0001749723-25-000149 | 10-Q | XBRL Viewer

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 14, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Class A common stock
Trading Symbol	NFE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		284,552,811
Entity Central Index Key	0001749723
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Other non-current assets, net - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Other Assets, Noncurrent Disclosure [Abstract]
Equity securities without readily determinable fair value, amount	$ 8,678	$ 8,678

Other non-current assets, net (Tables)

9 Months Ended

Sep. 30, 2025

Other Assets, Noncurrent Disclosure [Abstract]

Schedule of Other Assets, Noncurrent

As of September 30, 2025 and December 31, 2024, Other non-current assets, net consisted of the following:


	September 30, 2025		December 31, 2024
Long term receivables (Note 11)	$	78,767	$	114,677

Cost to fulfill (Note 6)	10,825		20,592
Contract asset, net (Note 6)	10,375		20,270

Financing costs	21,473		57,568
Other	47,041		59,792
Total other non-current assets, net	$	168,481	$	272,899

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	21. Income Taxes The effective tax rate for the three months ended September 30, 2025 was (2.9)% compared to 20.7% for the three months ended September 30, 2024. The total tax provision for the three months ended September 30, 2025 was $8,247 compared to a provision of $2,953 for the three months ended September 30, 2024. The effective tax rate for the nine months ended September 30, 2025 was (3.6)% compared to 306.6% for the nine months ended September 30, 2024. The total tax provision for the nine months ended September 30, 2025 was $35,950 compared to a provision of $28,012 for the nine months ended September 30, 2024. The Company recognized a tax provision on year-to-date pre-tax losses principally from a change in valuation allowance, expected taxes due on the gain on sale of the Jamaica Business, and taxation of foreign earnings including estimated tax liabilities under the Pillar Two framework. On July 4, 2025, the One Big Beautiful Bill Act (the "Tax Act of 2025") was enacted in the U.S. The Tax Act of 2025 includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment of certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. While the Company is currently evaluating its impact on its future consolidated financial statements and related disclosures, the Company analyzed the provisions with effective dates in 2025 related to Section 163(j) and expects an approximately1% decrease to the effective tax rate for the nine-months ended September 30, 2025. The Organization for Economic Cooperation and Development (OECD) released the Pillar Two model rules to reform international corporate taxation that aim to ensure that applicable multinationals pay a minimum global effective tax rate of 15%. The rules are passed into national legislation based on each country's approach, and some countries already enacted or substantively enacted the rules. The Company continuously evaluates these developments and the potential impact of the Pillar Two framework. For the fiscal year 2025, the Company is not expected to meet certain transitional safe harbors. As a result, the Company may be subject to Pillar Two tax obligations which would increase the Company's total tax expense. The Company recorded the Pillar Two tax obligations as a period cost, an estimate of which has been included in the Company's estimated annual effective tax rate for the three and nine months ended September 30, 2025.

- Definition

The entire disclosure for income tax.

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+ Details

Revenue recognition - Carrying Amount of Leased Property Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Property, plant and equipment	$ 816,229	$ 602,192
Accumulated depreciation	(145,121)	(83,135)
Total property, plant and equipment, net	$ 671,108	$ 519,057

Leases, as lessee - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Operating Leased Assets [Line Items]
Lease, cost	$ 12,136	$ 9,522	$ 19,273	$ 46,659
Operating lease, weighted average remaining lease term	7 years 2 months 12 days		7 years 2 months 12 days
Finance lease, weighted average remaining lease term	3 years 1 month 6 days		3 years 1 month 6 days
Operating lease, weighted average discount rate, percent	10.80%		10.80%		10.30%
Finance lease, weighted average discount rate, percent	5.40%		5.40%		5.20%

Basis of presentation (Details) - USD ($) $ in Thousands			9 Months Ended
Basis of presentation (Details) - USD ($) $ in Thousands	Nov. 17, 2025	Jun. 26, 2025	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)			$ 8,915,315	$ 8,894,835
Revolving Facility
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)			660,400	$ 1,000,000
New 2029 Notes \| Forecast
Debt Instrument [Line Items]
Interest payment due	$ 163,808
Contractual grace period	3 days
Percentage of negotiating forbearance agreement	70.00%
Porto Cem Bridge Loan Due October \| Debt Instrument, Covenant Period Two
Debt Instrument [Line Items]
Bank guarantee		$ 79,100
2026 Notes
Debt Instrument [Line Items]
Aggregate principal amount			510,879
Outstanding principal balance			$ 100,000
Maturity period			91 days
2029 Notes
Debt Instrument [Line Items]
Outstanding principal balance			$ 2,730,127
Term Loan A
Debt Instrument [Line Items]
Aggregate principal amount			295,000
Term Loan B
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,266,078

Dispositions - Income from Continuing Operations Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from continuing operations before taxes	$ (285,109)	$ 14,266	$ (1,011,606)	$ 9,135
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Jamaica Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from continuing operations before taxes	$ 0	$ 17,497	$ 15,171	$ 38,055

- 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.

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+ Details

Subsequent events	9 Months Ended
Subsequent events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent events	28. Subsequent events Multi-Vessel Transaction In November 2025, the Company completed a transaction with an affiliate of Apollo Global Management, Inc., pursuant to which the Company early terminated and released the long-term charter agreements with Energos for Energos Eskimo, Energos Winter, Energos Igloo and Energos Freeze and novated the sub-charter agreements for these vessels to Energos. In exchange, Energos paid the Company $150 million in cash reduced by charter hire payments due for the months of September and October 2025. As part of the transaction, the Company and Energos also agreed on deferral of certain charter hire payments due to Energos to April 2026.

Leases, as lessee (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

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

As of September 30, 2025 and December 31, 2024, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Operating right-of-use-assets	$	400,992	$	599,937
Finance right-of-use-assets (1)	17,391		18,796
Total right-of-use assets	$	418,383	$	618,733

Current lease liabilities:
Operating lease liabilities	$	59,618	$	124,391
Finance lease liabilities	4,082		3,971
Total current lease liabilities	$	63,700	$	128,362
Non-current lease liabilities:
Operating lease liabilities	$	327,248	$	471,961
Finance lease liabilities	823		3,200
Total non-current lease liabilities	$	328,071	$	475,161

(1) Finance lease ROU assets are recorded net of accumulated amortization of $8,514 and $8,134, respectively, as of September 30, 2025 and December 31, 2024.

Schedule of Lease, Cost

For the three and nine months ended September 30, 2025 and 2024, the Company’s operating lease cost recorded within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed lease cost	$	14,675	$	44,501	$	91,604	$	120,749
Variable lease cost	1,415		—		1,188		2,709
Short-term lease cost	238		1,870		1,748		8,460

Lease cost - Cost of sales	$	11,367	$	43,790	$	81,234	$	109,798
Lease cost - Operations and maintenance	2,766		1,104		8,591		16,250
Lease cost - Selling, general and administrative	2,195		1,477		4,715		5,870

For the three and nine months ended September 30, 2025 and 2024, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest expense related to finance leases	$	64	$	150	$	231	$	872
Amortization of right-of-use asset related to finance leases	369		471		1,113		5,795

Schedule of Supplemental Cash Flow Information Related to Leases

Cash paid for operating leases is reported in operating activities in the Condensed Consolidated Statements of Cash Flows. Supplemental cash flow information related to leases was as follows for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30,
	2025		2024
Operating cash outflows for operating lease liabilities	$	130,948	$	141,021
Financing cash outflows for finance lease liabilities	2,493		6,713
Right-of-use assets obtained in exchange for new operating lease liabilities	—		206,344

Schedule of Future Payments Due under Operating and Financing Lease

The future payments due under operating and finance leases as of September 30, 2025 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2025	$	31,036	$	1,755
2026	88,264		2,577
2027	88,301		89
2028	86,817		89
2029	62,781		89
Thereafter	196,687		763
Total lease payments	$	553,886	$	5,362
Less: effects of discounting	167,020		457
Present value of lease liabilities	$	386,866	$	4,905

Current lease liability	$	59,618	$	4,082
Non-current lease liability	327,248		823

Leases, as lessee - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating cash outflows for operating lease liabilities	$ 130,948	$ 141,021
Financing cash outflows for finance lease liabilities	2,493	6,713
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 206,344

Segments - Narrative (Details)	9 Months Ended
Segments - Narrative (Details)	Sep. 30, 2025 segment	Mar. 31, 2024 vessel	Aug. 31, 2022 Carrier
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Number of vessels \| Carrier			11
Ships
Segment Reporting Information [Line Items]
Number of vessels \| vessel		2

Other current liabilities

9 Months Ended

Sep. 30, 2025

Other Liabilities Disclosure [Abstract]

Other current liabilities

18. Other current liabilities

As of September 30, 2025 and December 31, 2024, Other current liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Guarantee liability	$	40,899	$	—
Derivative liabilities	31,248		29,417
Contract liabilities (Note 6)	12,144		14,415
Income tax payable	40,188		88,607
Due to affiliates	4,280		11,530
Other current liabilities	60,298		30,860
Total other current liabilities	$	189,057	$	174,829

In the fourth quarter of 2024, the Company novated an LNG supply contract to a customer. In conjunction with this novation, the Company agreed to guarantee the performance of the LNG supplier, and 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 11). The Company recognized a guarantee liability, which has been presented as short-term and long-term (Note 20) based on the timing of performance by the LNG supplier.

Construction in progress

9 Months Ended

Sep. 30, 2025

Construction in progress [Abstract]

Construction in progress

12. Construction in progress

The Company’s construction in progress activity during the nine months ended September 30, 2025 is detailed below:


	September 30, 2025
Construction in progress as of December 31, 2024	$	3,574,389
Additions	711,267
Asset impairment expense (Note 14)	(121,358)
Impact of currency translation adjustment	202,347
Assets placed in service	(141,961)
Dispositions (Note 4)	(1,934)
Construction in progress as of September 30, 2025	$	4,222,750

Interest expense of $191,312 and $346,856, inclusive of amortized debt issuance costs, was capitalized for the nine months ended September 30, 2025 and 2024, respectively.

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.

Property, plant and equipment, net (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

As of September 30, 2025 and December 31, 2024, the Company’s property, plant and equipment, net consisted of the following:


	September 30, 2025		December 31, 2024
LNG liquefaction facilities	$	3,251,416	$	3,316,504
Vessels	1,752,718		1,575,299
Terminal and power plant equipment	422,763		630,822
Gas pipelines	291,355		323,196
Power facilities	157,219		283,470
ISO containers and other equipment	46,104		66,766
Land	56,733		51,897
Leasehold improvements	49,007		49,862
Accumulated depreciation	(483,442)		(455,009)
Total property, plant and equipment, net	$	5,543,873	$	5,842,807

Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

19. Debt

As of September 30, 2025 and December 31, 2024, debt consisted of the following:


	September 30, 2025		December 31, 2024
Corporate debt
Senior Secured Notes, due November 2029	$	2,726,248	$	2,728,269
Senior Secured Notes, due September 2026	510,879		509,022
Senior Secured Notes, due March 2029	234,144		233,789
Revolving Facility	660,400		1,000,000
Term Loan B, due October 2028	1,159,210		776,353
Term Loan A, due July 2027	277,694		321,573
Short-term Borrowings	73,279		179,890
Sale leaseback financing
Vessel Financing Obligation, due August 2042	1,380,058		1,366,293
Tugboat Financing, due December 2038	45,814		46,224
Asset level financing
PortoCem Debentures, due September 2040	871,843		729,259
BNDES Term Loan, due October 2045	369,345		350,525
Brazil Financing Notes, due August 2029	371,530		—
Turbine Financing, due July 2027	135,961		142,549
EB-5 Loan, due July 2028	98,910		98,647
South Power 2029 Bonds, due May 2029	—		217,871
Barcarena Debentures, due October 2028	—		194,571
Total debt	$	8,915,315	$	8,894,835
Current portion of long-term debt	$	6,579,321	$	539,132
Long-term debt	2,335,994		8,355,703

Long-term debt is recorded at amortized cost on the Condensed Consolidated Balance Sheets. The fair value of the Company's long-term debt was $5,769,249 and $9,087,890 as of September 30, 2025 and December 31, 2024, respectively,

and is 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.

The terms of the Company's debt instruments have been described in the Annual Report on Form 10-K. Significant changes to the Company's outstanding debt are described below.

New 2029 Notes and 2029 Notes

Interest payments are due on the New 2029 Notes semi-annually in May and November of each year, and an interest payment of $163,808 was due on November 17, 2025, with a contractual three-day grace period to November 20, 2025. Prior to the expiration of the contractual three-day grace period, the Company entered into a forbearance agreement with the beneficial holders of greater than 70% of the New 2029 Notes, pursuant to which the holders agreed to forbear from accelerating or exercising remedies in respect of an event of default that has arisen thereunder on account of the issuer’s failure to pay interest due on November 17, 2025. The term of the forbearance agreement is through December 15, 2025, and upon the termination of the forbearance agreement, if further forbearance or debt restructuring is not agreed to, the holders of the New 2029 Notes could accelerate the outstanding principal balance of the New 2029 Notes, in which case substantially all of the Company's other outstanding debt would become payable on demand. The New 2029 Notes Forbearance Agreement contains certain conditions, covenants, termination rights and other provisions customary for forbearance agreements of that type.

The Company does not expect to be in compliance with the consolidated first lien debt ratio and fixed charge coverage ratio covenants under the Revolving Credit Agreement and the Term Loan A Credit Agreement for the quarter ended December 31, 2025; see discussion below. The indenture governing the New 2029 Notes contains cross-default provisions that would automatically accelerate the maturity date of all outstanding balances under the New 2029 Notes upon an event of default in the Revolving Credit Agreement and Term Loan A Credit Agreement due to a covenant violation. As such, the outstanding principal balance of the New 2029 Notes has been presented as a current liability.

The indenture governing the 2029 Notes (as defined in the Annual Report) contains cross acceleration provisions that would allow these lenders to accelerate the maturity date of outstanding principal balances under the 2029 Notes upon an acceleration of outstanding principal balances under Revolving Facility and Term Loan A Credit Agreement due to a covenant violation. As such, the outstanding principal balance of the 2029 Notes has been presented as a current liability.

Revolving Facility

In May 2025, the Company entered into an amendment to the Revolving Credit Agreement to, among other things, (i) provide for a covenant holiday with respect to the consolidated first lien debt ratio and fixed charge coverage ratio contained therein for the fiscal quarter ending June 30, 2025, (ii) permit $270,000 of proceeds from the sale of the Jamaica Business to be used to prepay and terminate a portion of loans and commitments currently outstanding and otherwise not require the proceeds of the sale of the Jamaica Business to be used to prepay loans and commitments, (iii) provide that the asset sale sweep mandatory prepayment will no longer apply once aggregate commitments are reduced to $550,000 and (iv) restrict the Company from prepaying the 2026 Notes in excess of $200,000 other than to avoid springing maturities unless any such prepayment is made using proceeds from refinancing indebtedness or capital contributions.

In May 2025, the Company repaid $270,000 of outstanding balance under the Revolving Facility which permanently reduced the borrowing capacity to $730,000. As a result, the Company recognized a Loss on extinguishment of debt, net of $10,634 in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income representing write-off of unamortized deferred financing costs. As of September 30, 2025, total remaining unamortized deferred financing costs for the Revolving Facility were $21,298.

Additionally, the Company has issued letters of credit of $69,533 in 2025, and including the outstanding letters of credit, the Company has fully utilized the borrowing capacity of $729,933 as of September 30, 2025.

In November 2025, the Company entered into an amendment to the Revolving Credit Agreement to, among other things, (a) provide for a covenant holiday with respect to (x) the consolidated first lien debt ratio and fixed charge coverage ratio covenants contained therein for the fiscal quarter ended September 30, 2025 and (y) the minimum liquidity requirement contained therein for the fiscal quarter ending December 31, 2025, (b) remove certain flexibility the Company or any of its subsidiaries had to pay dividends and other distributions, and (c) restrict the ability for the Company or any of its

subsidiaries to make payments of principal or interest accruing on certain outstanding indebtedness, including the November 17, 2025 interest payment on the New 2029 Notes.

The Company also does not expect to be in compliance with the consolidated first lien debt ratio and fixed charge coverage ratio covenants for the fiscal quarter ending December 31, 2025. If the Company does not enter into an agreement with the lenders under the Revolving Facility to provide for a covenant holiday and other covenant relief for the fiscal quarter ending December 31, 2025, by the time the Company furnishes to the administrative agents for the Revolving Facility audited financial statements for such fiscal year, the lenders would have the right to accelerate the repayment of the outstanding principal under the Revolving Facility. If the lenders choose to exercise such rights, substantially all of the Company’s outstanding indebtedness could be accelerated.

Letter of Credit Facility

In May 2025, the Company entered into the eighth amendment to the Letter of Credit Agreement, to, among other things, (i) provide for a covenant holiday with respect to the consolidated first lien debt ratio and fixed charge coverage ratio contained therein for the fiscal quarter ending June 30, 2025 and (ii) add a covenant limiting the amount of cash the Company can use to repurchase the 2026 Notes, other than payments to avoid springing maturities in respect thereof or with proceeds of certain permitted debt or equity refinancing transactions.

On July 2, 2025, the Company entered into a deferral agreement for its Letter of Credit Agreement. The deferral agreement deferred the date on which the Company was required to cash collateralize the letters of credit scheduled that would remain outstanding on or after July 24, 2025, the then-current maturity date (the “Cash Collateralization Requirement”) until July 17, 2025. The Cash Collateralization Requirement was subsequently deferred in a second deferral agreement, dated July 17, 2025, until July 24, 2025.

On July 24, 2025, the Company entered into an extension agreement to its Letter of Credit Agreement. The extension agreement extended the maturity date to July 31, 2025 and deferred the Cash Collateralization Requirement until July 31, 2025. Pursuant to a second extension agreement on July 31, 2025, the then-current maturity date was extended to August 8, 2025 and the Cash Collateralization Requirement was deferred to August 8, 2025.

On August 8, 2025, the Company entered into the ninth amendment to its Letter of Credit Agreement to, among other things, (i) change the facility from uncommitted to committed; (ii) extend the maturity date to November 14, 2025; (iii) add an asset sale sweep prepayment provision; and (iv) make certain changes to fees and pricing. In addition, the commitments were reduced to approximately $195,000 were scheduled to automatically reduce on October 5, 2025 to approximately $155,000.

On September 30, 2025, the Company entered into a deferral agreement for its Letter of Credit Agreement to, among other things, further defer the Cash Collateralization Requirement to November 14, 2025.

On October 24, 2025, the Company entered into the tenth amendment and deferral agreement to its Letter of Credit Agreement to, among other things, delay the reduction of commitments until a date that certain letters of credit were issued and/or renewed (not to be later than November 14, 2025).

On November 14, 2025, the Company entered into the eleventh amendment to the Letter of Credit Agreement to, among other things, (a) extend the maturity date of the Letter of Credit Facility to March 31, 2026, (b) provide for a covenant holiday with respect to the consolidated first lien debt ratio and fixed charge coverage ratio covenants contained therein for the fiscal quarters ended September 30, 2025 and December 31, 2025, (c) removes the minimum liquidity requirement contained therein with respect to each fiscal quarter, (d) removes certain flexibility the Company had to pay dividends and other distributions, and (e) restricts the ability for the Company or any of its subsidiaries to make payments of principal or interest accruing on certain outstanding indebtedness.

As of September 30, 2025, the Company had $195,000 of letters of credit outstanding under the Letter of Credit Facility.

Term Loan B Credit Agreement

In March 2025, the Company entered into an amendment to the Term Loan B Credit Agreement. Pursuant to the amendment, certain lenders agreed to provide incremental term loans in an aggregate principal amount of up to $425,000, which increased the total outstanding principal amount to $1,272,440 ("Term Loan B"). The incremental term loans were

issued at a discount, and the Company received proceeds, net of discount, of $391,000. Net proceeds will be used primarily to fund capital expenditures of the onshore FLNG project, and for other corporate expenses. The incremental term loans are subject to the same maturity date as the term loans under the original agreement. Quarterly principal payments of approximately $3,181 were required beginning June 2025.

The Term Loan B is secured by the same collateral that secures the term loans under the original agreement. The Term Loan B bears interest at a per annum rate equal to Adjusted Term SOFR (as defined in the amendment) plus 5.5%. The Company may prepay the Term Loan B at its option subject to prepayment premiums until March 10, 2028 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 and with the Company's Excess Cash Flow (as defined in the amendment), in each case subject to certain exceptions and thresholds. The Company must comply with the same covenant requirements as those under the original agreement. Additionally, the Term Loan B contains cross acceleration provisions that would allow these lenders to accelerate the maturity date of outstanding principal under the Term Loan B upon an acceleration of outstanding principal balances under Revolving Facility and Term Loan A Credit Agreement due to a covenant violation. As such, the outstanding principal balance of the Term Loan B has been presented as a current liability.

The amendment was accounted for as a modification, and fees paid to lenders of $20,000 were deferred and are amortized over the remaining life of the Term Loan B Credit Agreement. The additional third party costs associated with the amendment of $2,880 were recognized as expense in Transaction and integration costs in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. As of September 30, 2025, total remaining unamortized deferred financing costs, including the unamortized original issue discount, for the Term Loan B was $106,868. In connection with the amendment, all unused term loan commitments under the Term Loan A Credit Agreement were terminated.

Term Loan A Credit Agreement

In March 2025, the Company entered into an amendment to the Term Loan A Credit Agreement. Pursuant to the amendment, the future borrowing commitments are reduced to zero, eliminating the potential for future borrowings under the Term Loan A Credit Agreement. As a result of the amendment, $18,121 of origination, structuring and other fees, which were previously capitalized in Other non-current assets on the Condensed Consolidated Balance Sheet were recognized as interest expense in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

In May 2025, the Company entered into an additional amendment to the Term Loan A Credit Agreement, which, among other things, (i) requires $55,000 of proceeds from the sale of the Jamaica Business to be used to prepay a portion of loans currently outstanding; (ii) increases the applicable margin to 6.70% for SOFR loans and 5.70% for Base Rate Loans and implement a Term SOFR floor of 4.30% for the initial term loans and a base rate minimum of 5.30%; (iii) requires the Company to make mandatory prepayments with 12.5% of proceeds of a $659,000 request for equitable adjustment and any other proceeds related to the early termination of contracts associated with the grid stabilization project in Puerto Rico, if and when such proceeds are received. Additionally, this amendment amends certain of the financial covenants, whereby the consolidated first lien debt ratio cannot exceed (i) 6.75 to 1.00, for the fiscal quarter ending September 30, 2025, (ii) 6.50 to 1.00, for the fiscal quarter ending December 31, 2025, (iii) 7.25 to 1.00, for the fiscal quarters ending March 31, 2026 and September 30, 2026 and (iv) 6.75 to 1.00, for the fiscal quarter ending December 31, 2026 and each fiscal quarter thereafter. The amendment added a fixed charge coverage ratio covenant and removed the debt to total capitalization covenant. The Company cannot permit the fixed charge coverage ratio for the Company and its restricted subsidiaries to be less than or equal to 1.00 to 1.00 for the fiscal quarter ending September 30, 2025 and each fiscal quarter thereafter. The first lien debt ratio and the fixed charge coverage ratio covenants were waived for the fiscal quarter ended June 30, 2025.

In November 2025, the Company entered into an amendment to the Term Loan A Credit Agreement to, among other things, (a) provide for a covenant holiday with respect to (x) the consolidated first lien debt ratio and fixed charge coverage ratio covenants contained therein for the fiscal quarter ended September 30, 2025 and (y) the minimum liquidity requirement contained therein for the fiscal quarter ending December 31, 2025, (b) remove certain flexibility the Company or any of its subsidiaries had to pay dividends and other distributions and (c) restrict the ability for the Company or any of its subsidiaries to make payments of principal or interest accruing on certain outstanding indebtedness, including the November 17, 2025 interest payment on the New 2029 Notes.

lenders under the Term Loan A Credit Agreement to provide for a covenant holiday or other covenant relief for the fiscal quarter ending December 31, 2025, by the time the Company furnishes to the administrative agents for the Term Loan A Credit Agreement audited financial statements for such fiscal year, the lenders would have the right to accelerate the repayment of the outstanding principal under the Term Loan A Credit Agreement. If the lenders choose to exercise such rights, substantially all of the Company’s outstanding indebtedness could be accelerated.

In May 2025, the Company repaid $55,000 of the Term Loan A Credit Agreement using proceeds from the sale of the Jamaica Business (Note 4). This repayment was recognized as a partial extinguishment of debt, and a portion of unamortized deferred financing costs of $3,806 were written off within Loss on extinguishment of debt, net in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. As of September 30, 2025, total remaining unamortized deferred financing costs and debt discount reducing the principal were $17,306.

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 September 30, 2025, the Company had $73,279 due under repurchase arrangements with a weighted average interest rate of 7.95%, and the Company has amended the agreements on outstanding borrowings to extend the due date to November 14, 2025. Borrowings under this arrangement are uncommitted, and as such, there can be no assurance that the Company will have a right to extend the due dates on outstanding balances or borrow additional amounts in the future.

Brazil Financing Notes

In February 2025, one of the Company's consolidated subsidiaries entered into an agreement to issue up to $350,000 aggregate principal amount of 15.0% Senior Secured Notes due 2029 (the “Brazil Financing Notes”) at a purchase price of 97.75% of par. The Brazil Financing Notes mature on August 30, 2029; the principal is due in full on the maturity date. Interest is payable quarterly in arrears beginning on June 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 of $208,727 was used to repay the Barcarena Debentures in full.

The repayment of the Barcarena Debentures was evaluated on a creditor-by-creditor basis to determine whether the transaction should be accounted for as a modification or extinguishment of debt. As a result of this evaluation, a portion of the repayment was determined to be an extinguishment of debt and, therefore, the Company recorded a debt extinguishment loss of $392 to write off a pro-rata amount of unamortized issuance costs. A portion of the repayment was treated as modification, and fees and unamortized issuance costs amounted to $3,484 that were attributable to the lender that participated in both the Barcarena Debentures and the Brazil Financing Notes will be amortized over the life of the Brazil Financing Notes. The additional third-party fees associated with the Brazil Financing Notes of $4,171 were recognized as expense in Transaction and integration costs in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. As of September 30, 2025, total remaining unamortized deferred financing costs, including the unamortized original issue discount, for the Brazil Financing Notes were $10,482.

PortoCem Debentures

The PortoCem Debentures included a non-automatic early maturity provision whereby upon multiple downgrades of the Company’s credit rating, early maturity may be declared if approved by the majority of debenture holders. The Company's credit ratings were downgraded during the first quarter of 2025, triggering the right of the debenture holders to determine if an early maturity event should be declared. On May 23, 2025, the debenture holders unanimously permanently waived their ability to declare an early maturity event due to this credit ratings downgrade. In connection with the debenture holders' decision to not declare an early maturity event, the Company agreed to provide a bank guarantee of $129,100 prior to August 17, 2025.

On June 5, 2025, the Company received an additional downgrade of its credit rating, which triggered an additional non-automatic event of early maturity under the PortoCem Debenture. On June 26, 2025, the debenture holders unanimously permanently waived their ability to declare an early maturity event due to this credit ratings downgrade. No additional collateral was required; however, the Company was required to provide $50,000 of the previously required bank guarantee on or before July 7, 2025. The remaining $79,100 bank guarantee was due on or before August 17, 2025. Additionally, the

debenture holders agreed to amend the debenture agreement to suspend the provision that allows for a non-automatic early maturity event upon certain downgrades of the Company’s credit rating through August 30, 2026.

The Company provided the required $50,000 bank guarantee on July 9, 2025, subsequent to the required deadline of July 7, 2025. On August 7, 2025, the debenture holders unanimously waived their ability to declare an early maturity event due to the failure to timely meet this condition in the previous waiver. Additionally, the Company did not provide the required $79,100 bank guarantee by the deadline. On October 11, 2025, the debenture holders unanimously permanently waived their ability to declare an early maturity event due to the failure to provide the bank guarantee. The remaining $79,100 bank guarantee is now due on or before May 10, 2026, and if this guarantee or an equivalent amount of equity contribution to the project company is not made by this date, an automatic early maturity event will exist under the amended debenture agreement. The Company is discussing providing this bank guarantee with its creditors under new credit arrangements, and should additional financing or credit capacity be provided under new credit agreements, the Company intends to comply with the requirements of the waiver. However, based on the Company's current liquidity, the Company determined that it is not currently probable that the bank guarantee can be provided absent an agreement with its existing creditors or new lenders, and as such the PortoCem Debentures continue to be classified as a current liability. If such automatic early maturity event were to occur, substantially all of the Company’s outstanding indebtedness would be payable on demand.

EB-5 Loan Agreement

The Company's loan agreement under the U.S. Citizenship and Immigration Services EB-5 Program ("EB-5 Loan Agreement") requires the Company to create a minimum number of new jobs prior to January 2026 (the "Job Creation Requirement"). During the third quarter of 2025, the Company determined that it was not probable that development of the Company's ZeroPark project will have created a sufficient amount of jobs by this deadline. After contractual notice and grace periods, if the Jobs Creation Requirement is not met, the lenders would have the ability to accelerate the payment of all outstanding balances under the EB-5 Loan Agreement. As of September 30. 2025, the Company has an aggregate principal amount of $100,000 outstanding (the "EB-5 Loan"). None of the Company's other outstanding indebtedness would be impacted by any potential event of default or acceleration of the EB-5 Loan. The Company is in discussions with the lenders to obtain a waiver. As no event of default exists as of September 30, 2025 or the issuance of these financial statements, the EB-5 Loan continues to be presented as a non-current liability.

South Power 2029 Bonds

On May 14, 2025, the Company completed the sale of the Jamaica Business. In conjunction with closing, the Company repurchased all outstanding South Power Bonds for $227,157, including a 1.0% prepayment penalty and accrued interest. The Company recognized a Loss on extinguishment of debt, net of $5,880 in the Condensed 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 three and nine months ended September 30, 2025 and 2024 consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest per contractual rates	$	210,035	$	144,609	$	633,292	$	397,025
Interest expense on Vessel Financing Obligation	45,300		46,646		135,604		145,161
Amortization of debt issuance costs, premiums and discounts	9,835		11,519		52,849		32,648
Interest expense incurred on finance lease obligations	64		150		231		872
Total interest costs	$	265,234	$	202,924	$	821,976	$	575,706
Capitalized interest	54,672		131,817		191,312		346,856
Total interest expense	$	210,562	$	71,107	$	630,664	$	228,850

Interest expense on the Vessel Financing Obligation includes non-cash expense of $40,925 and $84,170 for the three and nine months ended September 30, 2025, respectively, and $34,619 and $98,506 for the three and nine months ended September 30, 2024, respectively, related to payments received by Energos from third-party charterers.

Revenue recognition - Contract Liabilities and Contract Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets, net - current	$ 36,811	$ 44,902
Contract assets, net - non-current	10,375	20,270
Total contract assets, net	47,186	65,172
Contract liabilities, net - current	12,144	14,415
Contract liabilities, net - non-current	10,125	11,750
Total contract liabilities, net	22,269	26,165
Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$ 3,173	$ 82,454

Segments - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	$ 327,367	$ 567,535	$ 1,099,595	$ 1,685,862
Cost of sales	196,908	325,292	708,137	776,269
Vessel operating expenses	7,297	8,254	22,529	25,153
Operations and maintenance	58,520	32,062	173,294	139,902
Deferred earnings from contracted sales		0		0
Segment Operating Margin	64,642	201,927	195,635	744,538
Balance sheet:
Total assets	11,905,607	11,969,896	11,905,607	11,969,896	$ 12,867,496
Other segmental financial information:
Capital expenditures	208,139	753,011	757,370	1,883,824
Contract sales		150,000		150,000
Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	327,367	525,262	1,099,595	1,643,589
Cost of sales	196,908	325,292	708,137	776,269
Vessel operating expenses	7,297	8,254	22,529	25,153
Operations and maintenance	58,520	32,062	173,294	139,902
Deferred earnings from contracted sales		60,000		150,000
Segment Operating Margin	64,642	219,654	195,635	852,265
Balance sheet:
Total assets	11,905,607	11,969,896	11,905,607	11,969,896
Other segmental financial information:
Capital expenditures	208,139	753,011	757,370	1,883,824
Operating Segments \| Terminals and Infrastructure
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	301,765	482,200	996,928	1,515,365
Cost of sales	196,908	325,292	708,137	776,269
Vessel operating expenses	1,940	0	3,705	0
Operations and maintenance	58,520	32,062	173,294	139,902
Deferred earnings from contracted sales		60,000		150,000
Segment Operating Margin	44,397	184,846	111,792	749,194
Balance sheet:
Total assets	11,583,256	11,306,440	11,583,256	11,306,440
Other segmental financial information:
Capital expenditures	208,139	753,011	757,370	1,883,824
Operating Segments \| Ships
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	25,602	43,062	102,667	128,224
Cost of sales	0	0	0	0
Vessel operating expenses	5,357	8,254	18,824	25,153
Operations and maintenance	0	0	0	0
Deferred earnings from contracted sales		0		0
Segment Operating Margin	20,245	34,808	83,843	103,071
Balance sheet:
Total assets	322,351	663,456	322,351	663,456
Other segmental financial information:
Capital expenditures	0	0	0	0
Consolidation and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	0	42,273	0	42,273
Cost of sales	0	0	0	0
Vessel operating expenses	0	0	0	0
Operations and maintenance	0	0	0	0
Deferred earnings from contracted sales		(60,000)		(150,000)
Segment Operating Margin	0	(17,727)	0	(107,727)
Balance sheet:
Total assets	0	0	0	0
Other segmental financial information:
Capital expenditures	$ 0	$ 0	$ 0	$ 0

Debt - Summary of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	$ 8,915,315	$ 8,894,835
Short-term Borrowings	73,279	179,890
Current portion of long-term debt	6,579,321	539,132
Long-term debt	2,335,994	8,355,703
Revolving Facility
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	660,400	1,000,000
Senior Secured Notes, due November 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	2,726,248	2,728,269
Senior Secured Notes, due September 2026
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	510,879	509,022
Senior Secured Notes, due March 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	234,144	233,789
Term Loan B, due October 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,159,210	776,353
Term Loan A, due July 2027
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	277,694	321,573
Vessel Financing Obligation, due August 2042
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,380,058	1,366,293
Tugboat Financing, due December 2038
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	45,814	46,224
PortoCem Debentures, due September 2040
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	871,843	729,259
BNDES Term Loan, due October 2045
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	369,345	350,525
Brazil Financing Notes, due August 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	371,530	0
Turbine Financing, due July 2027
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	135,961	142,549
EB-5 Loan, due July 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	98,910	98,647
South Power 2029 Bonds, due May 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	0	217,871
Barcarena Debentures, due October 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	$ 0	$ 194,571

Dispositions (Tables)

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The following is a summary of the carrying amounts of the major classes of assets and liabilities as of closing:


	May 14, 2025
Assets
Current:
Cash and cash equivalents	$	6,421
Restricted cash	650
Receivables, net of allowances	65,330
Inventory	24,373
Prepaid expenses and other current assets, net	4,885
Total current assets	101,659
Non-current:
Construction in progress	1,934
Property, plant and equipment, net	305,982
Right-of-use assets	144,719
Intangible assets, net	623
Goodwill	184,620
Deferred tax assets, net	13,937
Other non-current assets, net	33,872
Total non-current assets	$	685,687
Total assets	$	787,346

Liabilities
Current:
Accounts payable	$	8,922
Accrued liabilities	12,975
Current lease liabilities	19,805
Other current liabilities	6,176
Total current liabilities	47,878
Non-current:
Non-current lease liabilities	122,085
Deferred tax liabilities, net	42,197
Other long-term liabilities	5,389
Total non-current liabilities	$	169,671
Total liabilities	$	217,549

The following is a summary of the income from continuing operations before taxes for the operations of the Jamaica Business:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Income from continuing operations before taxes	$	—	$	17,497	$	15,171	$	38,055

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Topic 205
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Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Impairment of long-lived assets	9 Months Ended
Impairment of long-lived assets	Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Impairment of long-lived assets	14. 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. During the three and nine months ended September 30, 2025, the Company recognized asset impairment expenses of $10,353 and $127,911, respectively, in the Terminals and Infrastructure segment. Due to the goodwill impairment triggering event identified in May 2025 (Note 15), the Company performed a recoverability test of its long-lived assets, including ROU assets and definite lived intangible assets. This analysis uses estimated undiscounted cash flow projects expected to be generated over the remaining useful life of the primary asset of the asset group at the lowest level with identifiable cash flows that are independent of other assets. Based on the recoverability tests performed, the Company recorded an impairment charge of $117,311, primarily relating to the Lakach deepwater project in the amount of $47,294, and the development project in Pennsylvania in the amount of $48,155. The Company has determined that it was not probable that it would pursue development of the Lakach deepwater project, and after this impairment, there are no longer any costs capitalized for this project. In testing the recoverability of the capitalized costs for the development project in Pennsylvania, the Company used a range of possible outcomes (which included using the land for a potential data center project) and concluded that the asset group was not recoverable. Accordingly, the Company recognized an impairment charge to reduce the carrying value of the asset group to its estimated fair value. The determination of the estimated fair value of the asset group used analyses obtained from independent third-party valuation specialists based on market observable inputs, representing Level 2 assets determined based on Level 2 inputs. The Company recognized impairment expenses of $1,484 and $5,756, respectively, during the three and nine months ended September 30, 2024, primarily related to the sale of the Miami Facility. The Company measures fair value of certain assets on a non-recurring basis when GAAP requires the application of fair value, including events or changes in circumstances that indicate that carrying amounts of assets may not be recoverable. Assets subject to these measurements include goodwill (Note 15), intangible assets, property, plant and equipment and leased assets. We record such assets at fair value when it is determined the carrying value may not be recoverable. Depending on the underlying nature of the asset group, fair value measurements for assets subject to impairment tests are determined using a market approach, which uses Level 2 inputs, including quoted prices for similar assets or market corroborated inputs; or an income approach, which uses Level 3 inputs, including assumptions as to future cash flows from operations of the underlying assets.

Leases, as lessee - Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Lease Cost [Line Items]
Fixed lease cost	$ 14,675	$ 44,501	$ 91,604	$ 120,749
Variable lease cost	1,415	0	1,188	2,709
Short-term lease cost	238	1,870	1,748	8,460
Lease cost	12,136	9,522	19,273	46,659
Cost of sales
Lease Cost [Line Items]
Lease cost	11,367	43,790	81,234	109,798
Operations and maintenance
Lease Cost [Line Items]
Lease cost	2,766	1,104	8,591	16,250
Selling, general and administrative
Lease Cost [Line Items]
Lease cost	$ 2,195	$ 1,477	$ 4,715	$ 5,870

Related party transactions - Management Services Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Due to affiliates	$ 4,280		$ 4,280		$ 11,530
Related party transaction, amounts of transaction	230	$ 134	1,328	$ 1,218
Related Party \| Service Agreements
Related Party Transaction [Line Items]
General and administrative expense	151	$ 1,363	651	$ 3,171
Due to affiliates	587		587		6,755
Affiliated Entity \| Chartered Aircraft
Related Party Transaction [Line Items]
Due to affiliates	$ 79		$ 79		$ 1,146

- 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
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Reference 8: 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)(c)(2)(i))
-Publisher FASB
-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)(c)(2)(ii))
-Publisher FASB
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Reference 10: 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

+ Details

Related party transactions - Land Lease Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Operations and maintenance	$ 58,520	$ 32,062	$ 173,294	$ 139,902
Operating right-of-use-assets	400,992		400,992		$ 599,937
Non-current lease liabilities	328,071		328,071		475,161
Affiliated Entity \| Land \| Florida East Coast Industries, LLC
Related Party Transaction [Line Items]
Operations and maintenance		73		310
Affiliated Entity \| Land \| Jefferson Terminal South LLC
Related Party Transaction [Line Items]
Operations and maintenance	183	$ 548	548	$ 548
Operating right-of-use-assets	3,240		3,240		3,530
Non-current lease liabilities	$ 4,732		$ 4,732		$ 4,474

- 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

Construction in progress - Construction in Progress Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Construction in Progress [Roll Forward]
Construction in progress as of December 31, 2024	$ 3,574,389
Additions	711,267
Asset impairment expense (Note 14)	(121,358)
Impact of currency translation adjustment	202,347
Assets placed in service	(141,961)
Dispositions (Note 4)	(1,934)
Construction in progress as of September 30, 2025	$ 4,222,750

Accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued development costs	$ 78,838	$ 113,193
Accrued interest	212,210	84,566
Accrued bonuses	16,059	37,415
Accrued inventory	0	93,319
Other accrued expenses	181,798	62,866
Total accrued liabilities	$ 488,905	$ 391,359

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

As of September 30, 2025 and December 31, 2024, debt consisted of the following:


	September 30, 2025		December 31, 2024
Corporate debt
Senior Secured Notes, due November 2029	$	2,726,248	$	2,728,269
Senior Secured Notes, due September 2026	510,879		509,022
Senior Secured Notes, due March 2029	234,144		233,789
Revolving Facility	660,400		1,000,000
Term Loan B, due October 2028	1,159,210		776,353
Term Loan A, due July 2027	277,694		321,573
Short-term Borrowings	73,279		179,890
Sale leaseback financing
Vessel Financing Obligation, due August 2042	1,380,058		1,366,293
Tugboat Financing, due December 2038	45,814		46,224
Asset level financing
PortoCem Debentures, due September 2040	871,843		729,259
BNDES Term Loan, due October 2045	369,345		350,525
Brazil Financing Notes, due August 2029	371,530		—
Turbine Financing, due July 2027	135,961		142,549
EB-5 Loan, due July 2028	98,910		98,647
South Power 2029 Bonds, due May 2029	—		217,871
Barcarena Debentures, due October 2028	—		194,571
Total debt	$	8,915,315	$	8,894,835
Current portion of long-term debt	$	6,579,321	$	539,132
Long-term debt	2,335,994		8,355,703

Schedule of Interest Expense

Interest expense, net of amounts capitalized, recognized for the three and nine months ended September 30, 2025 and 2024 consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest per contractual rates	$	210,035	$	144,609	$	633,292	$	397,025
Interest expense on Vessel Financing Obligation	45,300		46,646		135,604		145,161
Amortization of debt issuance costs, premiums and discounts	9,835		11,519		52,849		32,648
Interest expense incurred on finance lease obligations	64		150		231		872
Total interest costs	$	265,234	$	202,924	$	821,976	$	575,706
Capitalized interest	54,672		131,817		191,312		346,856
Total interest expense	$	210,562	$	71,107	$	630,664	$	228,850

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

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-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-Topic 470
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-Name Accounting Standards Codification
-Section 55
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-Topic 470
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-Name Accounting Standards Codification
-Topic 942
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-Section 50
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-Name Accounting Standards Codification
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-Topic 505
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-Section 50
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Other Long-Term Liabilities

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Other Long-Term Liabilities

20. Other Long-Term Liabilities

As of September 30, 2025 and December 31, 2024, Other long-term liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Guarantee liability (Note 18)	$	79,469	$	115,359
Derivative liabilities	4,017		24,364
Contract liability (Note 6)	10,125		11,750
Accrued interest	5,955		9,398
Other	10,905		5,487
Total other long-term liabilities	$	110,471	$	166,358

Commitments and contingencies (Details) R$ in Millions, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2025 BRL (R$)	Dec. 31, 2024 USD ($)	Sep. 30, 2025 BRL (R$)
Commitments and Contingencies Disclosure [Abstract]
Expected loss to be incur	$ 13.9			R$ 74.5
Damages claimed	70.6	R$ 375.7	$ 32.9
Counterclaim			7.2
Litigation settlement, proceedings seeking damages, fees and costs			$ 47.1
Penalty	$ 114.6	R$ 610.0

Segments - Reconciliation of Net loss to Operating Margin (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting [Abstract]
Net (loss) income	$ (293,356)	$ (556,827)	$ (197,373)	$ 11,313	$ (86,860)	$ 56,670	$ (1,047,556)	$ (18,877)
Add:
Selling, general and administrative	86,050			82,388			202,577	223,720
Transaction and integration costs	19,649			3,154			106,964	6,285
Depreciation and amortization	50,474			35,364			156,401	123,268
Asset impairment expense	10,353			1,484			127,911	5,756
Interest expense	210,562			71,107			630,664	228,850
Other (income) expense, net	(29,042)			(5,836)			(149,241)	60,630
Loss (gain) on sale	1,705			0			(470,994)	77,140
Goodwill impairment expense	0			0			582,172	0
Loss on extinguishment of debt, net	0			0			20,787	9,754
Tax provision	8,247			2,953			35,950	28,012
Segment Operating Margin	$ 64,642			$ 201,927			$ 195,635	$ 744,538

Financial instruments - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Mar. 31, 2024
Energos
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other long-term investments			$ 1,000
Term Loan A, due July 2027
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Increase in interest rate		2.00%
Foreign exchange contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, notional amount	$ 12,900

Organization (Details)	9 Months Ended
Organization (Details)	Sep. 30, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Accrued liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

As of September 30, 2025 and December 31, 2024, Accrued liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Accrued development costs	$	78,838	$	113,193
Accrued interest	212,210		84,566
Accrued bonuses	16,059		37,415
Accrued inventory	—		93,319
Other accrued expenses	181,798		62,866
Total accrued liabilities	$	488,905	$	391,359

Revenue recognition - Performance Obligation (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 8,550,755
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 52,335
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
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	$ 372,586
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	$ 455,024
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	$ 443,972
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	$ 432,952
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	$ 6,793,886
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Dispositions - Carrying Amounts of Assets and Liabilities Classified as Held for Sale (Details) - Jamaica Business - Disposal Group, Held-for-Sale, Not Discontinued Operations $ in Thousands	May 14, 2025 USD ($)
Current:
Cash and cash equivalents	$ 6,421
Restricted cash	650
Receivables, net of allowances	65,330
Inventory	24,373
Prepaid expenses and other current assets, net	4,885
Total current assets	101,659
Non-current:
Construction in progress	1,934
Property, plant and equipment, net	305,982
Right-of-use assets	144,719
Intangible assets, net	623
Goodwill	184,620
Deferred tax assets, net	13,937
Other non-current assets, net	33,872
Total non-current assets	685,687
Total assets	787,346
Current:
Accounts payable	8,922
Accrued liabilities	12,975
Current lease liabilities	19,805
Other current liabilities	6,176
Total current liabilities	47,878
Non-current:
Non-current lease liabilities	122,085
Deferred tax liabilities, net	42,197
Other long-term liabilities	5,389
Total non-current liabilities	169,671
Total liabilities	$ 217,549

Share-based compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 5,544	$ 22,543	$ 10,565	$ 47,855
Grant date fair value					$ 53,958
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining vesting period			3 months 3 days
Share-based payment arrangement, expense	477	320	$ 7,872	481
Unrecognized compensation cost	1,288		1,288
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	4,760	$ 4,759	14,123	$ 6,777
Unrecognized compensation cost	$ 28,298		$ 28,298
Minimum \| Restricted Stock Units (RSUs)
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 \| Restricted Stock Units (RSUs)
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

Restricted cash - Summary of Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Restricted Cash [Abstract]
Cash restricted under the terms of loan agreements	$ 203,890	$ 422,098
Collateral for letters of credit and performance bonds	40,214	50,598
Total restricted cash	$ 244,104	$ 472,696

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective tax rate	(2.90%)	20.70%	(3.60%)	306.60%
Tax provision	$ 8,247	$ 2,953	$ 35,950	$ 28,012

- 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/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-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/2003/role/disclosureRef
-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://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-SubTopic 10
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+ Details

Financial instruments - Schedule of Loss (Gain) in Other Expense (Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivatives, Fair Value [Line Items]
Total	$ 677	$ 4,611	$ 18,935	$ (5,483)
Foreign exchange forward contracts
Derivatives, Fair Value [Line Items]
Total	0	2,242	13,993	(902)
Zero-cost collar options
Derivatives, Fair Value [Line Items]
Total	$ 677	$ 2,369	$ 4,942	$ (4,581)

Leases, as lessee - Future Payments Due under Operating and Finance Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Operating Leases
Due remainder of 2025	$ 31,036
2026	88,264
2027	88,301
2028	86,817
2029	62,781
Thereafter	196,687
Total lease payments	553,886
Less: effects of discounting	167,020
Present value of lease liabilities	386,866
Current lease liability	59,618	$ 124,391
Non-current lease liability	327,248	471,961
Financing Leases
Due remainder of 2025	1,755
2026	2,577
2027	89
2028	89
2029	89
Thereafter	763
Total lease payments	5,362
Less: effects of discounting	457
Present value of lease liabilities	4,905
Current lease liability	4,082	3,971
Non-current lease liability	$ 823	$ 3,200

Restricted cash

9 Months Ended

Sep. 30, 2025

Restricted Cash [Abstract]

Restricted cash

9. Restricted cash

As of September 30, 2025 and December 31, 2024, restricted cash consisted of the following:


	September 30, 2025		December 31, 2024
Cash restricted under the terms of loan agreements	$	203,890	$	422,098
Collateral for letters of credit and performance bonds	40,214		50,598

Total restricted cash	$	244,104	$	472,696

Uses of cash proceeds under the BNDES Term Loan, Brazil Financing Notes and PortoCem Debentures (see Note 19) are restricted to certain payments to construct the Company's power plants in Brazil.

Redeemable preferred stock and stockholders' equity	9 Months Ended
Redeemable preferred stock and stockholders' equity	Sep. 30, 2025
Equity [Abstract]
Redeemable preferred stock and stockholders' equity	24. Redeemable preferred stock and stockholders' equity Redeemable preferred stock 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. Conversion to Class A common shares During the first quarter of 2025, holders of Series B Convertible Preferred Stock submitted conversion notices to convert a total of 45,000 shares of Series B Convertible Preferred Stock, including accrued and unpaid dividends of $107 on these shares, into 4,977,837 Class A common shares at a conversion price of $9.06 per share. The Company issued a total of 6,651,511 Class A common shares to the holders of Series B Convertible Preferred Stock during the three months ended March 31, 2025, which included 1,673,674 shares issued for a conversion notice received in December 2024. During the third quarter of 2025, the Company notified the holders of Series B Convertible Preferred Stock of a Change Event as a result of downgrades in the credit rating of the Company's debt, which allowed the holders to require redemption of all outstanding shares by the Company. On August 1, 2025, the Company redeemed a total of 36,746 shares through a conversion at a price of $950 per share plus accumulated and unpaid dividends of $756 and issued 10,351,348 shares of Class A common stock, which were delivered on August 1, 2025. There are no shares of Series B Convertible Preferred Stock outstanding as of September 30, 2025. Dividends Holders of Series B Convertible Preferred Stock were entitled to a cumulative dividend at the rate of 4.8% per annum, which was payable quarterly in arrears. If the Company did not declare and pay a dividend, the dividend rate would have increased to 9.8% per annum until all accrued but unpaid dividends had been paid in full. The Company accrued dividends of $310 and $1,304 on the Series B Convertible Preferred Stock during the three and nine months ended September 30, 2025, respectively. The Company paid dividends on the Series A Convertible Preferred Stock of $2,493 for the nine months ended September 30, 2024. The Company did not declare a dividend on its Class A common stock during the nine months ended September 30, 2025. The Company declared dividends of $0.10 per share totaling $20,507 and $61,517 during the three and nine months ended September 30, 2024, respectively, of which $20,507 remains unpaid. Under certain intercompany agreements entered into in conjunction with the Refinancing Transactions completed in the fourth quarter of 2024, the Company is no longer permitted to pay dividends to shareholders. During the three months and nine months ended September 30, 2025, the Company declared dividends of $— and $3,019 to holders of Golar LNG Partners LP's ("GMLP") 8.75% Series A Cumulative Redeemable Preferred Units (“GMLP Preferred Units”), respectively. During the three and nine months ended September 30, 2024, the Company declared and paid dividends of $3,019 and $9,057 to holders of the GMLP Series A Preferred Units, respectively. The amount of unpaid cumulative dividends is $3,019 as of September 30, 2025. 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 condensed consolidated financial statements.

- Definition

The entire disclosure for equity.

+ References

+ Details

Subsequent events (Details) $ in Millions	Nov. 10, 2025 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Exchange amount	$ 150

Other Long-Term Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Other Noncurrent Liabilities

As of September 30, 2025 and December 31, 2024, Other long-term liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Guarantee liability (Note 18)	$	79,469	$	115,359
Derivative liabilities	4,017		24,364
Contract liability (Note 6)	10,125		11,750
Accrued interest	5,955		9,398
Other	10,905		5,487
Total other long-term liabilities	$	110,471	$	166,358

Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

The table below presents segment information for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other		Consolidated
Statement of operations:
Total revenues	$	301,765	$	25,602	$	327,367	$	—	$	327,367
Less(1):
Cost of sales(3)	196,908		—		196,908		—		196,908
Vessel operating expenses	1,940		5,357		7,297		—		7,297
Operations and maintenance	58,520		—		58,520		—		58,520
Segment Operating Margin	$	44,397	$	20,245	$	64,642	$	—	$	64,642
Balance sheet:
Total assets	$	11,583,256	$	322,351	$	11,905,607	$	—	$	11,905,607
Other segmental financial information:
Capital expenditures(2)	$	208,139	$	—	$	208,139	$	—	$	208,139


	Nine Months Ended September 30, 2025
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other		Consolidated
Statement of operations:
Total revenues	$	996,928	$	102,667	$	1,099,595	$	—	$	1,099,595
Less(1):
Cost of sales (3)	708,137		—		708,137		—		708,137
Vessel operating expenses	3,705		18,824		22,529		—		22,529
Operations and maintenance	173,294		—		173,294		—		173,294
Segment Operating Margin	$	111,792	$	83,843	$	195,635	$	—	$	195,635
Balance sheet:
Total assets	$	11,583,256	$	322,351	$	11,905,607	$	—	$	11,905,607
Other segmental financial information:
Capital expenditures(2)	$	757,370	$	—	$	757,370	$	—	$	757,370


	Three Months Ended September 30, 2024
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	482,200	$	43,062	$	525,262	$	42,273	$	567,535
Less(1):
Cost of sales(3)	325,292		—		325,292		—		325,292
Vessel operating expenses	—		8,254		8,254		—		8,254
Operations and maintenance	32,062		—		32,062		—		32,062
Deferred earnings from contracted sales(5)	60,000		—		60,000		(60,000)		—
Segment Operating Margin	$	184,846	$	34,808	$	219,654	$	(17,727)	$	201,927
Balance sheet:
Total assets	$	11,306,440	$	663,456	$	11,969,896	$	—	$	11,969,896
Other segmental financial information:
Capital expenditures(2)	$	753,011	$	—	$	753,011	$	—	$	753,011


	Nine Months Ended September 30, 2024
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	1,515,365	$	128,224	$	1,643,589	$	42,273	$	1,685,862
Less(1):
Cost of sales(3)	776,269		—		776,269		—		776,269
Vessel operating expenses	—		25,153		25,153		—		25,153
Operations and maintenance	139,902		—		139,902		—		139,902
Deferred earnings from contracted sales(5)	150,000		—		150,000		(150,000)		—
Segment Operating Margin	$	749,194	$	103,071	$	852,265	$	(107,727)	$	744,538
Balance sheet:
Total assets	$	11,306,440	$	663,456	$	11,969,896	$	—	$	11,969,896
Other segmental financial information:
Capital expenditures(2)	$	1,883,824	$	—	$	1,883,824	$	—	$	1,883,824

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

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

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

(4) For the three and nine months ended September 30, 2024, Consolidation and Other adjusts for the inclusion of deferred earnings from contracted sales of $150,000; a portion of these deferred earnings of $42,273 were recognized upon delivery during the third quarter of 2024.

(5) 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 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income during the third and fourth quarters of 2024.

Schedule of 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands of $)	2025		2024		2025		2024
Net (loss) income	$	(293,356)	$	11,313	$	(1,047,556)	$	(18,877)
Add:
Selling, general and administrative	86,050		82,388		202,577		223,720
Transaction and integration costs	19,649		3,154		106,964		6,285
Depreciation and amortization	50,474		35,364		156,401		123,268
Asset impairment expense	10,353		1,484		127,911		5,756
Interest expense	210,562		71,107		630,664		228,850
Other (income) expense, net	(29,042)		(5,836)		(149,241)		60,630
Loss (gain) on sale	1,705		—		(470,994)		77,140
Goodwill impairment expense	—		—		582,172		—
Loss on extinguishment of debt, net	—		—		20,787		9,754
Tax provision	8,247		2,953		35,950		28,012
Consolidated Segment Operating Margin	$	64,642	$	201,927	$	195,635	$	744,538

Other current liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Other Liabilities Disclosure [Abstract]
Payment for guarantee exchange	$ 126,668

Leases, as lessee

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases, as lessee

7. 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 right-of-use ("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 September 30, 2025 and December 31, 2024, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Operating right-of-use-assets	$	400,992	$	599,937
Finance right-of-use-assets (1)	17,391		18,796
Total right-of-use assets	$	418,383	$	618,733

Current lease liabilities:
Operating lease liabilities	$	59,618	$	124,391
Finance lease liabilities	4,082		3,971
Total current lease liabilities	$	63,700	$	128,362
Non-current lease liabilities:
Operating lease liabilities	$	327,248	$	471,961
Finance lease liabilities	823		3,200
Total non-current lease liabilities	$	328,071	$	475,161

(1) Finance lease ROU assets are recorded net of accumulated amortization of $8,514 and $8,134, respectively, as of September 30, 2025 and December 31, 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed lease cost	$	14,675	$	44,501	$	91,604	$	120,749
Variable lease cost	1,415		—		1,188		2,709
Short-term lease cost	238		1,870		1,748		8,460

Lease cost - Cost of sales	$	11,367	$	43,790	$	81,234	$	109,798
Lease cost - Operations and maintenance	2,766		1,104		8,591		16,250
Lease cost - Selling, general and administrative	2,195		1,477		4,715		5,870

For the three months ended September 30, 2025 and 2024, the Company has capitalized $12,136 and $9,522 of lease costs, respectively. For the nine months ended September 30, 2025 and 2024, the Company has capitalized $19,273 and $46,659 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 three and nine months ended September 30, 2025 and 2024, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest expense related to finance leases	$	64	$	150	$	231	$	872
Amortization of right-of-use asset related to finance leases	369		471		1,113		5,795


	Nine Months Ended September 30,
	2025		2024
Operating cash outflows for operating lease liabilities	$	130,948	$	141,021
Financing cash outflows for finance lease liabilities	2,493		6,713
Right-of-use assets obtained in exchange for new operating lease liabilities	—		206,344

The future payments due under operating and finance leases as of September 30, 2025 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2025	$	31,036	$	1,755
2026	88,264		2,577
2027	88,301		89
2028	86,817		89
2029	62,781		89
Thereafter	196,687		763
Total lease payments	$	553,886	$	5,362
Less: effects of discounting	167,020		457
Present value of lease liabilities	$	386,866	$	4,905

Current lease liability	$	59,618	$	4,082
Non-current lease liability	327,248		823

As of September 30, 2025, the weighted average remaining lease term for operating leases was 7.2 years and finance leases was 3.1 years. The weighted average discount rate associated with operating leases as of September 30, 2025 was 10.8% and as of December 31, 2024 was 10.3%. The weighted average discount rate associated with finance leases as of September 30, 2025 was 5.4% and as of December 31, 2024 was 5.2%. As the Company generally does not have access to the rate implicit in the lease, the incremental borrowing rate is utilized as the discount rate.

Leases, as lessee

7. Leases, as lessee

As of September 30, 2025 and December 31, 2024, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Operating right-of-use-assets	$	400,992	$	599,937
Finance right-of-use-assets (1)	17,391		18,796
Total right-of-use assets	$	418,383	$	618,733

Current lease liabilities:
Operating lease liabilities	$	59,618	$	124,391
Finance lease liabilities	4,082		3,971
Total current lease liabilities	$	63,700	$	128,362
Non-current lease liabilities:
Operating lease liabilities	$	327,248	$	471,961
Finance lease liabilities	823		3,200
Total non-current lease liabilities	$	328,071	$	475,161

(1) Finance lease ROU assets are recorded net of accumulated amortization of $8,514 and $8,134, respectively, as of September 30, 2025 and December 31, 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed lease cost	$	14,675	$	44,501	$	91,604	$	120,749
Variable lease cost	1,415		—		1,188		2,709
Short-term lease cost	238		1,870		1,748		8,460

Lease cost - Cost of sales	$	11,367	$	43,790	$	81,234	$	109,798
Lease cost - Operations and maintenance	2,766		1,104		8,591		16,250
Lease cost - Selling, general and administrative	2,195		1,477		4,715		5,870


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest expense related to finance leases	$	64	$	150	$	231	$	872
Amortization of right-of-use asset related to finance leases	369		471		1,113		5,795


	Nine Months Ended September 30,
	2025		2024
Operating cash outflows for operating lease liabilities	$	130,948	$	141,021
Financing cash outflows for finance lease liabilities	2,493		6,713
Right-of-use assets obtained in exchange for new operating lease liabilities	—		206,344

The future payments due under operating and finance leases as of September 30, 2025 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2025	$	31,036	$	1,755
2026	88,264		2,577
2027	88,301		89
2028	86,817		89
2029	62,781		89
Thereafter	196,687		763
Total lease payments	$	553,886	$	5,362
Less: effects of discounting	167,020		457
Present value of lease liabilities	$	386,866	$	4,905

Current lease liability	$	59,618	$	4,082
Non-current lease liability	327,248		823

Other current liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Guarantee liability	$ 40,899	$ 0
Derivative liabilities	31,248	29,417
Contract liabilities (Note 6)	12,144	14,415
Income tax payable	40,188	88,607
Due to affiliates	4,280	11,530
Other current liabilities	60,298	30,860
Total other current liabilities	$ 189,057	$ 174,829

Debt - Narrative (Details) - USD ($)						1 Months Ended		3 Months Ended		9 Months Ended
Debt - Narrative (Details) - USD ($)	Nov. 17, 2025	Jun. 26, 2025	May 23, 2025	May 14, 2025	Feb. 28, 2025	May 31, 2025	Mar. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Oct. 05, 2025	Aug. 08, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Repayments of debt										$ 1,592,321,000	$ 2,342,847,000
Loss on extinguishment of debt, net								$ 0	$ 0	(20,787,000)	(9,754,000)
Commitments													$ 195,000
Short-term Borrowings								$ 73,279,000		$ 73,279,000				$ 179,890,000
Weighted average interest rate								7.95%		7.95%
Financing interest expense, non-cash								$ 40,925,000	$ 34,619,000	$ 84,170,000	$ 98,506,000
Subsequent Event
Debt Instrument [Line Items]
Commitments												$ 155,000
New 2029 Notes \| Forecast
Debt Instrument [Line Items]
Interest payment due	$ 163,808,000
Contractual grace period	3 days
Percentage of negotiating forbearance agreement	70.00%
2026 Notes
Debt Instrument [Line Items]
Outstanding principal balance								100,000,000		100,000,000
Term Loan B, due October 2028
Debt Instrument [Line Items]
Deferred financing costs								20,000,000		20,000,000
Brazil Financing Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt, net					$ 392,000
Outstanding principal balance					350,000,000
Deferred financing costs					3,484,000			10,482,000		10,482,000
Third party fees					$ 4,171,000
Fixed interest rate					15.00%
Purchase price percentage					97.75%
Payment terms					30 months
Repayments of long-term debt					$ 208,727,000
PortoCem Bridge Loan Prior To August 17, 2025
Debt Instrument [Line Items]
Bank guarantee			$ 129,100,000
Porto Cem Bridge Loan Due October \| Debt Instrument, Covenant Period One
Debt Instrument [Line Items]
Bank guarantee		$ 50,000,000
Porto Cem Bridge Loan Due October \| Debt Instrument, Covenant Period Two
Debt Instrument [Line Items]
Bank guarantee		$ 79,100,000
PortoCem Bridge Loan On July 2025
Debt Instrument [Line Items]
Bank guarantee			$ 50,000,000
EB-5 Loan Agreement
Debt Instrument [Line Items]
Outstanding principal balance								100,000,000		$ 100,000,000
South Power 2029 Bonds, due May 2029
Debt Instrument [Line Items]
Repayments of debt				$ 227,157,000
Loss on extinguishment of debt, net				$ 5,880,000
Prepayment penalty				1.00%
Secured Debt \| Term Loan B, due October 2028
Debt Instrument [Line Items]
Outstanding principal balance							$ 1,272,440,000
Proceeds from issuance of long-term debt							391,000,000
Principal payments							3,181,000
Variable interest rate										5.50%
Deferred financing costs								106,868,000		$ 106,868,000
Third party fees										2,880,000
Secured Debt \| Term Loan A, due July 2027
Debt Instrument [Line Items]
Unamortized deferred financing costs						$ 3,806,000
Debt instrument, future borrowing commitments							0
Debt instrument, fee amount							18,121,000
Repaid amount						55,000,000
Remaining principal amount								17,306,000		17,306,000
Secured Debt \| Maximum \| Term Loan B, due October 2028
Debt Instrument [Line Items]
Outstanding principal balance							$ 425,000,000
Revolving Facility \| Line of Credit
Debt Instrument [Line Items]
Proceeds from sale						270,000,000
Asset sale sweep mandatory prepayment termination threshold						550,000,000
Repayments of debt						270,000,000
Issuance of letter of credit						730,000,000		729,933,000		729,933,000
Loss on extinguishment of debt, net						10,634,000
Unamortized deferred financing costs								21,298,000		21,298,000
Issued letters of credit								69,533,000		69,533,000
Mandatory prepayment amount						$ 55,000,000
Mandatory prepayments (in percent)						12.50%
Request for equitable adjustment						$ 659,000,000
Revolving Facility \| Line of Credit \| Fiscal quarter ending September 30, 2025
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio						6.75
Revolving Facility \| Line of Credit \| Fiscal Quarter Ended Through December 31, 2025
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio						6.50
Revolving Facility \| Line of Credit \| Fiscal Quarter Ended Through March 31, 2026
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio						7.25
Revolving Facility \| Line of Credit \| Fiscal Quarter Ended Through September 30, 2026
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio						7.25
Revolving Facility \| Line of Credit \| Fiscal Quarter Ended Through December 31, 2026
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio						6.75
Revolving Facility \| Line of Credit \| Fiscal quarter ending September 30, 2025 and thereafter
Debt Instrument [Line Items]
Fixed charge coverage ratio						1.00
Revolving Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate						6.70%
Revolving Facility \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Variable interest rate						5.70%
Revolving Facility \| Line of Credit \| Secured Overnight Financing Rate Floor
Debt Instrument [Line Items]
Variable interest rate						4.30%
Revolving Facility \| Line of Credit \| Base Rate Floor
Debt Instrument [Line Items]
Variable interest rate						5.30%
Revolving Facility \| Line of Credit \| 2026 Notes
Debt Instrument [Line Items]
Asset sale sweep mandatory prepayment termination threshold						$ 200,000
Level 2
Debt Instrument [Line Items]
Long-term debt								$ 5,769,249,000		$ 5,769,249,000				$ 9,087,890,000

Restricted cash (Tables)

9 Months Ended

Sep. 30, 2025

Restricted Cash [Abstract]

Schedule of Restricted Cash

As of September 30, 2025 and December 31, 2024, restricted cash consisted of the following:


	September 30, 2025		December 31, 2024
Cash restricted under the terms of loan agreements	$	203,890	$	422,098
Collateral for letters of credit and performance bonds	40,214		50,598

Total restricted cash	$	244,104	$	472,696

Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Variable Interest Entity [Line Items]
Receivables	$ 419,761		$ 419,761		$ 335,813
Cost of sales	196,908	$ 325,292	708,137	$ 776,269
Comprehensive income (loss) attributable to non-controlling interest	6,252	$ 2,563	$ 8,515	$ 6,756
Variable Interest Entities \| SCP
Variable Interest Entity [Line Items]
Partnership interest			87.50%
Receivables	$ 60,251		$ 60,251
Cost of sales			59,739
Comprehensive income (loss) attributable to non-controlling interest			$ 7,028

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

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(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

+ Details

- 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

Leases, as lessee - Right-of-use assets, Current Lease Liabilities and Non-Current Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Operating right-of-use-assets	$ 400,992	$ 599,937
Finance right-of-use assets	17,391	18,796
Total right-of-use assets	418,383	618,733
Current lease liabilities:
Operating lease liabilities	59,618	124,391
Finance lease liabilities	4,082	3,971
Total current lease liabilities	63,700	128,362
Non-current lease liabilities:
Operating lease liabilities	327,248	471,961
Finance lease liabilities	823	3,200
Total non-current lease liabilities	328,071	475,161
Finance lease, right-of-use asset, accumulated amortization	$ 8,514	$ 8,134

Property, plant and equipment, net - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ (483,442)	$ (455,009)
Total property, plant and equipment, net	5,543,873	5,842,807
LNG liquefaction facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,251,416	3,316,504
Vessels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,752,718	1,575,299
Total property, plant and equipment, net	1,383,000	1,272,334
Terminal and power plant equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	422,763	630,822
Gas pipelines
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	291,355	323,196
Power facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	157,219	283,470
ISO containers and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	46,104	66,766
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	56,733	51,897
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 49,007	$ 49,862

Leases, as lessee - Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Interest expense related to finance leases	$ 64	$ 150	$ 231	$ 872
Amortization of right-of-use asset related to finance leases	$ 369	$ 471	$ 1,113	$ 5,795

Adoption of new and revised standards	9 Months Ended
Adoption of new and revised standards	Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
Adoption of new and revised standards	3. Adoption of new and revised standards (a) New and amended standards adopted by the Company: 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 will include the new disclosures as required by ASU 2023-09 in the annual financial statements for the year ending December 31, 2025. 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 adopted ASU 2024-01 on January 1, 2025 and will apply the amendments on a prospective basis. The Company has not entered into any new or amended agreements which would require the application of the guidance. (b) New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2025: 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 within annual 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. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendment provides a practical expedient that allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The amendments of the ASU should be applied prospectively and are effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact that the adoption of ASU 2025-05 may have on the Company's financial statements and disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The amendments remove all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40 and specify that the disclosures in Subtopic 360-10, Property, Plant, and Equipment—Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements. The amendments are effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendments can be applied prospectively, on a modified retrospective basis, or retrospectively. The Company is currently evaluating the impact that the adoption of ASU 2025-06 may have on the Company's financial statements and disclosures. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). The amendments provide a scope exception to exclude from derivative accounting nonexchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. The amendments are effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendments can be applied prospectively or on a modified retrospective basis. The Company is currently evaluating the impact that the adoption of ASU 2025-07 may have 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 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 323
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 323
-Name Accounting Standards Codification
-Section 65
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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 19: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)(1)
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-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (e)(1)
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(1)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
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-URI https://asc.fasb.org/250/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Other current liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

As of September 30, 2025 and December 31, 2024, Other current liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Guarantee liability	$	40,899	$	—
Derivative liabilities	31,248		29,417
Contract liabilities (Note 6)	12,144		14,415
Income tax payable	40,188		88,607
Due to affiliates	4,280		11,530
Other current liabilities	60,298		30,860
Total other current liabilities	$	189,057	$	174,829

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Accounts receivable, allowance for credit loss, current	$ 21,820	$ 13,629
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01
Stockholders’ equity
Temporary equity, shares issued (in shares)	0	96,746
Temporary equity, shares outstanding (in shares)	0	96,746
Temporary equity, shares authorized (in shares)	0	96,746
Temporary equity, liquidation preference	$ 0	$ 96,746
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares, issued (in shares)	284,600,000	266,500,000
Common stock, shares, outstanding (in shares)	284,600,000	266,500,000

Property, plant and equipment, net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net

13. Property, plant and equipment, net

As of September 30, 2025 and December 31, 2024, the Company’s property, plant and equipment, net consisted of the following:


	September 30, 2025		December 31, 2024
LNG liquefaction facilities	$	3,251,416	$	3,316,504
Vessels	1,752,718		1,575,299
Terminal and power plant equipment	422,763		630,822
Gas pipelines	291,355		323,196
Power facilities	157,219		283,470
ISO containers and other equipment	46,104		66,766
Land	56,733		51,897
Leasehold improvements	49,007		49,862
Accumulated depreciation	(483,442)		(455,009)
Total property, plant and equipment, net	$	5,543,873	$	5,842,807

The book value of the vessels that was recognized due to the failed sale leaseback in the Energos Formation Transaction as of September 30, 2025 and December 31, 2024 was $1,383,000 and $1,272,334, respectively.

Depreciation expense for the three months ended September 30, 2025 and 2024 totaled $55,777 and $32,017, respectively, of which $8,260 and $217, respectively, is included within Cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. Depreciation expense for the nine months ended September 30, 2025 and 2024 totaled $171,823 and $110,167, respectively, of which $26,975 and $712, respectively, is included within Cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

Goodwill and intangible assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 2,700	$ 2,876	$ 10,441	$ 7,307

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	22. 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 will recognize a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. The Company will disclose any loss contingencies that do not meet both conditions if there is a reasonable possibility that a material loss may be incurred. The Company is currently focusing on managing its working capital and liquidity, which has resulted in delays in making payments to certain vendors. While the amounts due to these vendors are recorded on the Condensed Consolidated Balance Sheets, potential legal actions against the Company enforcing payments may result in interest, penalties and/or legal expenses, which may materially affect the Company's financial position, results of operations or cash flows. In 2022, one of the Company's vendors initiated arbitration proceedings alleging that the Company violated exclusivity arrangement to utilize this vendor as part of the development of the Barcarena Power Plant. The Company had previously determined that risk of loss in this arbitration was not probable, and no liability had been accrued. In the third quarter of 2025, a final decision was made in the vendor's favor, under which the Company expects to incur a loss of BRL 74.5 million ($13.9 million using exchange rates as of September 30, 2025), including costs and expenses. The Company has accrued for such loss during the three months ended September 30, 2025, which is presented within Selling, general and administrative in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. In 2024, Jamaica Power Service Company Limited ("JPS") initiated arbitration proceedings claiming damages of approximately $32.9 million for use of alternative fuel due to infrastructure changes required by the Port of Montego Bay where the Company’s Montego Bay terminal was located. The Company asserted force majeure under the contract and has made a counterclaim of approximately $7.2 million. The Company believes JPS’s claims are without merit and not supported by the contract between the parties, and as a result the Company plans to vigorously defend itself in these proceedings. However, due to the inherent difficulty in predicting the outcome of arbitration, the amount of any potential loss is uncertain. The Company has not accrued any potential losses as of September 30, 2025. In 2024, the Company's contract to provide temporary power services ended as a result of FEMA not renewing the funding of the temporary power project in Puerto Rico. The Company determined that a force majeure event occurred under the lease agreement with the owner of a portion of the turbines used in this temporary power project and accordingly terminated the turbine lease agreement pursuant to the force majeure termination provisions. The lessor subsequently initiated arbitration proceedings seeking damages, fees and costs up to $47.1 million surrounding the end of the lease and alleged damages suffered by certain of the leased units during operation and decommissioning. The Company believes the lessor's claims are without merit and not supported by the contract between the parties, and as a result the Company plans to vigorously defend itself in these proceedings, as well as pursue certain counterclaims. However, due to the inherent difficulty in predicting the outcome of arbitration, the amount of any potential loss is uncertain. The Company has not accrued any potential losses as of September 30, 2025. In the first quarter of 2025, Alunorte Alumina do Norte do Brasil S.A. ("Alunorte") initiated arbitration proceedings at the International Chamber of Commerce (“ICC”). Alunorte claims it is owed damages for alleged delays by the Company to supply gas at the Barcarena Facility and is claiming damages up to BRL 375.7 million ($70.6 million using exchange rates as of September 30, 2025). The Company believes Alunorte’s claims are without merit and not supported by the contract between the parties, and as a result the Company plans to vigorously defend itself in these proceedings. However, due to the inherent difficulty in predicting the outcome of arbitration, the amount of any potential loss is uncertain. The Company has not accrued any potential losses as of September 30, 2025. Portocem Geração de Energia S.A. (“PortoCem”) is a thermal power plant project originally developed by a third party and later acquired by the Company in 2024. Under its prior ownership, the project was designed for a different location and had executed a CUST, a transmission system usage agreement that establishes rights and obligations for grid connection. As part of the acquisition, the Company redesigned the project to be implemented in Barcarena, Pará, where it could be integrated with the Company’s LNG import and power infrastructure. In 2024, PortoCem submitted a request—approximately two years before the applicable milestones—to relocate the originally approved transmission connection point, and the Brazilian power regulator, ANEEL, subsequently approved this relocation. The change produced no impact on the tariff paid by consumers for transmission use. In 2024, despite having approved the new connection point, ANEEL informed PortoCem that certain obligations tied to the original connection point had not been fulfilled and that a penalty of approximately BRL 610 million ($114.6 million using exchange rates in effect as of September 30, 2025) could be imposed under the CUST. PortoCem appealed, and in November 2024, ANEEL suspended imposition of any penalty, which remains in force and prevents enforcement until the ANEEL Board of Directors issues a final decision. During the fourth quarter of 2025, the matter was scheduled to be examined by ANEEL's Board of Directors, however, as of the date of the issuance of these financial statements, ANEEL’s Board has not rendered a final decision and the outcome remains uncertain. The Company has not accrued any potential losses as of September 30, 2025. If the Company were to receive an unfavorable decision, the matter may still be challenged in the Brazilian courts. Finally, the Company believes that if any penalty is ultimately imposed and enforced by the courts, the original third-party developer of the project is required to indemnify the Company for any losses incurred related to the relocation of the project because the relocation request resulting in any penalty was submitted before the closing of the sale of PortoCem to the Company. These matters are not expected to be resolved in the near term, and as such, the Company's ability to collect amounts due under the indemnification obligation are subject to the future condition of the prior owner, which is uncertain. There can be no assurance that the prior owner will have sufficient solvency and financial condition to honor an indemnification obligation. Changes in regulatory or other governmental policies may affect the delivery of LNG to our terminals, including our San Juan terminal, which may have an adverse effect on the Company's financial position, results of operations or cash flows.

Basis of presentation (Policies)	9 Months Ended
Basis of presentation (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of presentation	The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair presentation of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K/A for the year ended December 31, 2024 (the "Annual Report"). Certain prior year amounts have been reclassified to conform to current year presentation. The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared on the basis that the Company will continue as a going concern over the next twelve months from the date of their issuance, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. The Company's going concern assessment included the following considerations: •The Company recognized operating losses and negative operating cash flows during each of the first three quarters of 2025, with this decline in earnings accelerating in the second quarter of 2025. The Company’s forecasted cash flows are expected to be impacted by, among other things, reduced earnings following the sale of the Jamaica Business and increased interest expense. •In November 2025, the Company entered into amendments to the Revolving Credit Agreement, the Letter of Credit Agreement and the Term Loan A Credit Agreement (each as defined in the Annual Report) to, among other things, (a) in the case of the Letter of Credit Facility (as defined in the Annual Report), extend the maturity date of the facility to March 31, 2026, (b) provide for a covenant holiday with respect to (x) the consolidated first lien debt ratio and fixed charge coverage ratio covenants contained therein for the fiscal quarter ended September 30, 2025 (or in the case of the Letter of Credit Facility, also provide for a covenant holiday for the fiscal quarter ending December 31, 2025) and (y) the minimum liquidity requirement contained therein for the fiscal quarter ending December 31, 2025 (or in the case of the Letter of Credit Facility, remove the fiscal quarter minimum liquidity test altogether), (c) remove certain flexibility the Company and its subsidiaries had to pay dividends and other distributions, and (d) restrict the ability for the Company or any of its subsidiaries to make payments of principal or interest accruing on certain outstanding indebtedness, including the November 17, 2025 interest payment on the New 2029 Notes (as defined in the Annual Report). •The Company also does not expect to be in compliance with the consolidated first lien debt ratio and fixed charge coverage ratio under the Revolving Credit Agreement and the Term Loan A Credit Agreement for the fiscal quarter ending December 31, 2025. If the Company does not enter into an agreement with the lenders under the Revolving Facility (as defined in the Annual Report) and the Term Loan A Credit Agreement to provide for a covenant holiday or other covenant relief for the fiscal quarter ending December 31, 2025, by the time the Company furnishes to the administrative agents for the Revolving Facility and Term Loan A Credit Agreement audited financial statements for such fiscal year, the lenders would have the right to accelerate the repayment of the outstanding principal under the Revolving Facility and Term Loan A Credit Agreement. If the lenders choose to exercise such rights under those facilities, substantially all of the Company’s outstanding indebtedness could be accelerated, and the Company would not have sufficient liquidity or capital resources to satisfy its outstanding principal obligations. •NFE Financing LLC, a subsidiary of the Company (the “New 2029 Notes Issuer”), did not make the interest payment of $163,808 due to holders of the New 2029 Notes on November 17, 2025. An event of default under the indenture governing the New 2029 Notes will arise on November 20, 2025, when the contractual grace period for interest payments on such notes expires. On November 18, 2025, the Company and certain of its subsidiaries, including the New 2029 Notes Issuer, entered into a forbearance agreement with the beneficial holders of greater than 70% of the New 2029 Notes (the “New 2029 Notes Forbearance Agreement”), pursuant to which such beneficial holders agreed to forbear from accelerating or exercising remedies in respect of such event of default. Unless earlier terminated, the New 2029 Notes Forbearance Agreement will terminate on December 15, 2025. Upon the termination of the New 2029 Notes Forbearance Agreement, if a further forbearance or debt restructuring is not agreed to, the holders of the New 2029 Notes could accelerate the outstanding principal balance of the New 2029 Notes, in which case substantially all of the Company's other outstanding debt would become payable on demand. The New 2029 Notes Forbearance Agreement contains conditions, covenants, termination rights and other provisions customary for forbearance agreements of that type. •The Company was required to provide a $79,100 bank guarantee to holders of the PortoCem Debentures on or before August 17, 2025; this guarantee was not provided by the deadline, and as a result, a majority of debenture holders had the right to call for a meeting of holders and declare an event of early maturity. On October 11, 2025, the debenture holders unanimously permanently waived their ability to declare an early maturity event due to the failure to provide the bank guarantee. The remaining $79,100 bank guarantee is now due on or before May 10, 2026, and if this guarantee or an equivalent amount of equity contribution to the project company is not made by this date, an automatic early maturity event will exist under the amended debenture agreement. The Company is discussing providing this bank guarantee with its creditors under new credit arrangements, and should additional financing or credit capacity be provided under new credit agreements, the Company intends to comply with the requirements of the waiver. However, based on the Company's current liquidity, the Company determined that it is not currently probable that the bank guarantee can be provided absent an agreement with its existing creditors or new lenders. If such automatic early maturity event were to occur, substantially all of the Company’s outstanding indebtedness would be payable on demand. •As of September 30, 2025, the Company has $510,879 of aggregate principal amount outstanding under the 2026 Notes, which mature on September 30, 2026. If more than $100,000 of the 2026 Notes remain outstanding 91 days prior to the maturity date (the "Springing Maturity Date"), the outstanding principal of $2,730,127 under the New 2029 Notes becomes due. If any of the 2026 Notes remain outstanding on the Springing Maturity Date, the outstanding balance under the Revolving Facility becomes due. As of September 30, 2025, the Revolving Facility was fully drawn with $660,400 in revolving loans plus $69,533 in letters of credit. Additionally, if any of the 2026 Notes remain outstanding on July 31, 2026, the outstanding principal under the Term Loan B (as defined below) becomes due. Also, if any of the 2026 Notes remain outstanding 60 days prior to the maturity date of the 2026 Notes, the outstanding principal under the Term Loan A Credit Agreement become due. As of September 30, 2025, there was $295,000 outstanding under the Term Loan A Credit Agreement and $1,266,078 outstanding under the Term Loan B. As such, management has concluded that, the Company’s current liquidity and forecasted cash flows from operations are not probable to be sufficient to support, in full, its obligations as they become due, and there is substantial doubt as to the Company’s ability to continue as a going concern. Should the Company not be in compliance with covenants in the Revolving Credit Agreement and Term Loan A Credit Agreement in the future, the Company will engage in negotiations with these lenders to obtain a waiver to avoid acceleration of outstanding balances. Additionally, should the Company not provide the additional bank guarantee to holders of the PortoCem Debentures by the required date, the Company will engage with these holders to avoid an event of early maturity. The Company has also initiated a process to evaluate strategic alternatives and has retained a financial advisor to assist in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, or other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. If unsuccessful in these strategic alternatives, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out of court restructurings, or in-court relief, in the U.K. or the U.S., which could have a material and adverse impact on stockholders. There are inherent uncertainties as the outcome of these negotiations and potential transactions described above are outside management’s control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. The condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements. Actual results could be different from these estimates.
Adoption of new and revised standards	(a) New and amended standards adopted by the Company: 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 will include the new disclosures as required by ASU 2023-09 in the annual financial statements for the year ending December 31, 2025. 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 adopted ASU 2024-01 on January 1, 2025 and will apply the amendments on a prospective basis. The Company has not entered into any new or amended agreements which would require the application of the guidance. (b) New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2025: 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 within annual 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. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendment provides a practical expedient that allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The amendments of the ASU should be applied prospectively and are effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact that the adoption of ASU 2025-05 may have on the Company's financial statements and disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The amendments remove all references to prescriptive and sequential software development stages (referred to as “project stages”) throughout Subtopic 350-40 and specify that the disclosures in Subtopic 360-10, Property, Plant, and Equipment—Overall, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements. The amendments are effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendments can be applied prospectively, on a modified retrospective basis, or retrospectively. The Company is currently evaluating the impact that the adoption of ASU 2025-06 may have on the Company's financial statements and disclosures. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). The amendments provide a scope exception to exclude from derivative accounting nonexchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. The amendments are effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendments can be applied prospectively or on a modified retrospective basis. The Company is currently evaluating the impact that the adoption of ASU 2025-07 may have 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.

Goodwill and intangible assets - Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	May 14, 2025	Mar. 31, 2025
Goodwill [Roll Forward]
Balance as of December 31, 2024			$ 766,350
Impairment losses	$ 0	$ 0	(582,172)	$ 0
Balance as of September 30, 2025	15,938		15,938
Disposal Group, Held-for-Sale, Not Discontinued Operations
Goodwill [Roll Forward]
Balance as of December 31, 2024			766,350
Adjustments			16,380
Divestitures			(184,620)
Impairment losses			(582,172)
Balance as of September 30, 2025	15,938		15,938
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Jamaica Business
Goodwill [Roll Forward]
Goodwill					$ 12,526
Terminals and infrastructure \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Goodwill [Roll Forward]
Balance as of December 31, 2024			750,412
Adjustments			16,380
Divestitures			(184,620)
Impairment losses			(582,172)
Balance as of September 30, 2025	0		0
Terminals and infrastructure \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Jamaica Business
Goodwill [Roll Forward]
Goodwill						$ 172,094
Ships \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Goodwill [Roll Forward]
Balance as of December 31, 2024			15,938
Adjustments			0
Divestitures			0
Impairment losses			0
Balance as of September 30, 2025	$ 15,938		$ 15,938

Financial instruments - Schedule of Gain (Loss) on Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Contingent consideration derivative liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized (gain) loss	$ (1,825)	$ (2,723)	$ (8,029)	$ (5,027)
Realized (gain) loss	1,116	0	1,116	0
Embedded contingent interest derivative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized (gain) loss	$ (4,671)	$ 0	$ (10,510)	$ 0

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Inventory (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

As of September 30, 2025 and December 31, 2024, inventory consisted of the following:


	September 30, 2025		December 31, 2024
LNG and natural gas inventory	$	90,522	$	67,232
Automotive diesel oil inventory	844		7,934
Bunker fuel, materials, supplies and other	17,913		28,058
Total inventory	$	109,279	$	103,224

Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 5,543,873		$ 5,543,873		$ 5,842,807
Depreciation	55,777	$ 32,017	171,823	$ 110,167
Cost of Sales
Property, Plant and Equipment [Line Items]
Depreciation	8,260	$ 217	26,975	$ 712
Vessels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 1,383,000		$ 1,383,000		$ 1,272,334

Revenue recognition - Components of Lease Income from Vessel Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Operating lease income	$ 53,606	$ 50,537	$ 138,744	$ 143,840
Variable lease income	7,442	9,131	14,479	14,899
Total operating lease income	$ 61,048	$ 59,668	$ 153,223	$ 158,739

Earnings per share - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net (loss) income	$ (293,356)	$ (556,827)	$ (197,373)	$ 11,313	$ (86,860)	$ 56,670	$ (1,047,556)	$ (18,877)
Net (income) loss attributable to non-controlling interests	(6,304)			(2,014)			(6,316)	(6,597)
Convertible preferred stock dividend	(310)			(1,161)			(1,304)	(2,493)
Net (loss) income attributable to common stockholders	$ (299,970)			$ 8,138			$ (1,055,176)	$ (27,967)
Denominator:
Weighted-average shares - basic (in shares)	281,121,646			205,071,771			276,381,199	205,068,178
Net income (loss) per share - basic (in dollars per share)	$ (1.07)			$ 0.04			$ (3.82)	$ (0.14)
Numerator:
Net (loss) income	$ (293,356)	$ (556,827)	$ (197,373)	$ 11,313	$ (86,860)	$ 56,670	$ (1,047,556)	$ (18,877)
Net (income) loss attributable to non-controlling interests	(6,304)			(2,014)			(6,316)	(6,597)
Convertible preferred stock dividend	(310)			(1,161)			(1,304)	(2,493)
Adjustments attributable to dilutive securities	0			(1,675)			0	(3,443)
Net income attributable to Class A common stock	$ (299,970)			$ 6,463			$ (1,055,176)	$ (31,410)
Denominator:
Weighted average number of shares outstanding - diluted (in shares)	281,121,646			208,880,044			276,381,199	206,836,683
Net income per share - diluted (in dollars per share)	$ (1.07)			$ 0.03			$ (3.82)	$ (0.15)

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues
Operating revenue	$ 240,318	$ 446,048	$ 852,403	$ 1,346,774
Vessel charter revenue	61,048	59,668	153,223	158,739
Other revenue	26,001	61,819	93,969	180,349
Total revenues	327,367	567,535	1,099,595	1,685,862
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	196,908	325,292	708,137	776,269
Vessel operating expenses	7,297	8,254	22,529	25,153
Operations and maintenance	58,520	32,062	173,294	139,902
Selling, general and administrative	86,050	82,388	202,577	223,720
Transaction and integration costs	19,649	3,154	106,964	6,285
Depreciation and amortization	50,474	35,364	156,401	123,268
Goodwill impairment expense	0	0	582,172	0
Asset impairment expense	10,353	1,484	127,911	5,756
Loss (gain) on sale	1,705	0	(470,994)	77,140
Total operating expenses	430,956	487,998	1,608,991	1,377,493
Operating (loss) income	(103,589)	79,537	(509,396)	308,369
Interest expense	210,562	71,107	630,664	228,850
Other (income) expense, net	(29,042)	(5,836)	(149,241)	60,630
Loss on extinguishment of debt, net	0	0	(20,787)	(9,754)
(Loss) income before income taxes	(285,109)	14,266	(1,011,606)	9,135
Tax provision	8,247	2,953	35,950	28,012
Net (loss) income	(293,356)	11,313	(1,047,556)	(18,877)
Net (loss) income attributable to common stockholders	$ (299,970)	$ 8,138	$ (1,055,176)	$ (27,967)
Net (loss) income per share – basic (in dollars per share)	$ (1.07)	$ 0.04	$ (3.82)	$ (0.14)
Net (loss) income per share – diluted (in dollars per share)	$ (1.07)	$ 0.03	$ (3.82)	$ (0.15)
Weighted average number of shares outstanding, basic (in shares)	281,121,646	205,071,771	276,381,199	205,068,178
Weighted average number of shares outstanding - diluted (in shares)	281,121,646	208,880,044	276,381,199	206,836,683
Other comprehensive (loss) income:
Currency translation adjustment	$ 18,547	$ (5,963)	$ 77,135	$ (34,228)
Comprehensive (loss) income	(274,809)	5,350	(970,421)	(53,105)
Comprehensive loss (income) attributable to non-controlling interest	(6,252)	(2,563)	(8,515)	(6,756)
Comprehensive (loss) income attributable to stockholders	$ (281,061)	$ 2,787	$ (978,936)	$ (59,861)

Prepaid expenses and other current assets (Tables)

9 Months Ended

Sep. 30, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets, Net

As of September 30, 2025 and December 31, 2024, prepaid expenses and other current assets consisted of the following:


	September 30, 2025		December 31, 2024
Prepaid expenses	$	60,235	$	28,667
Recoverable taxes	145,157		98,101
Contract assets (Note 6)	36,811		44,902

Proceeds held in escrow (Note 4)	77,635		—
Derivative asset	437		19,807
Short-term receivable	40,899		—
Other current assets	54,247		14,019
Total prepaid expenses and other current assets, net	$	415,421	$	205,496

Prepaid expenses and other current assets

9 Months Ended

Sep. 30, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid expenses and other current assets

11. Prepaid expenses and other current assets

As of September 30, 2025 and December 31, 2024, prepaid expenses and other current assets consisted of the following:


	September 30, 2025		December 31, 2024
Prepaid expenses	$	60,235	$	28,667
Recoverable taxes	145,157		98,101
Contract assets (Note 6)	36,811		44,902

Proceeds held in escrow (Note 4)	77,635		—
Derivative asset	437		19,807
Short-term receivable	40,899		—
Other current assets	54,247		14,019
Total prepaid expenses and other current assets, net	$	415,421	$	205,496

In the fourth quarter of 2024, the Company novated an LNG supply contract to a customer. In conjunction with this novation, the Company agreed to guarantee the performance of the LNG supplier (Note 18). 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 a portion of the discounted value of the payment stream has

been recorded as a receivable. The balance has been presented as short-term and long-term (Note 16) based on the expected timing of receipt.

Other current assets as of September 30, 2025 and December 31, 2024 primarily consists of deposits.

Construction in progress - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Long-Lived Assets Held-for-sale [Line Items]
Interest expense	$ 210,562	$ 71,107	$ 630,664	$ 228,850
Construction in Progress
Long-Lived Assets Held-for-sale [Line Items]
Interest expense			191,312	346,856
Debt
Long-Lived Assets Held-for-sale [Line Items]
Interest expense	$ 210,562	$ 71,107	$ 630,664	$ 228,850

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2025
Variable Interest Entities [Abstract]
Variable Interest Entities	5. Variable Interest Entities The Company has formed a partnership ("SCP") with an energy trader to structure a power trading operation to fulfill certain of the Company's current year power purchase agreement operations. The Company holds an 87.5% partnership interest in SCP with the remaining interest held by the local energy trader. SCP determines the results of the structured trading operation and distributes any profits to the partners pro-ratably based on the ownership percentage, and the Company is responsible for any losses incurred in the structured operation. The Company has determined that SCP is a Variable Interest Entity ("VIE") and consolidates the results of operations of SCP as the Company is the primary beneficiary of the VIE; accordingly, SCP has been presented on a consolidated basis in the accompanying unaudited interim condensed consolidated financial statements. As of September 30, 2025, the Condensed Consolidated Balance Sheet includes a receivable of $60,251 of SCP based on the estimated results. For the three and nine months ended September 30, 2025, the Company recognized estimated results of the trading operation of $59,739, which was recorded as a reduction of cost within Cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The local energy trader's share of these results of $7,028 is included in Comprehensive income (loss) attributable to non-controlling interest in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

Revenue recognition

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue recognition

6. Revenue recognition

Operating revenue in the Condensed 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. LNG cargo sales for the nine months ended

September 30, 2025 was $207,035; no LNG cargo sale revenue was recognized in the third quarter of 2025. LNG cargo sales for both the three and nine months ended September 30, 2024 were $174,570 and $199,072, respectively.

The table below summarizes the activity in Other revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Interest income and other revenue	$	47	$	2,600	$	11,496	$	12,276
Operation and maintenance revenue	25,954		59,219		82,473		168,073
Total other revenue	$	26,001	$	61,819	$	93,969	$	180,349

Operation and maintenance revenue is recognized by the Company's subsidiary, Genera PR LLC ("Genera"), under its contract for the operation and maintenance of PREPA's thermal generation assets. Under this agreement, Genera is paid a fixed annual fee and reimbursed for pass-through expenses, including payroll expenses of Genera employees. Amounts recognized in the three and nine months ended September 30, 2025 include fixed fees and reimbursement of pass-through expenditures.

Under most customer contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. As of September 30, 2025 and December 31, 2024, receivables related to revenue from contracts with customers totaled $328,833 and $330,944, respectively, and were included in Receivables, net on the Condensed Consolidated Balance Sheets, net of current expected credit losses of $21,820 and $13,629, respectively. Other items included in Receivables, net that are not related to revenue from contracts with customers represent lease receivables and receivables due under the structured trading operation (Note 5), 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 September 30, 2025 and December 31, 2024 are detailed below:


	September 30, 2025		December 31, 2024
Contract assets, net - current	$	36,811	$	44,902
Contract assets, net - non-current	10,375		20,270
Total contract assets, net	$	47,186	$	65,172

Contract liabilities, net - current	$	12,144	$	14,415
Contract liabilities, net - non-current	10,125		11,750
Total contract liabilities, net	$	22,269	$	26,165

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	3,173	$	82,454

Contract assets are presented net of expected credit losses of $758 and $158 as of September 30, 2025 and December 31, 2024, respectively.

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 terms of the agreement. As of September 30, 2025, the Company has capitalized $12,427, of which $1,602 of these costs is presented within Prepaid expenses and other current assets, net and $10,825 is presented within Other non-current assets, net on the Condensed Consolidated Balance Sheets. As of December 31, 2024, the Company had capitalized $22,797, of

which $2,205 of these costs was presented within Prepaid expenses and other current assets, net and $20,592 was presented within Other non-current assets, net on the Condensed Consolidated Balance Sheets.

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
Remainder of 2025	$	52,335
2026	372,586
2027	455,024
2028	443,972
2029	432,952
Thereafter	6,793,886
Total	$	8,550,755

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

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 and therefore, Energos was no longer an affiliate.

Vessels included in the Energos Formation Transaction, including those vessels chartered to third parties, continue to be recognized on the Condensed Consolidated Balance Sheets; see Vessels in Note 13. The Company entered into sub-charter agreements for Energos Eskimo, Energos Winter and Energos Freeze that commenced during 2025. These vessels are also

included in the table below. The carrying amount of vessels that are leased or sub-chartered to third parties under operating leases is as follows:


	September 30, 2025		December 31, 2024
Property, plant and equipment	$	816,229	$	602,192
Accumulated depreciation	(145,121)		(83,135)
Property, plant and equipment, net	$	671,108	$	519,057

The components of lease income from vessel operating leases for the three and nine months ended September 30, 2025 and 2024 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 three and nine months ended September 30, 2025 includes revenue of $20,643 and $80,414, respectively, from third-party charters of vessels included in the Energos Formation Transaction. The operating lease income shown below for the three and nine months ended September 30, 2024 includes revenue of $17,407 and $102,569, respectively, from third-party charters of vessels included in the Energos Formation Transaction.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease income	$	53,606	$	50,537	$	138,744	$	143,840
Variable lease income	7,442		9,131		14,479		14,899
Total operating lease income	$	61,048	$	59,668	$	153,223	$	158,739

- 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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: 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 3: 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 4: 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 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-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 (c)
-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 (d)
-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 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Financial instruments - Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Investment in equity securities	$ 8,678	$ 8,678
Foreign exchange contracts
Assets
Investment in equity securities	437	22,055
Liabilities
Contingent consideration derivative liabilities		1,168
Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	35,147	41,984
Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	119	10,629
Level 1
Assets
Investment in equity securities	0	0
Level 1 \| Foreign exchange contracts
Assets
Investment in equity securities	0	0
Liabilities
Contingent consideration derivative liabilities		0
Level 1 \| Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	0	0
Level 1 \| Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	0	0
Level 2
Assets
Investment in equity securities	0	0
Level 2 \| Foreign exchange contracts
Assets
Investment in equity securities	437	22,055
Liabilities
Contingent consideration derivative liabilities		1,168
Level 2 \| Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	0	0
Level 2 \| Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	0	0
Level 3
Assets
Investment in equity securities	8,678	8,678
Level 3 \| Foreign exchange contracts
Assets
Investment in equity securities	0	0
Liabilities
Contingent consideration derivative liabilities		0
Level 3 \| Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	35,147	41,984
Level 3 \| Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	$ 119	$ 10,629

Organization	9 Months Ended
Organization	Sep. 30, 2025
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, 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 reflects how the Chief Operating Decision Maker (“CODM”) regularly reviews and manages the business. The Company's CODM is its Chief Executive Officer.

Goodwill and intangible assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Value of Goodwill

Below is a summary of the changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2025:


	Terminals and infrastructure		Ships		Total
Balance as of December 31, 2024	$	750,412	$	15,938	$	766,350
Adjustments	16,380		—		16,380
Divestitures (1)	(184,620)		—		(184,620)
Impairment losses	(582,172)		—		(582,172)
Balance as of September 30, 2025	$	—	$	15,938	$	15,938

(1) Upon classification of the Jamaica Business as held for sale on March 31, 2025, the Company allocated $172,094 of goodwill from the Terminals and Infrastructure reporting unit to include in the carrying value of the disposal group on a relative fair value basis. On May 14, 2025, the Company allocated $12,526 of additional goodwill to the Jamaica Business and subsequently derecognized the allocated goodwill with the assets and liabilities of the Jamaica Business (See Note 4).

Schedule of Composition of Intangible Assets

The following tables summarize the composition of intangible assets as of September 30, 2025 and December 31, 2024:


	September 30, 2025
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Acquired capacity reserve contract	$	162,045	$	(13,431)	$	(9,823)	$	138,791	17
Permits and development rights	61,894		(8,884)		2,249		55,259		34
Easements	660		(136)		—		524		30

Indefinite-lived intangible assets
Easements	1,191		—		56		1,247		n/a
Total intangible assets	$	225,790	$	(22,451)	$	(7,518)	$	195,821


	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

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 145,237	$ 492,881
Restricted cash	244,104	472,696
Receivables, net of allowances of $21,820 and $13,629, respectively	419,761	335,813
Inventory	109,279	103,224
Prepaid expenses and other current assets, net	415,421	205,496
Total current assets	1,333,802	1,610,110
Construction in progress	4,222,750	3,574,389
Property, plant and equipment, net	5,543,873	5,842,807
Right-of-use assets	418,383	618,733
Intangible assets, net	195,821	179,510
Goodwill	15,938	766,350
Deferred tax assets, net	6,559	2,698
Other non-current assets, net	168,481	272,899
Total assets	11,905,607	12,867,496
Current liabilities
Current portion of long-term debt and short-term borrowings	6,579,321	539,132
Accounts payable	632,777	473,736
Accrued liabilities	488,905	391,359
Current lease liabilities	63,700	128,362
Other current liabilities	189,057	174,829
Total current liabilities	7,953,760	1,707,418
Long-term debt	2,335,994	8,355,703
Non-current lease liabilities	328,071	475,161
Deferred tax liabilities, net	53,227	73,198
Other long-term liabilities	110,471	166,358
Total liabilities	10,781,523	10,777,838
Commitments and contingencies (Note 22)
Series B convertible preferred stock, $0.01 par value, — shares authorized, issued and outstanding as of September 30, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $— and $96,746 at September 30, 2025 and December 31, 2024	0	90,570
Stockholders’ equity
Class A common stock, $0.01 par value, 750 million shares authorized, 284.6 million issued and outstanding as of September 30, 2025; 266.5 million issued and outstanding as of December 31, 2024	2,846	2,664
Additional paid-in capital	1,772,580	1,674,312
Retained earnings (accumulated deficit)	(858,057)	196,363
Accumulated other comprehensive income	78,025	3,089
Total stockholders’ equity attributable to NFE	995,394	1,876,428
Non-controlling interest	128,690	122,660
Total stockholders’ equity	1,124,084	1,999,088
Total liabilities and stockholders’ equity	$ 11,905,607	$ 12,867,496

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net (loss) income	$ (1,047,556)	$ (18,877)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	47,452	18,841
Depreciation and amortization	183,377	123,981
Deferred taxes	(15,495)	(14,155)
Share-based compensation	10,565	47,855
Goodwill impairment expense	582,172	0
Asset impairment expense	127,911	5,756
Loss on extinguishment of debt	(20,787)	(9,754)
(Gain) loss on sale	(470,994)	77,140
(Earnings) recognized from vessels chartered to third parties transferred to Energos	(24,856)	(72,539)
Other	(659)	50,026
Changes in operating assets and liabilities, net of Jamaica Business disposition:
(Increase) in receivables	(164,452)	(95,928)
(Increase) decrease in inventories	(27,653)	23,132
(Increase) in other assets	(81,184)	(53,989)
Decrease in right-of-use assets	51,738	145,371
Increase in accounts payable/accrued liabilities	326,521	30,168
(Decrease) in lease liabilities	(67,816)	(150,251)
(Decrease) increase in other liabilities	(25,045)	19,915
Net cash (used in) provided by operating activities	(575,187)	146,200
Cash flows from investing activities
Capital expenditures	(758,457)	(1,781,278)
Sale of Jamaica Business	949,456	0
Sale of equity method investment	0	136,365
Asset sales	0	328,999
Other investing activities	4,654	7,360
Net cash provided by (used in) investing activities	195,653	(1,308,554)
Cash flows from financing activities
Proceeds from borrowings of debt	1,375,495	3,594,229
Repayment of debt	(1,592,321)	(2,342,847)
Payment of deferred financing costs	(27,781)	(76,759)
Payment of dividends	(3,019)	(61,322)
Other financing activities	(6,644)	(12,424)
Net cash (used in) provided by financing activities	(254,270)	1,100,877
Impact of changes in foreign exchange rates on cash and cash equivalents	57,568	(12,614)
Net (decrease) in cash, cash equivalents and restricted cash	(576,236)	(74,091)
Cash, cash equivalents and restricted cash – beginning of period	965,577	310,814
Cash, cash equivalents and restricted cash – end of period	389,341	236,723
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	(163,921)	134,069
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	295,174	877,210
Principal payments on financing obligation to Energos by third party charters	(16,567)	(6,108)
Proceeds held in escrow	98,635	0
Fair value of contingent payments in the Lins Acquisition	0	8,080
Class A convertible preferred stock issued and debt assumed in the PortoCem Acquisition	0	(125,198)
Cash and cash equivalents	145,237	90,842
Restricted cash	244,104	145,881
Cash, cash equivalents and restricted cash – end of period	$ 389,341	$ 236,723

Prepaid expenses and other current assets - Schedule of Prepaid Expenses and Other Current Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 60,235	$ 28,667
Recoverable taxes	145,157	98,101
Contract assets (Note 6)	36,811	44,902
Proceeds held in escrow (Note 4)	77,635	0
Derivative asset	437	19,807
Short-term receivable	40,899	0
Other current assets	54,247	14,019
Total prepaid expenses and other current assets, net	$ 415,421	$ 205,496

Financial instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Loss (Gain) in Other Expense (Income)

The amount of loss (gain) recognized in Other (income) expense, net in the

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and nine months ended September 30, 2025 and 2024 is as follows:


Financial instrument	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Foreign exchange forward contracts	$	—	$	2,242	$	13,993	$	(902)
Zero-cost collar options	677		2,369		4,942		(4,581)
Total	677		4,611		18,935		(5,483)

Schedule of 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 September 30, 2025 and December 31, 2024:


	Level 1		Level 2		Level 3		Total
September 30, 2025
Assets
Investment in equity securities	$	—	$	—	$	8,678	$	8,678
Foreign exchange contracts	—		437		—		437

Liabilities

Contingent consideration derivative liabilities	—		—		35,147		35,147
Embedded contingent interest derivative	—		—		119		119

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

Schedule of Gain (Loss) on Securities

The table below summarizes the total (gains) losses for instruments measured at Level 3 in the fair value hierarchy. The (gains) losses for contingent consideration derivative liabilities and embedded contingent interest derivative are recorded within Other (income) expense, net, and Interest expense, net, respectively, in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and nine months ended September 30, 2025 and 2024 as shown below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Unrealized (gain) loss
Contingent consideration derivative liabilities	$	(1,825)	$	(2,723)	$	(8,029)	$	(5,027)
Embedded contingent interest derivative	(4,671)		—		(10,510)		—
Realized (gain) loss
Contingent consideration derivative liabilities	1,116		—		1,116		—

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
LNG and natural gas inventory	$ 90,522	$ 67,232
Automotive diesel oil inventory	844	7,934
Bunker fuel, materials, supplies and other	17,913	28,058
Total inventory	$ 109,279	$ 103,224

Share-based compensation - Summary of RSU Activity (Details) - RSUs	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Restricted Stock Units
Non-vested RSUs, beginning balance (in shares) \| shares	1,579,802
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(795,088)
Forfeited (in shares) \| shares	(508,538)
Non-vested RSUs, ending balance (in shares) \| shares	276,176
Weighted-average grant date fair value per share
Non-vested RSUs, beginning balance (in dollars per share) \| $ / shares	$ 32.60
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	32.60
Forfeited (in dollars per share) \| $ / shares	32.66
Non-vested RSUs, ending balance (in dollars per share) \| $ / shares	$ 32.66

Revenue recognition - Other Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total other revenue	$ 26,001	$ 61,819	$ 93,969	$ 180,349
Interest income and other revenue
Disaggregation of Revenue [Line Items]
Total other revenue	47	2,600	11,496	12,276
Operation and maintenance revenue
Disaggregation of Revenue [Line Items]
Total other revenue	$ 25,954	$ 59,219	$ 82,473	$ 168,073

- 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 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Section 55
-Paragraph 91
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 91
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Prepaid expenses and other current assets (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Prepaid Expense and Other Assets, Current [Abstract]
Payment for guarantee exchange	$ 126,668

Earnings per share - Potentially Dilutive (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
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)	0	0	0	96,746
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)	7,173,937	0	7,173,937	0
Unvested RSUs
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	0	1,690,920

Earnings per share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic
Numerator:
Net (loss) income	$	(293,356)	$	11,313	$	(1,047,556)	$	(18,877)
Net (income) loss attributable to non-controlling interests	(6,304)		(2,014)		(6,316)		(6,597)
Convertible preferred stock dividend	(310)		(1,161)		(1,304)		(2,493)
Net income attributable to Class A common stock	$	(299,970)	$	8,138	$	(1,055,176)	$	(27,967)

Denominator:
Weighted-average shares - basic	281,121,646		205,071,771		276,381,199		205,068,178
Net income per share - basic	$	(1.07)	$	0.04	$	(3.82)	$	(0.14)

Diluted
Numerator:
Net (loss) income	$	(293,356)	11,313		(1,047,556)		(18,877)
Net (income) attributable to non-controlling interests	(6,304)		(2,014)		(6,316)		(6,597)
Convertible preferred stock dividend	(310)		(1,161)		(1,304)		(2,493)

Adjustments attributable to dilutive securities	—		(1,675)		—		(3,443)
Net income attributable to Class A common stock	$	(299,970)	$	6,463	$	(1,055,176)	$	(31,410)

Denominator:
Weighted-average shares - diluted	281,121,646		208,880,044		276,381,199		206,836,683
Net income per share - diluted	$	(1.07)	$	0.03	$	(3.82)	$	(0.15)

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 income per share for the periods presented because its effects would have been anti-dilutive.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Series A convertible preferred stock(1)	—	—	—	96,746

Equity Agreement shares(2)	7,173,937	—	7,173,937	—
Unvested RSUs	—	—	—	1,690,920

(1) Represents the number of unconverted Series A convertible preferred shares as of September 30, 2025 and September 30, 2024, respectively.

(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.

Segments

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segments

27. Segments

As of September 30, 2025, 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.

•Ships includes certain vessels that are currently chartered to third parties under long-term arrangements and are part of the Energos Formation Transaction; two 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.

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 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 three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other		Consolidated
Statement of operations:
Total revenues	$	301,765	$	25,602	$	327,367	$	—	$	327,367
Less(1):
Cost of sales(3)	196,908		—		196,908		—		196,908
Vessel operating expenses	1,940		5,357		7,297		—		7,297
Operations and maintenance	58,520		—		58,520		—		58,520
Segment Operating Margin	$	44,397	$	20,245	$	64,642	$	—	$	64,642
Balance sheet:
Total assets	$	11,583,256	$	322,351	$	11,905,607	$	—	$	11,905,607
Other segmental financial information:
Capital expenditures(2)	$	208,139	$	—	$	208,139	$	—	$	208,139


	Nine Months Ended September 30, 2025
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other		Consolidated
Statement of operations:
Total revenues	$	996,928	$	102,667	$	1,099,595	$	—	$	1,099,595
Less(1):
Cost of sales (3)	708,137		—		708,137		—		708,137
Vessel operating expenses	3,705		18,824		22,529		—		22,529
Operations and maintenance	173,294		—		173,294		—		173,294
Segment Operating Margin	$	111,792	$	83,843	$	195,635	$	—	$	195,635
Balance sheet:
Total assets	$	11,583,256	$	322,351	$	11,905,607	$	—	$	11,905,607
Other segmental financial information:
Capital expenditures(2)	$	757,370	$	—	$	757,370	$	—	$	757,370


	Three Months Ended September 30, 2024
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	482,200	$	43,062	$	525,262	$	42,273	$	567,535
Less(1):
Cost of sales(3)	325,292		—		325,292		—		325,292
Vessel operating expenses	—		8,254		8,254		—		8,254
Operations and maintenance	32,062		—		32,062		—		32,062
Deferred earnings from contracted sales(5)	60,000		—		60,000		(60,000)		—
Segment Operating Margin	$	184,846	$	34,808	$	219,654	$	(17,727)	$	201,927
Balance sheet:
Total assets	$	11,306,440	$	663,456	$	11,969,896	$	—	$	11,969,896
Other segmental financial information:
Capital expenditures(2)	$	753,011	$	—	$	753,011	$	—	$	753,011


	Nine Months Ended September 30, 2024
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(4)		Consolidated
Statement of operations:
Total revenues	$	1,515,365	$	128,224	$	1,643,589	$	42,273	$	1,685,862
Less(1):
Cost of sales(3)	776,269		—		776,269		—		776,269
Vessel operating expenses	—		25,153		25,153		—		25,153
Operations and maintenance	139,902		—		139,902		—		139,902
Deferred earnings from contracted sales(5)	150,000		—		150,000		(150,000)		—
Segment Operating Margin	$	749,194	$	103,071	$	852,265	$	(107,727)	$	744,538
Balance sheet:
Total assets	$	11,306,440	$	663,456	$	11,969,896	$	—	$	11,969,896
Other segmental financial information:
Capital expenditures(2)	$	1,883,824	$	—	$	1,883,824	$	—	$	1,883,824

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

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

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

Consolidated Segment Operating Margin is defined as net (loss) income, adjusted for selling, general and administrative expenses, transaction and integration costs, depreciation and amortization, asset impairment expense, goodwill impairment expense, loss (gain) on sale, interest expense, other (income) expense, net, loss on extinguishment of debt, net, and tax (benefit) provision.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands of $)	2025		2024		2025		2024
Net (loss) income	$	(293,356)	$	11,313	$	(1,047,556)	$	(18,877)
Add:
Selling, general and administrative	86,050		82,388		202,577		223,720
Transaction and integration costs	19,649		3,154		106,964		6,285
Depreciation and amortization	50,474		35,364		156,401		123,268
Asset impairment expense	10,353		1,484		127,911		5,756
Interest expense	210,562		71,107		630,664		228,850
Other (income) expense, net	(29,042)		(5,836)		(149,241)		60,630
Loss (gain) on sale	1,705		—		(470,994)		77,140
Goodwill impairment expense	—		—		582,172		—
Loss on extinguishment of debt, net	—		—		20,787		9,754
Tax provision	8,247		2,953		35,950		28,012
Consolidated Segment Operating Margin	$	64,642	$	201,927	$	195,635	$	744,538

- 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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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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+ Details

Other non-current assets, net - Summary Non-Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Other Assets, Noncurrent Disclosure [Abstract]
Long term receivables (Note 11)	$ 78,767	$ 114,677
Cost to fulfill (Note 6)	10,825	20,592
Contract asset, net (Note 6)	10,375	20,270
Financing costs	21,473	57,568
Other	47,041	59,792
Total other non-current assets, net	$ 168,481	$ 272,899

Revenue recognition (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

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

The table below summarizes the activity in Other revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Interest income and other revenue	$	47	$	2,600	$	11,496	$	12,276
Operation and maintenance revenue	25,954		59,219		82,473		168,073
Total other revenue	$	26,001	$	61,819	$	93,969	$	180,349

The contract assets and contract liabilities balances as of September 30, 2025 and December 31, 2024 are detailed below:


	September 30, 2025		December 31, 2024
Contract assets, net - current	$	36,811	$	44,902
Contract assets, net - non-current	10,375		20,270
Total contract assets, net	$	47,186	$	65,172

Contract liabilities, net - current	$	12,144	$	14,415
Contract liabilities, net - non-current	10,125		11,750
Total contract liabilities, net	$	22,269	$	26,165

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	3,173	$	82,454

Schedule of Remaining Performance Obligations

The pattern of recognition reflects the minimum guaranteed volumes in each period:


Period	Revenue
Remainder of 2025	$	52,335
2026	372,586
2027	455,024
2028	443,972
2029	432,952
Thereafter	6,793,886
Total	$	8,550,755

Schedule of Property, Plant and Equipment Subject to Operating Leases

The carrying amount of vessels that are leased or sub-chartered to third parties under operating leases is as follows:


	September 30, 2025		December 31, 2024
Property, plant and equipment	$	816,229	$	602,192
Accumulated depreciation	(145,121)		(83,135)
Property, plant and equipment, net	$	671,108	$	519,057

Schedule of Components of Lease Income


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease income	$	53,606	$	50,537	$	138,744	$	143,840
Variable lease income	7,442		9,131		14,479		14,899
Total operating lease income	$	61,048	$	59,668	$	153,223	$	158,739

Earnings per share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings per share

23. Earnings per share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic
Numerator:
Net (loss) income	$	(293,356)	$	11,313	$	(1,047,556)	$	(18,877)
Net (income) loss attributable to non-controlling interests	(6,304)		(2,014)		(6,316)		(6,597)
Convertible preferred stock dividend	(310)		(1,161)		(1,304)		(2,493)
Net income attributable to Class A common stock	$	(299,970)	$	8,138	$	(1,055,176)	$	(27,967)

Denominator:
Weighted-average shares - basic	281,121,646		205,071,771		276,381,199		205,068,178
Net income per share - basic	$	(1.07)	$	0.04	$	(3.82)	$	(0.14)

Diluted
Numerator:
Net (loss) income	$	(293,356)	11,313		(1,047,556)		(18,877)
Net (income) attributable to non-controlling interests	(6,304)		(2,014)		(6,316)		(6,597)
Convertible preferred stock dividend	(310)		(1,161)		(1,304)		(2,493)

Adjustments attributable to dilutive securities	—		(1,675)		—		(3,443)
Net income attributable to Class A common stock	$	(299,970)	$	6,463	$	(1,055,176)	$	(31,410)

Denominator:
Weighted-average shares - diluted	281,121,646		208,880,044		276,381,199		206,836,683
Net income per share - diluted	$	(1.07)	$	0.03	$	(3.82)	$	(0.15)

The following table presents potentially dilutive securities excluded from the computation of diluted net income per share for the periods presented because its effects would have been anti-dilutive.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Series A convertible preferred stock(1)	—	—	—	96,746

Equity Agreement shares(2)	7,173,937	—	7,173,937	—
Unvested RSUs	—	—	—	1,690,920

(1) Represents the number of unconverted Series A convertible preferred shares as of September 30, 2025 and September 30, 2024, respectively.

(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.

Related party transactions - DevTech Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Aug. 31, 2018
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 230	$ 134	$ 1,328	$ 1,218
Selling, general and administrative		86,050	82,388	202,577	223,720
Due to affiliates		4,280		4,280		$ 11,530
DevTech Environment Limited \| Related Party
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 950
Selling, general and administrative		0	$ 123	0	$ 387
Due to affiliates		$ 0		$ 0		$ 149
DevTech Environment Limited \| Related Party \| Consideration Paid In Exchange For Non-controlling Interest
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 822
DevTech Investment
Related Party Transaction [Line Items]
Percentage of shares issued capital		10.00%		10.00%			10.00%

- 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

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Interest expense	$ 210,562	$ 71,107	$ 630,664	$ 228,850
Debt
Debt Instrument [Line Items]
Interest per contractual rates	210,035	144,609	633,292	397,025
Interest expense on Vessel Financing Obligation	45,300	46,646	135,604	145,161
Amortization of debt issuance costs, premiums and discounts	9,835	11,519	52,849	32,648
Interest expense incurred on finance lease obligations	64	150	231	872
Total interest costs	265,234	202,924	821,976	575,706
Capitalized interest	54,672	131,817	191,312	346,856
Interest expense	$ 210,562	$ 71,107	$ 630,664	$ 228,850

- 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
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Dispositions

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

4. Dispositions

Jamaica business sale

In March 2025, the Company entered into an equity and asset purchase agreement (the “EAPA”) to sell the Company’s Jamaica business, including operations at the LNG import terminal in Montego Bay, the offshore floating storage and regasification terminal in Old Harbour and the 150 megawatt Combined Heat and Power Plant in Clarendon, along with the associated infrastructure (the "Jamaica Business") to Excelerate Energy Limited Partnership (“EELP”), a subsidiary of Excelerate Energy, Inc. for cash consideration of $1,055,000, inclusive of certain purchase price adjustments.

On May 14, 2025, the Company completed the sale of the Jamaica Business. After the repayment of all outstanding South Power Bonds in the amount of $227,157 (Note 19) and payment of certain transaction costs in the amount of $50,903, the Company received net proceeds of approximately $678,480, with an additional $98,635 of proceeds held in escrow. During the third quarter of 2025, EELP delivered a closing statement to the Company as required under the EAPA, and this closing statement included changes to the purchase price and preliminary net working capital amounts that could result in a material payment to EELP. The Company has delivered a response to the initial closing statement, and recorded a reserve against the $4,000 proceeds held in escrow for estimated purchase price adjustment and an accrual of $5,262 has been recorded for estimated amount due to EELP as of September 30, 2025. The Company may incur additional liability due to EELP up to $27,730 as both parties continue with their reviews during the purchase price adjustment period.

As of September 30, 2025, proceeds held in escrow of $77,635 are presented within Prepaid expenses and other current assets, net (Note 11) relating to certain indemnification matters, which are expected to resolve within the next 12 months. The remaining proceeds held in escrow relating to indemnifications for certain tax related matters are presented within Other non-current assets, net (Note 16) on the Condensed Consolidated Balance Sheets as these proceeds are expected to be released to the Company during the year ending December 31, 2029.

The book value of the Jamaica Business at the time of sale was $569,797 and the Company recognized a gain of $470,994 during the nine months ended September 30, 2025, which is presented in (Gain) loss on sale in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company incurred $71,080 of transaction costs directly attributable to the sale, including fees for novating a vessel charter to the buyer and contingent fees due to the Company's advisors. These transaction costs are presented within Transactions and integration costs in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company also recognized guarantee liabilities of $4,659 associated with the escrow indemnification matters, which are presented within Other current liabilities and Other non-current liabilities on the Condensed Consolidated Balance Sheets. The divestiture did not meet the criteria to be reported as discontinued operations as it did not represent a strategic shift for the Company. Until the date of sale, the

Company reported the operating results for the Jamaica Business in the Company’s Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in the Terminals and Infrastructure segment.

The following is a summary of the carrying amounts of the major classes of assets and liabilities as of closing:


	May 14, 2025
Assets
Current:
Cash and cash equivalents	$	6,421
Restricted cash	650
Receivables, net of allowances	65,330
Inventory	24,373
Prepaid expenses and other current assets, net	4,885
Total current assets	101,659
Non-current:
Construction in progress	1,934
Property, plant and equipment, net	305,982
Right-of-use assets	144,719
Intangible assets, net	623
Goodwill	184,620
Deferred tax assets, net	13,937
Other non-current assets, net	33,872
Total non-current assets	$	685,687
Total assets	$	787,346

Liabilities
Current:
Accounts payable	$	8,922
Accrued liabilities	12,975
Current lease liabilities	19,805
Other current liabilities	6,176
Total current liabilities	47,878
Non-current:
Non-current lease liabilities	122,085
Deferred tax liabilities, net	42,197
Other long-term liabilities	5,389
Total non-current liabilities	$	169,671
Total liabilities	$	217,549

The following is a summary of the income from continuing operations before taxes for the operations of the Jamaica Business:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Income from continuing operations before taxes	$	—	$	17,497	$	15,171	$	38,055

Equipment 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 book value of the

turbines and equipment at the time of sale was $368,799, and the Company recognized a loss of $77,530 during the nine months ended September 30, 2024 in Loss (gain) on sale in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

The Company's contract to provide emergency power services to support the grid stabilization project was also terminated as part of the sale transaction. All unrecognized contract liabilities and cost to fulfill at the time of termination were recognized in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company believes that there are remedies available under the customer contract, and is currently in pursuit of these remedies. As the result of this process is uncertain, any transaction price associated with closing this contract has been fully constrained. In March 2024, the Company was awarded a gas sale agreement with PREPA pursuant to which the Company provides gas supply to the sold turbines, which expired in March 2025. During 2025, the Company and PREPA agreed to a series of short-term extensions of the gas supply agreement while working towards a long-term solution that is in the best interests of both parties and achieves our mutual goal of sustained, efficient power generation for Puerto Rico. In September 2025, both parties reached agreement on contract terms for the long-term supply of LNG to Puerto Rico, which the Financial Oversight and Management Board of Puerto Rico ("FOMB") then made further comments. The Parties remain in negotiations to finalize the new gas supply agreement and submit it for review and approval by the FOMB. The current gas supply agreement is extended on a weekly basis until the new gas supply agreement is approved by the FOMB. There can be no assurances that the long-term gas sale agreement will be executed, and to the extent the Company is not able to execute such an agreement, the Company's future results of operations could be adversely impacted and the impact could be material.

Goodwill and intangible assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Definite-lived intangible assets
Accumulated Amortization	$ (22,451)	$ (27,693)
Indefinite-lived intangible assets
Total intangible assets, Gross Carrying Amount	225,790	244,385
Total Intangible Assets, Currency Translation Adjustment	(7,518)	(37,182)
Total Intangible Assets, Net Carrying Amount	195,821	179,510
Easements
Indefinite-lived intangible assets
Gross Carrying Amount	1,191	1,191
Currency Translation Adjustment	56	(88)
Net Carrying Amount	1,247	1,103
Acquired capacity reserve contract
Definite-lived intangible assets
Gross Carrying Amount	162,045	162,045
Accumulated Amortization	(13,431)	(5,942)
Currency Translation Adjustment	(9,823)	(31,301)
Net Carrying Amount	$ 138,791	$ 124,802
Weighted Average Life	17 years	17 years
Favorable vessel charter contracts
Definite-lived intangible assets
Gross Carrying Amount		$ 17,700
Accumulated Amortization		(14,942)
Currency Translation Adjustment		0
Net Carrying Amount		$ 2,758
Weighted Average Life		4 years
Permits and development rights
Definite-lived intangible assets
Gross Carrying Amount	$ 61,894	$ 61,894
Accumulated Amortization	(8,884)	(6,417)
Currency Translation Adjustment	2,249	(5,793)
Net Carrying Amount	$ 55,259	$ 49,684
Weighted Average Life	34 years	34 years
Easements
Definite-lived intangible assets
Gross Carrying Amount	$ 660	$ 1,555
Accumulated Amortization	(136)	(392)
Currency Translation Adjustment	0	0
Net Carrying Amount	$ 524	$ 1,163
Weighted Average Life	30 years	30 years

Impairment of long-lived assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	May 31, 2025
Long-Lived Assets Held-for-sale [Line Items]
Asset impairment expense	$ 10,353	$ 1,484	$ 127,911	$ 5,756
Impairment losses	$ 0	0	$ 582,172	0
Terminal and Infrastructure
Long-Lived Assets Held-for-sale [Line Items]
Impairment charges					$ 117,311
Lakach Deepwater
Long-Lived Assets Held-for-sale [Line Items]
Impairment charges					47,294
Pennsylvania Project
Long-Lived Assets Held-for-sale [Line Items]
Impairment charges					$ 48,155
Miami Facility
Long-Lived Assets Held-for-sale [Line Items]
Impairment losses		$ 1,484		$ 5,756

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Related party transactions	9 Months Ended
Related party transactions	Sep. 30, 2025
Related Party Transactions [Abstract]
Related party transactions	26. 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 expenses of $151 and $1,363 for the three months ended September 30, 2025 and 2024, respectively, and totaled expenses of $651 and $3,171 for the nine months ended September 30, 2025 and 2024, respectively. Costs associated with the Administrative Agreement are included within Selling, general and administrative in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. As of September 30, 2025 and December 31, 2024, $587 and $6,755 were due to Fortress, respectively. In addition to administrative services, Mr. Edens owns an aircraft that we charter from a third party operator for business purposes in the ordinary course of operations. The Company incurred, at aircraft operator rates, charter costs of $230 and $134 for the three months ended September 30, 2025 and 2024, respectively, and $1,328 and $1,218 for nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025 and December 31, 2024, $79 and $1,146 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 three months ended September 30, 2025 and 2024, $444 and $319 of rent and office related expenses were incurred by these affiliates, respectively. For the nine months ended September 30, 2025 and 2024, $1,133 and $781 of rent and office related expenses were incurred by these affiliates, respectively. As of September 30, 2025 and December 31, 2024, $3,802 and $2,637 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. 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. The Company incurred rent and administrative expenses of approximately $0 and $900 for the three and nine months ended September 30, 2024, respectively. Amounts due to Fortress affiliated entities were $3,614 as of both September 30, 2025 and December 31, 2024. 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 $73 and $310 during the three and nine months ended September 30, 2024, respectively, which was included within Operations and maintenance in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. No amounts are due to FECI as of September 30, 2025 and December 31, 2024. 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 $183 and $548 during the three and nine months ended September 30, 2025, and $548 during the three and nine months ended September 30, 2024, which was included within Operations and maintenance in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. As of September 30, 2025, the Company recorded a right-of-use asset of $3,240 and a lease liability of $4,732 on the Condensed Consolidated Balance Sheets. 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 Condensed Consolidated Balance Sheets. DevTech investment In August 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 condensed consolidated financial statements. In March 2025, the Company entered into an agreement to acquire DevTech's 10% non-controlling interest, and concurrently, terminated the consulting arrangement. A cash payment of $950 was made to DevTech, of which $822 was allocated to the value of the acquired shares of the subsidiary. The Company recognized $0 and $123 in expense related to the consulting arrangement within Selling, general and administrative for the three months ended September 30, 2025 and 2024, respectively, and $— and $387 for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025 and December 31, 2024, $— and $149 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 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 2: 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 3: 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 4: 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 5: 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 6: 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 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
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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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))
-Publisher FASB
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

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

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

+ Details

Dispositions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
Dispositions - Narrative (Details) - USD ($) $ in Thousands	May 14, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	May 15, 2025	Mar. 31, 2025	Mar. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt				$ 1,592,321	$ 2,342,847
Gain on sale		$ (1,705)	$ 0	470,994	(77,140)
Prepaid Expenses and Other Current Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds held in escrow		77,635		77,635
South Power 2029 Bonds, due May 2029
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt	$ 227,157
Certain transaction costs	50,903
Jamaica Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Book value at the time of sale				569,797
Gain on sale				470,994
Transaction costs				71,080
Guaranteed liabilities		4,659		4,659
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Jamaica Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash price							$ 1,055,000
Net proceeds	678,480
Additional proceeds held in escrow	$ 98,635					$ 4
Accrual		5,262		5,262
Additional liability incur		$ 27,730		$ 27,730
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]
Property, plant and equipment								$ 368,799
Loss on disposition of property plant equipment					$ 77,530

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Additional paid-in capital	Retained earnings (Accumulated deficit)	Accumulated other comprehensive income	Non- controlling interest	Series B Convertible Preferred Stock	Series A convertible preferred stock	Class A common stock	Class A common stock Common Stock
Balance at beginning of period (in shares) at Dec. 31, 2023							0
Balance at beginning of period at Dec. 31, 2023							$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series A convertible preferred stock (in shares)							96,746
Issuance of Series A convertible preferred stock, net							$ 96,513
Dividends							$ 142
Balance at end of period (in shares) at Mar. 31, 2024							96,746
Balance at end of period at Mar. 31, 2024							$ 96,655
Balance at beginning of period (in shares) at Dec. 31, 2023									205,031,406
Balance at beginning of period at Dec. 31, 2023	$ 1,777,869	$ 1,038,530	$ 527,986	$ 71,528	$ 137,775				$ 2,050
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	56,670		54,081		2,589
Other comprehensive income (loss)	(7,708)			(7,349)	(359)
Share-based compensation expense	5,248	5,248
Issuance of shares for vested share-based compensation awards (in shares)									14,126
Shares withheld from employees related to share-based compensation, at cost (in shares)									(3,708)
Shares withheld from employees related to share-based compensation, at cost	(126)	(126)
Dividends	(32,326)		(20,645)		(11,681)
Balance at end of period (in shares) at Mar. 31, 2024									205,041,824
Balance at end of period at Mar. 31, 2024	1,799,627	1,043,652	561,422	64,179	128,324				$ 2,050
Balance at beginning of period (in shares) at Dec. 31, 2023							0
Balance at beginning of period at Dec. 31, 2023							$ 0
Balance at end of period (in shares) at Sep. 30, 2024							96,746
Balance at end of period at Sep. 30, 2024							$ 96,555
Balance at beginning of period (in shares) at Dec. 31, 2023									205,031,406
Balance at beginning of period at Dec. 31, 2023	1,777,869	1,038,530	527,986	71,528	137,775				$ 2,050
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(18,877)
Dividends								$ (61,517)
Balance at end of period (in shares) at Sep. 30, 2024									205,069,360
Balance at end of period at Sep. 30, 2024	1,690,455	1,085,950	438,502	37,141	126,812				$ 2,050
Balance at beginning of period (in shares) at Mar. 31, 2024							96,746
Balance at beginning of period at Mar. 31, 2024							$ 96,655
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends							$ 1,190
Balance at end of period (in shares) at Jun. 30, 2024							96,746
Balance at end of period at Jun. 30, 2024							$ 97,845
Balance at beginning of period (in shares) at Mar. 31, 2024									205,041,824
Balance at beginning of period at Mar. 31, 2024	1,799,627	1,043,652	561,422	64,179	128,324				$ 2,050
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(86,860)		(88,854)		1,994
Other comprehensive income (loss)	(20,557)			(20,526)	(31)
Share-based compensation expense	20,064	20,064
Issuance of shares for vested share-based compensation awards (in shares)									34,578
Shares withheld from employees related to share-based compensation, at cost (in shares)									(11,074)
Shares withheld from employees related to share-based compensation, at cost	(290)	(290)
Dividends	(24,716)		(21,697)		(3,019)
Balance at end of period (in shares) at Jun. 30, 2024									205,065,328
Balance at end of period at Jun. 30, 2024	1,687,268	1,063,426	450,871	43,653	127,268				$ 2,050
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends							$ 1,290
Balance at end of period (in shares) at Sep. 30, 2024							96,746
Balance at end of period at Sep. 30, 2024							$ 96,555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	11,313		9,299		2,014
Other comprehensive income (loss)	(5,963)			(6,512)	549
Share-based compensation expense	22,543	22,543
Issuance of shares for vested share-based compensation awards (in shares)									5,331
Shares withheld from employees related to share-based compensation, at cost (in shares)									(1,299)
Shares withheld from employees related to share-based compensation, at cost	(19)	(19)
Dividends	(24,687)		(21,668)		(3,019)			(20,507)
Balance at end of period (in shares) at Sep. 30, 2024									205,069,360
Balance at end of period at Sep. 30, 2024	$ 1,690,455	1,085,950	438,502	37,141	126,812				$ 2,050
Balance at beginning of period (in shares) at Dec. 31, 2024	96,746					96,746
Balance at beginning of period at Dec. 31, 2024	$ 90,570					$ 90,570
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends						$ 107
Balance at end of period (in shares) at Mar. 31, 2025						36,746
Balance at end of period at Mar. 31, 2025						$ 40,708
Balance at beginning of period (in shares) at Dec. 31, 2024									266,459,093
Balance at beginning of period at Dec. 31, 2024	1,999,088	1,674,312	196,363	3,089	122,660				$ 2,664
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(197,373)		(199,581)		2,208
Other comprehensive income (loss)	24,253			23,582	671
Share-based compensation expense	(229)	(229)
Class A stock issued, net of issuance costs (in shares)									661,207
Class A stock issued, net of issuance costs	370	363							$ 7
Acquisition of non-controlling interest	(822)	(1,356)			534
Issuance of shares for vested share-based compensation awards (in shares)									31,814
Shares withheld from employees related to share-based compensation, at cost (in shares)									(13,086)
Shares withheld from employees related to share-based compensation, at cost	(159)	(159)
Conversion of Series B convertible preferred stock (in shares)						(60,000)			6,651,511
Conversion of Series B convertible preferred stock	49,965	49,898				$ (49,969)			$ 67
Dividends	(3,567)		(548)		(3,019)
Balance at end of period (in shares) at Mar. 31, 2025									273,790,539
Balance at end of period at Mar. 31, 2025	$ 1,871,526	1,722,829	(3,766)	26,671	123,054				$ 2,738
Balance at beginning of period (in shares) at Dec. 31, 2024	96,746					96,746
Balance at beginning of period at Dec. 31, 2024	$ 90,570					$ 90,570
Balance at end of period (in shares) at Sep. 30, 2025	0					0
Balance at end of period at Sep. 30, 2025	$ 0					$ 0
Balance at beginning of period (in shares) at Dec. 31, 2024									266,459,093
Balance at beginning of period at Dec. 31, 2024	1,999,088	1,674,312	196,363	3,089	122,660				$ 2,664
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,047,556)
Balance at end of period (in shares) at Sep. 30, 2025									284,552,811
Balance at end of period at Sep. 30, 2025	1,124,084	1,772,580	(858,057)	78,025	128,690				$ 2,846
Balance at beginning of period (in shares) at Mar. 31, 2025						36,746
Balance at beginning of period at Mar. 31, 2025						$ 40,708
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends						$ 446
Balance at end of period (in shares) at Jun. 30, 2025						36,746
Balance at end of period at Jun. 30, 2025						$ 41,154
Balance at beginning of period (in shares) at Mar. 31, 2025									273,790,539
Balance at beginning of period at Mar. 31, 2025	1,871,526	1,722,829	(3,766)	26,671	123,054				$ 2,738
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(556,827)		(554,631)		(2,196)
Other comprehensive income (loss)	34,335			32,755	1,580
Share-based compensation expense	5,250	5,250
Issuance of shares for vested share-based compensation awards (in shares)									720,642
Issuance of shares for vested share-based compensation awards	7							$ 7
Shares withheld from employees related to share-based compensation, at cost (in shares)									(309,718)
Shares withheld from employees related to share-based compensation, at cost	(1,651)	(1,648)							$ (3)
Dividends	(446)	(446)
Balance at end of period (in shares) at Jun. 30, 2025									274,201,463
Balance at end of period at Jun. 30, 2025	$ 1,352,194	1,725,985	(558,397)	59,426	122,438				$ 2,742
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends						$ 310
Balance at end of period (in shares) at Sep. 30, 2025	0					0
Balance at end of period at Sep. 30, 2025	$ 0					$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(293,356)		(299,660)		6,304
Other comprehensive income (loss)	18,547			18,599	(52)
Share-based compensation expense	5,544	5,544
Conversion of Series B convertible preferred stock (in shares)						(36,746)			10,351,348
Conversion of Series B convertible preferred stock	41,465	41,361				$ (41,464)			$ 104
Dividends	(310)	(310)
Balance at end of period (in shares) at Sep. 30, 2025									284,552,811
Balance at end of period at Sep. 30, 2025	$ 1,124,084	$ 1,772,580	$ (858,057)	$ 78,025	$ 128,690				$ 2,846

Accrued liabilities

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accrued liabilities

17. Accrued liabilities

As of September 30, 2025 and December 31, 2024, Accrued liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Accrued development costs	$	78,838	$	113,193
Accrued interest	212,210		84,566
Accrued bonuses	16,059		37,415
Accrued inventory	—		93,319
Other accrued expenses	181,798		62,866
Total accrued liabilities	$	488,905	$	391,359

Basis of presentation	9 Months Ended
Basis of presentation	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of presentation	2. Basis of presentation The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair presentation of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K/A for the year ended December 31, 2024 (the "Annual Report"). Certain prior year amounts have been reclassified to conform to current year presentation. The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared on the basis that the Company will continue as a going concern over the next twelve months from the date of their issuance, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. The Company's going concern assessment included the following considerations: •The Company recognized operating losses and negative operating cash flows during each of the first three quarters of 2025, with this decline in earnings accelerating in the second quarter of 2025. The Company’s forecasted cash flows are expected to be impacted by, among other things, reduced earnings following the sale of the Jamaica Business and increased interest expense. •In November 2025, the Company entered into amendments to the Revolving Credit Agreement, the Letter of Credit Agreement and the Term Loan A Credit Agreement (each as defined in the Annual Report) to, among other things, (a) in the case of the Letter of Credit Facility (as defined in the Annual Report), extend the maturity date of the facility to March 31, 2026, (b) provide for a covenant holiday with respect to (x) the consolidated first lien debt ratio and fixed charge coverage ratio covenants contained therein for the fiscal quarter ended September 30, 2025 (or in the case of the Letter of Credit Facility, also provide for a covenant holiday for the fiscal quarter ending December 31, 2025) and (y) the minimum liquidity requirement contained therein for the fiscal quarter ending December 31, 2025 (or in the case of the Letter of Credit Facility, remove the fiscal quarter minimum liquidity test altogether), (c) remove certain flexibility the Company and its subsidiaries had to pay dividends and other distributions, and (d) restrict the ability for the Company or any of its subsidiaries to make payments of principal or interest accruing on certain outstanding indebtedness, including the November 17, 2025 interest payment on the New 2029 Notes (as defined in the Annual Report). •The Company also does not expect to be in compliance with the consolidated first lien debt ratio and fixed charge coverage ratio under the Revolving Credit Agreement and the Term Loan A Credit Agreement for the fiscal quarter ending December 31, 2025. If the Company does not enter into an agreement with the lenders under the Revolving Facility (as defined in the Annual Report) and the Term Loan A Credit Agreement to provide for a covenant holiday or other covenant relief for the fiscal quarter ending December 31, 2025, by the time the Company furnishes to the administrative agents for the Revolving Facility and Term Loan A Credit Agreement audited financial statements for such fiscal year, the lenders would have the right to accelerate the repayment of the outstanding principal under the Revolving Facility and Term Loan A Credit Agreement. If the lenders choose to exercise such rights under those facilities, substantially all of the Company’s outstanding indebtedness could be accelerated, and the Company would not have sufficient liquidity or capital resources to satisfy its outstanding principal obligations. •NFE Financing LLC, a subsidiary of the Company (the “New 2029 Notes Issuer”), did not make the interest payment of $163,808 due to holders of the New 2029 Notes on November 17, 2025. An event of default under the indenture governing the New 2029 Notes will arise on November 20, 2025, when the contractual grace period for interest payments on such notes expires. On November 18, 2025, the Company and certain of its subsidiaries, including the New 2029 Notes Issuer, entered into a forbearance agreement with the beneficial holders of greater than 70% of the New 2029 Notes (the “New 2029 Notes Forbearance Agreement”), pursuant to which such beneficial holders agreed to forbear from accelerating or exercising remedies in respect of such event of default. Unless earlier terminated, the New 2029 Notes Forbearance Agreement will terminate on December 15, 2025. Upon the termination of the New 2029 Notes Forbearance Agreement, if a further forbearance or debt restructuring is not agreed to, the holders of the New 2029 Notes could accelerate the outstanding principal balance of the New 2029 Notes, in which case substantially all of the Company's other outstanding debt would become payable on demand. The New 2029 Notes Forbearance Agreement contains conditions, covenants, termination rights and other provisions customary for forbearance agreements of that type. •The Company was required to provide a $79,100 bank guarantee to holders of the PortoCem Debentures on or before August 17, 2025; this guarantee was not provided by the deadline, and as a result, a majority of debenture holders had the right to call for a meeting of holders and declare an event of early maturity. On October 11, 2025, the debenture holders unanimously permanently waived their ability to declare an early maturity event due to the failure to provide the bank guarantee. The remaining $79,100 bank guarantee is now due on or before May 10, 2026, and if this guarantee or an equivalent amount of equity contribution to the project company is not made by this date, an automatic early maturity event will exist under the amended debenture agreement. The Company is discussing providing this bank guarantee with its creditors under new credit arrangements, and should additional financing or credit capacity be provided under new credit agreements, the Company intends to comply with the requirements of the waiver. However, based on the Company's current liquidity, the Company determined that it is not currently probable that the bank guarantee can be provided absent an agreement with its existing creditors or new lenders. If such automatic early maturity event were to occur, substantially all of the Company’s outstanding indebtedness would be payable on demand. •As of September 30, 2025, the Company has $510,879 of aggregate principal amount outstanding under the 2026 Notes, which mature on September 30, 2026. If more than $100,000 of the 2026 Notes remain outstanding 91 days prior to the maturity date (the "Springing Maturity Date"), the outstanding principal of $2,730,127 under the New 2029 Notes becomes due. If any of the 2026 Notes remain outstanding on the Springing Maturity Date, the outstanding balance under the Revolving Facility becomes due. As of September 30, 2025, the Revolving Facility was fully drawn with $660,400 in revolving loans plus $69,533 in letters of credit. Additionally, if any of the 2026 Notes remain outstanding on July 31, 2026, the outstanding principal under the Term Loan B (as defined below) becomes due. Also, if any of the 2026 Notes remain outstanding 60 days prior to the maturity date of the 2026 Notes, the outstanding principal under the Term Loan A Credit Agreement become due. As of September 30, 2025, there was $295,000 outstanding under the Term Loan A Credit Agreement and $1,266,078 outstanding under the Term Loan B. As such, management has concluded that, the Company’s current liquidity and forecasted cash flows from operations are not probable to be sufficient to support, in full, its obligations as they become due, and there is substantial doubt as to the Company’s ability to continue as a going concern. Should the Company not be in compliance with covenants in the Revolving Credit Agreement and Term Loan A Credit Agreement in the future, the Company will engage in negotiations with these lenders to obtain a waiver to avoid acceleration of outstanding balances. Additionally, should the Company not provide the additional bank guarantee to holders of the PortoCem Debentures by the required date, the Company will engage with these holders to avoid an event of early maturity. The Company has also initiated a process to evaluate strategic alternatives and has retained a financial advisor to assist in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, or other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. If unsuccessful in these strategic alternatives, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out of court restructurings, or in-court relief, in the U.K. or the U.S., which could have a material and adverse impact on stockholders. There are inherent uncertainties as the outcome of these negotiations and potential transactions described above are outside management’s control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. The condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements. Actual results could be different from these estimates.

Redeemable preferred stock and stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended						9 Months Ended
	Aug. 01, 2025	Oct. 01, 2024	Dec. 31, 2024	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Temporary equity, par value (in dollars per share)			$ 0.01	$ 0.01						$ 0.01
Shares outstanding (in shares)			96,746	0						0
Payments of dividends										$ 3,019	$ 61,322
Adjustments to additional paid in capital, dividends in excess of retained earnings				$ 310	$ 446	$ 3,567	$ 24,687	$ 24,716	$ 32,326
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Issuance of Series A convertible preferred stock (in shares)		96,746
Temporary equity, dividend rate, percentage		4.80%								4.80%
Temporary equity, par value (in dollars per share)		$ 0.01
Temporary equity, liquidation preference per share (in usd per share)		$ 1,000
Number of shares converted (in shares)			1,673,674			45,000
Dividends payable						$ 107
Conversion price (in dollars per share)						$ 9.06
Stock redeemed (in shares)	36,746
Share price (in dollars per share)	$ 950
Unpaid dividend	$ 756
Shares outstanding (in shares)			96,746	0	36,746	36,746				0
Dividend declared percentage										9.80%
Dividends				$ 310	$ 446	$ 107
Class A Shares
Class of Stock [Line Items]
Number of shares issued (in shares)						4,977,837
Issue of shares (in shares)						6,651,511
Common stock issued (in shares)	10,351,348
Common stock, dividends, per share, declared (in dollars per share)											$ 0.10
Adjustments to additional paid in capital, dividends in excess of retained earnings							20,507				$ 61,517
Dividends, common stock							$ 20,507				$ 61,517
Series B convertible preferred stock
Class of Stock [Line Items]
Payments of dividends										$ 1,304
Series A convertible preferred stock
Class of Stock [Line Items]
Issuance of Series A convertible preferred stock (in shares)									96,746
Shares outstanding (in shares)							96,746	96,746	96,746		96,746	0
Dividends							$ 1,290	$ 1,190	$ 142
Payments of dividends											$ 2,493
Series A Preferred Units \| GMLP Merger Agreement
Class of Stock [Line Items]
Payments of dividends				$ 0			$ 3,019			$ 3,019	$ 9,057
Noncontrolling interest, ownership percentage by noncontrolling owners				8.75%						8.75%
Cumulative dividends				$ 3,019						$ 3,019

Goodwill and intangible assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

15. Goodwill and intangible assets

Goodwill

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. The Company will perform its annual goodwill impairment assessment as of October 1, 2025.

During the three months ended June 30, 2025, the Company identified an interim impairment triggering event due to the significant decline in the Company's stock price. Using level 3 inputs, the Company performed a quantitative assessment of each of the reporting units using the income approach, specifically a discounted cash flow method. This method required the Company to apply significant assumptions and unobservable inputs, including projected EBITDA, weighted average cost of capital ("WACC") (and estimates included in the WACC) and terminal growth rate. Based on the impairment assessment, the Company recorded an impairment charge in the Terminals and Infrastructure reporting unit primarily as a result of (i) the significant increase in the WACC which reflected a higher company specific risk premium, and (ii) a

reduction in forecasted cash flows following changes in customer revenue projections and the timing of completion of development projects.

Below is a summary of the changes in the carrying value of goodwill by reportable segment for the nine months ended September 30, 2025:


	Terminals and infrastructure		Ships		Total
Balance as of December 31, 2024	$	750,412	$	15,938	$	766,350
Adjustments	16,380		—		16,380
Divestitures (1)	(184,620)		—		(184,620)
Impairment losses	(582,172)		—		(582,172)
Balance as of September 30, 2025	$	—	$	15,938	$	15,938

Intangible assets

The following tables summarize the composition of intangible assets as of September 30, 2025 and December 31, 2024:


	September 30, 2025
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Acquired capacity reserve contract	$	162,045	$	(13,431)	$	(9,823)	$	138,791	17
Permits and development rights	61,894		(8,884)		2,249		55,259		34
Easements	660		(136)		—		524		30

Indefinite-lived intangible assets
Easements	1,191		—		56		1,247		n/a
Total intangible assets	$	225,790	$	(22,451)	$	(7,518)	$	195,821


	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

Amortization expense for the three months ended September 30, 2025 and 2024 was $2,700 and $2,876, respectively. Amortization expense for the nine months ended September 30, 2025 and 2024 was $10,441 and $7,307, respectively.

In the third quarter of 2023, An Bord Pleanála (“ABP”), Ireland's planning commission, denied our application for the development of an LNG terminal and power plant. We challenged this decision, and in September 2024, the High Court of Ireland ruled that the ABP did not have appropriate grounds for the denial of our permit. In March 2025, ABP withdrew their appeal to the September 2024 High Court decision. ABP is now reconsidering our planning application in accordance with Irish Law. Further, in March 2025, An Coimisiún Pleanála (previously ABP) granted the Company's application to construct a 600 MW power plant and a separate application to construct the 220 kV electricity interconnect. The Company is able to fuel this power plant via the LNG marine import terminal, if approved, or using gas provided from the Company's permitted pipeline interconnection. The continued development of this project is uncertain and there are multiple risks, including regulatory risks, which could preclude the development of this project; however, management continues to assess all options in respect of future developments for the land held.

Related party transactions - Fortress Affiliated Entities Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 230	$ 134	$ 1,328	$ 1,218
Due to affiliates	4,280		4,280		$ 11,530
Affiliated Entity \| Fortress
Related Party Transaction [Line Items]
Due from affiliates	3,802		3,802		2,637
Affiliated Entity \| Fortress \| Rent And Related Office Expenses
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	444	319	1,133	781
Affiliated Entity \| Fortress, Formerly Owned Entity
Related Party Transaction [Line Items]
Due to affiliates	$ 3,614		$ 3,614		$ 3,614
Affiliated Entity \| Fortress, Formerly Owned Entity \| Rent And Administrative Expenses
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 0		$ 900

- 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

Revenue recognition - Narrative (Details)	1 Months Ended	3 Months Ended		9 Months Ended
Revenue recognition - Narrative (Details)	Aug. 31, 2022 USD ($) Carrier	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Operating revenue		$ 240,318,000	$ 446,048,000	$ 852,403,000	$ 1,346,774,000
Receivables, revenue from contracts with customers		328,833,000		328,833,000		$ 330,944,000
Accounts receivable, allowance for credit loss, current		21,820,000		21,820,000		13,629,000
Contract with customer, receivable, after allowance for credit loss		758,000		758,000		158,000
Capitalized contract cost, net		12,427,000		12,427,000		22,797,000
Other current assets		1,602,000		1,602,000		2,205,000
Other noncurrent assets		10,825,000		10,825,000		$ 20,592,000
Number of vessels \| Carrier	11
Purchase agreement, consideration received	$ 1,850,000,000
Revenue from third party charters		20,643,000	17,407,000	80,414,000	102,569,000
Apollo Global Management, Inc
Disaggregation of Revenue [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	20.00%
Cargo Sales
Disaggregation of Revenue [Line Items]
Operating revenue		$ 0	$ 174,570,000	$ 207,035,000	$ 199,072,000

Other Long-Term Liabilities - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Guarantee liability (Note 18)	$ 79,469	$ 115,359
Derivative liabilities	4,017	24,364
Contract liability (Note 6)	10,125	11,750
Accrued interest	5,955	9,398
Other	10,905	5,487
Total other long-term liabilities	$ 110,471	$ 166,358

Share-based compensation - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 5,544	$ 22,543	$ 10,565	$ 47,855
Operations and maintenance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	11	80	47	179
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 5,533	$ 22,463	$ 10,518	$ 47,676

- 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 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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+ Details

Financial instruments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Financial instruments

8. Financial instruments

Foreign currency risk management

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 September 30, 2025, the notional amount of outstanding foreign exchange contracts was approximately $12,900. These instruments are expected to settle through the third quarter of 2026. The amount of loss (gain) recognized in Other (income) expense, net in the

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and nine months ended September 30, 2025 and 2024 is as follows:


Financial instrument	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Foreign exchange forward contracts	$	—	$	2,242	$	13,993	$	(902)
Zero-cost collar options	677		2,369		4,942		(4,581)
Total	677		4,611		18,935		(5,483)

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.

Embedded contingent interest derivative

During 2024, the Company entered into a side letter with lenders in the Term Loan A Credit Agreement, under which the Company's interest on the Term Loan A 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 Condensed 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 Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024.

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 September 30, 2025 and December 31, 2024:


	Level 1		Level 2		Level 3		Total
September 30, 2025
Assets
Investment in equity securities	$	—	$	—	$	8,678	$	8,678
Foreign exchange contracts	—		437		—		437

Liabilities

Contingent consideration derivative liabilities	—		—		35,147		35,147
Embedded contingent interest derivative	—		—		119		119

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

The Company believes the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximated their fair value as of September 30, 2025 and December 31, 2024 and are classified as Level 1 within the fair value hierarchy.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Unrealized (gain) loss
Contingent consideration derivative liabilities	$	(1,825)	$	(2,723)	$	(8,029)	$	(5,027)
Embedded contingent interest derivative	(4,671)		—		(10,510)		—
Realized (gain) loss
Contingent consideration derivative liabilities	1,116		—		1,116		—

During the three and nine months ended September 30, 2025 and 2024, 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. 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/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Inventory

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Inventory

10. Inventory

As of September 30, 2025 and December 31, 2024, inventory consisted of the following:


	September 30, 2025		December 31, 2024
LNG and natural gas inventory	$	90,522	$	67,232
Automotive diesel oil inventory	844		7,934
Bunker fuel, materials, supplies and other	17,913		28,058
Total inventory	$	109,279	$	103,224

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 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. No adjustments were recorded during the three and nine months ended September 30, 2025 and 2024.

Other non-current assets, net

9 Months Ended

Sep. 30, 2025

Other Assets, Noncurrent Disclosure [Abstract]

Other non-current assets, net

16. Other non-current assets, net

As of September 30, 2025 and December 31, 2024, Other non-current assets, net consisted of the following:


	September 30, 2025		December 31, 2024
Long term receivables (Note 11)	$	78,767	$	114,677

Cost to fulfill (Note 6)	10,825		20,592
Contract asset, net (Note 6)	10,375		20,270

Financing costs	21,473		57,568
Other	47,041		59,792
Total other non-current assets, net	$	168,481	$	272,899

Financing costs includes deferred costs associated with the Company's Revolving Facility. Other non-current assets includes the development costs for hosted software products, proceeds held in escrow from the sale of the Jamaica Business (Note 4), and investments in equity securities, which includes investments without a readily determinable fair value of $8,678 as of both September 30, 2025 and December 31, 2024. The Company has not recognized any gains or losses in the value of these investments during 2025.

Share-based compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Performance-based Units Activity

The following table summarizes the RSU activity for the nine months ended September 30, 2025:


	Restricted Stock Units	Weighted-average grant date fair value per share
Non-vested RSUs as of December 31, 2024	1,579,802	$	32.60
Granted	—	—
Vested	(795,088)	32.60
Forfeited	(508,538)	32.66
Non-vested RSUs as of September 30, 2025	276,176	$	32.66

Schedule of Share Based Compensation Expense

For the three and nine months ended September 30, 2025 and 2024, the Company recognized compensation costs associated with equity awards in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operations and maintenance	$	11	$	80	$	47	$	179
Selling, general and administrative	5,533		22,463		10,518		47,676
Total share-based compensation expense	$	5,544	$	22,543	$	10,565	$	47,855

Share-based compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-based compensation

25. Share-based compensation

The Company has granted restricted stock units ("RSUs") to select officers, employees and certain non-employees under the Incentive Plan (as defined in the Annual Report). 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 nine months ended September 30, 2025:


	Restricted Stock Units	Weighted-average grant date fair value per share
Non-vested RSUs as of December 31, 2024	1,579,802	$	32.60
Granted	—	—
Vested	(795,088)	32.60
Forfeited	(508,538)	32.66
Non-vested RSUs as of September 30, 2025	276,176	$	32.66

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 0.26 years as of September 30, 2025.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operations and maintenance	$	11	$	80	$	47	$	179
Selling, general and administrative	5,533		22,463		10,518		47,676
Total share-based compensation expense	$	5,544	$	22,543	$	10,565	$	47,855

During the three and nine months ended September 30, 2025, the Company recognized a reversal of previous compensation expense of $477 and $7,872, respectively, due to the forfeiture of awards upon separation with certain employees. During both the three and nine months ended September 30, 2024, the Company recognized a reversal of cumulative compensation expense of $320 and $481, respectively, for forfeited RSU awards.

During 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 $4,760 and $14,123 for the three and nine months ended September 30, 2025, respectively, associated with this award is included in the table above. Compensation expense of $4,759 and $6,777 for the three and nine months ended September 30, 2024, respectively, associated with this award is included in the table above.

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 September 30, 2025, unrecognized compensation costs from non-vested RSUs was $1,288, and unrecognized compensation costs for other equity awards that will settle in shares of a subsidiary owning the Company's Brazilian operations was $28,298.

Construction in progress (Tables)

9 Months Ended

Sep. 30, 2025

Construction in progress [Abstract]

Schedule of Construction in Progress Activity

The Company’s construction in progress activity during the nine months ended September 30, 2025 is detailed below:


	September 30, 2025
Construction in progress as of December 31, 2024	$	3,574,389
Additions	711,267
Asset impairment expense (Note 14)	(121,358)
Impact of currency translation adjustment	202,347
Assets placed in service	(141,961)
Dispositions (Note 4)	(1,934)
Construction in progress as of September 30, 2025	$	4,222,750