
Finance lease, lease liability, writeoff	$ 29,443
Number of operating leases terminated \| turbine	3
Operating lease, right-of-use asset, write-off due to termination	$ 21,821
Operating lease, liability, write-off due to termination	25,762
Loss on lease termination	4,789
Lease, cost	$ 36,288	$ 61,320	$ 20,403
Operating lease, weighted average remaining lease term	6 years 9 months 18 days
Finance lease, weighted average remaining lease term	3 years
Operating lease, weighted average discount rate, percent	10.30%	10.10%
Finance lease, weighted average discount rate, percent	5.20%	8.20%
Lessee, operating lease, liability, to be paid	$ 830,639

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Oct. 02, 2024	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Net proceeds on issuance of common stock	$ 386,583
Adjustments to additional paid in capital, dividends in excess of retained earnings				$ 85,717	$ 97,652	$ 725,360
Payments of Dividends				65,310	$ 723,962	$ 99,050
Issuance of shares for vested share-based compensation awards			$ 8,662
Class A Shares [Member]
Class of Stock [Line Items]
Shares issued	46,349,942
Common stock average price per share (in dollars per share)	$ 8.63
Dividend per share (in dollars per share)					$ 0.10	$ 3.00
Adjustments to additional paid in capital, dividends in excess of retained earnings				61,517	$ 81,976
Dividends payable						$ 626,310
Payments of Dividends		$ 969		41,010
Class A Shares [Member] \| Chief Executive Officer
Class of Stock [Line Items]
Shares issued	5,793,742
Series A Preferred Units \| GMLP Merger Agreement
Class of Stock [Line Items]
Payments of Dividends				$ 12,076	$ 12,076	$ 12,076
Noncontrolling interest, ownership percentage by noncontrolling owners		8.75%		8.75%

Debt - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Nov. 06, 2024	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Apr. 30, 2021
Debt Instrument [Line Items]
Current portion of long-term debt		$ 539,132		$ 292,625
New 2029 Notes
Debt Instrument [Line Items]
Class A stock issued, net of issuance costs (in shares)		15,700,998
Senior Secured Notes, due September 2026
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 989,121
Debt instrument, fee amount					$ 25,240
Senior Secured Notes Due March 15, 2029
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 513,272
Debt instrument, fee amount			$ 14,171
Level 2
Debt Instrument [Line Items]
Long-term debt		$ 9,087,890		$ 6,835,487

Revenue recognition - Contract Liabilities and Contract Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets, net - current	$ 44,902	$ 8,714
Contract assets, net - non-current	20,270	19,901
Total contract assets, net	65,172	28,615
Contract liabilities (Note 7)	14,415	65,287
Contract liabilities, net - non-current	11,750	31,698
Total contract liabilities, net	26,165	96,985	$ 43,577
Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$ 82,454	$ 12,748

Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 5,842,807	$ 2,481,415
Depreciation	144,166	141,069	$ 104,823
Vessels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	1,272,334	1,293,384
Cost of Sales
Property, Plant and Equipment [Line Items]
Depreciation	$ 511	$ 905	$ 954

Debt - Turbine Financing (Details) - USD ($) $ in Thousands	Dec. 31, 2024	May 31, 2024
Debt Instrument [Line Items]
Deferred financing costs	$ 132,261
Turbine Financing
Debt Instrument [Line Items]
Fixed interest rate		10.30%
Deposit amount		$ 5,963
Debt instrument, fee amount	2,136
Deferred financing costs	$ 1,753
Secured Debt
Debt Instrument [Line Items]
Outstanding principal balance		$ 148,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Changes in Valuation Allowance on Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance at the beginning of the period	$ 188,036	$ 130,649
Change in valuation allowance	262,036	57,387
Balance at the end of the period	$ 450,072	$ 188,036

Prepaid expenses and other current assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Prepaid expenses	$ 28,667,000	$ 31,490,000
Recoverable taxes	$ 98,101,000	$ 80,630,000
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Total prepaid expenses and other current assets, net	Total prepaid expenses and other current assets, net
Contract assets (Note 7)	$ 44,902,000	$ 8,714,000
Due from affiliates	2,627,000	1,566,000
Assets held for sale	0	21,265,000
Other current assets	31,199,000	69,439,000
Total prepaid expenses and other current assets, net	205,496,000	213,104,000
Winter sub-charter liability	0
Asset impairment expense	16,494,000	10,958,000	$ 50,659,000
Gain (loss) on disposition of property plant equipment	392,000
Energos
Schedule of Investments [Line Items]
Lease termination asset, current		59,074,000
Winter sub-charter liability		$ 49,400,000
Mazo Vessel
Schedule of Investments [Line Items]
Asset, held-for-sale, not part of disposal group	$ 22,400,000

Debt - South Power 2029 Bonds Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jan. 31, 2022
Debt Instrument [Line Items]
Total debt, net deferred finance charges	$ 8,894,835	$ 6,803,148
Deferred financing costs	132,261
South Power 2029 Bonds, due May 2029
Debt Instrument [Line Items]
Outstanding principal balance	221,824	221,824
Total debt, net deferred finance charges	221,824	221,824
Fixed interest rate			6.50%
Deferred financing costs	$ 3,953	$ 4,832
South Power 2029 Bonds, due May 2029 \| Maximum
Debt Instrument [Line Items]
Outstanding principal balance			$ 285,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Customer concentrations (Details) $ in Thousands	12 Months Ended
Customer concentrations (Details) $ in Thousands	Dec. 31, 2024 USD ($) Customer	Dec. 31, 2023 USD ($) Customer	Dec. 31, 2022 USD ($) Customer
Concentration Risk [Line Items]
Total revenues	$ 2,364,860	$ 2,413,296	$ 2,368,272
UNITED STATES
Concentration Risk [Line Items]
Total revenues	1,045,654	1,060,678	246,628
Long-lived assets	1,529,478	1,744,591
Non-US
Concentration Risk [Line Items]
Total revenues	1,319,206	1,352,618	$ 2,121,644
Long-lived assets	$ 8,655,996	$ 6,938,199
Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk, customer \| Customer	3	2	2
Customer Concentration Risk \| Revenue Benchmark \| Two Customers
Concentration Risk [Line Items]
Concentration risk, percentage		47.00%	42.00%
Customer Concentration Risk \| Revenue Benchmark \| Three Customers
Concentration Risk [Line Items]
Concentration risk, percentage	48.00%

Leases, as lessee - Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Interest expense related to finance leases	$ 981	$ 3,706	$ 852
Amortization of right-of-use asset related to finance leases	$ 6,132	$ 19,337	$ 1,512

Segments - Summary of Segment Information (Details) - USD ($)	6 Months Ended		12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of operations [Abstract]
Total revenues			$ 2,364,860,000	$ 2,413,296,000	$ 2,368,272,000
Cost of sales			1,064,667,000	877,451,000	1,010,428,000
Vessel operating expenses			33,372,000	45,439,000	63,518,000
Operations and maintenance			174,313,000	166,785,000	105,800,000
Deferred earnings from contracted sales(6)			0
Segment Operating Margin			1,092,508,000	1,323,621,000	1,188,526,000
Balance sheet:
Total assets	$ 12,867,496,000		12,867,496,000	10,501,245,000	7,705,082,000
Other segmental financial information:
Capital expenditures			2,274,435,000	3,469,227,000	1,509,998,000
Realized gain (loss) on derivatives			139,089,000	0	0
Unrealized gain (loss) on derivatives			$ 22,085,000
Inventory write-down		$ 6,232,000
Contract with customer, liability, gross, current	$ 150,000,000
Terminals and Infrastructure \| Cost of Sales
Other segmental financial information:
Unrealized gain (loss) on derivatives				$ 106,393,000	$ 106,103,000
Terminals and Infrastructure \| Centrais Eletricas de Sergipe Participacoes S.A.
Other segmental financial information:
Ownership interest acquired	50.00%		50.00%	50.00%	50.00%
Operating Segments
Statement of operations [Abstract]
Total revenues			$ 2,214,860,000	$ 2,434,690,000	$ 2,613,181,000
Cost of sales			1,064,667,000	764,828,000	1,142,374,000
Vessel operating expenses			33,372,000	51,387,000	90,544,000
Operations and maintenance			174,313,000	166,785,000	129,970,000
Deferred earnings from contracted sales(6)			150,000,000
Segment Operating Margin			1,092,508,000	1,451,690,000	1,250,293,000
Balance sheet:
Total assets	$ 12,867,496,000		12,867,496,000	10,501,245,000	7,705,082,000
Other segmental financial information:
Capital expenditures			2,274,435,000	3,469,227,000	1,509,998,000
Operating Segments \| Terminals and Infrastructure
Statement of operations [Abstract]
Total revenues			2,044,273,000	2,141,085,000	2,168,565,000
Cost of sales			1,064,667,000	764,828,000	1,142,374,000
Vessel operating expenses			0	0	0
Operations and maintenance			174,313,000	166,785,000	129,970,000
Deferred earnings from contracted sales(6)			150,000,000
Segment Operating Margin			955,293,000	1,209,472,000	896,221,000
Balance sheet:
Total assets	12,309,565,000		12,309,565,000	9,680,917,000	5,913,775,000
Other segmental financial information:
Capital expenditures			2,274,435,000	3,461,659,000	1,482,871,000
Operating Segments \| Ships
Statement of operations [Abstract]
Total revenues			170,587,000	293,605,000	444,616,000
Cost of sales			0	0	0
Vessel operating expenses			33,372,000	51,387,000	90,544,000
Operations and maintenance			0	0	0
Deferred earnings from contracted sales(6)			0
Segment Operating Margin			137,215,000	242,218,000	354,072,000
Balance sheet:
Total assets	557,931,000		557,931,000	820,328,000	1,791,307,000
Other segmental financial information:
Capital expenditures			0	7,568,000	27,127,000
Consolidation and Other
Statement of operations [Abstract]
Total revenues			150,000,000	(21,394,000)	(244,909,000)
Cost of sales			0	112,623,000	(131,946,000)
Vessel operating expenses			0	(5,948,000)	(27,026,000)
Operations and maintenance			0	0	(24,170,000)
Deferred earnings from contracted sales(6)			(150,000,000)
Segment Operating Margin			0	(128,069,000)	(61,767,000)
Balance sheet:
Total assets	$ 0		0	0	0
Other segmental financial information:
Capital expenditures			$ 0	$ 0	$ 0

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	5. Dispositions Turbine sale In March 2024, the Company completed a series of transactions that included the sale of turbines and related equipment to the Puerto Rico Electric Power Authority ("PREPA") under an Asset Purchase Agreement ("APA"). The Company deployed this equipment in 2023 in response to a request to provide emergency power to stabilize the power grid in Puerto Rico. The purchase price was $306,599. Additionally, the APA includes a requirement that the Company provide major maintenance services on certain of the sold turbines within 12 months of the sale date; the standalone selling price of these maintenance services of $15,330 will be recognized when these services are performed, and the transaction price allocated to the sale of turbines was reduced by this amount. The Company recognized $3,830 of the maintenance services revenue during the year ended December 31, 2024. The book value of the turbines and equipment at the time of sale was $368,799, and the Company recognized a loss of $77,562 in Loss on sale of assets, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. A portion of the assets sold to PREPA were previously leased by the Company. To facilitate the sale of these leased turbines, the Company terminated leases, acquiring turbines and equipment immediately prior to the sale of such turbines and equipment to PREPA. The cost to acquire the leased turbines, including the write-off of the right-of-use asset and lease liability were included in the book value of the turbines and the related loss upon sale. As part of these transactions, the Company repaid the Equipment Notes (See Note 20) that were collateralized by the sold turbines, recognizing a loss on extinguishment of debt of $7,879, which was comprised of fees due upon prepayment as well as the unamortized portion of financing costs incurred at the inception of the loan. The Company's contract to provide emergency power services to support the grid stabilization project was also terminated. All unrecognized contract liabilities and cost to fulfil at the time of termination were recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income (See Note 7). The Company believes that there are remedies available under the customer contract, and is currently pursuing these remedies. As the outcome of this process is uncertain, any transaction price associated with closing this contract has been fully constrained. The Company has been awarded a new gas sale agreement with PREPA under which the Company is providing gas supply to the sold turbines. Miami Facility On June 30, 2024, the Company entered into a definitive agreement to sell its LNG liquefaction facility located in Miami (the "Miami Facility") for $62,000, subject to certain purchase price adjustments at close. The assets related to the Miami Facility were classified as held for sale as of June 30, 2024. In conjunction with the classification to held for sale and completion of the sale in the fourth quarter, the Company recognized an impairment loss of $16,016 within Asset impairment expense in the Consolidated Statements of Operations and Comprehensive Income (Loss), which includes the allocation of goodwill to this business disposition of $10,410.

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Class A common stock	Common Shares Class A common stock	Common Shares Series B Convertible Stock	Additional paid-in capital	Retained earnings (Accumulated deficit)	Accumulated other comprehensive (loss) income	Non-controlling Interest
Balance at ending of period (in shares) at Dec. 31, 2022				0
Balance at ending of period at Dec. 31, 2022				$ 0
Balance (in shares) at Dec. 31, 2021			206,863,242
Balance at Dec. 31, 2021	$ 1,994,054		$ 2,069		$ 1,923,990	$ (132,399)	$ (2,085)	$ 202,479
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	184,786					194,479		(9,693)
Other comprehensive income	68,403						69,505	(1,102)
Currency translation adjustment released upon Sergipe Sale	(12,022)						(12,022)
Share-based compensation expense	30,382				30,382
Issuance of shares for vested RSU/PSUs (in shares)			3,426,213
Issuance of shares for vested RSU/PSUs	7		$ 19		(12)
Shares withheld from employees related to share-based compensation, at cost (in shares)			(1,519,367)
Shares withheld from employees related to share-based compensation, at cost	(74,822)				(74,822)
Deconsolidation of Nanook, Celsius and Penguin SPVs	(23,569)							(23,569)
Dividends	(725,360)				(709,284)			(16,076)
Balance (in shares) at Dec. 31, 2022			208,770,088
Balance at Dec. 31, 2022	$ 1,441,859		$ 2,088		1,170,254	62,080	55,398	152,039
Balance at ending of period (in shares) at Dec. 31, 2023	0			0
Balance at ending of period at Dec. 31, 2023	$ 0			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	548,876					547,882		994
Other comprehensive income	16,548						16,130	418
Share-based compensation expense	1,573				1,573
Issuance of shares for vested RSU/PSUs (in shares)			689,401
Issuance of shares for vested RSU/PSUs	3		$ 3		0
Issuance of shares for vested share-based compensation awards (in shares)			(4,100,000)
Acquisition and cancellation of shares	(123,819)		$ (41)		(123,778)
Shares withheld from employees related to share-based compensation, at cost (in shares)			(328,083)
Shares withheld from employees related to share-based compensation, at cost	(9,519)				(9,519)
Dividends	(97,652)	$ (81,976)				(81,976)		(15,676)
Balance (in shares) at Dec. 31, 2023			205,031,406
Balance at Dec. 31, 2023	$ 1,777,869		$ 2,050		1,038,530	527,986	71,528	137,775
Increase (Decrease) in Temporary Equity [Roll Forward]
Deemed dividend related to Series B preferred stock (Note 4) (in shares)				96,746
Issuance of preferred stock and deemed dividend (Note 4)				$ 107,189
Balance at ending of period (in shares) at Dec. 31, 2024	96,746			96,746
Balance at ending of period at Dec. 31, 2024	$ 90,570			$ 90,570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(242,387)					(249,039)		6,652
Other comprehensive income	(69,468)						(68,439)	(1,029)
Share-based compensation expense	50,625				50,625
Class A stock issued, net of issuance costs (in shares)			61,389,733
Class A stock issued, net of issuance costs	562,815		$ 614		562,201
Issuance of shares for vested RSU/PSUs (in shares)			54,035
Shares withheld from employees related to share-based compensation, at cost (in shares)			(16,081)
Shares withheld from employees related to share-based compensation, at cost	(435)				(435)
Issuance of preferred stock and deemed dividend (Note 4)	(10,833)				6,772	(17,605)
Conversion of Series B convertible preferred stock	16,619			$ (16,619)	16,619
Dividends	(85,717)	$ (61,517)				(64,979)		(20,738)
Balance (in shares) at Dec. 31, 2024			266,459,093
Balance at Dec. 31, 2024	$ 1,999,088		$ 2,664		$ 1,674,312	$ 196,363	$ 3,089	$ 122,660

Earnings per share - Summary (Details) - USD ($)		12 Months Ended
Earnings per share - Summary (Details) - USD ($)	Oct. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net (loss) income		$ (242,387,000)	$ 548,876,000	$ 184,786,000
Net (loss) income attributable to non-controlling interests		(6,652,000)	(994,000)	9,693,000
Redeemable Preferred Stock Dividends		3,462,000	0	0
Convertible preferred stock dividend	$ (10,833,000)	(3,462,000)	0	0
Deemed dividend from the preferred stock exchange		(17,605,000)	0	0
Net (loss) income attributable to Class A common stock		$ (270,106,000)	$ 547,882,000	$ 194,479,000
Denominator:
Weighted-average shares - basic (in shares)		217,578,487	205,942,837	209,501,298
Net (loss) income per share - basic (in dollars per share)		$ (1.24)	$ 2.66	$ 0.93
Numerator:
Net (loss) income		$ (242,387,000)	$ 548,876,000	$ 184,786,000
Net (loss) income attributable to non-controlling interests		(6,652,000)	(994,000)	9,693,000
Convertible preferred stock dividend	$ (10,833,000)	(3,462,000)	0	0
Adjustments attributable to dilutive securities		(2,418,000)	(736,000)	0
Net (loss) income attributable to Class A common stock		$ (272,524,000)	$ 547,146,000	$ 194,479,000
Denominator:
Weighted-average shares - diluted (in shares)		218,622,419	206,481,977	209,854,413
Net (loss) income per share - diluted (in dollars per share)		$ (1.25)	$ 2.65	$ 0.93

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net (loss) income	$ (242,387)	$ 548,876	$ 184,786
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	33,173	6,589	2,536
Depreciation and amortization	162,525	187,324	143,589
(Earnings) losses of equity method investees	0	(9,972)	472,219
Current expected credit losses	13,959	203	869
Deferred taxes	5,466	14,938	(279,536)
Share-based compensation	50,625	1,573	30,382
Earnings recognized from vessels chartered to third parties transferred to Energos	(95,487)	(156,997)	(49,686)
Loss on the disposal of equity method investment	7,222	37,401	0
Loss (gain) on sale of assets, net	77,562	(29,378)	0
Loss on extinguishment of debt	(270,063)	0	(14,997)
Other	153,338	34,819	(60,243)
Changes in operating assets and liabilities, net of acquisitions:
Decrease (increase) in receivables	64,726	(41,019)	(139,938)
(Increase) in inventories	(2,751)	(39,790)	(7,933)
(Increase) decrease in other assets	(65,445)	41,828	(30,086)
Decrease in right-of-use assets	164,136	83,537	63,593
Increase in accounts payable/accrued liabilities	187,792	78,065	67,741
(Decrease) in lease liabilities	(160,604)	(74,576)	(63,493)
(Decrease) increase in other liabilities	(37,171)	141,335	5,314
Net cash provided by operating activities	586,742	824,756	355,111
Cash flows from investing activities
Capital expenditures	(2,621,234)	(3,029,834)	(1,174,008)
Proceeds from sale of net investment in lease	0	0	593,000
Sale of equity method investment	136,365	100,000	500,076
Asset sales	328,999	16,464	0
Sale of Miami Facility	58,336	0	0
Other investing activities	22,887	9,227	(1,794)
Net cash used in investing activities	(2,074,647)	(2,904,143)	(82,726)
Cash flows from financing activities
Proceeds from borrowings of debt	5,865,299	3,005,387	2,032,020
Payment of deferred financing costs	(146,722)	(37,806)	(17,598)
Repayment of debt	(3,801,034)	(686,508)	(1,520,813)
Issuance of Class A stock	386,583	0	0
Payment of dividends	(65,310)	(723,962)	(99,050)
Other financing activities	(14,248)	(28,161)	(72,602)
Net cash provided by financing activities	2,224,568	1,528,950	321,957
Impact of changes in foreign exchange rates on cash and cash equivalents	(81,900)	6,168	(3,289)
Net increase (decrease) in cash, cash equivalents and restricted cash	654,763	(544,269)	591,053
Cash, cash equivalents and restricted cash – beginning of period	310,814	855,083	264,030
Cash, cash equivalents and restricted cash – end of period	965,577	310,814	855,083
Cash paid for interest, net of capitalized interest	105,784	100,304	160,618
Cash paid for taxes	27,932	52,897	151,210
Supplemental disclosure of non-cash investing and financing activities:
Changes in accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	(267,366)	322,598	284,390
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	463,657	738,163	422,391
Consideration received on asset sale	0	27,704	0
Principal payments on financing obligation paid to Energos by third party charters	(21,731)	(66,866)	(24,949)
Shares received in Hilli Exchange	0	(122,754)	0
Investment in Energos	0	1,501	129,518
Accrued dividend	20,507	0	626,310
Preferred shares issued and debt assumed in PortoCem acquisition	(125,198)	0	0
Fair value of contingent payments in the Lins acquisition	8,080	0	0
Deemed Dividend	(17,605)	0	0
Non-cash financing costs	181,928	0	46,371
Cash and cash equivalents	492,881	155,414
Current restricted cash	472,696	155,400
Cash, cash equivalents and restricted cash – end of period	$ 965,577	$ 310,814	$ 855,083

Property, plant and equipment, net - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ (455,009)	$ (377,833)
Total property, plant and equipment, net	5,842,807	2,481,415
LNG liquefaction facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,316,504	63,316
Vessels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,575,299	1,494,433
Total property, plant and equipment, net	1,272,334	1,293,384
Terminal and power plant equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	630,822	668,927
Gas pipelines
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	323,196	66,319
Power facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	283,470	273,978
ISO containers and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	66,766	97,984
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	51,897	54,324
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 49,862	$ 139,967

Construction in progress - Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Long-Lived Assets Held-for-sale [Line Items]
Interest expense		$ 328,377,000	$ 277,842,000	$ 236,861,000
Recoverable taxes		98,101,000	80,630,000
Additions		2,247,592,000	3,438,895,000
Construction in Progress
Long-Lived Assets Held-for-sale [Line Items]
Interest expense		486,396,000	$ 295,809,000	$ 94,454,000
Recoverable taxes		$ 45,996,000
FAST LNG Projects
Long-Lived Assets Held-for-sale [Line Items]
Additions	$ 3,573,382,000

Revenue recognition - Performance Obligation (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 12,268,954
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 362,657
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 709,063
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 707,329
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 691,558
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 677,365
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 9,120,982
Revenue, remaining performance obligation, expected timing of satisfaction, period

Other non-current assets, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]
Long term receivables	$ 114,677	$ 0
Contract asset, net (Note 7)	20,270	19,901
Cost to fulfill (Note 7)	20,592	22,418
Financing costs	57,568	11,923
Other	59,792	72,661
Total other non-current assets	272,899	126,903
Equity securities without readily determinable fair value, amount	8,678	$ 7,678
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 126,668

Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segments

29. Segments

As of December 31, 2024, the Company operates in two reportable segments: Terminals and Infrastructure and Ships:

•Terminals and Infrastructure includes the Company’s vertically integrated gas to power solutions, spanning the entire production and delivery chain from natural gas procurement and liquefaction to logistics, shipping, facilities and conversion or development of natural gas-fired power generation. Vessels that are utilized in the Company’s terminal, logistics or sub-charter operations are included in this segment.

Terminals and Infrastructure Operating Margin included the Company’s effective share of revenues, expenses and operating margin attributable to the Company's 50% investment in CELSEPAR; the Company disposed of this investment in the fourth quarter of 2022.

Terminal and Infrastructure segment includes realized gains and losses from the settlement of derivative transactions entered into as economic hedges to reduce market risks associated with commodity prices.

•Ships includes vessels that are currently chartered to third parties under long-term arrangements and are part of the Energos Formation Transaction; three vessels are currently included in this segment. The Company’s investment in Energos was also included in the Ships segment prior to the disposition of this investment in the first quarter of 2024. Ships Operating Margin also included the Company's effective share of revenue, expenses and operating margin attributable to ownership of the common units of Hilli LLC prior to the disposition of this investment in the first quarter of 2023.

The Company's CEO who is the CODM, uses Segment Operating Margin to evaluate the performance of the segments and allocate resources. Segment Operating Margin is defined as the segment’s revenue less cost of sales less operations and maintenance less vessel operating expenses, excluding unrealized gains or losses to financial instruments recognized at fair value. The CODM includes deferred earnings from contracted sales for which a prepayment was received in the current period in the segment measure.

The CODM considers Segment Operating Margin to be the appropriate metric to evaluate and compare the ongoing operating performance of the Company’s segments on a consistent basis across reporting periods as it eliminates the effect of items which management does not believe are indicative of each segment’s operating performance.

The table below presents segment information for the years ended December 31, 2024, 2023 and 2022:


Year Ended December 31, 2024
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues	$	2,044,273	$	170,587	$	2,214,860	$	150,000	$	2,364,860

Less(1):
Cost of sales(2)(4)	1,064,667		—		1,064,667		—		1,064,667
Vessel operating expenses	—		33,372		33,372		—		33,372
Operations and maintenance	174,313		—		174,313		—		174,313
Deferred earnings from contracted sales(6)	150,000		—		150,000		(150,000)		—
Segment Operating Margin	$	955,293	$	137,215	$	1,092,508	$	—	$	1,092,508
Balance sheet:
Total assets	$	12,309,565	$	557,931	$	12,867,496	$	—	$	12,867,496
Other segmental financial information:
Capital expenditures(3)	$	2,274,435	$	—	$	2,274,435	$	—	$	2,274,435


Year Ended December 31, 2023
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues	$	2,141,085	$	293,605	$	2,434,690	$	(21,394)	$	2,413,296

Less(1):
Cost of sales(2)(4)	764,828		—		764,828		112,623		877,451
Vessel operating expenses	—		51,387		51,387		(5,948)		45,439
Operations and maintenance	166,785		—		166,785		—		166,785
Segment Operating Margin	$	1,209,472	$	242,218	$	1,451,690	$	(128,069)	$	1,323,621
Balance sheet:
Total assets	$	9,680,917	$	820,328	$	10,501,245	$	—	$	10,501,245
Other segmental financial information:
Capital expenditures(3)	$	3,461,659	$	7,568	$	3,469,227	$	—	$	3,469,227


Year Ended December 31, 2022
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues	$	2,168,565	$	444,616	$	2,613,181	$	(244,909)	$	2,368,272

Less(1):
Cost of sales(2)(4)	1,142,374		—		1,142,374		(131,946)		1,010,428
Vessel operating expenses	—		90,544		90,544		(27,026)		63,518
Operations and maintenance	129,970		—		129,970		(24,170)		105,800
Segment Operating Margin	$	896,221	$	354,072	$	1,250,293	$	(61,767)	$	1,188,526
Balance sheet:
Total assets	$	5,913,775	$	1,791,307	$	7,705,082	$	—	$	7,705,082
Other segmental financial information:
Capital expenditures(3)	$	1,482,871	$	27,127	$	1,509,998	$	—	$	1,509,998

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3)Capital expenditures includes amounts capitalized to construction in progress and additions to property, plant and equipment during the period.

(4)Cost of sales is presented exclusive of costs included in Depreciation and amortization in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Consolidated Segment Operating Margin is defined as net income, adjusted for selling, general and administrative expenses, transaction and integration costs, depreciation and amortization, asset impairment expense, loss on sale of assets,

interest expense, other (income) expense, net, loss on extinguishment of debt, net, tax provision and income from equity method investments.

The following table reconciles Net income, the most comparable financial statement measure, to Consolidated Segment Operating Margin:


	Year Ended December 31,
(in thousands of $)	2024		2023		2022
Net income	$	(242,387)	$	548,876	$	184,786
Add:
Selling, general and administrative	285,520		205,104		236,051
Transaction and integration costs	12,279		6,946		21,796
Depreciation and amortization	162,014		187,324		142,640
Interest expense	328,377		277,842		236,861
Other expense (income), net	113,077		10,408		(48,044)
Loss (gain) on sale of assets, net	77,562		(29,378)		—
Tax provision (benefit)	69,509		115,513		(123,439)
Asset impairment expense	16,494		10,958		50,659
Loss on extinguishment of debt, net	270,063		—		14,997
Income (loss) from equity method investments	—		(9,972)		472,219
Consolidated Segment Operating Margin	$	1,092,508	$	1,323,621	$	1,188,526

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Income Taxes - Reconciliation of Income tax to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax at the statutory rate	21.00%	21.00%	21.00%
Foreign tax rate differential	71.10%	(12.10%)	(25.50%)
US taxation on foreign earnings	(7.50%)	0.10%	25.50%
Impact from foreign operations	12.90%	0.40%	(10.70%)
Change in valuation allowance	(155.80%)	8.20%	(22.90%)
Income attributable to non-controlling interest	0.00%	0.00%	1.30%
Effects of share-based compensation	(3.00%)	0.30%	(39.80%)
Withholding taxes	(0.20%)	0.60%	12.60%
Income tax credits	9.40%	(4.80%)	(0.30%)
Sergipe Sale	0.00%	0.00%	(165.40%)
Outside basis differences	0.00%	0.10%	(3.20%)
Changes in deferred taxes and payable	14.00%	0.00%	0.00%
Other	(2.10%)	3.60%	6.20%
Effective income tax rate	(40.20%)	17.40%	(201.20%)

Accrued liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued liabilities

18. Accrued liabilities

As of December 31, 2024 and 2023, Accrued liabilities consisted of the following:


	December 31, 2024		December 31, 2023
Accrued development costs	$	113,193	$	286,030
Accrued interest	84,566		82,507
Accrued inventory	93,319		4,855
Accrued bonuses	37,415		41,356
Other accrued expenses	62,866		56,927
Total accrued liabilities	$	391,359	$	471,675

Segments - Narrative (Details)	12 Months Ended
Segments - Narrative (Details)	Dec. 31, 2024 segment vessel	Dec. 31, 2023	Dec. 31, 2022	Aug. 15, 2022 vessel
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Number of vessels				11
Terminals and Infrastructure \| Centrais Eletricas de Sergipe Participacoes S.A.
Segment Reporting Information [Line Items]
Ownership interest acquired	50.00%	50.00%	50.00%
Ships
Segment Reporting Information [Line Items]
Number of vessels	3

Debt - 2025 Notes (Details) - Senior Secured Notes, due September 2025 - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2020
Senior Secured Notes [Abstract]
Debt instrument, face amount		$ 1,250,000,000
Fixed interest rate		6.75%
Debt instrument, repurchased face amount	$ 375,000,000
Debt instrument, repurchase amount	376,875,000
Loss on repurchase of debt instrument	$ 1,875,000

Restricted cash

12 Months Ended

Dec. 31, 2024

Restricted Cash [Abstract]

Restricted cash

10. Restricted cash

As of December 31, 2024 and 2023, restricted cash consisted of the following:


	December 31, 2024		December 31, 2023
Cash restricted under the terms of loan agreements	$	422,098	$	102,079
Collateral for letters of credit and performance bonds	50,598		53,321
Total restricted cash	$	472,696	$	155,400

Uses of cash proceeds under the BNDES Term Loan, Barcarena Debentures and PortoCem Debentures (see Note 20) are restricted to certain payments to construct the Company's power plants in Brazil

Share-based compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value				$ 53,958,000
Share-based payment arrangement, expense	$ 50,625,000	$ 1,574,000	$ 30,382,000
Unvested RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining vesting period	6 months
Share-based payment arrangement, expense	$ 13,584,000
Unrecognized compensation cost	$ 14,420,000
Range of Vesting (in shares)	91,362
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 11,537,000
Unrecognized compensation cost	$ 42,422,000
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense		$ 27,705,000
Range of Vesting (in shares)	681,204
Minimum \| Unvested RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	10 months
Maximum \| Unvested RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	2 years

Construction in progress

12 Months Ended

Dec. 31, 2024

Construction in progress [Abstract]

Construction in progress

14. Construction in progress

The Company’s construction in progress activity during the years ended December 31, 2024 and 2023 is detailed below:


	December 31, 2024		December 31, 2023
Construction in progress as of beginning of period	$	5,348,294	$	2,418,608
Additions	2,247,592		3,438,895

Impact of currency translation adjustment	(196,854)		30,989
Assets placed in service	(3,824,643)		(540,198)
Construction in progress as of end of period	$	3,574,389	$	5,348,294

Interest expense of $486,396, $295,809 and $94,454, inclusive of amortized debt issuance costs, was capitalized for the years ended December 31, 2024, 2023 and 2022, respectively. Recoverable taxes of $45,996 were capitalized for the year ended December 31, 2024 and represents non-cash addition to Construction in progress.

The Company's first Fast LNG project was placed into service for accounting purposes in the fourth quarter of 2024, and $3,573,382 was transferred to Property, plant and equipment, net. Assets placed in service during 2024 also include the Company's LNG receiving facility located on the southern coast of Brazil (the “Santa Catarina Facility”).

The Company has significant development activities in Latin America. The successful completion of these development projects is subject to various risks, such as obtaining government approvals, identifying suitable sites, securing financing and permitting, and ensuring contract compliance.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 492,881	$ 155,414
Restricted cash	472,696	155,400
Receivables, net of allowances of $13,629 and $1,158, respectively	335,813	342,371
Inventory	103,224	113,684
Prepaid expenses and other current assets, net	205,496	213,104
Total current assets	1,610,110	979,973
Construction in progress	3,574,389	5,348,294
Property, plant and equipment, net	5,842,807	2,481,415
Equity method investments	0	137,793
Right-of-use assets	618,733	588,385
Intangible assets, net	179,510	51,815
Goodwill	766,350	776,760
Deferred tax assets, net	2,698	9,907
Other non-current assets, net	272,899	126,903
Total assets	12,867,496	10,501,245
Current liabilities
Current portion of long-term debt and short-term borrowings	539,132	292,625
Accounts payable	473,736	549,489
Accrued liabilities	391,359	471,675
Current lease liabilities	128,362	164,548
Other current liabilities	174,829	227,951
Total current liabilities	1,707,418	1,706,288
Long-term debt	8,355,703	6,510,523
Non-current lease liabilities	475,161	406,494
Deferred tax liabilities, net	73,198	44,444
Other long-term liabilities	166,358	55,627
Total liabilities	10,777,838	8,723,376
Commitments and contingencies (Note 23)
Series B convertible preferred stock, $0.01 par value, 96,746 shares authorized, issued and outstanding as of December 31, 2024 (0 as of December 31, 2023); aggregate liquidation preference of $96,746 and $0 at December 31, 2024 and December 31, 2023	90,570	0
Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 266.5 million issued and outstanding as of December 31, 2024; 205.0 million issued and outstanding as of December 31, 2023	2,664	2,050
Additional paid-in capital	1,674,312	1,038,530
Retained earnings	196,363	527,986
Accumulated other comprehensive income	3,089	71,528
Total stockholders’ equity attributable to NFE	1,876,428	1,640,094
Non-controlling interest	122,660	137,775
Total stockholders’ equity	1,999,088	1,777,869
Total liabilities and stockholders’ equity	$ 12,867,496	$ 10,501,245

Construction in progress (Details) - USD ($) $ in Thousands	12 Months Ended
Construction in progress (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Construction in Progress [Roll Forward]
Construction in progress as of beginning of period	$ 5,348,294	$ 2,418,608
Additions	2,247,592	3,438,895
Impact of currency translation adjustment	(196,854)	30,989
Assets placed in service	(3,824,643)	(540,198)
Construction in progress as of end of period	$ 3,574,389	$ 5,348,294

Earnings per share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings per share

24. Earnings per share


	Year Ended December 31,
	2024		2023		2022
Basic
Numerator:
Net (loss) income	$	(242,387)	$	548,876	$	184,786
Net (loss) income attributable to non-controlling interests	(6,652)		(994)		9,693
Convertible preferred stock dividend	(3,462)		—		—
Deemed dividend from the preferred stock exchange	(17,605)		—		—
Net (loss) income attributable to Class A common stock	$	(270,106)	$	547,882	$	194,479

Denominator:
Weighted-average shares - basic	217,578,487		205,942,837		209,501,298
Net (loss) income per share - basic	$	(1.24)	$	2.66	$	0.93

Diluted
Numerator:
Net (loss) income	$	(242,387)	$	548,876	$	184,786
Net (loss) income attributable to non-controlling interests	(6,652)		(994)		9,693
Convertible preferred stock dividend	(3,462)		—		—
Deemed dividend from the preferred stock exchange	(17,605)		—		—
Adjustments attributable to dilutive securities	(2,418)		(736)		—
Net (loss) income attributable to Class A common stock	$	(272,524)	$	547,146	$	194,479

Denominator:
Weighted-average shares - diluted	218,622,419		206,481,977		209,854,413
Net (loss) income per share - diluted	$	(1.25)	$	2.65	$	0.93


	Year Ended December 31,
	2024	2023	2022
Unvested RSUs	1,579,802	—	—
Series B convertible preferred stock(1)	81,746	—	—
Equity agreement shares(2)	—	—	458,696

(2) Represents Class A common stock that would be issued in relation to an agreement to issue shares executed in conjunction with a prior year asset acquisition.

During the year ended December 31, 2024, the Company paid dividends on the Series A Convertible Preferred Stock of $2,493. After the exchange of the Series A Convertible Preferred Shares with the Series B Convertible Preferred Shares in October 2024, the Company paid a dividend of $969 during the fourth quarter of 2024 (Refer to Note 4).

Significant accounting policies - Property Plant and Equipment Net (Details)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Anticipated drydocking period	5 years
Vessels \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	5 years
Vessels \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	30 years
Terminal and power plant equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	4 years
Terminal and power plant equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	24 years
Power facilities \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	4 years
Power facilities \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	20 years
ISO containers and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	3 years
ISO containers and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	25 years
LNG liquefaction facilities \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	20 years
LNG liquefaction facilities \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	40 years
Gas pipelines \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	4 years
Gas pipelines \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	24 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	2 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	20 years

Leases, as lessee

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases, as lessee

8. Leases, as lessee

The Company has operating leases primarily for the use of LNG vessels, marine port space, office space, land and equipment under non-cancellable lease agreements. The Company’s leases may include multiple optional renewal periods that are exercisable solely at the Company’s discretion. Renewal periods are included in the lease term when the Company is reasonably certain that the renewal options would be exercised, and the associated lease payments for such periods are reflected in the ROU asset and lease liability.

The Company’s leases include fixed lease payments which may include escalation terms based on a fixed percentage or may vary based on an inflation index or other market adjustments. Escalations resulting from changes in inflation indices and market adjustments, as well as other lease costs that depend on the use of the underlying asset, are not considered lease payments when calculating the lease liability or ROU asset. Instead, such payments are accounted for as variable lease cost when the condition that triggers the variable payment becomes probable. Variable lease cost includes contingent rent payments for office space based on the percentage occupied by the Company in addition to common area charges and other charges that are variable in nature. The Company also has a component of lease payments that are variable related to the LNG vessels, in which the Company may receive credits based on the performance of the LNG vessels during the period.

As of December 31, 2024 and 2023, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	December 31, 2024		December 31, 2023
Operating right-of-use assets	$	599,937	$	538,055
Finance right-of-use assets (1)	18,796		50,330
Total right-of-use assets	$	618,733	$	588,385

Current lease liabilities:
Operating lease liabilities	$	124,391	$	135,867
Finance lease liabilities	3,971		28,681
Total current lease liabilities	$	128,362	$	164,548
Non-current lease liabilities:
Operating lease liabilities	$	471,961	$	390,519
Finance lease liabilities	3,200		15,975
Total non-current lease liabilities	$	475,161	$	406,494

(1)Finance lease ROU assets are recorded net of accumulated amortization of $8,134 and $21,470 as of December 31, 2024 and 2023, respectively.

During 2024, the Company terminated the finance lease of certain turbines and purchased the turbines. Immediately subsequent to the purchase of the turbines, the assets were sold as part of the sale of assets to PREPA (Refer to Note 5). The termination of the lease resulted in the write-off of the right-of-use asset and lease liability of $23,431 and $29,443, respectively, which was included in the book value of the turbines and the related loss upon sale.

In addition, the Company terminated the operating lease of three turbines during 2024. The termination of the lease resulted in the write-off of the right-of-use asset and lease liability of $21,821 and $25,762 respectively, and a loss on lease termination of $4,789 recognized within Other expense (income), net in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

For the years ended December 31, 2024, 2023, and 2022, the Company’s operating lease cost recorded within the Consolidated Statements of Operations and Comprehensive (Loss) Income was as follows:


	Year Ended December 31,
	2024		2023		2022
Fixed lease cost	$	161,830	$	109,873	$	75,771
Variable lease cost	2,984		4,601		2,203
Short-term lease cost	8,603		23,903		20,129

Lease cost - Cost of sales	$	147,539	$	88,608	$	87,610
Lease cost - Operations and maintenance	17,961		42,520		3,681
Lease cost - Selling, general and administrative	7,917		7,249		6,812

For the years ended December 31, 2024, 2023 and 2022, the Company has capitalized $36,288, $61,320 and $20,403 of lease costs, respectively. Capitalized costs include vessels and port space used during the commissioning of development projects. Short-term lease costs for vessels chartered by the Company to transport inventory from a supplier’s facilities to the Company’s storage locations are capitalized to inventory.

The Company has leases of ISO tanks and a parcel of land that are recognized as finance leases. For the years ended December 31, 2024, 2023 and 2022, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the Consolidated Statements of Operations and Comprehensive (Loss) Income were as follows:


	Year Ended December 31,
	2024		2023		2022
Interest expense related to finance leases	$	981	$	3,706	$	852
Amortization of right-of-use asset related to finance leases	6,132		19,337		1,512


	Year Ended December 31,
	2024		2023		2022
Operating cash outflows for operating lease liabilities	$	175,862	$	133,132	$	96,698
Financing cash outflows for finance lease liabilities	9,500		21,187		3,697
Right-of-use assets obtained in exchange for new operating lease liabilities	206,344		265,537		135,075
Right-of-use assets obtained in exchange for new finance lease liabilities	—		47,672		—

The future payments due under operating and finance leases as of December 31, 2024 are as follows:


	Operating Leases		Financing Leases
2025	$	175,222	$	4,263
2026	110,417		2,592
2027	110,468		89
2028	109,062		89
2029	85,023		89
Thereafter	240,447		763
Total Lease Payments	$	830,639	$	7,885
Less: effects of discounting	234,287		714
Present value of lease liabilities	$	596,352	$	7,171

Current lease liability	$	124,391	$	3,971
Non-current lease liability	471,961		3,200

As of December 31, 2024, the weighted-average remaining lease term for operating leases was 6.8 years and finance leases was 3.0 years. Because the Company generally does not have access to the rate implicit in the lease, the incremental borrowing rate is utilized as the discount rate. The weighted average discount rate associated with operating leases as of December 31, 2024 and 2023 was 10.3% and 10.1%, respectively. The weighted average discount rate associated with finance leases as of December 31, 2024 and 2023 was 5.2% and 8.2%, respectively.

Leases, as lessee

8. Leases, as lessee

As of December 31, 2024 and 2023, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	December 31, 2024		December 31, 2023
Operating right-of-use assets	$	599,937	$	538,055
Finance right-of-use assets (1)	18,796		50,330
Total right-of-use assets	$	618,733	$	588,385

Current lease liabilities:
Operating lease liabilities	$	124,391	$	135,867
Finance lease liabilities	3,971		28,681
Total current lease liabilities	$	128,362	$	164,548
Non-current lease liabilities:
Operating lease liabilities	$	471,961	$	390,519
Finance lease liabilities	3,200		15,975
Total non-current lease liabilities	$	475,161	$	406,494

(1)Finance lease ROU assets are recorded net of accumulated amortization of $8,134 and $21,470 as of December 31, 2024 and 2023, respectively.

For the years ended December 31, 2024, 2023, and 2022, the Company’s operating lease cost recorded within the Consolidated Statements of Operations and Comprehensive (Loss) Income was as follows:


	Year Ended December 31,
	2024		2023		2022
Fixed lease cost	$	161,830	$	109,873	$	75,771
Variable lease cost	2,984		4,601		2,203
Short-term lease cost	8,603		23,903		20,129

Lease cost - Cost of sales	$	147,539	$	88,608	$	87,610
Lease cost - Operations and maintenance	17,961		42,520		3,681
Lease cost - Selling, general and administrative	7,917		7,249		6,812


	Year Ended December 31,
	2024		2023		2022
Interest expense related to finance leases	$	981	$	3,706	$	852
Amortization of right-of-use asset related to finance leases	6,132		19,337		1,512


	Year Ended December 31,
	2024		2023		2022
Operating cash outflows for operating lease liabilities	$	175,862	$	133,132	$	96,698
Financing cash outflows for finance lease liabilities	9,500		21,187		3,697
Right-of-use assets obtained in exchange for new operating lease liabilities	206,344		265,537		135,075
Right-of-use assets obtained in exchange for new finance lease liabilities	—		47,672		—

The future payments due under operating and finance leases as of December 31, 2024 are as follows:


	Operating Leases		Financing Leases
2025	$	175,222	$	4,263
2026	110,417		2,592
2027	110,468		89
2028	109,062		89
2029	85,023		89
Thereafter	240,447		763
Total Lease Payments	$	830,639	$	7,885
Less: effects of discounting	234,287		714
Present value of lease liabilities	$	596,352	$	7,171

Current lease liability	$	124,391	$	3,971
Non-current lease liability	471,961		3,200

Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
LNG and natural gas inventory	$ 67,232	$ 75,417
Automotive diesel oil inventory	7,934	10,121
Bunker fuel, materials, supplies and other	28,058	28,146
Total inventory	$ 103,224	$ 113,684

Leases, as lessee - Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Fixed lease cost	$ 161,830	$ 109,873	$ 75,771
Variable lease cost	2,984	4,601	2,203
Short-term lease cost	8,603	23,903	20,129
Lease cost - Cost of sales	147,539	88,608	87,610
Lease cost - Operations and maintenance	17,961	42,520	3,681
Lease cost - Selling, general and administrative	$ 7,917	$ 7,249	$ 6,812

Accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

As of December 31, 2024 and 2023, Accrued liabilities consisted of the following:


	December 31, 2024		December 31, 2023
Accrued development costs	$	113,193	$	286,030
Accrued interest	84,566		82,507
Accrued inventory	93,319		4,855
Accrued bonuses	37,415		41,356
Other accrued expenses	62,866		56,927
Total accrued liabilities	$	391,359	$	471,675

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total interest expense	$ 328,377	$ 277,842	$ 236,861
Financing interest expense, non-cash	120,962	169,641	84,517
Debt
Debt Instrument [Line Items]
Interest per contractual rates	561,477	339,631	227,960
Interest expense on Vessel Financing Obligation	192,107	211,745	91,405
Amortization of debt issuance costs, premiums and discounts	60,208	18,569	11,098
Interest expense incurred on finance lease obligations	981	3,706	852
Total interest costs	814,773	573,651	331,315
Capitalized interest	486,396	295,809	94,454
Total interest expense	$ 328,377	$ 277,842	$ 236,861

Property, plant and equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net

15. Property, plant and equipment, net

As of December 31, 2024 and 2023, the Company’s property, plant and equipment, net consisted of the following:


	December 31, 2024		December 31, 2023
LNG liquefaction facilities	$	3,316,504	$	63,316
Vessels	1,575,299		1,494,433
Terminal and power plant equipment	630,822		668,927
Gas pipelines	323,196		66,319
Power facilities	283,470		273,978
ISO containers and other equipment	66,766		97,984
Land	51,897		54,324
Leasehold improvements	49,862		139,967
Accumulated depreciation	(455,009)		(377,833)
Total property, plant and equipment, net	$	5,842,807	$	2,481,415

LNG liquefaction facilities includes the Company's first Fast LNG project, which was placed into service in the fourth quarter of 2024.

The book value of the vessels that was recognized due to the failed sale leaseback in the Energos Formation Transaction as of December 31, 2024 and 2023 was $1,272,334 and $1,293,384, respectively.

Depreciation expense for the years ended December 31, 2024, 2023 and 2022 totaled $144,166, $141,069 and $104,823, respectively, of which $511, $905 and $954, respectively, is included within Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Operating revenue	$ 1,698,348	$ 2,060,212	$ 1,978,645
Vessel charter revenue	212,609	276,843	357,158
Contract novation income	295,558	0	0
Other revenue	158,345	76,241	32,469
Total revenues	2,364,860	2,413,296	2,368,272
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	1,064,667	877,451	1,010,428
Vessel operating expenses	33,372	45,439	63,518
Operations and maintenance	174,313	166,785	105,800
Selling, general and administrative	285,520	205,104	236,051
Transaction and integration costs	12,279	6,946	21,796
Depreciation and amortization	162,014	187,324	142,640
Asset impairment expense	16,494	10,958	50,659
Loss (gain) on sale of assets, net	77,562	(29,378)	0
Total operating expenses	1,826,221	1,470,629	1,630,892
Operating income	538,639	942,667	737,380
Interest expense	328,377	277,842	236,861
Other expense (income), net	113,077	10,408	(48,044)
Loss on extinguishment of debt, net	270,063	0	14,997
(Loss) income before income from equity method investments and income taxes	(172,878)	654,417	533,566
Income (loss) from equity method investments	0	9,972	(472,219)
Tax provision (benefit)	69,509	115,513	(123,439)
Net (loss) income	(242,387)	548,876	184,786
Net (loss) income attributable to Class A common stock	$ (270,106)	$ 547,882	$ 194,479
Net (loss) income per share - basic (in dollars per share)	$ (1.24)	$ 2.66	$ 0.93
Net (loss) income per share - diluted (in dollars per share)	$ (1.25)	$ 2.65	$ 0.93
Weighted average number of shares outstanding - basic (in shares)	217,578,487	205,942,837	209,501,298
Weighted average number of shares outstanding - diluted (in shares)	218,622,419	206,481,977	209,854,413
Other comprehensive (loss) income:
Currency translation adjustment	$ (69,468)	$ 18,005	$ 68,403
Reclassification of net foreign currency translation adjustment realized upon sale of foreign subsidiary	0	(1,457)	0
Comprehensive (loss) income	(311,855)	565,424	253,189
Comprehensive (income) loss attributable to non-controlling interest	(5,623)	(1,412)	10,795
Comprehensive (loss) income attributable to stockholders	$ (317,478)	$ 564,012	$ 263,984

Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Income before taxes	$ (172,878)	$ 664,389	$ 61,347
United States
Income Tax Disclosure [Line Items]
Income before taxes	(161,471)	287,768	551,500
Foreign
Income Tax Disclosure [Line Items]
Income before taxes	$ (11,407)	$ 376,621	$ (490,153)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of the Company’s income (loss) before income taxes for the years ended December 31, 2024, 2023 and 2022 were as follows:


	Year Ended December 31,
	2024		2023		2022
United States	$	(161,471)	$	287,768	$	551,500
Foreign	(11,407)		376,621		(490,153)
Income before taxes	$	(172,878)	$	664,389	$	61,347

Income Tax Expense

Income tax expense is comprised of the following for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Current:
Domestic	$	36,175	$	47,198	$	37,831
Foreign	27,868		53,377		118,266
Total current tax expense	64,043		100,575		156,097
Deferred:
Domestic	(11,391)		4,030		5,794
Foreign	16,857		10,908		(285,330)
Total deferred tax (benefit) expenses	5,466		14,938		(279,536)
Total provision for (benefit from) income taxes	$	69,509	$	115,513	$	(123,439)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2024		2023		2022
Income tax at the statutory rate	21.0	%	21.0	%	21.0	%
Foreign tax rate differential	71.1		(12.1)		(25.5)
US taxation on foreign earnings	(7.5)		0.1		25.5
Impact from foreign operations	12.9		0.4		(10.7)
Change in valuation allowance	(155.8)		8.2		(22.9)
Income attributable to non-controlling interest	—		—		1.3
Effects of share-based compensation	(3.0)		0.3		(39.8)
Withholding taxes	(0.2)		0.6		12.6
Income tax credits	9.4		(4.8)		(0.3)

Sergipe Sale	—		—		(165.4)
Outside basis differences	—		0.1		(3.2)
Changes in deferred taxes and payable	14.0		—		—
Other	(2.1)		3.6		6.2
Effective income tax rate	(40.2	%)	17.4	%	(201.2	%)

Schedule of Deferred Tax Assets and Liabilities

The tax effect of each type of temporary difference and carryforward that give rise to a significant deferred tax asset or liability as of December 31, 2024 and 2023 are as follows:


	Year Ended December 31,
	2024		2023
Deferred tax assets:

Accrued interest	$	49,870	$	37,735
IRC Section 163(j) interest carryforward	27,333		758
Federal and state net operating loss carryforward	658		2,063
Foreign net operating loss carryforward	256,863		123,386
Debt	362,942		289,820
Lease liability	126,743		106,293
Goodwill	43,004		47,043
Other	77,412		24,214
Total deferred tax assets	944,825		631,312
Valuation allowance	(450,072)		(188,036)
Deferred tax assets, net of valuation allowance	494,753		443,276

Deferred tax liabilities:
Property and equipment	(360,340)		(343,247)
Right-of-use assets	(126,764)		(107,919)


Intangibles	(46,077)		—
Deferred income	(132)		(20,714)
Capitalized costs	(20,542)		—
Other	(11,398)		(5,933)
Total deferred tax liabilities	$	(565,253)	$	(477,813)
Net deferred tax liabilities	$	(70,500)	$	(34,537)

Valuation Allowance on Deferred Tax Assets

The following table summarizes the changes in the Company’s valuation allowance on deferred tax assets for the years ended December 31, 2024 and 2023:


	Year Ended December 31,
	2024		2023
Balance at the beginning of the period	$	188,036	$	130,649
Change in valuation allowance	262,036		57,387
Balance at the end of the period	$	450,072	$	188,036

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the changes in the Company’s unrecognized tax benefits for the years ended December 31, 2024 and 2023:


	Year Ended December 31,
	2024		2023
Balance at the beginning of the period	$	—	$	—
Recognized in the income tax provision	—		—

Balance at the end of the period	$	—	$	—

Revenue recognition (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Contract with Customer, Contract Asset, Contract Liability, and Receivable

The table below summarizes the activity in Other revenue:


	Year Ended December 31,
	2024		2023		2022
Operation and maintenance revenue	$	147,596	$	49,900	$	—
Interest income and other revenue	10,749		26,341		32,469
Total other revenue	$	158,345	$	76,241	$	32,469

The contract assets and contract liabilities balances as of December 31, 2024 and 2023 are detailed belo


	December 31, 2024		December 31, 2023
Contract assets, net - current	$	44,902	$	8,714
Contract assets, net - non-current	20,270		19,901
Total contract assets, net	$	65,172	$	28,615

Contract liabilities, net - current	$	14,415	$	65,287
Contract liabilities, net - non-current	11,750		31,698
Total contract liabilities, net	$	26,165	$	96,985

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	82,454	$	12,748

Remaining Performance Obligations


Period	Revenue
2025	$	362,657
2026	709,063
2027	707,329
2028	691,558
2029	677,365
Thereafter	9,120,982
Total	$	12,268,954

Property, Plant and Equipment Subject to Operating Leases

Vessels included in the Energos Formation Transaction, including those vessels chartered to third parties, continue to be recognized on the Consolidated Balance Sheets, and as such, the carrying amount of these vessels that are leased to third parties under operating leases is as follows:


	December 31, 2024		December 31, 2023
Property, plant and equipment	$	602,192	$	686,683
Accumulated depreciation	(83,135)		(69,977)
Property, plant and equipment, net	$	519,057	$	616,706

Components of Lease Income


	December 31, 2024		December 31, 2023		December 31, 2022
Operating lease income	$	194,913	$	276,113	$	328,366
Variable lease income	17,696		730		22,940
Total operating lease income	$	212,609	$	276,843	$	351,306

Equity method investments - Narrative (Details) shares in Millions				1 Months Ended	12 Months Ended
	Feb. 14, 2024 USD ($)	Mar. 15, 2023 USD ($) shares	Aug. 15, 2022 USD ($)	Aug. 31, 2022 USD ($) vessel	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investment, difference between carrying amount and underlying equity						$ 5,277,000
Number of vessels transferred \| vessel				11
Purchase agreement, consideration received			$ 1,850,000,000	$ 1,850,000,000
Sale of equity method investment					$ 136,365,000	100,000,000	$ 500,076,000
Loss on the disposal of equity method investment					7,222,000	37,401,000	0
Income (loss) from equity method investments					0	9,972,000	(472,219,000)
Other-than-temporary impairment					$ 0	5,277,000
Energos
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired					20.00%			20.00%
Sale of equity method investment	$ 136,365,000
Loss on the disposal of equity method investment	$ 7,222,000
Income (loss) from equity method investments					$ 0	$ 9,263,000	$ 2,788,000
Hilli LLC
Schedule of Equity Method Investments [Line Items]
Sale of equity method investment		$ 100,000,000
Loss on the disposal of equity method investment		$ 37,401,000
Stock repurchased and retired during period, shares (in shares) \| shares		4.1
Other-than-temporary impairment		$ 118,558,000

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	23. Commitments and contingencies The Company is subject to certain legal and regulatory proceedings, claims and disputes that arise in the ordinary course of business. The Company does not believe that these proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Debt - EB-5 Loan Agreement (Details)	12 Months Ended
Debt - EB-5 Loan Agreement (Details)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 21, 2023 USD ($) extensionOption
Debt Instrument [Line Items]
Deferred financing costs	$ 132,261,000
EB-5 Loan, due July 2028 \| Construction Loans
Debt Instrument [Line Items]
Outstanding principal balance			$ 100,000,000
Fixed interest rate			4.75%
Debt, term			5 years
Number of debt term extensions \| extensionOption			2
Debt term, extended maturity			1 year
Debt instrument initial borrowed amount	37,072,000	$ 62,978,000
Debt instrument, fee amount	1,728,000
Deferred financing costs	$ 1,353,000	$ 1,314,000

Other Long-Term Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Other Noncurrent Liabilities

As of December 31, 2024 and 2023, Other long-term liabilities consisted of the following:


	December 31, 2024		December 31, 2023
Guarantee liability	$	115,359	$	—
Derivative liabilities	24,364		18,383
Contract liability (Note 7)	11,750		31,698
Other	14,885		5,546
Total other long-term liabilities	$	166,358	$	55,627

Other current liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Other Liabilities, Current [Abstract]

Components of Other Current Liabilities

As of December 31, 2024 and 2023, Other current liabilities consisted of the following:


	December 31, 2024		December 31, 2023
Derivative liabilities	$	29,417	$	19,450
Contract liabilities (Note 7)	14,415		65,287
Income tax payable	88,607		54,040
Due to affiliates	11,530		9,579
Winter sub-charter liability	—		49,400
Other current liabilities	30,860		30,195
Total other current liabilities	$	174,829	$	227,951

Restricted cash - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Restricted Cash [Abstract]
Cash restricted under the terms of loan agreements	$ 422,098	$ 102,079
Collateral for letters of credit and performance bonds	50,598	53,321
Non-current restricted cash	$ 472,696	$ 155,400

Goodwill and intangible assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

16. Goodwill and intangible assets

Goodwill

The Company allocated $10,410 of goodwill from the Terminal and Infrastructure Reporting unit to the sale of the Miami Facility disposal group during the year ended December 31, 2024 on a relative fair value basis. As of December 31, 2024 and December 31, 2023, the carrying amount of goodwill within the Terminals and Infrastructure reporting unit and Ships reporting unit was $750,412 and $15,938, and $760,822 and $15,938, respectively.

The Company performed a quantitative analysis as of October 1, 2024 and a qualitative analysis as of October 1, 2023. The Company concluded that the fair value of each reporting unit was greater than the carrying amount for both periods, and no goodwill impairment charges were recognized during the years ended December 31, 2024 and 2023.

Intangible assets

The following tables summarize the composition of intangible assets as of December 31, 2024 and 2023:


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Acquired capacity reserve contract	$	162,045	$	(5,942)	$	(31,301)	$	124,802	17
Favorable vessel charter contracts	17,700		(14,942)		—		2,758		4
Permits and development rights	61,894		(6,417)		(5,793)		49,684		34

Easements	1,555		(392)		—		1,163		30

Indefinite-lived intangible assets
Easements	1,191		—		(88)		1,103		n/a
Total intangible assets	$	244,385	$	(27,693)	$	(37,182)	$	179,510


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Favorable vessel charter contracts	$	17,700	$	(10,615)	$	—	$	7,085	4
Permits and development rights	48,217		(5,557)		(291)		42,369		38
Easements	1,555		(341)		—		1,214		30

Indefinite-lived intangible assets
Easements	1,191		—		(44)		1,147		n/a
Total intangible assets	$	68,663	$	(16,513)	$	(335)	$	51,815

As of December 31, 2024 and 2023, the weighted-average remaining amortization periods for the intangible assets were 19.7 and 28.8 years, respectively. Amortization expense for the years ended December 31, 2024, 2023, and 2022 was $12,227, $26,853, and $37,162, respectively which were inclusive of reductions in expense for the amortization of unfavorable contract liabilities.

During the year ended December 31, 2023, certain favorable vessel charter contract intangibles with a gross carrying amount of $88,000 became fully amortized, and the gross carrying amount and accumulated amortization have been written-off. Additionally, a vessel charter contract was terminated during 2023, and the net book value of the intangible asset on the date of termination of $9,553 was recognized as an impairment in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

In the third quarter of 2023, An Bord Pleanála ("ABP"), Ireland's planning commission, denied the Company's application for the development of an LNG terminal and power plant in Shannon, Ireland. The Company challenged this decision, and in September 2024, the High Court of Ireland ruled that ABP did not have appropriate grounds for the denial of the permit. In November, ABP sought leave to appeal the High Court's decision, the High Court has not yet heard the request to leave appeal. If the leave is not granted, then ABP will be directed to reconsider our permit application on accordance with Irish Law. The continued development of this project is uncertain and there are multiple risks, including regulatory risks, that could preclude the development of this project, and the results of these risks could have a material effect to the Company's results of operations.

The estimated aggregate amortization expense for each of the next five years is:


Year ended December 31:
2025	$	12,312
2026	9,553
2027	9,553
2028	9,553
2029	9,553
Thereafter	127,883
Total	$	178,407

Debt - 2029 Notes (Details) - USD ($)	Nov. 06, 2024	Dec. 31, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Deferred financing costs		$ 132,261,000
Senior Secured Notes Due March 15, 2029
Debt Instrument [Line Items]
Outstanding principal balance			$ 750,000,000
Fixed interest rate			8.75%
Debt instrument, fee amount			$ 14,171,000
Extinguishment of debt, amount	$ 513,272,000
Deferred financing costs		$ 2,939,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related party transactions - Land Lease Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Operations and maintenance	$ 174,313	$ 166,785	$ 105,800
Due to affiliates	11,530	9,579
Operating right-of-use assets	599,937	538,055
Non-current lease liabilities	475,161	406,494
Affiliated Entity \| Florida East Coast Industries, LLC
Related Party Transaction [Line Items]
Due to affiliates		92
Affiliated Entity \| Land \| Jefferson Terminal South LLC
Related Party Transaction [Line Items]
Operations and maintenance	731	0
Operating right-of-use assets	3,530	3,885
Non-current lease liabilities	4,474	4,098
Affiliated Entity \| Land \| Florida East Coast Industries, LLC
Related Party Transaction [Line Items]
Operations and maintenance	$ 349	505	$ 506
Non-current lease liabilities		$ 3,368

Adoption of new and revised standards	12 Months Ended
Adoption of new and revised standards	Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Adoption of new and revised standards	3. Adoption of new and revised standards New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2024: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring companies to annually disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires disclosure of income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and early adoption is permitted. The amendments should be applied on a prospective basis, but retrospective application is permitted. The Company is currently reviewing the impact that the adoption of ASU 2023-09 may have on the Company's financial statements and disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, providing illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of Topic 718. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early adoption is allowed, and the amendments can be applied on a prospective or retrospective basis. The Company will adopt ASU 2024-01 on January 1, 2025 and apply the amendments on a prospective basis. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. These amendments require public business entities to disclose additional information about specific expense categories in the notes to financial statements at each interim and annual reporting period. ASU 2024-03 will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied prospectively or retrospectively. The Company is currently reviewing the impact that the adoption of ASU 2024-03 may have on the Company's financial statements and disclosures. New and amended standards adopted by the Company: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses and other segment items that are regularly provided to the CODM and included within each reported measure of segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also require entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 was effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Amendments in this update are required to be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The adoption of ASU 2023-07 did not have a material impact on the Company's financial statements and disclosures. The Company has reviewed all other recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
-Subparagraph (e)(1)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Earnings per share - Potentially Dilutive (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, number of shares subject to irrevocable conversion notice	15,000
Unvested RSU
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share)	1,579,802	0	0
Series A convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share)	81,746	0	0
Shannon Equity Agreement shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share)	0	0	458,696

Goodwill and intangible assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Composition of Intangible Assets

The following tables summarize the composition of intangible assets as of December 31, 2024 and 2023:


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Acquired capacity reserve contract	$	162,045	$	(5,942)	$	(31,301)	$	124,802	17
Favorable vessel charter contracts	17,700		(14,942)		—		2,758		4
Permits and development rights	61,894		(6,417)		(5,793)		49,684		34

Easements	1,555		(392)		—		1,163		30

Indefinite-lived intangible assets
Easements	1,191		—		(88)		1,103		n/a
Total intangible assets	$	244,385	$	(27,693)	$	(37,182)	$	179,510


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Favorable vessel charter contracts	$	17,700	$	(10,615)	$	—	$	7,085	4
Permits and development rights	48,217		(5,557)		(291)		42,369		38
Easements	1,555		(341)		—		1,214		30

Indefinite-lived intangible assets
Easements	1,191		—		(44)		1,147		n/a
Total intangible assets	$	68,663	$	(16,513)	$	(335)	$	51,815

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated aggregate amortization expense for each of the next five years is:


Year ended December 31:
2025	$	12,312
2026	9,553
2027	9,553
2028	9,553
2029	9,553
Thereafter	127,883
Total	$	178,407

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

22. Income Taxes

The components of the Company’s income (loss) before income taxes for the years ended December 31, 2024, 2023 and 2022 were as follows:


	Year Ended December 31,
	2024		2023		2022
United States	$	(161,471)	$	287,768	$	551,500
Foreign	(11,407)		376,621		(490,153)
Income before taxes	$	(172,878)	$	664,389	$	61,347

Income tax expense is comprised of the following for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Current:
Domestic	$	36,175	$	47,198	$	37,831
Foreign	27,868		53,377		118,266
Total current tax expense	64,043		100,575		156,097
Deferred:
Domestic	(11,391)		4,030		5,794
Foreign	16,857		10,908		(285,330)
Total deferred tax (benefit) expenses	5,466		14,938		(279,536)
Total provision for (benefit from) income taxes	$	69,509	$	115,513	$	(123,439)

Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2024		2023		2022
Income tax at the statutory rate	21.0	%	21.0	%	21.0	%
Foreign tax rate differential	71.1		(12.1)		(25.5)
US taxation on foreign earnings	(7.5)		0.1		25.5
Impact from foreign operations	12.9		0.4		(10.7)
Change in valuation allowance	(155.8)		8.2		(22.9)
Income attributable to non-controlling interest	—		—		1.3
Effects of share-based compensation	(3.0)		0.3		(39.8)
Withholding taxes	(0.2)		0.6		12.6
Income tax credits	9.4		(4.8)		(0.3)

Sergipe Sale	—		—		(165.4)
Outside basis differences	—		0.1		(3.2)
Changes in deferred taxes and payable	14.0		—		—
Other	(2.1)		3.6		6.2
Effective income tax rate	(40.2	%)	17.4	%	(201.2	%)

The Company has certain operations in jurisdictions that are not subject to income taxes or are subject to preferential tax rates. The effect of these earnings taxed at zero percent, as well as the impact of such preferential tax rates, are included in the foreign rate differential. The Organization for Economic Cooperation and Development is coordinating negotiations among more than 140 countries with the goal of achieving consensus around substantial changes to international tax policies, including the implementation of a minimum global effective tax rate of 15%. As of December 31, 2024, various countries have implemented the legislation, however, the legislation has not resulted in a material change to the income tax provision for the year ended December 31, 2024. As additional jurisdictions enact such legislation, the effective tax rate and cash tax payments could increase in future years.

The tax effect of each type of temporary difference and carryforward that give rise to a significant deferred tax asset or liability as of December 31, 2024 and 2023 are as follows:


	Year Ended December 31,
	2024		2023
Deferred tax assets:

Accrued interest	$	49,870	$	37,735
IRC Section 163(j) interest carryforward	27,333		758
Federal and state net operating loss carryforward	658		2,063
Foreign net operating loss carryforward	256,863		123,386
Debt	362,942		289,820
Lease liability	126,743		106,293
Goodwill	43,004		47,043
Other	77,412		24,214
Total deferred tax assets	944,825		631,312
Valuation allowance	(450,072)		(188,036)
Deferred tax assets, net of valuation allowance	494,753		443,276

Deferred tax liabilities:
Property and equipment	(360,340)		(343,247)
Right-of-use assets	(126,764)		(107,919)


Intangibles	(46,077)		—
Deferred income	(132)		(20,714)
Capitalized costs	(20,542)		—
Other	(11,398)		(5,933)
Total deferred tax liabilities	$	(565,253)	$	(477,813)
Net deferred tax liabilities	$	(70,500)	$	(34,537)

Tax Attributes

United States

As of December 31, 2024, NFE has approximately $2,584 of federal and $2,927 of state net operating loss carry forwards. The federal and state net operating losses are generally allowed to be carried forward indefinitely and can offset up to 80 percent of future taxable income.

Under the provisions of Internal Revenue Code Section 382, certain substantial changes in the Company’s ownership may result in a limitation on the amount of U.S. net operating loss carryforwards that can be utilized annually to offset future taxable income and taxes payable. The Company’s net operating loss carryforwards are subject to an annual limitation of $5,431 under Section 382 of the Internal Revenue Code.

Foreign Jurisdictions

The Company’s foreign subsidiaries file income tax returns in certain foreign jurisdictions. As of December 31, 2024, the Company’s foreign subsidiaries have approximately $938,763 of net operating loss carry forwards, of which $254,294 will expire, if unused between 2028 and 2041, and the remaining $684,469 are allowed to be carried forward indefinitely.

Valuation Allowances

The following table summarizes the changes in the Company’s valuation allowance on deferred tax assets for the years ended December 31, 2024 and 2023:


	Year Ended December 31,
	2024		2023
Balance at the beginning of the period	$	188,036	$	130,649
Change in valuation allowance	262,036		57,387
Balance at the end of the period	$	450,072	$	188,036

The change in valuation allowance was mainly due to increase in deferred tax asset related to debt extinguishment in the U.S. and increase in net operating losses in foreign jurisdictions for the year ended December 31, 2024.

NFE recorded a valuation allowance against its US federal and state deferred tax assets to reduce the net carrying value to an amount that it believes is more likely than not to be realized. The Company concluded, based on the weight of all available positive and negative evidence, those deferred tax assets are not more likely than not to be realized and accordingly, a valuation allowance has been recorded on this deferred tax asset for the amount not supported by reversing taxable temporary differences.

The Company recorded a valuation allowance against certain foreign deferred tax assets to reduce the net carrying value to an amount that it believes is more likely than not to be realized, generally based on cumulative losses in certain development stage jurisdictions.

Uncertain Taxes

The following table summarizes the changes in the Company’s unrecognized tax benefits for the years ended December 31, 2024 and 2023:


	Year Ended December 31,
	2024		2023
Balance at the beginning of the period	$	—	$	—
Recognized in the income tax provision	—		—

Balance at the end of the period	$	—	$	—

Income Tax Examinations

The Company and its subsidiaries file income tax returns in the U.S. federal and various state and local jurisdictions, as well as various foreign jurisdictions. The Company filed its first corporate U.S. federal and state income tax returns for the period ended December 31, 2019. The U.S. Federal and state income tax returns filed for tax years 2021, 2022 and 2023 are open for examination. The Company is generally open to tax examinations in other foreign jurisdictions for a period of four to six years from the filing of the income tax return.

Undistributed Earnings

The Company has not recorded a deferred tax liability for undistributed earnings for any controlled foreign corporation as of December 31, 2024. The Company has unremitted earnings in certain jurisdictions where distributions can be made at no net tax cost. From time to time, the Company may remit these earnings. The Company has the ability and intent to indefinitely reinvest any earnings that cannot be remitted at no net tax cost. It is not practicable to estimate the amount of any additional taxes which may be payable on these undistributed earnings.

Preferential Tax Rates

The Company has subsidiaries incorporated in Bermuda. Under current Bermuda law, the Company is not required to pay taxes in Bermuda on either income or capital gains. The Company has received an undertaking from the Bermuda

government that, in the event of income or capital gain taxes being imposed, it will be exempted from such taxes until 2035. On December 27, 2023, Bermuda enacted the Bermuda Corporate Income Tax Act 2023, which institutes a corporate income tax rate of 15% effective for tax years beginning January 1, 2025. As a result, such tax exemptions will not be valid beyond such subsidiaries' taxable year ending December 31, 2024, the impact of which has been included in the tax provision and was not material.

The Company’s Puerto Rican operations received tax decrees from the Puerto Rico government that affords the Company a 4% tax rate on qualifying income. The effect of the earnings taxed at a 4% foreign tax rate is included in the foreign rate differential line in the Company’s effective tax rate. For the years ended December 31, 2024 and 2023, the income tax benefits attributable to the tax decrees, before taking into consideration the impact on U.S. taxation and the associated U.S. foreign tax credits, are estimated to be approximately $142,776 ($(0.65) per share of issued and outstanding Class A common stock on a diluted basis) and $164,668 ($(0.80) per share of issued and outstanding Class A common stock on a diluted basis), respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases, as lessee - Future Payments Due under Operating and Finance Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 175,222
2026	110,417
2027	110,468
2028	109,062
2029	85,023
Thereafter	240,447
Total Lease Payments	830,639
Less: effects of discounting	234,287
Present value of lease liabilities	596,352
Current lease liability	124,391	$ 135,867
Non-current lease liability	471,961	390,519
Financing Leases
2025	4,263
2026	2,592
2027	89
2028	89
2029	89
Thereafter	763
Total Lease Payments	7,885
Less: effects of discounting	714
Present value of lease liabilities	7,171
Finance lease liabilities	3,971	28,681
Non-current lease liability	$ 3,200	$ 15,975

Revenue recognition - Components of Lease Income from Vessel Operating Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Operating lease income	$ 194,913	$ 276,113	$ 328,366
Variable lease income	17,696	730	22,940
Total operating lease income	$ 212,609	$ 276,843	$ 351,306

Debt - Summary of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt, net deferred finance charges	$ 8,894,835	$ 6,803,148
Current portion of long-term debt	539,132	292,625
Long-term debt	8,355,703	6,510,523
Short-term Borrowings	179,890	182,270
Revolving Credit Facility
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,000,000	866,600
Senior Secured Notes, due November 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	2,728,269	0
Senior Secured Notes, due September 2025
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	0	1,245,662
Senior Secured Notes, due September 2026
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	509,022	1,486,374
Senior Secured Notes, due March 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	233,789	0
Term Loan B, due October 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	776,353	771,420
Term Loan A, due July 2027
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	321,573	0
Vessel Financing Obligation, due August 2042
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,366,293	1,359,995
Tugboat Financing, due December 2038
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	46,224	46,728
PortoCem Debentures, due September 2040
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	729,259	0
BNDES Term Loan, due October 2045
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	350,525	0
South Power 2029 Bonds, due May 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	217,871	216,993
Total debt, net deferred finance charges	221,824	221,824
Barcarena Term Loan, due February 2024
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	0	199,678
Turbine Financing, due July 2027
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	142,549	0
EB-5 Loan, due July 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	98,647	61,614
Equipment Notes, due July 2026
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	0	190,789
Barcarena Debentures, Due October 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	$ 194,571	$ 175,025

Asset acquisition and redeemable preferred stock - Lins Acquisition (Details) - Usina Termeletrica de Lins S.A. $ in Thousands	Aug. 02, 2024 USD ($) GW	Dec. 31, 2024 USD ($)
Class of Stock [Line Items]
Percentage of outstanding shares acquired	100.00%
Equity method investments, power plant energy \| GW	2.05
Cash consideration at date of merger	$ 2,000
Asset acquisition, maximum future payments contingent on achieving certain milestones	18,500
Fair value of contingent payments	8,080	$ 8,401
Total purchase consideration	10,080
Asset acquisition, deferred tax liability	$ 4,163

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Restricted cash (Tables)

12 Months Ended

Dec. 31, 2024

Restricted Cash [Abstract]

Restricted Cash

As of December 31, 2024 and 2023, restricted cash consisted of the following:


	December 31, 2024		December 31, 2023
Cash restricted under the terms of loan agreements	$	422,098	$	102,079
Collateral for letters of credit and performance bonds	50,598		53,321
Total restricted cash	$	472,696	$	155,400