0001749723-26-000032 | 10-K | XBRL Viewer

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Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
LNG and natural gas inventory	$ 100,101				$ 67,232
Automotive diesel oil inventory, bunker fuel, materials, supplies and other	19,346				35,992
Total inventory	$ 119,447	$ 108,632	$ 74,000	$ 66,695	$ 103,224	$ 88,095	$ 141,723	$ 186,584	$ 116,184

Organization (Details)	12 Months Ended
Organization (Details)	Dec. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Goodwill and intangible assets (As Restated) - Schedule of Composition of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Definite-lived intangible assets
Accumulated Amortization	$ (24,916)	$ (27,693)
Net Carrying Amount	186,349
Indefinite-lived intangible assets
Total intangible assets, Gross Carrying Amount	225,790	244,385
Total intangible assets, Currency Translation Adjustment	(13,278)	(37,182)
Total intangible assets, Net Carrying Amount	187,596	179,510	$ 195,821	$ 194,752	$ 188,118	$ 206,266	$ 207,731	$ 211,854	$ 51,815
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	(15,146)	(5,942)
Currency Translation Adjustment	(14,908)	(31,301)
Net Carrying Amount	$ 131,991	$ 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	(9,572)	(6,417)
Currency Translation Adjustment	1,574	(5,793)
Net Carrying Amount	$ 53,896	$ 49,684
Weighted Average Life	34 years	34 years
Easements
Definite-lived intangible assets
Gross Carrying Amount	$ 660	$ 1,555
Accumulated Amortization	(198)	(392)
Currency Translation Adjustment	0	0
Net Carrying Amount	$ 462	$ 1,163
Weighted Average Life	30 years	30 years

Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Economic Life of Property Plant and Equipment

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


			Useful life (Yrs)
Vessels			5-40
Terminal and power plant equipment			5-50
Power facilities			18-20
ISO containers and other equipment			3-10
LNG liquefaction facilities			7-40
Gas pipelines			10-45
Leasehold improvements			2-27

Prepaid expenses and other current assets (As Restated) - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Guarantor obligations, maximum exposure, undiscounted	$ 126,668

Financial instruments (As Restated) - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Sale of vessels to 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 (in percent)		2.00%
Foreign exchange contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, notional amount	$ 12,900	$ 211,547

Organization	12 Months Ended
Organization	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	2. Organization 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.

Restatement of Previously Issued Financial Statements

12 Months Ended

Dec. 31, 2025

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Financial Statements

1. Restatement of Previously Issued Financial Statements

During the preparation of New Fortress Energy Inc.’s (“NFE,” together with its subsidiaries, the “Company”) consolidated financial statements for the year ended December 31, 2025, the Company identified errors in the Company’s historical consolidated statements of cash flows, which impacted previously issued audited consolidated financial statements for the years ended December 31, 2024 and 2023 (the “Restatement”). During the periods covered by the financial statements, the Company delayed payments to certain vendors on certain significant development projects, which allowed the Company to improve its working capital and liquidity. Payments for capital expenditures significantly outside of a vendor's customary payment terms should be classified as financing activities, as opposed to investing activities, which is how these payments were presented in the previously issued financial statements. In connection with the Restatement, the Company is also correcting unrelated errors identified by the Company in prior periods, including errors related to the measurement of deferred taxes, calculation of interest capitalization, certain misclassification between Construction in progress and Property, plant and equipment, net, certain income statement misclassification between depreciation and amortization expense and revenue and understatement of accruals (collectively with the cash flow errors relating to delayed vendor payments, “Misstatements”).

Impact of the Restatement

The following tables present the impact of the restatement, including the correction of unrelated errors identified by the Company in prior periods to the specific line items presented in the previously issued audited Consolidated Financial Statements for the years ended December 31, 2024 and 2023. The amounts labeled "As Reported" were derived from the consolidated financial statements as originally filed on the Annual Report on Form 10-K/A on June 30, 2025. The amounts labeled “Adjustments” represent the impact of correcting the Misstatements. The effects of the restatement have been corrected in all impacted tables and disclosures throughout the audited Consolidated Financial Statements. Refer to Note 33 for the restatement of the unaudited Condensed Consolidated Financial Statements for the quarterly and year-to-date (as

applicable) periods ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2025, June 30, 2025, and September 30, 2025.

Restated Consolidated Balance Sheets


	As of December 31, 2023
	As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	155,414	$	—	$	155,414
Restricted cash	155,400		—		155,400
Receivables, net of allowances of $1,158	342,371		610		342,981
Inventory	113,684		2,500		116,184
Prepaid expenses and other current assets, net	213,104		(308)		212,796
Total current assets	979,973		2,802		982,775

Construction in progress	5,348,294		(5,921)		5,342,373
Property, plant and equipment, net	2,481,415		—		2,481,415
Equity method investments	137,793		—		137,793
Right-of-use assets	588,385		—		588,385
Intangible assets, net	51,815		—		51,815
Goodwill	776,760		16,380		793,140
Deferred tax assets, net	9,907		—		9,907
Other non-current assets, net	126,903		(1,069)		125,834
Total assets	$	10,501,245	$	12,192	$	10,513,437

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	292,625	$	—	$	292,625
Accounts payable	549,489		(3,321)		546,168
Accrued liabilities	471,675		14,608		486,283
Current lease liabilities	164,548		—		164,548
Other current liabilities	227,951		(14,759)		213,192
Total current liabilities	1,706,288		(3,472)		1,702,816

Long-term debt	6,510,523		—		6,510,523
Non-current lease liabilities	406,494		—		406,494
Deferred tax liabilities, net	44,444		15,757		60,201
Other long-term liabilities	55,627		—		55,627
Total liabilities	8,723,376		12,285		8,735,661



Stockholders’ equity
Class A common stock, $0.01 par value, 205.0 million issued and outstanding as of December 31, 2023	2,050		—		2,050
Additional paid-in capital	1,038,530		—		1,038,530
Retained earnings	527,986		(652)		527,334
Accumulated other comprehensive income	71,528		559		72,087
Total stockholders’ equity attributable to NFE	1,640,094		(93)		1,640,001
Non-controlling interest	137,775		—		137,775
Total stockholders’ equity	1,777,869		(93)		1,777,776
Total liabilities and stockholders’ equity	$	10,501,245	$	12,192	$	10,513,437


	As of December 31, 2024
	As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	492,881	$	—	$	492,881
Restricted cash	472,696		—		472,696
Receivables, net of allowances of $13,629 (as reported) and $15,651 (as restated)	335,813		(4,394)		331,419
Inventory	103,224		—		103,224
Prepaid expenses and other current assets, net	205,496		6,844		212,340
Total current assets	1,610,110		2,450		1,612,560


Construction in progress	3,574,389		(47,405)		3,526,984
Property, plant and equipment, net	5,842,807		86,112		5,928,919

Right-of-use assets	618,733		—		618,733
Intangible assets, net	179,510		—		179,510

Goodwill	766,350		16,380		782,730
Deferred tax assets, net	2,698		626		3,324
Other non-current assets, net	272,899		(2,434)		270,465
Total assets	$	12,867,496	$	55,729	$	12,923,225

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	539,132	$	—	$	539,132
Accounts payable	473,736		7,786		481,522
Accrued liabilities	391,359		43,322		434,681
Current lease liabilities	128,362		(5,200)		123,162
Other current liabilities	174,829		(312)		174,517
Total current liabilities	1,707,418		45,596		1,753,014

Long-term debt	8,355,703		6,073		8,361,776
Non-current lease liabilities	475,161		—		475,161
Deferred tax liabilities, net	73,198		1,640		74,838
Other long-term liabilities	166,358		807		167,165
Total liabilities	10,777,838		54,116		10,831,954

Series B convertible preferred stock, $0.01 par value, 96,746 shares authorized, issued and outstanding as of December 31, 2024; aggregate liquidation preference of $96,746 at December 31, 2024	90,570		—		90,570

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 266.5 million issued and outstanding as of December 31, 2024	2,664		—		2,664
Additional paid-in capital	1,674,312		—		1,674,312
Retained earnings	196,363		(2,802)		193,561
Accumulated other comprehensive income	3,089		4,415		7,504
Total stockholders’ equity attributable to NFE	1,876,428		1,613		1,878,041
Non-controlling interest	122,660		—		122,660
Total stockholders’ equity	1,999,088		1,613		2,000,701
Total liabilities and stockholders’ equity	$	12,867,496	$	55,729	$	12,923,225

Restated Consolidated Statements of Operations and Comprehensive (Loss) Income


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	2,060,212	$	—	$	2,060,212
Vessel charter revenue	276,843		(24,500)		252,343

Other revenue	76,241		1,809		78,050
Total revenues	2,413,296		(22,691)		2,390,605

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	877,451		1,770		879,221
Vessel operating expenses	45,439		—		45,439
Operations and maintenance	166,785		8,774		175,559
Selling, general and administrative	205,104		(1,719)		203,385
Transaction and integration costs	6,946		—		6,946
Depreciation and amortization	187,324		(25,900)		161,424
Asset impairment expense	10,958		—		10,958
Loss (gain) on sale of assets, net	(29,378)		1,400		(27,978)
Total operating expenses	1,470,629		(15,675)		1,454,954
Operating income	942,667		(7,016)		935,651
Interest expense	277,842		6,177		284,019
Other expense (income), net	10,408		—		10,408

Income before income from equity method investments and income taxes	654,417		(13,193)		641,224
Income from equity method investments	9,972		—		9,972
Tax provision (benefit)	115,513		(12,541)		102,972
Net income	548,876		(652)		548,224


Net income attributable to common stockholders	$	547,882	$	(652)	$	547,230

Net income per share – basic	$	2.66	$	—	$	2.66
Net income per share – diluted	$	2.65	$	—	$	2.65

Weighted average number of shares outstanding – basic	205,942,837		—		205,942,837
Weighted average number of shares outstanding – diluted	206,481,977		—		206,481,977

Other comprehensive income:
Currency translation adjustment	18,005		559		18,564
Reclassification of net foreign currency translation adjustment realized upon sale of foreign subsidiary	(1,457)		—		(1,457)
Comprehensive income	565,424		(93)		565,331
Comprehensive (income) attributable to non-controlling interest	(1,412)		—		(1,412)
Comprehensive income attributable to stockholders	$	564,012	$	(93)	$	563,919


	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	1,698,348	$	(884)	$	1,697,464
Vessel charter revenue	212,609		(3,223)		209,386
Contract novation income	295,558		—		295,558
Other revenue	158,345		(1,809)		156,536
Total revenues	2,364,860		(5,916)		2,358,944

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	1,064,667		514		1,065,181
Vessel operating expenses	33,372		—		33,372
Operations and maintenance	174,313		(3,550)		170,763
Selling, general and administrative	285,520		7,858		293,378
Transaction and integration costs	12,279		—		12,279
Depreciation and amortization	162,014		(3,223)		158,791
Asset impairment expense	16,494		—		16,494
Loss on sale of assets, net	77,562		2,645		80,207
Total operating expenses	1,826,221		4,244		1,830,465
Operating income	538,639		(10,160)		528,479
Interest expense	328,377		(12,040)		316,337
Other expense (income), net	113,077		3,231		116,308
Loss on extinguishment of debt, net	270,063		—		270,063
(Loss) before income taxes	(172,878)		(1,351)		(174,229)

Tax provision	69,509		799		70,308
Net (loss)	(242,387)		(2,150)		(244,537)

Net (loss) attributable to common stockholders	$	(270,106)	$	(2,150)	$	(272,256)

Net (loss) per share – basic	$	(1.24)	$	(0.01)	$	(1.25)
Net (loss) per share – diluted	$	(1.25)	$	(0.01)	$	(1.26)

Weighted average number of shares outstanding – basic	217,578,487		—		217,578,487
Weighted average number of shares outstanding – diluted	218,622,419		—		218,622,419

Other comprehensive (loss) income:
Currency translation adjustment	(69,468)		3,856		(65,612)

Comprehensive (loss)	(311,855)		1,706		(310,149)
Comprehensive (income) attributable to non-controlling interest	(5,623)		—		(5,623)
Comprehensive (loss) income attributable to stockholders	$	(317,478)	$	1,706	$	(315,772)

Restated Consolidated Statements of Changes in Stockholders’ Equity



	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of December 31, 2022	—	—	208,770,088	2,088	1,170,254	62,080	55,398	152,039	1,441,859
Net income	—	—	—	—	—	547,882	—	994	548,876
Other comprehensive income	—	—	—	—	—	—	16,130	418	16,548
Share-based compensation expense	—	—	—	—	1,573	—	—	—	1,573
Acquisition and cancellation of shares	—	—	(4,100,000)	(41)	(123,778)	—	—	—	(123,819)
Issuance of shares for vested share-based compensation awards	—	—	689,401	3	—	—	—	—	3
Shares withheld from employees related to share-based compensation, at cost	—	—	(328,083)	—	(9,519)	—	—	—	(9,519)
Dividends	—	—	—	—	—	(81,976)	—	(15,676)	(97,652)
Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869

2023 Adjustments
Net income (loss)	—	—	—	—	—	(652)	—	—	(652)
Other comprehensive income (loss)	—	—	—	—	—	—	559	—	559
Total Adjustments	—	—	—	—	—	(652)	559	—	(93)

As Restated
Balance as of December 31, 2022	—	—	208,770,088	2,088	1,170,254	62,080	55,398	152,039	1,441,859
Net income (loss)	—	—	—	—	—	547,230	—	994	548,224
Other comprehensive income (loss)	—	—	—	—	—	—	16,689	418	17,107
Share-based compensation expense	—	—	—	—	1,573	—	—	—	1,573
Class A stock issued, net of issuance costs	—	—	(4,100,000)	(41)	(123,778)	—	—	—	(123,819)
Issuance of shares for vested share-based compensation awards	—	—	689,401	3	—	—	—	—	3
Shares withheld from employees related to share-based compensation, at cost	—	—	(328,083)	—	(9,519)	—	—	—	(9,519)


Issuance of preferred stock and deemed dividend (Note 4)	—	—	—	—	—	(81,976)	—	(15,676)	(97,652)
Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776



	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869
Net income (loss)	—	—	—	—	—	(249,039)	—	6,652	(242,387)
Other comprehensive income (loss)	—	—	—	—	—	—	(68,439)	(1,029)	(69,468)
Share-based compensation expense	—	—	—	—	50,625	—	—	—	50,625
Class A stock issued, net of issuance costs	—	—	61,389,733	614	562,201	—	—	—	562,815
Issuance of shares for vested share-based compensation awards	—	—	54,035	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(16,081)	—	(435)	—	—	—	(435)
Issuance of preferred stock and deemed dividend	96,746	107,189	—	—	6,772	(17,605)	—	—	(10,833)
Conversion of Series B convertible preferred stock	—	(16,619)	—	—	16,619	—	—	—	16,619
Dividends	—	—	—	—	—	(64,979)	—	(20,738)	(85,717)
Balance as of December 31, 2024 (As Reported)	96,746	90,570	266,459,093	2,664	1,674,312	196,363	3,089	122,660	1,999,088

2024 Adjustments
Balance as of December 31, 2023	—	—	—	—	—	(652)	559	—	(93)
Net income (loss)	—	—	—	—	—	(2,150)	—	—	(2,150)
Other comprehensive income (loss)	—	—	—	—	—	—	3,856	—	3,856
Total Adjustments	—	—	—	—	—	(2,802)	4,415	—	1,613


As Restated


Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776
Net income (loss)	—	—	—	—	—	(251,189)	—	6,652	(244,537)
Other comprehensive income (loss)	—	—	—	—	—	—	(64,583)	(1,029)	(65,612)
Share-based compensation expense	—	—	—	—	50,625	—	—	—	50,625
Class A stock issued, net of issuance costs	—	—	61,389,733	614	562,201	—	—	—	562,815
Issuance of shares for vested share-based compensation awards	—	—	54,035	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(16,081)	—	(435)	—	—	—	(435)
Issuance of preferred stock and deemed dividend	96,746	107,189	—	—	6,772	(17,605)	—	—	(10,833)
Conversion of Series B convertible preferred stock	—	(16,619)	—	—	16,619	—	—	—	16,619
Dividends	—	—	—	—	—	(64,979)	—	(20,738)	(85,717)
Balance as of December 31, 2024 (As Restated)	96,746	90,570	266,459,093	2,664	1,674,312	193,561	7,504	122,660	2,000,701

Restated Consolidated Statements of Cash Flows


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Cash flows from operating activities
Net income	$	548,876	$	(652)	$	548,224
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	6,589		—		6,589
Depreciation and amortization	187,324		(25,900)		161,424







Deferred taxes	14,938		(1,126)		13,812

Share-based compensation	1,573		—		1,573
Asset impairment expense	10,958		—		10,958
Earnings recognized from vessels chartered to third parties transferred to Energos	(156,997)		—		(156,997)

Gain on sale of assets, net	(29,378)		1,400		(27,978)


Other	51,493		25,562		77,055
Changes in operating assets and liabilities:
(Increase) in receivables	(41,019)		(610)		(41,629)
(Increase) in inventories	(39,790)		(2,500)		(42,290)
Decrease in other assets	41,828		1,377		43,205
Decrease in right-of-use assets	83,537		—		83,537
Increase in accounts payable/accrued liabilities	78,065		11,030		89,095

(Decrease) in lease liabilities	(74,576)		—		(74,576)
Increase in other liabilities	141,335		(14,758)		126,577
Net cash provided by operating activities	824,756		(6,177)		818,579

Cash flows from investing activities
Capital expenditures	(3,029,834)		110,066		(2,919,768)



Sale of equity method investment	100,000		—		100,000
Asset sales	16,464		—		16,464

Other investing activities	9,227		—		9,227
Net cash used in investing activities	(2,904,143)		110,066		(2,794,077)

Cash flows from financing activities
Proceeds from borrowings of debt	3,005,387		9,180		3,014,567
Payments made for capital expenditures paid beyond customary vendor payment terms			(103,889)		(103,889)
Payment of deferred financing costs	(37,806)		—		(37,806)
Repayment of debt	(686,508)		(9,180)		(695,688)

Payment of dividends	(723,962)		—		(723,962)
Other financing activities	(28,161)		—		(28,161)
Net cash provided by financing activities	1,528,950		(103,889)		1,425,061

Impact of changes in foreign exchange rates on cash and cash equivalents	6,168		—		6,168
Net decrease in cash, cash equivalents and restricted cash	(544,269)		—		(544,269)
Cash, cash equivalents and restricted cash – beginning of period	855,083		—		855,083
Cash, cash equivalents and restricted cash – end of period	$	310,814	$	—	$	310,814

	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Cash paid for interest, net of capitalized interest	$	100,304	$	6,177	$	106,481
Cash paid for taxes	52,897		—		52,897


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
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	$	322,598	$	256	$	322,854
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	738,163		256		738,419
Consideration received on asset sale	27,704		—		27,704
Principal payments on financing obligation paid to Energos by third party charters	(66,866)		—		(66,866)
Shares received in Hilli Exchange	(122,754)		—		(122,754)
Investment in Energos	1,501		—		1,501


	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Cash flows from operating activities
Net loss	$	(242,387)	$	(2,150)	$	(244,537)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	33,173		(1,860)		31,313
Depreciation and amortization	162,525		(3,223)		159,302

Deferred taxes	5,466		(8,798)		(3,332)
Share-based compensation	50,625		—		50,625
Asset impairment expense	16,494		—		16,494
Earnings recognized from vessels chartered to third parties transferred to Energos	(95,487)		—		(95,487)
Loss on sale of assets, net	77,562		2,645		80,207
Loss on extinguishment of debt	270,063		—		270,063
Other	158,025		7,951		165,976
Changes in operating assets and liabilities:
Decrease in receivables	64,726		2,983		67,709
(Increase) in inventories	(2,751)		2,500		(251)
(Increase) in other assets	(65,445)		(5,788)		(71,233)
Decrease in right-of-use assets	164,136		—		164,136
Increase in accounts payable/accrued liabilities	187,792		6,371		194,163
(Decrease) in lease liabilities	(160,604)		—		(160,604)
(Decrease) in other liabilities	(37,171)		14,833		(22,338)
Net cash provided by operating activities	586,742		15,464		602,206

Cash flows from investing activities
Capital expenditures	(2,621,234)		490,593		(2,130,641)
Sale of equity method investment	136,365		—		136,365
Asset sales	328,999		—		328,999
Sale of Miami Facility	58,336		—		58,336
Other investing activities	22,887		—		22,887
Net cash used in investing activities	(2,074,647)		490,593		(1,584,054)

Cash flows from financing activities
Proceeds from borrowings of debt	5,865,299		—		5,865,299
Payments made for capital expenditures paid beyond customary vendor payment terms	—		(506,057)		(506,057)
Payment of deferred financing costs	(146,722)		—		(146,722)
Repayment of debt	(3,801,034)		—		(3,801,034)
Issuance of Class A stock	386,583		—		386,583
Payment of dividends	(65,310)		—		(65,310)
Other financing activities	(14,248)		—		(14,248)
Net cash provided by financing activities	2,224,568		(506,057)		1,718,511

Impact of changes in foreign exchange rates on cash and cash equivalents	(81,900)		—		(81,900)


Net increase in cash, cash equivalents and restricted cash	654,763		—		654,763
Cash, cash equivalents and restricted cash – beginning of period	310,814		—		310,814
Cash, cash equivalents and restricted cash – end of period	$	965,577	$	—	$	965,577



	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Cash paid for interest, net of capitalized interest	$	105,784	$	(15,466)	$	90,318
Cash paid for taxes	27,932		—		27,932

	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Supplemental disclosure of non-cash investing and financing activities:
Changes in accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	$	(267,366)	$	30,805	$	(236,561)
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	463,657		30,805		494,462
Principal payments on financing obligation paid to Energos by third party charters	(21,731)		—		(21,731)
Accrued dividend	20,507		—		20,507
Preferred shares issued and debt assumed in PortoCem acquisition	(125,198)		—		(125,198)
Fair value of contingent payments in the Lins acquisition	8,080		—		8,080
Deemed dividend related to Series B preferred stock	(17,605)		—		(17,605)
Non-cash financing costs	181,928		—		181,928

33. Restatement of Previously Issued Condensed Consolidated Financial Statements (Unaudited)

In connection with the preparation of the financial statements for the year ended December 31, 2025, the Company identified certain errors in its interest capitalization calculation and determined that adjustments are required to previously issued financial statements for the interim periods ended March 31, June 30, and September 30, 2025. In addition, the Company is restating the previously issued 2025 and 2024 interim financial statements to correct the classification of capital expenditures paid outside of customary payment terms (Note 1), as well as to correct other unrelated errors. Accordingly, the Company has restated its quarterly financial statements for each of the interim periods ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2025, June 30, 2025, and September 30, 2025.

The following tables reflect the impact of the restatements to the specific line items presented in our previously financial statements as of and for each of the interim periods ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2025, June 30, 2025, and September 30, 2025.

Consolidated Balance Sheets


	As of March 31, 2024						As of June 30, 2024						As of September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	143,457	$	—	$	143,457	$	132,960	$	—	$	132,960	$	90,842	$	—	$	90,842
Restricted cash	171,476		—		171,476		164,888		—		164,888		145,881		—		145,881
Receivables, net of allowances	335,313		(2,897)		332,416		406,779		(2,897)		403,882		435,883		(1,199)		434,684
Inventory	186,584		—		186,584		141,723		—		141,723		88,095		—		88,095
Prepaid expenses and other current assets, net	201,953		(757)		201,196		277,983		(12,501)		265,482		273,255		(17,501)		255,754
Total current assets	1,038,783		(3,654)		1,035,129		1,124,333		(15,398)		1,108,935		1,033,956		(18,700)		1,015,256

Construction in progress	5,797,511		(13,237)		5,784,274		6,301,162		4,661		6,305,823		7,051,297		4,492		7,055,789
Property, plant and equipment, net	2,175,882		—		2,175,882		2,144,838		1,628		2,146,466		2,134,987		—		2,134,987

Right-of-use assets	726,391		—		726,391		673,424		6,574		679,998		640,978		6,574		647,552
Intangible assets, net	211,854		—		211,854		207,731		—		207,731		206,266		—		206,266
Goodwill	776,760		16,380		793,140		776,760		16,380		793,140		776,760		16,380		793,140
Deferred tax assets, net	27,549		—		27,549		43,023		(17,600)		25,423		13,380		—		13,380
Other non-current assets, net	125,632		(1,812)		123,820		137,106		(1,694)		135,412		112,272		(2,771)		109,501
Total assets	$	10,880,362	$	(2,323)	$	10,878,039	$	11,408,377	$	(5,449)	$	11,402,928	$	11,969,896	$	5,975	$	11,975,871

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	291,518	$	—	$	291,518	$	236,147	$	—	$	236,147	$	1,145,865	$	—	$	1,145,865
Accounts payable	524,535		(676)		523,859		572,746		276		573,022		819,544		(3,691)		815,853


Accrued liabilities	417,612		5,024		422,636		384,476		3,752		388,228		373,882		2,534		376,416
Current lease liabilities	147,793		—		147,793		120,873		4,161		125,034		120,949		4,161		125,110
Other current liabilities	185,415		(17,253)		168,162		250,558		(13,956)		236,602		248,825		(16,043)		232,782
Total current liabilities	1,566,873		(12,905)		1,553,968		1,564,800		(5,767)		1,559,033		2,709,065		(13,039)		2,696,026
Long-term debt	6,734,860		—		6,734,860		7,392,811		—		7,392,811		6,863,123		6,623		6,869,746
Non-current lease liabilities	552,619		—		552,619		521,225		2,366		523,591		494,222		2,366		496,588
Deferred tax liabilities, net	93,083		15,757		108,840		97,936		(1,843)		96,093		66,226		15,757		81,983
Other long-term liabilities	36,645		—		36,645		46,492		—		46,492		50,250		(4,419)		45,831
Total liabilities	8,984,080		2,852		8,986,932		9,623,264		(5,244)		9,618,020		10,182,886		7,288		10,190,174


Series A convertible preferred stock, $0.01 par value, 96,746 shares authorized, issued and outstanding as of March 31, June 30 and September 30, 2024; aggregate liquidation preference of $96,746 at March 31, June 30 and September 30, 2024	96,655		—		96,655		97,845		—		97,845		96,555		—		96,555

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 205.0 million issued and outstanding as of March 31, 2024; 205.1 million issued and outstanding as of June 30, 2024; 205.1 million issued and outstanding as of September 30, 2024	2,050		—		2,050		2,050		—		2,050		2,050		—		2,050
Additional paid-in capital	1,043,652		—		1,043,652		1,063,426		—		1,063,426		1,085,950		—		1,085,950
Retained earnings	561,422		(5,734)		555,688		450,871		(764)		450,107		438,502		(1,872)		436,630
Accumulated other comprehensive income	64,179		559		64,738		43,653		559		44,212		37,141		559		37,700
Total stockholders’ equity attributable to NFE	1,671,303		(5,175)		1,666,128		1,560,000		(205)		1,559,795		1,563,643		(1,313)		1,562,330
Non-controlling interest	128,324		—		128,324		127,268		—		127,268		126,812		—		126,812
Total stockholders’ equity	1,799,627		(5,175)		1,794,452		1,687,268		(205)		1,687,063		1,690,455		(1,313)		1,689,142
Total liabilities and stockholders’ equity	$	10,880,362	$	(2,323)	$	10,878,039	$	11,408,377	$	(5,449)	$	11,402,928	$	11,969,896	$	5,975	$	11,975,871

Quarterly Consolidated Statements of Operations and Comprehensive (Loss) Income


	Three Months Ended March 31, 2024						Three Months Ended June 30, 2024						Three Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues

Operating revenue	$	609,504	$	—	$	609,504	$	291,222	$	—	$	291,222	$	446,048	$	—	$	446,048
Vessel charter revenue	46,655		(832)		45,823		52,416		(832)		51,584		59,668		(727)		58,941
Other revenue	34,162		(3,507)		30,655		84,368		—		84,368		61,819		1,697		63,516
Total Revenues	690,321		(4,339)		685,982		428,006		(832)		427,174		567,535		970		568,505

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	229,117		(1,206)		227,911		221,860		(47)		221,813		325,292		—		325,292
Vessel operating expenses	8,396		—		8,396		8,503		—		8,503		8,254		—		8,254
Operations and maintenance	68,548		(2,887)		65,661		39,292		(6,213)		33,079		32,062		2,777		34,839
Selling, general and administrative	70,754		(2,717)		68,037		70,578		3,023		73,601		82,388		(1,043)		81,345
Transaction and integration costs	1,371		—		1,371		1,760		—		1,760		3,154		—		3,154
Depreciation and amortization	50,491		(832)		49,659		37,413		(832)		36,581		35,364		(727)		34,637
Asset impairment expense	—		—		—		4,272		11,744		16,016		1,484		—		1,484
(Gain) loss on sale	77,140		2,645		79,785		—		—		—		—		—		—

Total operating expenses	505,817		(4,997)		500,820		383,678		7,675		391,353		487,998		1,007		489,005
Operating (loss) income	184,504		658		185,162		44,328		(8,507)		35,821		79,537		(37)		79,500

Interest expense	77,344		7,401		84,745		80,399		(17,312)		63,087		71,107		795		71,902
Other (income) expense, net	19,112		—		19,112		47,354		—		47,354		(5,836)		—		(5,836)
Loss on extinguishment of debt, net	9,754		—		9,754		—		—		—		—		—		—
(Loss) income before income taxes	78,294		(6,743)		71,551		(83,425)		8,805		(74,620)		14,266		(832)		13,434
Tax provision	21,624		(1,661)		19,963		3,435		3,835		7,270		2,953		276		3,229
Net (loss) income	56,670		(5,082)		51,588		(86,860)		4,970		(81,890)		11,313		(1,108)		10,205

Net (loss) income attributable to common stockholders	$	53,939	$	(5,082)	$	48,858	$	(90,044)	$	4,970	$	(85,075)	$	8,138	$	(1,108)	$	7,030



Net (loss) income per share – basic	$	0.26	$	(0.02)	$	0.24	$	(0.44)	$	0.03	$	(0.41)	$	0.04	$	(0.01)	$	0.03
Net (loss) income per share – diluted	$	0.26	$	(0.03)	$	0.23	$	(0.44)	$	0.02	$	(0.42)	$	0.03	$	—	$	0.03

Weighted average number of shares outstanding – basic	205,061,967		—		205,061,967		205,070,756		—		205,070,756		205,071,771		—		205,071,771
Weighted average number of shares outstanding – diluted	205,977,720		—		205,977,720		205,851,364		—		205,851,364		208,880,044		—		208,880,044

Other comprehensive (loss) income:
Currency translation adjustment	(7,708)		—		(7,708)		(20,557)		—		(20,557)		(5,963)		—		(5,963)
Comprehensive (loss) income	48,962		(5,082)		43,880		(107,417)		4,970		(102,447)		5,350		(1,108)		4,242
Comprehensive (income) attributable to non-controlling interest	(2,230)		—		(2,230)		(1,963)		—		(1,963)		(2,563)		—		(2,563)
Comprehensive (loss) income attributable to stockholders	$	46,732	$	(5,082)	$	41,650	$	(109,380)	$	4,970	$	(104,410)	$	2,787	$	(1,108)	$	1,679


	Six Months Ended June 30, 2024						Nine Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues

Operating revenue	$	900,726	$	—	$	900,726	$	1,346,774	$	—	$	1,346,774
Vessel charter revenue	99,071		(1,664)		97,407		158,739		(2,391)		156,348
Other revenue	118,530		(3,507)		115,023		180,349		(1,809)		178,540
Total Revenues	1,118,327		(5,171)		1,113,156		1,685,862		(4,200)		1,681,662

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	450,977		(1,252)		449,725		776,269		(1,252)		775,017
Vessel operating expenses	16,899		—		16,899		25,153		—		25,153
Operations and maintenance	107,840		(9,101)		98,739		139,902		(6,323)		133,579
Selling, general and administrative	141,332		307		141,639		223,720		(736)		222,984
Transaction and integration costs	3,131		—		3,131		6,285		—		6,285
Depreciation and amortization	87,904		(1,664)		86,240		123,268		(2,391)		120,877


Asset impairment expense	4,272		11,744		16,016		5,756		11,744		17,500
(Gain) loss on sale	77,140		2,645		79,785		77,140		2,645		79,785

Total operating expenses	889,495		2,679		892,174		1,377,493		3,687		1,381,180
Operating income	228,832		(7,850)		220,982		308,369		(7,887)		300,482

Interest expense	157,743		(9,911)		147,832		228,850		(9,116)		219,734
Other (income) expense, net	66,466		—		66,466		60,630		—		60,630
Loss on extinguishment of debt, net	9,754		—		9,754		9,754		—		9,754
(Loss) income before income taxes	(5,131)		2,061		(3,070)		9,135		1,229		10,364
Tax provision	25,059		2,173		27,232		28,012		2,449		30,461
Net (loss)	(30,190)		(112)		(30,302)		(18,877)		(1,220)		(20,097)

Net (loss) attributable to common stockholders	$	(36,105)	$	(112)	$	(36,217)	$	(27,967)	$	(1,220)	$	(29,187)

Net (loss) per share – basic	$	(0.18)	$	—	$	(0.18)	$	(0.14)	$	—	$	(0.14)
Net (loss) per share – diluted	$	(0.18)	$	—	$	(0.18)	$	(0.15)	$	(0.01)	$	(0.16)

Weighted average number of shares outstanding – basic	205,066,362		$	—	205,066,362		205,068,178		—		205,068,178
Weighted average number of shares outstanding – diluted	205,846,970		—		205,846,970		206,836,683		—		206,836,683

Other comprehensive (loss) income:
Currency translation adjustment	(28,265)		—		(28,265)		(34,228)		—		(34,228)
Comprehensive (loss)	(58,455)		(112)		(58,567)		(53,105)		(1,220)		(54,325)
Comprehensive (income) attributable to non-controlling interest	(4,193)		—		(4,193)		(6,756)		—		(6,756)
Comprehensive (loss) attributable to stockholders	$	(62,648)	$	(112)	$	(62,760)	$	(59,861)	$	(1,220)	$	(61,081)

Consolidated Statements of Changes in Stockholders’ Equity

Three Months Ended March 31, 2024

Series A convertible preferred stock

Class A common stock

Additional
paid-in
capital

Accumulated
deficit

Accumulated
other
comprehensive
(loss) income

Non-controlling
Interest

Total
stockholders’
equity

As Reported

Amount


Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869
Net income (loss)	—	—	—	—	—	54,081	—	2,589	56,670
Other comprehensive income (loss)	—	—	—	—	—	—	(7,349)	(359)	(7,708)
Share-based compensation expense	—	—	—	—	5,248	—	—	—	5,248
Issuance of shares for vested share-based compensation awards	—	—	14,126	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(3,708)	—	(126)	—	—	—	(126)
Issuance of Series A convertible preferred stock, net	96,746	96,513	—	—	—	—	—	—	—
Dividends	—	142	—	—	—	(20,645)	—	(11,681)	(32,326)
Balance as of March 31, 2024 (As Reported)	96,746	96,655	205,041,824	2,050	1,043,652	561,422	64,179	128,324	1,799,627

Adjustments
Balance as of December 31, 2023	—	—	—	—	—	(652)	559	—	(93)
Net income (loss)	—	—	—	—	—	(5,082)	—	—	(5,082)

Total Adjustments	—	—	—	—	—	(5,734)	559	—	(5,175)

As Restated
Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776
Net income (loss)	—	—	—	—	—	48,999	—	2,589	51,588
Other comprehensive income (loss)	—	—	—	—	—	—	(7,349)	(359)	(7,708)
Share-based compensation expense	—	—	—	—	5,248	—	—	—	5,248
Issuance of shares for vested share-based compensation awards	—	—	14,126	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(3,708)	—	(126)	—	—	—	(126)


Issuance of Series A convertible preferred stock, net	96,746	96,513		—		—		—		—		—		—	—
Dividends	—	142		—		—		—		(20,645)		—		(11,681)	(32,326)
Balance as of March 31, 2024 (As Restated)	96,746	96,655		205,041,824		2,050		1,043,652		555,688		64,738		128,324	1,794,452

	Three Months Ended June 30, 2024
	Series A convertible preferred stock			Class A common stock				Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive (loss) income		Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount		Shares		Amount
Balance as of March 31, 2024 (As Reported)	96,746	96,655		205,041,824		2,050		1,043,652		561,422		64,179		128,324	1,799,627
Net income (loss)	—	—		—		—		—		(88,854)		—		1,994	(86,860)
Other comprehensive income (loss)	—	—		—		—		—		—		(20,526)		(31)	(20,557)
Share-based compensation expense	—	—		—		—		20,064		—		—		—	20,064
Issuance of shares for vested share-based compensation awards	—	—		34,578		—		—		—		—		—	—
Shares withheld from employees related to share-based compensation, at cost	—	—		(11,074)		—		(290)		—		—		—	(290)
Dividends	—	1,190				—		—		(21,697)		—		(3,019)	(24,716)
Balance as of June 30, 2024 (As Reported)	96,746	97,845		205,065,328		2,050		1,063,426		450,871		43,653		127,268	1,687,268

Adjustments
Balance as of March 31, 2024	—	—		—		—		—		(5,734)		559		—	(5,175)
Net income (loss)	—	—		—		—		—		4,970		—		—	4,970

Total Adjustments	—	—		—		—		—		(764)		559		—	(205)

As Restated
Balance as of March 31, 2024 (As Restated)	96,746	96,655	—	205,041,824	—	2,050	—	1,043,652	—	555,688	—	64,738	—	128,324	1,794,452
Net income (loss)	—	—		—		—		—		(83,884)		—		1,994	(81,890)
Other comprehensive income (loss)	—	—		—		—		—		—		(20,526)		(31)	(20,557)
Share-based compensation expense	—	—		—		—		20,064		—		—		—	20,064


Issuance of shares for vested share-based compensation awards		—	—	34,578	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost		—	—	(11,074)	—	(290)	—	—	—	(290)
Dividends		—	1,190	—	—	—	(21,697)	—	(3,019)	(24,716)
Balance as of June 30, 2024 (As Restated)		96,746	97,845	205,065,328	2,050	1,063,426	450,107	44,212	127,268	1,687,063

		Three Months Ended September 30, 2024
		Series A convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported		Shares	Amount	Shares	Amount
Balance as of June 30, 2024 (As Reported)		96,746	97,845	205,065,328	2,050	1,063,426	450,871	43,653	127,268	1,687,268
Net income (loss)	Net income (loss)	—	—	—	—	—	9,299	—	2,014	11,313
Other comprehensive income (loss)	Other comprehensive income (loss)	—	—	—	—	—	—	(6,512)	549	(5,963)
Share-based compensation expense	Share-based compensation expense	—	—	—	—	22,543	—	—	—	22,543
Issuance of shares for vested share-based compensation awards	Issuance of shares for vested share-based compensation awards	—	—	5,331	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	Shares withheld from employees related to share-based compensation, at cost	—	—	(1,299)	—	(19)	—	—	—	(19)
Dividends	Dividends	—	(1,290)	—	—	—	(21,668)	—	(3,019)	(24,687)
Balance as of September 30, 2024 (As Reported)		96,746	96,555	205,069,360	2,050	1,085,950	438,502	37,141	126,812	1,690,455

Adjustments
Balance as of June 30, 2024		—	—	—	—	—	(764)	559	—	(205)
Net income (loss)		—	—	—	—	—	(1,108)	—	—	(1,108)

Total Adjustments		—	—	—	—	—	(1,872)	559	—	(1,313)

As Restated


Balance as of June 30, 2024 (As Restated)	96,746	97,845	205,065,328	2,050	1,063,426	450,107	44,212	127,268	1,687,063
Net income (loss)	—	—	—	—	—	8,191	—	2,014	10,205
Other comprehensive income (loss)	—	—	—	—	—	—	(6,512)	549	(5,963)
Share-based compensation expense	—	—	—	—	22,543	—	—	—	22,543
Issuance of shares for vested share-based compensation awards	—	—	5,331	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(1,299)	—	(19)	—	—	—	(19)
Dividends	—	(1,290)	—	—	—	(21,668)	—	(3,019)	(24,687)
Balance as of September 30, 2024 (As Restated)	96,746	96,555	205,069,360	2,050	1,085,950	436,630	37,700	126,812	1,689,142

Restated Consolidated Statements of Cash Flows


	Three Months Ended March 31, 2024						Six Months Ended June 30, 2024						Nine Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated

Cash flows from operating activities
Net income (loss)	$	56,670	$	(5,082)	$	51,588	$	(30,190)	$	(112)	$	(30,302)	$	(18,877)	$	(1,220)	$	(20,097)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	4,751		—		4,751		13,835		1,436		15,271		18,841		—		18,841
Depreciation and amortization	50,491		(832)		49,659		88,400		(1,664)		86,736		123,981		(2,391)		121,590
Deferred taxes	(6,822)		—		(6,822)		(13,860)		—		(13,860)		(14,155)		—		(14,155)
Share-based compensation	5,248		—		5,248		25,312		—		25,312		47,855		—		47,855
Asset impairment expense	—		—		—		4,272		11,744		16,016		5,756		11,744		17,500
Loss on sale of assets	77,140		2,645		79,785		77,140		2,645		79,785		77,140		2,645		79,785
Loss on extinguishment of debt	9,754		—		9,754		9,754		—		9,754		9,754		—		9,754
Earnings recognized from vessels chartered to third parties transferred to Energos	(23,952)		—		(23,952)		(51,674)		—		(51,674)		(72,539)		—		(72,539)
Other	26,756		833		27,589		22,930		1,607		24,537		50,026		2,344		52,370


Changes in operating assets and liabilities:
(Increase) in receivables	(8,656)	3,507	(5,149)	(114,030)		3,507	(110,523)	(95,928)	1,809	(94,119)
(Increase) decrease in inventories	(85,539)	2,500	(83,039)	(62,815)		2,500	(60,315)	23,132	2,500	25,632
(Increase) in other assets	(19,394)	1,191	(18,203)	(91,251)		1,073	(90,178)	(53,989)	7,150	(46,839)
Decrease in right-of-use assets	57,190	—	57,190	111,561		—	111,561	145,371	—	145,371
Increase in accounts payable/accrued liabilities	63,208	(9,328)	53,880	255,337		(9,648)	245,689	30,168	(14,833)	15,335
(Decrease) in lease liabilities	(62,090)	—	(62,090)	(126,311)		—	(126,311)	(150,251)	—	(150,251)
(Decrease) increase in other liabilities	(74,705)	(2,494)	(77,199)	44,558		803	45,361	19,915	921	20,836
Net cash provided by operating activities	70,050	(7,060)	62,990	162,968		13,891	176,859	146,200	10,669	156,869

Cash flows from investing activities
Capital expenditures	(683,449)	162,524	(520,925)	(1,346,385)		218,421	(1,127,964)	(1,781,278)	306,263	(1,475,015)
Sale of equity method investment	136,365	—	136,365	136,365	—	—	136,365	136,365	—	136,365
Asset sales	328,999	—	328,999	328,999		—	328,999	328,999	—	328,999
Other investing activities	(1,695)	—	(1,695)	(1,694)		—	(1,694)	7,360	—	7,360
Net cash used in investing activities	(219,780)	162,524	(57,256)	(882,715)		218,421	(664,294)	(1,308,554)	306,263	(1,002,291)


Cash flows from financing activities
Proceeds from borrowings of debt	2,164,687	—	2,164,687	3,037,127		—	3,037,127	3,594,229	—	3,594,229
Payments made for capital expenditures paid beyond customary vendor payment terms	—	(155,464)	(155,464)	—		(232,312)	(232,312)	—	(316,932)	(316,932)
Payment of deferred financing costs	(25,781)	—	(25,781)	(37,983)		—	(37,983)	(76,759)	—	(76,759)
Repayment of debt	(1,944,044)	—	(1,944,044)	(2,202,722)		—	(2,202,722)	(2,342,847)	—	(2,342,847)
Payment of dividends	(32,326)	—	(32,326)	(55,710)		—	(55,710)	(61,322)	—	(61,322)
Other financing activities	(4,919)	—	(4,919)	(5,033)		—	(5,033)	(12,424)	—	(12,424)


Net cash provided by financing activities	157,617		(155,464)		2,153		735,679		(232,312)		503,367		1,100,877		(316,932)		783,945
Impact of changes in foreign exchange rates on cash and cash equivalents	(3,768)		—		(3,768)		(28,898)		—		(28,898)		(12,614)		—		(12,614)
Net increase (decrease) in cash, cash equivalents and restricted cash	4,119		—		4,119		(12,966)		—		(12,966)		(74,091)		—		(74,091)
Cash, cash equivalents and restricted cash – beginning of period	310,814		—		310,814		310,814		—		310,814		310,814		—		310,814
Cash, cash equivalents and restricted cash – end of period	$	314,933	$	—	$	314,933	$	297,848	$	—	$	297,848	$	236,723	$	—	$	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	$	(117,304)	$	(256)	$	(117,560)	$	(162,056)	$	(256)	$	(162,312)	$	134,069	$	(256)	$	133,813
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	623,318		—		623,318		609,009		—		609,009		877,210		—		877,210
Principal payments on financing obligation to Energos by third party charters	(2,912)		—		(2,912)		(6,445)		—		(6,445)		(6,108)		—		(6,108)
Fair value of contingent payments in the Lins Acquisition	—		—		—		—		—		—		8,080		—		8,080
Class A convertible preferred stock issued and debt assumed in the PortoCem Acquisition	(125,198)		—		(125,198)		(125,195)		—		(125,195)		(125,198)		—		(125,198)

Restated Condensed Consolidated Balance Sheets (Unaudited)

As of March 31, 2025

As of June 30, 2025

As of September 30, 2025

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

Assets


Current assets
Cash and cash equivalents	$	447,862	$	—	$	447,862	$	551,109	$	—	$	551,109	$	145,237	$	—	$	145,237
Restricted cash	379,537		—		379,537		270,298		—		270,298		244,104		—		244,104
Receivables, net of allowances	273,136		(1,199)		271,937		269,405		694		270,099		419,761		3,499		423,260
Inventory	66,695		—		66,695		74,000		—		74,000		109,279		(647)		108,632
Assets held for sale - current	104,553		—		104,553		—		—		—		—		—		—
Prepaid expenses and other current assets, net	201,925		2,774		204,699		317,687		8,209		325,896		415,421		12,030		427,451
Total current assets	1,473,708		1,575		1,475,283		1,482,499		8,903		1,491,402		1,333,802		14,882		1,348,684

Construction in progress	3,901,113		32,390		3,933,503		4,072,291		55,888		4,128,179		4,222,750		75,086		4,297,836
Property, plant and equipment, net	5,545,980		4,170		5,550,150		5,539,901		(3,101)		5,536,800		5,543,873		(1,640)		5,542,233
Right-of-use assets	465,939		—		465,939		437,548		—		437,548		418,383		—		418,383
Intangible assets, net	188,118		—		188,118		194,752		—		194,752		195,821		—		195,821
Goodwill	594,256		14,408		608,664		15,938		—		15,938		15,938		—		15,938
Deferred tax assets, net	6,848		626		7,474		155		626		781		6,559		626		7,185
Assets held for sale - non-current	633,654		1,972		635,626		—		—		—		—		—		—
Other non-current assets, net	218,464		(830)		217,634		214,246		125		214,371		168,481		330		168,811
Total assets	$	13,028,080	$	54,311	$	13,082,391	$	11,957,330	$	62,441	$	12,019,771	$	11,905,607	$	89,284	$	11,994,891

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	260,848	$	—	$	260,848	$	1,181,559	$	—	$	1,181,559	$	6,579,321	$	—	$	6,579,321
Accounts payable	655,073		2,707		657,780		578,835		934		579,769		632,777		2,440		635,217
Accrued liabilities	268,083		19,873		287,956		253,043		29,966		283,009		488,905		22,089		510,994
Current lease liabilities	82,442		(5,200)		77,242		79,060		(5,200)		73,860		63,700		—		63,700
Liabilities held for sale - current	35,894		—		35,894		—		—		—		—		—		—
Other current liabilities	171,342		879		172,221		108,807		(443)		108,364		189,057		(2,718)		186,339
Total current liabilities	1,473,682		18,259		1,491,941		2,201,304		25,257		2,226,561		7,953,760		21,811		7,975,571
Long-term debt	8,931,506		5,492		8,936,998		7,805,260		4,951		7,810,211		2,335,994		4,001		2,339,995
Non-current lease liabilities	355,050		—		355,050		341,509		—		341,509		328,071		—		328,071
Deferred tax liabilities, net	51,359		1,792		53,151		61,770		908		62,678		53,227		6,117		59,344
Liabilities held for sale - non-current	135,398		—		135,398		—		—		—		—		—		—


Other long-term liabilities	168,851		5,208		174,059		154,139		1,815		155,954		110,471		(2,510)		107,961
Total liabilities	11,115,846		30,751		11,146,597		10,563,982		32,931		10,596,913		10,781,523		29,419		10,810,942


Series B convertible preferred stock, $0.01 par value, 36,746, 36,746 and — shares authorized, issued and outstanding as of March 31, June 30 and September 30, 2025; aggregate liquidation preference of $36,746, $36,746 and $— at March 31, June 30 and September 30, 2025	40,708		—		40,708		41,154		—		41,154		—		—		—

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 273.8 million issued and outstanding as of March 31, 2025; 274.2 million issued and outstanding as of June 30, 2025; 284.6 million issued and outstanding as of September 30, 2025	2,738		—		2,738		2,742		—		2,742		2,846		—		2,846
Additional paid-in capital	1,722,829		—		1,722,829		1,725,985		—		1,725,985		1,772,580		—		1,772,580
(Accumulated deficit)	(3,766)		19,145		15,379		(558,397)		29,510		(528,887)		(858,057)		59,865		(798,192)
Accumulated other comprehensive income	26,671		4,415		31,086		59,426		—		59,426		78,025		—		78,025
Total stockholders’ equity attributable to NFE	1,748,472		23,560		1,772,032		1,229,756		29,510		1,259,266		995,394		59,865		1,055,259
Non-controlling interest	123,054		—		123,054		122,438		—		122,438		128,690		—		128,690
Total stockholders’ equity	1,871,526		23,560		1,895,086		1,352,194		29,510		1,381,704		1,124,084		59,865		1,183,949
Total liabilities and stockholders’ equity	$	13,028,080	$	54,311	$	13,082,391	$	11,957,330	$	62,441	$	12,019,771	$	11,905,607	$	89,284	$	11,994,891

Restated Quarterly Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated


Revenues
Operating revenue	$	384,881	$	—	$	384,881	$	227,204	$	884	$	228,088	$	240,318	$	—	$	240,318
Vessel charter revenue	45,436		—		45,436		46,739		—		46,739		61,048		—		61,048
Contract novation revenue	—		1,746		1,746		—		1,693		1,693		—		1,570		1,570
Other revenue	40,219		—		40,219		27,749		(169)		27,580		26,001		2,974		28,975
Total Revenues	470,536		1,746		472,282		301,692		2,408		304,100		327,367		4,544		331,911

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	302,377		—		302,377		208,852		(690)		208,162		196,908		—		196,908
Vessel operating expenses	7,176		—		7,176		8,056		12		8,068		7,297		—		7,297
Operations and maintenance	54,957		(17)		54,940		59,817		(2,414)		57,403		58,520		(1,219)		57,301
Selling, general and administrative	59,271		(7,451)		51,820		57,256		(697)		56,559		86,050		417		86,467
Transaction and integration costs	11,931		—		11,931		75,384		(30)		75,354		19,649		30		19,679
Depreciation and amortization	53,057		3,254		56,311		52,870		—		52,870		50,474		(1,144)		49,330
Goodwill impairment expense	—		—		—		582,172		—		582,172		—		—		—
Asset impairment expense	246		—		246		117,312		5,571		122,883		10,353		(5,571)		4,782
(Gain) loss on sale	—		—		—		(472,699)		1,705		(470,994)		1,705		(1,705)		—
Total operating expenses	489,015		(4,214)		484,801		689,020		3,457		692,477		430,956		(9,192)		421,764
Operating (loss)	(18,479)		5,960		(12,519)		(387,328)		(1,049)		(388,377)		(103,589)		13,736		(89,853)
Interest expense	213,694		(13,385)		200,309		206,408		(20,019)		186,389		210,562		(12,344)		198,218
Other (income) expense, net	(63,937)		—		(63,937)		(56,262)		(2,762)		(59,024)		(29,042)		(1,524)		(30,566)
Loss on extinguishment of debt, net	467		—		467		20,320		—		20,320		—		—		—
(Loss) before income taxes	(168,703)		19,345		(149,358)		(557,794)		21,732		(536,062)		(285,109)		27,604		(257,505)
Tax provision	28,670		(2,602)		26,068		(967)		11,367		10,400		8,247		(2,751)		5,496
Net (loss)	(197,373)		21,947		(175,426)		(556,827)		10,365		(546,462)		(293,356)		30,355		(263,001)

Net (loss) attributable to common stockholders	$	(200,129)	$	21,947	$	(178,182)	$	(555,077)	$	10,365	$	(544,712)	$	(299,970)	$	30,355	$	(269,615)

Net (loss) per share – basic	$	(0.73)	$	0.08	$	(0.65)	$	(2.02)	$	0.03	$	(1.99)	$	(1.07)	$	0.11	$	(0.96)


Net (loss) per share – diluted	$	(0.73)	$	0.08	$	(0.65)	$	(2.02)	$	0.03	$	(1.99)	$	(1.07)	$	0.11	$	(0.96)

Weighted average number of shares outstanding – basic	273,609,766		—		273,609,766		274,371,636		—		274,371,636		281,121,646		—		281,121,646
Weighted average number of shares outstanding – diluted	273,609,766		—		273,609,766		274,371,636		—		274,371,636		281,121,646		—		281,121,646

Other comprehensive (loss) income:
Currency translation adjustment	24,253		—		24,253		34,335		(4,415)		29,920		18,547		—		18,547
Comprehensive (loss)	(173,120)		21,947		(151,173)		(522,492)		5,950		(516,542)		(274,809)		30,355		(244,454)
Comprehensive (income) attributable to non-controlling interest	(2,879)		—		(2,879)		616		—		616		(6,252)		—		(6,252)
Comprehensive (loss) attributable to stockholders	$	(175,999)	$	21,947	$	(154,052)	$	(521,876)	$	5,950	$	(515,926)	$	(281,061)	$	30,355	$	(250,706)

Year to Date Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited)


	Six Months Ended June 30, 2025						Nine Months Ended September 30, 2025
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	612,085	$	884	$	612,969	$	852,403	$	884	$	853,287
Vessel charter revenue	92,175		—		92,175		153,223		—		153,223
Contract novation revenue	—		3,439		3,439		—		5,009		5,009
Other revenue	67,968		(169)		67,799		93,969		2,805		96,774
Total Revenues	772,228		4,154		776,382		1,099,595		8,698		1,108,293

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	511,229		(690)		510,539		708,137		(690)		707,447
Vessel operating expenses	15,232		12		15,244		22,529		12		22,541
Operations and maintenance	114,774		(2,431)		112,343		173,294		(3,650)		169,644


Selling, general and administrative	116,527		(8,148)		108,379		202,577		(7,731)		194,846
Transaction and integration costs	87,315		(30)		87,285		106,964		—		106,964
Depreciation and amortization	105,927		3,254		109,181		156,401		2,110		158,511
Goodwill impairment expense	582,172		—		582,172		582,172		—		582,172
Asset impairment expense	117,558		5,571		123,129		127,911		—		127,911
(Gain) loss on sale	(472,699)		1,705		(470,994)		(470,994)		—		(470,994)
Total operating expenses	1,178,035		(757)		1,177,278		1,608,991		(9,949)		1,599,042
Operating (loss)	(405,807)		4,911		(400,896)		(509,396)		18,647		(490,749)
Interest expense	420,102		(33,404)		386,698		630,664		(45,748)		584,916
Other (income) expense, net	(120,199)		(2,762)		(122,961)		(149,241)		(4,286)		(153,527)
Loss on extinguishment of debt, net	20,787		—		20,787		20,787		—		20,787
(Loss) before income taxes	(726,497)		41,077		(685,420)		(1,011,606)		68,681		(942,925)
Tax provision	27,703		8,765		36,468		35,950		6,014		41,964
Net (loss)	(754,200)		32,312		(721,888)		(1,047,556)		62,667		(984,889)

Net (loss) attributable to common stockholders	$	(755,206)	$	32,312	$	(722,894)	$	(1,055,176)	$	62,667	$	(992,509)

Net (loss) per share – basic	$	(2.76)	$	0.12	$	(2.64)	$	(3.82)	$	0.23	$	(3.59)
Net (loss) per share – diluted	$	(2.76)	$	0.12	$	(2.64)	$	(3.82)	$	0.23	$	(3.59)

Weighted average number of shares outstanding – basic	273,996,219		—		273,996,219		276,381,199		—		276,381,199
Weighted average number of shares outstanding – diluted	273,996,219		—		273,996,219		276,381,199		—		276,381,199

Other comprehensive (loss) income:
Currency translation adjustment	58,588		(4,415)		54,173		77,135		(4,415)		72,720
Comprehensive (loss)	(695,612)		27,897		(667,715)		(970,421)		58,252		(912,169)
Comprehensive (income) attributable to non-controlling interest	(2,263)		—		(2,263)		(8,515)		—		(8,515)
Comprehensive (loss) attributable to stockholders	$	(697,875)	$	27,897	$	(669,978)	$	(978,936)	$	58,252	$	(920,684)

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

Three Months Ended March 31, 2025


	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of Balance as of December 31, 2024 (As Reported)	96,746	90,570	266,459,093	2,664	1,674,312	196,363	3,089	122,660	1,999,088
Net income (loss)	—	—	—	—	—	(199,581)	—	2,208	(197,373)
Other comprehensive income (loss)	—	—	—	—	—	—	23,582	671	24,253
Share-based compensation expense	—	—	—	—	(229)	—	—	—	(229)
Class A stock issued, net of issuance costs	—	—	661,207	7	363	—	—	—	370
Acquisition of non-controlling interest	—	—	—	—	(1,356)	—	—	534	(822)
Issuance of shares for vested share-based compensation awards	—	—	31,814	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(13,086)	—	(159)	—	—	—	(159)
Issuance of preferred stock and deemed dividend	—	—	—	—	—	—	—	—	—
Conversion of Series B convertible preferred stock	(60,000)	(49,969)	6,651,511	67	49,898	—	—	—	49,965
Dividends	—	107	—	—	—	(548)	—	(3,019)	(3,567)
Balance as of Balance as of March 31, 2025 (As Reported)	36,746	40,708	273,790,539	2,738	1,722,829	(3,766)	26,671	123,054	1,871,526


Adjustments
Balance as of December 31, 2024	—	—	—	—	—	(2,802)	4,415	—	1,613
Net income (loss)	—	—	—	—	—	21,947	—	—	21,947

Total Adjustments	—	—	—	—	—	19,145	4,415	—	23,560

As Restated


Balance as of Balance as of December 31, 2024 (As Restated)	96,746	90,570	266,459,093	2,664	1,674,312	193,561	7,504	122,660	2,000,701
Net income (loss)	—	—	—	—	—	(177,634)	—	2,208	(175,426)
Other comprehensive income (loss)	—	—	—	—	—	—	23,582	671	24,253
Share-based compensation expense	—	—	—	—	(229)	—	—	—	(229)
Class A stock issued, net of issuance costs	—	—	661,207	7	363	—	—	—	370
Acquisition of non-controlling interest	—	—	—	—	(1,356)	—	—	534	(822)
Issuance of shares for vested share-based compensation awards	—	—	31,814	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(13,086)	—	(159)	—	—	—	(159)
Issuance of preferred stock and deemed dividend	—	—	—	—	—	—	—	—	—
Conversion of Series B convertible preferred stock	(60,000)	(49,969)	6,651,511	67	49,898	—	—	—	49,965
Dividends	—	107	—	—	—	(548)	—	(3,019)	(3,567)
Balance as of Balance as of March 31, 2025 (As Restated)	36,746	40,708	273,790,539	2,738	1,722,829	15,379	31,086	123,054	1,895,086


	Three Months Ended June 30, 2025
	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of March 31, 2025 (As Reported)	36,746	40,708	273,790,539	2,738	1,722,829	(3,766)	26,671	123,054	1,871,526
Net income (loss)	—	—	—	—	—	(554,631)	—	(2,196)	(556,827)
Other comprehensive income (loss)	—	—	—	—	—	—	32,755	1,580	34,335
Share-based compensation expense	—	—	—	—	5,250	—	—	—	5,250


Issuance of shares for vested share-based compensation awards	—	—	720,642	7	—	—	—	—	7
Shares withheld from employees related to share-based compensation, at cost	—	—	(309,718)	(3)	(1,648)	—	—	—	(1,651)
Dividends	—	446	—	—	(446)	—	—	—	(446)
Balance as of June 30, 2025 (As Reported)	36,746	41,154	274,201,463	2,742	1,725,985	(558,397)	59,426	122,438	1,352,194

Adjustments
Balance as of March 31, 2025	—	—	—	—	—	19,145	4,415	—	23,560
Net income (loss)	—	—	—	—	—	10,365	—	—	10,365
Other comprehensive income (loss)	—	—	—	—	—	—	(4,415)	—	(4,415)
Total Adjustments	—	—	—	—	—	29,510	—	—	29,510

As Restated
Balance as of March 31, 2025 (As Restated)	36,746	40,708	273,790,539	2,738	1,722,829	15,379	31,086	123,054	1,895,086
Net income (loss)	—	—	—	—	—	(544,266)	—	(2,196)	(546,462)
Other comprehensive income (loss)	—	—	—	—	—	—	28,340	1,580	29,920
Share-based compensation expense	—	—	—	—	5,250	—	—	—	5,250
Issuance of shares for vested share-based compensation awards	—	—	720,642	7	—	—	—	—	7
Shares withheld from employees related to share-based compensation, at cost	—	—	(309,718)	(3)	(1,648)	—	—	—	(1,651)
Dividends	—	446	—	—	(446)	—	—	—	(446)
Balance as of June 30, 2025 (As Restated)	36,746	41,154	274,201,463	2,742	1,725,985	(528,887)	59,426	122,438	1,381,704


	Three Months Ended September 30, 2025


	Series B convertible preferred stock		Class A common stock				Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares		Amount
Balance as of June 30, 2025 (As Reported)	36,746	41,154	274,201,463		2,742		1,725,985	(558,397)	59,426	122,438	1,352,194
Net income (loss)	—	—	—		—		—	(299,660)	—	6,304	(293,356)
Other comprehensive income (loss)	—	—	—		—		—	—	18,599	(52)	18,547
Share-based compensation expense	—	—	—		—		5,544	—	—	—	5,544
Conversion of Series B convertible preferred stock	(36,746)	(41,464)	10,351,348	—	104	—	41,361	—	—	—	41,465
Dividends	—	310	—		—		(310)	—	—	—	(310)
Balance as of September 30, 2025 (As Reported)	—	—	284,552,811		2,846		1,772,580	(858,057)	78,025	128,690	1,124,084

Adjustments
Balance as of June 30, 2025	—	—	—		—		—	29,510	—	—	29,510
Net income (loss)	—	—	—		—		—	30,355	—	—	30,355
Other comprehensive income (loss)	—	—	—		—		—	—	—	—	—
Total Adjustments	—	—	—		—		—	59,865	—	—	59,865

As Restated
Balance as of June 30, 2025 (As Restated)	36,746	41,154	274,201,463		2,742		1,725,985	(528,887)	59,426	122,438	1,381,704
Net income (loss)	—	—	—		—		—	(269,305)	—	6,304	(263,001)
Other comprehensive income (loss)	—	—	—		—		—	—	18,599	(52)	18,547
Share-based compensation expense	—	—	—		—		5,544	—	—	—	5,544
Conversion of Series B convertible preferred stock	(36,746)	(41,464)	10,351,348		104		41,361	—	—	—	41,465
Dividends	—	310	—		—		(310)	—	—	—	(310)
Balance as of September 30, 2025 (As Restated)	—	—	284,552,811		2,846		1,772,580	(798,192)	78,025	128,690	1,183,949

Consolidated Cash Flow Statements


	Three Months Ended March 31, 2025						Six Months Ended June 30, 2025						Nine Months Ended September 30, 2025
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Cash flows from operating activities

Net loss	$	(197,373)	$	21,947	$	(175,426)	$	(754,200)	$	32,312	$	(721,888)	$	(1,047,556)	$	62,667	$	(984,889)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	23,841		7,383		31,224		36,231		6,842		43,073		47,452		8,027		55,479
Depreciation and amortization	63,353		3,254		66,607		124,531		3,254		127,785		183,377		2,110		185,487
Deferred taxes	(4,740)		152		(4,588)		590		11,232		11,822		(15,495)		13,342		(2,153)
Share-based compensation	—		—		—		5,021		—		5,021		10,565		—		10,565
Goodwill impairment expense	—		—		—		582,172		—		582,172		582,172		—		582,172
Asset impairment expense	246		—		246		117,558		5,571		123,129		127,911		—		127,911
(Gain) on sale of assets	—		—		—		(472,699)		1,705		(470,994)		(470,994)		—		(470,994)
Loss on extinguishment of debt	467		—		467		20,787		—		20,787		20,787		—		20,787
(Earnings) recognized from vessels chartered to third parties transferred to Energos	(13,082)		—		(13,082)		(23,329)		—		(23,329)		(24,856)		—		(24,856)
Other	(31,189)		(3,718)		(34,907)		(10,703)		(3,719)		(14,422)		(659)		(3,720)		(4,379)
Changes in operating assets and liabilities:
(Increase) in receivables	(7,001)		(1,174)		(8,175)		(14,951)		(1,366)		(16,317)		(164,452)		(4,172)		(168,624)
Decrease (increase) in inventories	7,622		—		7,622		6,112		—		6,112		(27,653)		647		(27,006)


(Increase) in other assets	(1,074)		2,466	1,392	(31,961)	(5,409)	(37,370)	(81,184)	(7,950)	(89,134)
Decrease in right-of-use assets	30,848		—	30,848	32,772	—	32,772	51,738	—	51,738
Increase in accounts payable/accrued liabilities	130,433		(3,470)	126,963	98,782	2,971	101,753	326,521	4,483	331,004
(Decrease) in amounts due to affiliates			—	—	—	—	—	—	—	—
(Decrease) in lease liabilities	(42,888)		—	(42,888)	(39,857)	—	(39,857)	(67,816)	—	(67,816)
Increase (decrease) in other liabilities	8,832		(2,372)	6,460	(61,012)	(5,428)	(66,440)	(25,045)	(7,468)	(32,513)
Net cash (used in) provided by operating activities	$	(31,705)	24,468	(7,237)	(384,156)	47,965	(336,191)	(575,187)	67,966	(507,221)

Cash flows from investing activities
Capital expenditures	(340,470)		85,373	(255,097)	(652,798)	151,068	(501,730)	(758,457)	166,252	(592,205)
Sale of Jamaica Business	—		—	—	949,456	—	949,456	949,456	—	949,456
Other investing activities	4,555		—	4,555	4,791	—	4,791	4,654	—	4,654
Net cash used in (provided by) investing activities	(335,915)		85,373	(250,542)	301,449	151,068	452,517	195,653	166,252	361,905


Cash flows from financing activities
Proceeds from borrowings of debt	901,733		—	901,733	1,316,864	—	1,316,864	1,375,495	—	1,375,495
Payments made for capital expenditures paid beyond customary vendor payment terms	—		(109,841)	(109,841)	—	(199,033)	(199,033)	—	(234,218)	(234,218)
Payment of deferred financing costs	(26,093)		—	(26,093)	(27,774)	—	(27,774)	(27,781)	—	(27,781)


Repayment of debt	(664,062)		—		(664,062)		(1,390,187)		—		(1,390,187)		(1,592,321)		—		(1,592,321)

Payment of dividends	(3,460)		—		(3,460)		(3,014)		—		(3,014)		(3,019)		—		(3,019)
Other financing activities	(3,662)		—		(3,662)		(6,317)		—		(6,317)		(6,644)		—		(6,644)
Net cash provided by (used in) financing activities	204,456		(109,841)		94,615		(110,428)		(199,033)		(309,461)		(254,270)		(234,218)		(488,488)
Impact of changes in foreign exchange rates on cash and cash equivalents	34,332		—		34,332		48,965		—		48,965		57,568		—		57,568
Net (decrease) increase in cash, cash equivalents and restricted cash	(128,832)		—		(128,832)		(144,170)		—		(144,170)		(576,236)		—		(576,236)
Cash, cash equivalents and restricted cash – beginning of period	965,577		—		965,577		965,577		—		965,577		965,577		—		965,577
Cash, cash equivalents and restricted cash – end of period	$	836,745	$	—	$	836,745	$	821,407	$	—	$	821,407	$	389,341	$	—	$	389,341

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	$	(62,874)	$	(25,058)	$	(87,932)	(161,057)		$	(25,058)	$	(186,115)	(163,921)		$	(31,061)	$	(194,982)
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	366,358		6,003		372,361		266,191		6,003		272,194		295,174		—		295,174
Principal payments on financing obligation to Energos by third party charters	(9,871)		—		(9,871)		(17,027)		—		(17,027)		(16,567)		—		(16,567)
Proceeds held in escrow	—		—		—		98,635		—		98,635		98,635		—		98,635

Restatement of Previously Issued Condensed Consolidated Financial Statements (Unaudited) - Quarterly Consolidated Statements of Operations and Comprehensive (Loss) Income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Operating revenue	$ 240,318	$ 228,088	$ 384,881	$ 446,048	$ 291,222	$ 609,504	$ 612,969	$ 900,726	$ 853,287	$ 1,346,774	$ 1,179,508	$ 1,697,464	$ 2,060,212
Vessel charter revenue	61,048	46,739	45,436	58,941	51,584	45,823	92,175	97,407	153,223	156,348	190,504	209,386	252,343
Contract novation income	1,570	1,693	1,746				3,439		5,009		6,366	295,558	0
Other revenue	28,975	27,580	40,219	63,516	84,368	30,655	67,799	115,023	96,774	178,540	127,659	156,536	78,050
Total revenues	331,911	304,100	472,282	568,505	427,174	685,982	776,382	1,113,156	1,108,293	1,681,662	1,504,037	2,358,944	2,390,605
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	196,908	208,162	302,377	325,292	221,813	227,911	510,539	449,725	707,447	775,017	918,603	1,065,181	879,221
Vessel operating expenses	7,297	8,068	7,176	8,254	8,503	8,396	15,244	16,899	22,541	25,153	26,594	33,372	45,439
Operations and maintenance	57,301	57,403	54,940	34,839	33,079	65,661	112,343	98,739	169,644	133,579	218,511	170,763	175,559
Selling, general and administrative	86,467	56,559	51,820	81,345	73,601	68,037	108,379	141,639	194,846	222,984	307,442	293,378	203,385
Transaction and integration costs	19,679	75,354	11,931	3,154	1,760	1,371	87,285	3,131	106,964	6,285	161,756	12,279	6,946
Depreciation and amortization	49,330	52,870	56,311	34,637	36,581	49,659	109,181	86,240	158,511	120,877	203,508	158,791	161,424
Goodwill impairment expense	0	582,172	0				582,172		582,172		598,110	0	0
Asset impairment expense	4,782	122,883	246	1,484	16,016	0	123,129	16,016	127,911		860,865	16,494	10,958
Asset impairment expense										17,500
(Gain) loss on sale	0	(470,994)	0	0	0	79,785	(470,994)	79,785	(470,994)	79,785	(670,938)	80,207	(27,978)
Total operating expenses	421,764	692,477	484,801	489,005	391,353	500,820	1,177,278	892,174	1,599,042	1,381,180	2,624,451	1,830,465	1,454,954
Operating (loss) income	(89,853)	(388,377)	(12,519)	79,500	35,821	185,162	(400,896)	220,982	(490,749)	300,482	(1,120,414)	528,479	935,651
Interest expense	198,218	186,389	200,309	71,902	63,087	84,745	386,698	147,832	584,916	219,734	777,845	316,337	284,019
Other (income) expense, net	(30,566)	(59,024)	(63,937)	(5,836)	47,354	19,112	(122,961)	66,466	(153,527)	60,630	(147,593)	116,308	10,408
Loss on extinguishment of debt	0	(20,320)	(467)	0	0	(9,754)	(20,787)	(9,754)	(20,787)	(9,754)	(19,937)	(270,063)	0
Income before taxes	(257,505)	(536,062)	(149,358)	13,434	(74,620)	71,551	(685,420)	(3,070)	(942,925)	10,364	(1,770,603)	(174,229)	651,196
Tax provision	5,496	10,400	26,068	3,229	7,270	19,963	36,468	27,232	41,964	30,461	61,350	70,308	102,972
Net (loss) income	(263,001)	(546,462)	(175,426)	10,205	(81,890)	51,588	(721,888)	(30,302)	(984,889)	(20,097)	(1,831,953)	(244,537)	548,224
Net (loss) income attributable to common stockholders, basic	$ (269,615)	$ (544,712)	$ (178,182)	$ 7,030	$ (85,075)	$ 48,858	$ (722,894)	$ (36,217)	$ (992,509)	$ (29,187)	$ (1,844,910)	$ (272,256)	$ 547,230
Net income (loss) per share – basic (in dollars per share)	$ (0.96)	$ (1.99)	$ (0.65)	$ 0.03	$ (0.41)	$ 0.24	$ (2.64)	$ (0.18)	$ (3.59)	$ (0.14)	$ (6.63)	$ (1.25)	$ 2.66
Net income (loss) per share – diluted (in dollars per share)	$ (0.96)	$ (1.99)	$ (0.65)	$ 0.03	$ (0.42)	$ 0.23	$ (2.64)	$ (0.18)	$ (3.59)	$ (0.16)	$ (6.63)	$ (1.26)	$ 2.65
Weighted average number of shares outstanding - basic (in shares)	281,121,646	274,371,636	273,609,766	205,071,771	205,070,756	205,061,967	273,996,219	205,066,362	276,381,199	205,068,178	278,474,487	217,578,487	205,942,837
Weighted average number of shares outstanding – diluted (in shares)	281,121,646	274,371,636	273,609,766	208,880,044	205,851,364	205,977,720	273,996,219	205,846,970	276,381,199	206,836,683	278,474,487	218,622,419	206,481,977
Other comprehensive (loss) income:
Currency translation adjustment	$ 18,547	$ 29,920	$ 24,253	$ (5,963)	$ (20,557)	$ (7,708)	$ 54,173	$ (28,265)	$ 72,720	$ (34,228)	$ 48,453	$ (65,612)	$ 18,564
Comprehensive (loss) income	(244,454)	(516,542)	(151,173)	4,242	(102,447)	43,880	(667,715)	(58,567)	(912,169)	(54,325)	(1,783,500)	(310,149)	565,331
Comprehensive (income) attributable to non-controlling interest	(6,252)	616	(2,879)	(2,563)	(1,963)	(2,230)	(2,263)	(4,193)	(8,515)	(6,756)	(13,521)	(5,623)	(1,412)
Comprehensive (loss) income attributable to stockholders	(250,706)	(515,926)	(154,052)	1,679	(104,410)	41,650	(669,978)	(62,760)	(920,684)	(61,081)	$ (1,797,021)	(315,772)	563,919
As Reported
Revenues
Operating revenue	240,318	227,204	384,881	446,048	291,222	609,504	612,085	900,726	852,403	1,346,774		1,698,348	2,060,212
Vessel charter revenue	61,048	46,739	45,436	59,668	52,416	46,655	92,175	99,071	153,223	158,739		212,609	276,843
Contract novation income	0	0	0				0		0			295,558
Other revenue	26,001	27,749	40,219	61,819	84,368	34,162	67,968	118,530	93,969	180,349		158,345	76,241
Total revenues	327,367	301,692	470,536	567,535	428,006	690,321	772,228	1,118,327	1,099,595	1,685,862		2,364,860	2,413,296
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	196,908	208,852	302,377	325,292	221,860	229,117	511,229	450,977	708,137	776,269		1,064,667	877,451
Vessel operating expenses	7,297	8,056	7,176	8,254	8,503	8,396	15,232	16,899	22,529	25,153		33,372	45,439
Operations and maintenance	58,520	59,817	54,957	32,062	39,292	68,548	114,774	107,840	173,294	139,902		174,313	166,785
Selling, general and administrative	86,050	57,256	59,271	82,388	70,578	70,754	116,527	141,332	202,577	223,720		285,520	205,104
Transaction and integration costs	19,649	75,384	11,931	3,154	1,760	1,371	87,315	3,131	106,964	6,285		12,279	6,946
Depreciation and amortization	50,474	52,870	53,057	35,364	37,413	50,491	105,927	87,904	156,401	123,268		162,014	187,324
Goodwill impairment expense	0	582,172	0				582,172		582,172
Asset impairment expense	10,353	117,312	246	1,484	4,272	0	117,558	4,272	127,911	5,756		16,494	10,958
(Gain) loss on sale	1,705	(472,699)	0	0	0	77,140	(472,699)	77,140	(470,994)	77,140		77,562	(29,378)
Total operating expenses	430,956	689,020	489,015	487,998	383,678	505,817	1,178,035	889,495	1,608,991	1,377,493		1,826,221	1,470,629
Operating (loss) income	(103,589)	(387,328)	(18,479)	79,537	44,328	184,504	(405,807)	228,832	(509,396)	308,369		538,639	942,667
Interest expense	210,562	206,408	213,694	71,107	80,399	77,344	420,102	157,743	630,664	228,850		328,377	277,842
Other (income) expense, net	(29,042)	(56,262)	(63,937)	(5,836)	47,354	19,112	(120,199)	66,466	(149,241)	60,630		113,077	10,408
Loss on extinguishment of debt	0	(20,320)	(467)	0	0	(9,754)	(20,787)	(9,754)	(20,787)	(9,754)		(270,063)
Income before taxes	(285,109)	(557,794)	(168,703)	14,266	(83,425)	78,294	(726,497)	(5,131)	(1,011,606)	9,135
Tax provision	8,247	(967)	28,670	2,953	3,435	21,624	27,703	25,059	35,950	28,012		69,509	115,513
Net (loss) income	(293,356)	(556,827)	(197,373)	11,313	(86,860)	56,670	(754,200)	(30,190)	(1,047,556)	(18,877)		(242,387)	548,876
Net (loss) income attributable to common stockholders, basic	$ (299,970)	$ (555,077)	$ (200,129)	$ 8,138	$ (90,044)	$ 53,939	$ (755,206)	$ (36,105)	$ (1,055,176)	$ (27,967)		$ (270,106)	$ 547,882
Net income (loss) per share – basic (in dollars per share)	$ (1.07)	$ (2.02)	$ (0.73)	$ 0.04	$ (0.44)	$ 0.26	$ (2.76)	$ (0.18)	$ (3.82)	$ (0.14)		$ (1.24)	$ 2.66
Net income (loss) per share – diluted (in dollars per share)	$ (1.07)	$ (2.02)	$ (0.73)	$ 0.03	$ (0.44)	$ 0.26	$ (2.76)	$ (0.18)	$ (3.82)	$ (0.15)		$ (1.25)	$ 2.65
Weighted average number of shares outstanding - basic (in shares)	281,121,646	274,371,636	273,609,766	205,071,771	205,070,756	205,061,967	273,996,219	205,066,362	276,381,199	205,068,178		217,578,487	205,942,837
Weighted average number of shares outstanding – diluted (in shares)	281,121,646	274,371,636	273,609,766	208,880,044	205,851,364	205,977,720	273,996,219	205,846,970	276,381,199	206,836,683		218,622,419	206,481,977
Other comprehensive (loss) income:
Currency translation adjustment	$ 18,547	$ 34,335	$ 24,253	$ (5,963)	$ (20,557)	$ (7,708)	$ 58,588	$ (28,265)	$ 77,135	$ (34,228)		$ (69,468)	$ 18,005
Comprehensive (loss) income	(274,809)	(522,492)	(173,120)	5,350	(107,417)	48,962	(695,612)	(58,455)	(970,421)	(53,105)		(311,855)	565,424
Comprehensive (income) attributable to non-controlling interest	(6,252)	616	(2,879)	(2,563)	(1,963)	(2,230)	(2,263)	(4,193)	(8,515)	(6,756)		(5,623)	(1,412)
Comprehensive (loss) income attributable to stockholders	(281,061)	(521,876)	(175,999)	2,787	(109,380)	46,732	(697,875)	(62,648)	(978,936)	(59,861)		(317,478)	564,012
Adjustments
Revenues
Operating revenue	0	884	0	0	0	0	884	0	884	0		(884)	0
Vessel charter revenue	0	0	0	(727)	(832)	(832)	0	(1,664)	0	(2,391)		(3,223)	(24,500)
Contract novation income	1,570	1,693	1,746				3,439		5,009			0
Other revenue	2,974	(169)	0	1,697	0	(3,507)	(169)	(3,507)	2,805	(1,809)		(1,809)	1,809
Total revenues	4,544	2,408	1,746	970	(832)	(4,339)	4,154	(5,171)	8,698	(4,200)		(5,916)	(22,691)
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	0	(690)	0	0	(47)	(1,206)	(690)	(1,252)	(690)	(1,252)		514	1,770
Vessel operating expenses	0	12	0	0	0	0	12	0	12	0		0	0
Operations and maintenance	(1,219)	(2,414)	(17)	2,777	(6,213)	(2,887)	(2,431)	(9,101)	(3,650)	(6,323)		(3,550)	8,774
Selling, general and administrative	417	(697)	(7,451)	(1,043)	3,023	(2,717)	(8,148)	307	(7,731)	(736)		7,858	(1,719)
Transaction and integration costs	30	(30)	0	0	0	0	(30)	0	0	0		0	0
Depreciation and amortization	(1,144)	0	3,254	(727)	(832)	(832)	3,254	(1,664)	2,110	(2,391)		(3,223)	(25,900)
Goodwill impairment expense	0	0	0				0		0
Asset impairment expense	(5,571)	5,571	0	0	11,744	0	5,571	11,744	0	11,744		0	0
(Gain) loss on sale	(1,705)	1,705	0	0	0	2,645	1,705	2,645	0	2,645		2,645	1,400
Total operating expenses	(9,192)	3,457	(4,214)	1,007	7,675	(4,997)	(757)	2,679	(9,949)	3,687		4,244	(15,675)
Operating (loss) income	13,736	(1,049)	5,960	(37)	(8,507)	658	4,911	(7,850)	18,647	(7,887)		(10,160)	(7,016)
Interest expense	(12,344)	(20,019)	(13,385)	795	(17,312)	7,401	(33,404)	(9,911)	(45,748)	(9,116)		(12,040)	6,177
Other (income) expense, net	(1,524)	(2,762)	0	0	0	0	(2,762)	0	(4,286)	0		3,231	0
Loss on extinguishment of debt	0	0	0	0	0	0	0	0	0	0		0
Income before taxes	27,604	21,732	19,345	(832)	8,805	(6,743)	41,077	2,061	68,681	1,229
Tax provision	(2,751)	11,367	(2,602)	276	3,835	(1,661)	8,765	2,173	6,014	2,449		799	(12,541)
Net (loss) income	30,355	10,365	21,947	(1,108)	4,970	(5,082)	32,312	(112)	62,667	(1,220)		(2,150)	(652)
Net (loss) income attributable to common stockholders, basic	$ 30,355	$ 10,365	$ 21,947	$ (1,108)	$ 4,970	$ (5,082)	$ 32,312	$ (112)	$ 62,667	$ (1,220)		$ (2,150)	$ (652)
Net income (loss) per share – basic (in dollars per share)	$ 0.11	$ 0.03	$ 0.08	$ (0.01)	$ 0.03	$ (0.02)	$ 0.12	$ 0	$ 0.23	$ 0		$ (0.01)	$ 0
Net income (loss) per share – diluted (in dollars per share)	$ 0.11	$ 0.03	$ 0.08	$ 0	$ 0.02	$ (0.03)	$ 0.12	$ 0	$ 0.23	$ (0.01)		$ (0.01)	$ 0
Weighted average number of shares outstanding - basic (in shares)	0	0	0	0	0	0	0	0	0	0		0	0
Weighted average number of shares outstanding – diluted (in shares)	0	0	0	0	0	0	0	0	0	0		0	0
Other comprehensive (loss) income:
Currency translation adjustment	$ 0	$ (4,415)	$ 0	$ 0	$ 0	$ 0	$ (4,415)	$ 0	$ (4,415)	$ 0		$ 3,856	$ 559
Comprehensive (loss) income	30,355	5,950	21,947	(1,108)	4,970	(5,082)	27,897	(112)	58,252	(1,220)		1,706	(93)
Comprehensive (income) attributable to non-controlling interest	0	0	0	0	0	0	0	0	0	0		0	0
Comprehensive (loss) income attributable to stockholders	$ 30,355	$ 5,950	$ 21,947	$ (1,108)	$ 4,970	$ (5,082)	$ 27,897	$ (112)	$ 58,252	$ (1,220)		$ 1,706	$ (93)

Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Cost of sales	$ 196,908	$ 208,162	$ 302,377	$ 325,292	$ 221,813	$ 227,911	$ 510,539	$ 449,725	$ 707,447	$ 775,017	$ 918,603	$ 1,065,181	$ 879,221
Comprehensive income (loss) attributable to non-controlling interest	6,252	(616)	2,879	2,563	1,963	2,230	2,263	4,193	8,515	6,756	13,521	5,623	1,412
Receivables, net	$ 423,260	$ 270,099	$ 271,937	$ 434,684	$ 403,882	$ 332,416	$ 270,099	$ 403,882	$ 423,260	$ 434,684	$ 451,962	$ 331,419	$ 342,981
Variable Interest Entity, Primary Beneficiary \| SCP
Variable Interest Entity [Line Items]
Partnership interest (in percent)											87.50%
Cost of sales											$ 114,551
Comprehensive income (loss) attributable to non-controlling interest											13,197
Receivables, net											$ 56,632

- 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

Property, plant and equipment, net (As Restated) - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ (408,724)				$ (455,009)
Total property, plant and equipment, net	4,892,737	$ 5,542,233	$ 5,536,800	$ 5,550,150	5,928,919	$ 2,134,987	$ 2,146,466	$ 2,175,882	$ 2,481,415
LNG liquefaction facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,264,547				3,395,192
Vessels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	974,105				1,580,553
Terminal and power plant equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	480,244				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	159,390				285,640
ISO containers and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	35,750				66,766
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	56,724				51,897
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 39,346				$ 49,862

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign and Income Taxes, Net of Refunds

The components of the Company’s income (loss) before income taxes for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Year Ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
United States	$	(454,662)	$	(146,909)	$	271,781
Foreign	(1,315,941)		(27,320)		379,415
Income before taxes	$	(1,770,603)	$	(174,229)	$	651,196

Schedule of Income Tax Expense

Income tax expense is comprised of the following for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
Current:
Domestic	$	(646)	$	42,521	$	40,916
Foreign	36,149		31,119		48,244
Total current tax expense	35,503		73,640		89,160
Deferred:
Domestic	11,024		(8,436)		1,088
Foreign	14,823		5,104		12,724
Total deferred tax (benefit) expenses	25,847		(3,332)		13,812
Total provision for (benefit from) income taxes	$	61,350	$	70,308	$	102,972

Schedule of Cash Paid For Income Taxes

Upon the adoption of ASU 2023-09, as described in Note 5, the reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the year ended December 31, 2025 was as follows:


	Year Ended December 31,
	2025
U.S. Federal Statutory Tax Rate	(371,826)		21.0	%
State and Local Income Taxes, Net of Federal Income Tax Effect	644		—
Effect of Cross-Border Tax Laws	11,308		(0.6)






Changes in Valuation Allowance	126,824		(7.2)


Other
Gain on Disposal of Business	32,460		(1.8)
Loss from Taxable Liquidation of Subsidiary	(69,797)		3.9
Others	2,146		(0.1)
Foreign Tax Effects
BERMUDA
Statutory Tax Rate Difference between Bermuda and United States	31,103		(1.8)
Impairment	85,193		(4.8)
Other	(9)		—
BRAZIL

Nontaxable or Nondeductible Items	(25,923)		1.5


Valuation Allowance	17,853		(1.0)
Other	33,097		(1.9)





















MEXICO
Nontaxable or Nondeductible items	37,535		(2.1)
Valuation Allowance	2,736		-0.2
Other	(567)		—
UNITED KINGDOM
Statutory Tax Rate Difference between United Kingdom and United States	(25,165)		1.4
Impairment	155,405		(8.8)
Other	18,590		(1.0)
OTHER FOREIGN JURISDICTIONS	(1,656)		0.1
Changes in Unrecognized Tax Benefits	1,399		(0.1)
Grand Total	$	61,350	(3.5)	%

The reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows:


	Year Ended December 31,
	2024 (As Restated)		2023 (As Restated)
Income tax at the statutory rate	21.0	%	21.0	%
Foreign tax rate differential	69.0		(12.5)
US taxation on foreign earnings	(7.4)		(0.6)
Impact from foreign operations	8.7		—
Change in valuation allowance	(152.7)		8.6
Effects of share-based compensation	(3.0)		0.3
Withholding taxes	—		0.6
Income tax credits	9.3		(4.9)
Outside basis differences	—		0.1
Changes in deferred taxes and payable	13.9		—
Other	0.8		3.3
Effective income tax rate	(40.4	%)	15.8	%

Schedule of Cash Flow, Supplemental Disclosures

Upon adoption of ASU 2023-09 as described in Note 5, cash paid for income taxes, net of refunds, during the year ended December 31, 2025 was as follows:


	Year Ended December 31,
	2025
Domestic Federal	$	44,172
Domestic State	477
Foreign
Brazil	17,083
Jamaica	11,604
Puerto Rico	32,467

Other	3,288
Total Foreign	64,442
Total	$	109,091

Schedule of Significant Deferred Tax Asset or Liability

The tax effect of each type of temporary difference and carryforward that give rise to a significant deferred tax asset or liability as of December 31, 2025 and 2024 are as follows:


	Year Ended December 31,
	2025		2024 (As Restated)
Deferred tax assets:

Accrued interest	$	—	$	40,255
IRC Section 163(j) interest carryforward	154,086		27,533
Federal and state net operating loss carryforward	55,485		1,904
Foreign net operating loss carryforward	246,308		253,337
Debt	140,555		264,460
Lease liability	346,578		316,896
Goodwill	38,901		43,004
Other	50,767		78,189
Total deferred tax assets	1,032,680		1,025,578
Valuation allowance	(549,493)		(449,819)
Deferred tax assets, net of valuation allowance	483,187		575,759

Deferred tax liabilities:
Property and equipment	(139,492)		(277,109)
Right-of-use assets	(300,996)		(285,870)
Investments	(11,671)		—

Intangibles	(50,156)		(46,258)

Capitalized costs	(40,424)		(20,514)
Other	(16,950)		(17,522)
Total deferred tax liabilities	$	(559,689)	$	(647,273)
Net deferred tax liabilities	$	(76,502)	$	(71,514)

Schedule of Changes in Valuation Allowance on Deferred Tax Assets

The following table summarizes the changes in the Company’s valuation allowance on deferred tax assets for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024 (As Restated)
Balance at the beginning of the period	$	449,819	$	189,690
Change in valuation allowance	99,674		260,129
Balance at the end of the period	$	549,493	$	449,819

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the changes in the Company’s unrecognized tax benefits for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024
Balance at the beginning of the period	$	—	$	—
Recognized in the income tax provision	15,943		—

Balance at the end of the period	$	15,943	$	—

Customer concentrations (As Restated) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Total revenues	$ 331,911	$ 304,100	$ 472,282	$ 568,505	$ 427,174	$ 685,982	$ 776,382	$ 1,113,156	$ 1,108,293	$ 1,681,662	$ 1,504,037	$ 2,358,944	$ 2,390,605
United States
Concentration Risk [Line Items]
Total revenues											567,802	1,043,845	1,062,487
Non-US
Concentration Risk [Line Items]
Total revenues											936,235	1,318,322	1,352,618
Customer Concentration Risk \| Revenue Benchmark \| One Customers
Concentration Risk [Line Items]
Total revenues											$ 444,021	433,972	755,841
Concentration risk (in percent)											30.00%
Customer Concentration Risk \| Revenue Benchmark \| Two Customers
Concentration Risk [Line Items]
Total revenues												395,209	$ 371,389
Concentration risk (in percent)													47.00%
Customer Concentration Risk \| Revenue Benchmark \| Three Customers
Concentration Risk [Line Items]
Total revenues												$ 295,558
Concentration risk (in percent)												48.00%

Restatement of Previously Issued Financial Statements - Restated Consolidated Statements of Operations and Comprehensive (Loss) Income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Operating revenue	$ 240,318	$ 228,088	$ 384,881	$ 446,048	$ 291,222	$ 609,504	$ 612,969	$ 900,726	$ 853,287	$ 1,346,774	$ 1,179,508	$ 1,697,464	$ 2,060,212
Vessel charter revenue	61,048	46,739	45,436	58,941	51,584	45,823	92,175	97,407	153,223	156,348	190,504	209,386	252,343
Contract novation income	1,570	1,693	1,746				3,439		5,009		6,366	295,558	0
Other revenue	28,975	27,580	40,219	63,516	84,368	30,655	67,799	115,023	96,774	178,540	127,659	156,536	78,050
Total revenues	331,911	304,100	472,282	568,505	427,174	685,982	776,382	1,113,156	1,108,293	1,681,662	1,504,037	2,358,944	2,390,605
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	196,908	208,162	302,377	325,292	221,813	227,911	510,539	449,725	707,447	775,017	918,603	1,065,181	879,221
Vessel operating expenses	7,297	8,068	7,176	8,254	8,503	8,396	15,244	16,899	22,541	25,153	26,594	33,372	45,439
Operations and maintenance	57,301	57,403	54,940	34,839	33,079	65,661	112,343	98,739	169,644	133,579	218,511	170,763	175,559
Selling, general and administrative	86,467	56,559	51,820	81,345	73,601	68,037	108,379	141,639	194,846	222,984	307,442	293,378	203,385
Transaction and integration costs	19,679	75,354	11,931	3,154	1,760	1,371	87,285	3,131	106,964	6,285	161,756	12,279	6,946
Depreciation and amortization	49,330	52,870	56,311	34,637	36,581	49,659	109,181	86,240	158,511	120,877	203,508	158,791	161,424
Asset impairment expense	4,782	122,883	246	1,484	16,016	0	123,129	16,016	127,911		860,865	16,494	10,958
(Gain) loss on sale	0	(470,994)	0	0	0	79,785	(470,994)	79,785	(470,994)	79,785	(670,938)	80,207	(27,978)
Total operating expenses	421,764	692,477	484,801	489,005	391,353	500,820	1,177,278	892,174	1,599,042	1,381,180	2,624,451	1,830,465	1,454,954
Operating (loss) income	(89,853)	(388,377)	(12,519)	79,500	35,821	185,162	(400,896)	220,982	(490,749)	300,482	(1,120,414)	528,479	935,651
Interest expense	198,218	186,389	200,309	71,902	63,087	84,745	386,698	147,832	584,916	219,734	777,845	316,337	284,019
Other (income) expense, net	(30,566)	(59,024)	(63,937)	(5,836)	47,354	19,112	(122,961)	66,466	(153,527)	60,630	(147,593)	116,308	10,408
Loss on extinguishment of debt, net	0	20,320	467	0	0	9,754	20,787	9,754	20,787	9,754	19,937	270,063	0
Income before income from equity method investments and income taxes											(1,770,603)	(174,229)	641,224
Income (loss) from equity method investments											0	0	9,972
Tax provision	5,496	10,400	26,068	3,229	7,270	19,963	36,468	27,232	41,964	30,461	61,350	70,308	102,972
Net (loss) income	(263,001)	(546,462)	(175,426)	10,205	(81,890)	51,588	(721,888)	(30,302)	(984,889)	(20,097)	(1,831,953)	(244,537)	548,224
Net (loss) attributable to common stockholders	$ (269,615)	$ (544,712)	$ (178,182)	$ 7,030	$ (85,075)	$ 48,858	$ (722,894)	$ (36,217)	$ (992,509)	$ (29,187)	$ (1,844,910)	$ (272,256)	$ 547,230
Net income (loss) per share – basic (in dollars per share)	$ (0.96)	$ (1.99)	$ (0.65)	$ 0.03	$ (0.41)	$ 0.24	$ (2.64)	$ (0.18)	$ (3.59)	$ (0.14)	$ (6.63)	$ (1.25)	$ 2.66
Net income (loss) per share – diluted (in dollars per share)	$ (0.96)	$ (1.99)	$ (0.65)	$ 0.03	$ (0.42)	$ 0.23	$ (2.64)	$ (0.18)	$ (3.59)	$ (0.16)	$ (6.63)	$ (1.26)	$ 2.65
Weighted average number of shares outstanding - basic (in shares)	281,121,646	274,371,636	273,609,766	205,071,771	205,070,756	205,061,967	273,996,219	205,066,362	276,381,199	205,068,178	278,474,487	217,578,487	205,942,837
Weighted average number of shares outstanding – diluted (in shares)	281,121,646	274,371,636	273,609,766	208,880,044	205,851,364	205,977,720	273,996,219	205,846,970	276,381,199	206,836,683	278,474,487	218,622,419	206,481,977
Other comprehensive (loss) income:
Currency translation adjustment	$ 18,547	$ 29,920	$ 24,253	$ (5,963)	$ (20,557)	$ (7,708)	$ 54,173	$ (28,265)	$ 72,720	$ (34,228)	$ 48,453	$ (65,612)	$ 18,564
Reclassification of net foreign currency translation adjustment realized upon sale of foreign subsidiary											0	0	(1,457)
Comprehensive (loss) income	(244,454)	(516,542)	(151,173)	4,242	(102,447)	43,880	(667,715)	(58,567)	(912,169)	(54,325)	(1,783,500)	(310,149)	565,331
Comprehensive (income) attributable to non-controlling interest	(6,252)	616	(2,879)	(2,563)	(1,963)	(2,230)	(2,263)	(4,193)	(8,515)	(6,756)	(13,521)	(5,623)	(1,412)
Comprehensive (loss) income attributable to stockholders	(250,706)	(515,926)	(154,052)	1,679	(104,410)	41,650	(669,978)	(62,760)	(920,684)	(61,081)	$ (1,797,021)	(315,772)	563,919
As Reported
Revenues
Operating revenue	240,318	227,204	384,881	446,048	291,222	609,504	612,085	900,726	852,403	1,346,774		1,698,348	2,060,212
Vessel charter revenue	61,048	46,739	45,436	59,668	52,416	46,655	92,175	99,071	153,223	158,739		212,609	276,843
Contract novation income	0	0	0				0		0			295,558
Other revenue	26,001	27,749	40,219	61,819	84,368	34,162	67,968	118,530	93,969	180,349		158,345	76,241
Total revenues	327,367	301,692	470,536	567,535	428,006	690,321	772,228	1,118,327	1,099,595	1,685,862		2,364,860	2,413,296
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	196,908	208,852	302,377	325,292	221,860	229,117	511,229	450,977	708,137	776,269		1,064,667	877,451
Vessel operating expenses	7,297	8,056	7,176	8,254	8,503	8,396	15,232	16,899	22,529	25,153		33,372	45,439
Operations and maintenance	58,520	59,817	54,957	32,062	39,292	68,548	114,774	107,840	173,294	139,902		174,313	166,785
Selling, general and administrative	86,050	57,256	59,271	82,388	70,578	70,754	116,527	141,332	202,577	223,720		285,520	205,104
Transaction and integration costs	19,649	75,384	11,931	3,154	1,760	1,371	87,315	3,131	106,964	6,285		12,279	6,946
Depreciation and amortization	50,474	52,870	53,057	35,364	37,413	50,491	105,927	87,904	156,401	123,268		162,014	187,324
Asset impairment expense	10,353	117,312	246	1,484	4,272	0	117,558	4,272	127,911	5,756		16,494	10,958
(Gain) loss on sale	1,705	(472,699)	0	0	0	77,140	(472,699)	77,140	(470,994)	77,140		77,562	(29,378)
Total operating expenses	430,956	689,020	489,015	487,998	383,678	505,817	1,178,035	889,495	1,608,991	1,377,493		1,826,221	1,470,629
Operating (loss) income	(103,589)	(387,328)	(18,479)	79,537	44,328	184,504	(405,807)	228,832	(509,396)	308,369		538,639	942,667
Interest expense	210,562	206,408	213,694	71,107	80,399	77,344	420,102	157,743	630,664	228,850		328,377	277,842
Other (income) expense, net	(29,042)	(56,262)	(63,937)	(5,836)	47,354	19,112	(120,199)	66,466	(149,241)	60,630		113,077	10,408
Loss on extinguishment of debt, net	0	20,320	467	0	0	9,754	20,787	9,754	20,787	9,754		270,063
Income before income from equity method investments and income taxes												(172,878)	654,417
Income (loss) from equity method investments													9,972
Tax provision	8,247	(967)	28,670	2,953	3,435	21,624	27,703	25,059	35,950	28,012		69,509	115,513
Net (loss) income	(293,356)	(556,827)	(197,373)	11,313	(86,860)	56,670	(754,200)	(30,190)	(1,047,556)	(18,877)		(242,387)	548,876
Net (loss) attributable to common stockholders	$ (299,970)	$ (555,077)	$ (200,129)	$ 8,138	$ (90,044)	$ 53,939	$ (755,206)	$ (36,105)	$ (1,055,176)	$ (27,967)		$ (270,106)	$ 547,882
Net income (loss) per share – basic (in dollars per share)	$ (1.07)	$ (2.02)	$ (0.73)	$ 0.04	$ (0.44)	$ 0.26	$ (2.76)	$ (0.18)	$ (3.82)	$ (0.14)		$ (1.24)	$ 2.66
Net income (loss) per share – diluted (in dollars per share)	$ (1.07)	$ (2.02)	$ (0.73)	$ 0.03	$ (0.44)	$ 0.26	$ (2.76)	$ (0.18)	$ (3.82)	$ (0.15)		$ (1.25)	$ 2.65
Weighted average number of shares outstanding - basic (in shares)	281,121,646	274,371,636	273,609,766	205,071,771	205,070,756	205,061,967	273,996,219	205,066,362	276,381,199	205,068,178		217,578,487	205,942,837
Weighted average number of shares outstanding – diluted (in shares)	281,121,646	274,371,636	273,609,766	208,880,044	205,851,364	205,977,720	273,996,219	205,846,970	276,381,199	206,836,683		218,622,419	206,481,977
Other comprehensive (loss) income:
Currency translation adjustment	$ 18,547	$ 34,335	$ 24,253	$ (5,963)	$ (20,557)	$ (7,708)	$ 58,588	$ (28,265)	$ 77,135	$ (34,228)		$ (69,468)	$ 18,005
Reclassification of net foreign currency translation adjustment realized upon sale of foreign subsidiary													(1,457)
Comprehensive (loss) income	(274,809)	(522,492)	(173,120)	5,350	(107,417)	48,962	(695,612)	(58,455)	(970,421)	(53,105)		(311,855)	565,424
Comprehensive (income) attributable to non-controlling interest	(6,252)	616	(2,879)	(2,563)	(1,963)	(2,230)	(2,263)	(4,193)	(8,515)	(6,756)		(5,623)	(1,412)
Comprehensive (loss) income attributable to stockholders	(281,061)	(521,876)	(175,999)	2,787	(109,380)	46,732	(697,875)	(62,648)	(978,936)	(59,861)		(317,478)	564,012
Adjustments
Revenues
Operating revenue	0	884	0	0	0	0	884	0	884	0		(884)	0
Vessel charter revenue	0	0	0	(727)	(832)	(832)	0	(1,664)	0	(2,391)		(3,223)	(24,500)
Contract novation income	1,570	1,693	1,746				3,439		5,009			0
Other revenue	2,974	(169)	0	1,697	0	(3,507)	(169)	(3,507)	2,805	(1,809)		(1,809)	1,809
Total revenues	4,544	2,408	1,746	970	(832)	(4,339)	4,154	(5,171)	8,698	(4,200)		(5,916)	(22,691)
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	0	(690)	0	0	(47)	(1,206)	(690)	(1,252)	(690)	(1,252)		514	1,770
Vessel operating expenses	0	12	0	0	0	0	12	0	12	0		0	0
Operations and maintenance	(1,219)	(2,414)	(17)	2,777	(6,213)	(2,887)	(2,431)	(9,101)	(3,650)	(6,323)		(3,550)	8,774
Selling, general and administrative	417	(697)	(7,451)	(1,043)	3,023	(2,717)	(8,148)	307	(7,731)	(736)		7,858	(1,719)
Transaction and integration costs	30	(30)	0	0	0	0	(30)	0	0	0		0	0
Depreciation and amortization	(1,144)	0	3,254	(727)	(832)	(832)	3,254	(1,664)	2,110	(2,391)		(3,223)	(25,900)
Asset impairment expense	(5,571)	5,571	0	0	11,744	0	5,571	11,744	0	11,744		0	0
(Gain) loss on sale	(1,705)	1,705	0	0	0	2,645	1,705	2,645	0	2,645		2,645	1,400
Total operating expenses	(9,192)	3,457	(4,214)	1,007	7,675	(4,997)	(757)	2,679	(9,949)	3,687		4,244	(15,675)
Operating (loss) income	13,736	(1,049)	5,960	(37)	(8,507)	658	4,911	(7,850)	18,647	(7,887)		(10,160)	(7,016)
Interest expense	(12,344)	(20,019)	(13,385)	795	(17,312)	7,401	(33,404)	(9,911)	(45,748)	(9,116)		(12,040)	6,177
Other (income) expense, net	(1,524)	(2,762)	0	0	0	0	(2,762)	0	(4,286)	0		3,231	0
Loss on extinguishment of debt, net	0	0	0	0	0	0	0	0	0	0		0
Income before income from equity method investments and income taxes												(1,351)	(13,193)
Income (loss) from equity method investments													0
Tax provision	(2,751)	11,367	(2,602)	276	3,835	(1,661)	8,765	2,173	6,014	2,449		799	(12,541)
Net (loss) income	30,355	10,365	21,947	(1,108)	4,970	(5,082)	32,312	(112)	62,667	(1,220)		(2,150)	(652)
Net (loss) attributable to common stockholders	$ 30,355	$ 10,365	$ 21,947	$ (1,108)	$ 4,970	$ (5,082)	$ 32,312	$ (112)	$ 62,667	$ (1,220)		$ (2,150)	$ (652)
Net income (loss) per share – basic (in dollars per share)	$ 0.11	$ 0.03	$ 0.08	$ (0.01)	$ 0.03	$ (0.02)	$ 0.12	$ 0	$ 0.23	$ 0		$ (0.01)	$ 0
Net income (loss) per share – diluted (in dollars per share)	$ 0.11	$ 0.03	$ 0.08	$ 0	$ 0.02	$ (0.03)	$ 0.12	$ 0	$ 0.23	$ (0.01)		$ (0.01)	$ 0
Weighted average number of shares outstanding - basic (in shares)	0	0	0	0	0	0	0	0	0	0		0	0
Weighted average number of shares outstanding – diluted (in shares)	0	0	0	0	0	0	0	0	0	0		0	0
Other comprehensive (loss) income:
Currency translation adjustment	$ 0	$ (4,415)	$ 0	$ 0	$ 0	$ 0	$ (4,415)	$ 0	$ (4,415)	$ 0		$ 3,856	$ 559
Reclassification of net foreign currency translation adjustment realized upon sale of foreign subsidiary													0
Comprehensive (loss) income	30,355	5,950	21,947	(1,108)	4,970	(5,082)	27,897	(112)	58,252	(1,220)		1,706	(93)
Comprehensive (income) attributable to non-controlling interest	0	0	0	0	0	0	0	0	0	0		0	0
Comprehensive (loss) income attributable to stockholders	$ 30,355	$ 5,950	$ 21,947	$ (1,108)	$ 4,970	$ (5,082)	$ 27,897	$ (112)	$ 58,252	$ (1,220)		$ 1,706	$ (93)

Revenue recognition (As Restated) - Schedule of Performance Obligation (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 10,377,965
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	$ 530,896
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	$ 721,523
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	$ 710,471
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	$ 699,451
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	$ 698,801
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 7,016,823
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Significant accounting policies - Cloud Computing Costs (Details)	Dec. 31, 2025
Maximum
Finite-Lived Intangible Assets [Line Items]
Hosting arrangement, service contract, useful life (in years)	5 years
Minimum
Finite-Lived Intangible Assets [Line Items]
Hosting arrangement, service contract, useful life (in years)	3 years

- Definition

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

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+ Details

Inventory - Narrative (Details) $ in Thousands	12 Months Ended
Inventory - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Inventory Disclosure [Abstract]
Inventory write-down	$ 6,232

Debt (As Restated) - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 7,166,467
2027	185,163
2028	23,565
2029	25,207
2030	31,981
Thereafter	897,324
Total debt	8,329,707
Less: deferred finance charges	(150,788)
Total debt, net of deferred finance charges	$ 8,178,919	$ 8,900,908

Dispositions (As Restated) (Tables)

12 Months Ended

Dec. 31, 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	4,752
Total current assets	101,526
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	$	787,213

Liabilities
Current:
Accounts payable	$	8,922
Accrued liabilities	14,572
Current lease liabilities	19,805
Other current liabilities	6,208
Total current liabilities	49,507
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	$	219,178

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


	Year Ended December 31,
	2025		2024		2023

Income from continuing operations before taxes	$	13,634	$	57,646	$	67,608

- 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.

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+ Details

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	7. 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 consolidated financial statements. For the year ended December 31, 2025, the Company recognized results of the trading operation of $114,551, which was recorded as a reduction of cost within Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The local energy trader’s share of these results of $13,197 is included in Comprehensive income (loss) attributable to non-controlling interest in the Consolidated Statements of Operations and Comprehensive (Loss) Income. As of December 31, 2025, the Consolidated Balance Sheet includes a receivable of $56,632 from the energy trader.

Goodwill and intangible assets (As Restated)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets (As Restated)

18. Goodwill and intangible assets (As Restated)

Goodwill

The Company reviews the carrying values of goodwill at least annually to assess impairment, and the 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.

In the second quarter and the fourth quarter of 2025, the Company identified impairment triggering events due to the significant decline in the Company’s stock price and the sale of certain vessels to Energos as discussed in Note 16, respectively. Using level 3 inputs, the Company performed a quantitative assessment of the relevant 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 assessments, the Company recorded an impairment charge during the quarter ended June 30, 2025 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. The Company recorded an impairment charge during the quarter ended December 31, 2025 in the Ships reporting unit primarily as a result of a reduction in forecasted cash flows following the sale of certain vessels.

Below is a summary of the changes in the carrying value of goodwill by reportable segment for the year ended December 31, 2025 and 2024:


	Terminals and Infrastructure		Ships		Total
Balance at December 31, 2023 (As Restated)	$	777,202	$	15,938	$	793,140
Divestitures (1)	(10,410)		—		(10,410)
Balance at December 31, 2024 (As Restated)	$	766,792	$	15,938	$	782,730

Divestitures (2)	(184,620)		—		(184,620)
Impairment losses	(582,172)		(15,938)		(598,110)
Balance at December 31, 2025	$	—	$	—	$	—

(1) The Company allocated $10,410 of goodwill from the Terminal and Infrastructure reporting unit to the sale of the Miami Facility disposal group during the year ended December 31, 2024 on a relative fair value basis.

(2) The Company allocated $184,620 of goodwill from the Terminals and Infrastructure reporting unit to the sale of the Jamaica Business during the year ended December 31, 2025 on a relative fair value basis (See Note 6).

Intangible assets

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


	December 31, 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	$	(15,146)	$	(14,908)	$	131,991	17
Permits and development rights	61,894		(9,572)		1,574		53,896		34

Easements	660		(198)		—		462		30

Indefinite-lived intangible assets
Easements	1,191		—		56		1,247		n/a
Total intangible assets	$	225,790	$	(24,916)	$	(13,278)	$	187,596


	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

As of December 31, 2025 and 2024, the weighted-average remaining amortization periods for the intangible assets were 19.1 and 19.7 years, respectively. Amortization expense for the years ended December 31, 2025, 2024, and 2023 was $13,456, $9,004, and $953, respectively, which were inclusive of reductions in expense for the amortization of unfavorable contract liabilities.

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 decision of the High Court of Ireland. 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. As of December 31, 2025

and 2024, the net book value of permits, development rights and other easements to be used in the development of the Company’s development project in Shannon, Ireland was $37,288 and $34,053, respectively.

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


Year ended December 31:
2026	$	10,713
2027	10,713
2028	10,713
2029	10,713
2030	10,713
Thereafter	132,784
Total	$	186,349

Other Long-Term Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Other Long-Term Liabilities

23. Other Long-Term Liabilities (As Restated)

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


	December 31, 2025			December 31, 2024 (As Restated)
Guarantee liabilities	$	53,289		$	115,359
Derivative liabilities	2,579			19,917
Contract liability (Note 8)	9,750			11,750

Uncertain taxes (Note 24)	15,943		—	—
Other	10,730			20,139
Total other long-term liabilities	$	92,291		$	167,165

Guarantee liabilities primarily include the fair value of the obligation for the performance of the LNG supplier related to the LNG supply contract (Note 21)

Subsequent events (Details) - USD ($) $ in Thousands		12 Months Ended
Subsequent events (Details) - USD ($) $ in Thousands	Apr. 01, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 13, 2026
Subsequent Event [Line Items]
Proceeds from sale of turbines		$ 0	$ 58,336	$ 0
Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of turbines	$ 265,883
Lessor, lease not yet commenced, term	10 years
Subsequent Event \| EB-5 Loan, due July 2028
Subsequent Event [Line Items]
Fixed interest rate (in percent)					7.00%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Share-based compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based compensation

28. Share-based compensation

The Company has granted RSUs to select officers, employees and certain non-employees under the Incentive Plan. The fair value of RSUs on the grant date is estimated based on the closing price of the underlying shares on the grant date. The following table summarizes the RSU activity for the year ended December 31, 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	1,417,682	1.10
Vested	(2,212,770)	12.42
Forfeited	(511,040)	32.66
Non-vested RSUs as of December 31, 2025	273,674	$	32.66

The unvested RSUs as of December 31, 2025 vested in the first quarter of 2026, and there is no significant remaining unrecognized compensation cost as of December 31, 2025.

For the years ended December 31, 2025, 2024, and 2023, the Company recognized compensation costs associated with equity awards in the Consolidated Statements of Operations and Comprehensive (Loss) Income as follows:


	Year Ended December 31,
	2025		2024		2023
Operations and maintenance	$	58	$	250	$	—
Selling, general and administrative	14,488		50,375		1,574
Total share-based compensation expense	$	14,546	$	50,625	$	1,574

During 2024, the Company granted an equity award to certain employees that would settle in shares of a subsidiary owning the Company’s Brazilian operations. In the fourth quarter of 2025, the Company granted a new equity award that fully cancelled and replaced those vested and unvested restricted share units issued during 2024. Vesting of the new award is subject to the Brazilian operations meeting certain development milestones as defined in the agreement. The total expected compensation expense is recognized ratably for each vesting tranche over the respective vesting periods if it is probable that these milestones will be met. Total unrecognized compensation cost of $13,196 under the previous award, along with the incremental compensation cost of $5,406 resulted from the modification, will be recognized over the remaining service period, which is currently expected to conclude in the third quarter of 2027. Included in the table above are compensation expenses of $21,168 and $11,537 for the years ended December 31, 2025 and 2024, respectively, which does not reflect the impact of forfeitures. Unrecognized compensation cost from this equity award was $12,514 as of December 31, 2025.

During the years ended December 31, 2025 and 2024, the Company recognized a reversal of previous compensation expense of $14,025 and $13,584, respectively, due to the forfeiture of awards upon separation with certain employees. 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.

Restatement of Previously Issued Condensed Consolidated Financial Statements (Unaudited)

12 Months Ended

Dec. 31, 2025

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Condensed Consolidated Financial Statements (Unaudited)

1. Restatement of Previously Issued Financial Statements

Impact of the Restatement

applicable) periods ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2025, June 30, 2025, and September 30, 2025.

Restated Consolidated Balance Sheets


	As of December 31, 2023
	As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	155,414	$	—	$	155,414
Restricted cash	155,400		—		155,400
Receivables, net of allowances of $1,158	342,371		610		342,981
Inventory	113,684		2,500		116,184
Prepaid expenses and other current assets, net	213,104		(308)		212,796
Total current assets	979,973		2,802		982,775

Construction in progress	5,348,294		(5,921)		5,342,373
Property, plant and equipment, net	2,481,415		—		2,481,415
Equity method investments	137,793		—		137,793
Right-of-use assets	588,385		—		588,385
Intangible assets, net	51,815		—		51,815
Goodwill	776,760		16,380		793,140
Deferred tax assets, net	9,907		—		9,907
Other non-current assets, net	126,903		(1,069)		125,834
Total assets	$	10,501,245	$	12,192	$	10,513,437

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	292,625	$	—	$	292,625
Accounts payable	549,489		(3,321)		546,168
Accrued liabilities	471,675		14,608		486,283
Current lease liabilities	164,548		—		164,548
Other current liabilities	227,951		(14,759)		213,192
Total current liabilities	1,706,288		(3,472)		1,702,816

Long-term debt	6,510,523		—		6,510,523
Non-current lease liabilities	406,494		—		406,494
Deferred tax liabilities, net	44,444		15,757		60,201
Other long-term liabilities	55,627		—		55,627
Total liabilities	8,723,376		12,285		8,735,661



Stockholders’ equity
Class A common stock, $0.01 par value, 205.0 million issued and outstanding as of December 31, 2023	2,050		—		2,050
Additional paid-in capital	1,038,530		—		1,038,530
Retained earnings	527,986		(652)		527,334
Accumulated other comprehensive income	71,528		559		72,087
Total stockholders’ equity attributable to NFE	1,640,094		(93)		1,640,001
Non-controlling interest	137,775		—		137,775
Total stockholders’ equity	1,777,869		(93)		1,777,776
Total liabilities and stockholders’ equity	$	10,501,245	$	12,192	$	10,513,437


	As of December 31, 2024
	As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	492,881	$	—	$	492,881
Restricted cash	472,696		—		472,696
Receivables, net of allowances of $13,629 (as reported) and $15,651 (as restated)	335,813		(4,394)		331,419
Inventory	103,224		—		103,224
Prepaid expenses and other current assets, net	205,496		6,844		212,340
Total current assets	1,610,110		2,450		1,612,560


Construction in progress	3,574,389		(47,405)		3,526,984
Property, plant and equipment, net	5,842,807		86,112		5,928,919

Right-of-use assets	618,733		—		618,733
Intangible assets, net	179,510		—		179,510

Goodwill	766,350		16,380		782,730
Deferred tax assets, net	2,698		626		3,324
Other non-current assets, net	272,899		(2,434)		270,465
Total assets	$	12,867,496	$	55,729	$	12,923,225

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	539,132	$	—	$	539,132
Accounts payable	473,736		7,786		481,522
Accrued liabilities	391,359		43,322		434,681
Current lease liabilities	128,362		(5,200)		123,162
Other current liabilities	174,829		(312)		174,517
Total current liabilities	1,707,418		45,596		1,753,014

Long-term debt	8,355,703		6,073		8,361,776
Non-current lease liabilities	475,161		—		475,161
Deferred tax liabilities, net	73,198		1,640		74,838
Other long-term liabilities	166,358		807		167,165
Total liabilities	10,777,838		54,116		10,831,954

Series B convertible preferred stock, $0.01 par value, 96,746 shares authorized, issued and outstanding as of December 31, 2024; aggregate liquidation preference of $96,746 at December 31, 2024	90,570		—		90,570

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 266.5 million issued and outstanding as of December 31, 2024	2,664		—		2,664
Additional paid-in capital	1,674,312		—		1,674,312
Retained earnings	196,363		(2,802)		193,561
Accumulated other comprehensive income	3,089		4,415		7,504
Total stockholders’ equity attributable to NFE	1,876,428		1,613		1,878,041
Non-controlling interest	122,660		—		122,660
Total stockholders’ equity	1,999,088		1,613		2,000,701
Total liabilities and stockholders’ equity	$	12,867,496	$	55,729	$	12,923,225

Restated Consolidated Statements of Operations and Comprehensive (Loss) Income


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	2,060,212	$	—	$	2,060,212
Vessel charter revenue	276,843		(24,500)		252,343

Other revenue	76,241		1,809		78,050
Total revenues	2,413,296		(22,691)		2,390,605

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	877,451		1,770		879,221
Vessel operating expenses	45,439		—		45,439
Operations and maintenance	166,785		8,774		175,559
Selling, general and administrative	205,104		(1,719)		203,385
Transaction and integration costs	6,946		—		6,946
Depreciation and amortization	187,324		(25,900)		161,424
Asset impairment expense	10,958		—		10,958
Loss (gain) on sale of assets, net	(29,378)		1,400		(27,978)
Total operating expenses	1,470,629		(15,675)		1,454,954
Operating income	942,667		(7,016)		935,651
Interest expense	277,842		6,177		284,019
Other expense (income), net	10,408		—		10,408

Income before income from equity method investments and income taxes	654,417		(13,193)		641,224
Income from equity method investments	9,972		—		9,972
Tax provision (benefit)	115,513		(12,541)		102,972
Net income	548,876		(652)		548,224


Net income attributable to common stockholders	$	547,882	$	(652)	$	547,230

Net income per share – basic	$	2.66	$	—	$	2.66
Net income per share – diluted	$	2.65	$	—	$	2.65

Weighted average number of shares outstanding – basic	205,942,837		—		205,942,837
Weighted average number of shares outstanding – diluted	206,481,977		—		206,481,977

Other comprehensive income:
Currency translation adjustment	18,005		559		18,564
Reclassification of net foreign currency translation adjustment realized upon sale of foreign subsidiary	(1,457)		—		(1,457)
Comprehensive income	565,424		(93)		565,331
Comprehensive (income) attributable to non-controlling interest	(1,412)		—		(1,412)
Comprehensive income attributable to stockholders	$	564,012	$	(93)	$	563,919


	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	1,698,348	$	(884)	$	1,697,464
Vessel charter revenue	212,609		(3,223)		209,386
Contract novation income	295,558		—		295,558
Other revenue	158,345		(1,809)		156,536
Total revenues	2,364,860		(5,916)		2,358,944

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	1,064,667		514		1,065,181
Vessel operating expenses	33,372		—		33,372
Operations and maintenance	174,313		(3,550)		170,763
Selling, general and administrative	285,520		7,858		293,378
Transaction and integration costs	12,279		—		12,279
Depreciation and amortization	162,014		(3,223)		158,791
Asset impairment expense	16,494		—		16,494
Loss on sale of assets, net	77,562		2,645		80,207
Total operating expenses	1,826,221		4,244		1,830,465
Operating income	538,639		(10,160)		528,479
Interest expense	328,377		(12,040)		316,337
Other expense (income), net	113,077		3,231		116,308
Loss on extinguishment of debt, net	270,063		—		270,063
(Loss) before income taxes	(172,878)		(1,351)		(174,229)

Tax provision	69,509		799		70,308
Net (loss)	(242,387)		(2,150)		(244,537)

Net (loss) attributable to common stockholders	$	(270,106)	$	(2,150)	$	(272,256)

Net (loss) per share – basic	$	(1.24)	$	(0.01)	$	(1.25)
Net (loss) per share – diluted	$	(1.25)	$	(0.01)	$	(1.26)

Weighted average number of shares outstanding – basic	217,578,487		—		217,578,487
Weighted average number of shares outstanding – diluted	218,622,419		—		218,622,419

Other comprehensive (loss) income:
Currency translation adjustment	(69,468)		3,856		(65,612)

Comprehensive (loss)	(311,855)		1,706		(310,149)
Comprehensive (income) attributable to non-controlling interest	(5,623)		—		(5,623)
Comprehensive (loss) income attributable to stockholders	$	(317,478)	$	1,706	$	(315,772)

Restated Consolidated Statements of Changes in Stockholders’ Equity



	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of December 31, 2022	—	—	208,770,088	2,088	1,170,254	62,080	55,398	152,039	1,441,859
Net income	—	—	—	—	—	547,882	—	994	548,876
Other comprehensive income	—	—	—	—	—	—	16,130	418	16,548
Share-based compensation expense	—	—	—	—	1,573	—	—	—	1,573
Acquisition and cancellation of shares	—	—	(4,100,000)	(41)	(123,778)	—	—	—	(123,819)
Issuance of shares for vested share-based compensation awards	—	—	689,401	3	—	—	—	—	3
Shares withheld from employees related to share-based compensation, at cost	—	—	(328,083)	—	(9,519)	—	—	—	(9,519)
Dividends	—	—	—	—	—	(81,976)	—	(15,676)	(97,652)
Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869

2023 Adjustments
Net income (loss)	—	—	—	—	—	(652)	—	—	(652)
Other comprehensive income (loss)	—	—	—	—	—	—	559	—	559
Total Adjustments	—	—	—	—	—	(652)	559	—	(93)

As Restated
Balance as of December 31, 2022	—	—	208,770,088	2,088	1,170,254	62,080	55,398	152,039	1,441,859
Net income (loss)	—	—	—	—	—	547,230	—	994	548,224
Other comprehensive income (loss)	—	—	—	—	—	—	16,689	418	17,107
Share-based compensation expense	—	—	—	—	1,573	—	—	—	1,573
Class A stock issued, net of issuance costs	—	—	(4,100,000)	(41)	(123,778)	—	—	—	(123,819)
Issuance of shares for vested share-based compensation awards	—	—	689,401	3	—	—	—	—	3
Shares withheld from employees related to share-based compensation, at cost	—	—	(328,083)	—	(9,519)	—	—	—	(9,519)


Issuance of preferred stock and deemed dividend (Note 4)	—	—	—	—	—	(81,976)	—	(15,676)	(97,652)
Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776



	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869
Net income (loss)	—	—	—	—	—	(249,039)	—	6,652	(242,387)
Other comprehensive income (loss)	—	—	—	—	—	—	(68,439)	(1,029)	(69,468)
Share-based compensation expense	—	—	—	—	50,625	—	—	—	50,625
Class A stock issued, net of issuance costs	—	—	61,389,733	614	562,201	—	—	—	562,815
Issuance of shares for vested share-based compensation awards	—	—	54,035	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(16,081)	—	(435)	—	—	—	(435)
Issuance of preferred stock and deemed dividend	96,746	107,189	—	—	6,772	(17,605)	—	—	(10,833)
Conversion of Series B convertible preferred stock	—	(16,619)	—	—	16,619	—	—	—	16,619
Dividends	—	—	—	—	—	(64,979)	—	(20,738)	(85,717)
Balance as of December 31, 2024 (As Reported)	96,746	90,570	266,459,093	2,664	1,674,312	196,363	3,089	122,660	1,999,088

2024 Adjustments
Balance as of December 31, 2023	—	—	—	—	—	(652)	559	—	(93)
Net income (loss)	—	—	—	—	—	(2,150)	—	—	(2,150)
Other comprehensive income (loss)	—	—	—	—	—	—	3,856	—	3,856
Total Adjustments	—	—	—	—	—	(2,802)	4,415	—	1,613


As Restated


Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776
Net income (loss)	—	—	—	—	—	(251,189)	—	6,652	(244,537)
Other comprehensive income (loss)	—	—	—	—	—	—	(64,583)	(1,029)	(65,612)
Share-based compensation expense	—	—	—	—	50,625	—	—	—	50,625
Class A stock issued, net of issuance costs	—	—	61,389,733	614	562,201	—	—	—	562,815
Issuance of shares for vested share-based compensation awards	—	—	54,035	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(16,081)	—	(435)	—	—	—	(435)
Issuance of preferred stock and deemed dividend	96,746	107,189	—	—	6,772	(17,605)	—	—	(10,833)
Conversion of Series B convertible preferred stock	—	(16,619)	—	—	16,619	—	—	—	16,619
Dividends	—	—	—	—	—	(64,979)	—	(20,738)	(85,717)
Balance as of December 31, 2024 (As Restated)	96,746	90,570	266,459,093	2,664	1,674,312	193,561	7,504	122,660	2,000,701

Restated Consolidated Statements of Cash Flows


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Cash flows from operating activities
Net income	$	548,876	$	(652)	$	548,224
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	6,589		—		6,589
Depreciation and amortization	187,324		(25,900)		161,424







Deferred taxes	14,938		(1,126)		13,812

Share-based compensation	1,573		—		1,573
Asset impairment expense	10,958		—		10,958
Earnings recognized from vessels chartered to third parties transferred to Energos	(156,997)		—		(156,997)

Gain on sale of assets, net	(29,378)		1,400		(27,978)


Other	51,493		25,562		77,055
Changes in operating assets and liabilities:
(Increase) in receivables	(41,019)		(610)		(41,629)
(Increase) in inventories	(39,790)		(2,500)		(42,290)
Decrease in other assets	41,828		1,377		43,205
Decrease in right-of-use assets	83,537		—		83,537
Increase in accounts payable/accrued liabilities	78,065		11,030		89,095

(Decrease) in lease liabilities	(74,576)		—		(74,576)
Increase in other liabilities	141,335		(14,758)		126,577
Net cash provided by operating activities	824,756		(6,177)		818,579

Cash flows from investing activities
Capital expenditures	(3,029,834)		110,066		(2,919,768)



Sale of equity method investment	100,000		—		100,000
Asset sales	16,464		—		16,464

Other investing activities	9,227		—		9,227
Net cash used in investing activities	(2,904,143)		110,066		(2,794,077)

Cash flows from financing activities
Proceeds from borrowings of debt	3,005,387		9,180		3,014,567
Payments made for capital expenditures paid beyond customary vendor payment terms			(103,889)		(103,889)
Payment of deferred financing costs	(37,806)		—		(37,806)
Repayment of debt	(686,508)		(9,180)		(695,688)

Payment of dividends	(723,962)		—		(723,962)
Other financing activities	(28,161)		—		(28,161)
Net cash provided by financing activities	1,528,950		(103,889)		1,425,061

Impact of changes in foreign exchange rates on cash and cash equivalents	6,168		—		6,168
Net decrease in cash, cash equivalents and restricted cash	(544,269)		—		(544,269)
Cash, cash equivalents and restricted cash – beginning of period	855,083		—		855,083
Cash, cash equivalents and restricted cash – end of period	$	310,814	$	—	$	310,814

	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Cash paid for interest, net of capitalized interest	$	100,304	$	6,177	$	106,481
Cash paid for taxes	52,897		—		52,897


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
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	$	322,598	$	256	$	322,854
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	738,163		256		738,419
Consideration received on asset sale	27,704		—		27,704
Principal payments on financing obligation paid to Energos by third party charters	(66,866)		—		(66,866)
Shares received in Hilli Exchange	(122,754)		—		(122,754)
Investment in Energos	1,501		—		1,501


	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Cash flows from operating activities
Net loss	$	(242,387)	$	(2,150)	$	(244,537)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	33,173		(1,860)		31,313
Depreciation and amortization	162,525		(3,223)		159,302

Deferred taxes	5,466		(8,798)		(3,332)
Share-based compensation	50,625		—		50,625
Asset impairment expense	16,494		—		16,494
Earnings recognized from vessels chartered to third parties transferred to Energos	(95,487)		—		(95,487)
Loss on sale of assets, net	77,562		2,645		80,207
Loss on extinguishment of debt	270,063		—		270,063
Other	158,025		7,951		165,976
Changes in operating assets and liabilities:
Decrease in receivables	64,726		2,983		67,709
(Increase) in inventories	(2,751)		2,500		(251)
(Increase) in other assets	(65,445)		(5,788)		(71,233)
Decrease in right-of-use assets	164,136		—		164,136
Increase in accounts payable/accrued liabilities	187,792		6,371		194,163
(Decrease) in lease liabilities	(160,604)		—		(160,604)
(Decrease) in other liabilities	(37,171)		14,833		(22,338)
Net cash provided by operating activities	586,742		15,464		602,206

Cash flows from investing activities
Capital expenditures	(2,621,234)		490,593		(2,130,641)
Sale of equity method investment	136,365		—		136,365
Asset sales	328,999		—		328,999
Sale of Miami Facility	58,336		—		58,336
Other investing activities	22,887		—		22,887
Net cash used in investing activities	(2,074,647)		490,593		(1,584,054)

Cash flows from financing activities
Proceeds from borrowings of debt	5,865,299		—		5,865,299
Payments made for capital expenditures paid beyond customary vendor payment terms	—		(506,057)		(506,057)
Payment of deferred financing costs	(146,722)		—		(146,722)
Repayment of debt	(3,801,034)		—		(3,801,034)
Issuance of Class A stock	386,583		—		386,583
Payment of dividends	(65,310)		—		(65,310)
Other financing activities	(14,248)		—		(14,248)
Net cash provided by financing activities	2,224,568		(506,057)		1,718,511

Impact of changes in foreign exchange rates on cash and cash equivalents	(81,900)		—		(81,900)


Net increase in cash, cash equivalents and restricted cash	654,763		—		654,763
Cash, cash equivalents and restricted cash – beginning of period	310,814		—		310,814
Cash, cash equivalents and restricted cash – end of period	$	965,577	$	—	$	965,577



	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Cash paid for interest, net of capitalized interest	$	105,784	$	(15,466)	$	90,318
Cash paid for taxes	27,932		—		27,932

	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Supplemental disclosure of non-cash investing and financing activities:
Changes in accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	$	(267,366)	$	30,805	$	(236,561)
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	463,657		30,805		494,462
Principal payments on financing obligation paid to Energos by third party charters	(21,731)		—		(21,731)
Accrued dividend	20,507		—		20,507
Preferred shares issued and debt assumed in PortoCem acquisition	(125,198)		—		(125,198)
Fair value of contingent payments in the Lins acquisition	8,080		—		8,080
Deemed dividend related to Series B preferred stock	(17,605)		—		(17,605)
Non-cash financing costs	181,928		—		181,928

33. Restatement of Previously Issued Condensed Consolidated Financial Statements (Unaudited)

Consolidated Balance Sheets


	As of March 31, 2024						As of June 30, 2024						As of September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	143,457	$	—	$	143,457	$	132,960	$	—	$	132,960	$	90,842	$	—	$	90,842
Restricted cash	171,476		—		171,476		164,888		—		164,888		145,881		—		145,881
Receivables, net of allowances	335,313		(2,897)		332,416		406,779		(2,897)		403,882		435,883		(1,199)		434,684
Inventory	186,584		—		186,584		141,723		—		141,723		88,095		—		88,095
Prepaid expenses and other current assets, net	201,953		(757)		201,196		277,983		(12,501)		265,482		273,255		(17,501)		255,754
Total current assets	1,038,783		(3,654)		1,035,129		1,124,333		(15,398)		1,108,935		1,033,956		(18,700)		1,015,256

Construction in progress	5,797,511		(13,237)		5,784,274		6,301,162		4,661		6,305,823		7,051,297		4,492		7,055,789
Property, plant and equipment, net	2,175,882		—		2,175,882		2,144,838		1,628		2,146,466		2,134,987		—		2,134,987

Right-of-use assets	726,391		—		726,391		673,424		6,574		679,998		640,978		6,574		647,552
Intangible assets, net	211,854		—		211,854		207,731		—		207,731		206,266		—		206,266
Goodwill	776,760		16,380		793,140		776,760		16,380		793,140		776,760		16,380		793,140
Deferred tax assets, net	27,549		—		27,549		43,023		(17,600)		25,423		13,380		—		13,380
Other non-current assets, net	125,632		(1,812)		123,820		137,106		(1,694)		135,412		112,272		(2,771)		109,501
Total assets	$	10,880,362	$	(2,323)	$	10,878,039	$	11,408,377	$	(5,449)	$	11,402,928	$	11,969,896	$	5,975	$	11,975,871

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	291,518	$	—	$	291,518	$	236,147	$	—	$	236,147	$	1,145,865	$	—	$	1,145,865
Accounts payable	524,535		(676)		523,859		572,746		276		573,022		819,544		(3,691)		815,853


Accrued liabilities	417,612		5,024		422,636		384,476		3,752		388,228		373,882		2,534		376,416
Current lease liabilities	147,793		—		147,793		120,873		4,161		125,034		120,949		4,161		125,110
Other current liabilities	185,415		(17,253)		168,162		250,558		(13,956)		236,602		248,825		(16,043)		232,782
Total current liabilities	1,566,873		(12,905)		1,553,968		1,564,800		(5,767)		1,559,033		2,709,065		(13,039)		2,696,026
Long-term debt	6,734,860		—		6,734,860		7,392,811		—		7,392,811		6,863,123		6,623		6,869,746
Non-current lease liabilities	552,619		—		552,619		521,225		2,366		523,591		494,222		2,366		496,588
Deferred tax liabilities, net	93,083		15,757		108,840		97,936		(1,843)		96,093		66,226		15,757		81,983
Other long-term liabilities	36,645		—		36,645		46,492		—		46,492		50,250		(4,419)		45,831
Total liabilities	8,984,080		2,852		8,986,932		9,623,264		(5,244)		9,618,020		10,182,886		7,288		10,190,174


Series A convertible preferred stock, $0.01 par value, 96,746 shares authorized, issued and outstanding as of March 31, June 30 and September 30, 2024; aggregate liquidation preference of $96,746 at March 31, June 30 and September 30, 2024	96,655		—		96,655		97,845		—		97,845		96,555		—		96,555

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 205.0 million issued and outstanding as of March 31, 2024; 205.1 million issued and outstanding as of June 30, 2024; 205.1 million issued and outstanding as of September 30, 2024	2,050		—		2,050		2,050		—		2,050		2,050		—		2,050
Additional paid-in capital	1,043,652		—		1,043,652		1,063,426		—		1,063,426		1,085,950		—		1,085,950
Retained earnings	561,422		(5,734)		555,688		450,871		(764)		450,107		438,502		(1,872)		436,630
Accumulated other comprehensive income	64,179		559		64,738		43,653		559		44,212		37,141		559		37,700
Total stockholders’ equity attributable to NFE	1,671,303		(5,175)		1,666,128		1,560,000		(205)		1,559,795		1,563,643		(1,313)		1,562,330
Non-controlling interest	128,324		—		128,324		127,268		—		127,268		126,812		—		126,812
Total stockholders’ equity	1,799,627		(5,175)		1,794,452		1,687,268		(205)		1,687,063		1,690,455		(1,313)		1,689,142
Total liabilities and stockholders’ equity	$	10,880,362	$	(2,323)	$	10,878,039	$	11,408,377	$	(5,449)	$	11,402,928	$	11,969,896	$	5,975	$	11,975,871

Quarterly Consolidated Statements of Operations and Comprehensive (Loss) Income


	Three Months Ended March 31, 2024						Three Months Ended June 30, 2024						Three Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues

Operating revenue	$	609,504	$	—	$	609,504	$	291,222	$	—	$	291,222	$	446,048	$	—	$	446,048
Vessel charter revenue	46,655		(832)		45,823		52,416		(832)		51,584		59,668		(727)		58,941
Other revenue	34,162		(3,507)		30,655		84,368		—		84,368		61,819		1,697		63,516
Total Revenues	690,321		(4,339)		685,982		428,006		(832)		427,174		567,535		970		568,505

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	229,117		(1,206)		227,911		221,860		(47)		221,813		325,292		—		325,292
Vessel operating expenses	8,396		—		8,396		8,503		—		8,503		8,254		—		8,254
Operations and maintenance	68,548		(2,887)		65,661		39,292		(6,213)		33,079		32,062		2,777		34,839
Selling, general and administrative	70,754		(2,717)		68,037		70,578		3,023		73,601		82,388		(1,043)		81,345
Transaction and integration costs	1,371		—		1,371		1,760		—		1,760		3,154		—		3,154
Depreciation and amortization	50,491		(832)		49,659		37,413		(832)		36,581		35,364		(727)		34,637
Asset impairment expense	—		—		—		4,272		11,744		16,016		1,484		—		1,484
(Gain) loss on sale	77,140		2,645		79,785		—		—		—		—		—		—

Total operating expenses	505,817		(4,997)		500,820		383,678		7,675		391,353		487,998		1,007		489,005
Operating (loss) income	184,504		658		185,162		44,328		(8,507)		35,821		79,537		(37)		79,500

Interest expense	77,344		7,401		84,745		80,399		(17,312)		63,087		71,107		795		71,902
Other (income) expense, net	19,112		—		19,112		47,354		—		47,354		(5,836)		—		(5,836)
Loss on extinguishment of debt, net	9,754		—		9,754		—		—		—		—		—		—
(Loss) income before income taxes	78,294		(6,743)		71,551		(83,425)		8,805		(74,620)		14,266		(832)		13,434
Tax provision	21,624		(1,661)		19,963		3,435		3,835		7,270		2,953		276		3,229
Net (loss) income	56,670		(5,082)		51,588		(86,860)		4,970		(81,890)		11,313		(1,108)		10,205

Net (loss) income attributable to common stockholders	$	53,939	$	(5,082)	$	48,858	$	(90,044)	$	4,970	$	(85,075)	$	8,138	$	(1,108)	$	7,030



Net (loss) income per share – basic	$	0.26	$	(0.02)	$	0.24	$	(0.44)	$	0.03	$	(0.41)	$	0.04	$	(0.01)	$	0.03
Net (loss) income per share – diluted	$	0.26	$	(0.03)	$	0.23	$	(0.44)	$	0.02	$	(0.42)	$	0.03	$	—	$	0.03

Weighted average number of shares outstanding – basic	205,061,967		—		205,061,967		205,070,756		—		205,070,756		205,071,771		—		205,071,771
Weighted average number of shares outstanding – diluted	205,977,720		—		205,977,720		205,851,364		—		205,851,364		208,880,044		—		208,880,044

Other comprehensive (loss) income:
Currency translation adjustment	(7,708)		—		(7,708)		(20,557)		—		(20,557)		(5,963)		—		(5,963)
Comprehensive (loss) income	48,962		(5,082)		43,880		(107,417)		4,970		(102,447)		5,350		(1,108)		4,242
Comprehensive (income) attributable to non-controlling interest	(2,230)		—		(2,230)		(1,963)		—		(1,963)		(2,563)		—		(2,563)
Comprehensive (loss) income attributable to stockholders	$	46,732	$	(5,082)	$	41,650	$	(109,380)	$	4,970	$	(104,410)	$	2,787	$	(1,108)	$	1,679


	Six Months Ended June 30, 2024						Nine Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues

Operating revenue	$	900,726	$	—	$	900,726	$	1,346,774	$	—	$	1,346,774
Vessel charter revenue	99,071		(1,664)		97,407		158,739		(2,391)		156,348
Other revenue	118,530		(3,507)		115,023		180,349		(1,809)		178,540
Total Revenues	1,118,327		(5,171)		1,113,156		1,685,862		(4,200)		1,681,662

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	450,977		(1,252)		449,725		776,269		(1,252)		775,017
Vessel operating expenses	16,899		—		16,899		25,153		—		25,153
Operations and maintenance	107,840		(9,101)		98,739		139,902		(6,323)		133,579
Selling, general and administrative	141,332		307		141,639		223,720		(736)		222,984
Transaction and integration costs	3,131		—		3,131		6,285		—		6,285
Depreciation and amortization	87,904		(1,664)		86,240		123,268		(2,391)		120,877


Asset impairment expense	4,272		11,744		16,016		5,756		11,744		17,500
(Gain) loss on sale	77,140		2,645		79,785		77,140		2,645		79,785

Total operating expenses	889,495		2,679		892,174		1,377,493		3,687		1,381,180
Operating income	228,832		(7,850)		220,982		308,369		(7,887)		300,482

Interest expense	157,743		(9,911)		147,832		228,850		(9,116)		219,734
Other (income) expense, net	66,466		—		66,466		60,630		—		60,630
Loss on extinguishment of debt, net	9,754		—		9,754		9,754		—		9,754
(Loss) income before income taxes	(5,131)		2,061		(3,070)		9,135		1,229		10,364
Tax provision	25,059		2,173		27,232		28,012		2,449		30,461
Net (loss)	(30,190)		(112)		(30,302)		(18,877)		(1,220)		(20,097)

Net (loss) attributable to common stockholders	$	(36,105)	$	(112)	$	(36,217)	$	(27,967)	$	(1,220)	$	(29,187)

Net (loss) per share – basic	$	(0.18)	$	—	$	(0.18)	$	(0.14)	$	—	$	(0.14)
Net (loss) per share – diluted	$	(0.18)	$	—	$	(0.18)	$	(0.15)	$	(0.01)	$	(0.16)

Weighted average number of shares outstanding – basic	205,066,362		$	—	205,066,362		205,068,178		—		205,068,178
Weighted average number of shares outstanding – diluted	205,846,970		—		205,846,970		206,836,683		—		206,836,683

Other comprehensive (loss) income:
Currency translation adjustment	(28,265)		—		(28,265)		(34,228)		—		(34,228)
Comprehensive (loss)	(58,455)		(112)		(58,567)		(53,105)		(1,220)		(54,325)
Comprehensive (income) attributable to non-controlling interest	(4,193)		—		(4,193)		(6,756)		—		(6,756)
Comprehensive (loss) attributable to stockholders	$	(62,648)	$	(112)	$	(62,760)	$	(59,861)	$	(1,220)	$	(61,081)

Consolidated Statements of Changes in Stockholders’ Equity

Three Months Ended March 31, 2024

Series A convertible preferred stock

Class A common stock

Additional
paid-in
capital

Accumulated
deficit

Accumulated
other
comprehensive
(loss) income

Non-controlling
Interest

Total
stockholders’
equity

As Reported

Amount


Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869
Net income (loss)	—	—	—	—	—	54,081	—	2,589	56,670
Other comprehensive income (loss)	—	—	—	—	—	—	(7,349)	(359)	(7,708)
Share-based compensation expense	—	—	—	—	5,248	—	—	—	5,248
Issuance of shares for vested share-based compensation awards	—	—	14,126	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(3,708)	—	(126)	—	—	—	(126)
Issuance of Series A convertible preferred stock, net	96,746	96,513	—	—	—	—	—	—	—
Dividends	—	142	—	—	—	(20,645)	—	(11,681)	(32,326)
Balance as of March 31, 2024 (As Reported)	96,746	96,655	205,041,824	2,050	1,043,652	561,422	64,179	128,324	1,799,627

Adjustments
Balance as of December 31, 2023	—	—	—	—	—	(652)	559	—	(93)
Net income (loss)	—	—	—	—	—	(5,082)	—	—	(5,082)

Total Adjustments	—	—	—	—	—	(5,734)	559	—	(5,175)

As Restated
Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776
Net income (loss)	—	—	—	—	—	48,999	—	2,589	51,588
Other comprehensive income (loss)	—	—	—	—	—	—	(7,349)	(359)	(7,708)
Share-based compensation expense	—	—	—	—	5,248	—	—	—	5,248
Issuance of shares for vested share-based compensation awards	—	—	14,126	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(3,708)	—	(126)	—	—	—	(126)


Issuance of Series A convertible preferred stock, net	96,746	96,513		—		—		—		—		—		—	—
Dividends	—	142		—		—		—		(20,645)		—		(11,681)	(32,326)
Balance as of March 31, 2024 (As Restated)	96,746	96,655		205,041,824		2,050		1,043,652		555,688		64,738		128,324	1,794,452

	Three Months Ended June 30, 2024
	Series A convertible preferred stock			Class A common stock				Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive (loss) income		Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount		Shares		Amount
Balance as of March 31, 2024 (As Reported)	96,746	96,655		205,041,824		2,050		1,043,652		561,422		64,179		128,324	1,799,627
Net income (loss)	—	—		—		—		—		(88,854)		—		1,994	(86,860)
Other comprehensive income (loss)	—	—		—		—		—		—		(20,526)		(31)	(20,557)
Share-based compensation expense	—	—		—		—		20,064		—		—		—	20,064
Issuance of shares for vested share-based compensation awards	—	—		34,578		—		—		—		—		—	—
Shares withheld from employees related to share-based compensation, at cost	—	—		(11,074)		—		(290)		—		—		—	(290)
Dividends	—	1,190				—		—		(21,697)		—		(3,019)	(24,716)
Balance as of June 30, 2024 (As Reported)	96,746	97,845		205,065,328		2,050		1,063,426		450,871		43,653		127,268	1,687,268

Adjustments
Balance as of March 31, 2024	—	—		—		—		—		(5,734)		559		—	(5,175)
Net income (loss)	—	—		—		—		—		4,970		—		—	4,970

Total Adjustments	—	—		—		—		—		(764)		559		—	(205)

As Restated
Balance as of March 31, 2024 (As Restated)	96,746	96,655	—	205,041,824	—	2,050	—	1,043,652	—	555,688	—	64,738	—	128,324	1,794,452
Net income (loss)	—	—		—		—		—		(83,884)		—		1,994	(81,890)
Other comprehensive income (loss)	—	—		—		—		—		—		(20,526)		(31)	(20,557)
Share-based compensation expense	—	—		—		—		20,064		—		—		—	20,064


Issuance of shares for vested share-based compensation awards		—	—	34,578	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost		—	—	(11,074)	—	(290)	—	—	—	(290)
Dividends		—	1,190	—	—	—	(21,697)	—	(3,019)	(24,716)
Balance as of June 30, 2024 (As Restated)		96,746	97,845	205,065,328	2,050	1,063,426	450,107	44,212	127,268	1,687,063

		Three Months Ended September 30, 2024
		Series A convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported		Shares	Amount	Shares	Amount
Balance as of June 30, 2024 (As Reported)		96,746	97,845	205,065,328	2,050	1,063,426	450,871	43,653	127,268	1,687,268
Net income (loss)	Net income (loss)	—	—	—	—	—	9,299	—	2,014	11,313
Other comprehensive income (loss)	Other comprehensive income (loss)	—	—	—	—	—	—	(6,512)	549	(5,963)
Share-based compensation expense	Share-based compensation expense	—	—	—	—	22,543	—	—	—	22,543
Issuance of shares for vested share-based compensation awards	Issuance of shares for vested share-based compensation awards	—	—	5,331	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	Shares withheld from employees related to share-based compensation, at cost	—	—	(1,299)	—	(19)	—	—	—	(19)
Dividends	Dividends	—	(1,290)	—	—	—	(21,668)	—	(3,019)	(24,687)
Balance as of September 30, 2024 (As Reported)		96,746	96,555	205,069,360	2,050	1,085,950	438,502	37,141	126,812	1,690,455

Adjustments
Balance as of June 30, 2024		—	—	—	—	—	(764)	559	—	(205)
Net income (loss)		—	—	—	—	—	(1,108)	—	—	(1,108)

Total Adjustments		—	—	—	—	—	(1,872)	559	—	(1,313)

As Restated


Balance as of June 30, 2024 (As Restated)	96,746	97,845	205,065,328	2,050	1,063,426	450,107	44,212	127,268	1,687,063
Net income (loss)	—	—	—	—	—	8,191	—	2,014	10,205
Other comprehensive income (loss)	—	—	—	—	—	—	(6,512)	549	(5,963)
Share-based compensation expense	—	—	—	—	22,543	—	—	—	22,543
Issuance of shares for vested share-based compensation awards	—	—	5,331	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(1,299)	—	(19)	—	—	—	(19)
Dividends	—	(1,290)	—	—	—	(21,668)	—	(3,019)	(24,687)
Balance as of September 30, 2024 (As Restated)	96,746	96,555	205,069,360	2,050	1,085,950	436,630	37,700	126,812	1,689,142

Restated Consolidated Statements of Cash Flows


	Three Months Ended March 31, 2024						Six Months Ended June 30, 2024						Nine Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated

Cash flows from operating activities
Net income (loss)	$	56,670	$	(5,082)	$	51,588	$	(30,190)	$	(112)	$	(30,302)	$	(18,877)	$	(1,220)	$	(20,097)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	4,751		—		4,751		13,835		1,436		15,271		18,841		—		18,841
Depreciation and amortization	50,491		(832)		49,659		88,400		(1,664)		86,736		123,981		(2,391)		121,590
Deferred taxes	(6,822)		—		(6,822)		(13,860)		—		(13,860)		(14,155)		—		(14,155)
Share-based compensation	5,248		—		5,248		25,312		—		25,312		47,855		—		47,855
Asset impairment expense	—		—		—		4,272		11,744		16,016		5,756		11,744		17,500
Loss on sale of assets	77,140		2,645		79,785		77,140		2,645		79,785		77,140		2,645		79,785
Loss on extinguishment of debt	9,754		—		9,754		9,754		—		9,754		9,754		—		9,754
Earnings recognized from vessels chartered to third parties transferred to Energos	(23,952)		—		(23,952)		(51,674)		—		(51,674)		(72,539)		—		(72,539)
Other	26,756		833		27,589		22,930		1,607		24,537		50,026		2,344		52,370


Changes in operating assets and liabilities:
(Increase) in receivables	(8,656)	3,507	(5,149)	(114,030)		3,507	(110,523)	(95,928)	1,809	(94,119)
(Increase) decrease in inventories	(85,539)	2,500	(83,039)	(62,815)		2,500	(60,315)	23,132	2,500	25,632
(Increase) in other assets	(19,394)	1,191	(18,203)	(91,251)		1,073	(90,178)	(53,989)	7,150	(46,839)
Decrease in right-of-use assets	57,190	—	57,190	111,561		—	111,561	145,371	—	145,371
Increase in accounts payable/accrued liabilities	63,208	(9,328)	53,880	255,337		(9,648)	245,689	30,168	(14,833)	15,335
(Decrease) in lease liabilities	(62,090)	—	(62,090)	(126,311)		—	(126,311)	(150,251)	—	(150,251)
(Decrease) increase in other liabilities	(74,705)	(2,494)	(77,199)	44,558		803	45,361	19,915	921	20,836
Net cash provided by operating activities	70,050	(7,060)	62,990	162,968		13,891	176,859	146,200	10,669	156,869

Cash flows from investing activities
Capital expenditures	(683,449)	162,524	(520,925)	(1,346,385)		218,421	(1,127,964)	(1,781,278)	306,263	(1,475,015)
Sale of equity method investment	136,365	—	136,365	136,365	—	—	136,365	136,365	—	136,365
Asset sales	328,999	—	328,999	328,999		—	328,999	328,999	—	328,999
Other investing activities	(1,695)	—	(1,695)	(1,694)		—	(1,694)	7,360	—	7,360
Net cash used in investing activities	(219,780)	162,524	(57,256)	(882,715)		218,421	(664,294)	(1,308,554)	306,263	(1,002,291)


Cash flows from financing activities
Proceeds from borrowings of debt	2,164,687	—	2,164,687	3,037,127		—	3,037,127	3,594,229	—	3,594,229
Payments made for capital expenditures paid beyond customary vendor payment terms	—	(155,464)	(155,464)	—		(232,312)	(232,312)	—	(316,932)	(316,932)
Payment of deferred financing costs	(25,781)	—	(25,781)	(37,983)		—	(37,983)	(76,759)	—	(76,759)
Repayment of debt	(1,944,044)	—	(1,944,044)	(2,202,722)		—	(2,202,722)	(2,342,847)	—	(2,342,847)
Payment of dividends	(32,326)	—	(32,326)	(55,710)		—	(55,710)	(61,322)	—	(61,322)
Other financing activities	(4,919)	—	(4,919)	(5,033)		—	(5,033)	(12,424)	—	(12,424)


Net cash provided by financing activities	157,617		(155,464)		2,153		735,679		(232,312)		503,367		1,100,877		(316,932)		783,945
Impact of changes in foreign exchange rates on cash and cash equivalents	(3,768)		—		(3,768)		(28,898)		—		(28,898)		(12,614)		—		(12,614)
Net increase (decrease) in cash, cash equivalents and restricted cash	4,119		—		4,119		(12,966)		—		(12,966)		(74,091)		—		(74,091)
Cash, cash equivalents and restricted cash – beginning of period	310,814		—		310,814		310,814		—		310,814		310,814		—		310,814
Cash, cash equivalents and restricted cash – end of period	$	314,933	$	—	$	314,933	$	297,848	$	—	$	297,848	$	236,723	$	—	$	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	$	(117,304)	$	(256)	$	(117,560)	$	(162,056)	$	(256)	$	(162,312)	$	134,069	$	(256)	$	133,813
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	623,318		—		623,318		609,009		—		609,009		877,210		—		877,210
Principal payments on financing obligation to Energos by third party charters	(2,912)		—		(2,912)		(6,445)		—		(6,445)		(6,108)		—		(6,108)
Fair value of contingent payments in the Lins Acquisition	—		—		—		—		—		—		8,080		—		8,080
Class A convertible preferred stock issued and debt assumed in the PortoCem Acquisition	(125,198)		—		(125,198)		(125,195)		—		(125,195)		(125,198)		—		(125,198)

Restated Condensed Consolidated Balance Sheets (Unaudited)

As of March 31, 2025

As of June 30, 2025

As of September 30, 2025

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

Assets


Current assets
Cash and cash equivalents	$	447,862	$	—	$	447,862	$	551,109	$	—	$	551,109	$	145,237	$	—	$	145,237
Restricted cash	379,537		—		379,537		270,298		—		270,298		244,104		—		244,104
Receivables, net of allowances	273,136		(1,199)		271,937		269,405		694		270,099		419,761		3,499		423,260
Inventory	66,695		—		66,695		74,000		—		74,000		109,279		(647)		108,632
Assets held for sale - current	104,553		—		104,553		—		—		—		—		—		—
Prepaid expenses and other current assets, net	201,925		2,774		204,699		317,687		8,209		325,896		415,421		12,030		427,451
Total current assets	1,473,708		1,575		1,475,283		1,482,499		8,903		1,491,402		1,333,802		14,882		1,348,684

Construction in progress	3,901,113		32,390		3,933,503		4,072,291		55,888		4,128,179		4,222,750		75,086		4,297,836
Property, plant and equipment, net	5,545,980		4,170		5,550,150		5,539,901		(3,101)		5,536,800		5,543,873		(1,640)		5,542,233
Right-of-use assets	465,939		—		465,939		437,548		—		437,548		418,383		—		418,383
Intangible assets, net	188,118		—		188,118		194,752		—		194,752		195,821		—		195,821
Goodwill	594,256		14,408		608,664		15,938		—		15,938		15,938		—		15,938
Deferred tax assets, net	6,848		626		7,474		155		626		781		6,559		626		7,185
Assets held for sale - non-current	633,654		1,972		635,626		—		—		—		—		—		—
Other non-current assets, net	218,464		(830)		217,634		214,246		125		214,371		168,481		330		168,811
Total assets	$	13,028,080	$	54,311	$	13,082,391	$	11,957,330	$	62,441	$	12,019,771	$	11,905,607	$	89,284	$	11,994,891

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	260,848	$	—	$	260,848	$	1,181,559	$	—	$	1,181,559	$	6,579,321	$	—	$	6,579,321
Accounts payable	655,073		2,707		657,780		578,835		934		579,769		632,777		2,440		635,217
Accrued liabilities	268,083		19,873		287,956		253,043		29,966		283,009		488,905		22,089		510,994
Current lease liabilities	82,442		(5,200)		77,242		79,060		(5,200)		73,860		63,700		—		63,700
Liabilities held for sale - current	35,894		—		35,894		—		—		—		—		—		—
Other current liabilities	171,342		879		172,221		108,807		(443)		108,364		189,057		(2,718)		186,339
Total current liabilities	1,473,682		18,259		1,491,941		2,201,304		25,257		2,226,561		7,953,760		21,811		7,975,571
Long-term debt	8,931,506		5,492		8,936,998		7,805,260		4,951		7,810,211		2,335,994		4,001		2,339,995
Non-current lease liabilities	355,050		—		355,050		341,509		—		341,509		328,071		—		328,071
Deferred tax liabilities, net	51,359		1,792		53,151		61,770		908		62,678		53,227		6,117		59,344
Liabilities held for sale - non-current	135,398		—		135,398		—		—		—		—		—		—


Other long-term liabilities	168,851		5,208		174,059		154,139		1,815		155,954		110,471		(2,510)		107,961
Total liabilities	11,115,846		30,751		11,146,597		10,563,982		32,931		10,596,913		10,781,523		29,419		10,810,942


Series B convertible preferred stock, $0.01 par value, 36,746, 36,746 and — shares authorized, issued and outstanding as of March 31, June 30 and September 30, 2025; aggregate liquidation preference of $36,746, $36,746 and $— at March 31, June 30 and September 30, 2025	40,708		—		40,708		41,154		—		41,154		—		—		—

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 273.8 million issued and outstanding as of March 31, 2025; 274.2 million issued and outstanding as of June 30, 2025; 284.6 million issued and outstanding as of September 30, 2025	2,738		—		2,738		2,742		—		2,742		2,846		—		2,846
Additional paid-in capital	1,722,829		—		1,722,829		1,725,985		—		1,725,985		1,772,580		—		1,772,580
(Accumulated deficit)	(3,766)		19,145		15,379		(558,397)		29,510		(528,887)		(858,057)		59,865		(798,192)
Accumulated other comprehensive income	26,671		4,415		31,086		59,426		—		59,426		78,025		—		78,025
Total stockholders’ equity attributable to NFE	1,748,472		23,560		1,772,032		1,229,756		29,510		1,259,266		995,394		59,865		1,055,259
Non-controlling interest	123,054		—		123,054		122,438		—		122,438		128,690		—		128,690
Total stockholders’ equity	1,871,526		23,560		1,895,086		1,352,194		29,510		1,381,704		1,124,084		59,865		1,183,949
Total liabilities and stockholders’ equity	$	13,028,080	$	54,311	$	13,082,391	$	11,957,330	$	62,441	$	12,019,771	$	11,905,607	$	89,284	$	11,994,891

Restated Quarterly Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated


Revenues
Operating revenue	$	384,881	$	—	$	384,881	$	227,204	$	884	$	228,088	$	240,318	$	—	$	240,318
Vessel charter revenue	45,436		—		45,436		46,739		—		46,739		61,048		—		61,048
Contract novation revenue	—		1,746		1,746		—		1,693		1,693		—		1,570		1,570
Other revenue	40,219		—		40,219		27,749		(169)		27,580		26,001		2,974		28,975
Total Revenues	470,536		1,746		472,282		301,692		2,408		304,100		327,367		4,544		331,911

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	302,377		—		302,377		208,852		(690)		208,162		196,908		—		196,908
Vessel operating expenses	7,176		—		7,176		8,056		12		8,068		7,297		—		7,297
Operations and maintenance	54,957		(17)		54,940		59,817		(2,414)		57,403		58,520		(1,219)		57,301
Selling, general and administrative	59,271		(7,451)		51,820		57,256		(697)		56,559		86,050		417		86,467
Transaction and integration costs	11,931		—		11,931		75,384		(30)		75,354		19,649		30		19,679
Depreciation and amortization	53,057		3,254		56,311		52,870		—		52,870		50,474		(1,144)		49,330
Goodwill impairment expense	—		—		—		582,172		—		582,172		—		—		—
Asset impairment expense	246		—		246		117,312		5,571		122,883		10,353		(5,571)		4,782
(Gain) loss on sale	—		—		—		(472,699)		1,705		(470,994)		1,705		(1,705)		—
Total operating expenses	489,015		(4,214)		484,801		689,020		3,457		692,477		430,956		(9,192)		421,764
Operating (loss)	(18,479)		5,960		(12,519)		(387,328)		(1,049)		(388,377)		(103,589)		13,736		(89,853)
Interest expense	213,694		(13,385)		200,309		206,408		(20,019)		186,389		210,562		(12,344)		198,218
Other (income) expense, net	(63,937)		—		(63,937)		(56,262)		(2,762)		(59,024)		(29,042)		(1,524)		(30,566)
Loss on extinguishment of debt, net	467		—		467		20,320		—		20,320		—		—		—
(Loss) before income taxes	(168,703)		19,345		(149,358)		(557,794)		21,732		(536,062)		(285,109)		27,604		(257,505)
Tax provision	28,670		(2,602)		26,068		(967)		11,367		10,400		8,247		(2,751)		5,496
Net (loss)	(197,373)		21,947		(175,426)		(556,827)		10,365		(546,462)		(293,356)		30,355		(263,001)

Net (loss) attributable to common stockholders	$	(200,129)	$	21,947	$	(178,182)	$	(555,077)	$	10,365	$	(544,712)	$	(299,970)	$	30,355	$	(269,615)

Net (loss) per share – basic	$	(0.73)	$	0.08	$	(0.65)	$	(2.02)	$	0.03	$	(1.99)	$	(1.07)	$	0.11	$	(0.96)


Net (loss) per share – diluted	$	(0.73)	$	0.08	$	(0.65)	$	(2.02)	$	0.03	$	(1.99)	$	(1.07)	$	0.11	$	(0.96)

Weighted average number of shares outstanding – basic	273,609,766		—		273,609,766		274,371,636		—		274,371,636		281,121,646		—		281,121,646
Weighted average number of shares outstanding – diluted	273,609,766		—		273,609,766		274,371,636		—		274,371,636		281,121,646		—		281,121,646

Other comprehensive (loss) income:
Currency translation adjustment	24,253		—		24,253		34,335		(4,415)		29,920		18,547		—		18,547
Comprehensive (loss)	(173,120)		21,947		(151,173)		(522,492)		5,950		(516,542)		(274,809)		30,355		(244,454)
Comprehensive (income) attributable to non-controlling interest	(2,879)		—		(2,879)		616		—		616		(6,252)		—		(6,252)
Comprehensive (loss) attributable to stockholders	$	(175,999)	$	21,947	$	(154,052)	$	(521,876)	$	5,950	$	(515,926)	$	(281,061)	$	30,355	$	(250,706)

Year to Date Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited)


	Six Months Ended June 30, 2025						Nine Months Ended September 30, 2025
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	612,085	$	884	$	612,969	$	852,403	$	884	$	853,287
Vessel charter revenue	92,175		—		92,175		153,223		—		153,223
Contract novation revenue	—		3,439		3,439		—		5,009		5,009
Other revenue	67,968		(169)		67,799		93,969		2,805		96,774
Total Revenues	772,228		4,154		776,382		1,099,595		8,698		1,108,293

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	511,229		(690)		510,539		708,137		(690)		707,447
Vessel operating expenses	15,232		12		15,244		22,529		12		22,541
Operations and maintenance	114,774		(2,431)		112,343		173,294		(3,650)		169,644


Selling, general and administrative	116,527		(8,148)		108,379		202,577		(7,731)		194,846
Transaction and integration costs	87,315		(30)		87,285		106,964		—		106,964
Depreciation and amortization	105,927		3,254		109,181		156,401		2,110		158,511
Goodwill impairment expense	582,172		—		582,172		582,172		—		582,172
Asset impairment expense	117,558		5,571		123,129		127,911		—		127,911
(Gain) loss on sale	(472,699)		1,705		(470,994)		(470,994)		—		(470,994)
Total operating expenses	1,178,035		(757)		1,177,278		1,608,991		(9,949)		1,599,042
Operating (loss)	(405,807)		4,911		(400,896)		(509,396)		18,647		(490,749)
Interest expense	420,102		(33,404)		386,698		630,664		(45,748)		584,916
Other (income) expense, net	(120,199)		(2,762)		(122,961)		(149,241)		(4,286)		(153,527)
Loss on extinguishment of debt, net	20,787		—		20,787		20,787		—		20,787
(Loss) before income taxes	(726,497)		41,077		(685,420)		(1,011,606)		68,681		(942,925)
Tax provision	27,703		8,765		36,468		35,950		6,014		41,964
Net (loss)	(754,200)		32,312		(721,888)		(1,047,556)		62,667		(984,889)

Net (loss) attributable to common stockholders	$	(755,206)	$	32,312	$	(722,894)	$	(1,055,176)	$	62,667	$	(992,509)

Net (loss) per share – basic	$	(2.76)	$	0.12	$	(2.64)	$	(3.82)	$	0.23	$	(3.59)
Net (loss) per share – diluted	$	(2.76)	$	0.12	$	(2.64)	$	(3.82)	$	0.23	$	(3.59)

Weighted average number of shares outstanding – basic	273,996,219		—		273,996,219		276,381,199		—		276,381,199
Weighted average number of shares outstanding – diluted	273,996,219		—		273,996,219		276,381,199		—		276,381,199

Other comprehensive (loss) income:
Currency translation adjustment	58,588		(4,415)		54,173		77,135		(4,415)		72,720
Comprehensive (loss)	(695,612)		27,897		(667,715)		(970,421)		58,252		(912,169)
Comprehensive (income) attributable to non-controlling interest	(2,263)		—		(2,263)		(8,515)		—		(8,515)
Comprehensive (loss) attributable to stockholders	$	(697,875)	$	27,897	$	(669,978)	$	(978,936)	$	58,252	$	(920,684)

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

Three Months Ended March 31, 2025


	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of Balance as of December 31, 2024 (As Reported)	96,746	90,570	266,459,093	2,664	1,674,312	196,363	3,089	122,660	1,999,088
Net income (loss)	—	—	—	—	—	(199,581)	—	2,208	(197,373)
Other comprehensive income (loss)	—	—	—	—	—	—	23,582	671	24,253
Share-based compensation expense	—	—	—	—	(229)	—	—	—	(229)
Class A stock issued, net of issuance costs	—	—	661,207	7	363	—	—	—	370
Acquisition of non-controlling interest	—	—	—	—	(1,356)	—	—	534	(822)
Issuance of shares for vested share-based compensation awards	—	—	31,814	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(13,086)	—	(159)	—	—	—	(159)
Issuance of preferred stock and deemed dividend	—	—	—	—	—	—	—	—	—
Conversion of Series B convertible preferred stock	(60,000)	(49,969)	6,651,511	67	49,898	—	—	—	49,965
Dividends	—	107	—	—	—	(548)	—	(3,019)	(3,567)
Balance as of Balance as of March 31, 2025 (As Reported)	36,746	40,708	273,790,539	2,738	1,722,829	(3,766)	26,671	123,054	1,871,526


Adjustments
Balance as of December 31, 2024	—	—	—	—	—	(2,802)	4,415	—	1,613
Net income (loss)	—	—	—	—	—	21,947	—	—	21,947

Total Adjustments	—	—	—	—	—	19,145	4,415	—	23,560

As Restated


Balance as of Balance as of December 31, 2024 (As Restated)	96,746	90,570	266,459,093	2,664	1,674,312	193,561	7,504	122,660	2,000,701
Net income (loss)	—	—	—	—	—	(177,634)	—	2,208	(175,426)
Other comprehensive income (loss)	—	—	—	—	—	—	23,582	671	24,253
Share-based compensation expense	—	—	—	—	(229)	—	—	—	(229)
Class A stock issued, net of issuance costs	—	—	661,207	7	363	—	—	—	370
Acquisition of non-controlling interest	—	—	—	—	(1,356)	—	—	534	(822)
Issuance of shares for vested share-based compensation awards	—	—	31,814	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(13,086)	—	(159)	—	—	—	(159)
Issuance of preferred stock and deemed dividend	—	—	—	—	—	—	—	—	—
Conversion of Series B convertible preferred stock	(60,000)	(49,969)	6,651,511	67	49,898	—	—	—	49,965
Dividends	—	107	—	—	—	(548)	—	(3,019)	(3,567)
Balance as of Balance as of March 31, 2025 (As Restated)	36,746	40,708	273,790,539	2,738	1,722,829	15,379	31,086	123,054	1,895,086


	Three Months Ended June 30, 2025
	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of March 31, 2025 (As Reported)	36,746	40,708	273,790,539	2,738	1,722,829	(3,766)	26,671	123,054	1,871,526
Net income (loss)	—	—	—	—	—	(554,631)	—	(2,196)	(556,827)
Other comprehensive income (loss)	—	—	—	—	—	—	32,755	1,580	34,335
Share-based compensation expense	—	—	—	—	5,250	—	—	—	5,250


Issuance of shares for vested share-based compensation awards	—	—	720,642	7	—	—	—	—	7
Shares withheld from employees related to share-based compensation, at cost	—	—	(309,718)	(3)	(1,648)	—	—	—	(1,651)
Dividends	—	446	—	—	(446)	—	—	—	(446)
Balance as of June 30, 2025 (As Reported)	36,746	41,154	274,201,463	2,742	1,725,985	(558,397)	59,426	122,438	1,352,194

Adjustments
Balance as of March 31, 2025	—	—	—	—	—	19,145	4,415	—	23,560
Net income (loss)	—	—	—	—	—	10,365	—	—	10,365
Other comprehensive income (loss)	—	—	—	—	—	—	(4,415)	—	(4,415)
Total Adjustments	—	—	—	—	—	29,510	—	—	29,510

As Restated
Balance as of March 31, 2025 (As Restated)	36,746	40,708	273,790,539	2,738	1,722,829	15,379	31,086	123,054	1,895,086
Net income (loss)	—	—	—	—	—	(544,266)	—	(2,196)	(546,462)
Other comprehensive income (loss)	—	—	—	—	—	—	28,340	1,580	29,920
Share-based compensation expense	—	—	—	—	5,250	—	—	—	5,250
Issuance of shares for vested share-based compensation awards	—	—	720,642	7	—	—	—	—	7
Shares withheld from employees related to share-based compensation, at cost	—	—	(309,718)	(3)	(1,648)	—	—	—	(1,651)
Dividends	—	446	—	—	(446)	—	—	—	(446)
Balance as of June 30, 2025 (As Restated)	36,746	41,154	274,201,463	2,742	1,725,985	(528,887)	59,426	122,438	1,381,704


	Three Months Ended September 30, 2025


	Series B convertible preferred stock		Class A common stock				Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares		Amount
Balance as of June 30, 2025 (As Reported)	36,746	41,154	274,201,463		2,742		1,725,985	(558,397)	59,426	122,438	1,352,194
Net income (loss)	—	—	—		—		—	(299,660)	—	6,304	(293,356)
Other comprehensive income (loss)	—	—	—		—		—	—	18,599	(52)	18,547
Share-based compensation expense	—	—	—		—		5,544	—	—	—	5,544
Conversion of Series B convertible preferred stock	(36,746)	(41,464)	10,351,348	—	104	—	41,361	—	—	—	41,465
Dividends	—	310	—		—		(310)	—	—	—	(310)
Balance as of September 30, 2025 (As Reported)	—	—	284,552,811		2,846		1,772,580	(858,057)	78,025	128,690	1,124,084

Adjustments
Balance as of June 30, 2025	—	—	—		—		—	29,510	—	—	29,510
Net income (loss)	—	—	—		—		—	30,355	—	—	30,355
Other comprehensive income (loss)	—	—	—		—		—	—	—	—	—
Total Adjustments	—	—	—		—		—	59,865	—	—	59,865

As Restated
Balance as of June 30, 2025 (As Restated)	36,746	41,154	274,201,463		2,742		1,725,985	(528,887)	59,426	122,438	1,381,704
Net income (loss)	—	—	—		—		—	(269,305)	—	6,304	(263,001)
Other comprehensive income (loss)	—	—	—		—		—	—	18,599	(52)	18,547
Share-based compensation expense	—	—	—		—		5,544	—	—	—	5,544
Conversion of Series B convertible preferred stock	(36,746)	(41,464)	10,351,348		104		41,361	—	—	—	41,465
Dividends	—	310	—		—		(310)	—	—	—	(310)
Balance as of September 30, 2025 (As Restated)	—	—	284,552,811		2,846		1,772,580	(798,192)	78,025	128,690	1,183,949

Consolidated Cash Flow Statements


	Three Months Ended March 31, 2025						Six Months Ended June 30, 2025						Nine Months Ended September 30, 2025
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Cash flows from operating activities

Net loss	$	(197,373)	$	21,947	$	(175,426)	$	(754,200)	$	32,312	$	(721,888)	$	(1,047,556)	$	62,667	$	(984,889)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	23,841		7,383		31,224		36,231		6,842		43,073		47,452		8,027		55,479
Depreciation and amortization	63,353		3,254		66,607		124,531		3,254		127,785		183,377		2,110		185,487
Deferred taxes	(4,740)		152		(4,588)		590		11,232		11,822		(15,495)		13,342		(2,153)
Share-based compensation	—		—		—		5,021		—		5,021		10,565		—		10,565
Goodwill impairment expense	—		—		—		582,172		—		582,172		582,172		—		582,172
Asset impairment expense	246		—		246		117,558		5,571		123,129		127,911		—		127,911
(Gain) on sale of assets	—		—		—		(472,699)		1,705		(470,994)		(470,994)		—		(470,994)
Loss on extinguishment of debt	467		—		467		20,787		—		20,787		20,787		—		20,787
(Earnings) recognized from vessels chartered to third parties transferred to Energos	(13,082)		—		(13,082)		(23,329)		—		(23,329)		(24,856)		—		(24,856)
Other	(31,189)		(3,718)		(34,907)		(10,703)		(3,719)		(14,422)		(659)		(3,720)		(4,379)
Changes in operating assets and liabilities:
(Increase) in receivables	(7,001)		(1,174)		(8,175)		(14,951)		(1,366)		(16,317)		(164,452)		(4,172)		(168,624)
Decrease (increase) in inventories	7,622		—		7,622		6,112		—		6,112		(27,653)		647		(27,006)


(Increase) in other assets	(1,074)		2,466	1,392	(31,961)	(5,409)	(37,370)	(81,184)	(7,950)	(89,134)
Decrease in right-of-use assets	30,848		—	30,848	32,772	—	32,772	51,738	—	51,738
Increase in accounts payable/accrued liabilities	130,433		(3,470)	126,963	98,782	2,971	101,753	326,521	4,483	331,004
(Decrease) in amounts due to affiliates			—	—	—	—	—	—	—	—
(Decrease) in lease liabilities	(42,888)		—	(42,888)	(39,857)	—	(39,857)	(67,816)	—	(67,816)
Increase (decrease) in other liabilities	8,832		(2,372)	6,460	(61,012)	(5,428)	(66,440)	(25,045)	(7,468)	(32,513)
Net cash (used in) provided by operating activities	$	(31,705)	24,468	(7,237)	(384,156)	47,965	(336,191)	(575,187)	67,966	(507,221)

Cash flows from investing activities
Capital expenditures	(340,470)		85,373	(255,097)	(652,798)	151,068	(501,730)	(758,457)	166,252	(592,205)
Sale of Jamaica Business	—		—	—	949,456	—	949,456	949,456	—	949,456
Other investing activities	4,555		—	4,555	4,791	—	4,791	4,654	—	4,654
Net cash used in (provided by) investing activities	(335,915)		85,373	(250,542)	301,449	151,068	452,517	195,653	166,252	361,905


Cash flows from financing activities
Proceeds from borrowings of debt	901,733		—	901,733	1,316,864	—	1,316,864	1,375,495	—	1,375,495
Payments made for capital expenditures paid beyond customary vendor payment terms	—		(109,841)	(109,841)	—	(199,033)	(199,033)	—	(234,218)	(234,218)
Payment of deferred financing costs	(26,093)		—	(26,093)	(27,774)	—	(27,774)	(27,781)	—	(27,781)


Repayment of debt	(664,062)		—		(664,062)		(1,390,187)		—		(1,390,187)		(1,592,321)		—		(1,592,321)

Payment of dividends	(3,460)		—		(3,460)		(3,014)		—		(3,014)		(3,019)		—		(3,019)
Other financing activities	(3,662)		—		(3,662)		(6,317)		—		(6,317)		(6,644)		—		(6,644)
Net cash provided by (used in) financing activities	204,456		(109,841)		94,615		(110,428)		(199,033)		(309,461)		(254,270)		(234,218)		(488,488)
Impact of changes in foreign exchange rates on cash and cash equivalents	34,332		—		34,332		48,965		—		48,965		57,568		—		57,568
Net (decrease) increase in cash, cash equivalents and restricted cash	(128,832)		—		(128,832)		(144,170)		—		(144,170)		(576,236)		—		(576,236)
Cash, cash equivalents and restricted cash – beginning of period	965,577		—		965,577		965,577		—		965,577		965,577		—		965,577
Cash, cash equivalents and restricted cash – end of period	$	836,745	$	—	$	836,745	$	821,407	$	—	$	821,407	$	389,341	$	—	$	389,341

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	$	(62,874)	$	(25,058)	$	(87,932)	(161,057)		$	(25,058)	$	(186,115)	(163,921)		$	(31,061)	$	(194,982)
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	366,358		6,003		372,361		266,191		6,003		272,194		295,174		—		295,174
Principal payments on financing obligation to Energos by third party charters	(9,871)		—		(9,871)		(17,027)		—		(17,027)		(16,567)		—		(16,567)
Proceeds held in escrow	—		—		—		98,635		—		98,635		98,635		—		98,635

Customer concentrations (As Restated)

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Customer concentrations (As Restated)

30. Customer concentrations (As Restated)

For the year ended December 31, 2025, revenue from one significant customer constituted approximately 30% of total revenue, or $444,021; no other customers comprised more than 10% of our revenue. For the year ended December 31, 2024, revenue from three significant customers constituted approximately 48% of the total revenue. These three customers

each constituted revenues of $433,972, $395,209, and $295,558, respectively. For the year ended December 31, 2023, revenue from two significant customers constituted 47% of the total revenue. These customers each constituted revenues of $755,841 and $371,389, respectively. These customers’ revenues are included in the Company’s Terminals and Infrastructure segment.

During the years ended December 31, 2025, 2024 and 2023, revenue from external customers that were derived from customers located in the United States were $567,802, $1,043,845 and $1,062,487, respectively, and from customers outside of the United States were $936,235, $1,318,322, and $1,352,618, respectively. The Company attributes revenue from customers to the country in which the party to the applicable agreement has its principal place of business.

The table below shows long-lived assets, which are all non-current assets excluding long-term receivables, deposits, investment in equity securities, deferred tax assets, goodwill, and intangible assets, by country, and for those countries with significant long-lived assets:


(in thousands)	December 31, 2025		December 31, 2024 (As Restated)
Long-lived assets
United States	$	1,397,828	$	1,661,913
Mexico	4,148,176		4,355,753
Brazil	1,944,315		1,225,969
Other foreign countries	1,441,334		2,980,545
Total long-lived assets	$	8,931,653	$	10,224,180

Long-lived assets located in Mexico includes the Company’s FLNG 1 project, which operates in Mexican waters.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Segments (As Restated) - Schedule of Reconciliation of Net loss to Operating Margin (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Net (loss) income	$ (263,001)	$ (546,462)	$ (175,426)	$ 10,205	$ (81,890)	$ 51,588	$ (721,888)	$ (30,302)	$ (984,889)	$ (20,097)	$ (1,831,953)	$ (244,537)	$ 548,224
Add:
Selling, general and administrative	86,467	56,559	51,820	81,345	73,601	68,037	108,379	141,639	194,846	222,984	307,442	293,378	203,385
Transaction and integration costs	19,679	75,354	11,931	3,154	1,760	1,371	87,285	3,131	106,964	6,285	161,756	12,279	6,946
Depreciation and amortization	49,330	52,870	56,311	34,637	36,581	49,659	109,181	86,240	158,511	120,877	203,508	158,791	161,424
Interest expense	198,218	186,389	200,309	71,902	63,087	84,745	386,698	147,832	584,916	219,734	777,845	316,337	284,019
(Gain) loss on sale	0	(470,994)	0	0	0	79,785	(470,994)	79,785	(470,994)	79,785	(670,938)	80,207	(27,978)
Other income (expense), net	(30,566)	(59,024)	(63,937)	(5,836)	47,354	19,112	(122,961)	66,466	(153,527)	60,630	(147,593)	116,308	10,408
Tax provision	5,496	10,400	26,068	3,229	7,270	19,963	36,468	27,232	41,964	30,461	61,350	70,308	102,972
Asset impairment expense	4,782	122,883	246	1,484	16,016	0	123,129	16,016	127,911		860,865	16,494	10,958
Goodwill impairment expense	0	582,172	0				582,172		582,172		598,110	0	0
Loss on extinguishment of debt, net	$ 0	$ 20,320	$ 467	$ 0	$ 0	$ 9,754	$ 20,787	$ 9,754	$ 20,787	$ 9,754	19,937	270,063	0
(Earnings) losses of equity method investees											0	0	(9,972)
Consolidated Segment Operating Margin											$ 340,329	$ 1,089,628	$ 1,290,386

Equity method investments - Schedule of Changes in Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Equity Method Investments [Roll Forward]
Equity method investments as of beginning of period	$ 0	$ 137,793
Capital contributions	0	6,794
Sale of equity method investments	0	(144,587)
Equity method investments as of end of period	$ 0	$ 0

- Definition

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

+ References + Details

Share-based compensation - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 14,546	$ 50,625	$ 1,574
Operations and maintenance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	58	250	0
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 14,488	$ 50,375	$ 1,574

- 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 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Line Items]
Tax expense, Pillar Two											$ 8,632
Income taxes paid												$ 27,932	$ 52,897
Offset percentage of future taxable income											80.00%
Deferred tax assets, operating loss carryforwards, foreign											$ 983,111
Deferred tax assets, operating loss carryforwards, subject to expiration											320,558
Deferred tax assets, operating loss carryforwards, subject to non expiration											$ 662,553
Foreign tax rate differential												69.00%	(12.50%)
Effective income tax rate reconciliation, (in percent)											(3.50%)	(40.40%)	15.80%
Tax provision	$ 5,496	$ 10,400	$ 26,068	$ 3,229	$ 7,270	$ 19,963	$ 36,468	$ 27,232	$ 41,964	$ 30,461	$ 61,350	$ 70,308	$ 102,972
Minimum
Income Tax Disclosure [Line Items]
Tax examinations open period in other foreign jurisdictions (in years)											4 years
Maximum
Income Tax Disclosure [Line Items]
Tax examinations open period in other foreign jurisdictions (in years)											6 years
Domestic Tax Jurisdiction
Income Tax Disclosure [Line Items]
Operating loss carryforwards											$ 261,466
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Operating loss carryforwards											4,867
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Operating loss carryforwards annual limitation											$ 5,431
Puerto Rico
Income Tax Disclosure [Line Items]
Foreign tax rate differential											4.00%
Effective income tax rate reconciliation, (in percent)											4.00%
Tax provision											$ 27,823	$ 142,776
Income (loss) from continuing operations, per diluted share (in dollars per share)											$ 0.10	$ (0.65)

Commitments and Contingencies (Details) R$ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 BRL (R$)	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, damages sought, value	$ 68,200	R$ 375,700	$ 32,900
Litigation settlement, counterclaim			7,200
Litigation settlement, fee expense	91,000	501,000	46,200
Litigation settlement, counterclaim expense	72,700	400,100	6,500
Litigation settlement, penalty	110,900	610,000
Accrued liabilities	52,421		0
Accrued litigation	52,421		$ 0
Plaintiffs claiming damages, expenses	$ 112	R$ 616,300

Related party transactions	12 Months Ended
Related party transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related party transactions	29. 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 $802, $6,822 and $5,845 for the years ended December 31, 2025, 2024 and 2023, respectively. Costs associated with the Administrative Agreement are included within Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive (Loss) Income. As of December 31, 2025 and 2024, $738 and $6,755 were due to Fortress, respectively. In addition to administrative services, Mr. Edens owns an aircraft that the Company charters from a third party operator for business purposes in the ordinary course of operations. The Company incurred, at aircraft operator rates, charter costs of $1,837, $2,126 and $2,784 for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, $318 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 years ended December 31, 2025, 2024 and 2023, rent and office related expenses of $1,592, $1,080 and $913 were incurred by these affiliates, respectively. As of December 31, 2025 and 2024, $4,263 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 $912 and $2,702 for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2025 and 2024, $3,614 was due to Fortress affiliated entities. Land leases Prior to the sale of the Company’s Miami Facility in the fourth quarter of 2024, the Company leased land from Florida East Coast Industries, LLC (“FECI”), which is controlled by funds managed by an affiliate of Fortress. The Company recognized expense related to the land lease of $349 and $505 during the years ended December 31, 2024 and 2023, respectively, which was included within Operations and maintenance in the Consolidated Statements of Operations and Comprehensive (Loss) Income. No amounts are due to FECI as of December 31, 2025 and 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 $731, $731, and $—, during the years ended December 31, 2025, 2024, and 2023, respectively, which was included within Operations and maintenance in the Consolidated Statements of Operations and Comprehensive (Loss) Income. As of December 31, 2025, the right-of-use asset balance is $0 after recognizing an impairment charge during the year (Refer to Note 17), and the lease liability balance is $4,813 on the 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 Consolidated Balance Sheets. DevTech investment In 2018, the Company entered into a consulting arrangement with DevTech Environment Limited (“DevTech”) to provide business development services to increase the customer base of the Company. DevTech also contributed cash consideration in exchange for a 10% interest in a consolidated subsidiary. The 10% interest was reflected as non-controlling interest in the Company’s consolidated financial statements. 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 approximately $0, $537 and $424 in expense within Selling, general and administrative for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 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
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-Name Accounting Standards Codification
-Section 50
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-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Significant accounting policies - Taxation (Details) - USD ($)	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Significant accounting policies [Line Items]
Deferred tax assets, net	$ 0	$ 7,185,000	$ 781,000	$ 7,474,000	$ 3,324,000	$ 13,380,000	$ 25,423,000	$ 27,549,000	$ 9,907,000
Deferred tax liabilities	559,689,000				$ 647,273,000
GILTI
Significant accounting policies [Line Items]
Deferred tax assets, net	0
Deferred tax liabilities	$ 0

Restatement of Previously Issued Condensed Consolidated Financial Statements (Unaudited) - Consolidated Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 226,453	$ 145,237	$ 551,109	$ 447,862	$ 492,881	$ 90,842	$ 132,960	$ 143,457	$ 155,414
Restricted cash	130,489	244,104	270,298	379,537	472,696	145,881	164,888	171,476	155,400
Receivables, net of allowances	451,962	423,260	270,099	271,937	331,419	434,684	403,882	332,416	342,981
Inventory	119,447	108,632	74,000	66,695	103,224	88,095	141,723	186,584	116,184
Assets held for sale - current		0	0	104,553
Prepaid expenses and other current assets, net	400,347	427,451	325,896	204,699	212,340	255,754	265,482	201,196	212,796
Total current assets	1,328,698	1,348,684	1,491,402	1,475,283	1,612,560	1,015,256	1,108,935	1,035,129	982,775
Construction in progress	3,593,971	4,297,836	4,128,179	3,933,503	3,526,984	7,055,789	6,305,823	5,784,274	5,342,373
Property, plant and equipment, net	4,892,737	5,542,233	5,536,800	5,550,150	5,928,919	2,134,987	2,146,466	2,175,882	2,481,415
Right-of-use assets	411,817	418,383	437,548	465,939	618,733	647,552	679,998	726,391	588,385
Intangible assets, net	187,596	195,821	194,752	188,118	179,510	206,266	207,731	211,854	51,815
Goodwill	0	15,938	15,938	608,664	782,730	793,140	793,140	793,140	793,140
Deferred tax assets, net	0	7,185	781	7,474	3,324	13,380	25,423	27,549	9,907
Assets held for sale - non-current		0	0	635,626
Other non-current assets, net	140,804	168,811	214,371	217,634	270,465	109,501	135,412	123,820	125,834
Total assets	10,555,623	11,994,891	12,019,771	13,082,391	12,923,225	11,975,871	11,402,928	10,878,039	10,513,437
Current liabilities
Current portion of long-term debt and short-term borrowings		6,579,321	1,181,559	260,848		1,145,865	236,147	291,518	292,625
Accounts payable	731,619	635,217	579,769	657,780	481,522	815,853	573,022	523,859	546,168
Accrued liabilities	597,776	510,994	283,009	287,956	434,681	376,416	388,228	422,636	486,283
Current lease liabilities	72,257	63,700	73,860	77,242	123,162	125,110	125,034	147,793	164,548
Liabilities held for sale - current		0	0	35,894
Other current liabilities	177,809	186,339	108,364	172,221	174,517	232,782	236,602	168,162	213,192
Total current liabilities	8,652,938	7,975,571	2,226,561	1,491,941	1,753,014	2,696,026	1,559,033	1,553,968	1,702,816
Long-term debt	1,105,442	2,339,995	7,810,211	8,936,998	8,361,776	6,869,746	7,392,811	6,734,860	6,510,523
Non-current lease liabilities	318,819	328,071	341,509	355,050	475,161	496,588	523,591	552,619	406,494
Deferred tax liabilities, net	76,502	59,344	62,678	53,151	74,838	81,983	96,093	108,840	60,201
Liabilities held for sale - non-current		0	0	135,398
Other long-term liabilities	92,291	107,961	155,954	174,059	167,165	45,831	46,492	36,645	55,627
Total liabilities	10,245,992	10,810,942	10,596,913	11,146,597	10,831,954	10,190,174	9,618,020	8,986,932	8,735,661
Series B convertible preferred stock, $0.01 par value, — shares authorized, issued and outstanding as of December 31, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $— and $96,746 at December 31, 2025 and December 31, 2024	0	0	41,154	40,708	90,570	96,555	97,845	96,655
Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 284.6 million issued and outstanding as of December 31, 2025; 266.5 million issued and outstanding as of December 31, 2024	2,845	2,846	2,742	2,738	2,664	2,050	2,050	2,050	2,050
Additional paid-in capital	1,776,306	1,772,580	1,725,985	1,722,829	1,674,312	1,085,950	1,063,426	1,043,652	1,038,530
(Accumulated deficit) retained earnings	(1,650,592)	(798,192)	(528,887)	15,379	193,561	436,630	450,107	555,688	527,334
Accumulated other comprehensive income	54,088	78,025	59,426	31,086	7,504	37,700	44,212	64,738	72,087
Total stockholders’ equity attributable to NFE	182,647	1,055,259	1,259,266	1,772,032	1,878,041	1,562,330	1,559,795	1,666,128	1,640,001
Non-controlling interest	126,984	128,690	122,438	123,054	122,660	126,812	127,268	128,324	137,775
Total stockholders’ equity	309,631	1,183,949	1,381,704	1,895,086	2,000,701	1,689,142	1,687,063	1,794,452	1,777,776	$ 1,441,859
Total liabilities and stockholders’ equity	$ 10,555,623	$ 11,994,891	$ 12,019,771	$ 13,082,391	$ 12,923,225	$ 11,975,871	$ 11,402,928	$ 10,878,039	$ 10,513,437
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Temporary equity, shares authorized (in shares)	0	0	36,746	36,746	96,746	96,746	96,746	96,746
Temporary equity, shares issued (in shares)	0	0	36,746	36,746	96,746	96,746	96,746	96,746
Temporary equity, shares outstanding (in shares)	0	0	36,746	36,746	96,746	96,746	96,746	96,746
Temporary equity, liquidation preference	$ 0	$ 0	$ 36,746	$ 36,746	$ 96,746	$ 96,746	$ 96,746	$ 96,746
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0
Common stock, shares, issued (in shares)	284,600,000	284,600,000	274,200,000	273,800,000	266,500,000	205,100,000	205,100,000	205,000,000.0	205,000,000.0
Common stock, shares, outstanding (in shares)	284,600,000	284,600,000	274,200,000	273,800,000	266,500,000	205,100,000	205,100,000	205,000,000.0	205,000,000.0
As Reported
Current assets
Cash and cash equivalents		$ 145,237	$ 551,109	$ 447,862	$ 492,881	$ 90,842	$ 132,960	$ 143,457	$ 155,414
Restricted cash		244,104	270,298	379,537	472,696	145,881	164,888	171,476	155,400
Receivables, net of allowances		419,761	269,405	273,136	335,813	435,883	406,779	335,313	342,371
Inventory		109,279	74,000	66,695	103,224	88,095	141,723	186,584	113,684
Assets held for sale - current		0	0	104,553
Prepaid expenses and other current assets, net		415,421	317,687	201,925	205,496	273,255	277,983	201,953	213,104
Total current assets		1,333,802	1,482,499	1,473,708	1,610,110	1,033,956	1,124,333	1,038,783	979,973
Construction in progress		4,222,750	4,072,291	3,901,113	3,574,389	7,051,297	6,301,162	5,797,511	5,348,294
Property, plant and equipment, net		5,543,873	5,539,901	5,545,980	5,842,807	2,134,987	2,144,838	2,175,882	2,481,415
Right-of-use assets		418,383	437,548	465,939	618,733	640,978	673,424	726,391	588,385
Intangible assets, net		195,821	194,752	188,118	179,510	206,266	207,731	211,854	51,815
Goodwill		15,938	15,938	594,256	766,350	776,760	776,760	776,760	776,760
Deferred tax assets, net		6,559	155	6,848	2,698	13,380	43,023	27,549	9,907
Assets held for sale - non-current		0	0	633,654
Other non-current assets, net		168,481	214,246	218,464	272,899	112,272	137,106	125,632	126,903
Total assets		11,905,607	11,957,330	13,028,080	12,867,496	11,969,896	11,408,377	10,880,362	10,501,245
Current liabilities
Current portion of long-term debt and short-term borrowings		6,579,321	1,181,559	260,848	539,132	1,145,865	236,147	291,518	292,625
Accounts payable		632,777	578,835	655,073	473,736	819,544	572,746	524,535	549,489
Accrued liabilities		488,905	253,043	268,083	391,359	373,882	384,476	417,612	471,675
Current lease liabilities		63,700	79,060	82,442	128,362	120,949	120,873	147,793	164,548
Liabilities held for sale - current		0	0	35,894
Other current liabilities		189,057	108,807	171,342	174,829	248,825	250,558	185,415	227,951
Total current liabilities		7,953,760	2,201,304	1,473,682	1,707,418	2,709,065	1,564,800	1,566,873	1,706,288
Long-term debt		2,335,994	7,805,260	8,931,506	8,355,703	6,863,123	7,392,811	6,734,860	6,510,523
Non-current lease liabilities		328,071	341,509	355,050	475,161	494,222	521,225	552,619	406,494
Deferred tax liabilities, net		53,227	61,770	51,359	73,198	66,226	97,936	93,083	44,444
Liabilities held for sale - non-current		0	0	135,398
Other long-term liabilities		110,471	154,139	168,851	166,358	50,250	46,492	36,645	55,627
Total liabilities		10,781,523	10,563,982	11,115,846	10,777,838	10,182,886	9,623,264	8,984,080	8,723,376
Series B convertible preferred stock, $0.01 par value, — shares authorized, issued and outstanding as of December 31, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $— and $96,746 at December 31, 2025 and December 31, 2024		0	41,154	40,708	90,570	96,555	97,845	96,655
Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 284.6 million issued and outstanding as of December 31, 2025; 266.5 million issued and outstanding as of December 31, 2024		2,846	2,742	2,738	2,664	2,050	2,050	2,050	2,050
Additional paid-in capital		1,772,580	1,725,985	1,722,829	1,674,312	1,085,950	1,063,426	1,043,652	1,038,530
(Accumulated deficit) retained earnings		(858,057)	(558,397)	(3,766)	196,363	438,502	450,871	561,422	527,986
Accumulated other comprehensive income		78,025	59,426	26,671	3,089	37,141	43,653	64,179	71,528
Total stockholders’ equity attributable to NFE		995,394	1,229,756	1,748,472	1,876,428	1,563,643	1,560,000	1,671,303	1,640,094
Non-controlling interest		128,690	122,438	123,054	122,660	126,812	127,268	128,324	137,775
Total stockholders’ equity		1,124,084	1,352,194	1,871,526	1,999,088	1,690,455	1,687,268	1,799,627	1,777,869	$ 1,441,859
Total liabilities and stockholders’ equity		11,905,607	11,957,330	13,028,080	12,867,496	11,969,896	11,408,377	10,880,362	10,501,245
Adjustments
Current assets
Cash and cash equivalents		0	0	0	0	0	0	0	0
Restricted cash		0	0	0	0	0	0	0	0
Receivables, net of allowances		3,499	694	(1,199)	(4,394)	(1,199)	(2,897)	(2,897)	610
Inventory		(647)	0	0	0	0	0	0	2,500
Assets held for sale - current		0	0	0
Prepaid expenses and other current assets, net		12,030	8,209	2,774	6,844	(17,501)	(12,501)	(757)	(308)
Total current assets		14,882	8,903	1,575	2,450	(18,700)	(15,398)	(3,654)	2,802
Construction in progress		75,086	55,888	32,390	(47,405)	4,492	4,661	(13,237)	(5,921)
Property, plant and equipment, net		(1,640)	(3,101)	4,170	86,112	0	1,628	0	0
Right-of-use assets		0	0	0	0	6,574	6,574	0	0
Intangible assets, net		0	0	0	0	0	0	0	0
Goodwill		0	0	14,408	16,380	16,380	16,380	16,380	16,380
Deferred tax assets, net		626	626	626	626	0	(17,600)	0	0
Assets held for sale - non-current		0	0	1,972
Other non-current assets, net		330	125	(830)	(2,434)	(2,771)	(1,694)	(1,812)	(1,069)
Total assets		89,284	62,441	54,311	55,729	5,975	(5,449)	(2,323)	12,192
Current liabilities
Current portion of long-term debt and short-term borrowings		0	0	0	0	0	0	0	0
Accounts payable		2,440	934	2,707	7,786	(3,691)	276	(676)	(3,321)
Accrued liabilities		22,089	29,966	19,873	43,322	2,534	3,752	5,024	14,608
Current lease liabilities		0	(5,200)	(5,200)	(5,200)	4,161	4,161	0	0
Liabilities held for sale - current		0	0	0
Other current liabilities		(2,718)	(443)	879	(312)	(16,043)	(13,956)	(17,253)	(14,759)
Total current liabilities		21,811	25,257	18,259	45,596	(13,039)	(5,767)	(12,905)	(3,472)
Long-term debt		4,001	4,951	5,492	6,073	6,623	0	0	0
Non-current lease liabilities		0	0	0	0	2,366	2,366	0	0
Deferred tax liabilities, net		6,117	908	1,792	1,640	15,757	(1,843)	15,757	15,757
Liabilities held for sale - non-current		0	0	0
Other long-term liabilities		(2,510)	1,815	5,208	807	(4,419)	0	0	0
Total liabilities		29,419	32,931	30,751	54,116	7,288	(5,244)	2,852	12,285
Series B convertible preferred stock, $0.01 par value, — shares authorized, issued and outstanding as of December 31, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $— and $96,746 at December 31, 2025 and December 31, 2024		0	0	0	0	0	0	0
Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 284.6 million issued and outstanding as of December 31, 2025; 266.5 million issued and outstanding as of December 31, 2024		0	0	0	0	0	0	0	0
Additional paid-in capital		0	0	0	0	0	0	0	0
(Accumulated deficit) retained earnings		59,865	29,510	19,145	(2,802)	(1,872)	(764)	(5,734)	(652)
Accumulated other comprehensive income		0	0	4,415	4,415	559	559	559	559
Total stockholders’ equity attributable to NFE		59,865	29,510	23,560	1,613	(1,313)	(205)	(5,175)	(93)
Non-controlling interest		0	0	0	0	0	0	0	0
Total stockholders’ equity		59,865	29,510	23,560	1,613	(1,313)	(205)	(5,175)	(93)
Total liabilities and stockholders’ equity		$ 89,284	$ 62,441	$ 54,311	$ 55,729	$ 5,975	$ (5,449)	$ (2,323)	$ 12,192

Debt (As Restated) - South Power 2029 Bonds (Details) - USD ($) $ in Thousands		3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	May 14, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2024	Jan. 31, 2022
Debt Instrument [Line Items]
Total debt												$ 8,178,919	$ 8,900,908
Repayments of debt				$ 664,062			$ 1,944,044	$ 1,390,187	$ 2,202,722	$ 1,592,321	$ 2,342,847	1,606,841	3,801,034	$ 695,688
Loss on extinguishment of debt		$ 0	$ (20,320)	$ (467)	$ 0	$ 0	$ (9,754)	$ (20,787)	$ (9,754)	$ (20,787)	$ (9,754)	(19,937)	(270,063)	$ 0
Deferred financing costs												150,788
Secured Debt
Debt Instrument [Line Items]
Outstanding principal balance															$ 148,500
South Power 2029 Bonds
Debt Instrument [Line Items]
Outstanding principal balance												285,000	285,000
Total debt												285,000	285,000
Fixed interest rate (in percent)																6.50%
Repayments of debt	$ 227,157
Debt Instrument, Prepayment Penalty, Percent	1.00%
Loss on extinguishment of debt	$ 5,880
Turbine Financing
Debt Instrument [Line Items]
Fixed interest rate (in percent)															10.30%
Deposit amount															$ 5,963
Debt instrument, fee amount												2,136
Deferred financing costs												$ 1,045	$ 1,753

Going Concern and Planned Debt Restructuring	12 Months Ended
Going Concern and Planned Debt Restructuring	Dec. 31, 2025
Text Block [Abstract]
Going Concern and Planned Debt Restructuring	3. Going Concern and Planned Debt Restructuring The accompanying financial statements have been prepared on the basis that the Company will continue as a going concern over the next twelve months from the date of issuance of these financial statements, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. Due, in part, to the events of default under the Company’s debt agreements detailed below, management has concluded that there is substantial doubt as to the Company’s ability to continue as a going concern. The 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. On March 17, 2026, the Company entered into an RSA (defined below) with certain noteholders and lenders, and upon completion of the transactions contemplated in this agreement, the Company will have a new capital structure and the current debt facilities in default will no longer be outstanding. Events of default on outstanding debt are summarized as follows: •NFE Financing LLC, a subsidiary of the Company (“NFE Financing”), did not make the interest payment of $163,800 due to holders of the New 2029 Notes on November 17, 2025. An event of default under the indenture governing the New 2029 Notes arose on November 20, 2025, when the contractual grace period for interest payments on such notes expired. On November 18, 2025, the Company and certain of its subsidiaries, including NFE Financing, 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. The New 2029 Notes Forbearance Agreement was initially in effect through December 15, 2025, and the Company continues to have forbearance for defaults covered by the New 2029 Notes Forbearance Agreement and other specified defaults in the RSA as long as the RSA remains in effect. •The Company did not make the interest payment of $30,644 due under the Term Loan B Credit Agreement on December 10, 2025. An event of default under the Term Loan B Credit Agreement arose on December 17, 2025, when the contractual grace period for interest payments on the loans expired. On December 17, 2025, the Company and certain of its subsidiaries entered into a forbearance agreement with certain lenders of the Term Loan B (the “Term Loan B Forbearance Agreement”), pursuant to which such lenders agreed to forbear from accelerating or exercising remedies in respect of such events of default. The Company also did not make the principal payment of $3,181 due on December 31, 2025, and the event of default arising from the failure to make this principal payment was also covered by the Term Loan B Forbearance Agreement. The Term Loan B Forbearance Agreement was originally scheduled to terminate on January 9, 2026, and the Company continues to have forbearance for defaults covered by the Term Loan B Forbearance Agreement and other specified defaults in the RSA as long as the RSA remains in effect. •The Company did not make the interest payment of $1,647 due under the Term Loan A Credit Agreement on December 10, 2025. An event of default under the Term Loan A Credit Agreement arose on December 17, 2025, when the contractual grace period for interest payments on the loans expired. On December 17, 2025, the Company and certain of its subsidiaries entered into a forbearance agreement (the “Term Loan A Forbearance Agreement”), with certain lenders of the Term Loan A, pursuant to which such lenders agreed to forbear from accelerating or exercising remedies in respect of such event of default. The Term Loan A Forbearance Agreement was initially in effect through January 9, 2026, and the Company continues to have forbearance for defaults covered by the Term Loan A Forbearance Agreement and other specified defaults in the RSA as long as the RSA remains in effect. •The Company did not make any interest payments, approximately $13,128 in the aggregate, due under the Revolving Facility, beginning with the payment due on November 28, 2025. An event of default under the Revolving Facility arose on January 13, 2026, when the contractual grace period for interest payments on the loans expired. The Company and certain of its subsidiaries subsequently entered into a forbearance agreement (the “RCF Forbearance Agreement”) with certain lenders to the Revolving Facility, pursuant to which such lenders agreed to forbear from accelerating or exercising remedies in respect of such event of default. The RCF Forbearance Agreement was initially in effect through January 23, 2026, and the Company continues to have forbearance for defaults covered by the RCF Forbearance Agreement and other specified defaults in the RSA as long as the RSA remains in effect. Planned restructuring transactions On March 17, 2026, the Company entered into a restructuring support agreement (together with all exhibits, annexes and schedules thereto, the “RSA”) with certain of its lenders and noteholders, including: •certain members of an ad hoc group of holders of the New 2029 Notes; •certain members of an ad hoc group of term lenders under the Term Loan B Credit Agreement; •certain holders of debt under the Revolving Credit Agreement, being lenders under a facility currently drawn at approximately $100 million (the “R-1 Revolving Credit Facility”) and under a facility currently drawn at approximately $560 million (the “R-2 Revolving Credit Facility”); •certain members of an ad hoc group of term lenders under the Term Loan A Credit Agreement; and •a majority of the members of a group of creditors with recourse to the collateral assets in the Company’s core business, but not to the Company’s Fast LNG assets (or “FLNG”) or Brazil business, including (1) holders of the 2026 Notes and holders of the 2029 Notes and (2) creditors of the debt under that certain Credit Agreement, dated as of November 22, 2024, by and among the Company, as the borrower, the guarantors from time to time party thereto, NFE Brazil Investments LLC, as the lender, and Wilmington Savings Fund Society, FSB, as the administrative agent and as collateral agent (the “Series I Credit Agreement”) and under that certain Credit Agreement, dated as of December 6, 2024, by and among the Company, as the borrower, the guarantors from time to time party thereto, NFE Financing, as the lender, and Wilmington Savings Fund Society, FSB, as the administrative agent and as collateral agent (the “Series II Credit Agreement”) (collectively, the “Supporting Creditors”). Holders of or lenders under the debt instruments described above that are not already party to the RSA may become Additional Supporting Creditors (as defined in the RSA) by executing and delivering a joinder in accordance with the terms of the RSA. The RSA sets forth principal terms for a comprehensive restructuring of the Company’s principal funded debt obligations (the “Restructuring Transaction”). The RSA contemplates, among other things, the following material terms: •The Company will separate into two independent companies: one generally comprising the Company’s businesses and assets in Brazil and land in Wyalusing, Pennsylvania (“BrazilCo”), and the other generally comprising the Company’s other businesses and assets, which will be retained by NFE (“CoreCo”); •Obligations under the 2026 Notes, the 2029 Notes, the Term Loan A Credit Agreement, the Term Loan B Credit Agreement, the Revolving Credit Agreement, the New 2029 Notes, and certain intercompany credit agreements will be exchanged (in each case on a ratable basis) for one or a combination of the following debt obligations and equity securities: ◦100% of the common equity interests in BrazilCo; ◦approximately $571,300 in senior secured term loans incurred by the Company, as borrower, and guaranteed by each subsidiary of the Company that will be part of CoreCo (subject to customary exclusions and other exclusions to be agreed) (“New CoreCo Term Loans”); ◦convertible preferred stock of NFE with an aggregate liquidation preference of approximately $2,460,000 (“CoreCo Convertible Preferred Stock”); ◦shares representing 65% of the Company’s Class A common stock as of the closing date of the Restructuring Transaction, before giving effect to shares authorized under an incentive plan for directors, officers and other employees of the Company or any conversion of the CoreCo Convertible Preferred Stock into NFE Class A common stock; ◦$400,000 in non-recourse term loans incurred or issued by the subsidiary that owns the Company’s Fast LNG 2 assets (“FLNG 2 Co”), payable in full on the third anniversary of the closing date of the Restructuring Transaction, guaranteed by certain subsidiaries of FLNG 2 Co and secured by substantially all assets of FLNG 2 Co and such subsidiaries; and / or ◦$200,000 in non-convertible, preferred equity (the “FLNG 2 Preferred Equity”) issued by FLNG 2 Co. •Corporate governance matters regarding CoreCo; •Letters of credit issued under the Company’s existing Letter of Credit Facility or Revolving Facility will be backstopped or replaced by letters of credit issued under new fully committed letter of credit facilities for each of CoreCo and BrazilCo; •Certain other existing debt facilities and other liabilities will be refinanced, renegotiated, or compromised, or will remain outstanding in accordance with their existing terms; •All shares of the Company’s Class A common stock outstanding immediately prior to the consummation of the Restructuring Transaction will remain outstanding and will represent 35% of the Company’s Class A common stock issued and outstanding following the consummation of the Restructuring Transaction (but before giving effect to shares authorized under an incentive plan for directors, officers and other employees of the Company or any conversion of the CoreCo Convertible Preferred Stock into NFE Class A common stock); and •If required in order to meet a consolidated minimum liquidity threshold ($100,000) on the closing date of the Restructuring Transaction, the Company will offer to all eligible creditors the opportunity to participate in a capital raise, pursuant to which the Company would raise up to $35,000 in aggregate principal amount of additional New CoreCo Term Loans and, to the extent the consolidated minimum liquidity threshold would not be met after giving effect to the additional New CoreCo Term Loans, junior term loans secured by a second-priority lien in an amount so that the consolidated minimum liquidity threshold would be met. Provided certain conditions are met (as set out in the RSA), the Company will pay to holders of or lenders under the debt instruments described above that become Supporting Creditors on or before 5:00 p.m. New York City time on April 8, 2026, an early consent fee (the “Early Consent Fee”) in an amount equal to 0.75% of the principal amount of such Supporting Creditors’ pro rata claim in: a.the principal outstanding under the 2026 Notes for each supporting holder of 2026 Notes; b.the principal outstanding under the 2029 Notes for each supporting holder of 2029 Notes; c.the principal outstanding under the Term Loan B Credit Agreement for each supporting lender under the Term Loan B Credit Agreement; d.the principal outstanding under the R-1 Revolving Credit Facility for each supporting lender under the R-1 Revolving Credit Facility; e.for each supporting lender under the R-2 Revolving Credit Facility, (i) the principal outstanding under the R-2 Revolving Credit Facility, plus (ii) a share of principal outstanding under the Series I Credit Agreement and the Series II Credit Agreement in proportion to the share of recoveries for lenders under the R-2 Revolving Credit Facility in respect of certain assets of NFE Financing together with a guarantee from Bradford County Real Estate Partners LLC (the “Brazil Collateral”) under an intercreditor agreement dated December 6, 2024 (the “Brazil Parent ICA”); f.for each supporting lender under the Term Loan A Credit Agreement, (i) the principal outstanding under the Term Loan A Credit Agreement, plus (ii) a share of principal outstanding under the Series I Loan Debt and the Series II Loan Debt in proportion to the share of recoveries for lenders under the Term Loan A Credit Agreement in respect of the Brazil Collateral under the Brazil Parent ICA; and g.for each supporting holder of the New 2029 Notes, a share of principal outstanding under the Series I Loan Debt and the Series II Loan Debt in proportion to the share of recoveries for holders of the New 2029 Notes in respect of the Brazil Collateral under the Brazil Parent ICA The Company has received strong indications of support for the Restructuring Transaction from holders and lenders representing over 95% of its approximately $5.8 billion principal amount of aggregate indebtedness, including approximately 93% of holders of the 2026 Notes, 87% of holders of the 2029 Notes, 98% of holders of the New 2029 Notes, 100% of lenders under the Term Loan A Credit Agreement, 88% of lenders under the Term Loan B Credit Agreement, and 100% of lenders of the Revolving Credit Facility as of April 1, 2026. A Supporting Creditor’s entitlement to the Early Consent Fee will be determined by reference to the aggregate principal amount of notes and loans held by that Supporting Creditor as of the record date specified to creditors for voting under the Restructuring Plans (as defined below). Such early consent fee will be payable in kind in the form of the consideration to be afforded to such Supporting Creditors under the Restructuring Plans. Separately, the Company has agreed to pay each lender under the Revolving Credit Agreement that agrees to forbear from taking any enforcement action under the Revolving Credit Agreement a standstill fee in an amount equal to 2.00% of the outstanding loans made by such forbearing lender, provided that a simple majority of lenders under the Revolving Credit Agreement agree to forbear. Summary of the CoreCo Convertible Preferred Stock and FLNG 2 Preferred Equity Pursuant to the terms of the RSA, the CoreCo Convertible Preferred Stock will mandatorily convert on the third anniversary of the closing date of the Restructuring Transaction into shares of NFE Class A common stock representing 87% of the fully diluted Class A common stock of NFE as of the closing date of the Restructuring Transaction (after giving effect to the shares of NFE Class A common stock to be issued on the closing date of the Restructuring Transaction and the incentive plan for directors, officers and other employees of the Company). The conversion rate of the CoreCo Convertible Preferred Stock will be subject to customary adjustments for stock splits, distributions, reorganizations and reclassifications, as well as to certain price-based anti-dilution adjustments for subsequent issuances of NFE Class A common stock (or securities convertible into NFE Class A common stock) made by the Company while the CoreCo Convertible Preferred Stock remains outstanding (subject to certain exempt issuances). CoreCo will have the right to redeem or repurchase the CoreCo Convertible Preferred Stock from time to time with certain sources of proceeds enumerated in the RSA. Holders of the CoreCo Convertible Preferred Stock will be entitled, in arrears, to a cumulative quarterly compounding dividend, which will accrue automatically via an increase to liquidation preference, with a cumulative per annum preferred return of 3.0%, 5.0% and 7.0% in each of the three years, respectively, prior to conversion. The CoreCo Convertible Preferred Stock will participate on an as-converted basis in any dividends and distributions on, and vote together with holders of, NFE Class A common stock. The CoreCo Convertible Preferred Stock will be subordinated in right of payment to all existing and future indebtedness of CoreCo and senior in right of payment to all existing and future equity securities of CoreCo. The FLNG 2 Preferred Equity will be issued by FLNG 2 Co at the closing date of the Restructuring Transaction pursuant to the RSA and will reflect economic and structural features substantially similar to those of the CoreCo Convertible Preferred Stock, except as otherwise provided herein. CoreCo will have the right to redeem the FLNG 2 Preferred Equity from time to time with certain sources of proceeds enumerated in the RSA. The Company will not pay any dividends on the FLNG 2 Preferred Equity. The FLNG 2 Preferred Equity will be subordinated in right of payment to all existing and future indebtedness of FLNG 2 Co and senior in right of payment to all existing and future equity securities of FLNG 2 Co. Summary of the New CoreCo Term Loans The Company expects to use the proceeds of the New CoreCo Term Loans to refinance, on a cashless basis, certain of the loans and other obligations outstanding under the Revolving Credit Agreement and Term Loan B Credit Agreement. If necessary, the cash proceeds of up to $35,000 of additional New CoreCo Term Loans will be used to satisfy the consolidated minimum liquidity threshold required by the RSA. The New CoreCo Term Loans will mature five years after the closing date of the Restructuring Transaction and will amortize at a rate of 1% per annum, paid quarterly. The New CoreCo Term Loans will be guaranteed, jointly and severally, on a senior secured basis by each subsidiary that is a guarantor under the Letter of Credit Facility on the closing date of the Restructuring Transaction, and will be secured by substantially the same collateral as the collateral that currently secures the Letter of Credit Facility, subject to certain exceptions, including the Company’s FLNG 2 assets. To the extent the minimum liquidity threshold is not satisfied after giving effect to the funding of the New CoreCo Term Loans, the Company is permitted to incur additional indebtedness that will be guaranteed by the same guarantors guaranteeing the New CoreCo Term Loans and secured by a second-priority lien on all of the collateral securing the New CoreCore Term Loans. The New CoreCo Term Loans may be voluntarily prepaid by the Company, in whole or in part, subject to prepayment premiums for optional prepayments equal to 102% of the aggregate principal amount of such term loan prepaid plus accrued and unpaid interest during the first year after the closing of the New CoreCo Credit Agreement, and at par plus accrued and unpaid interest thereafter. The Company will be required to prepay the New CoreCo Term Loans at par with the net proceeds of non-ordinary course asset sales, condemnations and certain other events enumerated in the RSA. Holder Elections Certain holders of debt under the Revolving Credit Agreement and the Term Loan A Credit Agreement may elect to receive their pro rata share of $45,000 in lieu of the BrazilCo Common Equity they would receive in exchange for their debt. Holders of debt under the Revolving Credit Agreement may elect to receive additional New CoreCo Term Loans in lieu of the CoreCo Convertible Preferred Stock they would receive in exchange for their claims, at a rate of 50% of the liquidation preference of the CoreCo Convertible Preferred Stock in aggregate principal amount of New CoreCo Term Loans. In addition, one or more directors and officers of the Company and, potentially, certain Supporting Creditors and/or third-party investors, as determined by such directors and officers, will offer to purchase from holders of debt under the Revolving Credit Agreement and Term Loan A Credit Agreement a limited number of shares of CoreCo Convertible Preferred Stock allocated to such holders (subject to certain terms and conditions, including that the relevant holder timely elects to participate in such arrangements) for a cash purchase price of 25% of the liquidation preference of such shares of CoreCo Convertible Preferred Stock. The Restructuring Plans The Company expects to complete the Restructuring Transaction through restructuring plans promoted by each of two indirect subsidiaries of the Company, (i) NFE Global Holdings Limited (“NFE Global”) and (ii) NFE Brazil Newco Limited (“NFE Brazil Newco”) (each, a “PlanCo”) under Part 26A of the UK Companies Act 2006 (for each PlanCo, the “Restructuring Plan”, and together, the “Restructuring Plans”) and sanctioned by the High Court of Justice in England (the “UK High Court”). NFE Global will propose a Restructuring Plan (the “CoreCo Plan”) that will compromise the debt under the Series I Credit Agreement, Series II Credit Agreement, 2026 Notes, 2029 Notes, Revolving Credit Agreement, Term Loan A Credit Agreement and Term Loan B Credit Agreement and NFE Brazil Newco will propose a Restructuring Plan (the “BrazilCo Plan”) that will compromise the debt under the New 2029 Notes. The PlanCos will seek recognition of the Restructuring Plans in the United States pursuant to chapter 15 of the U.S. Bankruptcy Code. The Restructuring Plans will bind all relevant creditors, and release the obligations of the Company and all guarantors, under the debt instruments addressed in the Restructuring Plans; however, neither the Company nor any of its subsidiaries other than the PlanCos anticipate being parties to the Restructuring Plans proceedings in the UK High Court, the chapter 15 recognition proceedings or any other restructuring, bankruptcy or insolvency proceeding in connection with the Restructuring Transaction. The RSA sets forth the commitments of the Company and the Supporting Creditors to, among other things, cooperate in good faith to negotiate the definitive documents necessary or advisable to effect the Restructuring Transaction, use their commercially reasonable efforts to consummate the Restructuring Transaction in accordance with such definitive documents, and refrain from taking any actions that would impede or would otherwise be inconsistent with the Restructuring Transaction (including by supporting or consenting to any alternative transaction, subject, in the case of the Company, to a “fiduciary out”). In addition, the Supporting Creditors have agreed to forbear from exercising remedies (or directing or consenting to any such exercise of remedies) with respect to certain specified defaults and events of default under the applicable debt instruments while the RSA is in effect. The parties’ obligations to consummate the Restructuring Transaction are subject to the satisfaction of certain conditions, including the UK High Court’s entry of an order sanctioning the Restructuring Plans and the recognition of that order in the United States pursuant to chapter 15 of the U.S. Bankruptcy Code, completion of definitive documents acceptable to the parties in accordance with standards set forth in the RSA, approval of certain matters by the Company’s stockholders, receipt of required regulatory and third-party consents and approvals, and satisfaction of certain process “milestones”. The RSA may be terminated by the Company and/or the Supporting Creditors, as applicable, upon the occurrence of specified events defined in the RSA, including, without limitation, if (1) a material, uncured breach of certain parties’ representations, warranties, covenants, or obligations under the RSA occurs, (2) any of the conditions to the closing of the Restructuring Transaction (including the timely satisfaction of any of the process “milestones” prescribed in the RSA) is not timely satisfied or waived, (3) certain issued letters of credit are drawn or (4) the Restructuring Transaction has not closed by September 15, 2026 (which date may be automatically extended by up to 90 calendar days in certain circumstances and further extended with the consent of certain parties in accordance with the terms of the RSA through December 31, 2026). In addition, the Company may terminate the RSA if the Company’s board of directors determines, upon the advice of counsel, that the Company’s continued performance under the RSA would be inconsistent with the fiduciary duties of the Company’s directors. The Company intends to submit certain proposals in connection with the Restructuring Transaction to the Company’s stockholders at its 2026 Annual Meeting of Stockholders, including, among other things, an amendment to the Company’s Certificate of Incorporation (the “Certificate of Incorporation”) to increase the number of authorized shares of NFE Class A common stock; approval for the potential issuance of common stock exceeding 20% of the current outstanding shares to comply with Nasdaq rules; an amendment to the Company’s 2019 Omnibus Incentive Plan to increase the number of shares available for grants; and an amendment to the Certificate of Incorporation to authorize a reverse stock split at a ratio to be determined by the Company’s board of directors (collectively, the “Stockholder Proposals”). The Restructuring Transaction is conditioned upon approval of all of the Stockholder Proposals. Although the Company intends to pursue the Restructuring Transaction in accordance with the terms set forth in the RSA, there can be no assurance that the Company will satisfy all of the conditions under the RSA and complete the Restructuring Transaction as contemplated or at all. If the Company is unable to complete the Restructuring Transaction or any other alternative transactions, the Company will 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 UK or the U.S., which could have a material and adverse impact on stockholders. As there are conditions under the RSA that are not in the Company’s control, the execution of the RSA does not alleviate substantial doubt that the Company can continue as a going concern.

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	25. 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 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. With respect to the specific legal proceedings and claims described below, unless otherwise noted, the amount or range of possible losses is not reasonably estimable. There can be no assurance that the settlement, resolution, or other outcome of one or more matters, including the matters set forth below, during any subsequent reporting period will not have a material adverse effect on the Company’s results of operations or cash flows for that period or on the Company’s financial condition. In 2024, Jamaica Power Service Company Limited (“JPS”) initiated arbitration proceedings claiming damages of approximately $32,900 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 $7,200. Arbitration proceedings commenced in the first quarter of 2026, and the Company expects this matter to be resolved in 2026. The Company has accrued for the probable loss as of December 31, 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 $46,200 as a result of the termination of the lease and alleged damages suffered by certain of the leased units during operation and decommissioning. The Company has a counterclaim of approximately $6,500. Arbitration proceedings have commenced in the first quarter of 2026, and the Company expects this matter to be resolved in 2026. The Company has accrued for the probable loss as of December 31, 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 375,700 (approximately $68,200 using exchange rates as of December 31, 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 probable loss is uncertain. The Company has not accrued any probable losses as of December 31, 2025. 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 610,000 ($110,900 using exchange rates in effect as of December 31, 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 probable losses as of December 31, 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, thus such regulatory request was filed when PortoCem was controlled by its prior owner. 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. In the third quarter of 2025, a contractor under an Engineering, Procurement and Construction (“EPC”) contract initiated arbitration proceedings. The contractor claims that it is owed damages for alleged breach of the EPC contract for the construction of the Barcarena Power Plant by the Company and is claiming damages up to approximately BRL 501,000 ($91,000 using exchange rates as of December 31, 2025). The Company has a counterclaim of approximately BRL 400,100 ($72,700 using exchange rates as of December 31, 2025). The Company believes the plaintiff’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 probable loss is uncertain. The Company has not accrued any probable losses as of December 31, 2025. Various local communities and organizations in Brazil have made claims against the Company seeking compensation for alleged damages arising out of the Company’s operations in Brazil. The plaintiffs are claiming damages up to BRL 616,300 (approximately $112,000 using exchange rates as of December 31, 2025). The Company believes the plaintiffs’ claims are without merit, 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 probable loss is uncertain. The Company has not accrued any probable losses as of December 31, 2025. On September 17, 2024, plaintiff Mikolaj Bojdol filed a putative class action lawsuit in the U.S. District Court for the Southern District of New York against the Company and certain officers alleging violations of Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 and certain rules promulgated thereunder relating to statements concerning the Company’s FLNG project in Altamira, Mexico. On November 1, 2024, plaintiff Taylor Anderson filed a similar class action lawsuit also in the U.S. District Court for the Southern District of New York. The cases were consolidated and a lead plaintiff was appointed on December 17, 2024. The lead plaintiff filed an amended complaint on February 18, 2025 asserting claims on behalf of persons and entities that purchased the Company’s securities between September 20, 2022 and August 8, 2024 and seeks compensatory damages, interest, fees, and costs. On February 19, 2026, the Court denied the defendants’ motion to dismiss. While the Company believes the claims are without merit, and plans to vigorously defend itself in these proceedings, a loss is reasonably possible. A liability has not been recognized as of December 31, 2025, since the Company is unable to predict the outcome given the significant uncertainty with regard to whether such matters will proceed to trial, among other uncertainties. Therefore, the Company is not in a position to assess the likely outcome, and therefore unable to estimate of the range of possible loss. 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. As of December 31, 2025 and 2024, the Company has accrued a liability of $52,421 and $0, respectively. The liability as of December 31, 2025 represents management’s estimate of probable losses for certain legal matters.

Schedule II

12 Months Ended

Dec. 31, 2025

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

Schedule II


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

Year ended December 31, 2025

Allowance for expected credit losses	$	16,490	$	14,044	$	(12,437)	$	18,097

Year ended December 31, 2024 - As Restated

Allowance for expected credit losses	1,484		15,184		(178)		16,490

Year ended December 31, 2023

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

Notes:

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

Debt (As Restated) - Term Loan B Credit Agreement (Details) - USD ($)		1 Months Ended
	Oct. 30, 2023	Mar. 31, 2025	Oct. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	May 31, 2024
Debt Instrument [Line Items]
Deferred financing costs				$ 150,788,000
Secured Debt
Debt Instrument [Line Items]
Outstanding principal balance						$ 148,500,000
Term Loan B, due October 2028
Debt Instrument [Line Items]
Deferred financing costs		$ 20,000,000
Term Loan B, due October 2028 \| Secured Debt
Debt Instrument [Line Items]
Deferred financing costs			$ 856,000,000	$ 99,294,000	$ 71,087,000
Proceeds from debt		391,000,000	787,520,000
Debt instrument, periodic payment		3,181,000	$ 2,140,000
Outstanding principal balance		1,272,440,000
Third party fees		2,880,000
Variable interest rate (in percent)	5.00%		5.50%
Term Loan B, due October 2028 \| Secured Debt \| Maximum
Debt Instrument [Line Items]
Outstanding principal balance		$ 425,000,000

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Balance at the beginning of the period	$ 0	$ 0
Recognized in the income tax provision	15,943	0
Balance at the end of the period	$ 15,943	$ 0

Restatement of Previously Issued Financial Statements (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments


	As of December 31, 2023
	As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	155,414	$	—	$	155,414
Restricted cash	155,400		—		155,400
Receivables, net of allowances of $1,158	342,371		610		342,981
Inventory	113,684		2,500		116,184
Prepaid expenses and other current assets, net	213,104		(308)		212,796
Total current assets	979,973		2,802		982,775

Construction in progress	5,348,294		(5,921)		5,342,373
Property, plant and equipment, net	2,481,415		—		2,481,415
Equity method investments	137,793		—		137,793
Right-of-use assets	588,385		—		588,385
Intangible assets, net	51,815		—		51,815
Goodwill	776,760		16,380		793,140
Deferred tax assets, net	9,907		—		9,907
Other non-current assets, net	126,903		(1,069)		125,834
Total assets	$	10,501,245	$	12,192	$	10,513,437

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	292,625	$	—	$	292,625
Accounts payable	549,489		(3,321)		546,168
Accrued liabilities	471,675		14,608		486,283
Current lease liabilities	164,548		—		164,548
Other current liabilities	227,951		(14,759)		213,192
Total current liabilities	1,706,288		(3,472)		1,702,816

Long-term debt	6,510,523		—		6,510,523
Non-current lease liabilities	406,494		—		406,494
Deferred tax liabilities, net	44,444		15,757		60,201
Other long-term liabilities	55,627		—		55,627
Total liabilities	8,723,376		12,285		8,735,661



Stockholders’ equity
Class A common stock, $0.01 par value, 205.0 million issued and outstanding as of December 31, 2023	2,050		—		2,050
Additional paid-in capital	1,038,530		—		1,038,530
Retained earnings	527,986		(652)		527,334
Accumulated other comprehensive income	71,528		559		72,087
Total stockholders’ equity attributable to NFE	1,640,094		(93)		1,640,001
Non-controlling interest	137,775		—		137,775
Total stockholders’ equity	1,777,869		(93)		1,777,776
Total liabilities and stockholders’ equity	$	10,501,245	$	12,192	$	10,513,437


	As of December 31, 2024
	As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	492,881	$	—	$	492,881
Restricted cash	472,696		—		472,696
Receivables, net of allowances of $13,629 (as reported) and $15,651 (as restated)	335,813		(4,394)		331,419
Inventory	103,224		—		103,224
Prepaid expenses and other current assets, net	205,496		6,844		212,340
Total current assets	1,610,110		2,450		1,612,560


Construction in progress	3,574,389		(47,405)		3,526,984
Property, plant and equipment, net	5,842,807		86,112		5,928,919

Right-of-use assets	618,733		—		618,733
Intangible assets, net	179,510		—		179,510

Goodwill	766,350		16,380		782,730
Deferred tax assets, net	2,698		626		3,324
Other non-current assets, net	272,899		(2,434)		270,465
Total assets	$	12,867,496	$	55,729	$	12,923,225

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	539,132	$	—	$	539,132
Accounts payable	473,736		7,786		481,522
Accrued liabilities	391,359		43,322		434,681
Current lease liabilities	128,362		(5,200)		123,162
Other current liabilities	174,829		(312)		174,517
Total current liabilities	1,707,418		45,596		1,753,014

Long-term debt	8,355,703		6,073		8,361,776
Non-current lease liabilities	475,161		—		475,161
Deferred tax liabilities, net	73,198		1,640		74,838
Other long-term liabilities	166,358		807		167,165
Total liabilities	10,777,838		54,116		10,831,954

Series B convertible preferred stock, $0.01 par value, 96,746 shares authorized, issued and outstanding as of December 31, 2024; aggregate liquidation preference of $96,746 at December 31, 2024	90,570		—		90,570

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 266.5 million issued and outstanding as of December 31, 2024	2,664		—		2,664
Additional paid-in capital	1,674,312		—		1,674,312
Retained earnings	196,363		(2,802)		193,561
Accumulated other comprehensive income	3,089		4,415		7,504
Total stockholders’ equity attributable to NFE	1,876,428		1,613		1,878,041
Non-controlling interest	122,660		—		122,660
Total stockholders’ equity	1,999,088		1,613		2,000,701
Total liabilities and stockholders’ equity	$	12,867,496	$	55,729	$	12,923,225


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	2,060,212	$	—	$	2,060,212
Vessel charter revenue	276,843		(24,500)		252,343

Other revenue	76,241		1,809		78,050
Total revenues	2,413,296		(22,691)		2,390,605

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	877,451		1,770		879,221
Vessel operating expenses	45,439		—		45,439
Operations and maintenance	166,785		8,774		175,559
Selling, general and administrative	205,104		(1,719)		203,385
Transaction and integration costs	6,946		—		6,946
Depreciation and amortization	187,324		(25,900)		161,424
Asset impairment expense	10,958		—		10,958
Loss (gain) on sale of assets, net	(29,378)		1,400		(27,978)
Total operating expenses	1,470,629		(15,675)		1,454,954
Operating income	942,667		(7,016)		935,651
Interest expense	277,842		6,177		284,019
Other expense (income), net	10,408		—		10,408

Income before income from equity method investments and income taxes	654,417		(13,193)		641,224
Income from equity method investments	9,972		—		9,972
Tax provision (benefit)	115,513		(12,541)		102,972
Net income	548,876		(652)		548,224


Net income attributable to common stockholders	$	547,882	$	(652)	$	547,230

Net income per share – basic	$	2.66	$	—	$	2.66
Net income per share – diluted	$	2.65	$	—	$	2.65

Weighted average number of shares outstanding – basic	205,942,837		—		205,942,837
Weighted average number of shares outstanding – diluted	206,481,977		—		206,481,977

Other comprehensive income:
Currency translation adjustment	18,005		559		18,564
Reclassification of net foreign currency translation adjustment realized upon sale of foreign subsidiary	(1,457)		—		(1,457)
Comprehensive income	565,424		(93)		565,331
Comprehensive (income) attributable to non-controlling interest	(1,412)		—		(1,412)
Comprehensive income attributable to stockholders	$	564,012	$	(93)	$	563,919


	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	1,698,348	$	(884)	$	1,697,464
Vessel charter revenue	212,609		(3,223)		209,386
Contract novation income	295,558		—		295,558
Other revenue	158,345		(1,809)		156,536
Total revenues	2,364,860		(5,916)		2,358,944

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	1,064,667		514		1,065,181
Vessel operating expenses	33,372		—		33,372
Operations and maintenance	174,313		(3,550)		170,763
Selling, general and administrative	285,520		7,858		293,378
Transaction and integration costs	12,279		—		12,279
Depreciation and amortization	162,014		(3,223)		158,791
Asset impairment expense	16,494		—		16,494
Loss on sale of assets, net	77,562		2,645		80,207
Total operating expenses	1,826,221		4,244		1,830,465
Operating income	538,639		(10,160)		528,479
Interest expense	328,377		(12,040)		316,337
Other expense (income), net	113,077		3,231		116,308
Loss on extinguishment of debt, net	270,063		—		270,063
(Loss) before income taxes	(172,878)		(1,351)		(174,229)

Tax provision	69,509		799		70,308
Net (loss)	(242,387)		(2,150)		(244,537)

Net (loss) attributable to common stockholders	$	(270,106)	$	(2,150)	$	(272,256)

Net (loss) per share – basic	$	(1.24)	$	(0.01)	$	(1.25)
Net (loss) per share – diluted	$	(1.25)	$	(0.01)	$	(1.26)

Weighted average number of shares outstanding – basic	217,578,487		—		217,578,487
Weighted average number of shares outstanding – diluted	218,622,419		—		218,622,419

Other comprehensive (loss) income:
Currency translation adjustment	(69,468)		3,856		(65,612)

Comprehensive (loss)	(311,855)		1,706		(310,149)
Comprehensive (income) attributable to non-controlling interest	(5,623)		—		(5,623)
Comprehensive (loss) income attributable to stockholders	$	(317,478)	$	1,706	$	(315,772)



	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of December 31, 2022	—	—	208,770,088	2,088	1,170,254	62,080	55,398	152,039	1,441,859
Net income	—	—	—	—	—	547,882	—	994	548,876
Other comprehensive income	—	—	—	—	—	—	16,130	418	16,548
Share-based compensation expense	—	—	—	—	1,573	—	—	—	1,573
Acquisition and cancellation of shares	—	—	(4,100,000)	(41)	(123,778)	—	—	—	(123,819)
Issuance of shares for vested share-based compensation awards	—	—	689,401	3	—	—	—	—	3
Shares withheld from employees related to share-based compensation, at cost	—	—	(328,083)	—	(9,519)	—	—	—	(9,519)
Dividends	—	—	—	—	—	(81,976)	—	(15,676)	(97,652)
Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869

2023 Adjustments
Net income (loss)	—	—	—	—	—	(652)	—	—	(652)
Other comprehensive income (loss)	—	—	—	—	—	—	559	—	559
Total Adjustments	—	—	—	—	—	(652)	559	—	(93)

As Restated
Balance as of December 31, 2022	—	—	208,770,088	2,088	1,170,254	62,080	55,398	152,039	1,441,859
Net income (loss)	—	—	—	—	—	547,230	—	994	548,224
Other comprehensive income (loss)	—	—	—	—	—	—	16,689	418	17,107
Share-based compensation expense	—	—	—	—	1,573	—	—	—	1,573
Class A stock issued, net of issuance costs	—	—	(4,100,000)	(41)	(123,778)	—	—	—	(123,819)
Issuance of shares for vested share-based compensation awards	—	—	689,401	3	—	—	—	—	3
Shares withheld from employees related to share-based compensation, at cost	—	—	(328,083)	—	(9,519)	—	—	—	(9,519)


Issuance of preferred stock and deemed dividend (Note 4)	—	—	—	—	—	(81,976)	—	(15,676)	(97,652)
Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776



	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869
Net income (loss)	—	—	—	—	—	(249,039)	—	6,652	(242,387)
Other comprehensive income (loss)	—	—	—	—	—	—	(68,439)	(1,029)	(69,468)
Share-based compensation expense	—	—	—	—	50,625	—	—	—	50,625
Class A stock issued, net of issuance costs	—	—	61,389,733	614	562,201	—	—	—	562,815
Issuance of shares for vested share-based compensation awards	—	—	54,035	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(16,081)	—	(435)	—	—	—	(435)
Issuance of preferred stock and deemed dividend	96,746	107,189	—	—	6,772	(17,605)	—	—	(10,833)
Conversion of Series B convertible preferred stock	—	(16,619)	—	—	16,619	—	—	—	16,619
Dividends	—	—	—	—	—	(64,979)	—	(20,738)	(85,717)
Balance as of December 31, 2024 (As Reported)	96,746	90,570	266,459,093	2,664	1,674,312	196,363	3,089	122,660	1,999,088

2024 Adjustments
Balance as of December 31, 2023	—	—	—	—	—	(652)	559	—	(93)
Net income (loss)	—	—	—	—	—	(2,150)	—	—	(2,150)
Other comprehensive income (loss)	—	—	—	—	—	—	3,856	—	3,856
Total Adjustments	—	—	—	—	—	(2,802)	4,415	—	1,613


As Restated


Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776
Net income (loss)	—	—	—	—	—	(251,189)	—	6,652	(244,537)
Other comprehensive income (loss)	—	—	—	—	—	—	(64,583)	(1,029)	(65,612)
Share-based compensation expense	—	—	—	—	50,625	—	—	—	50,625
Class A stock issued, net of issuance costs	—	—	61,389,733	614	562,201	—	—	—	562,815
Issuance of shares for vested share-based compensation awards	—	—	54,035	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(16,081)	—	(435)	—	—	—	(435)
Issuance of preferred stock and deemed dividend	96,746	107,189	—	—	6,772	(17,605)	—	—	(10,833)
Conversion of Series B convertible preferred stock	—	(16,619)	—	—	16,619	—	—	—	16,619
Dividends	—	—	—	—	—	(64,979)	—	(20,738)	(85,717)
Balance as of December 31, 2024 (As Restated)	96,746	90,570	266,459,093	2,664	1,674,312	193,561	7,504	122,660	2,000,701


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Cash flows from operating activities
Net income	$	548,876	$	(652)	$	548,224
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	6,589		—		6,589
Depreciation and amortization	187,324		(25,900)		161,424







Deferred taxes	14,938		(1,126)		13,812

Share-based compensation	1,573		—		1,573
Asset impairment expense	10,958		—		10,958
Earnings recognized from vessels chartered to third parties transferred to Energos	(156,997)		—		(156,997)

Gain on sale of assets, net	(29,378)		1,400		(27,978)


Other	51,493		25,562		77,055
Changes in operating assets and liabilities:
(Increase) in receivables	(41,019)		(610)		(41,629)
(Increase) in inventories	(39,790)		(2,500)		(42,290)
Decrease in other assets	41,828		1,377		43,205
Decrease in right-of-use assets	83,537		—		83,537
Increase in accounts payable/accrued liabilities	78,065		11,030		89,095

(Decrease) in lease liabilities	(74,576)		—		(74,576)
Increase in other liabilities	141,335		(14,758)		126,577
Net cash provided by operating activities	824,756		(6,177)		818,579

Cash flows from investing activities
Capital expenditures	(3,029,834)		110,066		(2,919,768)



Sale of equity method investment	100,000		—		100,000
Asset sales	16,464		—		16,464

Other investing activities	9,227		—		9,227
Net cash used in investing activities	(2,904,143)		110,066		(2,794,077)

Cash flows from financing activities
Proceeds from borrowings of debt	3,005,387		9,180		3,014,567
Payments made for capital expenditures paid beyond customary vendor payment terms			(103,889)		(103,889)
Payment of deferred financing costs	(37,806)		—		(37,806)
Repayment of debt	(686,508)		(9,180)		(695,688)

Payment of dividends	(723,962)		—		(723,962)
Other financing activities	(28,161)		—		(28,161)
Net cash provided by financing activities	1,528,950		(103,889)		1,425,061

Impact of changes in foreign exchange rates on cash and cash equivalents	6,168		—		6,168
Net decrease in cash, cash equivalents and restricted cash	(544,269)		—		(544,269)
Cash, cash equivalents and restricted cash – beginning of period	855,083		—		855,083
Cash, cash equivalents and restricted cash – end of period	$	310,814	$	—	$	310,814

	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Cash paid for interest, net of capitalized interest	$	100,304	$	6,177	$	106,481
Cash paid for taxes	52,897		—		52,897


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
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	$	322,598	$	256	$	322,854
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	738,163		256		738,419
Consideration received on asset sale	27,704		—		27,704
Principal payments on financing obligation paid to Energos by third party charters	(66,866)		—		(66,866)
Shares received in Hilli Exchange	(122,754)		—		(122,754)
Investment in Energos	1,501		—		1,501


	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Cash flows from operating activities
Net loss	$	(242,387)	$	(2,150)	$	(244,537)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	33,173		(1,860)		31,313
Depreciation and amortization	162,525		(3,223)		159,302

Deferred taxes	5,466		(8,798)		(3,332)
Share-based compensation	50,625		—		50,625
Asset impairment expense	16,494		—		16,494
Earnings recognized from vessels chartered to third parties transferred to Energos	(95,487)		—		(95,487)
Loss on sale of assets, net	77,562		2,645		80,207
Loss on extinguishment of debt	270,063		—		270,063
Other	158,025		7,951		165,976
Changes in operating assets and liabilities:
Decrease in receivables	64,726		2,983		67,709
(Increase) in inventories	(2,751)		2,500		(251)
(Increase) in other assets	(65,445)		(5,788)		(71,233)
Decrease in right-of-use assets	164,136		—		164,136
Increase in accounts payable/accrued liabilities	187,792		6,371		194,163
(Decrease) in lease liabilities	(160,604)		—		(160,604)
(Decrease) in other liabilities	(37,171)		14,833		(22,338)
Net cash provided by operating activities	586,742		15,464		602,206

Cash flows from investing activities
Capital expenditures	(2,621,234)		490,593		(2,130,641)
Sale of equity method investment	136,365		—		136,365
Asset sales	328,999		—		328,999
Sale of Miami Facility	58,336		—		58,336
Other investing activities	22,887		—		22,887
Net cash used in investing activities	(2,074,647)		490,593		(1,584,054)

Cash flows from financing activities
Proceeds from borrowings of debt	5,865,299		—		5,865,299
Payments made for capital expenditures paid beyond customary vendor payment terms	—		(506,057)		(506,057)
Payment of deferred financing costs	(146,722)		—		(146,722)
Repayment of debt	(3,801,034)		—		(3,801,034)
Issuance of Class A stock	386,583		—		386,583
Payment of dividends	(65,310)		—		(65,310)
Other financing activities	(14,248)		—		(14,248)
Net cash provided by financing activities	2,224,568		(506,057)		1,718,511

Impact of changes in foreign exchange rates on cash and cash equivalents	(81,900)		—		(81,900)


Net increase in cash, cash equivalents and restricted cash	654,763		—		654,763
Cash, cash equivalents and restricted cash – beginning of period	310,814		—		310,814
Cash, cash equivalents and restricted cash – end of period	$	965,577	$	—	$	965,577



	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Cash paid for interest, net of capitalized interest	$	105,784	$	(15,466)	$	90,318
Cash paid for taxes	27,932		—		27,932

	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Supplemental disclosure of non-cash investing and financing activities:
Changes in accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	$	(267,366)	$	30,805	$	(236,561)
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	463,657		30,805		494,462
Principal payments on financing obligation paid to Energos by third party charters	(21,731)		—		(21,731)
Accrued dividend	20,507		—		20,507
Preferred shares issued and debt assumed in PortoCem acquisition	(125,198)		—		(125,198)
Fair value of contingent payments in the Lins acquisition	8,080		—		8,080
Deemed dividend related to Series B preferred stock	(17,605)		—		(17,605)
Non-cash financing costs	181,928		—		181,928


	As of March 31, 2024						As of June 30, 2024						As of September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	143,457	$	—	$	143,457	$	132,960	$	—	$	132,960	$	90,842	$	—	$	90,842
Restricted cash	171,476		—		171,476		164,888		—		164,888		145,881		—		145,881
Receivables, net of allowances	335,313		(2,897)		332,416		406,779		(2,897)		403,882		435,883		(1,199)		434,684
Inventory	186,584		—		186,584		141,723		—		141,723		88,095		—		88,095
Prepaid expenses and other current assets, net	201,953		(757)		201,196		277,983		(12,501)		265,482		273,255		(17,501)		255,754
Total current assets	1,038,783		(3,654)		1,035,129		1,124,333		(15,398)		1,108,935		1,033,956		(18,700)		1,015,256

Construction in progress	5,797,511		(13,237)		5,784,274		6,301,162		4,661		6,305,823		7,051,297		4,492		7,055,789
Property, plant and equipment, net	2,175,882		—		2,175,882		2,144,838		1,628		2,146,466		2,134,987		—		2,134,987

Right-of-use assets	726,391		—		726,391		673,424		6,574		679,998		640,978		6,574		647,552
Intangible assets, net	211,854		—		211,854		207,731		—		207,731		206,266		—		206,266
Goodwill	776,760		16,380		793,140		776,760		16,380		793,140		776,760		16,380		793,140
Deferred tax assets, net	27,549		—		27,549		43,023		(17,600)		25,423		13,380		—		13,380
Other non-current assets, net	125,632		(1,812)		123,820		137,106		(1,694)		135,412		112,272		(2,771)		109,501
Total assets	$	10,880,362	$	(2,323)	$	10,878,039	$	11,408,377	$	(5,449)	$	11,402,928	$	11,969,896	$	5,975	$	11,975,871

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	291,518	$	—	$	291,518	$	236,147	$	—	$	236,147	$	1,145,865	$	—	$	1,145,865
Accounts payable	524,535		(676)		523,859		572,746		276		573,022		819,544		(3,691)		815,853


Accrued liabilities	417,612		5,024		422,636		384,476		3,752		388,228		373,882		2,534		376,416
Current lease liabilities	147,793		—		147,793		120,873		4,161		125,034		120,949		4,161		125,110
Other current liabilities	185,415		(17,253)		168,162		250,558		(13,956)		236,602		248,825		(16,043)		232,782
Total current liabilities	1,566,873		(12,905)		1,553,968		1,564,800		(5,767)		1,559,033		2,709,065		(13,039)		2,696,026
Long-term debt	6,734,860		—		6,734,860		7,392,811		—		7,392,811		6,863,123		6,623		6,869,746
Non-current lease liabilities	552,619		—		552,619		521,225		2,366		523,591		494,222		2,366		496,588
Deferred tax liabilities, net	93,083		15,757		108,840		97,936		(1,843)		96,093		66,226		15,757		81,983
Other long-term liabilities	36,645		—		36,645		46,492		—		46,492		50,250		(4,419)		45,831
Total liabilities	8,984,080		2,852		8,986,932		9,623,264		(5,244)		9,618,020		10,182,886		7,288		10,190,174


Series A convertible preferred stock, $0.01 par value, 96,746 shares authorized, issued and outstanding as of March 31, June 30 and September 30, 2024; aggregate liquidation preference of $96,746 at March 31, June 30 and September 30, 2024	96,655		—		96,655		97,845		—		97,845		96,555		—		96,555

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 205.0 million issued and outstanding as of March 31, 2024; 205.1 million issued and outstanding as of June 30, 2024; 205.1 million issued and outstanding as of September 30, 2024	2,050		—		2,050		2,050		—		2,050		2,050		—		2,050
Additional paid-in capital	1,043,652		—		1,043,652		1,063,426		—		1,063,426		1,085,950		—		1,085,950
Retained earnings	561,422		(5,734)		555,688		450,871		(764)		450,107		438,502		(1,872)		436,630
Accumulated other comprehensive income	64,179		559		64,738		43,653		559		44,212		37,141		559		37,700
Total stockholders’ equity attributable to NFE	1,671,303		(5,175)		1,666,128		1,560,000		(205)		1,559,795		1,563,643		(1,313)		1,562,330
Non-controlling interest	128,324		—		128,324		127,268		—		127,268		126,812		—		126,812
Total stockholders’ equity	1,799,627		(5,175)		1,794,452		1,687,268		(205)		1,687,063		1,690,455		(1,313)		1,689,142
Total liabilities and stockholders’ equity	$	10,880,362	$	(2,323)	$	10,878,039	$	11,408,377	$	(5,449)	$	11,402,928	$	11,969,896	$	5,975	$	11,975,871


	Three Months Ended March 31, 2024						Three Months Ended June 30, 2024						Three Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues

Operating revenue	$	609,504	$	—	$	609,504	$	291,222	$	—	$	291,222	$	446,048	$	—	$	446,048
Vessel charter revenue	46,655		(832)		45,823		52,416		(832)		51,584		59,668		(727)		58,941
Other revenue	34,162		(3,507)		30,655		84,368		—		84,368		61,819		1,697		63,516
Total Revenues	690,321		(4,339)		685,982		428,006		(832)		427,174		567,535		970		568,505

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	229,117		(1,206)		227,911		221,860		(47)		221,813		325,292		—		325,292
Vessel operating expenses	8,396		—		8,396		8,503		—		8,503		8,254		—		8,254
Operations and maintenance	68,548		(2,887)		65,661		39,292		(6,213)		33,079		32,062		2,777		34,839
Selling, general and administrative	70,754		(2,717)		68,037		70,578		3,023		73,601		82,388		(1,043)		81,345
Transaction and integration costs	1,371		—		1,371		1,760		—		1,760		3,154		—		3,154
Depreciation and amortization	50,491		(832)		49,659		37,413		(832)		36,581		35,364		(727)		34,637
Asset impairment expense	—		—		—		4,272		11,744		16,016		1,484		—		1,484
(Gain) loss on sale	77,140		2,645		79,785		—		—		—		—		—		—

Total operating expenses	505,817		(4,997)		500,820		383,678		7,675		391,353		487,998		1,007		489,005
Operating (loss) income	184,504		658		185,162		44,328		(8,507)		35,821		79,537		(37)		79,500

Interest expense	77,344		7,401		84,745		80,399		(17,312)		63,087		71,107		795		71,902
Other (income) expense, net	19,112		—		19,112		47,354		—		47,354		(5,836)		—		(5,836)
Loss on extinguishment of debt, net	9,754		—		9,754		—		—		—		—		—		—
(Loss) income before income taxes	78,294		(6,743)		71,551		(83,425)		8,805		(74,620)		14,266		(832)		13,434
Tax provision	21,624		(1,661)		19,963		3,435		3,835		7,270		2,953		276		3,229
Net (loss) income	56,670		(5,082)		51,588		(86,860)		4,970		(81,890)		11,313		(1,108)		10,205

Net (loss) income attributable to common stockholders	$	53,939	$	(5,082)	$	48,858	$	(90,044)	$	4,970	$	(85,075)	$	8,138	$	(1,108)	$	7,030



Net (loss) income per share – basic	$	0.26	$	(0.02)	$	0.24	$	(0.44)	$	0.03	$	(0.41)	$	0.04	$	(0.01)	$	0.03
Net (loss) income per share – diluted	$	0.26	$	(0.03)	$	0.23	$	(0.44)	$	0.02	$	(0.42)	$	0.03	$	—	$	0.03

Weighted average number of shares outstanding – basic	205,061,967		—		205,061,967		205,070,756		—		205,070,756		205,071,771		—		205,071,771
Weighted average number of shares outstanding – diluted	205,977,720		—		205,977,720		205,851,364		—		205,851,364		208,880,044		—		208,880,044

Other comprehensive (loss) income:
Currency translation adjustment	(7,708)		—		(7,708)		(20,557)		—		(20,557)		(5,963)		—		(5,963)
Comprehensive (loss) income	48,962		(5,082)		43,880		(107,417)		4,970		(102,447)		5,350		(1,108)		4,242
Comprehensive (income) attributable to non-controlling interest	(2,230)		—		(2,230)		(1,963)		—		(1,963)		(2,563)		—		(2,563)
Comprehensive (loss) income attributable to stockholders	$	46,732	$	(5,082)	$	41,650	$	(109,380)	$	4,970	$	(104,410)	$	2,787	$	(1,108)	$	1,679


	Six Months Ended June 30, 2024						Nine Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues

Operating revenue	$	900,726	$	—	$	900,726	$	1,346,774	$	—	$	1,346,774
Vessel charter revenue	99,071		(1,664)		97,407		158,739		(2,391)		156,348
Other revenue	118,530		(3,507)		115,023		180,349		(1,809)		178,540
Total Revenues	1,118,327		(5,171)		1,113,156		1,685,862		(4,200)		1,681,662

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	450,977		(1,252)		449,725		776,269		(1,252)		775,017
Vessel operating expenses	16,899		—		16,899		25,153		—		25,153
Operations and maintenance	107,840		(9,101)		98,739		139,902		(6,323)		133,579
Selling, general and administrative	141,332		307		141,639		223,720		(736)		222,984
Transaction and integration costs	3,131		—		3,131		6,285		—		6,285
Depreciation and amortization	87,904		(1,664)		86,240		123,268		(2,391)		120,877


Asset impairment expense	4,272		11,744		16,016		5,756		11,744		17,500
(Gain) loss on sale	77,140		2,645		79,785		77,140		2,645		79,785

Total operating expenses	889,495		2,679		892,174		1,377,493		3,687		1,381,180
Operating income	228,832		(7,850)		220,982		308,369		(7,887)		300,482

Interest expense	157,743		(9,911)		147,832		228,850		(9,116)		219,734
Other (income) expense, net	66,466		—		66,466		60,630		—		60,630
Loss on extinguishment of debt, net	9,754		—		9,754		9,754		—		9,754
(Loss) income before income taxes	(5,131)		2,061		(3,070)		9,135		1,229		10,364
Tax provision	25,059		2,173		27,232		28,012		2,449		30,461
Net (loss)	(30,190)		(112)		(30,302)		(18,877)		(1,220)		(20,097)

Net (loss) attributable to common stockholders	$	(36,105)	$	(112)	$	(36,217)	$	(27,967)	$	(1,220)	$	(29,187)

Net (loss) per share – basic	$	(0.18)	$	—	$	(0.18)	$	(0.14)	$	—	$	(0.14)
Net (loss) per share – diluted	$	(0.18)	$	—	$	(0.18)	$	(0.15)	$	(0.01)	$	(0.16)

Weighted average number of shares outstanding – basic	205,066,362		$	—	205,066,362		205,068,178		—		205,068,178
Weighted average number of shares outstanding – diluted	205,846,970		—		205,846,970		206,836,683		—		206,836,683

Other comprehensive (loss) income:
Currency translation adjustment	(28,265)		—		(28,265)		(34,228)		—		(34,228)
Comprehensive (loss)	(58,455)		(112)		(58,567)		(53,105)		(1,220)		(54,325)
Comprehensive (income) attributable to non-controlling interest	(4,193)		—		(4,193)		(6,756)		—		(6,756)
Comprehensive (loss) attributable to stockholders	$	(62,648)	$	(112)	$	(62,760)	$	(59,861)	$	(1,220)	$	(61,081)

Three Months Ended March 31, 2024

Series A convertible preferred stock

Class A common stock

Additional
paid-in
capital

Accumulated
deficit

Accumulated
other
comprehensive
(loss) income

Non-controlling
Interest

Total
stockholders’
equity

As Reported

Amount


Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869
Net income (loss)	—	—	—	—	—	54,081	—	2,589	56,670
Other comprehensive income (loss)	—	—	—	—	—	—	(7,349)	(359)	(7,708)
Share-based compensation expense	—	—	—	—	5,248	—	—	—	5,248
Issuance of shares for vested share-based compensation awards	—	—	14,126	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(3,708)	—	(126)	—	—	—	(126)
Issuance of Series A convertible preferred stock, net	96,746	96,513	—	—	—	—	—	—	—
Dividends	—	142	—	—	—	(20,645)	—	(11,681)	(32,326)
Balance as of March 31, 2024 (As Reported)	96,746	96,655	205,041,824	2,050	1,043,652	561,422	64,179	128,324	1,799,627

Adjustments
Balance as of December 31, 2023	—	—	—	—	—	(652)	559	—	(93)
Net income (loss)	—	—	—	—	—	(5,082)	—	—	(5,082)

Total Adjustments	—	—	—	—	—	(5,734)	559	—	(5,175)

As Restated
Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776
Net income (loss)	—	—	—	—	—	48,999	—	2,589	51,588
Other comprehensive income (loss)	—	—	—	—	—	—	(7,349)	(359)	(7,708)
Share-based compensation expense	—	—	—	—	5,248	—	—	—	5,248
Issuance of shares for vested share-based compensation awards	—	—	14,126	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(3,708)	—	(126)	—	—	—	(126)


Issuance of Series A convertible preferred stock, net	96,746	96,513		—		—		—		—		—		—	—
Dividends	—	142		—		—		—		(20,645)		—		(11,681)	(32,326)
Balance as of March 31, 2024 (As Restated)	96,746	96,655		205,041,824		2,050		1,043,652		555,688		64,738		128,324	1,794,452

	Three Months Ended June 30, 2024
	Series A convertible preferred stock			Class A common stock				Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive (loss) income		Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount		Shares		Amount
Balance as of March 31, 2024 (As Reported)	96,746	96,655		205,041,824		2,050		1,043,652		561,422		64,179		128,324	1,799,627
Net income (loss)	—	—		—		—		—		(88,854)		—		1,994	(86,860)
Other comprehensive income (loss)	—	—		—		—		—		—		(20,526)		(31)	(20,557)
Share-based compensation expense	—	—		—		—		20,064		—		—		—	20,064
Issuance of shares for vested share-based compensation awards	—	—		34,578		—		—		—		—		—	—
Shares withheld from employees related to share-based compensation, at cost	—	—		(11,074)		—		(290)		—		—		—	(290)
Dividends	—	1,190				—		—		(21,697)		—		(3,019)	(24,716)
Balance as of June 30, 2024 (As Reported)	96,746	97,845		205,065,328		2,050		1,063,426		450,871		43,653		127,268	1,687,268

Adjustments
Balance as of March 31, 2024	—	—		—		—		—		(5,734)		559		—	(5,175)
Net income (loss)	—	—		—		—		—		4,970		—		—	4,970

Total Adjustments	—	—		—		—		—		(764)		559		—	(205)

As Restated
Balance as of March 31, 2024 (As Restated)	96,746	96,655	—	205,041,824	—	2,050	—	1,043,652	—	555,688	—	64,738	—	128,324	1,794,452
Net income (loss)	—	—		—		—		—		(83,884)		—		1,994	(81,890)
Other comprehensive income (loss)	—	—		—		—		—		—		(20,526)		(31)	(20,557)
Share-based compensation expense	—	—		—		—		20,064		—		—		—	20,064


Issuance of shares for vested share-based compensation awards		—	—	34,578	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost		—	—	(11,074)	—	(290)	—	—	—	(290)
Dividends		—	1,190	—	—	—	(21,697)	—	(3,019)	(24,716)
Balance as of June 30, 2024 (As Restated)		96,746	97,845	205,065,328	2,050	1,063,426	450,107	44,212	127,268	1,687,063

		Three Months Ended September 30, 2024
		Series A convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported		Shares	Amount	Shares	Amount
Balance as of June 30, 2024 (As Reported)		96,746	97,845	205,065,328	2,050	1,063,426	450,871	43,653	127,268	1,687,268
Net income (loss)	Net income (loss)	—	—	—	—	—	9,299	—	2,014	11,313
Other comprehensive income (loss)	Other comprehensive income (loss)	—	—	—	—	—	—	(6,512)	549	(5,963)
Share-based compensation expense	Share-based compensation expense	—	—	—	—	22,543	—	—	—	22,543
Issuance of shares for vested share-based compensation awards	Issuance of shares for vested share-based compensation awards	—	—	5,331	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	Shares withheld from employees related to share-based compensation, at cost	—	—	(1,299)	—	(19)	—	—	—	(19)
Dividends	Dividends	—	(1,290)	—	—	—	(21,668)	—	(3,019)	(24,687)
Balance as of September 30, 2024 (As Reported)		96,746	96,555	205,069,360	2,050	1,085,950	438,502	37,141	126,812	1,690,455

Adjustments
Balance as of June 30, 2024		—	—	—	—	—	(764)	559	—	(205)
Net income (loss)		—	—	—	—	—	(1,108)	—	—	(1,108)

Total Adjustments		—	—	—	—	—	(1,872)	559	—	(1,313)

As Restated


Balance as of June 30, 2024 (As Restated)	96,746	97,845	205,065,328	2,050	1,063,426	450,107	44,212	127,268	1,687,063
Net income (loss)	—	—	—	—	—	8,191	—	2,014	10,205
Other comprehensive income (loss)	—	—	—	—	—	—	(6,512)	549	(5,963)
Share-based compensation expense	—	—	—	—	22,543	—	—	—	22,543
Issuance of shares for vested share-based compensation awards	—	—	5,331	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(1,299)	—	(19)	—	—	—	(19)
Dividends	—	(1,290)	—	—	—	(21,668)	—	(3,019)	(24,687)
Balance as of September 30, 2024 (As Restated)	96,746	96,555	205,069,360	2,050	1,085,950	436,630	37,700	126,812	1,689,142


	Three Months Ended March 31, 2024						Six Months Ended June 30, 2024						Nine Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated

Cash flows from operating activities
Net income (loss)	$	56,670	$	(5,082)	$	51,588	$	(30,190)	$	(112)	$	(30,302)	$	(18,877)	$	(1,220)	$	(20,097)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	4,751		—		4,751		13,835		1,436		15,271		18,841		—		18,841
Depreciation and amortization	50,491		(832)		49,659		88,400		(1,664)		86,736		123,981		(2,391)		121,590
Deferred taxes	(6,822)		—		(6,822)		(13,860)		—		(13,860)		(14,155)		—		(14,155)
Share-based compensation	5,248		—		5,248		25,312		—		25,312		47,855		—		47,855
Asset impairment expense	—		—		—		4,272		11,744		16,016		5,756		11,744		17,500
Loss on sale of assets	77,140		2,645		79,785		77,140		2,645		79,785		77,140		2,645		79,785
Loss on extinguishment of debt	9,754		—		9,754		9,754		—		9,754		9,754		—		9,754
Earnings recognized from vessels chartered to third parties transferred to Energos	(23,952)		—		(23,952)		(51,674)		—		(51,674)		(72,539)		—		(72,539)
Other	26,756		833		27,589		22,930		1,607		24,537		50,026		2,344		52,370


Changes in operating assets and liabilities:
(Increase) in receivables	(8,656)	3,507	(5,149)	(114,030)		3,507	(110,523)	(95,928)	1,809	(94,119)
(Increase) decrease in inventories	(85,539)	2,500	(83,039)	(62,815)		2,500	(60,315)	23,132	2,500	25,632
(Increase) in other assets	(19,394)	1,191	(18,203)	(91,251)		1,073	(90,178)	(53,989)	7,150	(46,839)
Decrease in right-of-use assets	57,190	—	57,190	111,561		—	111,561	145,371	—	145,371
Increase in accounts payable/accrued liabilities	63,208	(9,328)	53,880	255,337		(9,648)	245,689	30,168	(14,833)	15,335
(Decrease) in lease liabilities	(62,090)	—	(62,090)	(126,311)		—	(126,311)	(150,251)	—	(150,251)
(Decrease) increase in other liabilities	(74,705)	(2,494)	(77,199)	44,558		803	45,361	19,915	921	20,836
Net cash provided by operating activities	70,050	(7,060)	62,990	162,968		13,891	176,859	146,200	10,669	156,869

Cash flows from investing activities
Capital expenditures	(683,449)	162,524	(520,925)	(1,346,385)		218,421	(1,127,964)	(1,781,278)	306,263	(1,475,015)
Sale of equity method investment	136,365	—	136,365	136,365	—	—	136,365	136,365	—	136,365
Asset sales	328,999	—	328,999	328,999		—	328,999	328,999	—	328,999
Other investing activities	(1,695)	—	(1,695)	(1,694)		—	(1,694)	7,360	—	7,360
Net cash used in investing activities	(219,780)	162,524	(57,256)	(882,715)		218,421	(664,294)	(1,308,554)	306,263	(1,002,291)


Cash flows from financing activities
Proceeds from borrowings of debt	2,164,687	—	2,164,687	3,037,127		—	3,037,127	3,594,229	—	3,594,229
Payments made for capital expenditures paid beyond customary vendor payment terms	—	(155,464)	(155,464)	—		(232,312)	(232,312)	—	(316,932)	(316,932)
Payment of deferred financing costs	(25,781)	—	(25,781)	(37,983)		—	(37,983)	(76,759)	—	(76,759)
Repayment of debt	(1,944,044)	—	(1,944,044)	(2,202,722)		—	(2,202,722)	(2,342,847)	—	(2,342,847)
Payment of dividends	(32,326)	—	(32,326)	(55,710)		—	(55,710)	(61,322)	—	(61,322)
Other financing activities	(4,919)	—	(4,919)	(5,033)		—	(5,033)	(12,424)	—	(12,424)


Net cash provided by financing activities	157,617		(155,464)		2,153		735,679		(232,312)		503,367		1,100,877		(316,932)		783,945
Impact of changes in foreign exchange rates on cash and cash equivalents	(3,768)		—		(3,768)		(28,898)		—		(28,898)		(12,614)		—		(12,614)
Net increase (decrease) in cash, cash equivalents and restricted cash	4,119		—		4,119		(12,966)		—		(12,966)		(74,091)		—		(74,091)
Cash, cash equivalents and restricted cash – beginning of period	310,814		—		310,814		310,814		—		310,814		310,814		—		310,814
Cash, cash equivalents and restricted cash – end of period	$	314,933	$	—	$	314,933	$	297,848	$	—	$	297,848	$	236,723	$	—	$	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	$	(117,304)	$	(256)	$	(117,560)	$	(162,056)	$	(256)	$	(162,312)	$	134,069	$	(256)	$	133,813
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	623,318		—		623,318		609,009		—		609,009		877,210		—		877,210
Principal payments on financing obligation to Energos by third party charters	(2,912)		—		(2,912)		(6,445)		—		(6,445)		(6,108)		—		(6,108)
Fair value of contingent payments in the Lins Acquisition	—		—		—		—		—		—		8,080		—		8,080
Class A convertible preferred stock issued and debt assumed in the PortoCem Acquisition	(125,198)		—		(125,198)		(125,195)		—		(125,195)		(125,198)		—		(125,198)

As of March 31, 2025

As of June 30, 2025

As of September 30, 2025

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

Assets


Current assets
Cash and cash equivalents	$	447,862	$	—	$	447,862	$	551,109	$	—	$	551,109	$	145,237	$	—	$	145,237
Restricted cash	379,537		—		379,537		270,298		—		270,298		244,104		—		244,104
Receivables, net of allowances	273,136		(1,199)		271,937		269,405		694		270,099		419,761		3,499		423,260
Inventory	66,695		—		66,695		74,000		—		74,000		109,279		(647)		108,632
Assets held for sale - current	104,553		—		104,553		—		—		—		—		—		—
Prepaid expenses and other current assets, net	201,925		2,774		204,699		317,687		8,209		325,896		415,421		12,030		427,451
Total current assets	1,473,708		1,575		1,475,283		1,482,499		8,903		1,491,402		1,333,802		14,882		1,348,684

Construction in progress	3,901,113		32,390		3,933,503		4,072,291		55,888		4,128,179		4,222,750		75,086		4,297,836
Property, plant and equipment, net	5,545,980		4,170		5,550,150		5,539,901		(3,101)		5,536,800		5,543,873		(1,640)		5,542,233
Right-of-use assets	465,939		—		465,939		437,548		—		437,548		418,383		—		418,383
Intangible assets, net	188,118		—		188,118		194,752		—		194,752		195,821		—		195,821
Goodwill	594,256		14,408		608,664		15,938		—		15,938		15,938		—		15,938
Deferred tax assets, net	6,848		626		7,474		155		626		781		6,559		626		7,185
Assets held for sale - non-current	633,654		1,972		635,626		—		—		—		—		—		—
Other non-current assets, net	218,464		(830)		217,634		214,246		125		214,371		168,481		330		168,811
Total assets	$	13,028,080	$	54,311	$	13,082,391	$	11,957,330	$	62,441	$	12,019,771	$	11,905,607	$	89,284	$	11,994,891

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	260,848	$	—	$	260,848	$	1,181,559	$	—	$	1,181,559	$	6,579,321	$	—	$	6,579,321
Accounts payable	655,073		2,707		657,780		578,835		934		579,769		632,777		2,440		635,217
Accrued liabilities	268,083		19,873		287,956		253,043		29,966		283,009		488,905		22,089		510,994
Current lease liabilities	82,442		(5,200)		77,242		79,060		(5,200)		73,860		63,700		—		63,700
Liabilities held for sale - current	35,894		—		35,894		—		—		—		—		—		—
Other current liabilities	171,342		879		172,221		108,807		(443)		108,364		189,057		(2,718)		186,339
Total current liabilities	1,473,682		18,259		1,491,941		2,201,304		25,257		2,226,561		7,953,760		21,811		7,975,571
Long-term debt	8,931,506		5,492		8,936,998		7,805,260		4,951		7,810,211		2,335,994		4,001		2,339,995
Non-current lease liabilities	355,050		—		355,050		341,509		—		341,509		328,071		—		328,071
Deferred tax liabilities, net	51,359		1,792		53,151		61,770		908		62,678		53,227		6,117		59,344
Liabilities held for sale - non-current	135,398		—		135,398		—		—		—		—		—		—


Other long-term liabilities	168,851		5,208		174,059		154,139		1,815		155,954		110,471		(2,510)		107,961
Total liabilities	11,115,846		30,751		11,146,597		10,563,982		32,931		10,596,913		10,781,523		29,419		10,810,942


Series B convertible preferred stock, $0.01 par value, 36,746, 36,746 and — shares authorized, issued and outstanding as of March 31, June 30 and September 30, 2025; aggregate liquidation preference of $36,746, $36,746 and $— at March 31, June 30 and September 30, 2025	40,708		—		40,708		41,154		—		41,154		—		—		—

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 273.8 million issued and outstanding as of March 31, 2025; 274.2 million issued and outstanding as of June 30, 2025; 284.6 million issued and outstanding as of September 30, 2025	2,738		—		2,738		2,742		—		2,742		2,846		—		2,846
Additional paid-in capital	1,722,829		—		1,722,829		1,725,985		—		1,725,985		1,772,580		—		1,772,580
(Accumulated deficit)	(3,766)		19,145		15,379		(558,397)		29,510		(528,887)		(858,057)		59,865		(798,192)
Accumulated other comprehensive income	26,671		4,415		31,086		59,426		—		59,426		78,025		—		78,025
Total stockholders’ equity attributable to NFE	1,748,472		23,560		1,772,032		1,229,756		29,510		1,259,266		995,394		59,865		1,055,259
Non-controlling interest	123,054		—		123,054		122,438		—		122,438		128,690		—		128,690
Total stockholders’ equity	1,871,526		23,560		1,895,086		1,352,194		29,510		1,381,704		1,124,084		59,865		1,183,949
Total liabilities and stockholders’ equity	$	13,028,080	$	54,311	$	13,082,391	$	11,957,330	$	62,441	$	12,019,771	$	11,905,607	$	89,284	$	11,994,891

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated


Revenues
Operating revenue	$	384,881	$	—	$	384,881	$	227,204	$	884	$	228,088	$	240,318	$	—	$	240,318
Vessel charter revenue	45,436		—		45,436		46,739		—		46,739		61,048		—		61,048
Contract novation revenue	—		1,746		1,746		—		1,693		1,693		—		1,570		1,570
Other revenue	40,219		—		40,219		27,749		(169)		27,580		26,001		2,974		28,975
Total Revenues	470,536		1,746		472,282		301,692		2,408		304,100		327,367		4,544		331,911

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	302,377		—		302,377		208,852		(690)		208,162		196,908		—		196,908
Vessel operating expenses	7,176		—		7,176		8,056		12		8,068		7,297		—		7,297
Operations and maintenance	54,957		(17)		54,940		59,817		(2,414)		57,403		58,520		(1,219)		57,301
Selling, general and administrative	59,271		(7,451)		51,820		57,256		(697)		56,559		86,050		417		86,467
Transaction and integration costs	11,931		—		11,931		75,384		(30)		75,354		19,649		30		19,679
Depreciation and amortization	53,057		3,254		56,311		52,870		—		52,870		50,474		(1,144)		49,330
Goodwill impairment expense	—		—		—		582,172		—		582,172		—		—		—
Asset impairment expense	246		—		246		117,312		5,571		122,883		10,353		(5,571)		4,782
(Gain) loss on sale	—		—		—		(472,699)		1,705		(470,994)		1,705		(1,705)		—
Total operating expenses	489,015		(4,214)		484,801		689,020		3,457		692,477		430,956		(9,192)		421,764
Operating (loss)	(18,479)		5,960		(12,519)		(387,328)		(1,049)		(388,377)		(103,589)		13,736		(89,853)
Interest expense	213,694		(13,385)		200,309		206,408		(20,019)		186,389		210,562		(12,344)		198,218
Other (income) expense, net	(63,937)		—		(63,937)		(56,262)		(2,762)		(59,024)		(29,042)		(1,524)		(30,566)
Loss on extinguishment of debt, net	467		—		467		20,320		—		20,320		—		—		—
(Loss) before income taxes	(168,703)		19,345		(149,358)		(557,794)		21,732		(536,062)		(285,109)		27,604		(257,505)
Tax provision	28,670		(2,602)		26,068		(967)		11,367		10,400		8,247		(2,751)		5,496
Net (loss)	(197,373)		21,947		(175,426)		(556,827)		10,365		(546,462)		(293,356)		30,355		(263,001)

Net (loss) attributable to common stockholders	$	(200,129)	$	21,947	$	(178,182)	$	(555,077)	$	10,365	$	(544,712)	$	(299,970)	$	30,355	$	(269,615)

Net (loss) per share – basic	$	(0.73)	$	0.08	$	(0.65)	$	(2.02)	$	0.03	$	(1.99)	$	(1.07)	$	0.11	$	(0.96)


Net (loss) per share – diluted	$	(0.73)	$	0.08	$	(0.65)	$	(2.02)	$	0.03	$	(1.99)	$	(1.07)	$	0.11	$	(0.96)

Weighted average number of shares outstanding – basic	273,609,766		—		273,609,766		274,371,636		—		274,371,636		281,121,646		—		281,121,646
Weighted average number of shares outstanding – diluted	273,609,766		—		273,609,766		274,371,636		—		274,371,636		281,121,646		—		281,121,646

Other comprehensive (loss) income:
Currency translation adjustment	24,253		—		24,253		34,335		(4,415)		29,920		18,547		—		18,547
Comprehensive (loss)	(173,120)		21,947		(151,173)		(522,492)		5,950		(516,542)		(274,809)		30,355		(244,454)
Comprehensive (income) attributable to non-controlling interest	(2,879)		—		(2,879)		616		—		616		(6,252)		—		(6,252)
Comprehensive (loss) attributable to stockholders	$	(175,999)	$	21,947	$	(154,052)	$	(521,876)	$	5,950	$	(515,926)	$	(281,061)	$	30,355	$	(250,706)


	Six Months Ended June 30, 2025						Nine Months Ended September 30, 2025
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	612,085	$	884	$	612,969	$	852,403	$	884	$	853,287
Vessel charter revenue	92,175		—		92,175		153,223		—		153,223
Contract novation revenue	—		3,439		3,439		—		5,009		5,009
Other revenue	67,968		(169)		67,799		93,969		2,805		96,774
Total Revenues	772,228		4,154		776,382		1,099,595		8,698		1,108,293

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	511,229		(690)		510,539		708,137		(690)		707,447
Vessel operating expenses	15,232		12		15,244		22,529		12		22,541
Operations and maintenance	114,774		(2,431)		112,343		173,294		(3,650)		169,644


Selling, general and administrative	116,527		(8,148)		108,379		202,577		(7,731)		194,846
Transaction and integration costs	87,315		(30)		87,285		106,964		—		106,964
Depreciation and amortization	105,927		3,254		109,181		156,401		2,110		158,511
Goodwill impairment expense	582,172		—		582,172		582,172		—		582,172
Asset impairment expense	117,558		5,571		123,129		127,911		—		127,911
(Gain) loss on sale	(472,699)		1,705		(470,994)		(470,994)		—		(470,994)
Total operating expenses	1,178,035		(757)		1,177,278		1,608,991		(9,949)		1,599,042
Operating (loss)	(405,807)		4,911		(400,896)		(509,396)		18,647		(490,749)
Interest expense	420,102		(33,404)		386,698		630,664		(45,748)		584,916
Other (income) expense, net	(120,199)		(2,762)		(122,961)		(149,241)		(4,286)		(153,527)
Loss on extinguishment of debt, net	20,787		—		20,787		20,787		—		20,787
(Loss) before income taxes	(726,497)		41,077		(685,420)		(1,011,606)		68,681		(942,925)
Tax provision	27,703		8,765		36,468		35,950		6,014		41,964
Net (loss)	(754,200)		32,312		(721,888)		(1,047,556)		62,667		(984,889)

Net (loss) attributable to common stockholders	$	(755,206)	$	32,312	$	(722,894)	$	(1,055,176)	$	62,667	$	(992,509)

Net (loss) per share – basic	$	(2.76)	$	0.12	$	(2.64)	$	(3.82)	$	0.23	$	(3.59)
Net (loss) per share – diluted	$	(2.76)	$	0.12	$	(2.64)	$	(3.82)	$	0.23	$	(3.59)

Weighted average number of shares outstanding – basic	273,996,219		—		273,996,219		276,381,199		—		276,381,199
Weighted average number of shares outstanding – diluted	273,996,219		—		273,996,219		276,381,199		—		276,381,199

Other comprehensive (loss) income:
Currency translation adjustment	58,588		(4,415)		54,173		77,135		(4,415)		72,720
Comprehensive (loss)	(695,612)		27,897		(667,715)		(970,421)		58,252		(912,169)
Comprehensive (income) attributable to non-controlling interest	(2,263)		—		(2,263)		(8,515)		—		(8,515)
Comprehensive (loss) attributable to stockholders	$	(697,875)	$	27,897	$	(669,978)	$	(978,936)	$	58,252	$	(920,684)

Three Months Ended March 31, 2025


	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of Balance as of December 31, 2024 (As Reported)	96,746	90,570	266,459,093	2,664	1,674,312	196,363	3,089	122,660	1,999,088
Net income (loss)	—	—	—	—	—	(199,581)	—	2,208	(197,373)
Other comprehensive income (loss)	—	—	—	—	—	—	23,582	671	24,253
Share-based compensation expense	—	—	—	—	(229)	—	—	—	(229)
Class A stock issued, net of issuance costs	—	—	661,207	7	363	—	—	—	370
Acquisition of non-controlling interest	—	—	—	—	(1,356)	—	—	534	(822)
Issuance of shares for vested share-based compensation awards	—	—	31,814	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(13,086)	—	(159)	—	—	—	(159)
Issuance of preferred stock and deemed dividend	—	—	—	—	—	—	—	—	—
Conversion of Series B convertible preferred stock	(60,000)	(49,969)	6,651,511	67	49,898	—	—	—	49,965
Dividends	—	107	—	—	—	(548)	—	(3,019)	(3,567)
Balance as of Balance as of March 31, 2025 (As Reported)	36,746	40,708	273,790,539	2,738	1,722,829	(3,766)	26,671	123,054	1,871,526


Adjustments
Balance as of December 31, 2024	—	—	—	—	—	(2,802)	4,415	—	1,613
Net income (loss)	—	—	—	—	—	21,947	—	—	21,947

Total Adjustments	—	—	—	—	—	19,145	4,415	—	23,560

As Restated


Balance as of Balance as of December 31, 2024 (As Restated)	96,746	90,570	266,459,093	2,664	1,674,312	193,561	7,504	122,660	2,000,701
Net income (loss)	—	—	—	—	—	(177,634)	—	2,208	(175,426)
Other comprehensive income (loss)	—	—	—	—	—	—	23,582	671	24,253
Share-based compensation expense	—	—	—	—	(229)	—	—	—	(229)
Class A stock issued, net of issuance costs	—	—	661,207	7	363	—	—	—	370
Acquisition of non-controlling interest	—	—	—	—	(1,356)	—	—	534	(822)
Issuance of shares for vested share-based compensation awards	—	—	31,814	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(13,086)	—	(159)	—	—	—	(159)
Issuance of preferred stock and deemed dividend	—	—	—	—	—	—	—	—	—
Conversion of Series B convertible preferred stock	(60,000)	(49,969)	6,651,511	67	49,898	—	—	—	49,965
Dividends	—	107	—	—	—	(548)	—	(3,019)	(3,567)
Balance as of Balance as of March 31, 2025 (As Restated)	36,746	40,708	273,790,539	2,738	1,722,829	15,379	31,086	123,054	1,895,086


	Three Months Ended June 30, 2025
	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of March 31, 2025 (As Reported)	36,746	40,708	273,790,539	2,738	1,722,829	(3,766)	26,671	123,054	1,871,526
Net income (loss)	—	—	—	—	—	(554,631)	—	(2,196)	(556,827)
Other comprehensive income (loss)	—	—	—	—	—	—	32,755	1,580	34,335
Share-based compensation expense	—	—	—	—	5,250	—	—	—	5,250


Issuance of shares for vested share-based compensation awards	—	—	720,642	7	—	—	—	—	7
Shares withheld from employees related to share-based compensation, at cost	—	—	(309,718)	(3)	(1,648)	—	—	—	(1,651)
Dividends	—	446	—	—	(446)	—	—	—	(446)
Balance as of June 30, 2025 (As Reported)	36,746	41,154	274,201,463	2,742	1,725,985	(558,397)	59,426	122,438	1,352,194

Adjustments
Balance as of March 31, 2025	—	—	—	—	—	19,145	4,415	—	23,560
Net income (loss)	—	—	—	—	—	10,365	—	—	10,365
Other comprehensive income (loss)	—	—	—	—	—	—	(4,415)	—	(4,415)
Total Adjustments	—	—	—	—	—	29,510	—	—	29,510

As Restated
Balance as of March 31, 2025 (As Restated)	36,746	40,708	273,790,539	2,738	1,722,829	15,379	31,086	123,054	1,895,086
Net income (loss)	—	—	—	—	—	(544,266)	—	(2,196)	(546,462)
Other comprehensive income (loss)	—	—	—	—	—	—	28,340	1,580	29,920
Share-based compensation expense	—	—	—	—	5,250	—	—	—	5,250
Issuance of shares for vested share-based compensation awards	—	—	720,642	7	—	—	—	—	7
Shares withheld from employees related to share-based compensation, at cost	—	—	(309,718)	(3)	(1,648)	—	—	—	(1,651)
Dividends	—	446	—	—	(446)	—	—	—	(446)
Balance as of June 30, 2025 (As Restated)	36,746	41,154	274,201,463	2,742	1,725,985	(528,887)	59,426	122,438	1,381,704


	Three Months Ended September 30, 2025


	Series B convertible preferred stock		Class A common stock				Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares		Amount
Balance as of June 30, 2025 (As Reported)	36,746	41,154	274,201,463		2,742		1,725,985	(558,397)	59,426	122,438	1,352,194
Net income (loss)	—	—	—		—		—	(299,660)	—	6,304	(293,356)
Other comprehensive income (loss)	—	—	—		—		—	—	18,599	(52)	18,547
Share-based compensation expense	—	—	—		—		5,544	—	—	—	5,544
Conversion of Series B convertible preferred stock	(36,746)	(41,464)	10,351,348	—	104	—	41,361	—	—	—	41,465
Dividends	—	310	—		—		(310)	—	—	—	(310)
Balance as of September 30, 2025 (As Reported)	—	—	284,552,811		2,846		1,772,580	(858,057)	78,025	128,690	1,124,084

Adjustments
Balance as of June 30, 2025	—	—	—		—		—	29,510	—	—	29,510
Net income (loss)	—	—	—		—		—	30,355	—	—	30,355
Other comprehensive income (loss)	—	—	—		—		—	—	—	—	—
Total Adjustments	—	—	—		—		—	59,865	—	—	59,865

As Restated
Balance as of June 30, 2025 (As Restated)	36,746	41,154	274,201,463		2,742		1,725,985	(528,887)	59,426	122,438	1,381,704
Net income (loss)	—	—	—		—		—	(269,305)	—	6,304	(263,001)
Other comprehensive income (loss)	—	—	—		—		—	—	18,599	(52)	18,547
Share-based compensation expense	—	—	—		—		5,544	—	—	—	5,544
Conversion of Series B convertible preferred stock	(36,746)	(41,464)	10,351,348		104		41,361	—	—	—	41,465
Dividends	—	310	—		—		(310)	—	—	—	(310)
Balance as of September 30, 2025 (As Restated)	—	—	284,552,811		2,846		1,772,580	(798,192)	78,025	128,690	1,183,949


	Three Months Ended March 31, 2025						Six Months Ended June 30, 2025						Nine Months Ended September 30, 2025
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Cash flows from operating activities

Net loss	$	(197,373)	$	21,947	$	(175,426)	$	(754,200)	$	32,312	$	(721,888)	$	(1,047,556)	$	62,667	$	(984,889)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	23,841		7,383		31,224		36,231		6,842		43,073		47,452		8,027		55,479
Depreciation and amortization	63,353		3,254		66,607		124,531		3,254		127,785		183,377		2,110		185,487
Deferred taxes	(4,740)		152		(4,588)		590		11,232		11,822		(15,495)		13,342		(2,153)
Share-based compensation	—		—		—		5,021		—		5,021		10,565		—		10,565
Goodwill impairment expense	—		—		—		582,172		—		582,172		582,172		—		582,172
Asset impairment expense	246		—		246		117,558		5,571		123,129		127,911		—		127,911
(Gain) on sale of assets	—		—		—		(472,699)		1,705		(470,994)		(470,994)		—		(470,994)
Loss on extinguishment of debt	467		—		467		20,787		—		20,787		20,787		—		20,787
(Earnings) recognized from vessels chartered to third parties transferred to Energos	(13,082)		—		(13,082)		(23,329)		—		(23,329)		(24,856)		—		(24,856)
Other	(31,189)		(3,718)		(34,907)		(10,703)		(3,719)		(14,422)		(659)		(3,720)		(4,379)
Changes in operating assets and liabilities:
(Increase) in receivables	(7,001)		(1,174)		(8,175)		(14,951)		(1,366)		(16,317)		(164,452)		(4,172)		(168,624)
Decrease (increase) in inventories	7,622		—		7,622		6,112		—		6,112		(27,653)		647		(27,006)


(Increase) in other assets	(1,074)		2,466	1,392	(31,961)	(5,409)	(37,370)	(81,184)	(7,950)	(89,134)
Decrease in right-of-use assets	30,848		—	30,848	32,772	—	32,772	51,738	—	51,738
Increase in accounts payable/accrued liabilities	130,433		(3,470)	126,963	98,782	2,971	101,753	326,521	4,483	331,004
(Decrease) in amounts due to affiliates			—	—	—	—	—	—	—	—
(Decrease) in lease liabilities	(42,888)		—	(42,888)	(39,857)	—	(39,857)	(67,816)	—	(67,816)
Increase (decrease) in other liabilities	8,832		(2,372)	6,460	(61,012)	(5,428)	(66,440)	(25,045)	(7,468)	(32,513)
Net cash (used in) provided by operating activities	$	(31,705)	24,468	(7,237)	(384,156)	47,965	(336,191)	(575,187)	67,966	(507,221)

Cash flows from investing activities
Capital expenditures	(340,470)		85,373	(255,097)	(652,798)	151,068	(501,730)	(758,457)	166,252	(592,205)
Sale of Jamaica Business	—		—	—	949,456	—	949,456	949,456	—	949,456
Other investing activities	4,555		—	4,555	4,791	—	4,791	4,654	—	4,654
Net cash used in (provided by) investing activities	(335,915)		85,373	(250,542)	301,449	151,068	452,517	195,653	166,252	361,905


Cash flows from financing activities
Proceeds from borrowings of debt	901,733		—	901,733	1,316,864	—	1,316,864	1,375,495	—	1,375,495
Payments made for capital expenditures paid beyond customary vendor payment terms	—		(109,841)	(109,841)	—	(199,033)	(199,033)	—	(234,218)	(234,218)
Payment of deferred financing costs	(26,093)		—	(26,093)	(27,774)	—	(27,774)	(27,781)	—	(27,781)


Repayment of debt	(664,062)		—		(664,062)		(1,390,187)		—		(1,390,187)		(1,592,321)		—		(1,592,321)

Payment of dividends	(3,460)		—		(3,460)		(3,014)		—		(3,014)		(3,019)		—		(3,019)
Other financing activities	(3,662)		—		(3,662)		(6,317)		—		(6,317)		(6,644)		—		(6,644)
Net cash provided by (used in) financing activities	204,456		(109,841)		94,615		(110,428)		(199,033)		(309,461)		(254,270)		(234,218)		(488,488)
Impact of changes in foreign exchange rates on cash and cash equivalents	34,332		—		34,332		48,965		—		48,965		57,568		—		57,568
Net (decrease) increase in cash, cash equivalents and restricted cash	(128,832)		—		(128,832)		(144,170)		—		(144,170)		(576,236)		—		(576,236)
Cash, cash equivalents and restricted cash – beginning of period	965,577		—		965,577		965,577		—		965,577		965,577		—		965,577
Cash, cash equivalents and restricted cash – end of period	$	836,745	$	—	$	836,745	$	821,407	$	—	$	821,407	$	389,341	$	—	$	389,341

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	$	(62,874)	$	(25,058)	$	(87,932)	(161,057)		$	(25,058)	$	(186,115)	(163,921)		$	(31,061)	$	(194,982)
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	366,358		6,003		372,361		266,191		6,003		272,194		295,174		—		295,174
Principal payments on financing obligation to Energos by third party charters	(9,871)		—		(9,871)		(17,027)		—		(17,027)		(16,567)		—		(16,567)
Proceeds held in escrow	—		—		—		98,635		—		98,635		98,635		—		98,635

Debt (As Restated)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt (As Restated)

22. Debt (As Restated)

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


	December 31, 2025		December 31, 2024 (As Restated)
Corporate debt
Senior Secured Notes, due November 2029	$	2,726,109	$	2,728,269
Senior Secured Notes, due September 2026	510,162		509,022
Senior Secured Notes, due March 2029	234,244		233,789

Revolving Facility	660,400		1,000,000
Term Loan B, due October 2028	1,166,784		776,353
Term Loan A, due July 2027	283,320		327,646
Short-term Borrowings	73,224		179,890
Sale leaseback financing
Vessel Financing Obligation, due August 2042	634,501		1,366,293
Tugboat Financing, due December 2038	45,642		46,224
Asset level financing
PortoCem Debentures, due September 2040	849,115		729,259
BNDES Term Loan, due October 2045	376,923		350,525
Brazil Financing Notes, due August 2029	385,808		—
South Power 2029 Bonds, due May 2029	—		217,871
Barcarena Debentures, due October 2028	—		194,571
Turbine Financing, due July 2027	133,687		142,549
EB-5 Loan, due July 2028	99,000		98,647


Total debt	$	8,178,919	$	8,900,908
Current portion of long-term debt	$	7,073,477	$	539,132
Long-term debt	1,105,442		8,361,776

Debt is recorded at amortized cost on the Consolidated Balance Sheets. The outstanding debt balances under the 2026 Notes, 2029 Notes, New 2029 Notes, Term Loan B, Term Loan A, Revolving Facility, PortoCem Debentures, Brazil Financing Notes, EB-5 Loan and Tugboat Financing (each defined below) has been classified as current as of December 31, 2025, primarily due to the existing events of default and/or expected non-compliance with covenant requirements as described in Note 2 and below. The fair value of the Company’s debt was $4,382,841 and $9,087,891 as of December 31, 2025 and 2024, respectively, and was classified as Level 2 within the fair value hierarchy.

Our outstanding debt as of December 31, 2025 is repayable as follows:


	December 31, 2025
2026	$	7,166,467
2027	185,163
2028	23,565
2029	25,207
2030	31,981
Thereafter	897,324
Total debt	$	8,329,707

Less: deferred finance charges	(150,788)
Total debt, net of deferred finance charges	$	8,178,919

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

During the year ended December 31, 2025, the Company incurred $67,845 of restructuring costs that were recognized as expense in Transactions and integration costs in Consolidated Statements of Operations and Comprehensive (Loss) Income.

New 2029 Notes

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

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

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

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

Notes Indenture, if more than $100,000 aggregate principal amount of such other indebtedness remains outstanding on such date.

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

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

The New 2029 Notes Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, acceleration and/or defaults of certain of the Company’s other indebtedness. The New 2029 Notes Indenture and other credit agreements associated with certain intercompany loans of NFE Financing, limit the ability of the Company to, among other things, incur additional indebtedness, incur liens that secure indebtedness, make restricted payments, create dividend restrictions and other payment restrictions, sell or transfer certain assets, in each case subject to certain exceptions and qualifications set forth in the New 2029 Notes Indenture and other indentures.

In conjunction with the Refinancing Transactions, the Supporting Holders agreed to consent to certain amendments to the indentures pursuant to which the 2026 Notes (such indenture, the “Existing 2026 Notes Indenture”) and the 2029 Notes (such indenture, the “Existing 2029 Notes Indenture”) were issued. These amendments allow the Company to subordinate the liens on certain of the collateral securing the obligations under each of the Existing 2026 Notes Indenture and Existing 2029 Notes Indenture to the liens on the same collateral securing certain intercompany loans due to NFE Financing, and to remove all covenants and events of default that may be removed in compliance with terms of such indentures (the “Indenture Amendments”). The adoption of the Indenture Amendments required the consent of holders of at least 66.67% the outstanding principal amount of each of the 2026 Notes and 2029 Notes. The Company received the required level of consent, and subsequently executed a supplemental indenture to the Existing 2026 Notes Indenture (the “2026 Supplemental Indenture”) and a supplemental indenture to the Existing 2029 Notes Indenture (the “2029 Supplemental Indenture,” and, together with the 2026 Supplemental Indenture, the “Supplemental Indentures”) effecting the Amendments. The Supplemental Indentures became effective on December 5, 2024.

The repayment of all of the 2025 Notes and the exchange of a portion of the 2026 Notes and 2029 Notes was treated as an extinguishment, and $11,442 of unamortized deferred debt issuance costs was recognized as a loss on extinguishment of debt in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Fees paid to lenders, including the issuance of Commitment Fee Shares and Commitment Fee Notes, of $193,370 were included in the loss on extinguishment of debt. The Company also recognized $30,541 of loss on extinguishment of debt, which represents the fair value of the New 2029 Notes issued in excess of the carrying amount of debt exchanged or repaid. The New 2029 Notes are recorded at fair value on the date of the Refinancing Transactions and fees paid to third parties of $32,341 are amortized over the term of the New 2029 Notes.

As of December 31, 2025 and 2024, total remaining unamortized deferred financing costs for the New 2029 Notes of $27,887 and $31,747, respectively. As of December 31, 2025 and 2024, total remaining unamortized premium for the New 2029 Notes were $23,839 and $29,890, respectively.

The New 2029 Notes Indenture contains cross default provisions that would allow the holders to accelerate the maturity date under the New 2029 Notes following the occurrence of a default by the Company or any of its subsidiaries on indebtedness for borrowed money if the principal amount of such indebtedness is equal to $10,000 in the case of NFE Financing and $100,000 in the case of the Company and any of its other subsidiaries unless such defaulted indebtedness has been discharged, the default has been cured or the holders have rescinded or waived the acceleration, notice or action giving rise to the event of default. Such defaults are subject to forbearance under the RSA pursuant to which the holders have agreed, subject to certain conditions, to refrain from exercising remedies with respect to specified defaults until termination of the RSA or the closing of the Restructuring Transaction. If the Restructuring Transaction is not consummated or the RSA is terminated, the holders thereunder could accelerate the outstanding indebtedness. Upon

completion of the Restructuring Transaction contemplated under the RSA, the New 2029 Notes will no longer be outstanding.

2025 Notes

In 2020, the Company issued an aggregate amount of $1,250,000 of 6.75% senior secured notes in private offerings pursuant to Rule 144A under the Securities Act (the “2025 Notes”). In connection with the offering of the 2029 Notes (defined below) in March 2024, the Company completed a cash tender offer to repurchase $375,000 of the outstanding 2025 Notes, for an aggregate repurchase price of $376,875. The tender offer was closed and the partial repurchase of the 2025 Notes was completed in the first quarter of 2024. The premium over the repurchase price of $1,875 was recognized as Loss on extinguishment of debt, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The remaining outstanding principal under the 2025 Notes was repaid in conjunction with the Refinancing Transactions.

2026 Notes

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

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

In connection with the issuance of the 2026 Notes, the Company incurred $25,240 in origination, structuring and other fees, which was deferred as a reduction of the principal balance of the 2026 Notes on the Consolidated Balance Sheets. As part of the Refinancing Transactions, the Company exchanged $989,121 of the 2026 Notes on a dollar-for-dollar basis for New 2029 Notes, resulting in a partial extinguishment. This partial extinguishment of the 2026 Notes resulted in the proportionate write-off of unamortized deferred financing fees, and as of December 31, 2025 and 2024, total remaining unamortized deferred financing costs for the 2026 Notes was $717 and $1,857, respectively.

The Company did not make the interest payment of $16,604 due to holders of the 2026 Notes on March 15, 2026. An event of default under the indenture governing the 2026 Notes will arise on April 15, 2026, when the contractual grace period for interest payments on such notes expires. The 2026 Supplemental Indenture contains cross acceleration provisions that would allow these lenders to accelerate the maturity date under the 2026 Notes upon an acceleration of outstanding principal balances under other credit agreements and indentures, including the Revolving Credit Agreement, Term Loan B Credit Agreement and Term Loan A Credit Agreement. Uncured events of default exist under these credit agreements, and as such, the outstanding principal balance of the 2026 Notes has been presented as a current liability. Upon completion of the Restructuring Transaction contemplated under the RSA, the 2026 Notes will no longer be outstanding.

2029 Notes

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

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

In connection with the issuance of the 2029 Notes, the Company incurred $14,171 in origination, structuring and other fees, which was deferred as a reduction of the principal balance of the 2029 Notes on the Consolidated Balance Sheets. As part of the Refinancing Transactions, the Company exchanged $513,272 of the 2029 Notes on a dollar-for-dollar basis for New 2029 Notes, resulting in a partial extinguishment. This partial extinguishment of the 2029 Notes resulted in the proportionate write-off of unamortized deferred financing fees, and as of December 31, 2025 and 2024, total remaining unamortized deferred financing costs for the 2029 Notes were $2,484 and $2,939, respectively.

The Company did not make the interest payment of $10,357 due to holders of the 2029 Notes on March 31, 2026. An event of default under the indenture governing the 2029 Notes will arise on April 30, 2026, when the contractual grace period for interest payments on such notes expired. The 2029 Supplemental Indenture contains cross acceleration provisions that would allow these lenders to accelerate the maturity date under the 2029 Notes upon an acceleration of outstanding principal balances under other credit agreements and indentures, including the Revolving Credit Agreement, Term Loan B Credit Agreement and Term Loan A Credit Agreement. Uncured events of default exist under these credit agreements, and as such, the outstanding principal balance of the 2029 Notes has been presented as a current liability. Upon completion of the Restructuring Transaction contemplated under the RSA, the 2029 Notes will no longer be outstanding.

Revolving Facility

In April 2021, the Company entered into a credit agreement (the “Revolving Credit Agreement”) for a $200,000 senior secured revolving credit facility (the “Revolving Facility”). The obligations under the Revolving Facility are guaranteed by certain of the Company’s subsidiaries, including those that own the Company’s offshore FLNG facility at Altamira (“FLNG 1 Project”) and FLNG 2 Co, and are secured by substantially the same collateral securing the obligations under certain intercompany loans entered into in conjunction with the Refinancing Transactions, as well as the assets comprising the FLNG 1 Project and FLNG 2.

The borrowings under the Revolving Facility bear interest at a Secured Overnight Financing Rate (“SOFR”) based rate plus a margin based upon usage of the Revolving Facility. The rates applicable to outstanding borrowings as of December 31, 2025 and 2024 were 7.51% and 8.22%, respectively. Borrowings under the Revolving Facility may be prepaid, at the option of the Company, at any time without premium.

Through May 2024, the Revolving Facility was amended to increase the borrowing capacity to $1,000,000. The amendments did not impact the interest rate or term of the Revolving Facility, and no deferred costs were written off. As of December 31, 2025 and 2024, $660,400 and $1,000,000 of revolving loans were outstanding under the Revolving Facility.

Concurrent with the Refinancing Transactions, the Company entered into an amendment with certain lenders in the Revolving Facility (the “Consenting Lenders”) to extend the maturity of their commitments from April 15, 2026 to October 15, 2027. The Consenting Lenders hold $900,000 of the total revolving commitments. The applicable margin payable on revolving borrowings to the Consenting Lenders increased by 100 basis points. The remainder of the Revolving Facility will mature in April 2026 with the potential for the Company to extend the maturity date once for a one-year increment. The Company is required to reduce the commitments with proceeds from certain assets sales and by certain amounts received from the settlement of the Company’s claims following the termination of the Company’s contract to provide emergency power services in Puerto Rico (Note 8).

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, (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 revolving loans 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 Consolidated Statements of Operations and Comprehensive (Loss) Income representing write-off of unamortized deferred financing costs. 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 December 31, 2025.

The Company incurred $48,612 in origination, structuring and other fees, associated with entry into the Revolving Facility, which includes additional fees incurred to expand the facility and extend the maturity through 2024. These costs have been

capitalized within Other current assets on the Consolidated Balance Sheets. As of December 31, 2025 and 2024, total remaining unamortized deferred financing costs for the Revolving Facility was $18,878 and $38,190, respectively.

The Company is required to comply with the below covenants under the Revolving Credit Agreement:

•Beginning with the fiscal quarter ended March 31, 2025, for quarters in which the Revolving Facility is greater than 50% drawn, the Consolidated First Lien Debt Ratio must be below the following: (i) 6.50 to 1.00, for the fiscal quarter ended December 31, 2025, (ii) 7.25 to 1.00, for the fiscal quarters ending March 31, 2026 through September 30, 2026, and (iii) 6.75 to 1.00, for the fiscal quarter ending December 31, 2026 and each fiscal quarter thereafter. The Consolidated First Lien Debt Ratio test was not tested for the Test Periods ended June 30, 2025 and September 30, 2025.

•Beginning with fiscal quarter ended March 31, 2025, the Fixed Charge Coverage Ratio must be less than or equal to (i) 1.00 to 1.00, for the fiscal quarter ended December 31, 2025 and each fiscal quarter thereafter. The Fixed Charge Coverage Ratio test was not tested for the Test Periods ended June 30, 2025 and September 30, 2025.

•The Company is also required to maintain a minimum consolidated liquidity of (i) $50,000 as of the last day of each month and (ii) $100,000 as of the last day of any fiscal quarter (other than for the fiscal quarter ended December 31, 2025, which shall not be tested).

The Company was not in compliance with the Consolidated First Lien Debt Ratio and the Fixed Charge Coverage Ratio as of December 31, 2025. Under the RSA, the lenders under the Revolving Facility have agreed to not accelerate the outstanding principal for an event of default due to non-compliance with covenants. However, uncured events of default exist under the Revolving Credit Agreement, and as such, the outstanding principal balance has been presented as a current liability. Such defaults are subject to forbearance under the RSA pursuant to which the lenders have agreed, subject to certain conditions, to refrain from exercising remedies with respect to specified defaults until termination of the RSA or the closing of the Restructuring Transaction. If the Restructuring Transaction is not consummated or the RSA is terminated, the lenders thereunder could accelerate the maturity and the outstanding debt. Upon completion of the Restructuring Transaction contemplated under the RSA, the Revolving Facility will no longer be outstanding.

Letter of Credit Facility

In July 2021, the Company entered into an uncommitted letter of credit and reimbursement agreement (the “Letter of Credit Agreement”) with a bank for the issuance of letters of credit for an aggregate amount of up to $75,000 (the “Letter of Credit Facility”). Through December 31, 2023, the Letter of Credit Facility was amended multiple times to increase the availability to $350,000. In 2025, the Letter of Credit Facility was amended multiple times to reduce the availability to $195,000. As of December 31, 2025, the Company had $195,000 of letters of credit outstanding under the Letter of Credit Facility.

The obligations under the Letter of Credit Facility are guaranteed by certain of the Company’s subsidiaries, including those that own our FLNG 1 Project and FLNG 2 Co. The Letter of Credit Facility is secured by substantially the same collateral as the first lien obligations under the Revolving Facility and the Term Loan B Credit Agreement.

During 2025, the Company entered into a number of amendments to its Letter of Credit Agreement in response to evolving liquidity needs, covenant requirements, and upcoming maturity and cash collateralization deadlines. Collectively, these amendments (i) provided various covenant holidays related to the consolidated first lien debt ratio and fixed charge coverage ratio, (ii) deferred or modified the timing of cash collateralization requirements, (iii) provided extensions of the maturity date of the Letter of Credit facility, (iv) revised or added provisions relating to commitment levels, asset sale sweep prepayment, and fees and pricing, (v) converted the facility from uncommitted to committed, and (vi) tightened certain restrictions on dividends, distributions, and the payment of principal or interest on specified indebtedness. These changes also incorporated enhanced limitations around the use of cash for repurchasing certain notes and aligned aspects of the facility with the Company’s broader capital structure initiatives.

In March 2026, the Company entered into an amendment to extend the maturity date to September 15, 2026.

The Company is required to comply with the below covenants under the Letter of Credit Agreement:

• The Consolidated First Lien Debt Ratio must be below 7.25 to 1.00 for the fiscal quarter ended March 31, 2026. The Consolidated First Lien Debt Ratio test was not tested for the Test Periods ended June 30, 2025, September 30, 2025 and December 31, 2025.

• The Fixed Charge Coverage Ratio must be less than or equal to 1.00 to 1.00 for the fiscal quarter ended March 31, 2026 and each fiscal quarter thereafter. The Fixed Charge Coverage Ratio test was not be tested for the Test Periods ended June 30, 2025, September 30, 2025 and December 31, 2025.

• The Company is also required to maintain a minimum consolidated liquidity of $50,000 as of the last day of each month.

Additional lender fees and third party costs are capitalized within Other current assets on the Consolidated Balance Sheets. As of December 31, 2025 and 2024, total remaining unamortized costs for the Letter of Credit Facility was $4,057 and $766, respectively.

In March 2026, the Company entered into a forbearance agreement (“LCF Forbearance Agreement”), pursuant to which such lenders agreed not to exercise any remedies with respect to certain events of default under the Letter of Credit Facility. Unless earlier terminated, the LCF Forbearance Agreement will terminate on September 15, 2026. If the forbearance agreement is terminated, the lenders thereunder could require cash collateralization of all letters of credit outstanding under the Letter of Credit Facility. Under the RSA, a new letter of credit facility will be issued as upon completion of the Restructuring Transaction.

Term Loan B Credit Agreement

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

The obligations under the Term Loan B Credit Agreement are guaranteed by certain of the Company’s subsidiaries, including those that own the Company’s FLNG 1 Project and FLNG 2 Co. The Term Loan B is secured by substantially the same collateral as the first lien obligations under the Revolving Facility and Letter of Credit Facility.

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. The incremental term loans were issued at a discount, and the Company received proceeds, net of discount, of $391,000. 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 are required beginning June 2025. The amendment was accounted for as a modification, and fees paid to lenders of $20,000 were deferred and are amortized over the remaining term 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 Consolidated Statements of Operations and Comprehensive (Loss) Income. In connection with the amendment, all unused term loan commitments under the Term Loan A Credit Agreement were terminated.

As of December 31, 2025 and 2024, total remaining unamortized deferred financing costs, including the unamortized original issue discount, for the Term Loan B were $99,294 and $71,087, respectively.

The initial term loans under Term Loan B bear interest at a per annum rate equal to Adjusted Term SOFR (as defined in the Term Loan B Credit Agreement) plus 5.0%. The incremental term loans under the Term Loan B bear interest at a per annum rate equal to Adjusted Term SOFR plus 5.5%. The Company was permitted prepay the Term Loan B subject to prepayment premiums until March 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, in each case subject to certain exceptions and thresholds. Additionally, the Company is required to prepay the Term Loan B with Excess Cash Flow (as defined in the Term Loan B Credit Agreement).The Company must comply with the same covenant

requirements as those under the original agreement, which includes usual and customary affirmative and negative covenants.

The Term Loan B contains cross acceleration provisions that would allow the lenders to accelerate the maturity date under the Term Loan B upon an acceleration of outstanding principal balances under other credit agreements and indentures, including the New 2029 Notes Indenture, Revolving Credit Agreement and Term Loan A Credit Agreement. Uncured events of default exist under the Term Loan B Credit Agreement, as well as the other indentures and credit agreements, and as such, the outstanding principal balance of the Term Loan B has been presented as a current liability. Such defaults are subject to forbearance so long as the RSA is in effect and has not been terminated. If the Restructuring Transaction is not consummated or the RSA is terminated, the lenders thereunder could accelerate the maturity and the outstanding debt under the Term Loan B Credit Agreement. Upon completion of the Restructuring Transaction contemplated under the RSA, the Term Loan B will no longer be outstanding.

Term Loan A Credit Agreement

In July 2024, the Company entered into a credit agreement (“Term Loan A Credit Agreement”) for a senior secured, multiple draw term loan facility in an aggregate principal amount of up to $700,000 (“Term Loan A”). In connection with the issuance of the Term Loan A, the Company incurred $39,227 in origination, structuring and other fees, which was initially capitalized in Other non-current assets on the Consolidated Balance Sheets as the Term Loan A is a delayed draw term loan. In addition, the Company recorded a debt discount of $2,757 as a result of an embedded derivative (Note 10). During the year ended December 31, 2024, the Company drew $350,000 on the Term Loan A. The Term Loan A bore interest at a per annum rate equal to Term SOFR plus 3.75%, or at a base rate plus 2.75%, with increases by 0.25% every 180 days beginning on June 30, 2025.

The obligations under the Term Loan A Credit Agreement are guaranteed, jointly and severally, on a senior secured basis by each subsidiary that is a guarantor under the Revolving Facility, the Letter of Credit Facility and the Term Loan B, other than the guarantors comprising the FLNG 1 Project (who guarantee the Revolving Facility, Letter of Credit Facility and Term Loan B). The obligations under the Term Loan A Credit Agreement are secured by substantially the same collateral as the collateral securing such facilities, with the exception of the collateral comprising the FLNG 1 Project (which secures the Revolving Facility, Letter of Credit Facility and Term Loan B). Additionally, the Term Loan A is guaranteed by FLNG 2 Co, and secured by the assets, comprising FLNG 2. An equal priority intercreditor agreement governs the treatment of the collateral.

The Term Loan A will mature in July 2027 and is payable in full on the maturity date. In the event that the Company’s 2026 Notes are not refinanced or repaid at least 60 days prior to maturity, amounts outstanding under the Term Loan A will become due and payable on such date. The Company may prepay the Term Loan A at its option without premium or penalty at any time subject to customary break funding costs. The Company is required to prepay the Term Loan A with the net proceeds of certain asset sales, condemnations, debt and convertible securities issuances, and extraordinary receipts related to FLNG 2. Additionally, commencing with the first fiscal quarter after the date of completion of the FLNG 2 project, the Company will be required to prepay the Term Loan A with FLNG 2’s Excess Cash Flow (as defined in the Term Loan A Credit Agreement).

The Term Loan A Credit Agreement includes certain other covenants related solely to FLNG 2, including limitations on capital expenditures, restrictions on additional accounts, and restrictions on amendments or termination of certain material documents related to FLNG 2.

In March 2025, the Company entered into an amendment to the Term Loan A Credit Agreement. Pursuant to the amendment, the remaining undrawn commitments were 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 Consolidated Balance Sheets were recognized as interest expense in the 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) required $55,000 of proceeds from the sale of the Jamaica Business to be used to prepay a portion of outstanding loans; (ii) increased the applicable margin to 6.70% for SOFR loans and 5.70% for Base Rate Loans and implemented a Term SOFR floor of 4.30% for the initial term loans and a base rate minimum of 5.30%; (iii) required the Company to make mandatory prepayments with 12.5% of proceeds of a request for equitable adjustment related to the early termination of contracts associated with the grid stabilization project in Puerto Rico, if and when such proceeds are

received. Additionally, the amendment amended certain of the financial covenants, whereby the consolidated first lien debt ratio cannot exceed (i) 6.50 to 1.00, for the fiscal quarter ended December 31, 2025, (ii) 7.25 to 1.00, for the fiscal quarters ending March 31, 2026 and September 30, 2026 and (iii) 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 ended December 31, 2025 and each fiscal quarter thereafter.

Following the amendment, the Company repaid $55,000 of the Term Loan A using proceeds from the sale of the Jamaica Business (Note 6). This repayment was recognized as a partial extinguishment of debt, and a portion of unamortized deferred financing costs of $2,956 were written off within Loss on extinguishment of debt, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. As of December 31, 2025 and 2024, total remaining unamortized deferred financing costs and debt discount reducing the principal balance were $11,679 and $22,354, respectively.

The Term Loan A contains cross acceleration provisions that would allow the lenders to accelerate the maturity date under the Term Loan A upon an acceleration of outstanding principal balances under other credit agreements and indentures, including the New 2029 Notes Indenture, Revolving Credit Agreement and Term Loan B Credit Agreement. Uncured events of default exist under the Term Loan A Credit Agreement, as well as these other indentures and credit agreements, and as such, the outstanding principal balance of the Term Loan A has been presented as a current liability. Such defaults are subject to forbearance so long as the RSA is in effect and has not been terminated. If the Restructuring Transaction is not consummated or the RSA is terminated, the lenders thereunder could accelerate the maturity and the outstanding debt under the Term Loan A Credit Agreement. Upon completion of the Restructuring Transaction contemplated under the RSA, the Term Loan A will no longer be outstanding.

Short-term Borrowings

The Company has an LNG cargo financing arrangement where it may, from time to time, enter into sales and repurchase agreements with a financial institution, whereby the Company sells to the financial institution an LNG cargo and concurrently enters into an agreement to repurchase the same LNG cargo immediately with the repurchase price payable at a future date, generally not to exceed 90-days from the date of the sale and repurchase (the “Short-term Borrowings”). As of December 31, 2025, the Company had $73,224 due under repurchase arrangements with a weighted average interest rate of 14.79%. As of December 31, 2024, the Company had $179,890 due under repurchase arrangements with a weighted average interest rate of 8.87%. 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. During 2025, the Company executed multiple amendments to this financing arrangement primarily to extend payment terms. Each of these amendments was accounted for as a debt modification. We did not incur material costs and fees associated with the modifications.

Vessel Financing Obligation

In August 2022, the Company completed a transaction to sell certain vessels to Energos and concurrently entered into long-term time charter agreements for certain vessels for periods of up to 20 years. Vessels chartered to the Company at the time of the transaction were classified as finance leases. Additionally, the Company’s charter of certain other vessels commence only upon the expiration of the vessel’s existing third-party charters. These forward starting charters prevented the recognition of a sale of these vessels. As such, the Company accounted for the transaction as a failed sale leaseback and has recorded a financing obligation for consideration received.

The Company continues to be the owner for accounting purposes of vessels that are treated as a failed sale leaseback, and as such, the Company recognizes revenue and operating expenses related to vessels under charter to third parties. Revenue recognized from these third-party charters form a portion of the debt service for the financing obligation; the weighted average effective interest rate on this financing obligation was approximately 18.1% and 13.4%, respectively, for the years ended December 31, 2025 and 2024, and includes the cash flows that Energos receives from these third-party charters.

As discussed in Note 16, in November 2025, the Company completed a transaction with Energos, pursuant to which the Company early terminated the long-term charter agreements with Energos for Energos Eskimo, Energos Winter, Energos Igloo and Energos Freeze and novated associated sub-charter agreements for these vessels to Energos. This transaction resulted in the sale of these vessels that were previously accounted for as a failed sale leaseback. Upon closing of the

transaction, the Company derecognized these vessels from Property, plant and equipment with a carrying value of $667,043, and derecognized debt of $734,172. Unamortized deferred financing costs of $3,093 were written off within (Gain) loss on sale in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

As of December 31, 2025 and 2024, the remaining unamortized deferred financing costs for the Vessel Financing Obligation was $2,731 and $6,141, respectively.

Tugboat Financing

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

NFE provides a parent company guarantee under this financing obligation. Uncured events of default exist under the EB-5 Loan Agreement (as defined below), and as such, the outstanding principal balance of Tugboat Financing has been presented as a current liability.

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 15.00% 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 a 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 Consolidated Statements of Operations and Comprehensive (Loss) Income. As of December 31, 2025, total remaining unamortized deferred financing costs, including the unamortized original issue discount, for the Brazil Financing Notes were $10,167.

Although the Company does not believe that any event of default exists under the Brazil Financing Notes, on March 17, 2026, holders of a majority of the Brazil Financing Notes entered into a forbearance agreement, pursuant to which such holders agreed not to exercise any remedies with respect to any insolvency event of default under the Brazil Financing Notes that may result from the Company’s entry into the RSA and the insolvency proceedings contemplated by the RSA. The forbearance period terminates on the earlier of December 31, 2026 and the occurrence of certain events (such as an additional default or event of default under the Brazil Financing Notes).

NFE provides a parent company guarantee to holders of the Brazil Financing Notes. Uncured events of default exist under certain of NFE’s indentures and credit agreements, including the Revolving Credit Agreement, Term Loan B Credit Agreement and Term Loan A Credit Agreement, and as such, the outstanding principal balance of Brazil Financing Notes has been presented as a current liability. Upon completion of the Restructuring Transaction contemplated under the RSA, NFE will no longer own BrazilCo, or be subject to the Brazil Financing Notes.

PortoCem Financings

In November 2024, one of the Company’s indirect Brazilian subsidiaries, Portocem Geração de Energia S.A. (“PortoCem”), issued R$4.5 billion ($817,875 based on exchange rates in effect at December 31, 2025) of debentures (“PortoCem Debentures”). Borrowings bear interest at SOFR + 9.15%. No principal or interest payments are due until September 2027; at that point, PortoCem will be required to make semi-annual payments until maturity in September 2040. Proceeds received were utilized to repay a previously outstanding bridge loan, and the remaining proceeds are restricted to

fund the construction of the PortoCem Power Plant. Portocem also entered into an Equity Contribution Agreement in November 2024 for the benefit of the debenture holders in which the Company agreed to contribute up to $50,000 in the event there are additional costs over the projected budget for the PortoCem Power Plant.

The repayment of the previous bridge loan was treated as an extinguishment, and the Company recognized $25,010 of repayment penalty and unamortized deferred financing fees as loss on extinguishment of debt in the Consolidated Statements of Operations and Comprehensive (Loss) Income at the time of repayment. The Company incurred $6,301 of new third party fees in conjunction with the repayment of the previous bridge loan and issuance of the PortoCem Debentures. As of December 31, 2025 and 2024, total remaining unamortized deferred financing costs for the PortoCem Debentures were $8,157 and $6,301, respectively.

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 multiple times during 2025, and the debenture holders have unanimously permanently waived their ability to declare an early maturity event due to these credit rating downgrades in exchange for two additional bank guarantees totaling $129,100. During 2025, the Company provided the first required $50,000 bank guarantee, which may be drawn by the debenture holders if there is a breach under the Equity Contribution Agreement; an additional bank guarantee of $79,100 is required to be provided by May 10, 2026, subject to a 45 day cure period. 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 have been classified as a current liability. If the Company fails to provide the bank guarantee of $79,100, an automatic early maturity event will occur and substantially all of the Company’s outstanding indebtedness would be payable on demand. In addition, certain of the creditors that have executed the RSA would have the right to terminate the RSA if the debenture holders declare automatic early maturity.

Upon completion of the Restructuring Transaction contemplated under the RSA, NFE will no longer own BrazilCo, or be subject to the PortoCem Debentures.

Barcarena Financings

In October 2023, certain of the Company’s Brazilian subsidiaries entered into two long-term financing arrangements, fully funding the construction of the Company’s power plant located in Pará, Brazil (the “Barcarena Power Plant”). The parent of the owner of the Barcarena Power Plant entered into an agreement for the issuance of up to $200 million of convertible debentures maturing in October 2028 (“Barcarena Debentures”) and issued $180 million of the Barcarena Debentures prior to December 31, 2023. Interest on the Barcarena Debentures was due quarterly, and interest accrued at an annual rate of 12.0%, increasing 1.25% each year after the third anniversary of issuance.

The Company incurred $5,061 of structuring and other fees, and such fees were deferred as a reduction to the principal balance of the Barcarena Debentures. As of December 31, 2024, the remaining unamortized deferred financing costs for the Barcarena Debentures were $3,085. In February 2025, the Barcarena Debentures were repaid in full using proceeds from the issuance of the Brazil Financing Notes.

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

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

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

South Power 2029 Bonds

In 2022, NFE South Power Holdings Limited, a wholly owned subsidiary of NFE, entered into an agreement for the issuance of secured bonds (“South Power 2029 Bonds”) and subsequently authorized the issuance of up to $285,000 in South Power 2029 Bonds. The South Power 2029 Bonds held an annual interest fixed rate of 6.5%. In May 2025, in conjunction with closing of the sale of its Jamaica Business (Note 5), 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 Consolidated Statements of Operations and Comprehensive (Loss) Income.

Turbine Financing

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

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

Proceeds received were net of upfront fees due to the lender, and the Company incurred $2,136 in origination, structuring and other fees, associated with entry into the Turbine Financing. As of December 31, 2025 and 2024, total remaining unamortized deferred financing costs for the Turbine Financing were $1,045 and $1,753, respectively.

EB-5 Loan Agreement

In July 2023, the Company entered into a loan agreement under the U.S. Citizenship and Immigration Services EB-5 Program (“EB-5 Loan Agreement”) to pay for the development and construction of a new green hydrogen facility in Texas. The maximum aggregate principal amount available under the EB-5 Loan Agreement is $100,000, and outstanding borrowings bear interest at a fixed rate of 4.75%. The loan matures in 5 years from the initial advance with an option to extend the maturity by two one-year periods. It is expected that the loan will be secured by NFE’s green hydrogen facility, and NFE has provided a guarantee of the obligations under the EB-5 Loan Agreement. As of December 31, 2025, the availability under the EB-5 Loan Agreement has been fully funded, and the Company has an aggregate principal amount of $100,000 outstanding (the “EB-5 Loan”).

The Company incurred $1,728 in origination, structuring and other fees associated with entry into the EB-5 Loan Agreement. As of December 31, 2025 and 2024, the total remaining unamortized deferred financing costs for the EB-5 Loan Agreement was $999 and $1,353, respectively.

In January 2026, the Company did not make the interest payment of $2,375 due under the EB-5 Loan Agreement. An event of default under the EB-5 Loan Agreement arose (i) on January 8, 2026, when the contractual grace period for interest payments on the loans expired and (ii) on or about January 30, 2026, when the Company failed to comply with certain job creation requirements. Due to the expected future occurrence of events of defaults, the EB-5 Loan has been classified as a current liability as of December 31, 2025.

On March 13, 2026, the Company entered into a term sheet with CanAm Texas Regional Center LP, IV., a Delaware limited partnership in respect of the EB-5 Loan Agreement that contemplates, among other things, the incurrence by the Company of a new unsecured note in the aggregate principal amount of $22,500, with an interest rate of 7.00% per annum, with the option to pay interest in kind, and that matures on December 31, 2029. After completion of the transactions

contemplated by this term sheet, the Company would no longer own the green hydrogen development project and, other than the new unsecured note, the Company would be released from it’s obligations under the EB-5 Loan.

Equipment Notes

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

In conjunction with the execution of the APA to sell certain turbines to PREPA in March 2024 (Note 6), the Company repaid the Equipment Notes in full, releasing any liens held on the turbines prior to their sale. The balance outstanding as of the repayment date was $188,431, and the Company incurred a prepayment premium of 3%. The prepayment premium and any unamortized financing costs of $7,879 were recognized as Loss on extinguishment of debt, net, in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Interest Expense

Interest and related amortization of debt issuance costs, premiums and discounts recognized during major development and construction projects are capitalized and included in the cost of the project. Interest expense, net of amounts capitalized, recognized for the years ended December 31, 2025, 2024 and 2023 consisted of the following:


	Year Ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
Interest per contractual rates	$	868,746	$	566,763	$	339,631
Interest expense on Vessel Financing Obligation	172,667		192,107		211,745
Amortization of debt issuance costs, premiums and discounts	75,716		58,348		18,569
Interest expense incurred on finance lease obligations	281		981		3,706
Total interest costs	$	1,117,410	$	818,199	$	573,651
Capitalized interest	339,565		501,862		289,632
Total interest expense	$	777,845	$	316,337	$	284,019

Interest expense on the Vessel Financing Obligations includes non-cash expense of $75,485, $120,962, and $169,641 for the years ended December 31, 2025, 2024, and 2023, respectively, related to payments received by Energos from third party charterers.

Revenue recognition (As Restated) - Schedule of Carrying Amount of Leased Property Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Property, plant and equipment	$ 154,196	$ 602,192
Accumulated depreciation	(38,661)	(83,135)
Property, plant and equipment, net	$ 115,535	$ 519,057

Debt (As Restated) - Tugboat Financing (Details) - Tugboat Financing, due December 2038 $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) vessel
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	$ 45,642	$ 46,224
Financing Transaction Obligation
Debt Instrument [Line Items]
Number of vessels leased \| vessel			4
Debt, term (in years)			15 years
Debt (excluding lessor VIE loans)			$ 46,728
Effective interest rate (in percent)			16.92%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1E
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

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

Other Long-Term Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Other Noncurrent Liabilities

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


	December 31, 2025			December 31, 2024 (As Restated)
Guarantee liabilities	$	53,289		$	115,359
Derivative liabilities	2,579			19,917
Contract liability (Note 8)	9,750			11,750

Uncertain taxes (Note 24)	15,943		—	—
Other	10,730			20,139
Total other long-term liabilities	$	92,291		$	167,165

Customer concentrations (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country


(in thousands)	December 31, 2025		December 31, 2024 (As Restated)
Long-lived assets
United States	$	1,397,828	$	1,661,913
Mexico	4,148,176		4,355,753
Brazil	1,944,315		1,225,969
Other foreign countries	1,441,334		2,980,545
Total long-lived assets	$	8,931,653	$	10,224,180

Impairment of long-lived assets	12 Months Ended
Impairment of long-lived assets	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Impairment of long-lived assets	17. 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 year ended December 31, 2025, the Company recognized asset impairment expense of $860,865 in the Terminals and Infrastructure segment: •Due to the goodwill impairment triggering event identified in May 2025 (Note 18), the Company performed a recoverability test of its long-lived assets, including ROU assets and definite lived intangible assets. Based on the recoverability test 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 inputs. •During the fourth quarter ended December 31, 2025, the Company recorded an impairment charge of $732,954, primarily relating to certain Fast LNG projects and the ZeroParks hydrogen project. As a part of the Company’s ongoing discussions with creditors during the fourth quarter of 2025, the Company has determined that it was not probable that it would pursue the development of these projects. Due to this triggering event identified during the quarter ended December 31, 2025, the Company performed a recoverability assessment and concluded that the carrying amounts of the related asset groups were not recoverable and recorded impairment charges to reduce the carrying values of the asset groups to their estimated fair value. Fair value was determined using a combination of observable market inputs and management estimates. The valuation used Level 3 inputs and considered expected recoverability based on alternative use, contractual economics, and available third‑party market indications, consistent with assumptions that a market participant would apply at the measurement date. During the second quarter of 2024, the Company entered into a definitive agreement to sell its LNG liquefaction facility located in Miami (the “Miami Facility”) for $62,000, subject to certain purchase price adjustments at close. The Company recognized an impairment loss of $16,016 within Asset impairment expense in the Terminals and Infrastructure segment, which includes the allocation of goodwill to this business disposition of $10,410. During the fourth quarter of 2023, the Company entered into an agreement to sell the vessel, Mazo, for $22,400, and recognized an impairment of $10,958 within Asset impairment expense in the Ships segment. Nonrecurring, Level 2 inputs were used to estimate the fair value of the vessel for the purpose of recognizing the impairment. The sale closed in 2024, resulting in a gain of $392, included in (Gain) loss on sale in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Leases, as lessee (As Restated) - Schedule of Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Fixed lease cost	$ 109,916	$ 161,830	$ 109,873
Variable lease cost	1,174	2,984	4,601
Short-term lease cost	2,161	8,603	23,903
Lease cost - Cost of sales	97,041	147,539	88,608
Lease cost - Operations and maintenance	10,338	17,961	42,520
Lease cost - Selling, general and administrative	$ 5,872	$ 7,917	$ 7,249

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent events	32. Subsequent events Energos Restructuring Support Agreement On March 8, 2026, the Company entered into a restructuring support agreement with Energos, which was further amended on March 17, 2026 (“Energos RSA”). The Energos RSA, among other things, reduces the hire rates for Energos Maria and Energos Princess and cancel and terminates the Company’s forward starting charter agreement for Nusantara Regas Satu. EB-5 Loan Agreement On March 13, 2026, the Company entered into a term sheet with CanAm Texas Regional Center LP. IV., a Delaware limited partnership in respect of the EB-5 Loan Agreement that contemplates, among other things, the incurrence by the Company of a new unsecured note in the aggregate principal amount of $22,500, with an interest rate of 7.0% per annum, with the option to pay interest in kind, and that matures on December 31, 2029. Turbine Sale-Leaseback Transaction On April 1, 2026, the Company, entered into an Asset Purchase Agreement (the “Purchase Agreement”) and Master Lease Agreement (the “Turbine Lease”), pursuant to which the parties agreed to consummate a sale and leaseback transaction with respect to certain turbines. On April 1, 2026, the Company completed the sale of these turbines for a purchase price of $265,883. The Turbine Lease has a 10-year term, which is expected to begin on July 1, 2026. The Company used the net proceeds from the transaction to repay certain indebtedness and provide additional liquidity.

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Year Ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
Basic
Numerator:
Net (loss) income	$	(1,831,953)	$	(244,537)	$	548,224
Net (loss) income attributable to non-controlling interests	(11,653)		(6,652)		(994)
Convertible preferred stock dividend	(1,304)		(3,462)		—
Deemed dividend from the preferred stock exchange	—		(17,605)		—
Net (loss) income attributable to Class A common stock	$	(1,844,910)	$	(272,256)	$	547,230

Denominator:
Weighted-average shares - basic	278,474,487		217,578,487		205,942,837
Net (loss) income per share - basic	$	(6.63)	$	(1.25)	$	2.66

Diluted
Numerator:
Net (loss) income	$	(1,831,953)	$	(244,537)	$	548,224
Net (loss) income attributable to non-controlling interests	(11,653)		(6,652)		(994)
Convertible preferred stock dividend	(1,304)		(3,462)		—
Deemed dividend from the preferred stock exchange	—		(17,605)		—
Adjustments attributable to dilutive securities	—		(2,418)		(736)
Net (loss) income attributable to Class A common stock	$	(1,844,910)	$	(274,674)	$	546,494

Denominator:
Weighted-average shares - diluted	278,474,487		218,622,419		206,481,977
Net (loss) income per share - diluted	$	(6.63)	$	(1.26)	$	2.65

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive securities excluded from the computation of diluted net (loss) income per share for the years ended December 31, 2025, 2024 and 2023 because its effects would have been anti-dilutive.


	Year Ended December 31,
	2025	2024	2023
Unvested RSUs	—	1,579,802	—
Series B convertible preferred stock(1)	—	81,746	—
Equity agreement shares(2)	13,907,346	—	—

(1) Represents the number of unconverted Series B convertible preferred shares as of December 31, 2024.

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

Debt (As Restated) - New 2029 Notes (Details) - USD ($)		3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
Debt (As Restated) - New 2029 Notes (Details) - USD ($)	Nov. 06, 2024	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2020
Debt Instrument [Line Items]
Repayments of debt				$ 664,062,000			$ 1,944,044,000	$ 1,390,187,000	$ 2,202,722,000	$ 1,592,321,000	$ 2,342,847,000	$ 1,606,841,000	$ 3,801,034,000	$ 695,688,000
Loss on extinguishment of debt, net		$ 0	$ 20,320,000	$ 467,000	$ 0	$ 0	$ 9,754,000	$ 20,787,000	$ 9,754,000	$ 20,787,000	$ 9,754,000	19,937,000	270,063,000	$ 0
Less: deferred finance charges												(150,788,000)
New 2029 Notes, Subscription Transactions
Debt Instrument [Line Items]
Outstanding principal balance	$ 1,210,396,000
Fixed interest rate (in percent)	12.00%
Days accelerated before maturity	91 days
Indebtedness	$ 100,000,000
New 2029 Notes, Exchange Transactions
Debt Instrument [Line Items]
Outstanding principal balance	$ 1,519,731,000
Fixed interest rate (in percent)	12.00%
Consent of holders (in percent)	66.67%
Loss on extinguishment of debt, net	$ 11,442,000
Less: deferred finance charges												(27,887,000)	(31,747,000)
Debt instrument, unamortized premium												23,839,000	$ 29,890,000
Debt instrument, accelerated maturity date if defaulted, amount												100,000,000
New 2029 Notes, Exchange Transactions \| NFE Financing
Debt Instrument [Line Items]
Debt instrument, accelerated maturity date if defaulted, amount												$ 10,000,000
New 2029 Notes
Debt Instrument [Line Items]
Outstanding principal balance	$ 2,730,127,000
Class A stock issued, net of issuance costs (in shares)	15,700,998
Loss on extinguishment of debt, net	$ 30,541,000
Less: deferred finance charges	$ (32,341,000)
New 2029 Notes \| Entity That Owns Brazil Business
Debt Instrument [Line Items]
Debt instrument, guaranteed, secured by first-priority liens, equity (in percent)	45.00%
New 2029 Notes \| New Notes Guarantor
Debt Instrument [Line Items]
Debt instrument, guaranteed, secured by first-priority liens, equity (in percent)	100.00%
New 2029 Notes \| Commitment Fee, Election Option One
Debt Instrument [Line Items]
Line of credit facility, commitment fee (in percent)	5.00%
Line of credit facility, commitment fee, payable in shares, share price (in dollars per share)	$ 8.63
New 2029 Notes \| Commitment Fee, Election Option Two
Debt Instrument [Line Items]
Line of credit facility, commitment fee (in percent)	2.00%
Senior Secured Notes, due September 2025
Debt Instrument [Line Items]
Outstanding principal balance															$ 1,250,000,000
Fixed interest rate (in percent)															6.75%
Repayments of debt	$ 886,648,000
Commitment Fee Notes
Debt Instrument [Line Items]
Outstanding principal balance	5,368,000
Loss on extinguishment of debt, net	$ 193,370,000

Leases, as lessee (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Right-of-use assets, Current Lease Liabilities and Non-Current Lease Liabilities

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


	December 31, 2025		December 31, 2024 (As Restated)
Operating right-of-use assets	$	394,795	$	599,937
Finance right-of-use assets (1)	17,022		18,796
Total right-of-use assets	$	411,817	$	618,733

Current lease liabilities:
Operating lease liabilities	$	69,832	$	119,191
Finance lease liabilities	2,425		3,971
Total current lease liabilities	$	72,257	$	123,162
Non-current lease liabilities:
Operating lease liabilities	$	318,118	$	471,961
Finance lease liabilities	701		3,200
Total non-current lease liabilities	$	318,819	$	475,161

(1)Finance lease ROU assets are recorded net of accumulated amortization of $4,860 and $8,134 as of December 31, 2025 and 2024, respectively.

Schedule of Components of Operating Lease Costs and Depreciation and Amortization

For the years ended December 31, 2025, 2024, and 2023, the Company’s operating lease cost recorded within the Consolidated Statements of Operations and Comprehensive (Loss) Income was as follows:


	Year Ended December 31,
	2025		2024		2023
Fixed lease cost	$	109,916	$	161,830	$	109,873
Variable lease cost	1,174		2,984		4,601
Short-term lease cost	2,161		8,603		23,903

Lease cost - Cost of sales	$	97,041	$	147,539	$	88,608
Lease cost - Operations and maintenance	10,338		17,961		42,520
Lease cost - Selling, general and administrative	5,872		7,917		7,249

For the years ended December 31, 2025, 2024 and 2023, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the Consolidated Statements of Operations and Comprehensive (Loss) Income were as follows:


	Year Ended December 31,
	2025		2024		2023
Interest expense related to finance leases	$	281	$	981	$	3,706
Amortization of right-of-use asset related to finance leases	1,481		6,132		19,337

Schedule of Supplemental Cash Flow Information

Cash paid for operating leases is reported in operating activities in the Consolidated Statements of Cash Flows. Supplemental cash flow information related to leases was as follows for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Operating cash outflows for operating lease liabilities	$	147,694	$	175,862	$	133,132
Financing cash outflows for finance lease liabilities	4,324		9,500		21,187
Right-of-use assets obtained in exchange for new operating lease liabilities	—		206,344		265,537
Right-of-use assets obtained in exchange for new finance lease liabilities	—		—		47,672

Schedule of Future Payments Due under Operating and Finance Leases

The future payments due under operating and finance leases as of December 31, 2025 are as follows:


	Operating Leases		Financing Leases
2026	$	102,058	$	2,501
2027	87,902		89
2028	86,419		89
2029	62,394		89
2030	49,814		89
Thereafter	146,325		674
Total Lease Payments	$	534,912	$	3,531
Less: effects of discounting	146,962		405
Present value of lease liabilities	$	387,950	$	3,126

Current lease liability	$	69,832	$	2,425
Non-current lease liability	318,118		701

Financial instruments (As Restated)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Financial instruments (As Restated)

10. Financial instruments (As Restated)

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 December 31, 2025 and 2024, the notional amount of outstanding foreign exchange contracts was approximately $12,900 and $211,547, respectively. 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 Consolidated Statements of Operations and Comprehensive (Loss) Income for the years ended December 31, 2025 and 2024 is as follows:


	Year Ended December 31,
Financial instrument	2025		2024
Foreign exchange forward contracts	$	13,992	$	(11,706)
Zero-cost collar options	4,889		(15,466)
Total realized and unrealized loss (gain) recognized	$	18,881	$	(27,172)

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 as defined in the side letter. This contingent interest feature meets the definition of a derivative and requires bifurcation from the debt host contract. Changes

to the fair value of this derivative are recognized within Interest expense, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Fair value

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

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

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

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

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

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

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

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

The Company uses the market approach when valuing investment in equity securities and foreign exchange forward contracts which are recorded in Prepaid expenses and other current assets, net, Other non-current assets, net and Other current liabilities on the Consolidated Balance Sheets as of December 31, 2025 and 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 December 31, 2025 and 2024:


	Level 1		Level 2		Level 3		Total
December 31, 2025
Assets
Investment in equity securities	$	—	$	—	$	8,678	$	8,678
Foreign exchange contracts	—		474		—		474

Liabilities

Contingent consideration derivative liabilities	—		—		32,586		32,586
Embedded contingent interest derivative	—		—		1,970		1,970

December 31, 2024 (As Restated)
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	—		—		2,696		2,696

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

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, respectively, in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the years ended December 31, 2025, 2024 and 2023 are shown below:


	Year Ended December 31,
	2025		2024 (As Restated)		2023
Unrealized (gain) loss
Contingent consideration derivative liabilities	$	(9,639)	$	(1,959)	$	(4,801)
Embedded contingent interest derivative	(726)		488		—
Realized (gain) loss
Contingent consideration derivative liabilities	1,116		—		—

During the years ended December 31, 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 (Note 14). 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
-SubTopic 10
-Name Accounting Standards Codification
-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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy The Company assesses risks from cybersecurity threats, monitors its information systems for potential vulnerabilities and tests those systems pursuant to the Company’s cybersecurity standards, processes and practices, which are integrated into the Company’s overall risk management processes. To protect the Company’s information systems from cybersecurity threats, including those related to third-party service providers, the Company uses various security tools, such as third party vendors that help the Company identify, escalate, investigate, resolve and recover from security incidents in a timely manner. All tools and support are reviewed annually and tuned to meet the evolving threat landscape. The Company’s cybersecurity procedures and standards are reviewed and overseen by the Company’s cybersecurity group. The cybersecurity group holds periodic meetings and reviews metrics it deems appropriate, including any incidents and threats, and the current state of cybersecurity issues and threats in the industry. These efforts include developing a threat model that assesses potential damage to the Company’s business and the likelihood of threat. We test the risk prioritization rankings of our threat model with external data about breaches and incidents reported by governmental agencies, including the Cybersecurity and Infrastructure Security Agency and National Security Agency. The Company partners with third parties to assess the effectiveness of our cybersecurity prevention and response systems and processes as needed. For high priority incidents, the cybersecurity group will manage a risk-appropriate response, which may include the use of third-party vendors to support any investigation, response, and remediation efforts. Updates regarding any incidents are provided to management as appropriate. To date, cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and we believe are not reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company assesses risks from cybersecurity threats, monitors its information systems for potential vulnerabilities and tests those systems pursuant to the Company’s cybersecurity standards, processes and practices, which are integrated into the Company’s overall risk management processes. To protect the Company’s information systems from cybersecurity threats, including those related to third-party service providers, the Company uses various security tools, such as third party vendors that help the Company identify, escalate, investigate, resolve and recover from security incidents in a timely manner.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Management oversees the Company’s risk management process, including cybersecurity risks, and receives updates regarding any cybersecurity incidents directly from the cybersecurity group as appropriate. The Vice President of IT Infrastructure leads our cybersecurity group and has over 25 years of experience in information security. Management will evaluate any cybersecurity risks, concerns and issues and determine whether to escalate such issues to the Board or any of its committees. Our Board is responsible for the oversight of management as well as the business and affairs of the Company. In carrying out this responsibility, the Board discusses and receives regular updates on a wide variety of matters affecting the Company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management will evaluate any cybersecurity risks, concerns and issues and determine whether to escalate such issues to the Board or any of its committees. Our Board is responsible for the oversight of management as well as the business and affairs of the Company. In carrying out this responsibility, the Board discusses and receives regular updates on a wide variety of matters affecting the Company.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Management will evaluate any cybersecurity risks, concerns and issues and determine whether to escalate such issues to the Board or any of its committees. Our Board is responsible for the oversight of management as well as the business and affairs of the Company. In carrying out this responsibility, the Board discusses and receives regular updates on a wide variety of matters affecting the Company.
Cybersecurity Risk Role of Management [Text Block]	Management oversees the Company’s risk management process, including cybersecurity risks, and receives updates regarding any cybersecurity incidents directly from the cybersecurity group as appropriate. The Vice President of IT Infrastructure leads our cybersecurity group and has over 25 years of experience in information security. Management will evaluate any cybersecurity risks, concerns and issues and determine whether to escalate such issues to the Board or any of its committees. Our Board is responsible for the oversight of management as well as the business and affairs of the Company. In carrying out this responsibility, the Board discusses and receives regular updates on a wide variety of matters affecting the Company.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Management will evaluate any cybersecurity risks, concerns and issues and determine whether to escalate such issues to the Board or any of its committees.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	has over 25 years of experience in information security
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Management will evaluate any cybersecurity risks, concerns and issues and determine whether to escalate such issues to the Board or any of its committees.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Debt (As Restated) - Revolving Facility Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Nov. 06, 2024	May 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2024	Jul. 31, 2021	Apr. 30, 2021
Debt Instrument [Line Items]
Long-term debt, gross													$ 8,329,707,000
Loss on extinguishment of debt			$ 0	$ (20,320,000)	$ (467,000)	$ 0	$ 0	$ (9,754,000)	$ (20,787,000)	$ (9,754,000)	$ (20,787,000)	$ (9,754,000)	(19,937,000)	$ (270,063,000)	$ 0
Deferred financing costs													150,788,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal balance																		$ 200,000,000
Debt instrument, fee amount														48,612,000
Deferred financing costs													$ 18,878,000	$ 38,190,000
Debt instrument, covenant, amount drawn, minimum threshold (in percent)					50.00%
Revolving Credit Facility \| Fiscal Quarter Ended Through December 31, 2025
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio													6.50
Revolving Credit Facility \| Fiscal Quarter Ended Through March 31, 2026 Through September 30, 2026
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio													7.25
Revolving Credit Facility \| Fiscal Quarter Ended Through December 31, 2026
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio													6.75
Revolving Credit Facility \| Fiscal Quarter Ended Through June 30, 2025
Debt Instrument [Line Items]
Fixed charge coverage ratio													1.00
Revolving Credit Facility \| Last day Of Each Month, Commencing On October 31, 2024
Debt Instrument [Line Items]
Minimum level of liquidity													$ 50,000,000
Revolving Credit Facility \| Last day Of Each Month, Commencing On December 31, 2024
Debt Instrument [Line Items]
Minimum level of liquidity													$ 100,000,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Outstanding principal balance																$ 1,000,000,000
Fixed interest rate (in percent)													7.51%	8.22%
Long-term debt, gross													$ 660,400,000	$ 1,000,000,000
Repayments of lines of credit		$ 270,000,000
Debt instrument, covenant, asset sale sweep mandatory prepayment		550,000,000
Issuance of letter of credit		730,000,000											729,933,000
Loss on extinguishment of debt		10,634,000
Letters of credit outstanding, amount													$ 69,533,000
Revolving Credit Facility \| Line of Credit \| 2026 Notes
Debt Instrument [Line Items]
Debt instrument, covenant, asset sale sweep mandatory prepayment		$ 200,000,000
Revolving Credit Facility \| Line of Credit \| Consenting Lenders
Debt Instrument [Line Items]
Long-term debt, gross	$ 900,000,000
Line of credit facility, applicable margin payable, increase percentage	1.00%
Extended maturity period (in years)													1 year
Letter of Credit
Debt Instrument [Line Items]
Issuance of letter of credit															$ 350,000,000		$ 75,000,000

Accrued liabilities (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

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


	December 31, 2025		December 31, 2024 (As Restated)
Accrued interest	$	404,389	$	84,566
Accrued development costs	36,874		144,254
Accrued inventory	—		93,319
Accrued litigation	52,421		—
Other accrued expenses	104,092		112,542
Total accrued liabilities	$	597,776	$	434,681

Prepaid expenses and other current assets (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	December 31, 2025		December 31, 2024 (As Restated)
Prepaid expenses	$	24,245	$	26,947
Recoverable taxes	163,399		98,101
Contract assets (Note 8)	21,791		44,902
Proceeds held in escrow (Note 6)	41,000		—


Short-term receivable	65,921		—
Deferred financing costs	18,876		—
Income taxes receivable	15,963		5,216
Other current assets	49,152		37,174
Total prepaid expenses and other current assets, net	$	400,347	$	212,340

Debt (As Restated) - 2025 Notes (Details) - Senior Secured Notes, due September 2025 - USD ($) $ in Thousands	1 Months Ended
	Dec. 31, 2020	Mar. 31, 2024
Debt Instrument [Line Items]
Outstanding principal balance	$ 1,250,000
Fixed interest rate (in percent)	6.75%
Debt instrument, repurchased face amount		$ 375,000
Debt instrument, repurchase amount		$ 376,875
Gain (loss) on repurchase of debt instrument	$ 1,875

- 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

Restatement of Previously Issued Condensed Consolidated Financial Statements (Unaudited) - Consolidated Statements of Changes in Stockholders’ Equity (Details) - USD ($) $ in Thousands		3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2024	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)	96,746	36,746	36,746	96,746	96,746	96,746		96,746		96,746		96,746
Balance at beginning of period	$ 96,555	$ 41,154	$ 40,708	$ 90,570	$ 97,845	$ 96,655		$ 90,570		$ 90,570		$ 90,570
Balance at ending of period (in shares)		0	36,746	36,746	96,746	96,746	96,746	36,746	96,746	0	96,746	0	96,746
Balance at ending of period		$ 0	$ 41,154	$ 40,708	$ 96,555	$ 97,845	$ 96,655	$ 41,154	$ 97,845	$ 0	$ 96,555	$ 0	$ 90,570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	1,689,142	1,381,704	1,895,086	2,000,701	1,687,063	1,794,452	1,777,776	2,000,701	1,777,776	2,000,701	1,777,776	2,000,701	1,777,776	$ 1,441,859
Net (loss) income		(263,001)	(546,462)	(175,426)	10,205	(81,890)	51,588	(721,888)	(30,302)	(984,889)	(20,097)	(1,831,953)	(244,537)	548,224
Other comprehensive income (loss)		18,547	29,920	24,253	(5,963)	(20,557)	(7,708)					48,454	(65,612)	17,107
Share-based compensation expense		5,544	5,250	(229)	22,543	20,064	5,248					14,546	50,625	1,573
Class A stock issued, net of issuance costs				370								370	562,815	(123,819)
Acquisition of non-controlling interest				(822)
Issuance of shares for vested share-based compensation awards			7		0	0						(823)		(123,819)
Shares withheld from employees related to share-based compensation, at cost			(1,651)	(159)	(19)	(290)	(126)					(1,810)	(435)	(9,519)
Conversion of Series B convertible preferred stock		41,465		49,965								91,174	16,619
Dividends		(310)	(446)	(3,567)	(24,687)	(24,716)	(32,326)					(11,035)	(85,717)	(97,652)
Balance		1,183,949	1,381,704	1,895,086	1,689,142	1,687,063	1,794,452	1,381,704	1,687,063	1,183,949	1,689,142	309,631	2,000,701	1,777,776
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	1,085,950	1,725,985	1,722,829	1,674,312	1,063,426	1,043,652	1,038,530	1,674,312	1,038,530	1,674,312	1,038,530	1,674,312	1,038,530	1,170,254
Share-based compensation expense		5,544	5,250	(229)	22,543	20,064	5,248					14,546	50,625	1,573
Class A stock issued, net of issuance costs				363								363	562,201	(123,778)
Acquisition of non-controlling interest				(1,356)
Issuance of shares for vested share-based compensation awards												(1,356)		(123,778)
Shares withheld from employees related to share-based compensation, at cost			(1,648)	(159)	(19)	(290)	(126)					(1,807)	(435)	(9,519)
Conversion of Series B convertible preferred stock		41,361		49,898								91,004	16,619
Dividends		(310)	(446)									(756)
Balance		1,772,580	1,725,985	1,722,829	1,085,950	1,063,426	1,043,652	1,725,985	1,063,426	1,772,580	1,085,950	1,776,306	1,674,312	1,038,530
Retained earnings (Accumulated deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	436,630	(528,887)	15,379	193,561	450,107	555,688	527,334	193,561	527,334	193,561	527,334	193,561	527,334	62,080
Net (loss) income		(269,305)	(544,266)	(177,634)	8,191	(83,884)	48,999					(1,843,606)	(251,189)	547,230
Dividends				(548)	(21,668)	(21,697)	(20,645)					(548)	(64,979)	(81,976)
Balance		(798,192)	(528,887)	15,379	436,630	450,107	555,688	(528,887)	450,107	(798,192)	436,630	(1,650,593)	193,561	527,334
Accumulated other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	37,700	59,426	31,086	7,504	44,212	64,738	72,087	7,504	72,087	7,504	72,087	7,504	72,087	55,398
Other comprehensive income (loss)		18,599	28,340	23,582	(6,512)	(20,526)	(7,349)					46,585	(64,583)	16,689
Balance		78,025	59,426	31,086	37,700	44,212	64,738	59,426	44,212	78,025	37,700	54,089	7,504	72,087
Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 126,812	122,438	123,054	122,660	127,268	128,324	137,775	122,660	137,775	122,660	137,775	122,660	137,775	152,039
Net (loss) income		6,304	(2,196)	2,208	2,014	1,994	2,589					11,653	6,652	994
Other comprehensive income (loss)		(52)	1,580	671	549	(31)	(359)					1,869	(1,029)	418
Acquisition of non-controlling interest				534
Issuance of shares for vested share-based compensation awards												533
Dividends				(3,019)	(3,019)	(3,019)	(11,681)					(9,731)	(20,738)	(15,676)
Balance		$ 128,690	$ 122,438	$ 123,054	$ 126,812	$ 127,268	$ 128,324	$ 122,438	$ 127,268	$ 128,690	$ 126,812	$ 126,984	$ 122,660	$ 137,775
Series B Convertible Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)		36,746	36,746	96,746				96,746		96,746		96,746
Balance at beginning of period		$ 41,154	$ 40,708	$ 90,570				$ 90,570		$ 90,570		$ 90,570
Issuance of Series A convertible preferred stock, net (in shares)	96,746
Issuance of preferred stock and deemed dividend		$ 310	$ 446	$ 107								$ 453
Balance at ending of period (in shares)		0	36,746	36,746				36,746		0		0	96,746
Balance at ending of period		$ 0	$ 41,154	$ 40,708				$ 41,154		$ 0		$ 0	$ 90,570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Series B convertible preferred stock (in shares)		(36,746)		(60,000)								(96,746)
Conversion of Series B convertible preferred stock		$ (41,464)		$ (49,969)								$ (91,433)
Series B Convertible Preferred Stock \| Common Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)				96,746			0	96,746	0	96,746	0	96,746	0	0
Balance at beginning of period				$ 90,570			$ 0	$ 90,570	$ 0	$ 90,570	$ 0	$ 90,570	$ 0	$ 0
Issuance of Series A convertible preferred stock, net (in shares)													96,746
Issuance of Series A convertible preferred stock, net													$ 107,189
Issuance of preferred stock and deemed dividend												$ 863	$ 107,189
Balance at ending of period (in shares)													96,746	0
Balance at ending of period													$ 90,570	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Series B convertible preferred stock													$ (16,619)
Series A Convertible Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)	96,746				96,746	96,746	0		0		0		0
Balance at beginning of period	$ 96,555				$ 97,845	$ 96,655	$ 0		$ 0		$ 0		$ 0
Issuance of Series A convertible preferred stock, net (in shares)							96,746
Issuance of Series A convertible preferred stock, net							$ 96,513
Issuance of preferred stock and deemed dividend						$ 1,190	$ 142
Balance at ending of period (in shares)					96,746	96,746	96,746		96,746		96,746			0
Balance at ending of period					$ 96,555	$ 97,845	$ 96,655		$ 97,845		$ 96,555			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends					$ (1,290)
Class A common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends													$ (61,517)
Class A common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	205,069,360	274,201,463	273,790,539	266,459,093	205,065,328	205,041,824	205,031,406	266,459,093	205,031,406	266,459,093	205,031,406	266,459,093	205,031,406	208,770,088
Balance	$ 2,050	$ 2,742	$ 2,738	$ 2,664	$ 2,050	$ 2,050	$ 2,050	$ 2,664	$ 2,050	$ 2,664	$ 2,050	$ 2,664	$ 2,050	$ 2,088
Class A stock issued, net of issuance costs (in shares)				661,207								661,207	61,389,733	(4,100,000)
Class A stock issued, net of issuance costs				$ 7								$ 7	$ 614	$ (41)
Issuance of shares for vested share-based compensation awards (in shares)			720,642	31,814	5,331	34,578	14,126					0		(4,100,000)
Issuance of shares for vested share-based compensation awards			$ 7											$ (41)
Shares withheld from employees related to share-based compensation, at cost (in shares)			(309,718)	(13,086)	(1,299)	(11,074)	(3,708)					(322,804)	(16,081)	(328,083)
Shares withheld from employees related to share-based compensation, at cost			$ (3)									$ (3)
Conversion of Series B convertible preferred stock (in shares)		10,351,348		6,651,511								17,002,859
Conversion of Series B convertible preferred stock		$ 104		$ 67								$ 170
Balance (in shares)		284,552,811	274,201,463	273,790,539	205,069,360	205,065,328	205,041,824	274,201,463	205,065,328	284,552,811	205,069,360	284,552,811	266,459,093	205,031,406
Balance		$ 2,846	$ 2,742	$ 2,738	$ 2,050	$ 2,050	$ 2,050	$ 2,742	$ 2,050	$ 2,846	$ 2,050	$ 2,845	$ 2,664	$ 2,050
As Reported
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period	96,555	41,154	40,708	90,570	97,845	96,655		90,570		90,570		90,570
Balance at ending of period		0	41,154	40,708	96,555	97,845	96,655	41,154	97,845	0	96,555		90,570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	1,690,455	1,352,194	1,871,526	1,999,088	1,687,268	1,799,627	1,777,869	1,999,088	1,777,869	1,999,088	1,777,869	1,999,088	1,777,869	1,441,859
Net (loss) income		(293,356)	(556,827)	(197,373)	11,313	(86,860)	56,670	(754,200)	(30,190)	(1,047,556)	(18,877)		(242,387)	548,876
Other comprehensive income (loss)		18,547	34,335	24,253	(5,963)	(20,557)	(7,708)						(69,468)	16,548
Share-based compensation expense		5,544	5,250	(229)	22,543	20,064	5,248						50,625	1,573
Class A stock issued, net of issuance costs				370									562,815
Acquisition of non-controlling interest				(822)
Issuance of shares for vested share-based compensation awards			7		0	0								(123,819)
Shares withheld from employees related to share-based compensation, at cost			(1,651)	(159)	(19)	(290)	(126)						(435)	(9,519)
Conversion of Series B convertible preferred stock		41,465		49,965									16,619
Dividends		(310)	(446)	(3,567)	(24,687)	(24,716)	(32,326)						(85,717)	(97,652)
Balance		1,124,084	1,352,194	1,871,526	1,690,455	1,687,268	1,799,627	1,352,194	1,687,268	1,124,084	1,690,455		1,999,088	1,777,869
As Reported \| Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	1,085,950	1,725,985	1,722,829	1,674,312	1,063,426	1,043,652	1,038,530	1,674,312	1,038,530	1,674,312	1,038,530	1,674,312	1,038,530	1,170,254
Share-based compensation expense		5,544	5,250	(229)	22,543	20,064	5,248						50,625	1,573
Class A stock issued, net of issuance costs				363									562,201
Acquisition of non-controlling interest				(1,356)
Issuance of shares for vested share-based compensation awards														(123,778)
Shares withheld from employees related to share-based compensation, at cost			(1,648)	(159)	(19)	(290)	(126)						(435)	(9,519)
Conversion of Series B convertible preferred stock		41,361		49,898									16,619
Dividends		(310)	(446)
Balance		1,772,580	1,725,985	1,722,829	1,085,950	1,063,426	1,043,652	1,725,985	1,063,426	1,772,580	1,085,950		1,674,312	1,038,530
As Reported \| Retained earnings (Accumulated deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	438,502	(558,397)	(3,766)	196,363	450,871	561,422	527,986	196,363	527,986	196,363	527,986	196,363	527,986	62,080
Net (loss) income		(299,660)	(554,631)	(199,581)	9,299	(88,854)	54,081						(249,039)	547,882
Dividends				(548)	(21,668)	(21,697)	(20,645)						(64,979)	(81,976)
Balance		(858,057)	(558,397)	(3,766)	438,502	450,871	561,422	(558,397)	450,871	(858,057)	438,502		196,363	527,986
As Reported \| Accumulated other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	37,141	59,426	26,671	3,089	43,653	64,179	71,528	3,089	71,528	3,089	71,528	3,089	71,528	55,398
Other comprehensive income (loss)		18,599	32,755	23,582	(6,512)	(20,526)	(7,349)						(68,439)	16,130
Balance		78,025	59,426	26,671	37,141	43,653	64,179	59,426	43,653	78,025	37,141		3,089	71,528
As Reported \| Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 126,812	122,438	123,054	122,660	127,268	128,324	137,775	122,660	137,775	122,660	137,775	$ 122,660	137,775	152,039
Net (loss) income		6,304	(2,196)	2,208	2,014	1,994	2,589						6,652	994
Other comprehensive income (loss)		(52)	1,580	671	549	(31)	(359)						(1,029)	418
Acquisition of non-controlling interest				534
Dividends				(3,019)	(3,019)	(3,019)	(11,681)						(20,738)	(15,676)
Balance		$ 128,690	$ 122,438	$ 123,054	$ 126,812	$ 127,268	$ 128,324	$ 122,438	$ 127,268	$ 128,690	$ 126,812		$ 122,660	$ 137,775
As Reported \| Series B Convertible Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)		36,746	36,746	96,746				96,746		96,746		96,746
Balance at beginning of period		$ 41,154	$ 40,708	$ 90,570				$ 90,570		$ 90,570		$ 90,570
Issuance of preferred stock and deemed dividend		$ 310	$ 446	$ 107
Balance at ending of period (in shares)		0	36,746	36,746				36,746		0			96,746
Balance at ending of period		$ 0	$ 41,154	$ 40,708				$ 41,154		$ 0			$ 90,570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Series B convertible preferred stock (in shares)		(36,746)		(60,000)
Conversion of Series B convertible preferred stock		$ (41,464)		$ (49,969)
As Reported \| Series B Convertible Preferred Stock \| Common Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)							0		0		0		0	0
Balance at beginning of period							$ 0		$ 0		$ 0		$ 0	$ 0
Issuance of preferred stock and deemed dividend													107,189
Balance at ending of period (in shares)														0
Balance at ending of period														$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Series B convertible preferred stock													$ (16,619)
As Reported \| Series A Convertible Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)	96,746				96,746	96,746	0		0		0		0
Balance at beginning of period	$ 96,555				$ 97,845	$ 96,655	$ 0		$ 0		$ 0		$ 0
Issuance of Series A convertible preferred stock, net (in shares)							96,746
Issuance of Series A convertible preferred stock, net							$ 96,513
Issuance of preferred stock and deemed dividend						$ 1,190	$ 142
Balance at ending of period (in shares)					96,746	96,746	96,746		96,746		96,746			0
Balance at ending of period					$ 96,555	$ 97,845	$ 96,655		$ 97,845		$ 96,555			$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends					$ (1,290)
As Reported \| Class A common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	205,069,360	274,201,463	273,790,539	266,459,093	205,065,328	205,041,824	205,031,406	266,459,093	205,031,406	266,459,093	205,031,406	266,459,093	205,031,406	208,770,088
Balance	$ 2,050	$ 2,742	$ 2,738	$ 2,664	$ 2,050	$ 2,050	$ 2,050	$ 2,664	$ 2,050	$ 2,664	$ 2,050	$ 2,664	$ 2,050	$ 2,088
Class A stock issued, net of issuance costs (in shares)				661,207									61,389,733
Class A stock issued, net of issuance costs				$ 7									$ 614
Issuance of shares for vested share-based compensation awards (in shares)			720,642	31,814	5,331	34,578	14,126							(4,100,000)
Issuance of shares for vested share-based compensation awards			$ 7											$ (41)
Shares withheld from employees related to share-based compensation, at cost (in shares)			(309,718)	(13,086)	(1,299)	(11,074)	(3,708)						(16,081)	(328,083)
Shares withheld from employees related to share-based compensation, at cost			$ (3)
Conversion of Series B convertible preferred stock (in shares)		10,351,348		6,651,511
Conversion of Series B convertible preferred stock		$ 104		$ 67
Balance (in shares)		284,552,811	274,201,463	273,790,539	205,069,360	205,065,328	205,041,824	274,201,463	205,065,328	284,552,811	205,069,360		266,459,093	205,031,406
Balance		$ 2,846	$ 2,742	$ 2,738	$ 2,050	$ 2,050	$ 2,050	$ 2,742	$ 2,050	$ 2,846	$ 2,050		$ 2,664	$ 2,050
Adjustments
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period	0	0	0	0	0	0		0		0		0
Balance at ending of period		0	0	0	0	0	0	0	0	0	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(1,313)	29,510	23,560	1,613	(205)	(5,175)	(93)	1,613	(93)	1,613	(93)	1,613	(93)
Net (loss) income		30,355	10,365	21,947	(1,108)	4,970	(5,082)	32,312	(112)	62,667	(1,220)		(2,150)	(652)
Other comprehensive income (loss)			(4,415)										3,856	559
Balance		59,865	29,510	23,560	(1,313)	(205)	(5,175)	29,510	(205)	59,865	(1,313)		1,613	(93)
Adjustments \| Retained earnings (Accumulated deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(1,872)	29,510	19,145	(2,802)	(764)	(5,734)	(652)	(2,802)	(652)	(2,802)	(652)	(2,802)	(652)
Net (loss) income		30,355	10,365	21,947	(1,108)								(2,150)	(652)
Balance		59,865	29,510	19,145	(1,872)	(764)	(5,734)	29,510	(764)	59,865	(1,872)		(2,802)	(652)
Adjustments \| Accumulated other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 559	0	4,415	4,415	559	559	559	4,415	559	4,415	559	$ 4,415	559
Other comprehensive income (loss)			(4,415)										3,856	559
Balance		$ 0	$ 0	$ 4,415	$ 559	$ 559	$ 559	$ 0	$ 559	$ 0	$ 559		$ 4,415	$ 559

Restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Restricted Cash [Abstract]
Cash restricted under the terms of loan agreements	$ 90,105	$ 422,098
Collateral for letters of credit and performance bonds	40,384	50,598
Non-current restricted cash	$ 130,489	$ 472,696

Goodwill and intangible assets (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Below is a summary of the changes in the carrying value of goodwill by reportable segment for the year ended December 31, 2025 and 2024:


	Terminals and Infrastructure		Ships		Total
Balance at December 31, 2023 (As Restated)	$	777,202	$	15,938	$	793,140
Divestitures (1)	(10,410)		—		(10,410)
Balance at December 31, 2024 (As Restated)	$	766,792	$	15,938	$	782,730

Divestitures (2)	(184,620)		—		(184,620)
Impairment losses	(582,172)		(15,938)		(598,110)
Balance at December 31, 2025	$	—	$	—	$	—

Schedule of Composition of Intangible Assets

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


	December 31, 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	$	(15,146)	$	(14,908)	$	131,991	17
Permits and development rights	61,894		(9,572)		1,574		53,896		34

Easements	660		(198)		—		462		30

Indefinite-lived intangible assets
Easements	1,191		—		56		1,247		n/a
Total intangible assets	$	225,790	$	(24,916)	$	(13,278)	$	187,596


	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

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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


Year ended December 31:
2026	$	10,713
2027	10,713
2028	10,713
2029	10,713
2030	10,713
Thereafter	132,784
Total	$	186,349

- 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

Restricted cash (Tables)

12 Months Ended

Dec. 31, 2025

Restricted Cash [Abstract]

Schedule of Restricted Cash

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


	December 31, 2025		December 31, 2024
Cash restricted under the terms of loan agreements	$	90,105	$	422,098
Collateral for letters of credit and performance bonds	40,384		50,598
Total restricted cash	$	130,489	$	472,696

Leases, as lessee (As Restated)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases, as lessee (As Restated)

9. Leases, as lessee (As Restated)

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


	December 31, 2025		December 31, 2024 (As Restated)
Operating right-of-use assets	$	394,795	$	599,937
Finance right-of-use assets (1)	17,022		18,796
Total right-of-use assets	$	411,817	$	618,733

Current lease liabilities:
Operating lease liabilities	$	69,832	$	119,191
Finance lease liabilities	2,425		3,971
Total current lease liabilities	$	72,257	$	123,162
Non-current lease liabilities:
Operating lease liabilities	$	318,118	$	471,961
Finance lease liabilities	701		3,200
Total non-current lease liabilities	$	318,819	$	475,161

(1)Finance lease ROU assets are recorded net of accumulated amortization of $4,860 and $8,134 as of December 31, 2025 and 2024, respectively.

During the fourth quarter of 2025, the Company modified two vessel leases to include short‑term payment deferrals that did not change the overall lease term or the scope of the underlying leased assets. The amendments were accounted for as lease modifications under ASC 842 and as part of the remeasurement of lease liabilities, the incremental borrowing rate was reassessed as of the respective modification date.

During 2024, the Company terminated the finance lease of certain turbines and purchased the turbines. Immediately subsequent to the purchase of the turbines, the assets were sold as part of the sale of assets to PREPA in 2024 (Refer to Note 6). The termination of the lease resulted in the write-off of the right-of-use asset and lease liability of $23,431 and $29,443, respectively, which was included in the book value of the turbines and the related loss upon sale (Note 5).

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

For the years ended December 31, 2025, 2024, and 2023, the Company’s operating lease cost recorded within the Consolidated Statements of Operations and Comprehensive (Loss) Income was as follows:


	Year Ended December 31,
	2025		2024		2023
Fixed lease cost	$	109,916	$	161,830	$	109,873
Variable lease cost	1,174		2,984		4,601
Short-term lease cost	2,161		8,603		23,903

Lease cost - Cost of sales	$	97,041	$	147,539	$	88,608
Lease cost - Operations and maintenance	10,338		17,961		42,520
Lease cost - Selling, general and administrative	5,872		7,917		7,249

For the years ended December 31, 2025, 2024 and 2023, the Company has capitalized $20,259, $36,288 and $61,320 of lease costs, respectively. Capitalized costs include vessels used during the commissioning of development projects. Short-term lease costs for vessels chartered by the Company to transport inventory from a supplier’s facilities to the Company’s storage locations are capitalized to inventory.

The Company has leases of ISO tanks and a parcel of land that are recognized as finance leases. For the years ended December 31, 2025, 2024 and 2023, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the Consolidated Statements of Operations and Comprehensive (Loss) Income were as follows:


	Year Ended December 31,
	2025		2024		2023
Interest expense related to finance leases	$	281	$	981	$	3,706
Amortization of right-of-use asset related to finance leases	1,481		6,132		19,337


	Year Ended December 31,
	2025		2024		2023
Operating cash outflows for operating lease liabilities	$	147,694	$	175,862	$	133,132
Financing cash outflows for finance lease liabilities	4,324		9,500		21,187
Right-of-use assets obtained in exchange for new operating lease liabilities	—		206,344		265,537
Right-of-use assets obtained in exchange for new finance lease liabilities	—		—		47,672

The future payments due under operating and finance leases as of December 31, 2025 are as follows:


	Operating Leases		Financing Leases
2026	$	102,058	$	2,501
2027	87,902		89
2028	86,419		89
2029	62,394		89
2030	49,814		89
Thereafter	146,325		674
Total Lease Payments	$	534,912	$	3,531
Less: effects of discounting	146,962		405
Present value of lease liabilities	$	387,950	$	3,126

Current lease liability	$	69,832	$	2,425
Non-current lease liability	318,118		701

As of December 31, 2025, the weighted-average remaining lease term for operating leases was 6.9 years and finance leases was 3.6 years. Because the Company generally does not have access to the rate implicit in the lease, the incremental borrowing rate is utilized as the discount rate. The weighted average discount rate associated with operating leases as of December 31, 2025 and 2024 was 9.7% and 10.3%, respectively. The weighted average discount rate associated with finance leases as of December 31, 2025 and 2024 was 5.5% and 5.2%, respectively.

Leases, as lessee (As Restated)

9. Leases, as lessee (As Restated)

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


	December 31, 2025		December 31, 2024 (As Restated)
Operating right-of-use assets	$	394,795	$	599,937
Finance right-of-use assets (1)	17,022		18,796
Total right-of-use assets	$	411,817	$	618,733

Current lease liabilities:
Operating lease liabilities	$	69,832	$	119,191
Finance lease liabilities	2,425		3,971
Total current lease liabilities	$	72,257	$	123,162
Non-current lease liabilities:
Operating lease liabilities	$	318,118	$	471,961
Finance lease liabilities	701		3,200
Total non-current lease liabilities	$	318,819	$	475,161

(1)Finance lease ROU assets are recorded net of accumulated amortization of $4,860 and $8,134 as of December 31, 2025 and 2024, respectively.

For the years ended December 31, 2025, 2024, and 2023, the Company’s operating lease cost recorded within the Consolidated Statements of Operations and Comprehensive (Loss) Income was as follows:


	Year Ended December 31,
	2025		2024		2023
Fixed lease cost	$	109,916	$	161,830	$	109,873
Variable lease cost	1,174		2,984		4,601
Short-term lease cost	2,161		8,603		23,903

Lease cost - Cost of sales	$	97,041	$	147,539	$	88,608
Lease cost - Operations and maintenance	10,338		17,961		42,520
Lease cost - Selling, general and administrative	5,872		7,917		7,249


	Year Ended December 31,
	2025		2024		2023
Interest expense related to finance leases	$	281	$	981	$	3,706
Amortization of right-of-use asset related to finance leases	1,481		6,132		19,337


	Year Ended December 31,
	2025		2024		2023
Operating cash outflows for operating lease liabilities	$	147,694	$	175,862	$	133,132
Financing cash outflows for finance lease liabilities	4,324		9,500		21,187
Right-of-use assets obtained in exchange for new operating lease liabilities	—		206,344		265,537
Right-of-use assets obtained in exchange for new finance lease liabilities	—		—		47,672

The future payments due under operating and finance leases as of December 31, 2025 are as follows:


	Operating Leases		Financing Leases
2026	$	102,058	$	2,501
2027	87,902		89
2028	86,419		89
2029	62,394		89
2030	49,814		89
Thereafter	146,325		674
Total Lease Payments	$	534,912	$	3,531
Less: effects of discounting	146,962		405
Present value of lease liabilities	$	387,950	$	3,126

Current lease liability	$	69,832	$	2,425
Non-current lease liability	318,118		701

Revenue recognition (As Restated) - Schedule of Components of Lease Income from Vessel Operating Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Operating lease income	$ 174,790	$ 194,913	$ 276,113
Variable lease income	15,714	17,696	730
Total operating lease income	$ 190,504	$ 212,609	$ 276,843

Debt (As Restated) - 2029 Notes (Details) - USD ($)	Nov. 06, 2024	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Deferred financing costs			$ 150,788,000
Senior Secured Notes Due March 15, 2029
Debt Instrument [Line Items]
Outstanding principal balance					$ 750,000,000
Fixed interest rate (in percent)					8.75%
Debt instrument, fee amount					$ 14,171,000
Extinguishment of debt, amount	$ 513,272,000
Deferred financing costs			$ 2,484,000	$ 2,939,000
Senior Secured Notes Due March 15, 2029 \| Subsequent Event
Debt Instrument [Line Items]
Debt default, amount		$ 10,357,000

- Definition

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

+ References

+ Details

Cover - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Mar. 31, 2026

Jun. 30, 2025

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2025

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

001-38790

Entity Registrant Name

New Fortress Energy Inc.

Entity Incorporation, State or Country Code

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

Entity Address, Postal Zip Code

10011

City Area Code

516

Local Phone Number

268-7400

Title of 12(b) Security

Class A common stock

Trading Symbol

NFE

Security Exchange Name

NASDAQ

Entity Well-known Seasoned Issuer

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction

true

Document Financial Statement Restatement Recovery Analysis

false

Entity Shell Company

false

Entity Public Float

$ 557.5

Entity Common Stock, Shares Outstanding

285,634,650

Documents Incorporated by Reference

Documents Incorporated by Reference:

Portions of the registrant’s definitive proxy statement for the registrant’s 2026 annual meeting, to be filed within 120 days after the close of the registrant’s fiscal year, are incorporated by reference into Part III of this Annual Report on Form 10-K.

Amendment Flag

false

Document Period End Date

Document Fiscal Year Focus

2025

Entity Central Index Key

0001749723

Financial instruments (As Restated) - Schedule of Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Investment in equity securities	$ 8,678	$ 8,678
Foreign exchange contracts
Assets
Derivative asset	474	22,055
Liabilities
Contingent consideration derivative liabilities		1,168
Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	32,586	41,984
Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	1,970	2,696
Level 1
Assets
Investment in equity securities	0	0
Level 1 \| Foreign exchange contracts
Assets
Derivative asset	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
Derivative asset	474	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
Derivative asset	0	0
Liabilities
Contingent consideration derivative liabilities		0
Level 3 \| Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	32,586	41,984
Level 3 \| Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	$ 1,970	$ 2,696

Revenue recognition (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Other Revenue and Contract Liabilities and Contract Assets

The table below summarizes the activity in Other revenue:


	Year Ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
Operation and maintenance revenue	$	115,935	$	145,786	$	51,709
Interest income and other revenue	11,724		10,750		26,341
Total other revenue	$	127,659	$	156,536	$	78,050

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


	December 31, 2025		December 31, 2024
Contract assets, net - current	$	21,791	$	44,902
Contract assets, net - non-current	10,375		20,270
Total contract assets, net	$	32,166	$	65,172

Contract liabilities, net - current	$	14,133	$	14,415
Contract liabilities, net - non-current	9,750		11,750
Total contract liabilities, net	$	23,883	$	26,165

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	4,051	$	82,454

Schedule of Performance Obligation

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


Period	Revenue
2026	$	530,896
2027	721,523
2028	710,471
2029	699,451
2030	698,801
Thereafter	7,016,823
Total	$	10,377,965

Schedule of Carrying Amount of Leased Property Plant and Equipment

Vessels that are accounted for as a failed sale leaseback as of December 31, 2025, including those vessels chartered to third parties, continue to be recognized on the Consolidated Balance Sheets, and as such, the carrying amount of these vessels that are leased to third parties under long-term operating leases is as follows:


	December 31, 2025		December 31, 2024
Property, plant and equipment	$	154,196	$	602,192
Accumulated depreciation	(38,661)		(83,135)
Property, plant and equipment, net	$	115,535	$	519,057

Schedule of Components of Lease Income from Vessel Operating Lease

The components of lease income from vessel operating leases for the years ended December 31, 2025, 2024 and 2023 are shown below, inclusive of vessels accounted for as a failed sale leaseback. Vessel charter revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income includes amortization of intangible assets recognized from acquisition of certain vessels with in-place leases, which is not included in the table below.


	Year ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
Operating lease income	$	174,790	$	194,913	$	276,113
Variable lease income	15,714		17,696		730
Total operating lease income	$	190,504	$	212,609	$	276,843

Inventory

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory

12. Inventory

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


	December 31, 2025		December 31, 2024
LNG and natural gas inventory	$	100,101	$	67,232

Automotive diesel oil inventory, bunker fuel, materials, supplies and other	19,346		35,992
Total inventory	$	119,447	$	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 Consolidated Statements of Operations and Comprehensive (Loss) Income. In 2023, the Company acquired a spot cargo at a higher cost to obtain a new customer contract, and the net realizable value of this cargo was below the cost, resulting in an inventory adjustment of $6,232 during the year ended December 31, 2023. No inventory adjustments were recognized during the year ended December 31, 2025 and 2024.

Income Taxes - Schedule of Reconciliation of Taxes - Current Year (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. Federal Statutory Tax Rate											$ (371,826)
State and Local Income Taxes, Net of Federal Income Tax Effect											644
Effect of Cross-Border Tax Laws											11,308
Gain on Disposal of Business											32,460
Loss from Taxable Liquidation of Subsidiary											(69,797)
Changes in Unrecognized Tax Benefits											1,399
Total provision for (benefit from) income taxes	$ 5,496	$ 10,400	$ 26,068	$ 3,229	$ 7,270	$ 19,963	$ 36,468	$ 27,232	$ 41,964	$ 30,461	$ 61,350	$ 70,308	$ 102,972
Percent
U.S. Federal Statutory Tax Rate											21.00%	21.00%	21.00%
State and Local Income Taxes, Net of Federal Income Tax Effect											0.00%
Effect of Cross-Border Tax Laws											(0.60%)
Changes in Valuation Allowance												(152.70%)	8.60%
Gain on Disposal of Business											(1.80%)
Loss from Taxable Liquidation of Subsidiary											0.039
Statutory tax rate difference												69.00%	(12.50%)
Changes in Unrecognized Tax Benefits											(0.10%)
Effective income tax rate											(3.50%)	(40.40%)	15.80%
BERMUDA
Amount
Others											$ (9)
Statutory tax rate difference											31,103
Impairment											$ 85,193
Percent
Others											0.00%
Statutory tax rate difference											(1.80%)
Impairment											(4.80%)
BRAZIL
Amount
Others											$ 33,097
Nontaxable or Nondeductible Items											(25,923)
Valuation Allowance											$ 17,853
Percent
Others											(1.90%)
Nontaxable or Nondeductible Items											1.50%
Valuation Allowance											(1.00%)
UNITED KINGDOM
Amount
Others											$ 18,590
Statutory tax rate difference											(25,165)
Impairment											$ 155,405
Percent
Others											(1.00%)
Statutory tax rate difference											1.40%
Impairment											(8.80%)
OTHER FOREIGN JURISDICTIONS
Amount
Statutory tax rate difference											$ (1,656)
Percent
Statutory tax rate difference											0.10%
MEXICO
Amount
Changes in Valuation Allowance											$ 2,736
Others											(567)
Nontaxable or Nondeductible Items											$ 37,535
Percent
Changes in Valuation Allowance											(0.20%)
Others											0.00%
Nontaxable or Nondeductible Items											(2.10%)
United States
Amount
Changes in Valuation Allowance											$ 126,824
Others											$ 2,146
Percent
Changes in Valuation Allowance											(7.20%)
Others											(0.10%)

Dispositions (As Restated) - Schedule of Carrying Amounts of Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	May 14, 2025	Mar. 31, 2025
Current:
Total current assets	$ 0	$ 0		$ 104,553
Non-current:
Total non-current assets	0	0		635,626
Current:
Total current liabilities	0	0		35,894
Non-current:
Total non-current liabilities	$ 0	$ 0		$ 135,398
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sale of Jamaica Business
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			4,752
Total current assets			101,526
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			787,213
Current:
Accounts payable			8,922
Accrued liabilities			14,572
Current lease liabilities			19,805
Other current liabilities			6,208
Total current liabilities			49,507
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			$ 219,178

Earnings per share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net (loss) income	$ (263,001)	$ (546,462)	$ (175,426)	$ 10,205	$ (81,890)	$ 51,588	$ (721,888)	$ (30,302)	$ (984,889)	$ (20,097)	$ (1,831,953)	$ (244,537)	$ 548,224
Net (loss) income attributable to non-controlling interests											(11,653)	(6,652)	(994)
Convertible preferred stock dividend											(1,304)	(3,462)	0
Deemed dividend from the preferred stock exchange											0	(17,605)	0
Net (loss) income attributable to common stockholders	$ (269,615)	$ (544,712)	$ (178,182)	$ 7,030	$ (85,075)	$ 48,858	$ (722,894)	$ (36,217)	$ (992,509)	$ (29,187)	$ (1,844,910)	$ (272,256)	$ 547,230
Denominator:
Weighted-average shares - basic (in shares)	281,121,646	274,371,636	273,609,766	205,071,771	205,070,756	205,061,967	273,996,219	205,066,362	276,381,199	205,068,178	278,474,487	217,578,487	205,942,837
Net (loss) income per share - basic (in dollars per share)	$ (0.96)	$ (1.99)	$ (0.65)	$ 0.03	$ (0.41)	$ 0.24	$ (2.64)	$ (0.18)	$ (3.59)	$ (0.14)	$ (6.63)	$ (1.25)	$ 2.66
Numerator:
Net (loss) income	$ (263,001)	$ (546,462)	$ (175,426)	$ 10,205	$ (81,890)	$ 51,588	$ (721,888)	$ (30,302)	$ (984,889)	$ (20,097)	$ (1,831,953)	$ (244,537)	$ 548,224
Net (loss) income attributable to non-controlling interests											(11,653)	(6,652)	(994)
Convertible preferred stock dividend											(1,304)	(3,462)	0
Deemed dividend from the preferred stock exchange											0	17,605	0
Adjustments attributable to dilutive securities											0	(2,418)	(736)
Net (loss) income attributable to Class A common stock											$ (1,844,910)	$ (274,674)	$ 546,494
Denominator:
Weighted average number of shares outstanding – diluted (in shares)	281,121,646	274,371,636	273,609,766	208,880,044	205,851,364	205,977,720	273,996,219	205,846,970	276,381,199	206,836,683	278,474,487	218,622,419	206,481,977
Net (loss) income per share - diluted (in dollars per share)	$ (0.96)	$ (1.99)	$ (0.65)	$ 0.03	$ (0.42)	$ 0.23	$ (2.64)	$ (0.18)	$ (3.59)	$ (0.16)	$ (6.63)	$ (1.26)	$ 2.65

Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Line Items]
Income before taxes	$ (257,505)	$ (536,062)	$ (149,358)	$ 13,434	$ (74,620)	$ 71,551	$ (685,420)	$ (3,070)	$ (942,925)	$ 10,364	$ (1,770,603)	$ (174,229)	$ 651,196
Domestic Tax Jurisdiction
Income Tax Disclosure [Line Items]
Income before taxes											(454,662)	(146,909)	271,781
Foreign
Income Tax Disclosure [Line Items]
Income before taxes											$ (1,315,941)	$ (27,320)	$ 379,415

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
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+ Details

Debt (As Restated) - Short-term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Short-term debt	$ 73,224	$ 179,890
Weighted average interest rate (in percent)	14.79%	8.87%

Financial instruments (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Other Nonoperating Income (Expense)

The amount of loss (gain) recognized in Other (income) expense, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the years ended December 31, 2025 and 2024 is as follows:


	Year Ended December 31,
Financial instrument	2025		2024
Foreign exchange forward contracts	$	13,992	$	(11,706)
Zero-cost collar options	4,889		(15,466)
Total realized and unrealized loss (gain) recognized	$	18,881	$	(27,172)

Schedule of Financial Assets and Financial Liabilities

The following table presents the Company’s financial assets and financial liabilities, including those that are measured at fair value, as of December 31, 2025 and 2024:


	Level 1		Level 2		Level 3		Total
December 31, 2025
Assets
Investment in equity securities	$	—	$	—	$	8,678	$	8,678
Foreign exchange contracts	—		474		—		474

Liabilities

Contingent consideration derivative liabilities	—		—		32,586		32,586
Embedded contingent interest derivative	—		—		1,970		1,970

December 31, 2024 (As Restated)
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	—		—		2,696		2,696

Schedule of Fair Value Adjustment

years ended December 31, 2025, 2024 and 2023 are shown below:


	Year Ended December 31,
	2025		2024 (As Restated)		2023
Unrealized (gain) loss
Contingent consideration derivative liabilities	$	(9,639)	$	(1,959)	$	(4,801)
Embedded contingent interest derivative	(726)		488		—
Realized (gain) loss
Contingent consideration derivative liabilities	1,116		—		—

Debt (As Restated) - Brazil Financing Notes (Details) - USD ($)	1 Months Ended	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Feb. 28, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 0	$ (20,320,000)	$ (467,000)	$ 0	$ 0	$ (9,754,000)	$ (20,787,000)	$ (9,754,000)	$ (20,787,000)	$ (9,754,000)	$ (19,937,000)	$ (270,063,000)	$ 0
Deferred financing costs												150,788,000
Brazil Financing Notes
Debt Instrument [Line Items]
Outstanding principal balance	$ 350,000,000
Fixed interest rate (in percent)	15.00%
Purchase price percentage	97.75%
Debt instrument, payment terms	30 months
Repurchase price	$ 208,727,000
Loss on extinguishment of debt	392,000
Deferred financing costs	3,484,000											$ 10,167,000
Third party fees	$ 4,171,000

Property, plant and equipment, net (As Restated)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net (As Restated)

16. Property, plant and equipment, net (As Restated)

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


	December 31, 2025		December 31, 2024 (As Restated)
LNG liquefaction facilities	$	3,264,547	$	3,395,192
Vessels	974,105		1,580,553
Terminal and power plant equipment	480,244		630,822
Gas pipelines	291,355		323,196
Power facilities	159,390		285,640
ISO containers and other equipment	35,750		66,766
Land	56,724		51,897
Leasehold improvements	39,346		49,862
Accumulated depreciation	(408,724)		(455,009)
Total property, plant and equipment, net	$	4,892,737	$	5,928,919

Property, plant and equipment, net includes certain vessels that are recognized as a failed sale leaseback as part of the Energos Formation Transaction (Note 14). In November 2025, the Company completed a transaction with Energos, pursuant to which the Company early terminated the long-term charter agreements with Energos for the Energos Eskimo, Energos Winter, Energos Igloo and Energos Freeze and novated associated sub-charter agreements for these vessels to Energos, in exchange for cash consideration of $150,000. This transaction resulted in the sale of these vessels that were

previously accounted for as a failed sale leaseback. Upon closing of the transaction, the Company derecognized these vessels with a net book value of $667,043 from Property, plant and equipment, derecognized the related debt (Note 22), and recognized a gain of $217,129, which is presented in (Gain) loss on sale in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company will also no longer recognize charter revenues and vessel operating expenses associated with these vessels.

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 totaled $227,409, $144,166 and $141,069, respectively, of which $38,838, $511 and $905, respectively, is included within Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The increase in depreciation recognized within Cost of sales in 2025 reflects the allocation of depreciation to LNG produced by the Company’s Fast LNG project that was placed into service at the end of 2024.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Property, plant and equipment, net (As Restated) - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Sale of vessels to Energos	$ 150,000	$ 150,000	$ 0	$ 0
Gain (loss) on disposition of property plant equipment			392
Depreciation		227,409	144,166	141,069
Cost of Sales
Property, Plant and Equipment [Line Items]
Depreciation		$ 38,838	$ 511	$ 905
Vessels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, disposals	667,043
Gain (loss) on disposition of property plant equipment	$ 217,129

Construction in progress (As Restated) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Long-Lived Assets Held-for-sale [Line Items]
Interest expense	$ 198,218	$ 186,389	$ 200,309	$ 71,902	$ 63,087	$ 84,745	$ 386,698	$ 147,832	$ 584,916	$ 219,734	$ 777,845	$ 316,337	$ 284,019
Recoverable taxes, current											163,399	98,101
Construction in progress	$ 4,297,836	$ 4,128,179	$ 3,933,503	$ 7,055,789	$ 6,305,823	$ 5,784,274	$ 4,128,179	$ 6,305,823	$ 4,297,836	$ 7,055,789	3,593,971	3,526,984	5,342,373
Construction in Progress
Long-Lived Assets Held-for-sale [Line Items]
Interest expense											339,564	501,862	$ 289,632
Recoverable taxes, current											0	45,996
BrazilCo Development Activities
Long-Lived Assets Held-for-sale [Line Items]
Construction in progress											$ 1,770,782	$ 1,042,227

Related party transactions - Management Services Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due to affiliates	$ 4,662	$ 11,530
Related party transaction, amounts of transaction	1,837	2,126	$ 2,784
Related Party \| Service Agreements
Related Party Transaction [Line Items]
General and administrative expense	802	6,822	$ 5,845
Due to affiliates	738	6,755
Affiliated Entity \| Chartered Aircraft
Related Party Transaction [Line Items]
Due to affiliates	$ 318	$ 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of presentation and principles of consolidation

(a)Basis of presentation and principles of consolidation

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

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

Use of estimates

(b)Use of estimates

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

Foreign currencies

(c)Foreign currencies

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

The Company also has foreign subsidiaries that conduct business in currencies other than their respective functional currencies. Transactions are initially recorded in the subsidiaries’ functional currency at the exchange rate in effect on the dates of such transactions. On a monthly basis, these transactions are remeasured to an equivalent amount of the functional

currency based on the applicable exchange rate in effect on the remeasurement date. Any adjustment required to remeasure a transaction to the equivalent amount of functional currency is recorded within Other (income) expense, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Net realized foreign currency gains or losses relating to the differences between these recorded amounts and the functional currency equivalent actually received or paid are included within Other (income) expense, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Gains and losses on intercompany foreign currency transactions that are long-term in nature and which the Company does not intend to settle in the foreseeable future, are recognized in Accumulated other comprehensive income. Accumulated foreign currency translation adjustments are reclassified from Accumulated other comprehensive income to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. If the Company commits to a plan to sell or liquidate a foreign entity, accumulated foreign currency translation adjustments would be included in carrying amounts in impairment assessments.

Cash and cash equivalents

(d)Cash and cash equivalents

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

Restricted cash

(e)Restricted cash

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

Receivables

(f)Receivables

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

Inventories

(g)Inventories

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

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

Construction in progress

(h)Construction in progress

Construction in progress is recorded at cost, and at the point at which the constructed asset is put into use, the full cost of the asset is reclassified from Construction in progress to Property, plant and equipment, net on the Consolidated Balance Sheets. Construction progress payments, engineering costs, certain direct payroll costs and other costs directly relating to the asset under construction are capitalized during the construction period, provided the completion of the construction project is deemed probable or if the costs are associated with activities that could be utilized in future projects. Prior to putting projects into service the Company may utilize gas to test and commission the assets, and the Company may be able

to invoice our customers for gas used in commissioning. Amounts received as a result of the sale of test gas reduce the Construction in progress balance. Depreciation is not recognized during the construction period and commences when the assets are ready for their intended use, which may require management to make subjective judgments and assumptions about the conditions necessary for the assets to be capable of operating in the intended manner.

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

Property, plant and equipment, net

(i)Property, plant and equipment, net

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

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

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


			Useful life (Yrs)
Vessels			5-40
Terminal and power plant equipment			5-50
Power facilities			18-20
ISO containers and other equipment			3-10
LNG liquefaction facilities			7-40
Gas pipelines			10-45
Leasehold improvements			2-27

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

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

Impairment of long-lived assets

(j)Impairment of long-lived assets

The Company performs a recoverability assessment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Indicators may include, but are not limited to, an impairment of goodwill, adverse changes in the regulatory environment in a jurisdiction where the Company operates,

unfavorable events impacting the supply chain for LNG to the Company’s operations, a decision to discontinue the development of a long-lived asset, early termination of a significant customer contract or the introduction of newer technology.

When performing a recoverability assessment, the Company measures whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its carrying value. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge, included in Asset impairment expense in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Depending on the underlying nature of the asset group, the fair value is 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 undiscounted projected cash flows 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.

Investments in equity securities

(k)Investments in equity securities

Investments in equity securities are carried at fair value and included in Other non-current assets on the Consolidated Balance Sheets, with gains or losses recorded in earnings in Other (income) expense, net in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Investments in non-publicly traded equity instruments without a readily determinable fair value are recorded at cost, adjusted for observable price changes in orderly transactions for the identical or similar securities of the same issuer and changes resulting from impairments, if any.

Cloud computing costs

(l)Cloud computing costs

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

Intangible assets

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

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

Goodwill

(n)Goodwill

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

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

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

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

Debt and debt issuance costs

We evaluate the terms of our debt arrangements to determine whether they contain an embedded derivative that is required to be bifurcated. Any embedded derivatives that are required to be bifurcated are recorded at fair value within Other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets. We classify a debt obligation as current when it is due or will be due on demand as a result of certain acceleration provisions, including but not limited to non-compliance with covenant requirements, within one year from the balance sheet date.

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

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

Contingencies

ContingenciesThe Company may be involved in legal actions in the ordinary course of business. A loss contingency is recognized in the consolidated financial statements when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated, which is recorded at the low end of the range of potential losses and presented within Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company discloses any loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. Gain contingencies are not recorded until realized.

Revenue recognition

(q)Revenue recognition

Terminals and Infrastructure

Within the Terminals and Infrastructure segment, the Company’s contracts with customers may contain one or several performance obligations usually consisting of the sale of LNG, natural gas, power and steam, which are outputs from the Company’s natural gas-fueled infrastructure. The transaction price for each of these contracts is structured using similar inputs and factors regardless of the output delivered to the customer. The customers consume the benefit of the natural gas, power and steam when they are delivered by the Company to the customer’s power generation facilities or interconnection facility. Natural gas, power and steam qualify as a series with revenue being recognized over time using an output method, based on the quantity of natural gas, power or steam that the customer has consumed. LNG is delivered in containers transported by truck to customer sites but may also be delivered via vessel to an unloading point specified in a contract. Revenue from sales of LNG is recognized at the point in time at which the LNG transfers to the customer, depending on

the terms of the contract. Because the nature, timing and uncertainty of revenue and cash flows are substantially the same for LNG, natural gas, power and steam, the Company has presented Operating revenue on an aggregated basis.

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

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

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

Other revenue includes revenue recognized by the Company’s subsidiary, Genera PR LLC (“Genera”), under its contract for the operation and maintenance of Puerto Rico Electric Power Authority’s (“PREPA”) thermal generation assets. Under this agreement, Genera is reimbursed for pass-through expenses, including payroll expenses of Genera employees. Genera is the principal for operation and maintenance services, and the Company recognizes revenue for amounts to be reimbursed by PREPA in the period such expenses are incurred. Genera is also eligible for performance-based incentive fees, which are considered variable consideration.

The Company estimates the amount of variable consideration as the most likely amount, which is included in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The determination of estimated amounts included in the transaction price is based largely upon an assessment of the uncertainties associated with the variable consideration, including the susceptibility of payment to factors outside of the Company’s control. The Company considers all information that is reasonably available, including historical information and estimates of future performance.

In addition, the Company’s agreements may include a significant financing component, and the Company recognizes revenue for the interest income component over the term of the financing as Other revenue. The Company elected the practical expedient under which the Company does not adjust consideration for the effects of a significant financing component for those contracts where the Company expects at contract inception that the period between transferring goods to the customer and receiving payment from the customer will be one year or less.

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

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

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

Ships

Charter contracts for the use of the FSRUs and LNG carriers are leases as the contracts convey the right to obtain substantially all of the economic benefits from the use of the asset and allow the customer to direct the use of that asset.

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

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

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

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

Sale or transfer of nonfinancial assets

The Company accounts for the sale of nonfinancial long‑lived assets, including vessels under failed sale leaseback transaction, in accordance with ASC 610‑20, Gains and Losses from the Derecognition of Nonfinancial Assets. An asset is derecognized when control transfers to the buyer, which generally occurs upon delivery of the asset and the satisfaction of all substantive conditions under the sale agreement, or when the conditions that led to failed sale leaseback accounting cease to exist. Proceeds from the disposition of an asset are measured based on the contractual sales price, adjusted for any variable or contingent consideration to the extent such amounts are not constrained. Gains or losses on the disposition of an asset are recorded within (Gain) loss on sale in the Consolidated Statements of Operations and Comprehensive (Loss) Income, and reflect the difference between the net proceeds received and the asset’s carrying amount at the date control transfers.

Leases, as lessee

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

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

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

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

Share-based compensation

(t)Share-based compensation

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

The Company has granted RSUs to certain employees that will settle in shares of a subsidiary owning the Company’s Brazil operations. These RSUs contain a performance condition, and vesting is determined based on achievement of certain milestones subsequent to the grant. Compensation expense is recognized on a straight-line basis over the respective service period based on the expected achievement of each milestone. At each reporting period, the Company reassesses the probability of the achievement of the milestones, and any increase or decrease in share-based compensation expense resulting from an adjustment in the number of shares expected to vest is treated as a cumulative catch-up in the period of adjustment.

Lessor expense recognition

(u)Lessor expense recognition

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

Transaction, integration and restructuring costs

Transaction, integration and restructuring costs is comprised of costs related to business combinations, dispositions and corporate restructuring activities. These costs include advisory, legal, accounting, valuation and other professional or consulting fees.

This caption also includes gains or losses recognized in connection with business combinations, including the settlement of preexisting relationships between the Company and an acquired entity. Financing costs which are not deferred as part of the cost of financing on the balance sheet including fees associated with debt modifications are recognized within this caption. The Company expenses cloud computing costs incurred during the preliminary project stage and post-implementation stage, and these amounts are presented within this caption

Taxation

The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes (“ASC 740”), under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities by applying the enacted tax rates in

effect for the year in which the differences are expected to reverse. Such net tax effects on temporary differences are reflected on the Company’s Consolidated Balance Sheets as deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when the Company believes that it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

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

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

Other taxes

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

Net income per share

(x)Net income per share

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

Acquisitions

(y)Acquisitions

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

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

Equity method investments

(z)Equity method investments

The Company accounts for investments in entities over which the Company has significant influence, but do not meet the criteria for consolidation, under the equity method of accounting. Under the equity method of accounting, the Company’s investment is recorded at cost. In the case of equity method investments acquired as part of a business combination or acquired in exchange for the contribution of assets or entities to the investee, the investment is initially recorded at the acquisition date fair value of the investment. The carrying amount is adjusted for the Company’s share of the earnings or losses, and dividends received from the investee reduce the carrying amount of the investment. The Company allocates the difference between the fair value of investments acquired in a business combination and the Company’s proportionate share of the carrying value of the underlying assets, or basis difference, across the assets and liabilities of the investee. The basis difference assigned to amortizable net assets is included in Income from equity method investments in the Consolidated Statements of Operations and Comprehensive (Loss) Income. When the Company’s share of losses in an

investee equals or exceeds the carrying value of the investment, no further losses are recognized unless the Company has incurred obligations or made payments on behalf of the investee.

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

Loss of control of subsidiary

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

Guarantees

(ab)Guarantees

Guarantees issued by the Company, excluding those that are guaranteeing the Company’s own performance, are recognized at fair value at the time that the guarantees are issued and recognized in Other current liabilities or Other non-current liabilities on the Consolidated Balance Sheets. Depending on the nature of the guarantee, the Company recognizes its release from risk over the term of the guarantee using one of the following methods: (i) only upon either expiration or settlement of the guarantee, or (ii) by a systematic and rational amortization method. If it becomes probable that the Company will have to perform under a guarantee, the Company will recognize an additional liability if the amount of the loss can be reasonably estimated.

Derivatives

(ac)Derivatives

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

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

Adoption of new and revised standards

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

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 has adopted ASU 2023-09 on a prospective basis and included the new disclosures in Note 24.

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.

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.

Other non-current assets, net (As Restated) - Schedule of Other Assets, Noncurrent (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]
Long term receivables	$ 55,522				$ 114,677
Contract asset, net (Note 8)	10,375				20,270
Cost to fulfill (Note 8)	10,425				20,592
Financing costs	0				57,567
Other	64,482				57,359
Total other non-current assets	$ 140,804	$ 168,811	$ 214,371	$ 217,634	$ 270,465	$ 109,501	$ 135,412	$ 123,820	$ 125,834

Leases, as lessee (As Restated) - Schedule of Right-of-use assets, Current Lease Liabilities and Non-Current Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating right-of-use assets	$ 394,795				$ 599,937
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total right-of-use assets				Total right-of-use assets
Finance right-of-use assets	$ 17,022				$ 18,796
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total right-of-use assets				Total right-of-use assets
Total right-of-use assets	$ 411,817	$ 418,383	$ 437,548	$ 465,939	$ 618,733	$ 647,552	$ 679,998	$ 726,391	$ 588,385
Current lease liabilities:
Operating lease liabilities	$ 69,832				$ 119,191
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total current lease liabilities				Total current lease liabilities
Finance lease liabilities	$ 2,425				$ 3,971
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total current lease liabilities				Total current lease liabilities
Total current lease liabilities	$ 72,257	63,700	73,860	77,242	$ 123,162	125,110	125,034	147,793	164,548
Non-current lease liabilities:
Operating lease liabilities	$ 318,118				$ 471,961
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total non-current lease liabilities				Total non-current lease liabilities
Finance lease liabilities	$ 701				$ 3,200
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total non-current lease liabilities				Total non-current lease liabilities
Total non-current lease liabilities	$ 318,819	$ 328,071	$ 341,509	$ 355,050	$ 475,161	$ 496,588	$ 523,591	$ 552,619	$ 406,494
Finance lease, right-of-use asset, accumulated amortization	$ 4,860				$ 8,134

Debt (As Restated) - Barcarena Financings (Details) $ in Thousands	1 Months Ended
	Oct. 31, 2023 USD ($) financingAgreement tranch	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total debt		$ 8,178,919	$ 8,900,908
Deferred financing costs		$ 150,788
Barcarena Term Loan, due February 2024
Debt Instrument [Line Items]
Number of financing arrangements \| financingAgreement	2
Barcarena Debentures, due October 2028
Debt Instrument [Line Items]
Debt instrument, fee amount			5,061
Deferred financing costs			$ 3,085
Issuance of letter of credit				$ 355,566
Line of credit facility, number of tranches \| tranch	3
Proceeds from debt	$ 344,735
Barcarena Debentures, due October 2028 \| Minimum
Debt Instrument [Line Items]
Fixed interest rate (in percent)	2.61%
Barcarena Debentures, due October 2028 \| Maximum
Debt Instrument [Line Items]
Fixed interest rate (in percent)	4.41%
Barcarena Debentures, due October 2028 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding principal balance					$ 200,000
Total debt					$ 180,000
Fixed interest rate (in percent)		12.00%
Debt instrument, interest rate, increase (decrease) (in percent)	1.25%

Prepaid expenses and other current assets (As Restated)

12 Months Ended

Dec. 31, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid expenses and other current assets (As Restated)

13. Prepaid expenses and other current assets (As Restated)

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


	December 31, 2025		December 31, 2024 (As Restated)
Prepaid expenses	$	24,245	$	26,947
Recoverable taxes	163,399		98,101
Contract assets (Note 8)	21,791		44,902
Proceeds held in escrow (Note 6)	41,000		—


Short-term receivable	65,921		—
Deferred financing costs	18,876		—
Income taxes receivable	15,963		5,216
Other current assets	49,152		37,174
Total prepaid expenses and other current assets, net	$	400,347	$	212,340

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 21). In exchange for this guarantee, the Company will receive payments totaling $126,668 from the counterparty. These payments will be made between the third quarter of 2026 through the first quarter of 2028, and 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 19) based on the expected timing of receipt.

Financing costs for the year ended December 31, 2025 includes deferred costs associated with the Company’s Revolving Facility. The income tax receivable represents the expected refund resulting from the carryback of foreign tax credits to past tax year. The remaining balance of other current assets as of December 31, 2025 and 2024 primarily consists of derivative assets recognized for foreign currency exchange contracts (Note 10), and deposits.

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

24. Income Taxes (As Restated)

The components of the Company’s income (loss) before income taxes for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Year Ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
United States	$	(454,662)	$	(146,909)	$	271,781
Foreign	(1,315,941)		(27,320)		379,415
Income before taxes	$	(1,770,603)	$	(174,229)	$	651,196

Income tax expense is comprised of the following for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
Current:
Domestic	$	(646)	$	42,521	$	40,916
Foreign	36,149		31,119		48,244
Total current tax expense	35,503		73,640		89,160
Deferred:
Domestic	11,024		(8,436)		1,088
Foreign	14,823		5,104		12,724
Total deferred tax (benefit) expenses	25,847		(3,332)		13,812
Total provision for (benefit from) income taxes	$	61,350	$	70,308	$	102,972

Effective Tax Rate


	Year Ended December 31,
	2025
U.S. Federal Statutory Tax Rate	(371,826)		21.0	%
State and Local Income Taxes, Net of Federal Income Tax Effect	644		—
Effect of Cross-Border Tax Laws	11,308		(0.6)






Changes in Valuation Allowance	126,824		(7.2)


Other
Gain on Disposal of Business	32,460		(1.8)
Loss from Taxable Liquidation of Subsidiary	(69,797)		3.9
Others	2,146		(0.1)
Foreign Tax Effects
BERMUDA
Statutory Tax Rate Difference between Bermuda and United States	31,103		(1.8)
Impairment	85,193		(4.8)
Other	(9)		—
BRAZIL

Nontaxable or Nondeductible Items	(25,923)		1.5


Valuation Allowance	17,853		(1.0)
Other	33,097		(1.9)





















MEXICO
Nontaxable or Nondeductible items	37,535		(2.1)
Valuation Allowance	2,736		-0.2
Other	(567)		—
UNITED KINGDOM
Statutory Tax Rate Difference between United Kingdom and United States	(25,165)		1.4
Impairment	155,405		(8.8)
Other	18,590		(1.0)
OTHER FOREIGN JURISDICTIONS	(1,656)		0.1
Changes in Unrecognized Tax Benefits	1,399		(0.1)
Grand Total	$	61,350	(3.5)	%


	Year Ended December 31,
	2024 (As Restated)		2023 (As Restated)
Income tax at the statutory rate	21.0	%	21.0	%
Foreign tax rate differential	69.0		(12.5)
US taxation on foreign earnings	(7.4)		(0.6)
Impact from foreign operations	8.7		—
Change in valuation allowance	(152.7)		8.6
Effects of share-based compensation	(3.0)		0.3
Withholding taxes	—		0.6
Income tax credits	9.3		(4.9)
Outside basis differences	—		0.1
Changes in deferred taxes and payable	13.9		—
Other	0.8		3.3
Effective income tax rate	(40.4	%)	15.8	%

The Company has certain operations in jurisdictions that are not subject to income taxes or are subject to preferential tax rates. The effect of these earnings taxed at zero percent, as well as the impact of such preferential tax rates, are included in the foreign rate differential.

On July 4, 2025, the One Big Beautiful Bill Act (the “Tax Act of 2025”) was enacted. 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. The Company has evaluated the provisions of the Tax Act of 2025 that could have an impact on the Company’s provision for the year ended December 31, 2025 related to Section 163(j), and such provisions have no impact to the effective tax rate for the year ended December 31, 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 continues to assess the effective tax rate and cash tax impact for Pillar Two in light of legislative changes in multiple countries. During 2025, the Company incurred $8,632 of tax expense related to its Pillar Two obligations as a period cost and included such expenses as part of the consolidated annual effective tax rate.

Upon adoption of ASU 2023-09 as described in Note 5, cash paid for income taxes, net of refunds, during the year ended December 31, 2025 was as follows:


	Year Ended December 31,
	2025
Domestic Federal	$	44,172
Domestic State	477
Foreign
Brazil	17,083
Jamaica	11,604
Puerto Rico	32,467

Other	3,288
Total Foreign	64,442
Total	$	109,091

Income tax paid were $27,932 and $52,897 for the years ended December 31, 2024 and 2023, respectively.

The tax effect of each type of temporary difference and carryforward that give rise to a significant deferred tax asset or liability as of December 31, 2025 and 2024 are as follows:


	Year Ended December 31,
	2025		2024 (As Restated)
Deferred tax assets:

Accrued interest	$	—	$	40,255
IRC Section 163(j) interest carryforward	154,086		27,533
Federal and state net operating loss carryforward	55,485		1,904
Foreign net operating loss carryforward	246,308		253,337
Debt	140,555		264,460
Lease liability	346,578		316,896
Goodwill	38,901		43,004
Other	50,767		78,189
Total deferred tax assets	1,032,680		1,025,578
Valuation allowance	(549,493)		(449,819)
Deferred tax assets, net of valuation allowance	483,187		575,759

Deferred tax liabilities:
Property and equipment	(139,492)		(277,109)
Right-of-use assets	(300,996)		(285,870)
Investments	(11,671)		—

Intangibles	(50,156)		(46,258)

Capitalized costs	(40,424)		(20,514)
Other	(16,950)		(17,522)
Total deferred tax liabilities	$	(559,689)	$	(647,273)
Net deferred tax liabilities	$	(76,502)	$	(71,514)

Tax Attributes

United States

As of December 31, 2025, NFE has approximately $261,466 of federal and $4,867 of state net operating loss carry forwards. The federal and state net operating losses are generally allowed to be carried forward indefinitely and can offset up to 80 percent of future taxable income.

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

Foreign Jurisdictions

The Company’s foreign subsidiaries file income tax returns in certain foreign jurisdictions. As of December 31, 2025, the Company’s foreign subsidiaries have approximately $983,111 of net operating loss carry forwards, of which $320,558 will expire, if unused between 2028 and 2041, and the remaining $662,553 are allowed to be carried forward indefinitely.

Valuation Allowances

The following table summarizes the changes in the Company’s valuation allowance on deferred tax assets for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024 (As Restated)
Balance at the beginning of the period	$	449,819	$	189,690
Change in valuation allowance	99,674		260,129
Balance at the end of the period	$	549,493	$	449,819

The change in valuation allowance was mainly due to net operating losses, increase in deferred tax asset related to interest expense disallowance under section 163(j) in the U.S. and increase in net operating losses in foreign jurisdictions for the year ended December 31, 2025.

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

Uncertain Taxes

The following table summarizes the changes in the Company’s unrecognized tax benefits for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024
Balance at the beginning of the period	$	—	$	—
Recognized in the income tax provision	15,943		—

Balance at the end of the period	$	15,943	$	—

Income Tax Examinations

The Company and its subsidiaries file income tax returns in the U.S. federal and various state and local jurisdictions, as well as various foreign jurisdictions. The U.S. Federal and state income tax returns filed for tax years 2022, 2023 and 2024 are open for examination. The Company is generally open to tax examinations in other foreign jurisdictions for a period of four to six years from the filing of the income tax return.

Undistributed Earnings

The Company has not recorded a deferred tax liability for undistributed earnings for any controlled foreign corporation as of December 31, 2025 and 2024. The Company has unremitted earnings in certain jurisdictions where distributions can be made at no net tax cost. From time to time, the Company may remit these earnings. The Company has the ability and intent to indefinitely reinvest any earnings that cannot be remitted at no net tax cost. It is not practicable to estimate the amount of any additional taxes which may be payable on these undistributed earnings.

Preferential Tax Rates

The Company has subsidiaries incorporated in Bermuda. Under prior Bermuda law before the Bermuda Corporate Income Tax Act 2023, the Company was not required to pay taxes in Bermuda on either income or capital gains. The Company has received an undertaking from the Bermuda government that, in the event of income or capital gain taxes being imposed, it will be exempted from such taxes until 2035. On December 27, 2023, Bermuda enacted the Bermuda Corporate Income

Tax Act 2023, which institutes a corporate income tax rate of 15% effective for tax years beginning January 1, 2025. As a result, such tax exemptions will not be valid beyond such subsidiaries’ taxable year ended December 31, 2024, the impact of which has been included in the tax provision and was not material.

Certain of the Company’s Puerto Rican subsidiaries received tax decrees from the Puerto Rico government that affords such subsidiaries a 4% tax rate on qualifying income. The effect of the earnings taxed at a 4% foreign tax rate is included in the foreign rate differential line in the Company’s effective tax rate. For the years ended December 31, 2025 and 2024, the income tax benefits attributable to the tax decrees, before taking into consideration the impact on U.S. taxation and the associated U.S. foreign tax credits, are estimated to be approximately $27,823 ($(0.10) per share of issued and outstanding Class A common stock on a diluted basis) and $142,776 ($(0.65) per share of issued and outstanding Class A common stock on a diluted basis), respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
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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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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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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases, as lessee (As Restated) - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash outflows for operating lease liabilities	$ 147,694	$ 175,862	$ 133,132
Financing cash outflows for finance lease liabilities	4,324	9,500	21,187
Right-of-use assets obtained in exchange for new operating lease liabilities	0	206,344	265,537
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0	$ 0	$ 47,672

Earnings per share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unvested RSU
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share)	0	1,579,802	0
Series B 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	81,746	0
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)	13,907,346	0	0

Share-based compensation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 14,546	$ 50,625	$ 1,574
Other Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, amount	13,196
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	5,406
Share-based payment arrangement, expense	21,168	11,537
Unrecognized compensation cost	12,514
Unvested RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 14,025	$ 13,584

- 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

Adoption of new and revised standards	12 Months Ended
Adoption of new and revised standards	Dec. 31, 2025
Accounting Changes and Error Corrections [Abstract]
Adoption of new and revised standards	5. Adoption of new and revised standards 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 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. 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 has adopted ASU 2023-09 on a prospective basis and included the new disclosures in Note 24. 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. 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)
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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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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

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-Topic 470
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-Topic 815
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-Section 65
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-Subparagraph (e)(1)
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Performance-based Units Activity

The following table summarizes the RSU activity for the year ended December 31, 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	1,417,682	1.10
Vested	(2,212,770)	12.42
Forfeited	(511,040)	32.66
Non-vested RSUs as of December 31, 2025	273,674	$	32.66

Schedule of Share Based Compensation Expense


	Year Ended December 31,
	2025		2024		2023
Operations and maintenance	$	58	$	250	$	—
Selling, general and administrative	14,488		50,375		1,574
Total share-based compensation expense	$	14,546	$	50,625	$	1,574

Dispositions (As Restated) - Schedule of Income from Continuing Operations Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before taxes	$ (257,505)	$ (536,062)	$ (149,358)	$ 13,434	$ (74,620)	$ 71,551	$ (685,420)	$ (3,070)	$ (942,925)	$ 10,364	$ (1,770,603)	$ (174,229)	$ 651,196
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sale of Jamaica Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income before taxes											$ 13,634	$ 57,646	$ 67,608

- Definition

+ References

+ Details

Revenue recognition (As Restated) - Schedule of Other Revenue (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Other revenue	$ 28,975	$ 27,580	$ 40,219	$ 63,516	$ 84,368	$ 30,655	$ 67,799	$ 115,023	$ 96,774	$ 178,540	$ 127,659	$ 156,536	$ 78,050
Operation and maintenance revenue
Disaggregation of Revenue [Line Items]
Other revenue											115,935	145,786	51,709
Interest income and other revenue
Disaggregation of Revenue [Line Items]
Other revenue											$ 11,724	$ 10,750	$ 26,341

- 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

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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Schedule II (Details) - Allowance for expected credit losses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 16,490	$ 1,484	$ 1,526
Additions	14,044	15,184	0
Deductions	(12,437)	(178)	(42)
Balance at End of Year	$ 18,097	$ 16,490	$ 1,484

Related party transactions - Fortress Affiliated Entities Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 1,837	$ 2,126	$ 2,784
Due to affiliates	4,662	11,530
Affiliated Entity \| Fortress
Related Party Transaction [Line Items]
Other receivables, net, current	4,263	2,637
Affiliated Entity \| Fortress \| Rent And Related Office Expenses
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	1,592	1,080	913
Affiliated Entity \| Fortress, Formerly Owned Entity
Related Party Transaction [Line Items]
Due to affiliates	$ 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		$ 912	$ 2,702

- 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
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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-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

Other non-current assets, net (As Restated) - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Equity securities without readily determinable fair value, amount	$ 8,678	$ 8,678

Debt (As Restated) - Vessel Financing Obligation (Details) - Financing Transaction Obligation - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Aug. 15, 2022
Debt Instrument [Line Items]
Lessee, finance lease, term of contract (in years)				20 years
Vessel Financing Obligation, due August 2042
Debt Instrument [Line Items]
Effective interest rate (in percent)		18.10%	13.40%
Extinguishment of debt, amount	$ 734,172
Unamortized deferred financing costs, written off	$ 3,093
Unamortized deferred financing costs		$ 2,731	$ 6,141

- 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

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	December 31, 2025		December 31, 2024
LNG and natural gas inventory	$	100,101	$	67,232

Automotive diesel oil inventory, bunker fuel, materials, supplies and other	19,346		35,992
Total inventory	$	119,447	$	103,224

Segments (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

The table below presents segment information for the years ended December 31, 2025, 2024 and 2023:


Year Ended December 31, 2025
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues	$	1,384,693	$	119,344	$	1,504,037	$	—	$	1,504,037

Less(1):
Cost of sales(2)(4)	918,603		—		918,603		—		918,603
Vessel operating expenses	4,407		22,187		26,594		—		26,594
Operations and maintenance	218,511		—		218,511		—		218,511
Segment Operating Margin	$	243,172	$	97,157	$	340,329	$	—	$	340,329
Balance sheet:
Total assets	$	10,467,502	$	88,121	$	10,555,623	$	—	$	10,555,623
Other segmental financial information:
Capital expenditures(3)	$	990,724	$	2,680	$	993,404	$	—	$	993,404


Year Ended December 31, 2024 (As Restated)
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues(6)	$	2,041,580	$	170,587	$	2,212,167	$	146,777	$	2,358,944

Less(1):
Cost of sales(2)(4)	1,065,181		—		1,065,181		—		1,065,181
Vessel operating expenses	—		33,372		33,372		—		33,372
Operations and maintenance	170,763		—		170,763		—		170,763
Deferred earnings from contracted sales(6)	150,000		—		150,000		(150,000)		—
Segment Operating Margin	$	955,636	$	137,215	$	1,092,851	$	(3,223)	$	1,089,628
Balance sheet:
Total assets	$	12,349,356	$	573,869	$	12,923,225	$	—	$	12,923,225
Other segmental financial information:
Capital expenditures(3)	$	2,288,994	$	—	$	2,288,994	$	—	$	2,288,994


Year Ended December 31, 2023 (As Restated)
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues(6)	$	2,142,894	$	293,605	$	2,436,499	$	(45,894)	$	2,390,605

Less(1):
Cost of sales(2)(4)	766,598		—		766,598		112,623		879,221
Vessel operating expenses	—		51,387		51,387		(5,948)		45,439
Operations and maintenance	175,559		—		175,559		—		175,559
Segment Operating Margin	$	1,200,737	$	242,218	$	1,442,955	$	(152,569)	$	1,290,386
Balance sheet:
Total assets	$	9,677,170	$	836,266	$	10,513,437	$	—	$	10,513,437
Other segmental financial information:
Capital expenditures(3)	$	3,455,738	$	7,568	$	3,463,306	$	—	$	3,463,306

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

(2)Cost of sales in the Company’s segment measure only includes realized gains and losses on derivative transactions that are an economic hedge of commodity purchases and sales, and a realized gain of $139,089 for the year ended December 31, 2023 was recognized as a reduction to Cost of sales in the segment measure. No realized gains or losses were recognized for the years ended December 31, 2025 and 2024.

The Company recognized unrealized losses of $106,393 on the mark-to-market value of derivative transactions for the year ended December 31, 2023, and these losses reconcile Cost of sales in the segment measure to Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income. No unrealized gains or losses were recognized for the years ended December 31, 2025 and 2024.

The Company has excluded contract acquisition costs that do not meet the criteria for capitalization from the segment measure. Contract acquisition costs of $6,232 for the year ended December 31, 2023 reconcile Cost of sales in the segment measure to Cost of sales in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company did not incur such costs in the years ended December 31, 2025 and 2024.

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

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

(5)For the year ended December 31, 2024, Consolidation and Other adjusts for the inclusion of deferred earnings from contracted sales of $150,000 (Note 8) which were recognized during the third and fourth quarters of 2024.

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

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

(6)For the years ended December 31, 2024 and 2023, Consolidation and Other adjusts for $3,223 and $24,500 amortization of intangible assets recognized from acquisition of certain vessels with in-place leases, which was

recorded in Vessel charter revenue; such amortization is excluded from Total Segment Operating Margin reviewed by the Company’s CODM.

Schedule of Reconciliation of Net loss to Operating Margin

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


	Year Ended December 31,
(in thousands of $)	2025		2024 (As Restated)		2023 (As Restated)
Net (loss) income	(1,831,953)		(244,537)		548,224
Add:
Selling, general and administrative	307,442		293,378		203,385
Transaction and integration costs	161,756		12,279		6,946
Depreciation and amortization	203,508		158,791		161,424
Interest expense	777,845		316,337		284,019
(Gain) loss on sale	(670,938)		80,207		(27,978)
Other income (expense), net	(147,593)		116,308		10,408
Tax provision	61,350		70,308		102,972
Asset impairment expense	860,865		16,494		10,958
Goodwill impairment expense	598,110		—		—
Loss on extinguishment of debt, net	19,937		270,063		—
(Income) on equity method investments	—		—		(9,972)
Consolidated Segment Operating Margin	$	340,329	$	1,089,628	$	1,290,386

Equity method investments (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Changes in Equity Method Investments


	December 31, 2025		December 31, 2024
Equity method investments as of beginning of period	$	—	$	137,793
Capital contributions	—		6,794



Sale of equity method investments	—		(144,587)
Equity method investments as of end of period	$	—	$	—

Segments (As Restated) - Schedule of Segment Information (Details) - USD ($)	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of operations [Abstract]
Total revenues	$ 331,911,000	$ 304,100,000	$ 472,282,000	$ 568,505,000	$ 427,174,000	$ 685,982,000	$ 776,382,000	$ 1,113,156,000	$ 1,108,293,000	$ 1,681,662,000	$ 1,504,037,000	$ 2,358,944,000	$ 2,390,605,000
Cost of sales											918,603,000	1,065,181,000	879,221,000
Vessel operating expenses	7,297,000	8,068,000	7,176,000	8,254,000	8,503,000	8,396,000	15,244,000	16,899,000	22,541,000	25,153,000	26,594,000	33,372,000	45,439,000
Operations and maintenance	57,301,000	57,403,000	54,940,000	34,839,000	33,079,000	65,661,000	112,343,000	98,739,000	169,644,000	133,579,000	218,511,000	170,763,000	175,559,000
Deferred earnings from contracted sales												0
Consolidated Segment Operating Margin											340,329,000	1,089,628,000	1,290,386,000
Balance sheet:
Total assets	$ 11,994,891,000	$ 12,019,771,000	$ 13,082,391,000	$ 11,975,871,000	$ 11,402,928,000	$ 10,878,039,000	$ 12,019,771,000	$ 11,402,928,000	$ 11,994,891,000	$ 11,975,871,000	10,555,623,000	12,923,225,000	10,513,437,000
Other segmental financial information:
Capital expenditures											993,404,000	2,288,994,000	3,463,306,000
Realized gain (loss) on derivatives											0	0	139,089,000
Inventory write-down													6,232,000
Contract with customer, liability, gross, current												150,000,000
Amortization of intangibles											13,456,000	9,004,000	953,000
Certain Vessels With In-Place Leases
Other segmental financial information:
Amortization of intangibles												3,223,000	24,500,000
Terminals and Infrastructure \| Cost of Sales
Other segmental financial information:
Unrealized (gain) loss											0	0	106,393,000
Operating Segments
Statement of operations [Abstract]
Total revenues											1,504,037,000	2,212,167,000	2,436,499,000
Cost of sales											918,603,000	1,065,181,000	766,598,000
Vessel operating expenses											26,594,000	33,372,000	51,387,000
Operations and maintenance											218,511,000	170,763,000	175,559,000
Deferred earnings from contracted sales												150,000,000
Consolidated Segment Operating Margin											340,329,000	1,092,851,000	1,442,955,000
Balance sheet:
Total assets											10,555,623,000	12,923,225,000	10,513,437,000
Other segmental financial information:
Capital expenditures											993,404,000	2,288,994,000	3,463,306,000
Operating Segments \| Terminals and Infrastructure
Statement of operations [Abstract]
Total revenues											1,384,693,000	2,041,580,000	2,142,894,000
Cost of sales											918,603,000	1,065,181,000	766,598,000
Vessel operating expenses											4,407,000	0	0
Operations and maintenance											218,511,000	170,763,000	175,559,000
Deferred earnings from contracted sales												150,000,000
Consolidated Segment Operating Margin											243,172,000	955,636,000	1,200,737,000
Balance sheet:
Total assets											10,467,502,000	12,349,356,000	9,677,170,000
Other segmental financial information:
Capital expenditures											990,724,000	2,288,994,000	3,455,738,000
Operating Segments \| Ships
Statement of operations [Abstract]
Total revenues											119,344,000	170,587,000	293,605,000
Cost of sales											0	0	0
Vessel operating expenses											22,187,000	33,372,000	51,387,000
Operations and maintenance											0	0	0
Deferred earnings from contracted sales												0
Consolidated Segment Operating Margin											97,157,000	137,215,000	242,218,000
Balance sheet:
Total assets											88,121,000	573,869,000	836,266,000
Other segmental financial information:
Capital expenditures											2,680,000	0	7,568,000
Consolidation and Other
Statement of operations [Abstract]
Total revenues											0	146,777,000	(45,894,000)
Cost of sales											0	0	112,623,000
Vessel operating expenses											0	0	(5,948,000)
Operations and maintenance											0	0	0
Deferred earnings from contracted sales												(150,000,000)
Consolidated Segment Operating Margin											0	(3,223,000)	(152,569,000)
Balance sheet:
Total assets											0	0	0
Other segmental financial information:
Capital expenditures											$ 0	$ 0	$ 0

Income Taxes - Schedule of Significant Deferred Tax Asset or Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accrued interest	$ 0	$ 40,255
IRC Section 163(j) interest carryforward	154,086	27,533
Federal and state net operating loss carryforward	55,485	1,904
Foreign net operating loss carryforward	246,308	253,337
Debt	140,555	264,460
Lease liability	346,578	316,896
Goodwill	38,901	43,004
Other	50,767	78,189
Total deferred tax assets	1,032,680	1,025,578
Valuation allowance	(549,493)	(449,819)	$ (189,690)
Deferred tax assets, net of valuation allowance	483,187	575,759
Deferred tax liabilities:
Property and equipment	(139,492)	(277,109)
Right-of-use assets	(300,996)	(285,870)
Investments	(11,671)	0
Intangibles	(50,156)	(46,258)
Capitalized costs	(40,424)	(20,514)
Other	(16,950)	(17,522)
Total deferred tax liabilities	(559,689)	(647,273)
Net deferred tax liabilities	$ (76,502)	$ (71,514)

Goodwill and intangible assets (As Restated) - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2025	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Balance as of December 31, 2024	$ 15,938	$ 608,664	$ 782,730	$ 782,730	$ 782,730	$ 782,730	$ 793,140
Impairment losses	0	(582,172)	0	(582,172)	(582,172)	(598,110)	0	$ 0
Balance as of September 30, 2025	$ 15,938	$ 15,938	608,664	15,938	15,938	0	782,730	793,140
Miami Facility
Goodwill [Roll Forward]
Goodwill written off							10,410
Sale of Jamaica Business
Goodwill [Roll Forward]
Goodwill written off						184,620
Disposal Group, Held-for-Sale, Not Discontinued Operations
Goodwill [Roll Forward]
Balance as of December 31, 2024			782,730	782,730	782,730	782,730	793,140
Divestitures						(184,620)	(10,410)
Impairment losses						(598,110)
Balance as of September 30, 2025						0	782,730	793,140
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Miami Facility
Goodwill [Roll Forward]
Balance as of December 31, 2024			10,410	10,410	10,410	10,410
Balance as of September 30, 2025							10,410
Terminals and Infrastructure \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Goodwill [Roll Forward]
Balance as of December 31, 2024			766,792	766,792	766,792	766,792	777,202
Divestitures						(184,620)	(10,410)
Impairment losses						(582,172)
Balance as of September 30, 2025						0	766,792	777,202
Ships \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Goodwill [Roll Forward]
Balance as of December 31, 2024			$ 15,938	$ 15,938	$ 15,938	15,938	15,938
Divestitures						0	0
Impairment losses						(15,938)
Balance as of September 30, 2025						$ 0	$ 15,938	$ 15,938

Construction in progress (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Construction in progress [Abstract]

Schedule of Construction in Progress Activity

The Company’s construction in progress activity during the years ended December 31, 2025 and 2024 is detailed below:


	December 31, 2025		December 31, 2024 (As Restated)
Construction in progress as of beginning of period	$	3,526,984	$	5,342,373
Additions	943,483		2,268,072
Asset impairment expense	(843,742)		—
Impact of currency translation adjustment	142,852		(196,854)
Assets placed in service	(173,672)		(3,886,607)
Dispositions (Note 6)	(1,934)		—
Construction in progress as of end of period	$	3,593,971	$	3,526,984

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Philadelphia, Pennsylvania

Debt (As Restated) - 2026 Notes (Details) - USD ($)		1 Months Ended
Debt (As Restated) - 2026 Notes (Details) - USD ($)	Nov. 06, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Apr. 30, 2021
Debt Instrument [Line Items]
Deferred financing costs			$ 150,788,000
Senior Secured Notes, due September 2026
Debt Instrument [Line Items]
Outstanding principal balance					$ 1,500,000,000
Fixed interest rate (in percent)					6.50%
Debt instrument, fee amount					$ 25,240,000
Extinguishment of debt, amount	$ 989,121,000
Deferred financing costs			1,857,000	$ 717,000
Senior Secured Notes Due March 15, 2029
Debt Instrument [Line Items]
Outstanding principal balance		$ 750,000,000
Fixed interest rate (in percent)		8.75%
Debt instrument, fee amount		$ 14,171,000
Extinguishment of debt, amount	$ 513,272,000
Deferred financing costs			$ 2,484,000	$ 2,939,000
Debt instrument, periodic payment, interest		$ 16,604,000

- Definition

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

+ References

+ Details

Income Taxes - Schedule of Changes in Valuation Allowance on Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Balance at the beginning of the period	$ 449,819	$ 189,690
Change in valuation allowance	99,674	260,129
Balance at the end of the period	$ 549,493	$ 449,819

Other non-current assets, net (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Other Assets, Noncurrent Disclosure [Abstract]

Schedule of Other Assets, Noncurrent

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


	December 31, 2025		December 31, 2024 (As Restated)

Long term receivables	$	55,522	$	114,677
Contract asset, net (Note 8)	10,375		20,270

Cost to fulfill (Note 8)	10,425		20,592
Financing costs	—		57,567
Other	64,482		57,359
Total other non-current assets	$	140,804	$	270,465

Restatement of Previously Issued Financial Statements - Restated Consolidated Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 226,453	$ 145,237	$ 551,109	$ 447,862	$ 492,881	$ 90,842	$ 132,960	$ 143,457	$ 155,414
Restricted cash	130,489	244,104	270,298	379,537	472,696	145,881	164,888	171,476	155,400
Receivables, net of allowances	451,962	423,260	270,099	271,937	331,419	434,684	403,882	332,416	342,981
Inventory	119,447	108,632	74,000	66,695	103,224	88,095	141,723	186,584	116,184
Prepaid expenses and other current assets, net	400,347	427,451	325,896	204,699	212,340	255,754	265,482	201,196	212,796
Total current assets	1,328,698	1,348,684	1,491,402	1,475,283	1,612,560	1,015,256	1,108,935	1,035,129	982,775
Construction in progress	3,593,971	4,297,836	4,128,179	3,933,503	3,526,984	7,055,789	6,305,823	5,784,274	5,342,373
Property, plant and equipment, net	4,892,737	5,542,233	5,536,800	5,550,150	5,928,919	2,134,987	2,146,466	2,175,882	2,481,415
Equity method investments	0				0				137,793
Right-of-use assets	411,817	418,383	437,548	465,939	618,733	647,552	679,998	726,391	588,385
Intangible assets, net	187,596	195,821	194,752	188,118	179,510	206,266	207,731	211,854	51,815
Goodwill	0	15,938	15,938	608,664	782,730	793,140	793,140	793,140	793,140
Deferred tax assets, net	0	7,185	781	7,474	3,324	13,380	25,423	27,549	9,907
Other non-current assets, net	140,804	168,811	214,371	217,634	270,465	109,501	135,412	123,820	125,834
Total assets	10,555,623	11,994,891	12,019,771	13,082,391	12,923,225	11,975,871	11,402,928	10,878,039	10,513,437
Current liabilities
Current portion of long-term debt and short-term borrowings		6,579,321	1,181,559	260,848		1,145,865	236,147	291,518	292,625
Accounts payable	731,619	635,217	579,769	657,780	481,522	815,853	573,022	523,859	546,168
Accrued liabilities	597,776	510,994	283,009	287,956	434,681	376,416	388,228	422,636	486,283
Current lease liabilities	72,257	63,700	73,860	77,242	123,162	125,110	125,034	147,793	164,548
Other current liabilities	177,809	186,339	108,364	172,221	174,517	232,782	236,602	168,162	213,192
Total current liabilities	8,652,938	7,975,571	2,226,561	1,491,941	1,753,014	2,696,026	1,559,033	1,553,968	1,702,816
Long-term debt	1,105,442	2,339,995	7,810,211	8,936,998	8,361,776	6,869,746	7,392,811	6,734,860	6,510,523
Non-current lease liabilities	318,819	328,071	341,509	355,050	475,161	496,588	523,591	552,619	406,494
Deferred tax liabilities, net	76,502	59,344	62,678	53,151	74,838	81,983	96,093	108,840	60,201
Other long-term liabilities	92,291	107,961	155,954	174,059	167,165	45,831	46,492	36,645	55,627
Total liabilities	10,245,992	10,810,942	10,596,913	11,146,597	10,831,954	10,190,174	9,618,020	8,986,932	8,735,661
Series B convertible preferred stock, $0.01 par value, — shares authorized, issued and outstanding as of December 31, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $— and $96,746 at December 31, 2025 and December 31, 2024	0	0	41,154	40,708	90,570	96,555	97,845	96,655
Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 284.6 million issued and outstanding as of December 31, 2025; 266.5 million issued and outstanding as of December 31, 2024	2,845	2,846	2,742	2,738	2,664	2,050	2,050	2,050	2,050
Additional paid-in capital	1,776,306	1,772,580	1,725,985	1,722,829	1,674,312	1,085,950	1,063,426	1,043,652	1,038,530
(Accumulated deficit) retained earnings	(1,650,592)	(798,192)	(528,887)	15,379	193,561	436,630	450,107	555,688	527,334
Accumulated other comprehensive income	54,088	78,025	59,426	31,086	7,504	37,700	44,212	64,738	72,087
Total stockholders’ equity attributable to NFE	182,647	1,055,259	1,259,266	1,772,032	1,878,041	1,562,330	1,559,795	1,666,128	1,640,001
Non-controlling interest	126,984	128,690	122,438	123,054	122,660	126,812	127,268	128,324	137,775
Total stockholders’ equity	309,631	1,183,949	1,381,704	1,895,086	2,000,701	1,689,142	1,687,063	1,794,452	1,777,776	$ 1,441,859
Total liabilities and stockholders’ equity	10,555,623	$ 11,994,891	$ 12,019,771	$ 13,082,391	12,923,225	$ 11,975,871	$ 11,402,928	$ 10,878,039	10,513,437
Allowances for receivables	$ 17,800				$ 15,651				$ 1,158
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Temporary equity, shares outstanding (in shares)	0	0	36,746	36,746	96,746	96,746	96,746	96,746
Temporary equity, shares issued (in shares)	0	0	36,746	36,746	96,746	96,746	96,746	96,746
Temporary equity, liquidation preference	$ 0	$ 0	$ 36,746	$ 36,746	$ 96,746	$ 96,746	$ 96,746	$ 96,746
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0
Common stock, shares, outstanding (in shares)	284,600,000	284,600,000	274,200,000	273,800,000	266,500,000	205,100,000	205,100,000	205,000,000.0	205,000,000.0
Common stock, shares, issued (in shares)	284,600,000	284,600,000	274,200,000	273,800,000	266,500,000	205,100,000	205,100,000	205,000,000.0	205,000,000.0
As Reported
Current assets
Cash and cash equivalents		$ 145,237	$ 551,109	$ 447,862	$ 492,881	$ 90,842	$ 132,960	$ 143,457	$ 155,414
Restricted cash		244,104	270,298	379,537	472,696	145,881	164,888	171,476	155,400
Receivables, net of allowances		419,761	269,405	273,136	335,813	435,883	406,779	335,313	342,371
Inventory		109,279	74,000	66,695	103,224	88,095	141,723	186,584	113,684
Prepaid expenses and other current assets, net		415,421	317,687	201,925	205,496	273,255	277,983	201,953	213,104
Total current assets		1,333,802	1,482,499	1,473,708	1,610,110	1,033,956	1,124,333	1,038,783	979,973
Construction in progress		4,222,750	4,072,291	3,901,113	3,574,389	7,051,297	6,301,162	5,797,511	5,348,294
Property, plant and equipment, net		5,543,873	5,539,901	5,545,980	5,842,807	2,134,987	2,144,838	2,175,882	2,481,415
Equity method investments									137,793
Right-of-use assets		418,383	437,548	465,939	618,733	640,978	673,424	726,391	588,385
Intangible assets, net		195,821	194,752	188,118	179,510	206,266	207,731	211,854	51,815
Goodwill		15,938	15,938	594,256	766,350	776,760	776,760	776,760	776,760
Deferred tax assets, net		6,559	155	6,848	2,698	13,380	43,023	27,549	9,907
Other non-current assets, net		168,481	214,246	218,464	272,899	112,272	137,106	125,632	126,903
Total assets		11,905,607	11,957,330	13,028,080	12,867,496	11,969,896	11,408,377	10,880,362	10,501,245
Current liabilities
Current portion of long-term debt and short-term borrowings		6,579,321	1,181,559	260,848	539,132	1,145,865	236,147	291,518	292,625
Accounts payable		632,777	578,835	655,073	473,736	819,544	572,746	524,535	549,489
Accrued liabilities		488,905	253,043	268,083	391,359	373,882	384,476	417,612	471,675
Current lease liabilities		63,700	79,060	82,442	128,362	120,949	120,873	147,793	164,548
Other current liabilities		189,057	108,807	171,342	174,829	248,825	250,558	185,415	227,951
Total current liabilities		7,953,760	2,201,304	1,473,682	1,707,418	2,709,065	1,564,800	1,566,873	1,706,288
Long-term debt		2,335,994	7,805,260	8,931,506	8,355,703	6,863,123	7,392,811	6,734,860	6,510,523
Non-current lease liabilities		328,071	341,509	355,050	475,161	494,222	521,225	552,619	406,494
Deferred tax liabilities, net		53,227	61,770	51,359	73,198	66,226	97,936	93,083	44,444
Other long-term liabilities		110,471	154,139	168,851	166,358	50,250	46,492	36,645	55,627
Total liabilities		10,781,523	10,563,982	11,115,846	10,777,838	10,182,886	9,623,264	8,984,080	8,723,376
Series B convertible preferred stock, $0.01 par value, — shares authorized, issued and outstanding as of December 31, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $— and $96,746 at December 31, 2025 and December 31, 2024		0	41,154	40,708	90,570	96,555	97,845	96,655
Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 284.6 million issued and outstanding as of December 31, 2025; 266.5 million issued and outstanding as of December 31, 2024		2,846	2,742	2,738	2,664	2,050	2,050	2,050	2,050
Additional paid-in capital		1,772,580	1,725,985	1,722,829	1,674,312	1,085,950	1,063,426	1,043,652	1,038,530
(Accumulated deficit) retained earnings		(858,057)	(558,397)	(3,766)	196,363	438,502	450,871	561,422	527,986
Accumulated other comprehensive income		78,025	59,426	26,671	3,089	37,141	43,653	64,179	71,528
Total stockholders’ equity attributable to NFE		995,394	1,229,756	1,748,472	1,876,428	1,563,643	1,560,000	1,671,303	1,640,094
Non-controlling interest		128,690	122,438	123,054	122,660	126,812	127,268	128,324	137,775
Total stockholders’ equity		1,124,084	1,352,194	1,871,526	1,999,088	1,690,455	1,687,268	1,799,627	1,777,869	$ 1,441,859
Total liabilities and stockholders’ equity		11,905,607	11,957,330	13,028,080	12,867,496	11,969,896	11,408,377	10,880,362	10,501,245
Allowances for receivables					13,629
Adjustments
Current assets
Cash and cash equivalents		0	0	0	0	0	0	0	0
Restricted cash		0	0	0	0	0	0	0	0
Receivables, net of allowances		3,499	694	(1,199)	(4,394)	(1,199)	(2,897)	(2,897)	610
Inventory		(647)	0	0	0	0	0	0	2,500
Prepaid expenses and other current assets, net		12,030	8,209	2,774	6,844	(17,501)	(12,501)	(757)	(308)
Total current assets		14,882	8,903	1,575	2,450	(18,700)	(15,398)	(3,654)	2,802
Construction in progress		75,086	55,888	32,390	(47,405)	4,492	4,661	(13,237)	(5,921)
Property, plant and equipment, net		(1,640)	(3,101)	4,170	86,112	0	1,628	0	0
Equity method investments									0
Right-of-use assets		0	0	0	0	6,574	6,574	0	0
Intangible assets, net		0	0	0	0	0	0	0	0
Goodwill		0	0	14,408	16,380	16,380	16,380	16,380	16,380
Deferred tax assets, net		626	626	626	626	0	(17,600)	0	0
Other non-current assets, net		330	125	(830)	(2,434)	(2,771)	(1,694)	(1,812)	(1,069)
Total assets		89,284	62,441	54,311	55,729	5,975	(5,449)	(2,323)	12,192
Current liabilities
Current portion of long-term debt and short-term borrowings		0	0	0	0	0	0	0	0
Accounts payable		2,440	934	2,707	7,786	(3,691)	276	(676)	(3,321)
Accrued liabilities		22,089	29,966	19,873	43,322	2,534	3,752	5,024	14,608
Current lease liabilities		0	(5,200)	(5,200)	(5,200)	4,161	4,161	0	0
Other current liabilities		(2,718)	(443)	879	(312)	(16,043)	(13,956)	(17,253)	(14,759)
Total current liabilities		21,811	25,257	18,259	45,596	(13,039)	(5,767)	(12,905)	(3,472)
Long-term debt		4,001	4,951	5,492	6,073	6,623	0	0	0
Non-current lease liabilities		0	0	0	0	2,366	2,366	0	0
Deferred tax liabilities, net		6,117	908	1,792	1,640	15,757	(1,843)	15,757	15,757
Other long-term liabilities		(2,510)	1,815	5,208	807	(4,419)	0	0	0
Total liabilities		29,419	32,931	30,751	54,116	7,288	(5,244)	2,852	12,285
Series B convertible preferred stock, $0.01 par value, — shares authorized, issued and outstanding as of December 31, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $— and $96,746 at December 31, 2025 and December 31, 2024		0	0	0	0	0	0	0
Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 284.6 million issued and outstanding as of December 31, 2025; 266.5 million issued and outstanding as of December 31, 2024		0	0	0	0	0	0	0	0
Additional paid-in capital		0	0	0	0	0	0	0	0
(Accumulated deficit) retained earnings		59,865	29,510	19,145	(2,802)	(1,872)	(764)	(5,734)	(652)
Accumulated other comprehensive income		0	0	4,415	4,415	559	559	559	559
Total stockholders’ equity attributable to NFE		59,865	29,510	23,560	1,613	(1,313)	(205)	(5,175)	(93)
Non-controlling interest		0	0	0	0	0	0	0	0
Total stockholders’ equity		59,865	29,510	23,560	1,613	(1,313)	(205)	(5,175)	(93)
Total liabilities and stockholders’ equity		$ 89,284	$ 62,441	$ 54,311	$ 55,729	$ 5,975	$ (5,449)	$ (2,323)	$ 12,192

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Current assets
Allowances for receivables	$ 17,800				$ 15,651				$ 1,158
Stockholders’ equity
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Temporary equity, shares authorized (in shares)	0	0	36,746	36,746	96,746	96,746	96,746	96,746
Temporary equity, shares issued (in shares)	0	0	36,746	36,746	96,746	96,746	96,746	96,746
Temporary equity, shares outstanding (in shares)	0	0	36,746	36,746	96,746	96,746	96,746	96,746
Temporary equity, liquidation preference	$ 0	$ 0	$ 36,746	$ 36,746	$ 96,746	$ 96,746	$ 96,746	$ 96,746
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0	750,000,000.0
Common stock, shares, issued (in shares)	284,600,000	284,600,000	274,200,000	273,800,000	266,500,000	205,100,000	205,100,000	205,000,000.0	205,000,000.0
Common stock, shares, outstanding (in shares)	284,600,000	284,600,000	274,200,000	273,800,000	266,500,000	205,100,000	205,100,000	205,000,000.0	205,000,000.0

Revenue recognition (As Restated)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue recognition (As Restated)

8. Revenue recognition (As Restated)

Operating revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income includes revenue from sales of LNG and natural gas as well as outputs from the Company’s natural gas-fueled power generation facilities, including power and steam, and the sale of LNG cargos. Included in operating revenue are LNG cargo sales to customers of $276,404, $291,000, and $618,521 for the years ended December 31, 2025, 2024 and 2023, respectively. LNG cargo sales included $332,000 of contract settlements for the year ended December 31, 2023. There were no such contract settlements for the years ended December 31, 2025 and 2024.

In December 2025, the Company entered into a settlement agreement with its customer, pursuant to which it will receive a total of $142,000 as equitable adjustment related to the early termination of the contract to provide emergency power services. The proceeds will be used to settle the $67,195 outstanding accounts receivable with the customer, and the remaining variable consideration of $74,805 was recognized as Operating revenue in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

The table below summarizes the activity in Other revenue:


	Year Ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
Operation and maintenance revenue	$	115,935	$	145,786	$	51,709
Interest income and other revenue	11,724		10,750		26,341
Total other revenue	$	127,659	$	156,536	$	78,050

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 year ended December 31, 2024 also include $15,707 of variable consideration for incentive fees earned

for cost savings realized by PREPA. No such incentive fees were recognized during the year ended December 31, 2025 and 2023, and all other variable consideration associated with cost savings realized by PREPA has been fully constrained.

Under most customer contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. As of December 31, 2025 and 2024, receivables related to revenue from contracts with customers totaled $388,683 and $326,550, respectively, and were included in Receivables, net on the Consolidated Balance Sheets, net of current expected credit losses of $17,424 and $15,650, 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 7), which are accounted for outside the scope of ASC 606.

Contract assets include unbilled amounts resulting from contracts, in which the performance obligation is satisfied and revenue is recognized while our right to receipt is conditional upon certain considerations. The Company has recognized contract liabilities, comprised of unconditional payments due or paid under the contracts with customers prior to the Company’s satisfaction of the related performance obligations. The contract assets and contract liabilities balances as of December 31, 2025 and 2024 are detailed below:


	December 31, 2025		December 31, 2024
Contract assets, net - current	$	21,791	$	44,902
Contract assets, net - non-current	10,375		20,270
Total contract assets, net	$	32,166	$	65,172

Contract liabilities, net - current	$	14,133	$	14,415
Contract liabilities, net - non-current	9,750		11,750
Total contract liabilities, net	$	23,883	$	26,165

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	4,051	$	82,454

Contract assets are presented net of expected credit losses of $297 and $158 as of December 31, 2025 and 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 term of the agreement. As of December 31, 2025, the Company has capitalized $12,027, of which $1,602 of these costs is presented within Prepaid expenses, net and other current assets, net and $10,425 is presented within Other non-current assets, net on the 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 Consolidated Balance Sheets.

In addition to the revenue recognized under ASC 606, in the fourth quarter of 2024, the Company novated an LNG supply contract to a customer, and the Company received a payment of $295,558. As this payment was non-refundable and relieved the Company of a portion of its guarantee obligation under this arrangement (Note 21), these payments were recognized as contract novation income with the revenue caption in the Consolidated Statements of Operations and Comprehensive (Loss) Income. In 2025, the Company recognized $6,366 of contract novation income, which represents the accretion to the remaining payments that will be made between the third quarter of 2026 and the first quarter of 2028 (Note 13).

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
2026	$	530,896
2027	721,523
2028	710,471
2029	699,451
2030	698,801
Thereafter	7,016,823
Total	$	10,377,965

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 or power. As each unit of LNG, natural gas or power represents a separate performance obligation, future volumes are wholly unsatisfied.

Lessor arrangements

Vessels that are chartered to customers under operating leases are recognized within Vessels in Note 16. Vessels that are accounted for as a failed sale leaseback as of December 31, 2025, including those vessels chartered to third parties, continue to be recognized on the Consolidated Balance Sheets, and as such, the carrying amount of these vessels that are leased to third parties under long-term operating leases is as follows:


	December 31, 2025		December 31, 2024
Property, plant and equipment	$	154,196	$	602,192
Accumulated depreciation	(38,661)		(83,135)
Property, plant and equipment, net	$	115,535	$	519,057

As further discussed in Note 16, during 2025, the Company sold certain vessels, including two vessels that were under operating leases at December 31, 2024.


	Year ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
Operating lease income	$	174,790	$	194,913	$	276,113
Variable lease income	15,714		17,696		730
Total operating lease income	$	190,504	$	212,609	$	276,843

Cash receipts on long-term vessel charters that are part of the Energos Financing Transaction are received by Energos. As such, future cash receipts from both operating leases and finance leases were not significant as of December 31, 2025.

- 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

Prepaid expenses and other current assets (As Restated) - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 24,245				$ 26,947
Recoverable taxes	163,399				98,101
Contract assets (Note 8)	21,791				44,902
Proceeds held in escrow (Note 6)	41,000				0
Short-term receivable	65,921				0
Financing costs	18,876				0
Income taxes receivable	15,963				5,216
Other current assets	49,152				37,174
Total prepaid expenses and other current assets, net	$ 400,347	$ 427,451	$ 325,896	$ 204,699	$ 212,340	$ 255,754	$ 265,482	$ 201,196	$ 212,796

Debt (As Restated) - Letter of Credit Facility (Details) - Letter of Credit	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2021 USD ($)
Debt Instrument [Line Items]
Issuance of letter of credit				$ 350,000,000	$ 75,000,000
Other commitment		$ 195,000,000
Unutilized letter of credit facility		$ 4,057,000	$ 766,000
Fiscal Quarter Ended Through March 31, 2026 \| Subsequent Event
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio	7.25
Fixed charge coverage ratio	1.00
Last day Of Each Month, Commencing On March 31, 2026 \| Subsequent Event
Debt Instrument [Line Items]
Minimum level of liquidity	$ 50,000

Going Concern and Planned Debt Restructuring (Details) $ in Thousands				12 Months Ended
	Apr. 01, 2026 USD ($)	Mar. 18, 2026	Mar. 17, 2026 USD ($) company	Dec. 31, 2025 USD ($)	Dec. 10, 2025 USD ($)	Nov. 28, 2025 USD ($)	Nov. 18, 2025	Nov. 17, 2025 USD ($)	May 31, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Beneficial holders, minimum percentage held							70.00%
Number of automatically extended days				90 days
Request to increase common stock (in percent)				0.20
Line of Credit \| Revolving Credit Facility
Restructuring Cost and Reserve [Line Items]
Issuance of letter of credit				$ 729,933					$ 730,000
Subsequent Event
Restructuring Cost and Reserve [Line Items]
Restructuring, number of independent companies \| company			2
Restructuring, percentage representing common stock (in percent)		0.87	0.65
Preferred equity issuance			$ 200,000
Restructuring support agreement, minimum threshold			100,000
Restructuring support agreement, principal amount			$ 35,000
Restructuring support agreement, early consent fee, percentage			0.75%
Percentage of holders and lenders in support of Restructuring	0.95
Aggregate indebtedness	$ 5,800,000
Restructuring support agreement, standstill fee, percentage			2.00%
Restructuring support agreement, cumulative quarterly compounding dividend, year one		3.00%
Restructuring support agreement, cumulative quarterly compounding dividend, year two		5.00%
Restructuring support agreement, cumulative quarterly compounding dividend, year three		7.00%
Restructuring support agreement, quarterly compounding dividend, period		3 years
Pro rata share amount			$ 45,000
Subsequent Event \| R-1 Revolving Credit Facility
Restructuring Cost and Reserve [Line Items]
Issuance of letter of credit			100,000
Subsequent Event \| R-2 Revolving Credit Facility
Restructuring Cost and Reserve [Line Items]
Issuance of letter of credit			$ 560,000
Subsequent Event \| CoreCo Convertible Preferred Stock
Restructuring Cost and Reserve [Line Items]
Liquidation preference, percentage			50.00%
Cash purchase price, liquidation preference, percentage			25.00%
Subsequent Event \| Class A Shares
Restructuring Cost and Reserve [Line Items]
Restructuring and related activities, percentage of common stock remaining outstanding following closing (in percent)			0.35
Subsequent Event \| Maximum
Restructuring Cost and Reserve [Line Items]
Liquidation preference value			$ 2,460,000
Subsequent Event \| Senior Secured Term Loan
Restructuring Cost and Reserve [Line Items]
Restructuring support agreement, debt amount			571,300
Subsequent Event \| New CoreCo Term Loans
Restructuring Cost and Reserve [Line Items]
Proceeds from debt			$ 35,000
Maturity period			5 years
Quarterly amortization rate			1.00%
Subsequent Event \| Line of Credit \| Revolving Credit Facility
Restructuring Cost and Reserve [Line Items]
Percentage of holders and lenders in support of Restructuring	1
Subsequent Event \| BrazilCo
Restructuring Cost and Reserve [Line Items]
Common equity interests percentage ownership			100.00%
New 2029 Notes, Exchange Transactions
Restructuring Cost and Reserve [Line Items]
Debt default, amount								$ 163,800
Term Loan B, due October 2028
Restructuring Cost and Reserve [Line Items]
Debt default, amount				$ 3,181	$ 30,644
Term Loan B, due October 2028 \| Subsequent Event \| Secured Debt
Restructuring Cost and Reserve [Line Items]
Percentage of holders and lenders in support of Restructuring	0.88
Term Loan A, due July 2027
Restructuring Cost and Reserve [Line Items]
Debt default, amount					$ 1,647
Term Loan A, due July 2027 \| Subsequent Event \| Secured Debt
Restructuring Cost and Reserve [Line Items]
Percentage of holders and lenders in support of Restructuring	1
Revolving Credit Facility
Restructuring Cost and Reserve [Line Items]
Debt default, amount						$ 13,128
Nonrecourse Term Loans \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Restructuring support agreement, debt amount			$ 400,000
New CoreCo Term Loans \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Prepayment premium, percentage			102.00%
2026 Notes \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Percentage of holders and lenders in support of Restructuring	0.93
2029 Notes \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Percentage of holders and lenders in support of Restructuring	0.87
New 2029 Notes \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Percentage of holders and lenders in support of Restructuring	0.98

Significant accounting policies - Impairment of long-lived assets (Details)	3 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset impairment expense

Dispositions (As Restated)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Dispositions (As Restated)

6. Dispositions (As Restated)

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, before 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 22) and payment of certain transaction costs, the Company received net proceeds of approximately $678,480, with an additional $98,635 of proceeds held in escrow. During the fourth quarter of 2025, the Company and EELP agreed on a final closing statement and final purchase price of $1,026,936, resulting in $28,673 payment due to EELP, which was fully settled using certain proceeds released from the escrow accounts.

As of December 31, 2025, proceeds held in escrow of $41,000 are presented within Prepaid expenses and other current assets, net (Note 13) relating to certain indemnification matters, which are expected to resolve within the next 12 months. The remaining proceeds held in escrow of $17,000 relating to indemnifications for certain tax related matters are presented within Other non-current assets, net on the Consolidated Balance Sheets as these proceeds are expected to be released to the Company prior to the year ending December 31, 2029.

The book value of the Jamaica Business at the time of sale was $568,035 and the Company recognized a gain of $453,809 during the year ended December 31, 2025, which is presented in (Gain) loss on sale in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company incurred $71,148 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 Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company also recognized guarantee liabilities of $4,659 associated with the escrow indemnification matters. As of December 31, 2025, $2,696 of guarantee liabilities are presented within Other current liabilities and Other long-term liabilities on the 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 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	4,752
Total current assets	101,526
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	$	787,213

Liabilities
Current:
Accounts payable	$	8,922
Accrued liabilities	14,572
Current lease liabilities	19,805
Other current liabilities	6,208
Total current liabilities	49,507
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	$	219,178

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


	Year Ended December 31,
	2025		2024		2023

Income from continuing operations before taxes	$	13,634	$	57,646	$	67,608

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 $80,207 during the year ended December 31, 2024 in (Gain) loss on sale in the 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 to Operating revenues and Operations and maintenance, respectively, in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company has pursued remedies available under the customer contract, and in December 2025 the Company entered into a settlement agreement with its customer related to these remedies. See Note 8 for further discussion of this settlement agreement.

Other current liabilities (As Restated) - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Other Liabilities Disclosure [Abstract]
Guarantor obligations, maximum exposure, undiscounted	$ 126,668

Leases, as lessee (As Restated) - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Interest expense related to finance leases	$ 281	$ 981	$ 3,706
Amortization of right-of-use asset related to finance leases	$ 1,481	$ 6,132	$ 19,337

Construction in progress (As Restated)

12 Months Ended

Dec. 31, 2025

Construction in progress [Abstract]

Construction in progress (As Restated)

15. Construction in progress (As Restated)

The Company’s construction in progress activity during the years ended December 31, 2025 and 2024 is detailed below:


	December 31, 2025		December 31, 2024 (As Restated)
Construction in progress as of beginning of period	$	3,526,984	$	5,342,373
Additions	943,483		2,268,072
Asset impairment expense	(843,742)		—
Impact of currency translation adjustment	142,852		(196,854)
Assets placed in service	(173,672)		(3,886,607)
Dispositions (Note 6)	(1,934)		—
Construction in progress as of end of period	$	3,593,971	$	3,526,984

Interest expense of $339,564, $501,862 and $289,632, inclusive of amortized debt issuance costs, was capitalized for the years ended December 31, 2025, 2024 and 2023, respectively. For the year ended December 31, 2025, no recoverable taxes were capitalized. For the year ended December 31, 2024, Recoverable taxes of $45,996 were capitalized, representing a non-cash addition to Construction in progress.

During the year ended December 31, 2025, the Company recognized asset impairment expense primarily relating to certain Fast LNG projects, the ZeroParks hydrogen project, the Lakach deepwater project, and the development project in Pennsylvania. See Note 17 for further discussion of asset impairment expense. No asset impairment expense relating to construction in progress was recognized during the years ended December 31, 2024 and 2023.

The Company has significant development activities in Latin America, including significant projects in Brazil. Construction in progress relating to BrazilCo was $1,770,782 and $1,042,227 as of December 31, 2025 and 2024, respectively. 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.

Debt (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long Term Debt

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


	December 31, 2025		December 31, 2024 (As Restated)
Corporate debt
Senior Secured Notes, due November 2029	$	2,726,109	$	2,728,269
Senior Secured Notes, due September 2026	510,162		509,022
Senior Secured Notes, due March 2029	234,244		233,789

Revolving Facility	660,400		1,000,000
Term Loan B, due October 2028	1,166,784		776,353
Term Loan A, due July 2027	283,320		327,646
Short-term Borrowings	73,224		179,890
Sale leaseback financing
Vessel Financing Obligation, due August 2042	634,501		1,366,293
Tugboat Financing, due December 2038	45,642		46,224
Asset level financing
PortoCem Debentures, due September 2040	849,115		729,259
BNDES Term Loan, due October 2045	376,923		350,525
Brazil Financing Notes, due August 2029	385,808		—
South Power 2029 Bonds, due May 2029	—		217,871
Barcarena Debentures, due October 2028	—		194,571
Turbine Financing, due July 2027	133,687		142,549
EB-5 Loan, due July 2028	99,000		98,647


Total debt	$	8,178,919	$	8,900,908
Current portion of long-term debt	$	7,073,477	$	539,132
Long-term debt	1,105,442		8,361,776

Schedule of Maturities of Long-term Debt

Our outstanding debt as of December 31, 2025 is repayable as follows:


	December 31, 2025
2026	$	7,166,467
2027	185,163
2028	23,565
2029	25,207
2030	31,981
Thereafter	897,324
Total debt	$	8,329,707

Less: deferred finance charges	(150,788)
Total debt, net of deferred finance charges	$	8,178,919

Schedule of Interest Expense

Interest expense, net of amounts capitalized, recognized for the years ended December 31, 2025, 2024 and 2023 consisted of the following:


	Year Ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
Interest per contractual rates	$	868,746	$	566,763	$	339,631
Interest expense on Vessel Financing Obligation	172,667		192,107		211,745
Amortization of debt issuance costs, premiums and discounts	75,716		58,348		18,569
Interest expense incurred on finance lease obligations	281		981		3,706
Total interest costs	$	1,117,410	$	818,199	$	573,651
Capitalized interest	339,565		501,862		289,632
Total interest expense	$	777,845	$	316,337	$	284,019

- 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.

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+ Details

Goodwill and intangible assets (As Restated) - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	19 years 1 month 6 days	19 years 8 months 12 days
Amortization of intangibles	$ 13,456	$ 9,004	$ 953
Net Carrying Amount	186,349
Shannon, Ireland, Permits, Development Rights, And Other Easements
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	$ 37,288	$ 34,053

- 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.

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+ 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

Debt (As Restated) - EB-5 Loan Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Mar. 13, 2026 USD ($)	Jan. 02, 2026 USD ($)	Dec. 31, 2024 USD ($)	Jul. 31, 2023 extensionOption	Jul. 21, 2023 USD ($)
Debt Instrument [Line Items]
Deferred financing costs	$ 150,788
EB-5 Loan, due July 2028 \| Subsequent Event
Debt Instrument [Line Items]
Outstanding principal balance		$ 22,500
Fixed interest rate (in percent)		7.00%
Debt default, amount			$ 2,375
EB-5 Loan, due July 2028 \| Construction Loans
Debt Instrument [Line Items]
Outstanding principal balance						$ 100,000
Fixed interest rate (in percent)					4.75%
Debt, term (in years)					5 years
Number of debt term extensions (in years) \| extensionOption					2
Debt term, extended maturity (in years)					1 year
Debt instrument initial borrowed amount	100,000
Debt instrument, fee amount	1,728
Deferred financing costs	$ 999			$ 1,353

Segments (As Restated)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments (As Restated)

31. Segments (As Restated)

As of December 31, 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 vessels chartered under long-term arrangements that were part of a historical financing transaction. We exclude such vessels from this segment and include them in our Terminals and Infrastructure segment once we begin to use the vessels in our own operations. One vessel is 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 Operating Margin of the Ships segment also included the Company’s effective share of revenue, expenses and operating margin attributable to ownership of the common units of Hilli LLC prior to the disposition of this investment in the first quarter of 2023.

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

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

The table below presents segment information for the years ended December 31, 2025, 2024 and 2023:


Year Ended December 31, 2025
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues	$	1,384,693	$	119,344	$	1,504,037	$	—	$	1,504,037

Less(1):
Cost of sales(2)(4)	918,603		—		918,603		—		918,603
Vessel operating expenses	4,407		22,187		26,594		—		26,594
Operations and maintenance	218,511		—		218,511		—		218,511
Segment Operating Margin	$	243,172	$	97,157	$	340,329	$	—	$	340,329
Balance sheet:
Total assets	$	10,467,502	$	88,121	$	10,555,623	$	—	$	10,555,623
Other segmental financial information:
Capital expenditures(3)	$	990,724	$	2,680	$	993,404	$	—	$	993,404


Year Ended December 31, 2024 (As Restated)
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues(6)	$	2,041,580	$	170,587	$	2,212,167	$	146,777	$	2,358,944

Less(1):
Cost of sales(2)(4)	1,065,181		—		1,065,181		—		1,065,181
Vessel operating expenses	—		33,372		33,372		—		33,372
Operations and maintenance	170,763		—		170,763		—		170,763
Deferred earnings from contracted sales(6)	150,000		—		150,000		(150,000)		—
Segment Operating Margin	$	955,636	$	137,215	$	1,092,851	$	(3,223)	$	1,089,628
Balance sheet:
Total assets	$	12,349,356	$	573,869	$	12,923,225	$	—	$	12,923,225
Other segmental financial information:
Capital expenditures(3)	$	2,288,994	$	—	$	2,288,994	$	—	$	2,288,994


Year Ended December 31, 2023 (As Restated)
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other(5)		Consolidated
Statement of operations:
Total revenues(6)	$	2,142,894	$	293,605	$	2,436,499	$	(45,894)	$	2,390,605

Less(1):
Cost of sales(2)(4)	766,598		—		766,598		112,623		879,221
Vessel operating expenses	—		51,387		51,387		(5,948)		45,439
Operations and maintenance	175,559		—		175,559		—		175,559
Segment Operating Margin	$	1,200,737	$	242,218	$	1,442,955	$	(152,569)	$	1,290,386
Balance sheet:
Total assets	$	9,677,170	$	836,266	$	10,513,437	$	—	$	10,513,437
Other segmental financial information:
Capital expenditures(3)	$	3,455,738	$	7,568	$	3,463,306	$	—	$	3,463,306

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

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

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

recorded in Vessel charter revenue; such amortization is excluded from Total Segment Operating Margin reviewed by the Company’s CODM.

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 and goodwill impairment expenses, (gain) loss on sale of assets, 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:


	Year Ended December 31,
(in thousands of $)	2025		2024 (As Restated)		2023 (As Restated)
Net (loss) income	(1,831,953)		(244,537)		548,224
Add:
Selling, general and administrative	307,442		293,378		203,385
Transaction and integration costs	161,756		12,279		6,946
Depreciation and amortization	203,508		158,791		161,424
Interest expense	777,845		316,337		284,019
(Gain) loss on sale	(670,938)		80,207		(27,978)
Other income (expense), net	(147,593)		116,308		10,408
Tax provision	61,350		70,308		102,972
Asset impairment expense	860,865		16,494		10,958
Goodwill impairment expense	598,110		—		—
Loss on extinguishment of debt, net	19,937		270,063		—
(Income) on equity method investments	—		—		(9,972)
Consolidated Segment Operating Margin	$	340,329	$	1,089,628	$	1,290,386

- 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.

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-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Stockholders' equity	12 Months Ended
Stockholders' equity	Dec. 31, 2025
Equity [Abstract]
Stockholders' equity	27. Stockholders’ equity Redeemable preferred stock On October 1, 2024, the Company issued 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 with an updated liquidation preference of $950 per share, including accumulated and unpaid dividends of $756. The conversion price was $4.01, and the Company 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 December 31, 2025. Dividends The Company paid dividends of $453 and $969 on the Series B Convertible Preferred Stock during the years ended December 31, 2025 and 2024. The Company paid dividends on the Series A Convertible Preferred Stock of $2,493 for the year ended December 31, 2024. The Company did not declare a dividend on its Class A common stock during the year ended December 31, 2025. The Company declared dividends of $0.10 per share totaling $61,517 during the year ended December 31, 2024, respectively, of which $20,507 remains unpaid. Under certain intercompany agreements entered into in conjunction with the Refinancing Transaction s completed in the fourth quarter of 2024, the Company is no longer permitted to pay dividends to shareholders. The Company also entered into forbearance agreements during the fourth quarter of 2025 and first quarter of 2026 (Note 3); these agreements contains covenants that preclude the Company from making dividend payments. During the years ended December 31, 2025, 2024, and 2023, the Company paid dividends of $3,019, $12,076, and $12,076 to holders of Golar LNG Partners LP’s (“GMLP”) 8.75% Series A Cumulative Redeemable Preferred Units (“GMLP Preferred Units”), respectively. As these equity interests have been issued by the Company’s consolidated subsidiaries, the value of the GMLP Preferred Units is recognized as non-controlling interest in the consolidated financial statements. Upon the sale of the vessel Mazo (Refer to Note 17), one of the Company’s non-wholly owned subsidiaries paid a dividend using proceeds from the sale. The dividend of $8,662 paid to the other shareholder in this subsidiary was recognized as a reduction to non-controlling interest during the first quarter of 2024. Equity issuance On October 1, 2024, the Company entered into an Underwriting Agreement with several underwriters to issue and sell 46,349,942 shares of the Company’s Class A common stock, at a purchase price to the public of $8.63 per share, less underwriting discounts and commissions, in a registered public offering (the “Equity Offering”). The Company’s Chief Executive Officer, Wesley R. Edens, agreed to purchase 5,793,742 shares at the public offering price per share and on the same terms as the other purchasers in the Equity Offering. The Equity Offering closed on October 2, 2024. The Company received net proceeds of approximately $386,583 after underwriters’ discounts and commissions and the estimated offering expenses payable by the Company.

- Definition

The entire disclosure for equity.

+ References

+ Details

Significant accounting policies - Property Plant and Equipment Net (Details)	12 Months Ended
	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Anticipated drydocking period (in years)	5 years
Vessels \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	5 years
Vessels \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	40 years
Terminal and power plant equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	5 years
Terminal and power plant equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	50 years
Power facilities \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	18 years
Power facilities \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	20 years
ISO containers and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	3 years
ISO containers and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	10 years
LNG liquefaction facilities \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	7 years
LNG liquefaction facilities \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	40 years
Gas pipelines \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	10 years
Gas pipelines \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	45 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	2 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (Yrs)	27 years

Debt (As Restated) - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term Borrowings	$ 73,224				$ 179,890
Total debt	8,178,919				8,900,908
Current portion of long-term debt and short-term borrowings	7,073,477				539,132
Long-term debt	1,105,442	$ 2,339,995	$ 7,810,211	$ 8,936,998	8,361,776	$ 6,869,746	$ 7,392,811	$ 6,734,860	$ 6,510,523
Revolving Credit 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)	2,726,109				2,728,269
Senior Secured Notes, due September 2026
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	510,162				509,022
Senior Secured Notes, due March 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	234,244				233,789
Term Loan B, due October 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,166,784				776,353
Term Loan A, due July 2027
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	283,320				327,646
Vessel Financing Obligation, due August 2042
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	634,501				1,366,293
Tugboat Financing, due December 2038
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	45,642				46,224
PortoCem Debentures, due September 2040
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	849,115				729,259
BNDES Term Loan, due October 2045
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	376,923				350,525
Brazil Financing Notes, due August 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	385,808				0
South Power 2029 Bonds, due May 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	0				217,871
Total debt	285,000				285,000
Barcarena Debentures, due October 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	0				194,571
Turbine Financing, due July 2027
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	133,687				142,549
EB-5 Loan, due July 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	$ 99,000				$ 98,647

Other current liabilities (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities, Current [Abstract]

Schedule of Components of Other Current Liabilities

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


	December 31, 2025		December 31, 2024 (As Restated)
Guarantee liabilities	$	64,765	$	—
Derivative liabilities	31,977		25,932
Contract liabilities (Note 8)	14,133		14,415
Income tax payable	18,314		93,032
Due to affiliates	4,662		11,530
Other current liabilities	43,958		29,608
Total other current liabilities	$	177,809	$	174,517

Related party transactions - Land Lease Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Operations and maintenance	$ 57,301	$ 57,403	$ 54,940	$ 34,839	$ 33,079	$ 65,661	$ 112,343	$ 98,739	$ 169,644	$ 133,579	$ 218,511	$ 170,763	$ 175,559
Operating right-of-use assets											394,795	599,937
Non-current lease liabilities	$ 328,071	$ 341,509	$ 355,050	$ 496,588	$ 523,591	$ 552,619	$ 341,509	$ 523,591	$ 328,071	$ 496,588	318,819	475,161	406,494
Affiliated Entity \| Land \| Jefferson Terminal South LLC
Related Party Transaction [Line Items]
Operations and maintenance											731	731	0
Operating right-of-use assets											0	3,530
Non-current lease liabilities											$ 4,813	4,474
Affiliated Entity \| Land \| Florida East Coast Industries, LLC
Related Party Transaction [Line Items]
Operations and maintenance												$ 349	$ 505

- 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
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-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
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: 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)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

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
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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

Segments (As Restated) - Narrative (Details)	12 Months Ended
Segments (As Restated) - Narrative (Details)	Dec. 31, 2025 segment	Mar. 31, 2024 vessel
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Ships
Segment Reporting Information [Line Items]
Number of vessels \| vessel		1

Accrued liabilities (As Restated) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued interest	$ 404,389				$ 84,566
Accrued development costs	36,874				144,254
Accrued inventory	0				93,319
Accrued litigation	52,421				0
Other accrued expenses	104,092				112,542
Accrued liabilities	$ 597,776	$ 510,994	$ 283,009	$ 287,956	$ 434,681	$ 376,416	$ 388,228	$ 422,636	$ 486,283

Debt (As Restated) - Equipment Notes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2024	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Repayments of debt				$ 664,062			$ 1,944,044	$ 1,390,187	$ 2,202,722	$ 1,592,321	$ 2,342,847	$ 1,606,841	$ 3,801,034	$ 695,688
Loss on extinguishment of debt, net		$ 0	$ 20,320	$ 467	$ 0	$ 0	$ 9,754	$ 20,787	$ 9,754	$ 20,787	$ 9,754	$ 19,937	$ 270,063	$ 0
Equipment Notes, due July 2026
Debt Instrument [Line Items]
Debt instrument, face amount															$ 200,000
Fixed interest rate (in percent)															7.68%
Debt, term (in years)															36 months
Repayments of debt	$ 188,431
Prepayment of debt premium (in percent)	3.00%
Loss on extinguishment of debt, net	$ 7,879

- 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

Dispositions (As Restated) - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	May 14, 2025	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt		$ 664,062	$ 1,944,044	$ 1,390,187	$ 2,202,722	$ 1,592,321	$ 2,342,847	$ 1,606,841	$ 3,801,034	$ 695,688
Gain (loss) on disposition of property plant equipment									392
Prepaid Expenses and Other Current Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow deposit								41,000
Other Noncurrent Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Escrow deposit								17,000
South Power 2029 Bonds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt	$ 227,157
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sale of Jamaica Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration		$ 1,055,000						1,026,936
Disposal group, including discontinued operation, net proceeds	678,480
Disposal group, including discontinued operation, proceeds held in escrow	98,635
Disposal group, including discontinued operation, payment due								28,673
Book value of business	568,035
Gain (loss) on disposition of business								453,809
Transaction costs								71,148
Guarantee liability	$ 4,659							$ 2,696
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
Gain (loss) on disposition of property plant equipment									$ (80,207)

Significant accounting policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant accounting policies

4. Significant accounting policies

The principal accounting policies adopted are set out below.

(a)Basis of presentation and principles of consolidation

(b)Use of estimates

(c)Foreign currencies

(d)Cash and cash equivalents

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

(e)Restricted cash

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

(f)Receivables

(g)Inventories

(h)Construction in progress

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

(i)Property, plant and equipment, net

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


			Useful life (Yrs)
Vessels			5-40
Terminal and power plant equipment			5-50
Power facilities			18-20
ISO containers and other equipment			3-10
LNG liquefaction facilities			7-40
Gas pipelines			10-45
Leasehold improvements			2-27

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

(j)Impairment of long-lived assets

(k)Investments in equity securities

(l)Cloud computing costs

(m)Intangible assets

(n)Goodwill

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

(o)Debt and debt issuance costs

(p)Contingencies

The Company may be involved in legal actions in the ordinary course of business. A loss contingency is recognized in the consolidated financial statements when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated, which is recorded at the low end of the range of potential losses and presented within Selling, general and administrative in the Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company discloses any loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. Gain contingencies are not recorded until realized.

(q)Revenue recognition

Terminals and Infrastructure

Ships

(r)Sale or transfer of nonfinancial assets

(s)Leases, as lessee

(t)Share-based compensation

(u)Lessor expense recognition

(v)Transaction, integration and restructuring costs

(w)Taxation

Other taxes

(x)Net income per share

(y)Acquisitions

(z)Equity method investments

investee equals or exceeds the carrying value of the investment, no further losses are recognized unless the Company has incurred obligations or made payments on behalf of the investee.

(aa)Loss of control of subsidiary

(ab)Guarantees

(ac)Derivatives

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net (loss) income	$ (175,426)	$ 51,588	$ (721,888)	$ (30,302)	$ (984,889)	$ (20,097)	$ (1,831,953)	$ (244,537)	$ 548,224
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	31,224	4,751	43,073	15,271	55,479	18,841	53,983	31,313	6,589
Depreciation and amortization	66,607	49,659	127,785	86,736	185,487	121,590	242,346	159,302	161,424
Deferred taxes	(4,588)	(6,822)	11,822	(13,860)	(2,153)	(14,155)	25,847	(3,332)	13,812
Share-based compensation	0	5,248	5,021	25,312	10,565	47,855	14,546	50,625	1,573
Asset impairment expense	246	0	123,129	16,016	127,911		860,865	16,494	10,958
Goodwill impairment expense	0		582,172		582,172		598,110	0	0
Earnings recognized from vessels chartered to third parties transferred to Energos	(13,082)	(23,952)	(23,329)	(51,674)	(24,856)	(72,539)	(48,279)	(95,487)	(156,997)
(Gain) loss on sale of assets, net	0	79,785	(470,994)	79,785	(470,994)	79,785	(670,938)	80,207	(27,978)
Loss on extinguishment of debt, net	467	9,754	20,787	9,754	20,787	9,754	19,937	270,063	0
Other	(34,907)	27,589	(14,422)	24,537	(4,379)	52,370	93	165,976	77,055
Changes in operating assets and liabilities, net of acquisitions:
(Increase) decrease in receivables	(8,175)	(5,149)	(16,317)	(110,523)	(168,624)	(94,119)	(216,387)	67,709	(41,629)
(Increase) in inventories	7,622	(83,039)	6,112	(60,315)	(27,006)	25,632	(38,360)	(251)	(42,290)
(Increase) decrease in other assets	1,392	(18,203)	(37,370)	(90,178)	(89,134)	(46,839)	(62,021)	(71,233)	43,205
Decrease in right-of-use assets	30,848	57,190	32,772	111,561	51,738	145,371	63,424	164,136	83,537
Increase in accounts payable/accrued liabilities	126,963	53,880	101,753	245,689	331,004	15,335	513,528	194,163	89,095
(Decrease) in lease liabilities	(42,888)	(62,090)	(39,857)	(126,311)	(67,816)	(150,251)	(76,112)	(160,604)	(74,576)
Increase (decrease) in other liabilities	6,460	(77,199)	(66,440)	45,361	(32,513)	20,836	(32,011)	(22,338)	126,577
Net cash (used in) provided by operating activities	(7,237)	62,990	(336,191)	176,859	(507,221)	156,869	(583,382)	602,206	818,579
Cash flows from investing activities
Capital expenditures	(255,097)	(520,925)		(1,127,964)	(592,205)	(1,475,015)	(650,811)	(2,130,641)	(2,919,768)
Sale of Jamaica Business	0		949,456		949,456		961,865	0	0
Sale of vessels to Energos							150,000	0	0
Sale of equity method investment		136,365		136,365		136,365	0	136,365	100,000
Other asset sales		328,999		328,999		328,999	0	328,999	16,464
Sale of Miami Facility							0	58,336	0
Other investing activities	4,555	(1,695)	4,791	(1,694)	4,654	7,360	4,709	22,887	9,227
Net cash provided by (used in) investing activities	(250,542)	(57,256)	452,517	(664,294)	361,905	(1,002,291)	465,763	(1,584,054)	(2,794,077)
Cash flows from financing activities
Proceeds from borrowings of debt	901,733	2,164,687	1,316,864	3,037,127	1,375,495	3,594,229	1,375,495	5,865,299	3,014,567
Payments made for capital expenditures paid beyond customary vendor payment terms	(109,841)	(155,464)	(199,033)	(232,312)	(234,218)	(316,932)	(257,943)	(506,057)	(103,889)
Repayment of debt	(664,062)	(1,944,044)	(1,390,187)	(2,202,722)	(1,592,321)	(2,342,847)	(1,606,841)	(3,801,034)	(695,688)
Payment of deferred financing costs	(26,093)	(25,781)	(27,774)	(37,983)	(27,781)	(76,759)	(28,340)	(146,722)	(37,806)
Payment of dividends		(32,326)	(3,014)	(55,710)	(3,019)	(61,322)	(3,472)	(65,310)	(723,962)
Issuance of Class A stock							0	386,583	0
Other financing activities	(3,662)	(4,919)	(6,317)	(5,033)	(6,644)	(12,424)	(22,539)	(14,248)	(28,161)
Net cash (used in) provided by financing activities	94,615	2,153	(309,461)	503,367	(488,488)	783,945	(543,640)	1,718,511	1,425,061
Impact of changes in foreign exchange rates on cash and cash equivalents	34,332	(3,768)	48,965	(28,898)	57,568	(12,614)	52,624	(81,900)	6,168
Net (decrease) increase in cash, cash equivalents and restricted cash	(128,832)	4,119	(144,170)	(12,966)	(576,236)	(74,091)	(608,635)	654,763	(544,269)
Cash, cash equivalents and restricted cash – beginning of period	965,577	310,814	965,577	310,814	965,577	310,814	965,577	310,814	855,083
Cash, cash equivalents and restricted cash – end of period	836,745	314,933	821,407	297,848	389,341	236,723	356,942	965,577	310,814
Cash paid for interest, net of capitalized interest							352,242	90,318	106,481
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	(87,932)	(117,560)	(186,115)	(162,312)	(194,982)	133,813	(183,785)	(236,561)	322,854
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	372,361	623,318	272,194	609,009	295,174	877,210	233,809	494,462	738,419
Principal payments on financing obligation paid to Energos by third party charters	(9,871)	(2,912)	(17,027)	(6,445)	(16,567)	(6,108)	(30,811)	(21,731)	(66,866)
Non-cash settlement of Vessel Financing Obligation							734,172	0	0
Proceeds held in escrow	0	0	98,635	0	98,635	8,080	58,000	0	0
Accrued dividend							0	20,507	0
Preferred shares issued and debt assumed in PortoCem acquisition		(125,198)		(125,195)		(125,198)	0	(125,198)	0
Fair value of contingent payments in the Lins acquisition							0	8,080	0
Deemed dividend related to Series B preferred stock							0	(17,605)	0
Non-cash financing costs							0	181,928	0
Consideration received on asset sale							0	0	27,704
Shares received in Hilli Exchange							0	0	(122,754)
Investment in Energos							0	0	1,501
Cash and cash equivalents	447,862	143,457	551,109	132,960	145,237	90,842	226,453	492,881	155,414
Current restricted cash	379,537	171,476	270,298	164,888	244,104	145,881	130,489	472,696	155,400
Cash, cash equivalents and restricted cash – end of period	$ 836,745	$ 314,933	$ 821,407	$ 297,848	$ 389,341	$ 236,723	$ 356,942	$ 965,577	$ 310,814

Other current liabilities (As Restated) - Schedule of Components of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities, Current [Abstract]
Guarantee liabilities	$ 64,765				$ 0
Derivative liabilities	31,977				25,932
Contract liabilities (Note 8)	14,133				14,415
Income tax payable	18,314				93,032
Due to affiliates	4,662				11,530
Other current liabilities	43,958				29,608
Total other current liabilities	$ 177,809	$ 186,339	$ 108,364	$ 172,221	$ 174,517	$ 232,782	$ 236,602	$ 168,162	$ 213,192

Debt (As Restated) - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total interest expense	$ 198,218	$ 186,389	$ 200,309	$ 71,902	$ 63,087	$ 84,745	$ 386,698	$ 147,832	$ 584,916	$ 219,734	$ 777,845	$ 316,337	$ 284,019
Financing interest expense, non-cash											75,485	120,962	169,641
Debt
Debt Instrument [Line Items]
Interest per contractual rates											868,746	566,763	339,631
Interest expense on Vessel Financing Obligation											172,667	192,107	211,745
Amortization of debt issuance costs, premiums and discounts											75,716	58,348	18,569
Interest expense incurred on finance lease obligations											281	981	3,706
Total interest costs											1,117,410	818,199	573,651
Capitalized interest											339,565	501,862	289,632
Total interest expense											$ 777,845	$ 316,337	$ 284,019

Income Taxes - Schedule of Reconciliation of Taxes - Prior Years (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax at the statutory rate	21.00%	21.00%	21.00%
Foreign tax rate differential		69.00%	(12.50%)
US taxation on foreign earnings		(7.40%)	(0.60%)
Impact from foreign operations		8.70%	0.00%
Change in valuation allowance		(152.70%)	8.60%
Effects of share-based compensation		(3.00%)	0.30%
Withholding taxes		0.00%	0.60%
Income tax credits		9.30%	(4.90%)
Outside basis differences		0.00%	0.10%
Changes in deferred taxes and payable		13.90%	0.00%
Other		0.80%	3.30%
Effective income tax rate	(3.50%)	(40.40%)	15.80%

Restatement of Previously Issued Condensed Consolidated Financial Statements (Unaudited) - Consolidated Cash Flow Statements (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net (loss) income	$ (263,001)	$ (546,462)	$ (175,426)	$ 10,205	$ (81,890)	$ 51,588	$ (721,888)	$ (30,302)	$ (984,889)	$ (20,097)	$ (1,831,953)	$ (244,537)	$ 548,224
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net			31,224			4,751	43,073	15,271	55,479	18,841	53,983	31,313	6,589
Depreciation and amortization			66,607			49,659	127,785	86,736	185,487	121,590	242,346	159,302	161,424
Deferred taxes			(4,588)			(6,822)	11,822	(13,860)	(2,153)	(14,155)	25,847	(3,332)	13,812
Share-based compensation			0			5,248	5,021	25,312	10,565	47,855	14,546	50,625	1,573
Goodwill impairment expense	0	582,172	0				582,172		582,172		598,110	0	0
Asset impairment expense	4,782	122,883	246	1,484	16,016	0	123,129	16,016	127,911		860,865	16,494	10,958
Asset impairment expense										17,500
Loss on sale of assets, net			0			79,785	(470,994)	79,785	(470,994)	79,785	(670,938)	80,207	(27,978)
Loss on extinguishment of debt	0	(20,320)	(467)	0	0	(9,754)	(20,787)	(9,754)	(20,787)	(9,754)	(19,937)	(270,063)	0
Earnings recognized from vessels chartered to third parties transferred to Energos			(13,082)			(23,952)	(23,329)	(51,674)	(24,856)	(72,539)	(48,279)	(95,487)	(156,997)
Other			(34,907)			27,589	(14,422)	24,537	(4,379)	52,370	93	165,976	77,055
Changes in operating assets and liabilities, net of acquisitions:
(Increase) decrease in receivables			(8,175)			(5,149)	(16,317)	(110,523)	(168,624)	(94,119)	(216,387)	67,709	(41,629)
(Increase) in inventories			7,622			(83,039)	6,112	(60,315)	(27,006)	25,632	(38,360)	(251)	(42,290)
(Increase) decrease in other assets			1,392			(18,203)	(37,370)	(90,178)	(89,134)	(46,839)	(62,021)	(71,233)	43,205
Decrease in right-of-use assets			30,848			57,190	32,772	111,561	51,738	145,371	63,424	164,136	83,537
Increase in accounts payable/accrued liabilities			126,963			53,880	101,753	245,689	331,004	15,335	513,528	194,163	89,095
(Decrease) in amounts due to affiliates			0				0		0
(Decrease) in lease liabilities			(42,888)			(62,090)	(39,857)	(126,311)	(67,816)	(150,251)	(76,112)	(160,604)	(74,576)
Increase (decrease) in other liabilities			6,460			(77,199)	(66,440)	45,361	(32,513)	20,836	(32,011)	(22,338)	126,577
Net cash (used in) provided by operating activities			(7,237)			62,990	(336,191)	176,859	(507,221)	156,869	(583,382)	602,206	818,579
Cash flows from investing activities
Capital expenditures			(255,097)			(520,925)		(1,127,964)	(592,205)	(1,475,015)	(650,811)	(2,130,641)	(2,919,768)
Capital expenditures							(501,730)
Sale of equity method investment						136,365		136,365		136,365	0	136,365	100,000
Other asset sales						328,999		328,999		328,999	0	328,999	16,464
Sale of Jamaica Business			0				949,456		949,456		961,865	0	0
Other investing activities			4,555			(1,695)	4,791	(1,694)	4,654	7,360	4,709	22,887	9,227
Net cash provided by (used in) investing activities			(250,542)			(57,256)	452,517	(664,294)	361,905	(1,002,291)	465,763	(1,584,054)	(2,794,077)
Cash flows from financing activities
Proceeds from borrowings of debt			901,733			2,164,687	1,316,864	3,037,127	1,375,495	3,594,229	1,375,495	5,865,299	3,014,567
Payments made for capital expenditures paid beyond customary vendor payment terms			(109,841)			(155,464)	(199,033)	(232,312)	(234,218)	(316,932)	(257,943)	(506,057)	(103,889)
Payment of deferred financing costs			(26,093)			(25,781)	(27,774)	(37,983)	(27,781)	(76,759)	(28,340)	(146,722)	(37,806)
Repayment of debt			(664,062)			(1,944,044)	(1,390,187)	(2,202,722)	(1,592,321)	(2,342,847)	(1,606,841)	(3,801,034)	(695,688)
Payment of dividends						(32,326)	(3,014)	(55,710)	(3,019)	(61,322)	(3,472)	(65,310)	(723,962)
Payment of dividends			(3,460)
Other financing activities			(3,662)			(4,919)	(6,317)	(5,033)	(6,644)	(12,424)	(22,539)	(14,248)	(28,161)
Net cash (used in) provided by financing activities			94,615			2,153	(309,461)	503,367	(488,488)	783,945	(543,640)	1,718,511	1,425,061
Impact of changes in foreign exchange rates on cash and cash equivalents			34,332			(3,768)	48,965	(28,898)	57,568	(12,614)	52,624	(81,900)	6,168
Net (decrease) increase in cash, cash equivalents and restricted cash			(128,832)			4,119	(144,170)	(12,966)	(576,236)	(74,091)	(608,635)	654,763	(544,269)
Cash, cash equivalents and restricted cash – beginning of period	821,407	836,745	965,577	297,848	314,933	310,814	965,577	310,814	965,577	310,814	965,577	310,814	855,083
Cash, cash equivalents and restricted cash – end of period	389,341	821,407	836,745	236,723	297,848	314,933	821,407	297,848	389,341	236,723	356,942	965,577	310,814
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			(87,932)			(117,560)	(186,115)	(162,312)	(194,982)	133,813	(183,785)	(236,561)	322,854
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions			372,361			623,318	272,194	609,009	295,174	877,210	233,809	494,462	738,419
Principal payments on financing obligation paid to Energos by third party charters			(9,871)			(2,912)	(17,027)	(6,445)	(16,567)	(6,108)	(30,811)	(21,731)	(66,866)
Proceeds held in escrow			0			0	98,635	0	98,635	8,080	58,000	0	0
Preferred shares issued and debt assumed in PortoCem acquisition						(125,198)		(125,195)		(125,198)	0	(125,198)	0
Class A convertible preferred stock issued and debt assumed in the PortoCem Acquisition											0	8,080	0
As Reported
Cash flows from operating activities
Net (loss) income	(293,356)	(556,827)	(197,373)	11,313	(86,860)	56,670	(754,200)	(30,190)	(1,047,556)	(18,877)		(242,387)	548,876
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net			23,841			4,751	36,231	13,835	47,452	18,841		33,173	6,589
Depreciation and amortization			63,353			50,491	124,531	88,400	183,377	123,981		162,525	187,324
Deferred taxes			(4,740)			(6,822)	590	(13,860)	(15,495)	(14,155)		5,466	14,938
Share-based compensation			0			5,248	5,021	25,312	10,565	47,855		50,625	1,573
Goodwill impairment expense	0	582,172	0				582,172		582,172
Asset impairment expense	10,353	117,312	246	1,484	4,272	0	117,558	4,272	127,911	5,756		16,494	10,958
Loss on sale of assets, net			0			77,140	(472,699)	77,140	(470,994)	77,140		77,562	(29,378)
Loss on extinguishment of debt	0	(20,320)	(467)	0	0	(9,754)	(20,787)	(9,754)	(20,787)	(9,754)		(270,063)
Earnings recognized from vessels chartered to third parties transferred to Energos			(13,082)			(23,952)	(23,329)	(51,674)	(24,856)	(72,539)		(95,487)	(156,997)
Other			(31,189)			26,756	(10,703)	22,930	(659)	50,026		158,025	51,493
Changes in operating assets and liabilities, net of acquisitions:
(Increase) decrease in receivables			(7,001)			(8,656)	(14,951)	(114,030)	(164,452)	(95,928)		64,726	(41,019)
(Increase) in inventories			7,622			(85,539)	6,112	(62,815)	(27,653)	23,132		(2,751)	(39,790)
(Increase) decrease in other assets			(1,074)			(19,394)	(31,961)	(91,251)	(81,184)	(53,989)		(65,445)	41,828
Decrease in right-of-use assets			30,848			57,190	32,772	111,561	51,738	145,371		164,136	83,537
Increase in accounts payable/accrued liabilities			130,433			63,208	98,782	255,337	326,521	30,168		187,792	78,065
(Decrease) in amounts due to affiliates							0		0
(Decrease) in lease liabilities			(42,888)			(62,090)	(39,857)	(126,311)	(67,816)	(150,251)		(160,604)	(74,576)
Increase (decrease) in other liabilities			8,832			(74,705)	(61,012)	44,558	(25,045)	19,915		(37,171)	141,335
Net cash (used in) provided by operating activities			(31,705)			70,050	(384,156)	162,968	(575,187)	146,200		586,742	824,756
Cash flows from investing activities
Capital expenditures			(340,470)			(683,449)	(652,798)	(1,346,385)	(758,457)	(1,781,278)		(2,621,234)	(3,029,834)
Sale of equity method investment						136,365		136,365		136,365		136,365	100,000
Other asset sales						328,999		328,999		328,999		328,999	16,464
Sale of Jamaica Business			0				949,456		949,456
Other investing activities			4,555			(1,695)	4,791	(1,694)	4,654	7,360		22,887	9,227
Net cash provided by (used in) investing activities			(335,915)			(219,780)	301,449	(882,715)	195,653	(1,308,554)		(2,074,647)	(2,904,143)
Cash flows from financing activities
Proceeds from borrowings of debt			901,733			2,164,687	1,316,864	3,037,127	1,375,495	3,594,229		5,865,299	3,005,387
Payments made for capital expenditures paid beyond customary vendor payment terms			0			0	0	0	0	0		0
Payment of deferred financing costs			(26,093)			(25,781)	(27,774)	(37,983)	(27,781)	(76,759)		(146,722)	(37,806)
Repayment of debt			(664,062)			(1,944,044)	(1,390,187)	(2,202,722)	(1,592,321)	(2,342,847)		(3,801,034)	(686,508)
Payment of dividends						(32,326)	(3,014)	(55,710)	(3,019)	(61,322)		(65,310)	(723,962)
Payment of dividends			(3,460)
Other financing activities			(3,662)			(4,919)	(6,317)	(5,033)	(6,644)	(12,424)		(14,248)	(28,161)
Net cash (used in) provided by financing activities			204,456			157,617	(110,428)	735,679	(254,270)	1,100,877		2,224,568	1,528,950
Impact of changes in foreign exchange rates on cash and cash equivalents			34,332			(3,768)	48,965	(28,898)	57,568	(12,614)		(81,900)	6,168
Net (decrease) increase in cash, cash equivalents and restricted cash			(128,832)			4,119	(144,170)	(12,966)	(576,236)	(74,091)		654,763	(544,269)
Cash, cash equivalents and restricted cash – beginning of period	821,407	836,745	965,577	297,848	314,933	310,814	965,577	310,814	965,577	310,814	965,577	310,814	855,083
Cash, cash equivalents and restricted cash – end of period	389,341	821,407	836,745	236,723	297,848	314,933	821,407	297,848	389,341	236,723		965,577	310,814
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			(62,874)			(117,304)	(161,057)	(162,056)	(163,921)	134,069		(267,366)	322,598
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions			366,358			623,318	266,191	609,009	295,174	877,210		463,657	738,163
Principal payments on financing obligation paid to Energos by third party charters			(9,871)			(2,912)	(17,027)	(6,445)	(16,567)	(6,108)		(21,731)	(66,866)
Proceeds held in escrow			0			0	98,635	0	98,635	8,080
Preferred shares issued and debt assumed in PortoCem acquisition						(125,198)		(125,195)		(125,198)		(125,198)
Class A convertible preferred stock issued and debt assumed in the PortoCem Acquisition												8,080
Adjustments
Cash flows from operating activities
Net (loss) income	30,355	10,365	21,947	(1,108)	4,970	(5,082)	32,312	(112)	62,667	(1,220)		(2,150)	(652)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net			7,383			0	6,842	1,436	8,027	0		(1,860)	0
Depreciation and amortization			3,254			(832)	3,254	(1,664)	2,110	(2,391)		(3,223)	(25,900)
Deferred taxes			152			0	11,232	0	13,342	0		(8,798)	(1,126)
Share-based compensation			0			0	0	0	0	0		0	0
Goodwill impairment expense	0	0	0				0		0
Asset impairment expense	(5,571)	5,571	0	0	11,744	0	5,571	11,744	0	11,744		0	0
Loss on sale of assets, net			0			2,645	1,705	2,645	0	2,645		2,645	1,400
Loss on extinguishment of debt	0	0	0	0	0	0	0	0	0	0		0
Earnings recognized from vessels chartered to third parties transferred to Energos			0			0	0	0	0	0		0	0
Other			(3,718)			833	(3,719)	1,607	(3,720)	2,344		7,951	25,562
Changes in operating assets and liabilities, net of acquisitions:
(Increase) decrease in receivables			(1,174)			3,507	(1,366)	3,507	(4,172)	1,809		2,983	(610)
(Increase) in inventories			0			2,500	0	2,500	647	2,500		2,500	(2,500)
(Increase) decrease in other assets			2,466			1,191	(5,409)	1,073	(7,950)	7,150		(5,788)	1,377
Decrease in right-of-use assets			0			0	0	0	0	0		0	0
Increase in accounts payable/accrued liabilities			(3,470)			(9,328)	2,971	(9,648)	4,483	(14,833)		6,371	11,030
(Decrease) in amounts due to affiliates			0				0		0
(Decrease) in lease liabilities			0			0	0	0	0	0		0	0
Increase (decrease) in other liabilities			(2,372)			(2,494)	(5,428)	803	(7,468)	921		14,833	(14,758)
Net cash (used in) provided by operating activities			24,468			(7,060)	47,965	13,891	67,966	10,669		15,464	(6,177)
Cash flows from investing activities
Capital expenditures			85,373			162,524	151,068	218,421	166,252	306,263		490,593	110,066
Sale of equity method investment						0		0		0		0	0
Other asset sales						0		0		0		0	0
Sale of Jamaica Business			0				0		0
Other investing activities			0			0	0	0	0	0		0	0
Net cash provided by (used in) investing activities			85,373			162,524	151,068	218,421	166,252	306,263		490,593	110,066
Cash flows from financing activities
Proceeds from borrowings of debt			0			0	0	0	0	0		0	9,180
Payments made for capital expenditures paid beyond customary vendor payment terms			(109,841)			(155,464)	(199,033)	(232,312)	(234,218)	(316,932)		(506,057)	(103,889)
Payment of deferred financing costs			0			0	0	0	0	0		0	0
Repayment of debt			0			0	0	0	0	0		0	(9,180)
Payment of dividends			0			0	0	0	0	0		0	0
Other financing activities			0			0	0	0	0	0		0	0
Net cash (used in) provided by financing activities			(109,841)			(155,464)	(199,033)	(232,312)	(234,218)	(316,932)		(506,057)	(103,889)
Impact of changes in foreign exchange rates on cash and cash equivalents			0			0	0	0	0	0		0	0
Net (decrease) increase in cash, cash equivalents and restricted cash			0			0	0	0	0	0		0	0
Cash, cash equivalents and restricted cash – beginning of period	0	0	0	0	0	0	0	0	0	0	$ 0	0	0
Cash, cash equivalents and restricted cash – end of period	$ 0	$ 0	0	$ 0	$ 0	0	0	0	0	0		0	0
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			(25,058)			(256)	(25,058)	(256)	(31,061)	(256)		30,805	256
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions			6,003			0	6,003	0	0	0		30,805	256
Principal payments on financing obligation paid to Energos by third party charters			0			0	0	0	0	0		0	$ 0
Proceeds held in escrow			$ 0			0	$ 0	0	$ 0	0
Preferred shares issued and debt assumed in PortoCem acquisition						$ 0		$ 0		$ 0		0
Class A convertible preferred stock issued and debt assumed in the PortoCem Acquisition												$ 0

Leases, as lessee (As Restated) - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2025 vessel	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) turbine	Dec. 31, 2023 USD ($)
Leases [Abstract]
Number of vessels modified \| vessel	2
Finance lease, impairment loss			$ 23,431
Finance lease, lease liability, writeoff			$ 29,443
Number of operating leases terminated \| turbine			3
Operating lease, right-of-use asset, write-off due to termination			$ 21,821
Operating lease, liability, write-off due to termination			25,762
Loss on lease termination			4,789
Lease, cost		$ 20,259	$ 36,288	$ 61,320
Operating lease, weighted average remaining lease term (in years)	6 years 10 months 24 days	6 years 10 months 24 days
Finance lease, weighted average remaining lease term (in years)	3 years 7 months 6 days	3 years 7 months 6 days
Operating lease, weighted average discount rate (in percent)	9.70%	9.70%	10.30%
Finance lease, weighted average discount rate (in percent)	5.50%	5.50%	5.20%

Share-based compensation - Schedule of Nonvested Performance-based Units Activity (Details) - Unvested RSU	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Restricted Stock Units
Non-vested RSUs, beginning balance (in shares) \| shares	1,579,802
Granted (in shares) \| shares	1,417,682
Vested (in shares) \| shares	(2,212,770)
Forfeited (in shares) \| shares	(511,040)
Non-vested RSUs, ending balance (in shares) \| shares	273,674
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	1.10
Vested (in dollars per share) \| $ / shares	12.42
Forfeited (in dollars per share) \| $ / shares	32.66
Non-vested RSUs, ending balance (in dollars per share) \| $ / shares	$ 32.66

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Series B Convertible Preferred Stock	Class A common stock	Common Shares Series B Convertible Preferred Stock	Common Shares Class A common stock	Additional paid-in capital	Retained earnings (Accumulated deficit)	Accumulated other comprehensive income	Non-controlling Interest
Balance at beginning of period (in shares) at Dec. 31, 2022				0
Balance at beginning of period at Dec. 31, 2022				$ 0
Balance at ending of period (in shares) at Dec. 31, 2023				0
Balance at ending of period at Dec. 31, 2023				$ 0
Balance (in shares) at Dec. 31, 2022					208,770,088
Balance at Dec. 31, 2022	$ 1,441,859,000				$ 2,088,000	$ 1,170,254,000	$ 62,080,000	$ 55,398,000	$ 152,039,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	548,224,000						547,230,000		994,000
Other comprehensive income (loss)	17,107,000							16,689,000	418,000
Share-based compensation expense	1,573,000					1,573,000
Acquisition and cancellation of shares (in shares)					(4,100,000)
Acquisition and cancellation of shares	(123,819,000)				$ (41,000)	(123,778,000)
Class A stock issued, net of issuance costs (in shares)					(4,100,000)
Class A stock issued, net of issuance costs	(123,819,000)				$ (41,000)	(123,778,000)
Issuance of shares for vested share-based compensation awards (in shares)					689,401
Issuance of shares for vested share-based compensation awards	3,000				$ 3,000
Shares withheld from employees related to share-based compensation, at cost (in shares)					(328,083)
Shares withheld from employees related to share-based compensation, at cost	(9,519,000)					(9,519,000)
Issuance of preferred stock and deemed dividend (Note 27)	(97,652,000)						(81,976,000)		(15,676,000)
Dividends	(97,652,000)						(81,976,000)		(15,676,000)
Balance (in shares) at Dec. 31, 2023					205,031,406
Balance at Dec. 31, 2023	$ 1,777,776,000				$ 2,050,000	1,038,530,000	527,334,000	72,087,000	137,775,000
Balance at ending of period (in shares) at Mar. 31, 2024	96,746
Balance at ending of period at Mar. 31, 2024	$ 96,655,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	51,588,000						48,999,000		2,589,000
Other comprehensive income (loss)	(7,708,000)							(7,349,000)	(359,000)
Share-based compensation expense	5,248,000					5,248,000
Acquisition and cancellation of shares (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	(126,000)					(126,000)
Dividends	(32,326,000)						(20,645,000)		(11,681,000)
Balance (in shares) at Mar. 31, 2024					205,041,824
Balance at Mar. 31, 2024	$ 1,794,452,000				$ 2,050,000	1,043,652,000	555,688,000	64,738,000	128,324,000
Balance at beginning of period (in shares) at Dec. 31, 2023				0
Balance at beginning of period at Dec. 31, 2023				$ 0
Balance at ending of period (in shares) at Jun. 30, 2024	96,746
Balance at ending of period at Jun. 30, 2024	$ 97,845,000
Balance (in shares) at Dec. 31, 2023					205,031,406
Balance at Dec. 31, 2023	1,777,776,000				$ 2,050,000	1,038,530,000	527,334,000	72,087,000	137,775,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(30,302,000)
Balance (in shares) at Jun. 30, 2024					205,065,328
Balance at Jun. 30, 2024	$ 1,687,063,000				$ 2,050,000	1,063,426,000	450,107,000	44,212,000	127,268,000
Balance at beginning of period (in shares) at Dec. 31, 2023				0
Balance at beginning of period at Dec. 31, 2023				$ 0
Balance at ending of period (in shares) at Sep. 30, 2024	96,746
Balance at ending of period at Sep. 30, 2024	$ 96,555,000
Balance (in shares) at Dec. 31, 2023					205,031,406
Balance at Dec. 31, 2023	1,777,776,000				$ 2,050,000	1,038,530,000	527,334,000	72,087,000	137,775,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(20,097,000)
Balance (in shares) at Sep. 30, 2024					205,069,360
Balance at Sep. 30, 2024	$ 1,689,142,000				$ 2,050,000	1,085,950,000	436,630,000	37,700,000	126,812,000
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 preferred stock and deemed dividend (Note 27) (in shares)				96,746
Issuance of preferred stock and deemed dividend (Note 27)				$ 107,189,000
Issuance of preferred stock and deemed dividend				$ 107,189,000
Balance at ending of period (in shares) at Dec. 31, 2024	96,746	96,746		96,746
Balance at ending of period at Dec. 31, 2024	$ 90,570,000	$ 90,570,000		$ 90,570,000
Balance (in shares) at Dec. 31, 2023					205,031,406
Balance at Dec. 31, 2023	1,777,776,000				$ 2,050,000	1,038,530,000	527,334,000	72,087,000	137,775,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(244,537,000)						(251,189,000)		6,652,000
Other comprehensive income (loss)	(65,612,000)							(64,583,000)	(1,029,000)
Share-based compensation expense	50,625,000					50,625,000
Class A stock issued, net of issuance costs (in shares)					61,389,733
Class A stock issued, net of issuance costs	562,815,000				$ 614,000	562,201,000
Issuance of shares for vested share-based compensation awards (in shares)					54,035
Issuance of shares for vested share-based compensation awards	0				$ 0
Shares withheld from employees related to share-based compensation, at cost (in shares)					(16,081)
Shares withheld from employees related to share-based compensation, at cost	(435,000)					(435,000)
Issuance of preferred stock and deemed dividend (Note 27)	(10,833,000)					6,772,000	(17,605,000)
Conversion of Series B convertible preferred stock	16,619,000			$ (16,619,000)		16,619,000
Dividends	(85,717,000)		$ (61,517,000)				(64,979,000)		(20,738,000)
Balance (in shares) at Dec. 31, 2024					266,459,093
Balance at Dec. 31, 2024	$ 2,000,701,000				$ 2,664,000	1,674,312,000	193,561,000	7,504,000	122,660,000
Balance at beginning of period (in shares) at Mar. 31, 2024	96,746
Balance at beginning of period at Mar. 31, 2024	$ 96,655,000
Balance at ending of period (in shares) at Jun. 30, 2024	96,746
Balance at ending of period at Jun. 30, 2024	$ 97,845,000
Balance (in shares) at Mar. 31, 2024					205,041,824
Balance at Mar. 31, 2024	1,794,452,000				$ 2,050,000	1,043,652,000	555,688,000	64,738,000	128,324,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(81,890,000)						(83,884,000)		1,994,000
Other comprehensive income (loss)	(20,557,000)							(20,526,000)	(31,000)
Share-based compensation expense	20,064,000					20,064,000
Acquisition and cancellation of shares (in shares)					34,578
Acquisition and cancellation of shares	0
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	(290,000)					(290,000)
Dividends	(24,716,000)						(21,697,000)		(3,019,000)
Balance (in shares) at Jun. 30, 2024					205,065,328
Balance at Jun. 30, 2024	$ 1,687,063,000				$ 2,050,000	1,063,426,000	450,107,000	44,212,000	127,268,000
Balance at ending of period (in shares) at Sep. 30, 2024	96,746
Balance at ending of period at Sep. 30, 2024	$ 96,555,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	10,205,000						8,191,000		2,014,000
Other comprehensive income (loss)	(5,963,000)							(6,512,000)	549,000
Share-based compensation expense	22,543,000					22,543,000
Acquisition and cancellation of shares (in shares)					5,331
Acquisition and cancellation of shares	0
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	(19,000)					(19,000)
Dividends	(24,687,000)						(21,668,000)		(3,019,000)
Balance (in shares) at Sep. 30, 2024					205,069,360
Balance at Sep. 30, 2024	$ 1,689,142,000				$ 2,050,000	1,085,950,000	436,630,000	37,700,000	126,812,000
Balance at beginning of period (in shares) at Dec. 31, 2024	96,746	96,746		96,746
Balance at beginning of period at Dec. 31, 2024	$ 90,570,000	$ 90,570,000		$ 90,570,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock and deemed dividend		$ 107,000
Balance at ending of period (in shares) at Mar. 31, 2025	36,746	36,746
Balance at ending of period at Mar. 31, 2025	$ 40,708,000	$ 40,708,000
Balance (in shares) at Dec. 31, 2024					266,459,093
Balance at Dec. 31, 2024	2,000,701,000				$ 2,664,000	1,674,312,000	193,561,000	7,504,000	122,660,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(175,426,000)						(177,634,000)		2,208,000
Other comprehensive income (loss)	24,253,000							23,582,000	671,000
Share-based compensation expense	(229,000)					(229,000)
Acquisition and cancellation of shares (in shares)					31,814
Class A stock issued, net of issuance costs (in shares)					661,207
Class A stock issued, net of issuance costs	370,000				$ 7,000	363,000
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	(159,000)					(159,000)
Conversion of Series B convertible preferred stock (in shares)		(60,000)			6,651,511
Conversion of Series B convertible preferred stock	49,965,000	$ (49,969,000)			$ 67,000	49,898,000
Dividends	(3,567,000)						(548,000)		(3,019,000)
Balance (in shares) at Mar. 31, 2025					273,790,539
Balance at Mar. 31, 2025	$ 1,895,086,000				$ 2,738,000	1,722,829,000	15,379,000	31,086,000	123,054,000
Balance at beginning of period (in shares) at Dec. 31, 2024	96,746	96,746		96,746
Balance at beginning of period at Dec. 31, 2024	$ 90,570,000	$ 90,570,000		$ 90,570,000
Balance at ending of period (in shares) at Jun. 30, 2025	36,746	36,746
Balance at ending of period at Jun. 30, 2025	$ 41,154,000	$ 41,154,000
Balance (in shares) at Dec. 31, 2024					266,459,093
Balance at Dec. 31, 2024	2,000,701,000				$ 2,664,000	1,674,312,000	193,561,000	7,504,000	122,660,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(721,888,000)
Balance (in shares) at Jun. 30, 2025					274,201,463
Balance at Jun. 30, 2025	$ 1,381,704,000				$ 2,742,000	1,725,985,000	(528,887,000)	59,426,000	122,438,000
Balance at beginning of period (in shares) at Dec. 31, 2024	96,746	96,746		96,746
Balance at beginning of period at Dec. 31, 2024	$ 90,570,000	$ 90,570,000		$ 90,570,000
Balance at ending of period (in shares) at Sep. 30, 2025	0	0
Balance at ending of period at Sep. 30, 2025	$ 0	$ 0
Balance (in shares) at Dec. 31, 2024					266,459,093
Balance at Dec. 31, 2024	2,000,701,000				$ 2,664,000	1,674,312,000	193,561,000	7,504,000	122,660,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(984,889,000)
Balance (in shares) at Sep. 30, 2025					284,552,811
Balance at Sep. 30, 2025	$ 1,183,949,000				$ 2,846,000	1,772,580,000	(798,192,000)	78,025,000	128,690,000
Balance at beginning of period (in shares) at Dec. 31, 2024	96,746	96,746		96,746
Balance at beginning of period at Dec. 31, 2024	$ 90,570,000	$ 90,570,000		$ 90,570,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock and deemed dividend		$ 453,000		$ 863,000
Balance at ending of period (in shares) at Dec. 31, 2025	0	0
Balance at ending of period at Dec. 31, 2025	$ 0	$ 0
Balance (in shares) at Dec. 31, 2024					266,459,093
Balance at Dec. 31, 2024	2,000,701,000				$ 2,664,000	1,674,312,000	193,561,000	7,504,000	122,660,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(1,831,953,000)						(1,843,606,000)		11,653,000
Other comprehensive income (loss)	48,454,000							46,585,000	1,869,000
Share-based compensation expense	14,546,000					14,546,000
Acquisition and cancellation of shares (in shares)					0
Acquisition and cancellation of shares	(823,000)					(1,356,000)			533,000
Class A stock issued, net of issuance costs (in shares)					661,207
Class A stock issued, net of issuance costs	370,000				$ 7,000	363,000
Issuance of shares for vested share-based compensation awards (in shares)					752,456
Issuance of shares for vested share-based compensation awards	7,000				$ 7,000
Shares withheld from employees related to share-based compensation, at cost (in shares)					(322,804)
Shares withheld from employees related to share-based compensation, at cost	(1,810,000)				$ (3,000)	(1,807,000)
Conversion of Series B convertible preferred stock (in shares)		(96,746)			17,002,859
Conversion of Series B convertible preferred stock	91,174,000	$ (91,433,000)			$ 170,000	91,004,000
Dividends	(11,035,000)					(756,000)	(548,000)		(9,731,000)
Balance (in shares) at Dec. 31, 2025					284,552,811
Balance at Dec. 31, 2025	$ 309,631,000				$ 2,845,000	1,776,306,000	(1,650,593,000)	54,089,000	126,984,000
Balance at beginning of period (in shares) at Mar. 31, 2025	36,746	36,746
Balance at beginning of period at Mar. 31, 2025	$ 40,708,000	$ 40,708,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock and deemed dividend		$ 446,000
Balance at ending of period (in shares) at Jun. 30, 2025	36,746	36,746
Balance at ending of period at Jun. 30, 2025	$ 41,154,000	$ 41,154,000
Balance (in shares) at Mar. 31, 2025					273,790,539
Balance at Mar. 31, 2025	1,895,086,000				$ 2,738,000	1,722,829,000	15,379,000	31,086,000	123,054,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(546,462,000)						(544,266,000)		(2,196,000)
Other comprehensive income (loss)	29,920,000							28,340,000	1,580,000
Share-based compensation expense	5,250,000					5,250,000
Acquisition and cancellation of shares (in shares)					720,642
Acquisition and cancellation of shares	7,000				$ 7,000
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	(1,651,000)				$ (3,000)	(1,648,000)
Dividends	(446,000)					(446,000)
Balance (in shares) at Jun. 30, 2025					274,201,463
Balance at Jun. 30, 2025	$ 1,381,704,000				$ 2,742,000	1,725,985,000	(528,887,000)	59,426,000	122,438,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock and deemed dividend		$ 310,000
Balance at ending of period (in shares) at Sep. 30, 2025	0	0
Balance at ending of period at Sep. 30, 2025	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(263,001,000)						(269,305,000)		6,304,000
Other comprehensive income (loss)	18,547,000							18,599,000	(52,000)
Share-based compensation expense	5,544,000					5,544,000
Conversion of Series B convertible preferred stock (in shares)		(36,746)			10,351,348
Conversion of Series B convertible preferred stock	41,465,000	$ (41,464,000)			$ 104,000	41,361,000
Dividends	(310,000)					(310,000)
Balance (in shares) at Sep. 30, 2025					284,552,811
Balance at Sep. 30, 2025	$ 1,183,949,000				$ 2,846,000	$ 1,772,580,000	$ (798,192,000)	$ 78,025,000	$ 128,690,000

Income Taxes - Schedule of Cash Paid For Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
Domestic Federal	$ 44,172
Domestic State	477
Total Foreign	64,442
Total	109,091
Brazil
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total Foreign	17,083
Jamaica
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total Foreign	11,604
Puerto Rico
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total Foreign	32,467
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total Foreign	$ 3,288

Restatement of Previously Issued Financial Statements - Restated Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net (loss) income	$ (263,001)	$ (546,462)	$ (175,426)	$ 10,205	$ (81,890)	$ 51,588	$ (721,888)	$ (30,302)	$ (984,889)	$ (20,097)	$ (1,831,953)	$ (244,537)	$ 548,224
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net			31,224			4,751	43,073	15,271	55,479	18,841	53,983	31,313	6,589
Depreciation and amortization			66,607			49,659	127,785	86,736	185,487	121,590	242,346	159,302	161,424
Deferred taxes			(4,588)			(6,822)	11,822	(13,860)	(2,153)	(14,155)	25,847	(3,332)	13,812
Share-based compensation			0			5,248	5,021	25,312	10,565	47,855	14,546	50,625	1,573
Asset impairment expense	4,782	122,883	246	1,484	16,016	0	123,129	16,016	127,911		860,865	16,494	10,958
Earnings recognized from vessels chartered to third parties transferred to Energos			(13,082)			(23,952)	(23,329)	(51,674)	(24,856)	(72,539)	(48,279)	(95,487)	(156,997)
Loss on sale of assets, net			0			79,785	(470,994)	79,785	(470,994)	79,785	(670,938)	80,207	(27,978)
Loss on extinguishment of debt, net	0	20,320	467	0	0	9,754	20,787	9,754	20,787	9,754	19,937	270,063	0
Other			(34,907)			27,589	(14,422)	24,537	(4,379)	52,370	93	165,976	77,055
Changes in operating assets and liabilities, net of acquisitions:
Decrease in receivables			(8,175)			(5,149)	(16,317)	(110,523)	(168,624)	(94,119)	(216,387)	67,709	(41,629)
(Increase) in inventories			7,622			(83,039)	6,112	(60,315)	(27,006)	25,632	(38,360)	(251)	(42,290)
(Increase) decrease in other assets			1,392			(18,203)	(37,370)	(90,178)	(89,134)	(46,839)	(62,021)	(71,233)	43,205
Decrease in right-of-use assets			30,848			57,190	32,772	111,561	51,738	145,371	63,424	164,136	83,537
Increase in accounts payable/accrued liabilities			126,963			53,880	101,753	245,689	331,004	15,335	513,528	194,163	89,095
(Decrease) in lease liabilities			(42,888)			(62,090)	(39,857)	(126,311)	(67,816)	(150,251)	(76,112)	(160,604)	(74,576)
Increase (decrease) in other liabilities			6,460			(77,199)	(66,440)	45,361	(32,513)	20,836	(32,011)	(22,338)	126,577
Net cash (used in) provided by operating activities			(7,237)			62,990	(336,191)	176,859	(507,221)	156,869	(583,382)	602,206	818,579
Cash flows from investing activities
Capital expenditures			(255,097)			(520,925)		(1,127,964)	(592,205)	(1,475,015)	(650,811)	(2,130,641)	(2,919,768)
Sale of equity method investment						136,365		136,365		136,365	0	136,365	100,000
Other asset sales						328,999		328,999		328,999	0	328,999	16,464
Sale of Miami Facility											0	58,336	0
Other investing activities			4,555			(1,695)	4,791	(1,694)	4,654	7,360	4,709	22,887	9,227
Net cash provided by (used in) investing activities			(250,542)			(57,256)	452,517	(664,294)	361,905	(1,002,291)	465,763	(1,584,054)	(2,794,077)
Cash flows from financing activities
Proceeds from borrowings of debt			901,733			2,164,687	1,316,864	3,037,127	1,375,495	3,594,229	1,375,495	5,865,299	3,014,567
Payments made for capital expenditures paid beyond customary vendor payment terms			(109,841)			(155,464)	(199,033)	(232,312)	(234,218)	(316,932)	(257,943)	(506,057)	(103,889)
Payment of deferred financing costs			(26,093)			(25,781)	(27,774)	(37,983)	(27,781)	(76,759)	(28,340)	(146,722)	(37,806)
Repayment of debt			(664,062)			(1,944,044)	(1,390,187)	(2,202,722)	(1,592,321)	(2,342,847)	(1,606,841)	(3,801,034)	(695,688)
Issuance of Class A stock											0	386,583	0
Payment of dividends						(32,326)	(3,014)	(55,710)	(3,019)	(61,322)	(3,472)	(65,310)	(723,962)
Other financing activities			(3,662)			(4,919)	(6,317)	(5,033)	(6,644)	(12,424)	(22,539)	(14,248)	(28,161)
Net cash (used in) provided by financing activities			94,615			2,153	(309,461)	503,367	(488,488)	783,945	(543,640)	1,718,511	1,425,061
Impact of changes in foreign exchange rates on cash and cash equivalents			34,332			(3,768)	48,965	(28,898)	57,568	(12,614)	52,624	(81,900)	6,168
Net (decrease) increase in cash, cash equivalents and restricted cash			(128,832)			4,119	(144,170)	(12,966)	(576,236)	(74,091)	(608,635)	654,763	(544,269)
Cash, cash equivalents and restricted cash – beginning of period	821,407	836,745	965,577	297,848	314,933	310,814	965,577	310,814	965,577	310,814	965,577	310,814	855,083
Cash, cash equivalents and restricted cash – end of period	389,341	821,407	836,745	236,723	297,848	314,933	821,407	297,848	389,341	236,723	356,942	965,577	310,814
Cash paid for interest, net of capitalized interest											352,242	90,318	106,481
Cash paid for taxes											109,091
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			(87,932)			(117,560)	(186,115)	(162,312)	(194,982)	133,813	(183,785)	(236,561)	322,854
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions			372,361			623,318	272,194	609,009	295,174	877,210	233,809	494,462	738,419
Consideration received on asset sale											0	0	27,704
Principal payments on financing obligation paid to Energos by third party charters			(9,871)			(2,912)	(17,027)	(6,445)	(16,567)	(6,108)	(30,811)	(21,731)	(66,866)
Shares received in Hilli Exchange											0	0	(122,754)
Investment in Energos											0	0	1,501
Accrued dividend												20,507
Preferred shares issued and debt assumed in PortoCem acquisition						(125,198)		(125,195)		(125,198)	0	(125,198)	0
Fair value of contingent payments in the Lins acquisition											0	8,080	0
Deemed dividend related to Series B preferred stock											0	(17,605)	0
Non-cash financing costs											0	181,928	0
As Reported
Cash flows from operating activities
Net (loss) income	(293,356)	(556,827)	(197,373)	11,313	(86,860)	56,670	(754,200)	(30,190)	(1,047,556)	(18,877)		(242,387)	548,876
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net			23,841			4,751	36,231	13,835	47,452	18,841		33,173	6,589
Depreciation and amortization			63,353			50,491	124,531	88,400	183,377	123,981		162,525	187,324
Deferred taxes			(4,740)			(6,822)	590	(13,860)	(15,495)	(14,155)		5,466	14,938
Share-based compensation			0			5,248	5,021	25,312	10,565	47,855		50,625	1,573
Asset impairment expense	10,353	117,312	246	1,484	4,272	0	117,558	4,272	127,911	5,756		16,494	10,958
Earnings recognized from vessels chartered to third parties transferred to Energos			(13,082)			(23,952)	(23,329)	(51,674)	(24,856)	(72,539)		(95,487)	(156,997)
Loss on sale of assets, net			0			77,140	(472,699)	77,140	(470,994)	77,140		77,562	(29,378)
Loss on extinguishment of debt, net	0	20,320	467	0	0	9,754	20,787	9,754	20,787	9,754		270,063
Other			(31,189)			26,756	(10,703)	22,930	(659)	50,026		158,025	51,493
Changes in operating assets and liabilities, net of acquisitions:
Decrease in receivables			(7,001)			(8,656)	(14,951)	(114,030)	(164,452)	(95,928)		64,726	(41,019)
(Increase) in inventories			7,622			(85,539)	6,112	(62,815)	(27,653)	23,132		(2,751)	(39,790)
(Increase) decrease in other assets			(1,074)			(19,394)	(31,961)	(91,251)	(81,184)	(53,989)		(65,445)	41,828
Decrease in right-of-use assets			30,848			57,190	32,772	111,561	51,738	145,371		164,136	83,537
Increase in accounts payable/accrued liabilities			130,433			63,208	98,782	255,337	326,521	30,168		187,792	78,065
(Decrease) in lease liabilities			(42,888)			(62,090)	(39,857)	(126,311)	(67,816)	(150,251)		(160,604)	(74,576)
Increase (decrease) in other liabilities			8,832			(74,705)	(61,012)	44,558	(25,045)	19,915		(37,171)	141,335
Net cash (used in) provided by operating activities			(31,705)			70,050	(384,156)	162,968	(575,187)	146,200		586,742	824,756
Cash flows from investing activities
Capital expenditures			(340,470)			(683,449)	(652,798)	(1,346,385)	(758,457)	(1,781,278)		(2,621,234)	(3,029,834)
Sale of equity method investment						136,365		136,365		136,365		136,365	100,000
Other asset sales						328,999		328,999		328,999		328,999	16,464
Sale of Miami Facility												58,336
Other investing activities			4,555			(1,695)	4,791	(1,694)	4,654	7,360		22,887	9,227
Net cash provided by (used in) investing activities			(335,915)			(219,780)	301,449	(882,715)	195,653	(1,308,554)		(2,074,647)	(2,904,143)
Cash flows from financing activities
Proceeds from borrowings of debt			901,733			2,164,687	1,316,864	3,037,127	1,375,495	3,594,229		5,865,299	3,005,387
Payments made for capital expenditures paid beyond customary vendor payment terms			0			0	0	0	0	0		0
Payment of deferred financing costs			(26,093)			(25,781)	(27,774)	(37,983)	(27,781)	(76,759)		(146,722)	(37,806)
Repayment of debt			(664,062)			(1,944,044)	(1,390,187)	(2,202,722)	(1,592,321)	(2,342,847)		(3,801,034)	(686,508)
Issuance of Class A stock												386,583
Payment of dividends						(32,326)	(3,014)	(55,710)	(3,019)	(61,322)		(65,310)	(723,962)
Other financing activities			(3,662)			(4,919)	(6,317)	(5,033)	(6,644)	(12,424)		(14,248)	(28,161)
Net cash (used in) provided by financing activities			204,456			157,617	(110,428)	735,679	(254,270)	1,100,877		2,224,568	1,528,950
Impact of changes in foreign exchange rates on cash and cash equivalents			34,332			(3,768)	48,965	(28,898)	57,568	(12,614)		(81,900)	6,168
Net (decrease) increase in cash, cash equivalents and restricted cash			(128,832)			4,119	(144,170)	(12,966)	(576,236)	(74,091)		654,763	(544,269)
Cash, cash equivalents and restricted cash – beginning of period	821,407	836,745	965,577	297,848	314,933	310,814	965,577	310,814	965,577	310,814	965,577	310,814	855,083
Cash, cash equivalents and restricted cash – end of period	389,341	821,407	836,745	236,723	297,848	314,933	821,407	297,848	389,341	236,723		965,577	310,814
Cash paid for interest, net of capitalized interest												105,784	100,304
Cash paid for taxes												27,932	52,897
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			(62,874)			(117,304)	(161,057)	(162,056)	(163,921)	134,069		(267,366)	322,598
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions			366,358			623,318	266,191	609,009	295,174	877,210		463,657	738,163
Consideration received on asset sale													27,704
Principal payments on financing obligation paid to Energos by third party charters			(9,871)			(2,912)	(17,027)	(6,445)	(16,567)	(6,108)		(21,731)	(66,866)
Shares received in Hilli Exchange													(122,754)
Investment in Energos													1,501
Accrued dividend												20,507
Preferred shares issued and debt assumed in PortoCem acquisition						(125,198)		(125,195)		(125,198)		(125,198)
Fair value of contingent payments in the Lins acquisition												8,080
Deemed dividend related to Series B preferred stock												(17,605)
Non-cash financing costs												181,928
Adjustments
Cash flows from operating activities
Net (loss) income	30,355	10,365	21,947	(1,108)	4,970	(5,082)	32,312	(112)	62,667	(1,220)		(2,150)	(652)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net			7,383			0	6,842	1,436	8,027	0		(1,860)	0
Depreciation and amortization			3,254			(832)	3,254	(1,664)	2,110	(2,391)		(3,223)	(25,900)
Deferred taxes			152			0	11,232	0	13,342	0		(8,798)	(1,126)
Share-based compensation			0			0	0	0	0	0		0	0
Asset impairment expense	(5,571)	5,571	0	0	11,744	0	5,571	11,744	0	11,744		0	0
Earnings recognized from vessels chartered to third parties transferred to Energos			0			0	0	0	0	0		0	0
Loss on sale of assets, net			0			2,645	1,705	2,645	0	2,645		2,645	1,400
Loss on extinguishment of debt, net	0	0	0	0	0	0	0	0	0	0		0
Other			(3,718)			833	(3,719)	1,607	(3,720)	2,344		7,951	25,562
Changes in operating assets and liabilities, net of acquisitions:
Decrease in receivables			(1,174)			3,507	(1,366)	3,507	(4,172)	1,809		2,983	(610)
(Increase) in inventories			0			2,500	0	2,500	647	2,500		2,500	(2,500)
(Increase) decrease in other assets			2,466			1,191	(5,409)	1,073	(7,950)	7,150		(5,788)	1,377
Decrease in right-of-use assets			0			0	0	0	0	0		0	0
Increase in accounts payable/accrued liabilities			(3,470)			(9,328)	2,971	(9,648)	4,483	(14,833)		6,371	11,030
(Decrease) in lease liabilities			0			0	0	0	0	0		0	0
Increase (decrease) in other liabilities			(2,372)			(2,494)	(5,428)	803	(7,468)	921		14,833	(14,758)
Net cash (used in) provided by operating activities			24,468			(7,060)	47,965	13,891	67,966	10,669		15,464	(6,177)
Cash flows from investing activities
Capital expenditures			85,373			162,524	151,068	218,421	166,252	306,263		490,593	110,066
Sale of equity method investment						0		0		0		0	0
Other asset sales						0		0		0		0	0
Sale of Miami Facility												0
Other investing activities			0			0	0	0	0	0		0	0
Net cash provided by (used in) investing activities			85,373			162,524	151,068	218,421	166,252	306,263		490,593	110,066
Cash flows from financing activities
Proceeds from borrowings of debt			0			0	0	0	0	0		0	9,180
Payments made for capital expenditures paid beyond customary vendor payment terms			(109,841)			(155,464)	(199,033)	(232,312)	(234,218)	(316,932)		(506,057)	(103,889)
Payment of deferred financing costs			0			0	0	0	0	0		0	0
Repayment of debt			0			0	0	0	0	0		0	(9,180)
Issuance of Class A stock												0
Payment of dividends			0			0	0	0	0	0		0	0
Other financing activities			0			0	0	0	0	0		0	0
Net cash (used in) provided by financing activities			(109,841)			(155,464)	(199,033)	(232,312)	(234,218)	(316,932)		(506,057)	(103,889)
Impact of changes in foreign exchange rates on cash and cash equivalents			0			0	0	0	0	0		0	0
Net (decrease) increase in cash, cash equivalents and restricted cash			0			0	0	0	0	0		0	0
Cash, cash equivalents and restricted cash – beginning of period	0	0	0	0	0	0	0	0	0	0	$ 0	0	0
Cash, cash equivalents and restricted cash – end of period	$ 0	$ 0	0	$ 0	$ 0	0	0	0	0	0		0	0
Cash paid for interest, net of capitalized interest												(15,466)	6,177
Cash paid for taxes												0	0
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			(25,058)			(256)	(25,058)	(256)	(31,061)	(256)		30,805	256
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions			6,003			0	6,003	0	0	0		30,805	256
Consideration received on asset sale													0
Principal payments on financing obligation paid to Energos by third party charters			$ 0			0	$ 0	0	$ 0	0		0	0
Shares received in Hilli Exchange													0
Investment in Energos													$ 0
Accrued dividend												0
Preferred shares issued and debt assumed in PortoCem acquisition						$ 0		$ 0		$ 0		0
Fair value of contingent payments in the Lins acquisition												0
Deemed dividend related to Series B preferred stock												0
Non-cash financing costs												$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 226,453	$ 492,881
Restricted cash	130,489	472,696
Receivables, net of allowances	451,962	331,419
Inventory	119,447	103,224
Prepaid expenses and other current assets, net	400,347	212,340
Total current assets	1,328,698	1,612,560
Construction in progress	3,593,971	3,526,984
Property, plant and equipment, net	4,892,737	5,928,919
Right-of-use assets	411,817	618,733
Intangible assets, net	187,596	179,510
Goodwill	0	782,730
Deferred tax assets, net	0	3,324
Other non-current assets, net	140,804	270,465
Total assets	10,555,623	12,923,225
Current liabilities
Current portion of long-term debt and short-term borrowings	7,073,477	539,132
Accounts payable	731,619	481,522
Accrued liabilities	597,776	434,681
Current lease liabilities	72,257	123,162
Other current liabilities	177,809	174,517
Total current liabilities	8,652,938	1,753,014
Long-term debt	1,105,442	8,361,776
Non-current lease liabilities	318,819	475,161
Deferred tax liabilities, net	76,502	74,838
Other long-term liabilities	92,291	167,165
Total liabilities	10,245,992	10,831,954
Commitments and contingencies (Note 25)
Series B convertible preferred stock, $0.01 par value, — shares authorized, issued and outstanding as of December 31, 2025 (96,746 as of December 31, 2024); aggregate liquidation preference of $— and $96,746 at December 31, 2025 and December 31, 2024	0	90,570
Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 284.6 million issued and outstanding as of December 31, 2025; 266.5 million issued and outstanding as of December 31, 2024	2,845	2,664
Additional paid-in capital	1,776,306	1,674,312
(Accumulated deficit) retained earnings	(1,650,592)	193,561
Accumulated other comprehensive income	54,088	7,504
Total stockholders’ equity attributable to NFE	182,647	1,878,041
Non-controlling interest	126,984	122,660
Total stockholders’ equity	309,631	2,000,701
Total liabilities and stockholders’ equity	$ 10,555,623	$ 12,923,225

Other current liabilities (As Restated)

12 Months Ended

Dec. 31, 2025

Other Liabilities, Current [Abstract]

Other current liabilities (As Restated)

21. Other current liabilities (As Restated)

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


	December 31, 2025		December 31, 2024 (As Restated)
Guarantee liabilities	$	64,765	$	—
Derivative liabilities	31,977		25,932
Contract liabilities (Note 8)	14,133		14,415
Income tax payable	18,314		93,032
Due to affiliates	4,662		11,530
Other current liabilities	43,958		29,608
Total other current liabilities	$	177,809	$	174,517

In 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 13). The Company recognized a guarantee liability, which has been presented as short-term and long-term (Note 23) based on the timing of performance by the LNG supplier. Guarantee liabilities primarily consists of the liability relating to this novation.

Other current liabilities primarily consists of recoverable tax liabilities relating to the Company’s operations in Mexico and Brazil.

Other non-current assets, net (As Restated)

12 Months Ended

Dec. 31, 2025

Other Assets, Noncurrent Disclosure [Abstract]

Other non-current assets, net (As Restated)

19. Other non-current assets, net (As Restated)

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


	December 31, 2025		December 31, 2024 (As Restated)

Long term receivables	$	55,522	$	114,677
Contract asset, net (Note 8)	10,375		20,270

Cost to fulfill (Note 8)	10,425		20,592
Financing costs	—		57,567
Other	64,482		57,359
Total other non-current assets	$	140,804	$	270,465

The long term receivables reflect the discounted value of payments expected in connection with the guarantee provided for the novated LNG supply contract with a customer (Note 13).

Other non-current assets includes proceeds held in escrow from the sale of the Jamaica Business (Note 4), security deposits, and investments in equity securities, which includes investments without a readily determinable fair value of $8,678 as of December 31, 2025 and 2024. The Company has not recognized any gains or losses in the value of these investments during 2025 and 2024. Financing costs as of December 31, 2024 includes deferred costs associated with the Company’s Revolving Facility and the Term Loan A Credit Agreement. Such balance as of December 31, 2025 was reclassified to Other current assets in line with the classification of the underlying debt (Refer to Note 13).

Restricted cash

12 Months Ended

Dec. 31, 2025

Restricted Cash [Abstract]

Restricted cash

11. Restricted cash

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


	December 31, 2025		December 31, 2024
Cash restricted under the terms of loan agreements	$	90,105	$	422,098
Collateral for letters of credit and performance bonds	40,384		50,598
Total restricted cash	$	130,489	$	472,696

Uses of cash proceeds under the BNDES Term Loan, Brazil Financing Notes and PortoCem Debentures (see Note 22) are restricted to certain payments to construct the Company’s power plants in Brazil.

Accrued liabilities (As Restated)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued liabilities (As Restated)

20. Accrued liabilities (As Restated)

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


	December 31, 2025		December 31, 2024 (As Restated)
Accrued interest	$	404,389	$	84,566
Accrued development costs	36,874		144,254
Accrued inventory	—		93,319
Accrued litigation	52,421		—
Other accrued expenses	104,092		112,542
Total accrued liabilities	$	597,776	$	434,681

Accrued litigation includes management’s estimate of probable losses for certain legal matters (see Note 25).

Leases, as lessee (As Restated) - Schedule of Future Payments Due under Operating and Finance Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 102,058
2027	87,902
2028	86,419
2029	62,394
2030	49,814
Thereafter	146,325
Total Lease Payments	534,912
Less: effects of discounting	146,962
Present value of lease liabilities	387,950
Current lease liability	69,832	$ 119,191
Non-current lease liability	318,118	471,961
Financing Leases
2026	2,501
2027	89
2028	89
2029	89
2030	89
Thereafter	674
Total Lease Payments	3,531
Less: effects of discounting	405
Present value of lease liabilities	3,126
Finance lease liabilities	2,425	3,971
Non-current lease liability	$ 701	$ 3,200

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Operating revenue	$ 240,318	$ 228,088	$ 384,881	$ 446,048	$ 291,222	$ 609,504	$ 612,969	$ 900,726	$ 853,287	$ 1,346,774	$ 1,179,508	$ 1,697,464	$ 2,060,212
Vessel charter revenue	61,048	46,739	45,436	58,941	51,584	45,823	92,175	97,407	153,223	156,348	190,504	209,386	252,343
Contract novation income	1,570	1,693	1,746				3,439		5,009		6,366	295,558	0
Other revenue	28,975	27,580	40,219	63,516	84,368	30,655	67,799	115,023	96,774	178,540	127,659	156,536	78,050
Total revenues	331,911	304,100	472,282	568,505	427,174	685,982	776,382	1,113,156	1,108,293	1,681,662	1,504,037	2,358,944	2,390,605
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	196,908	208,162	302,377	325,292	221,813	227,911	510,539	449,725	707,447	775,017	918,603	1,065,181	879,221
Vessel operating expenses	7,297	8,068	7,176	8,254	8,503	8,396	15,244	16,899	22,541	25,153	26,594	33,372	45,439
Operations and maintenance	57,301	57,403	54,940	34,839	33,079	65,661	112,343	98,739	169,644	133,579	218,511	170,763	175,559
Selling, general and administrative	86,467	56,559	51,820	81,345	73,601	68,037	108,379	141,639	194,846	222,984	307,442	293,378	203,385
Transaction and integration costs	19,679	75,354	11,931	3,154	1,760	1,371	87,285	3,131	106,964	6,285	161,756	12,279	6,946
Depreciation and amortization	49,330	52,870	56,311	34,637	36,581	49,659	109,181	86,240	158,511	120,877	203,508	158,791	161,424
Goodwill impairment expense	0	582,172	0				582,172		582,172		598,110	0	0
Asset impairment expense	4,782	122,883	246	1,484	16,016	0	123,129	16,016	127,911		860,865	16,494	10,958
(Gain) loss on sale	0	(470,994)	0	0	0	79,785	(470,994)	79,785	(470,994)	79,785	(670,938)	80,207	(27,978)
Total operating expenses	421,764	692,477	484,801	489,005	391,353	500,820	1,177,278	892,174	1,599,042	1,381,180	2,624,451	1,830,465	1,454,954
Operating (loss) income	(89,853)	(388,377)	(12,519)	79,500	35,821	185,162	(400,896)	220,982	(490,749)	300,482	(1,120,414)	528,479	935,651
Interest expense	198,218	186,389	200,309	71,902	63,087	84,745	386,698	147,832	584,916	219,734	777,845	316,337	284,019
Other (income) expense, net	(30,566)	(59,024)	(63,937)	(5,836)	47,354	19,112	(122,961)	66,466	(153,527)	60,630	(147,593)	116,308	10,408
Loss on extinguishment of debt, net	0	20,320	467	0	0	9,754	20,787	9,754	20,787	9,754	19,937	270,063	0
(Loss) income before income taxes											(1,770,603)	(174,229)	641,224
Income from equity method investments											0	0	9,972
Tax provision	5,496	10,400	26,068	3,229	7,270	19,963	36,468	27,232	41,964	30,461	61,350	70,308	102,972
Net (loss) income	(263,001)	(546,462)	(175,426)	10,205	(81,890)	51,588	(721,888)	(30,302)	(984,889)	(20,097)	(1,831,953)	(244,537)	548,224
Net (loss) attributable to common stockholders	$ (269,615)	$ (544,712)	$ (178,182)	$ 7,030	$ (85,075)	$ 48,858	$ (722,894)	$ (36,217)	$ (992,509)	$ (29,187)	$ (1,844,910)	$ (272,256)	$ 547,230
Net (loss) income per share - basic (in dollars per share)	$ (0.96)	$ (1.99)	$ (0.65)	$ 0.03	$ (0.41)	$ 0.24	$ (2.64)	$ (0.18)	$ (3.59)	$ (0.14)	$ (6.63)	$ (1.25)	$ 2.66
Net (loss) income per share - diluted (in dollars per share)	$ (0.96)	$ (1.99)	$ (0.65)	$ 0.03	$ (0.42)	$ 0.23	$ (2.64)	$ (0.18)	$ (3.59)	$ (0.16)	$ (6.63)	$ (1.26)	$ 2.65
Weighted average number of shares outstanding - basic (in shares)	281,121,646	274,371,636	273,609,766	205,071,771	205,070,756	205,061,967	273,996,219	205,066,362	276,381,199	205,068,178	278,474,487	217,578,487	205,942,837
Weighted average number of shares outstanding - diluted (in shares)	281,121,646	274,371,636	273,609,766	208,880,044	205,851,364	205,977,720	273,996,219	205,846,970	276,381,199	206,836,683	278,474,487	218,622,419	206,481,977
Other comprehensive (loss) income:
Currency translation adjustment	$ 18,547	$ 29,920	$ 24,253	$ (5,963)	$ (20,557)	$ (7,708)	$ 54,173	$ (28,265)	$ 72,720	$ (34,228)	$ 48,453	$ (65,612)	$ 18,564
Reclassification of net foreign currency translation adjustment realized upon sale of foreign subsidiary											0	0	(1,457)
Comprehensive (loss) income	(244,454)	(516,542)	(151,173)	4,242	(102,447)	43,880	(667,715)	(58,567)	(912,169)	(54,325)	(1,783,500)	(310,149)	565,331
Comprehensive (income) attributable to non-controlling interest	(6,252)	616	(2,879)	(2,563)	(1,963)	(2,230)	(2,263)	(4,193)	(8,515)	(6,756)	(13,521)	(5,623)	(1,412)
Comprehensive (loss) income attributable to stockholders	$ (250,706)	$ (515,926)	$ (154,052)	$ 1,679	$ (104,410)	$ 41,650	$ (669,978)	$ (62,760)	$ (920,684)	$ (61,081)	$ (1,797,021)	$ (315,772)	$ 563,919

Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Guarantee liabilities	$ 53,289				$ 115,359
Derivative liabilities	2,579				19,917
Contract liability (Note 8)	9,750				11,750
Uncertain taxes (Note 24)	15,943				0				$ 0
Other	10,730				20,139
Other long-term liabilities	$ 92,291	$ 107,961	$ 155,954	$ 174,059	$ 167,165	$ 45,831	$ 46,492	$ 36,645	$ 55,627

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Aug. 01, 2025	Oct. 02, 2024	Oct. 01, 2024	Dec. 31, 2024	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Temporary equity, par value (in dollars per share)				$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Temporary equity, shares outstanding (in shares)				96,746	0	36,746	36,746	96,746	96,746	96,746	36,746	96,746	0	96,746	0	96,746
Payments of dividends										$ 32,326	$ 3,014	$ 55,710	$ 3,019	$ 61,322	$ 3,472	$ 65,310	$ 723,962
Adjustments to additional paid in capital, dividends in excess of retained earnings					$ 310	$ 446	$ 3,567	$ 24,687	$ 24,716	32,326					$ 11,035	$ 85,717	$ 97,652
Issuance of shares for vested share-based compensation awards										$ 8,662
Net proceeds on issuance of common stock		$ 386,583
Series B Convertible Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock and deemed dividend (Note 27) (in shares)			96,746
Temporary equity, dividend rate (in percent)			4.80%
Temporary equity, par value (in dollars per share)			$ 0.01
Temporary equity, liquidation preference per share (in dollars per share)			$ 1,000
Number of shares converted (in shares)				1,673,674			45,000
Dividends payable							$ 107
Debt instrument, convertible, conversion price (in dollars per share)							$ 9.06
Stock redeemed or called during period (in shares)	36,746
Share price (in dollars per share)	$ 950
Dividends, preferred stock, stock	$ 756
Temporary equity, shares outstanding (in shares)				96,746	0	36,746	36,746				36,746		0		0	96,746
Issuance of preferred stock and deemed dividend					$ 310	$ 446	$ 107								$ 453
Class A Shares
Class of Stock [Line Items]
Number of shares issued (in shares)							4,977,837
Stock issued during period, shares, conversion of units (in shares)							6,651,511
Share price (in dollars per share)	$ 4.01
Shares, issued (in shares)	10,351,348
Payments of dividends																$ 20,507
Dividend per share (in dollars per share)																$ 0.10
Adjustments to additional paid in capital, dividends in excess of retained earnings																$ 61,517
Shares issued		46,349,942
Common stock average price per share (in dollars per share)		$ 8.63
Class A Shares \| Chief Executive Officer
Class of Stock [Line Items]
Shares issued		5,793,742
Series B convertible preferred stock
Class of Stock [Line Items]
Payments of dividends																969
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock and deemed dividend (Note 27) (in shares)										96,746
Temporary equity, shares outstanding (in shares)								96,746	96,746	96,746		96,746		96,746			0
Issuance of preferred stock and deemed dividend									$ 1,190	$ 142
Payments of dividends																2,493
Series A Preferred Units \| GMLP Merger Agreement
Class of Stock [Line Items]
Payments of dividends															$ 3,019	$ 12,076	$ 12,076
Noncontrolling interest, ownership by noncontrolling owners (in percent)															8.75%

Significant accounting policies - Revenue Recognition (Details) - Obligation	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue recognition [Abstract]
Number of performance obligations	1
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating revenue	Operating revenue

Revenue recognition (As Restated) - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended							6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenue		$ 240,318	$ 228,088	$ 384,881		$ 446,048	$ 291,222	$ 609,504	$ 612,969	$ 900,726	$ 853,287	$ 1,346,774	$ 1,179,508	$ 1,697,464	$ 2,060,212
Other revenue		$ 28,975	$ 27,580	$ 40,219		$ 63,516	$ 84,368	$ 30,655	$ 67,799	$ 115,023	$ 96,774	$ 178,540	127,659	156,536	78,050
Receivables, revenue from contracts with customers	$ 388,683				$ 326,550								388,683	326,550
Accounts receivable, allowance for credit loss, current	17,424				15,650								17,424	15,650
Contract with customer, receivable, after allowance for credit loss	297				158								297	158
Capitalized contract cost, net	12,027				22,797								12,027	22,797
Other current assets	1,602				2,205								1,602	2,205
Other noncurrent assets	10,425				20,592								10,425	20,592
Customer Settlement Agreement
Disaggregation of Revenue [Line Items]
Decrease in accounts receivable	67,195
Gain (loss) on contract termination	142,000
Other revenue	$ 74,805
Cargo Sales
Disaggregation of Revenue [Line Items]
Operating revenue													276,404	291,000	618,521
Contract settlements													0	0	332,000
Operation and maintenance revenue
Disaggregation of Revenue [Line Items]
Other revenue													115,935	145,786	51,709
Incentive Fees
Disaggregation of Revenue [Line Items]
Other revenue													0	$ 15,707	$ 0
Contract Novation
Disaggregation of Revenue [Line Items]
Other revenue					$ 295,558								$ 6,366

Debt (As Restated) - PortoCem Financings (Details) $ in Thousands, R$ in Billions	1 Months Ended	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2024 BRL (R$)
Debt Instrument [Line Items]
Loss on extinguishment of debt, net		$ 0	$ 20,320	$ 467	$ 0	$ 0	$ 9,754	$ 20,787	$ 9,754	$ 20,787	$ 9,754	$ 19,937	$ 270,063	$ 0
Deferred financing costs												150,788
PortoCem Debentures \| Line of Credit
Debt Instrument [Line Items]
Issuance of letter of credit	$ 817,875														R$ 4.5
Variable interest rate (in percent)	9.15%
Maximum amount to contribute	$ 50,000
PortoCem Credit Note
Debt Instrument [Line Items]
Loss on extinguishment of debt, net												25,010
PortoCem Bridge Loan and Debenture
Debt Instrument [Line Items]
Debt instrument, fee amount												6,301
Deferred financing costs												8,157	$ 6,301
Porto Cem Bridge Loan Due October
Debt Instrument [Line Items]
Debt instrument, credit rating downgrades, bank guarantee												129,100
Porto Cem Bridge Loan Due October \| Debt Instrument, Covenant Period One
Debt Instrument [Line Items]
Debt instrument, covenant, bank guarantee												50,000
Porto Cem Bridge Loan Due October \| Debt Instrument, Covenant Period Two
Debt Instrument [Line Items]
Debt instrument, covenant, bank guarantee												$ 79,100

Earnings per share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings per share

26. Earnings per share (As Restated)


	Year Ended December 31,
	2025		2024 (As Restated)		2023 (As Restated)
Basic
Numerator:
Net (loss) income	$	(1,831,953)	$	(244,537)	$	548,224
Net (loss) income attributable to non-controlling interests	(11,653)		(6,652)		(994)
Convertible preferred stock dividend	(1,304)		(3,462)		—
Deemed dividend from the preferred stock exchange	—		(17,605)		—
Net (loss) income attributable to Class A common stock	$	(1,844,910)	$	(272,256)	$	547,230

Denominator:
Weighted-average shares - basic	278,474,487		217,578,487		205,942,837
Net (loss) income per share - basic	$	(6.63)	$	(1.25)	$	2.66

Diluted
Numerator:
Net (loss) income	$	(1,831,953)	$	(244,537)	$	548,224
Net (loss) income attributable to non-controlling interests	(11,653)		(6,652)		(994)
Convertible preferred stock dividend	(1,304)		(3,462)		—
Deemed dividend from the preferred stock exchange	—		(17,605)		—
Adjustments attributable to dilutive securities	—		(2,418)		(736)
Net (loss) income attributable to Class A common stock	$	(1,844,910)	$	(274,674)	$	546,494

Denominator:
Weighted-average shares - diluted	278,474,487		218,622,419		206,481,977
Net (loss) income per share - diluted	$	(6.63)	$	(1.26)	$	2.65


	Year Ended December 31,
	2025	2024	2023
Unvested RSUs	—	1,579,802	—
Series B convertible preferred stock(1)	—	81,746	—
Equity agreement shares(2)	13,907,346	—	—

(1) Represents the number of unconverted Series B convertible preferred shares as of December 31, 2024.

(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						6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction												$ 1,837	$ 2,126	$ 2,784
Selling, general and administrative		$ 86,467	$ 56,559	$ 51,820	$ 81,345	$ 73,601	$ 68,037	$ 108,379	$ 141,639	$ 194,846	$ 222,984	307,442	293,378	203,385
Due to affiliates												4,662	11,530
DevTech Environment Limited \| Related Party
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 950
Selling, general and administrative												0	537	$ 424
Due to affiliates												$ 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]
Share capital owned (in percent)												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

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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-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
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: 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)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

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
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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

- 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

Restatement of Previously Issued Financial Statements - Restated Consolidated Statements of Changes in Stockholders’ Equity (Details) - USD ($)	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)	36,746	36,746	96,746	96,746	96,746		96,746		96,746		96,746
Balance at beginning of period	$ 41,154,000	$ 40,708,000	$ 90,570,000	$ 97,845,000	$ 96,655,000		$ 90,570,000		$ 90,570,000		$ 90,570,000
Balance at ending of period (in shares)	0	36,746	36,746	96,746	96,746	96,746	36,746	96,746	0	96,746	0	96,746
Balance at ending of period	$ 0	$ 41,154,000	$ 40,708,000	$ 96,555,000	$ 97,845,000	$ 96,655,000	$ 41,154,000	$ 97,845,000	$ 0	$ 96,555,000	$ 0	$ 90,570,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	1,381,704,000	1,895,086,000	2,000,701,000	1,687,063,000	1,794,452,000	1,777,776,000	2,000,701,000	1,777,776,000	2,000,701,000	1,777,776,000	2,000,701,000	1,777,776,000	$ 1,441,859,000
Net (loss) income	(263,001,000)	(546,462,000)	(175,426,000)	10,205,000	(81,890,000)	51,588,000	(721,888,000)	(30,302,000)	(984,889,000)	(20,097,000)	(1,831,953,000)	(244,537,000)	548,224,000
Other comprehensive income (loss)	18,547,000	29,920,000	24,253,000	(5,963,000)	(20,557,000)	(7,708,000)					48,454,000	(65,612,000)	17,107,000
Share-based compensation expense	5,544,000	5,250,000	(229,000)	22,543,000	20,064,000	5,248,000					14,546,000	50,625,000	1,573,000
Acquisition and cancellation of shares		7,000		0	0						(823,000)		(123,819,000)
Class A stock issued, net of issuance costs			370,000								370,000	562,815,000	(123,819,000)
Issuance of shares for vested share-based compensation awards											7,000	0	3,000
Shares withheld from employees related to share-based compensation, at cost		(1,651,000)	(159,000)	(19,000)	(290,000)	(126,000)					(1,810,000)	(435,000)	(9,519,000)
Issuance of preferred stock and deemed dividend (Note 27)												(10,833,000)	(97,652,000)
Conversion of Series B convertible preferred stock	41,465,000		49,965,000								91,174,000	16,619,000
Dividends	(310,000)	(446,000)	(3,567,000)	(24,687,000)	(24,716,000)	(32,326,000)					(11,035,000)	(85,717,000)	(97,652,000)
Balance	1,183,949,000	1,381,704,000	1,895,086,000	1,689,142,000	1,687,063,000	1,794,452,000	1,381,704,000	1,687,063,000	1,183,949,000	1,689,142,000	309,631,000	2,000,701,000	1,777,776,000
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	1,725,985,000	1,722,829,000	1,674,312,000	1,063,426,000	1,043,652,000	1,038,530,000	1,674,312,000	1,038,530,000	1,674,312,000	1,038,530,000	1,674,312,000	1,038,530,000	1,170,254,000
Share-based compensation expense	5,544,000	5,250,000	(229,000)	22,543,000	20,064,000	5,248,000					14,546,000	50,625,000	1,573,000
Acquisition and cancellation of shares											(1,356,000)		(123,778,000)
Class A stock issued, net of issuance costs			363,000								363,000	562,201,000	(123,778,000)
Shares withheld from employees related to share-based compensation, at cost		(1,648,000)	(159,000)	(19,000)	(290,000)	(126,000)					(1,807,000)	(435,000)	(9,519,000)
Issuance of preferred stock and deemed dividend (Note 27)												6,772,000
Conversion of Series B convertible preferred stock	41,361,000		49,898,000								91,004,000	16,619,000
Dividends	(310,000)	(446,000)									(756,000)
Balance	1,772,580,000	1,725,985,000	1,722,829,000	1,085,950,000	1,063,426,000	1,043,652,000	1,725,985,000	1,063,426,000	1,772,580,000	1,085,950,000	1,776,306,000	1,674,312,000	1,038,530,000
Retained earnings (Accumulated deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(528,887,000)	15,379,000	193,561,000	450,107,000	555,688,000	527,334,000	193,561,000	527,334,000	193,561,000	527,334,000	193,561,000	527,334,000	62,080,000
Net (loss) income	(269,305,000)	(544,266,000)	(177,634,000)	8,191,000	(83,884,000)	48,999,000					(1,843,606,000)	(251,189,000)	547,230,000
Issuance of preferred stock and deemed dividend (Note 27)												(17,605,000)	(81,976,000)
Dividends			(548,000)	(21,668,000)	(21,697,000)	(20,645,000)					(548,000)	(64,979,000)	(81,976,000)
Balance	(798,192,000)	(528,887,000)	15,379,000	436,630,000	450,107,000	555,688,000	(528,887,000)	450,107,000	(798,192,000)	436,630,000	(1,650,593,000)	193,561,000	527,334,000
Accumulated other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	59,426,000	31,086,000	7,504,000	44,212,000	64,738,000	72,087,000	7,504,000	72,087,000	7,504,000	72,087,000	7,504,000	72,087,000	55,398,000
Other comprehensive income (loss)	18,599,000	28,340,000	23,582,000	(6,512,000)	(20,526,000)	(7,349,000)					46,585,000	(64,583,000)	16,689,000
Balance	78,025,000	59,426,000	31,086,000	37,700,000	44,212,000	64,738,000	59,426,000	44,212,000	78,025,000	37,700,000	54,089,000	7,504,000	72,087,000
Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	122,438,000	123,054,000	122,660,000	127,268,000	128,324,000	137,775,000	122,660,000	137,775,000	122,660,000	137,775,000	122,660,000	137,775,000	152,039,000
Net (loss) income	6,304,000	(2,196,000)	2,208,000	2,014,000	1,994,000	2,589,000					11,653,000	6,652,000	994,000
Other comprehensive income (loss)	(52,000)	1,580,000	671,000	549,000	(31,000)	(359,000)					1,869,000	(1,029,000)	418,000
Acquisition and cancellation of shares											533,000
Issuance of preferred stock and deemed dividend (Note 27)													(15,676,000)
Dividends			(3,019,000)	(3,019,000)	(3,019,000)	(11,681,000)					(9,731,000)	(20,738,000)	(15,676,000)
Balance	$ 128,690,000	$ 122,438,000	$ 123,054,000	$ 126,812,000	$ 127,268,000	$ 128,324,000	$ 122,438,000	$ 127,268,000	$ 128,690,000	$ 126,812,000	$ 126,984,000	$ 122,660,000	$ 137,775,000
Series B Convertible Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)	36,746	36,746	96,746				96,746		96,746		96,746
Balance at beginning of period	$ 41,154,000	$ 40,708,000	$ 90,570,000				$ 90,570,000		$ 90,570,000		$ 90,570,000
Issuance of preferred stock and deemed dividend	$ 310,000	$ 446,000	$ 107,000								$ 453,000
Balance at ending of period (in shares)	0	36,746	36,746				36,746		0		0	96,746
Balance at ending of period	$ 0	$ 41,154,000	$ 40,708,000				$ 41,154,000		$ 0		$ 0	$ 90,570,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Series B convertible preferred stock	$ (41,464,000)		$ (49,969,000)								$ (91,433,000)
Series B Convertible Preferred Stock \| Common Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)			96,746			0	96,746	0	96,746	0	96,746	0	0
Balance at beginning of period			$ 90,570,000			$ 0	$ 90,570,000	$ 0	$ 90,570,000	$ 0	$ 90,570,000	$ 0	$ 0
Issuance of preferred stock and deemed dividend (in shares)												96,746
Issuance of preferred stock and deemed dividend											$ 863,000	$ 107,189,000
Balance at ending of period (in shares)												96,746	0
Balance at ending of period												$ 90,570,000	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Series B convertible preferred stock												(16,619,000)
Class A common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends												$ (61,517,000)
Class A common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	274,201,463	273,790,539	266,459,093	205,065,328	205,041,824	205,031,406	266,459,093	205,031,406	266,459,093	205,031,406	266,459,093	205,031,406	208,770,088
Balance	$ 2,742,000	$ 2,738,000	$ 2,664,000	$ 2,050,000	$ 2,050,000	$ 2,050,000	$ 2,664,000	$ 2,050,000	$ 2,664,000	$ 2,050,000	$ 2,664,000	$ 2,050,000	$ 2,088,000
Acquisition and cancellation of shares (in shares)		720,642	31,814	5,331	34,578	14,126					0		(4,100,000)
Acquisition and cancellation of shares		$ 7,000											$ (41,000)
Class A stock issued, net of issuance costs (in shares)			661,207								661,207	61,389,733	(4,100,000)
Class A stock issued, net of issuance costs			$ 7,000								$ 7,000	$ 614,000	$ (41,000)
Issuance of shares for vested share-based compensation awards (in shares)											752,456	54,035	689,401
Issuance of shares for vested share-based compensation awards											$ 7,000	$ 0	$ 3,000
Shares withheld from employees related to share-based compensation, at cost (in shares)		(309,718)	(13,086)	(1,299)	(11,074)	(3,708)					(322,804)	(16,081)	(328,083)
Shares withheld from employees related to share-based compensation, at cost		$ (3,000)									$ (3,000)
Conversion of Series B convertible preferred stock	$ 104,000		$ 67,000								$ 170,000
Balance (in shares)	284,552,811	274,201,463	273,790,539	205,069,360	205,065,328	205,041,824	274,201,463	205,065,328	284,552,811	205,069,360	284,552,811	266,459,093	205,031,406
Balance	$ 2,846,000	$ 2,742,000	$ 2,738,000	$ 2,050,000	$ 2,050,000	$ 2,050,000	$ 2,742,000	$ 2,050,000	$ 2,846,000	$ 2,050,000	$ 2,845,000	$ 2,664,000	$ 2,050,000
As Reported
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period	41,154,000	40,708,000	90,570,000	97,845,000	96,655,000		90,570,000		90,570,000		90,570,000
Balance at ending of period	0	41,154,000	40,708,000	96,555,000	97,845,000	96,655,000	41,154,000	97,845,000	0	96,555,000		90,570,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	1,352,194,000	1,871,526,000	1,999,088,000	1,687,268,000	1,799,627,000	1,777,869,000	1,999,088,000	1,777,869,000	1,999,088,000	1,777,869,000	1,999,088,000	1,777,869,000	1,441,859,000
Net (loss) income	(293,356,000)	(556,827,000)	(197,373,000)	11,313,000	(86,860,000)	56,670,000	(754,200,000)	(30,190,000)	(1,047,556,000)	(18,877,000)		(242,387,000)	548,876,000
Other comprehensive income (loss)	18,547,000	34,335,000	24,253,000	(5,963,000)	(20,557,000)	(7,708,000)						(69,468,000)	16,548,000
Share-based compensation expense	5,544,000	5,250,000	(229,000)	22,543,000	20,064,000	5,248,000						50,625,000	1,573,000
Acquisition and cancellation of shares		7,000		0	0								(123,819,000)
Class A stock issued, net of issuance costs			370,000									562,815,000
Issuance of shares for vested share-based compensation awards													3,000
Shares withheld from employees related to share-based compensation, at cost		(1,651,000)	(159,000)	(19,000)	(290,000)	(126,000)						(435,000)	(9,519,000)
Issuance of preferred stock and deemed dividend (Note 27)												(10,833,000)
Conversion of Series B convertible preferred stock	41,465,000		49,965,000									16,619,000
Dividends	(310,000)	(446,000)	(3,567,000)	(24,687,000)	(24,716,000)	(32,326,000)						(85,717,000)	(97,652,000)
Balance	1,124,084,000	1,352,194,000	1,871,526,000	1,690,455,000	1,687,268,000	1,799,627,000	1,352,194,000	1,687,268,000	1,124,084,000	1,690,455,000		1,999,088,000	1,777,869,000
As Reported \| Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	1,725,985,000	1,722,829,000	1,674,312,000	1,063,426,000	1,043,652,000	1,038,530,000	1,674,312,000	1,038,530,000	1,674,312,000	1,038,530,000	1,674,312,000	1,038,530,000	1,170,254,000
Share-based compensation expense	5,544,000	5,250,000	(229,000)	22,543,000	20,064,000	5,248,000						50,625,000	1,573,000
Acquisition and cancellation of shares													(123,778,000)
Class A stock issued, net of issuance costs			363,000									562,201,000
Shares withheld from employees related to share-based compensation, at cost		(1,648,000)	(159,000)	(19,000)	(290,000)	(126,000)						(435,000)	(9,519,000)
Issuance of preferred stock and deemed dividend (Note 27)												6,772,000
Conversion of Series B convertible preferred stock	41,361,000		49,898,000									16,619,000
Dividends	(310,000)	(446,000)
Balance	1,772,580,000	1,725,985,000	1,722,829,000	1,085,950,000	1,063,426,000	1,043,652,000	1,725,985,000	1,063,426,000	1,772,580,000	1,085,950,000		1,674,312,000	1,038,530,000
As Reported \| Retained earnings (Accumulated deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(558,397,000)	(3,766,000)	196,363,000	450,871,000	561,422,000	527,986,000	196,363,000	527,986,000	196,363,000	527,986,000	196,363,000	527,986,000	62,080,000
Net (loss) income	(299,660,000)	(554,631,000)	(199,581,000)	9,299,000	(88,854,000)	54,081,000						(249,039,000)	547,882,000
Issuance of preferred stock and deemed dividend (Note 27)												(17,605,000)
Dividends			(548,000)	(21,668,000)	(21,697,000)	(20,645,000)						(64,979,000)	(81,976,000)
Balance	(858,057,000)	(558,397,000)	(3,766,000)	438,502,000	450,871,000	561,422,000	(558,397,000)	450,871,000	(858,057,000)	438,502,000		196,363,000	527,986,000
As Reported \| Accumulated other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	59,426,000	26,671,000	3,089,000	43,653,000	64,179,000	71,528,000	3,089,000	71,528,000	3,089,000	71,528,000	3,089,000	71,528,000	55,398,000
Other comprehensive income (loss)	18,599,000	32,755,000	23,582,000	(6,512,000)	(20,526,000)	(7,349,000)						(68,439,000)	16,130,000
Balance	78,025,000	59,426,000	26,671,000	37,141,000	43,653,000	64,179,000	59,426,000	43,653,000	78,025,000	37,141,000		3,089,000	71,528,000
As Reported \| Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	122,438,000	123,054,000	122,660,000	127,268,000	128,324,000	137,775,000	122,660,000	137,775,000	122,660,000	137,775,000	$ 122,660,000	137,775,000	152,039,000
Net (loss) income	6,304,000	(2,196,000)	2,208,000	2,014,000	1,994,000	2,589,000						6,652,000	994,000
Other comprehensive income (loss)	(52,000)	1,580,000	671,000	549,000	(31,000)	(359,000)						(1,029,000)	418,000
Dividends			(3,019,000)	(3,019,000)	(3,019,000)	(11,681,000)						(20,738,000)	(15,676,000)
Balance	$ 128,690,000	$ 122,438,000	$ 123,054,000	$ 126,812,000	$ 127,268,000	$ 128,324,000	$ 122,438,000	$ 127,268,000	$ 128,690,000	$ 126,812,000		$ 122,660,000	$ 137,775,000
As Reported \| Series B Convertible Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)	36,746	36,746	96,746				96,746		96,746		96,746
Balance at beginning of period	$ 41,154,000	$ 40,708,000	$ 90,570,000				$ 90,570,000		$ 90,570,000		$ 90,570,000
Issuance of preferred stock and deemed dividend	$ 310,000	$ 446,000	$ 107,000
Balance at ending of period (in shares)	0	36,746	36,746				36,746		0			96,746
Balance at ending of period	$ 0	$ 41,154,000	$ 40,708,000				$ 41,154,000		$ 0			$ 90,570,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Series B convertible preferred stock	$ (41,464,000)		$ (49,969,000)
As Reported \| Series B Convertible Preferred Stock \| Common Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period (in shares)						0		0		0		0	0
Balance at beginning of period						$ 0		$ 0		$ 0		$ 0	$ 0
Issuance of preferred stock and deemed dividend (in shares)												96,746
Issuance of preferred stock and deemed dividend												$ 107,189,000
Balance at ending of period (in shares)													0
Balance at ending of period													$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Series B convertible preferred stock												$ (16,619,000)
As Reported \| Class A common stock \| Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	274,201,463	273,790,539	266,459,093	205,065,328	205,041,824	205,031,406	266,459,093	205,031,406	266,459,093	205,031,406	266,459,093	205,031,406	208,770,088
Balance	$ 2,742,000	$ 2,738,000	$ 2,664,000	$ 2,050,000	$ 2,050,000	$ 2,050,000	$ 2,664,000	$ 2,050,000	$ 2,664,000	$ 2,050,000	$ 2,664,000	$ 2,050,000	$ 2,088,000
Acquisition and cancellation of shares (in shares)		720,642	31,814	5,331	34,578	14,126							(4,100,000)
Acquisition and cancellation of shares		$ 7,000											$ (41,000)
Class A stock issued, net of issuance costs (in shares)			661,207									61,389,733
Class A stock issued, net of issuance costs			$ 7,000									$ 614,000
Issuance of shares for vested share-based compensation awards (in shares)												54,035	689,401
Issuance of shares for vested share-based compensation awards													$ 3,000
Shares withheld from employees related to share-based compensation, at cost (in shares)		(309,718)	(13,086)	(1,299)	(11,074)	(3,708)						(16,081)	(328,083)
Shares withheld from employees related to share-based compensation, at cost		$ (3,000)
Conversion of Series B convertible preferred stock	$ 104,000		$ 67,000
Balance (in shares)	284,552,811	274,201,463	273,790,539	205,069,360	205,065,328	205,041,824	274,201,463	205,065,328	284,552,811	205,069,360		266,459,093	205,031,406
Balance	$ 2,846,000	$ 2,742,000	$ 2,738,000	$ 2,050,000	$ 2,050,000	$ 2,050,000	$ 2,742,000	$ 2,050,000	$ 2,846,000	$ 2,050,000		$ 2,664,000	$ 2,050,000
Adjustments
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period	0	0	0	0	0		0		0		0
Balance at ending of period	0	0	0	0	0	0	0	0	0	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	29,510,000	23,560,000	1,613,000	(205,000)	(5,175,000)	(93,000)	1,613,000	(93,000)	1,613,000	(93,000)	1,613,000	(93,000)
Net (loss) income	30,355,000	10,365,000	21,947,000	(1,108,000)	4,970,000	(5,082,000)	32,312,000	(112,000)	62,667,000	(1,220,000)		(2,150,000)	(652,000)
Other comprehensive income (loss)		(4,415,000)										3,856,000	559,000
Balance	59,865,000	29,510,000	23,560,000	(1,313,000)	(205,000)	(5,175,000)	29,510,000	(205,000)	59,865,000	(1,313,000)		1,613,000	(93,000)
Adjustments \| Retained earnings (Accumulated deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	29,510,000	19,145,000	(2,802,000)	(764,000)	(5,734,000)	(652,000)	(2,802,000)	(652,000)	(2,802,000)	(652,000)	(2,802,000)	(652,000)
Net (loss) income	30,355,000	10,365,000	21,947,000	(1,108,000)								(2,150,000)	(652,000)
Balance	59,865,000	29,510,000	19,145,000	(1,872,000)	(764,000)	(5,734,000)	29,510,000	(764,000)	59,865,000	(1,872,000)		(2,802,000)	(652,000)
Adjustments \| Accumulated other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	0	4,415,000	4,415,000	559,000	559,000	559,000	4,415,000	559,000	4,415,000	559,000	$ 4,415,000	559,000
Other comprehensive income (loss)		(4,415,000)										3,856,000	559,000
Balance	$ 0	$ 0	$ 4,415,000	$ 559,000	$ 559,000	$ 559,000	$ 0	$ 559,000	$ 0	$ 559,000		$ 4,415,000	$ 559,000

Property, plant and equipment, net (As Restated) (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

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


	December 31, 2025		December 31, 2024 (As Restated)
LNG liquefaction facilities	$	3,264,547	$	3,395,192
Vessels	974,105		1,580,553
Terminal and power plant equipment	480,244		630,822
Gas pipelines	291,355		323,196
Power facilities	159,390		285,640
ISO containers and other equipment	35,750		66,766
Land	56,724		51,897
Leasehold improvements	39,346		49,862
Accumulated depreciation	(408,724)		(455,009)
Total property, plant and equipment, net	$	4,892,737	$	5,928,919

Equity method investments - Narrative (Details)		1 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
Equity method investments - Narrative (Details)	Feb. 14, 2024 USD ($)	Aug. 31, 2022 USD ($) vessel	Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of vessels transferred \| vessel		11
Purchase agreement, consideration received		$ 1,850,000,000
Number of vessels subject to long term charter agreements \| vessel		10
Equity method investment, difference between carrying amount and underlying equity								$ 5,277,000
Sale of equity method investment			$ 136,365,000	$ 136,365,000	$ 136,365,000	$ 0	$ 136,365,000	100,000,000
Income from equity method investments						$ 0	0	9,972,000
Sale of vessels to Energos
Schedule of Equity Method Investments [Line Items]
Ownership interest acquired (in percent)						20.00%
Sale of equity method investment	$ 136,365,000
Loss on the disposal of equity method investment	$ 7,222,000
Other long-term investments						$ 1,000,000
Income from equity method investments						$ 0	$ 0	$ 9,263,000

Restatement of Previously Issued Condensed Consolidated Financial Statements (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments


	As of December 31, 2023
	As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	155,414	$	—	$	155,414
Restricted cash	155,400		—		155,400
Receivables, net of allowances of $1,158	342,371		610		342,981
Inventory	113,684		2,500		116,184
Prepaid expenses and other current assets, net	213,104		(308)		212,796
Total current assets	979,973		2,802		982,775

Construction in progress	5,348,294		(5,921)		5,342,373
Property, plant and equipment, net	2,481,415		—		2,481,415
Equity method investments	137,793		—		137,793
Right-of-use assets	588,385		—		588,385
Intangible assets, net	51,815		—		51,815
Goodwill	776,760		16,380		793,140
Deferred tax assets, net	9,907		—		9,907
Other non-current assets, net	126,903		(1,069)		125,834
Total assets	$	10,501,245	$	12,192	$	10,513,437

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	292,625	$	—	$	292,625
Accounts payable	549,489		(3,321)		546,168
Accrued liabilities	471,675		14,608		486,283
Current lease liabilities	164,548		—		164,548
Other current liabilities	227,951		(14,759)		213,192
Total current liabilities	1,706,288		(3,472)		1,702,816

Long-term debt	6,510,523		—		6,510,523
Non-current lease liabilities	406,494		—		406,494
Deferred tax liabilities, net	44,444		15,757		60,201
Other long-term liabilities	55,627		—		55,627
Total liabilities	8,723,376		12,285		8,735,661



Stockholders’ equity
Class A common stock, $0.01 par value, 205.0 million issued and outstanding as of December 31, 2023	2,050		—		2,050
Additional paid-in capital	1,038,530		—		1,038,530
Retained earnings	527,986		(652)		527,334
Accumulated other comprehensive income	71,528		559		72,087
Total stockholders’ equity attributable to NFE	1,640,094		(93)		1,640,001
Non-controlling interest	137,775		—		137,775
Total stockholders’ equity	1,777,869		(93)		1,777,776
Total liabilities and stockholders’ equity	$	10,501,245	$	12,192	$	10,513,437


	As of December 31, 2024
	As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	492,881	$	—	$	492,881
Restricted cash	472,696		—		472,696
Receivables, net of allowances of $13,629 (as reported) and $15,651 (as restated)	335,813		(4,394)		331,419
Inventory	103,224		—		103,224
Prepaid expenses and other current assets, net	205,496		6,844		212,340
Total current assets	1,610,110		2,450		1,612,560


Construction in progress	3,574,389		(47,405)		3,526,984
Property, plant and equipment, net	5,842,807		86,112		5,928,919

Right-of-use assets	618,733		—		618,733
Intangible assets, net	179,510		—		179,510

Goodwill	766,350		16,380		782,730
Deferred tax assets, net	2,698		626		3,324
Other non-current assets, net	272,899		(2,434)		270,465
Total assets	$	12,867,496	$	55,729	$	12,923,225

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	539,132	$	—	$	539,132
Accounts payable	473,736		7,786		481,522
Accrued liabilities	391,359		43,322		434,681
Current lease liabilities	128,362		(5,200)		123,162
Other current liabilities	174,829		(312)		174,517
Total current liabilities	1,707,418		45,596		1,753,014

Long-term debt	8,355,703		6,073		8,361,776
Non-current lease liabilities	475,161		—		475,161
Deferred tax liabilities, net	73,198		1,640		74,838
Other long-term liabilities	166,358		807		167,165
Total liabilities	10,777,838		54,116		10,831,954

Series B convertible preferred stock, $0.01 par value, 96,746 shares authorized, issued and outstanding as of December 31, 2024; aggregate liquidation preference of $96,746 at December 31, 2024	90,570		—		90,570

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 266.5 million issued and outstanding as of December 31, 2024	2,664		—		2,664
Additional paid-in capital	1,674,312		—		1,674,312
Retained earnings	196,363		(2,802)		193,561
Accumulated other comprehensive income	3,089		4,415		7,504
Total stockholders’ equity attributable to NFE	1,876,428		1,613		1,878,041
Non-controlling interest	122,660		—		122,660
Total stockholders’ equity	1,999,088		1,613		2,000,701
Total liabilities and stockholders’ equity	$	12,867,496	$	55,729	$	12,923,225


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	2,060,212	$	—	$	2,060,212
Vessel charter revenue	276,843		(24,500)		252,343

Other revenue	76,241		1,809		78,050
Total revenues	2,413,296		(22,691)		2,390,605

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	877,451		1,770		879,221
Vessel operating expenses	45,439		—		45,439
Operations and maintenance	166,785		8,774		175,559
Selling, general and administrative	205,104		(1,719)		203,385
Transaction and integration costs	6,946		—		6,946
Depreciation and amortization	187,324		(25,900)		161,424
Asset impairment expense	10,958		—		10,958
Loss (gain) on sale of assets, net	(29,378)		1,400		(27,978)
Total operating expenses	1,470,629		(15,675)		1,454,954
Operating income	942,667		(7,016)		935,651
Interest expense	277,842		6,177		284,019
Other expense (income), net	10,408		—		10,408

Income before income from equity method investments and income taxes	654,417		(13,193)		641,224
Income from equity method investments	9,972		—		9,972
Tax provision (benefit)	115,513		(12,541)		102,972
Net income	548,876		(652)		548,224


Net income attributable to common stockholders	$	547,882	$	(652)	$	547,230

Net income per share – basic	$	2.66	$	—	$	2.66
Net income per share – diluted	$	2.65	$	—	$	2.65

Weighted average number of shares outstanding – basic	205,942,837		—		205,942,837
Weighted average number of shares outstanding – diluted	206,481,977		—		206,481,977

Other comprehensive income:
Currency translation adjustment	18,005		559		18,564
Reclassification of net foreign currency translation adjustment realized upon sale of foreign subsidiary	(1,457)		—		(1,457)
Comprehensive income	565,424		(93)		565,331
Comprehensive (income) attributable to non-controlling interest	(1,412)		—		(1,412)
Comprehensive income attributable to stockholders	$	564,012	$	(93)	$	563,919


	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	1,698,348	$	(884)	$	1,697,464
Vessel charter revenue	212,609		(3,223)		209,386
Contract novation income	295,558		—		295,558
Other revenue	158,345		(1,809)		156,536
Total revenues	2,364,860		(5,916)		2,358,944

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	1,064,667		514		1,065,181
Vessel operating expenses	33,372		—		33,372
Operations and maintenance	174,313		(3,550)		170,763
Selling, general and administrative	285,520		7,858		293,378
Transaction and integration costs	12,279		—		12,279
Depreciation and amortization	162,014		(3,223)		158,791
Asset impairment expense	16,494		—		16,494
Loss on sale of assets, net	77,562		2,645		80,207
Total operating expenses	1,826,221		4,244		1,830,465
Operating income	538,639		(10,160)		528,479
Interest expense	328,377		(12,040)		316,337
Other expense (income), net	113,077		3,231		116,308
Loss on extinguishment of debt, net	270,063		—		270,063
(Loss) before income taxes	(172,878)		(1,351)		(174,229)

Tax provision	69,509		799		70,308
Net (loss)	(242,387)		(2,150)		(244,537)

Net (loss) attributable to common stockholders	$	(270,106)	$	(2,150)	$	(272,256)

Net (loss) per share – basic	$	(1.24)	$	(0.01)	$	(1.25)
Net (loss) per share – diluted	$	(1.25)	$	(0.01)	$	(1.26)

Weighted average number of shares outstanding – basic	217,578,487		—		217,578,487
Weighted average number of shares outstanding – diluted	218,622,419		—		218,622,419

Other comprehensive (loss) income:
Currency translation adjustment	(69,468)		3,856		(65,612)

Comprehensive (loss)	(311,855)		1,706		(310,149)
Comprehensive (income) attributable to non-controlling interest	(5,623)		—		(5,623)
Comprehensive (loss) income attributable to stockholders	$	(317,478)	$	1,706	$	(315,772)



	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of December 31, 2022	—	—	208,770,088	2,088	1,170,254	62,080	55,398	152,039	1,441,859
Net income	—	—	—	—	—	547,882	—	994	548,876
Other comprehensive income	—	—	—	—	—	—	16,130	418	16,548
Share-based compensation expense	—	—	—	—	1,573	—	—	—	1,573
Acquisition and cancellation of shares	—	—	(4,100,000)	(41)	(123,778)	—	—	—	(123,819)
Issuance of shares for vested share-based compensation awards	—	—	689,401	3	—	—	—	—	3
Shares withheld from employees related to share-based compensation, at cost	—	—	(328,083)	—	(9,519)	—	—	—	(9,519)
Dividends	—	—	—	—	—	(81,976)	—	(15,676)	(97,652)
Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869

2023 Adjustments
Net income (loss)	—	—	—	—	—	(652)	—	—	(652)
Other comprehensive income (loss)	—	—	—	—	—	—	559	—	559
Total Adjustments	—	—	—	—	—	(652)	559	—	(93)

As Restated
Balance as of December 31, 2022	—	—	208,770,088	2,088	1,170,254	62,080	55,398	152,039	1,441,859
Net income (loss)	—	—	—	—	—	547,230	—	994	548,224
Other comprehensive income (loss)	—	—	—	—	—	—	16,689	418	17,107
Share-based compensation expense	—	—	—	—	1,573	—	—	—	1,573
Class A stock issued, net of issuance costs	—	—	(4,100,000)	(41)	(123,778)	—	—	—	(123,819)
Issuance of shares for vested share-based compensation awards	—	—	689,401	3	—	—	—	—	3
Shares withheld from employees related to share-based compensation, at cost	—	—	(328,083)	—	(9,519)	—	—	—	(9,519)


Issuance of preferred stock and deemed dividend (Note 4)	—	—	—	—	—	(81,976)	—	(15,676)	(97,652)
Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776



	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869
Net income (loss)	—	—	—	—	—	(249,039)	—	6,652	(242,387)
Other comprehensive income (loss)	—	—	—	—	—	—	(68,439)	(1,029)	(69,468)
Share-based compensation expense	—	—	—	—	50,625	—	—	—	50,625
Class A stock issued, net of issuance costs	—	—	61,389,733	614	562,201	—	—	—	562,815
Issuance of shares for vested share-based compensation awards	—	—	54,035	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(16,081)	—	(435)	—	—	—	(435)
Issuance of preferred stock and deemed dividend	96,746	107,189	—	—	6,772	(17,605)	—	—	(10,833)
Conversion of Series B convertible preferred stock	—	(16,619)	—	—	16,619	—	—	—	16,619
Dividends	—	—	—	—	—	(64,979)	—	(20,738)	(85,717)
Balance as of December 31, 2024 (As Reported)	96,746	90,570	266,459,093	2,664	1,674,312	196,363	3,089	122,660	1,999,088

2024 Adjustments
Balance as of December 31, 2023	—	—	—	—	—	(652)	559	—	(93)
Net income (loss)	—	—	—	—	—	(2,150)	—	—	(2,150)
Other comprehensive income (loss)	—	—	—	—	—	—	3,856	—	3,856
Total Adjustments	—	—	—	—	—	(2,802)	4,415	—	1,613


As Restated


Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776
Net income (loss)	—	—	—	—	—	(251,189)	—	6,652	(244,537)
Other comprehensive income (loss)	—	—	—	—	—	—	(64,583)	(1,029)	(65,612)
Share-based compensation expense	—	—	—	—	50,625	—	—	—	50,625
Class A stock issued, net of issuance costs	—	—	61,389,733	614	562,201	—	—	—	562,815
Issuance of shares for vested share-based compensation awards	—	—	54,035	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(16,081)	—	(435)	—	—	—	(435)
Issuance of preferred stock and deemed dividend	96,746	107,189	—	—	6,772	(17,605)	—	—	(10,833)
Conversion of Series B convertible preferred stock	—	(16,619)	—	—	16,619	—	—	—	16,619
Dividends	—	—	—	—	—	(64,979)	—	(20,738)	(85,717)
Balance as of December 31, 2024 (As Restated)	96,746	90,570	266,459,093	2,664	1,674,312	193,561	7,504	122,660	2,000,701


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Cash flows from operating activities
Net income	$	548,876	$	(652)	$	548,224
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	6,589		—		6,589
Depreciation and amortization	187,324		(25,900)		161,424







Deferred taxes	14,938		(1,126)		13,812

Share-based compensation	1,573		—		1,573
Asset impairment expense	10,958		—		10,958
Earnings recognized from vessels chartered to third parties transferred to Energos	(156,997)		—		(156,997)

Gain on sale of assets, net	(29,378)		1,400		(27,978)


Other	51,493		25,562		77,055
Changes in operating assets and liabilities:
(Increase) in receivables	(41,019)		(610)		(41,629)
(Increase) in inventories	(39,790)		(2,500)		(42,290)
Decrease in other assets	41,828		1,377		43,205
Decrease in right-of-use assets	83,537		—		83,537
Increase in accounts payable/accrued liabilities	78,065		11,030		89,095

(Decrease) in lease liabilities	(74,576)		—		(74,576)
Increase in other liabilities	141,335		(14,758)		126,577
Net cash provided by operating activities	824,756		(6,177)		818,579

Cash flows from investing activities
Capital expenditures	(3,029,834)		110,066		(2,919,768)



Sale of equity method investment	100,000		—		100,000
Asset sales	16,464		—		16,464

Other investing activities	9,227		—		9,227
Net cash used in investing activities	(2,904,143)		110,066		(2,794,077)

Cash flows from financing activities
Proceeds from borrowings of debt	3,005,387		9,180		3,014,567
Payments made for capital expenditures paid beyond customary vendor payment terms			(103,889)		(103,889)
Payment of deferred financing costs	(37,806)		—		(37,806)
Repayment of debt	(686,508)		(9,180)		(695,688)

Payment of dividends	(723,962)		—		(723,962)
Other financing activities	(28,161)		—		(28,161)
Net cash provided by financing activities	1,528,950		(103,889)		1,425,061

Impact of changes in foreign exchange rates on cash and cash equivalents	6,168		—		6,168
Net decrease in cash, cash equivalents and restricted cash	(544,269)		—		(544,269)
Cash, cash equivalents and restricted cash – beginning of period	855,083		—		855,083
Cash, cash equivalents and restricted cash – end of period	$	310,814	$	—	$	310,814

	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
Cash paid for interest, net of capitalized interest	$	100,304	$	6,177	$	106,481
Cash paid for taxes	52,897		—		52,897


	Year Ended December 31, 2023
	As Reported		Adjustments		As Restated
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	$	322,598	$	256	$	322,854
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	738,163		256		738,419
Consideration received on asset sale	27,704		—		27,704
Principal payments on financing obligation paid to Energos by third party charters	(66,866)		—		(66,866)
Shares received in Hilli Exchange	(122,754)		—		(122,754)
Investment in Energos	1,501		—		1,501


	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Cash flows from operating activities
Net loss	$	(242,387)	$	(2,150)	$	(244,537)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	33,173		(1,860)		31,313
Depreciation and amortization	162,525		(3,223)		159,302

Deferred taxes	5,466		(8,798)		(3,332)
Share-based compensation	50,625		—		50,625
Asset impairment expense	16,494		—		16,494
Earnings recognized from vessels chartered to third parties transferred to Energos	(95,487)		—		(95,487)
Loss on sale of assets, net	77,562		2,645		80,207
Loss on extinguishment of debt	270,063		—		270,063
Other	158,025		7,951		165,976
Changes in operating assets and liabilities:
Decrease in receivables	64,726		2,983		67,709
(Increase) in inventories	(2,751)		2,500		(251)
(Increase) in other assets	(65,445)		(5,788)		(71,233)
Decrease in right-of-use assets	164,136		—		164,136
Increase in accounts payable/accrued liabilities	187,792		6,371		194,163
(Decrease) in lease liabilities	(160,604)		—		(160,604)
(Decrease) in other liabilities	(37,171)		14,833		(22,338)
Net cash provided by operating activities	586,742		15,464		602,206

Cash flows from investing activities
Capital expenditures	(2,621,234)		490,593		(2,130,641)
Sale of equity method investment	136,365		—		136,365
Asset sales	328,999		—		328,999
Sale of Miami Facility	58,336		—		58,336
Other investing activities	22,887		—		22,887
Net cash used in investing activities	(2,074,647)		490,593		(1,584,054)

Cash flows from financing activities
Proceeds from borrowings of debt	5,865,299		—		5,865,299
Payments made for capital expenditures paid beyond customary vendor payment terms	—		(506,057)		(506,057)
Payment of deferred financing costs	(146,722)		—		(146,722)
Repayment of debt	(3,801,034)		—		(3,801,034)
Issuance of Class A stock	386,583		—		386,583
Payment of dividends	(65,310)		—		(65,310)
Other financing activities	(14,248)		—		(14,248)
Net cash provided by financing activities	2,224,568		(506,057)		1,718,511

Impact of changes in foreign exchange rates on cash and cash equivalents	(81,900)		—		(81,900)


Net increase in cash, cash equivalents and restricted cash	654,763		—		654,763
Cash, cash equivalents and restricted cash – beginning of period	310,814		—		310,814
Cash, cash equivalents and restricted cash – end of period	$	965,577	$	—	$	965,577



	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Cash paid for interest, net of capitalized interest	$	105,784	$	(15,466)	$	90,318
Cash paid for taxes	27,932		—		27,932

	Year Ended December 31, 2024
	As Reported		Adjustments		As Restated
Supplemental disclosure of non-cash investing and financing activities:
Changes in accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	$	(267,366)	$	30,805	$	(236,561)
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	463,657		30,805		494,462
Principal payments on financing obligation paid to Energos by third party charters	(21,731)		—		(21,731)
Accrued dividend	20,507		—		20,507
Preferred shares issued and debt assumed in PortoCem acquisition	(125,198)		—		(125,198)
Fair value of contingent payments in the Lins acquisition	8,080		—		8,080
Deemed dividend related to Series B preferred stock	(17,605)		—		(17,605)
Non-cash financing costs	181,928		—		181,928


	As of March 31, 2024						As of June 30, 2024						As of September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Assets
Current assets
Cash and cash equivalents	$	143,457	$	—	$	143,457	$	132,960	$	—	$	132,960	$	90,842	$	—	$	90,842
Restricted cash	171,476		—		171,476		164,888		—		164,888		145,881		—		145,881
Receivables, net of allowances	335,313		(2,897)		332,416		406,779		(2,897)		403,882		435,883		(1,199)		434,684
Inventory	186,584		—		186,584		141,723		—		141,723		88,095		—		88,095
Prepaid expenses and other current assets, net	201,953		(757)		201,196		277,983		(12,501)		265,482		273,255		(17,501)		255,754
Total current assets	1,038,783		(3,654)		1,035,129		1,124,333		(15,398)		1,108,935		1,033,956		(18,700)		1,015,256

Construction in progress	5,797,511		(13,237)		5,784,274		6,301,162		4,661		6,305,823		7,051,297		4,492		7,055,789
Property, plant and equipment, net	2,175,882		—		2,175,882		2,144,838		1,628		2,146,466		2,134,987		—		2,134,987

Right-of-use assets	726,391		—		726,391		673,424		6,574		679,998		640,978		6,574		647,552
Intangible assets, net	211,854		—		211,854		207,731		—		207,731		206,266		—		206,266
Goodwill	776,760		16,380		793,140		776,760		16,380		793,140		776,760		16,380		793,140
Deferred tax assets, net	27,549		—		27,549		43,023		(17,600)		25,423		13,380		—		13,380
Other non-current assets, net	125,632		(1,812)		123,820		137,106		(1,694)		135,412		112,272		(2,771)		109,501
Total assets	$	10,880,362	$	(2,323)	$	10,878,039	$	11,408,377	$	(5,449)	$	11,402,928	$	11,969,896	$	5,975	$	11,975,871

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	291,518	$	—	$	291,518	$	236,147	$	—	$	236,147	$	1,145,865	$	—	$	1,145,865
Accounts payable	524,535		(676)		523,859		572,746		276		573,022		819,544		(3,691)		815,853


Accrued liabilities	417,612		5,024		422,636		384,476		3,752		388,228		373,882		2,534		376,416
Current lease liabilities	147,793		—		147,793		120,873		4,161		125,034		120,949		4,161		125,110
Other current liabilities	185,415		(17,253)		168,162		250,558		(13,956)		236,602		248,825		(16,043)		232,782
Total current liabilities	1,566,873		(12,905)		1,553,968		1,564,800		(5,767)		1,559,033		2,709,065		(13,039)		2,696,026
Long-term debt	6,734,860		—		6,734,860		7,392,811		—		7,392,811		6,863,123		6,623		6,869,746
Non-current lease liabilities	552,619		—		552,619		521,225		2,366		523,591		494,222		2,366		496,588
Deferred tax liabilities, net	93,083		15,757		108,840		97,936		(1,843)		96,093		66,226		15,757		81,983
Other long-term liabilities	36,645		—		36,645		46,492		—		46,492		50,250		(4,419)		45,831
Total liabilities	8,984,080		2,852		8,986,932		9,623,264		(5,244)		9,618,020		10,182,886		7,288		10,190,174


Series A convertible preferred stock, $0.01 par value, 96,746 shares authorized, issued and outstanding as of March 31, June 30 and September 30, 2024; aggregate liquidation preference of $96,746 at March 31, June 30 and September 30, 2024	96,655		—		96,655		97,845		—		97,845		96,555		—		96,555

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 205.0 million issued and outstanding as of March 31, 2024; 205.1 million issued and outstanding as of June 30, 2024; 205.1 million issued and outstanding as of September 30, 2024	2,050		—		2,050		2,050		—		2,050		2,050		—		2,050
Additional paid-in capital	1,043,652		—		1,043,652		1,063,426		—		1,063,426		1,085,950		—		1,085,950
Retained earnings	561,422		(5,734)		555,688		450,871		(764)		450,107		438,502		(1,872)		436,630
Accumulated other comprehensive income	64,179		559		64,738		43,653		559		44,212		37,141		559		37,700
Total stockholders’ equity attributable to NFE	1,671,303		(5,175)		1,666,128		1,560,000		(205)		1,559,795		1,563,643		(1,313)		1,562,330
Non-controlling interest	128,324		—		128,324		127,268		—		127,268		126,812		—		126,812
Total stockholders’ equity	1,799,627		(5,175)		1,794,452		1,687,268		(205)		1,687,063		1,690,455		(1,313)		1,689,142
Total liabilities and stockholders’ equity	$	10,880,362	$	(2,323)	$	10,878,039	$	11,408,377	$	(5,449)	$	11,402,928	$	11,969,896	$	5,975	$	11,975,871


	Three Months Ended March 31, 2024						Three Months Ended June 30, 2024						Three Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues

Operating revenue	$	609,504	$	—	$	609,504	$	291,222	$	—	$	291,222	$	446,048	$	—	$	446,048
Vessel charter revenue	46,655		(832)		45,823		52,416		(832)		51,584		59,668		(727)		58,941
Other revenue	34,162		(3,507)		30,655		84,368		—		84,368		61,819		1,697		63,516
Total Revenues	690,321		(4,339)		685,982		428,006		(832)		427,174		567,535		970		568,505

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	229,117		(1,206)		227,911		221,860		(47)		221,813		325,292		—		325,292
Vessel operating expenses	8,396		—		8,396		8,503		—		8,503		8,254		—		8,254
Operations and maintenance	68,548		(2,887)		65,661		39,292		(6,213)		33,079		32,062		2,777		34,839
Selling, general and administrative	70,754		(2,717)		68,037		70,578		3,023		73,601		82,388		(1,043)		81,345
Transaction and integration costs	1,371		—		1,371		1,760		—		1,760		3,154		—		3,154
Depreciation and amortization	50,491		(832)		49,659		37,413		(832)		36,581		35,364		(727)		34,637
Asset impairment expense	—		—		—		4,272		11,744		16,016		1,484		—		1,484
(Gain) loss on sale	77,140		2,645		79,785		—		—		—		—		—		—

Total operating expenses	505,817		(4,997)		500,820		383,678		7,675		391,353		487,998		1,007		489,005
Operating (loss) income	184,504		658		185,162		44,328		(8,507)		35,821		79,537		(37)		79,500

Interest expense	77,344		7,401		84,745		80,399		(17,312)		63,087		71,107		795		71,902
Other (income) expense, net	19,112		—		19,112		47,354		—		47,354		(5,836)		—		(5,836)
Loss on extinguishment of debt, net	9,754		—		9,754		—		—		—		—		—		—
(Loss) income before income taxes	78,294		(6,743)		71,551		(83,425)		8,805		(74,620)		14,266		(832)		13,434
Tax provision	21,624		(1,661)		19,963		3,435		3,835		7,270		2,953		276		3,229
Net (loss) income	56,670		(5,082)		51,588		(86,860)		4,970		(81,890)		11,313		(1,108)		10,205

Net (loss) income attributable to common stockholders	$	53,939	$	(5,082)	$	48,858	$	(90,044)	$	4,970	$	(85,075)	$	8,138	$	(1,108)	$	7,030



Net (loss) income per share – basic	$	0.26	$	(0.02)	$	0.24	$	(0.44)	$	0.03	$	(0.41)	$	0.04	$	(0.01)	$	0.03
Net (loss) income per share – diluted	$	0.26	$	(0.03)	$	0.23	$	(0.44)	$	0.02	$	(0.42)	$	0.03	$	—	$	0.03

Weighted average number of shares outstanding – basic	205,061,967		—		205,061,967		205,070,756		—		205,070,756		205,071,771		—		205,071,771
Weighted average number of shares outstanding – diluted	205,977,720		—		205,977,720		205,851,364		—		205,851,364		208,880,044		—		208,880,044

Other comprehensive (loss) income:
Currency translation adjustment	(7,708)		—		(7,708)		(20,557)		—		(20,557)		(5,963)		—		(5,963)
Comprehensive (loss) income	48,962		(5,082)		43,880		(107,417)		4,970		(102,447)		5,350		(1,108)		4,242
Comprehensive (income) attributable to non-controlling interest	(2,230)		—		(2,230)		(1,963)		—		(1,963)		(2,563)		—		(2,563)
Comprehensive (loss) income attributable to stockholders	$	46,732	$	(5,082)	$	41,650	$	(109,380)	$	4,970	$	(104,410)	$	2,787	$	(1,108)	$	1,679


	Six Months Ended June 30, 2024						Nine Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues

Operating revenue	$	900,726	$	—	$	900,726	$	1,346,774	$	—	$	1,346,774
Vessel charter revenue	99,071		(1,664)		97,407		158,739		(2,391)		156,348
Other revenue	118,530		(3,507)		115,023		180,349		(1,809)		178,540
Total Revenues	1,118,327		(5,171)		1,113,156		1,685,862		(4,200)		1,681,662

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	450,977		(1,252)		449,725		776,269		(1,252)		775,017
Vessel operating expenses	16,899		—		16,899		25,153		—		25,153
Operations and maintenance	107,840		(9,101)		98,739		139,902		(6,323)		133,579
Selling, general and administrative	141,332		307		141,639		223,720		(736)		222,984
Transaction and integration costs	3,131		—		3,131		6,285		—		6,285
Depreciation and amortization	87,904		(1,664)		86,240		123,268		(2,391)		120,877


Asset impairment expense	4,272		11,744		16,016		5,756		11,744		17,500
(Gain) loss on sale	77,140		2,645		79,785		77,140		2,645		79,785

Total operating expenses	889,495		2,679		892,174		1,377,493		3,687		1,381,180
Operating income	228,832		(7,850)		220,982		308,369		(7,887)		300,482

Interest expense	157,743		(9,911)		147,832		228,850		(9,116)		219,734
Other (income) expense, net	66,466		—		66,466		60,630		—		60,630
Loss on extinguishment of debt, net	9,754		—		9,754		9,754		—		9,754
(Loss) income before income taxes	(5,131)		2,061		(3,070)		9,135		1,229		10,364
Tax provision	25,059		2,173		27,232		28,012		2,449		30,461
Net (loss)	(30,190)		(112)		(30,302)		(18,877)		(1,220)		(20,097)

Net (loss) attributable to common stockholders	$	(36,105)	$	(112)	$	(36,217)	$	(27,967)	$	(1,220)	$	(29,187)

Net (loss) per share – basic	$	(0.18)	$	—	$	(0.18)	$	(0.14)	$	—	$	(0.14)
Net (loss) per share – diluted	$	(0.18)	$	—	$	(0.18)	$	(0.15)	$	(0.01)	$	(0.16)

Weighted average number of shares outstanding – basic	205,066,362		$	—	205,066,362		205,068,178		—		205,068,178
Weighted average number of shares outstanding – diluted	205,846,970		—		205,846,970		206,836,683		—		206,836,683

Other comprehensive (loss) income:
Currency translation adjustment	(28,265)		—		(28,265)		(34,228)		—		(34,228)
Comprehensive (loss)	(58,455)		(112)		(58,567)		(53,105)		(1,220)		(54,325)
Comprehensive (income) attributable to non-controlling interest	(4,193)		—		(4,193)		(6,756)		—		(6,756)
Comprehensive (loss) attributable to stockholders	$	(62,648)	$	(112)	$	(62,760)	$	(59,861)	$	(1,220)	$	(61,081)

Three Months Ended March 31, 2024

Series A convertible preferred stock

Class A common stock

Additional
paid-in
capital

Accumulated
deficit

Accumulated
other
comprehensive
(loss) income

Non-controlling
Interest

Total
stockholders’
equity

As Reported

Amount


Balance as of December 31, 2023 (As Reported)	—	—	205,031,406	2,050	1,038,530	527,986	71,528	137,775	1,777,869
Net income (loss)	—	—	—	—	—	54,081	—	2,589	56,670
Other comprehensive income (loss)	—	—	—	—	—	—	(7,349)	(359)	(7,708)
Share-based compensation expense	—	—	—	—	5,248	—	—	—	5,248
Issuance of shares for vested share-based compensation awards	—	—	14,126	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(3,708)	—	(126)	—	—	—	(126)
Issuance of Series A convertible preferred stock, net	96,746	96,513	—	—	—	—	—	—	—
Dividends	—	142	—	—	—	(20,645)	—	(11,681)	(32,326)
Balance as of March 31, 2024 (As Reported)	96,746	96,655	205,041,824	2,050	1,043,652	561,422	64,179	128,324	1,799,627

Adjustments
Balance as of December 31, 2023	—	—	—	—	—	(652)	559	—	(93)
Net income (loss)	—	—	—	—	—	(5,082)	—	—	(5,082)

Total Adjustments	—	—	—	—	—	(5,734)	559	—	(5,175)

As Restated
Balance as of December 31, 2023 (As Restated)	—	—	205,031,406	2,050	1,038,530	527,334	72,087	137,775	1,777,776
Net income (loss)	—	—	—	—	—	48,999	—	2,589	51,588
Other comprehensive income (loss)	—	—	—	—	—	—	(7,349)	(359)	(7,708)
Share-based compensation expense	—	—	—	—	5,248	—	—	—	5,248
Issuance of shares for vested share-based compensation awards	—	—	14,126	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(3,708)	—	(126)	—	—	—	(126)


Issuance of Series A convertible preferred stock, net	96,746	96,513		—		—		—		—		—		—	—
Dividends	—	142		—		—		—		(20,645)		—		(11,681)	(32,326)
Balance as of March 31, 2024 (As Restated)	96,746	96,655		205,041,824		2,050		1,043,652		555,688		64,738		128,324	1,794,452

	Three Months Ended June 30, 2024
	Series A convertible preferred stock			Class A common stock				Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive (loss) income		Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount		Shares		Amount
Balance as of March 31, 2024 (As Reported)	96,746	96,655		205,041,824		2,050		1,043,652		561,422		64,179		128,324	1,799,627
Net income (loss)	—	—		—		—		—		(88,854)		—		1,994	(86,860)
Other comprehensive income (loss)	—	—		—		—		—		—		(20,526)		(31)	(20,557)
Share-based compensation expense	—	—		—		—		20,064		—		—		—	20,064
Issuance of shares for vested share-based compensation awards	—	—		34,578		—		—		—		—		—	—
Shares withheld from employees related to share-based compensation, at cost	—	—		(11,074)		—		(290)		—		—		—	(290)
Dividends	—	1,190				—		—		(21,697)		—		(3,019)	(24,716)
Balance as of June 30, 2024 (As Reported)	96,746	97,845		205,065,328		2,050		1,063,426		450,871		43,653		127,268	1,687,268

Adjustments
Balance as of March 31, 2024	—	—		—		—		—		(5,734)		559		—	(5,175)
Net income (loss)	—	—		—		—		—		4,970		—		—	4,970

Total Adjustments	—	—		—		—		—		(764)		559		—	(205)

As Restated
Balance as of March 31, 2024 (As Restated)	96,746	96,655	—	205,041,824	—	2,050	—	1,043,652	—	555,688	—	64,738	—	128,324	1,794,452
Net income (loss)	—	—		—		—		—		(83,884)		—		1,994	(81,890)
Other comprehensive income (loss)	—	—		—		—		—		—		(20,526)		(31)	(20,557)
Share-based compensation expense	—	—		—		—		20,064		—		—		—	20,064


Issuance of shares for vested share-based compensation awards		—	—	34,578	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost		—	—	(11,074)	—	(290)	—	—	—	(290)
Dividends		—	1,190	—	—	—	(21,697)	—	(3,019)	(24,716)
Balance as of June 30, 2024 (As Restated)		96,746	97,845	205,065,328	2,050	1,063,426	450,107	44,212	127,268	1,687,063

		Three Months Ended September 30, 2024
		Series A convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported		Shares	Amount	Shares	Amount
Balance as of June 30, 2024 (As Reported)		96,746	97,845	205,065,328	2,050	1,063,426	450,871	43,653	127,268	1,687,268
Net income (loss)	Net income (loss)	—	—	—	—	—	9,299	—	2,014	11,313
Other comprehensive income (loss)	Other comprehensive income (loss)	—	—	—	—	—	—	(6,512)	549	(5,963)
Share-based compensation expense	Share-based compensation expense	—	—	—	—	22,543	—	—	—	22,543
Issuance of shares for vested share-based compensation awards	Issuance of shares for vested share-based compensation awards	—	—	5,331	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	Shares withheld from employees related to share-based compensation, at cost	—	—	(1,299)	—	(19)	—	—	—	(19)
Dividends	Dividends	—	(1,290)	—	—	—	(21,668)	—	(3,019)	(24,687)
Balance as of September 30, 2024 (As Reported)		96,746	96,555	205,069,360	2,050	1,085,950	438,502	37,141	126,812	1,690,455

Adjustments
Balance as of June 30, 2024		—	—	—	—	—	(764)	559	—	(205)
Net income (loss)		—	—	—	—	—	(1,108)	—	—	(1,108)

Total Adjustments		—	—	—	—	—	(1,872)	559	—	(1,313)

As Restated


Balance as of June 30, 2024 (As Restated)	96,746	97,845	205,065,328	2,050	1,063,426	450,107	44,212	127,268	1,687,063
Net income (loss)	—	—	—	—	—	8,191	—	2,014	10,205
Other comprehensive income (loss)	—	—	—	—	—	—	(6,512)	549	(5,963)
Share-based compensation expense	—	—	—	—	22,543	—	—	—	22,543
Issuance of shares for vested share-based compensation awards	—	—	5,331	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(1,299)	—	(19)	—	—	—	(19)
Dividends	—	(1,290)	—	—	—	(21,668)	—	(3,019)	(24,687)
Balance as of September 30, 2024 (As Restated)	96,746	96,555	205,069,360	2,050	1,085,950	436,630	37,700	126,812	1,689,142


	Three Months Ended March 31, 2024						Six Months Ended June 30, 2024						Nine Months Ended September 30, 2024
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated

Cash flows from operating activities
Net income (loss)	$	56,670	$	(5,082)	$	51,588	$	(30,190)	$	(112)	$	(30,302)	$	(18,877)	$	(1,220)	$	(20,097)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	4,751		—		4,751		13,835		1,436		15,271		18,841		—		18,841
Depreciation and amortization	50,491		(832)		49,659		88,400		(1,664)		86,736		123,981		(2,391)		121,590
Deferred taxes	(6,822)		—		(6,822)		(13,860)		—		(13,860)		(14,155)		—		(14,155)
Share-based compensation	5,248		—		5,248		25,312		—		25,312		47,855		—		47,855
Asset impairment expense	—		—		—		4,272		11,744		16,016		5,756		11,744		17,500
Loss on sale of assets	77,140		2,645		79,785		77,140		2,645		79,785		77,140		2,645		79,785
Loss on extinguishment of debt	9,754		—		9,754		9,754		—		9,754		9,754		—		9,754
Earnings recognized from vessels chartered to third parties transferred to Energos	(23,952)		—		(23,952)		(51,674)		—		(51,674)		(72,539)		—		(72,539)
Other	26,756		833		27,589		22,930		1,607		24,537		50,026		2,344		52,370


Changes in operating assets and liabilities:
(Increase) in receivables	(8,656)	3,507	(5,149)	(114,030)		3,507	(110,523)	(95,928)	1,809	(94,119)
(Increase) decrease in inventories	(85,539)	2,500	(83,039)	(62,815)		2,500	(60,315)	23,132	2,500	25,632
(Increase) in other assets	(19,394)	1,191	(18,203)	(91,251)		1,073	(90,178)	(53,989)	7,150	(46,839)
Decrease in right-of-use assets	57,190	—	57,190	111,561		—	111,561	145,371	—	145,371
Increase in accounts payable/accrued liabilities	63,208	(9,328)	53,880	255,337		(9,648)	245,689	30,168	(14,833)	15,335
(Decrease) in lease liabilities	(62,090)	—	(62,090)	(126,311)		—	(126,311)	(150,251)	—	(150,251)
(Decrease) increase in other liabilities	(74,705)	(2,494)	(77,199)	44,558		803	45,361	19,915	921	20,836
Net cash provided by operating activities	70,050	(7,060)	62,990	162,968		13,891	176,859	146,200	10,669	156,869

Cash flows from investing activities
Capital expenditures	(683,449)	162,524	(520,925)	(1,346,385)		218,421	(1,127,964)	(1,781,278)	306,263	(1,475,015)
Sale of equity method investment	136,365	—	136,365	136,365	—	—	136,365	136,365	—	136,365
Asset sales	328,999	—	328,999	328,999		—	328,999	328,999	—	328,999
Other investing activities	(1,695)	—	(1,695)	(1,694)		—	(1,694)	7,360	—	7,360
Net cash used in investing activities	(219,780)	162,524	(57,256)	(882,715)		218,421	(664,294)	(1,308,554)	306,263	(1,002,291)


Cash flows from financing activities
Proceeds from borrowings of debt	2,164,687	—	2,164,687	3,037,127		—	3,037,127	3,594,229	—	3,594,229
Payments made for capital expenditures paid beyond customary vendor payment terms	—	(155,464)	(155,464)	—		(232,312)	(232,312)	—	(316,932)	(316,932)
Payment of deferred financing costs	(25,781)	—	(25,781)	(37,983)		—	(37,983)	(76,759)	—	(76,759)
Repayment of debt	(1,944,044)	—	(1,944,044)	(2,202,722)		—	(2,202,722)	(2,342,847)	—	(2,342,847)
Payment of dividends	(32,326)	—	(32,326)	(55,710)		—	(55,710)	(61,322)	—	(61,322)
Other financing activities	(4,919)	—	(4,919)	(5,033)		—	(5,033)	(12,424)	—	(12,424)


Net cash provided by financing activities	157,617		(155,464)		2,153		735,679		(232,312)		503,367		1,100,877		(316,932)		783,945
Impact of changes in foreign exchange rates on cash and cash equivalents	(3,768)		—		(3,768)		(28,898)		—		(28,898)		(12,614)		—		(12,614)
Net increase (decrease) in cash, cash equivalents and restricted cash	4,119		—		4,119		(12,966)		—		(12,966)		(74,091)		—		(74,091)
Cash, cash equivalents and restricted cash – beginning of period	310,814		—		310,814		310,814		—		310,814		310,814		—		310,814
Cash, cash equivalents and restricted cash – end of period	$	314,933	$	—	$	314,933	$	297,848	$	—	$	297,848	$	236,723	$	—	$	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	$	(117,304)	$	(256)	$	(117,560)	$	(162,056)	$	(256)	$	(162,312)	$	134,069	$	(256)	$	133,813
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	623,318		—		623,318		609,009		—		609,009		877,210		—		877,210
Principal payments on financing obligation to Energos by third party charters	(2,912)		—		(2,912)		(6,445)		—		(6,445)		(6,108)		—		(6,108)
Fair value of contingent payments in the Lins Acquisition	—		—		—		—		—		—		8,080		—		8,080
Class A convertible preferred stock issued and debt assumed in the PortoCem Acquisition	(125,198)		—		(125,198)		(125,195)		—		(125,195)		(125,198)		—		(125,198)

As of March 31, 2025

As of June 30, 2025

As of September 30, 2025

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

Assets


Current assets
Cash and cash equivalents	$	447,862	$	—	$	447,862	$	551,109	$	—	$	551,109	$	145,237	$	—	$	145,237
Restricted cash	379,537		—		379,537		270,298		—		270,298		244,104		—		244,104
Receivables, net of allowances	273,136		(1,199)		271,937		269,405		694		270,099		419,761		3,499		423,260
Inventory	66,695		—		66,695		74,000		—		74,000		109,279		(647)		108,632
Assets held for sale - current	104,553		—		104,553		—		—		—		—		—		—
Prepaid expenses and other current assets, net	201,925		2,774		204,699		317,687		8,209		325,896		415,421		12,030		427,451
Total current assets	1,473,708		1,575		1,475,283		1,482,499		8,903		1,491,402		1,333,802		14,882		1,348,684

Construction in progress	3,901,113		32,390		3,933,503		4,072,291		55,888		4,128,179		4,222,750		75,086		4,297,836
Property, plant and equipment, net	5,545,980		4,170		5,550,150		5,539,901		(3,101)		5,536,800		5,543,873		(1,640)		5,542,233
Right-of-use assets	465,939		—		465,939		437,548		—		437,548		418,383		—		418,383
Intangible assets, net	188,118		—		188,118		194,752		—		194,752		195,821		—		195,821
Goodwill	594,256		14,408		608,664		15,938		—		15,938		15,938		—		15,938
Deferred tax assets, net	6,848		626		7,474		155		626		781		6,559		626		7,185
Assets held for sale - non-current	633,654		1,972		635,626		—		—		—		—		—		—
Other non-current assets, net	218,464		(830)		217,634		214,246		125		214,371		168,481		330		168,811
Total assets	$	13,028,080	$	54,311	$	13,082,391	$	11,957,330	$	62,441	$	12,019,771	$	11,905,607	$	89,284	$	11,994,891

Liabilities
Current liabilities
Current portion of long-term debt and short-term borrowings	$	260,848	$	—	$	260,848	$	1,181,559	$	—	$	1,181,559	$	6,579,321	$	—	$	6,579,321
Accounts payable	655,073		2,707		657,780		578,835		934		579,769		632,777		2,440		635,217
Accrued liabilities	268,083		19,873		287,956		253,043		29,966		283,009		488,905		22,089		510,994
Current lease liabilities	82,442		(5,200)		77,242		79,060		(5,200)		73,860		63,700		—		63,700
Liabilities held for sale - current	35,894		—		35,894		—		—		—		—		—		—
Other current liabilities	171,342		879		172,221		108,807		(443)		108,364		189,057		(2,718)		186,339
Total current liabilities	1,473,682		18,259		1,491,941		2,201,304		25,257		2,226,561		7,953,760		21,811		7,975,571
Long-term debt	8,931,506		5,492		8,936,998		7,805,260		4,951		7,810,211		2,335,994		4,001		2,339,995
Non-current lease liabilities	355,050		—		355,050		341,509		—		341,509		328,071		—		328,071
Deferred tax liabilities, net	51,359		1,792		53,151		61,770		908		62,678		53,227		6,117		59,344
Liabilities held for sale - non-current	135,398		—		135,398		—		—		—		—		—		—


Other long-term liabilities	168,851		5,208		174,059		154,139		1,815		155,954		110,471		(2,510)		107,961
Total liabilities	11,115,846		30,751		11,146,597		10,563,982		32,931		10,596,913		10,781,523		29,419		10,810,942


Series B convertible preferred stock, $0.01 par value, 36,746, 36,746 and — shares authorized, issued and outstanding as of March 31, June 30 and September 30, 2025; aggregate liquidation preference of $36,746, $36,746 and $— at March 31, June 30 and September 30, 2025	40,708		—		40,708		41,154		—		41,154		—		—		—

Stockholders’ equity
Class A common stock, $0.01 par value, 750.0 million shares authorized, 273.8 million issued and outstanding as of March 31, 2025; 274.2 million issued and outstanding as of June 30, 2025; 284.6 million issued and outstanding as of September 30, 2025	2,738		—		2,738		2,742		—		2,742		2,846		—		2,846
Additional paid-in capital	1,722,829		—		1,722,829		1,725,985		—		1,725,985		1,772,580		—		1,772,580
(Accumulated deficit)	(3,766)		19,145		15,379		(558,397)		29,510		(528,887)		(858,057)		59,865		(798,192)
Accumulated other comprehensive income	26,671		4,415		31,086		59,426		—		59,426		78,025		—		78,025
Total stockholders’ equity attributable to NFE	1,748,472		23,560		1,772,032		1,229,756		29,510		1,259,266		995,394		59,865		1,055,259
Non-controlling interest	123,054		—		123,054		122,438		—		122,438		128,690		—		128,690
Total stockholders’ equity	1,871,526		23,560		1,895,086		1,352,194		29,510		1,381,704		1,124,084		59,865		1,183,949
Total liabilities and stockholders’ equity	$	13,028,080	$	54,311	$	13,082,391	$	11,957,330	$	62,441	$	12,019,771	$	11,905,607	$	89,284	$	11,994,891

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated

As Reported

Adjustments

As Restated


Revenues
Operating revenue	$	384,881	$	—	$	384,881	$	227,204	$	884	$	228,088	$	240,318	$	—	$	240,318
Vessel charter revenue	45,436		—		45,436		46,739		—		46,739		61,048		—		61,048
Contract novation revenue	—		1,746		1,746		—		1,693		1,693		—		1,570		1,570
Other revenue	40,219		—		40,219		27,749		(169)		27,580		26,001		2,974		28,975
Total Revenues	470,536		1,746		472,282		301,692		2,408		304,100		327,367		4,544		331,911

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	302,377		—		302,377		208,852		(690)		208,162		196,908		—		196,908
Vessel operating expenses	7,176		—		7,176		8,056		12		8,068		7,297		—		7,297
Operations and maintenance	54,957		(17)		54,940		59,817		(2,414)		57,403		58,520		(1,219)		57,301
Selling, general and administrative	59,271		(7,451)		51,820		57,256		(697)		56,559		86,050		417		86,467
Transaction and integration costs	11,931		—		11,931		75,384		(30)		75,354		19,649		30		19,679
Depreciation and amortization	53,057		3,254		56,311		52,870		—		52,870		50,474		(1,144)		49,330
Goodwill impairment expense	—		—		—		582,172		—		582,172		—		—		—
Asset impairment expense	246		—		246		117,312		5,571		122,883		10,353		(5,571)		4,782
(Gain) loss on sale	—		—		—		(472,699)		1,705		(470,994)		1,705		(1,705)		—
Total operating expenses	489,015		(4,214)		484,801		689,020		3,457		692,477		430,956		(9,192)		421,764
Operating (loss)	(18,479)		5,960		(12,519)		(387,328)		(1,049)		(388,377)		(103,589)		13,736		(89,853)
Interest expense	213,694		(13,385)		200,309		206,408		(20,019)		186,389		210,562		(12,344)		198,218
Other (income) expense, net	(63,937)		—		(63,937)		(56,262)		(2,762)		(59,024)		(29,042)		(1,524)		(30,566)
Loss on extinguishment of debt, net	467		—		467		20,320		—		20,320		—		—		—
(Loss) before income taxes	(168,703)		19,345		(149,358)		(557,794)		21,732		(536,062)		(285,109)		27,604		(257,505)
Tax provision	28,670		(2,602)		26,068		(967)		11,367		10,400		8,247		(2,751)		5,496
Net (loss)	(197,373)		21,947		(175,426)		(556,827)		10,365		(546,462)		(293,356)		30,355		(263,001)

Net (loss) attributable to common stockholders	$	(200,129)	$	21,947	$	(178,182)	$	(555,077)	$	10,365	$	(544,712)	$	(299,970)	$	30,355	$	(269,615)

Net (loss) per share – basic	$	(0.73)	$	0.08	$	(0.65)	$	(2.02)	$	0.03	$	(1.99)	$	(1.07)	$	0.11	$	(0.96)


Net (loss) per share – diluted	$	(0.73)	$	0.08	$	(0.65)	$	(2.02)	$	0.03	$	(1.99)	$	(1.07)	$	0.11	$	(0.96)

Weighted average number of shares outstanding – basic	273,609,766		—		273,609,766		274,371,636		—		274,371,636		281,121,646		—		281,121,646
Weighted average number of shares outstanding – diluted	273,609,766		—		273,609,766		274,371,636		—		274,371,636		281,121,646		—		281,121,646

Other comprehensive (loss) income:
Currency translation adjustment	24,253		—		24,253		34,335		(4,415)		29,920		18,547		—		18,547
Comprehensive (loss)	(173,120)		21,947		(151,173)		(522,492)		5,950		(516,542)		(274,809)		30,355		(244,454)
Comprehensive (income) attributable to non-controlling interest	(2,879)		—		(2,879)		616		—		616		(6,252)		—		(6,252)
Comprehensive (loss) attributable to stockholders	$	(175,999)	$	21,947	$	(154,052)	$	(521,876)	$	5,950	$	(515,926)	$	(281,061)	$	30,355	$	(250,706)


	Six Months Ended June 30, 2025						Nine Months Ended September 30, 2025
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Revenues
Operating revenue	$	612,085	$	884	$	612,969	$	852,403	$	884	$	853,287
Vessel charter revenue	92,175		—		92,175		153,223		—		153,223
Contract novation revenue	—		3,439		3,439		—		5,009		5,009
Other revenue	67,968		(169)		67,799		93,969		2,805		96,774
Total Revenues	772,228		4,154		776,382		1,099,595		8,698		1,108,293

Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	511,229		(690)		510,539		708,137		(690)		707,447
Vessel operating expenses	15,232		12		15,244		22,529		12		22,541
Operations and maintenance	114,774		(2,431)		112,343		173,294		(3,650)		169,644


Selling, general and administrative	116,527		(8,148)		108,379		202,577		(7,731)		194,846
Transaction and integration costs	87,315		(30)		87,285		106,964		—		106,964
Depreciation and amortization	105,927		3,254		109,181		156,401		2,110		158,511
Goodwill impairment expense	582,172		—		582,172		582,172		—		582,172
Asset impairment expense	117,558		5,571		123,129		127,911		—		127,911
(Gain) loss on sale	(472,699)		1,705		(470,994)		(470,994)		—		(470,994)
Total operating expenses	1,178,035		(757)		1,177,278		1,608,991		(9,949)		1,599,042
Operating (loss)	(405,807)		4,911		(400,896)		(509,396)		18,647		(490,749)
Interest expense	420,102		(33,404)		386,698		630,664		(45,748)		584,916
Other (income) expense, net	(120,199)		(2,762)		(122,961)		(149,241)		(4,286)		(153,527)
Loss on extinguishment of debt, net	20,787		—		20,787		20,787		—		20,787
(Loss) before income taxes	(726,497)		41,077		(685,420)		(1,011,606)		68,681		(942,925)
Tax provision	27,703		8,765		36,468		35,950		6,014		41,964
Net (loss)	(754,200)		32,312		(721,888)		(1,047,556)		62,667		(984,889)

Net (loss) attributable to common stockholders	$	(755,206)	$	32,312	$	(722,894)	$	(1,055,176)	$	62,667	$	(992,509)

Net (loss) per share – basic	$	(2.76)	$	0.12	$	(2.64)	$	(3.82)	$	0.23	$	(3.59)
Net (loss) per share – diluted	$	(2.76)	$	0.12	$	(2.64)	$	(3.82)	$	0.23	$	(3.59)

Weighted average number of shares outstanding – basic	273,996,219		—		273,996,219		276,381,199		—		276,381,199
Weighted average number of shares outstanding – diluted	273,996,219		—		273,996,219		276,381,199		—		276,381,199

Other comprehensive (loss) income:
Currency translation adjustment	58,588		(4,415)		54,173		77,135		(4,415)		72,720
Comprehensive (loss)	(695,612)		27,897		(667,715)		(970,421)		58,252		(912,169)
Comprehensive (income) attributable to non-controlling interest	(2,263)		—		(2,263)		(8,515)		—		(8,515)
Comprehensive (loss) attributable to stockholders	$	(697,875)	$	27,897	$	(669,978)	$	(978,936)	$	58,252	$	(920,684)

Three Months Ended March 31, 2025


	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of Balance as of December 31, 2024 (As Reported)	96,746	90,570	266,459,093	2,664	1,674,312	196,363	3,089	122,660	1,999,088
Net income (loss)	—	—	—	—	—	(199,581)	—	2,208	(197,373)
Other comprehensive income (loss)	—	—	—	—	—	—	23,582	671	24,253
Share-based compensation expense	—	—	—	—	(229)	—	—	—	(229)
Class A stock issued, net of issuance costs	—	—	661,207	7	363	—	—	—	370
Acquisition of non-controlling interest	—	—	—	—	(1,356)	—	—	534	(822)
Issuance of shares for vested share-based compensation awards	—	—	31,814	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(13,086)	—	(159)	—	—	—	(159)
Issuance of preferred stock and deemed dividend	—	—	—	—	—	—	—	—	—
Conversion of Series B convertible preferred stock	(60,000)	(49,969)	6,651,511	67	49,898	—	—	—	49,965
Dividends	—	107	—	—	—	(548)	—	(3,019)	(3,567)
Balance as of Balance as of March 31, 2025 (As Reported)	36,746	40,708	273,790,539	2,738	1,722,829	(3,766)	26,671	123,054	1,871,526


Adjustments
Balance as of December 31, 2024	—	—	—	—	—	(2,802)	4,415	—	1,613
Net income (loss)	—	—	—	—	—	21,947	—	—	21,947

Total Adjustments	—	—	—	—	—	19,145	4,415	—	23,560

As Restated


Balance as of Balance as of December 31, 2024 (As Restated)	96,746	90,570	266,459,093	2,664	1,674,312	193,561	7,504	122,660	2,000,701
Net income (loss)	—	—	—	—	—	(177,634)	—	2,208	(175,426)
Other comprehensive income (loss)	—	—	—	—	—	—	23,582	671	24,253
Share-based compensation expense	—	—	—	—	(229)	—	—	—	(229)
Class A stock issued, net of issuance costs	—	—	661,207	7	363	—	—	—	370
Acquisition of non-controlling interest	—	—	—	—	(1,356)	—	—	534	(822)
Issuance of shares for vested share-based compensation awards	—	—	31,814	—	—	—	—	—	—
Shares withheld from employees related to share-based compensation, at cost	—	—	(13,086)	—	(159)	—	—	—	(159)
Issuance of preferred stock and deemed dividend	—	—	—	—	—	—	—	—	—
Conversion of Series B convertible preferred stock	(60,000)	(49,969)	6,651,511	67	49,898	—	—	—	49,965
Dividends	—	107	—	—	—	(548)	—	(3,019)	(3,567)
Balance as of Balance as of March 31, 2025 (As Restated)	36,746	40,708	273,790,539	2,738	1,722,829	15,379	31,086	123,054	1,895,086


	Three Months Ended June 30, 2025
	Series B convertible preferred stock		Class A common stock		Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares	Amount
Balance as of March 31, 2025 (As Reported)	36,746	40,708	273,790,539	2,738	1,722,829	(3,766)	26,671	123,054	1,871,526
Net income (loss)	—	—	—	—	—	(554,631)	—	(2,196)	(556,827)
Other comprehensive income (loss)	—	—	—	—	—	—	32,755	1,580	34,335
Share-based compensation expense	—	—	—	—	5,250	—	—	—	5,250


Issuance of shares for vested share-based compensation awards	—	—	720,642	7	—	—	—	—	7
Shares withheld from employees related to share-based compensation, at cost	—	—	(309,718)	(3)	(1,648)	—	—	—	(1,651)
Dividends	—	446	—	—	(446)	—	—	—	(446)
Balance as of June 30, 2025 (As Reported)	36,746	41,154	274,201,463	2,742	1,725,985	(558,397)	59,426	122,438	1,352,194

Adjustments
Balance as of March 31, 2025	—	—	—	—	—	19,145	4,415	—	23,560
Net income (loss)	—	—	—	—	—	10,365	—	—	10,365
Other comprehensive income (loss)	—	—	—	—	—	—	(4,415)	—	(4,415)
Total Adjustments	—	—	—	—	—	29,510	—	—	29,510

As Restated
Balance as of March 31, 2025 (As Restated)	36,746	40,708	273,790,539	2,738	1,722,829	15,379	31,086	123,054	1,895,086
Net income (loss)	—	—	—	—	—	(544,266)	—	(2,196)	(546,462)
Other comprehensive income (loss)	—	—	—	—	—	—	28,340	1,580	29,920
Share-based compensation expense	—	—	—	—	5,250	—	—	—	5,250
Issuance of shares for vested share-based compensation awards	—	—	720,642	7	—	—	—	—	7
Shares withheld from employees related to share-based compensation, at cost	—	—	(309,718)	(3)	(1,648)	—	—	—	(1,651)
Dividends	—	446	—	—	(446)	—	—	—	(446)
Balance as of June 30, 2025 (As Restated)	36,746	41,154	274,201,463	2,742	1,725,985	(528,887)	59,426	122,438	1,381,704


	Three Months Ended September 30, 2025


	Series B convertible preferred stock		Class A common stock				Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Non-controlling Interest	Total stockholders’ equity
As Reported	Shares	Amount	Shares		Amount
Balance as of June 30, 2025 (As Reported)	36,746	41,154	274,201,463		2,742		1,725,985	(558,397)	59,426	122,438	1,352,194
Net income (loss)	—	—	—		—		—	(299,660)	—	6,304	(293,356)
Other comprehensive income (loss)	—	—	—		—		—	—	18,599	(52)	18,547
Share-based compensation expense	—	—	—		—		5,544	—	—	—	5,544
Conversion of Series B convertible preferred stock	(36,746)	(41,464)	10,351,348	—	104	—	41,361	—	—	—	41,465
Dividends	—	310	—		—		(310)	—	—	—	(310)
Balance as of September 30, 2025 (As Reported)	—	—	284,552,811		2,846		1,772,580	(858,057)	78,025	128,690	1,124,084

Adjustments
Balance as of June 30, 2025	—	—	—		—		—	29,510	—	—	29,510
Net income (loss)	—	—	—		—		—	30,355	—	—	30,355
Other comprehensive income (loss)	—	—	—		—		—	—	—	—	—
Total Adjustments	—	—	—		—		—	59,865	—	—	59,865

As Restated
Balance as of June 30, 2025 (As Restated)	36,746	41,154	274,201,463		2,742		1,725,985	(528,887)	59,426	122,438	1,381,704
Net income (loss)	—	—	—		—		—	(269,305)	—	6,304	(263,001)
Other comprehensive income (loss)	—	—	—		—		—	—	18,599	(52)	18,547
Share-based compensation expense	—	—	—		—		5,544	—	—	—	5,544
Conversion of Series B convertible preferred stock	(36,746)	(41,464)	10,351,348		104		41,361	—	—	—	41,465
Dividends	—	310	—		—		(310)	—	—	—	(310)
Balance as of September 30, 2025 (As Restated)	—	—	284,552,811		2,846		1,772,580	(798,192)	78,025	128,690	1,183,949


	Three Months Ended March 31, 2025						Six Months Ended June 30, 2025						Nine Months Ended September 30, 2025
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Cash flows from operating activities

Net loss	$	(197,373)	$	21,947	$	(175,426)	$	(754,200)	$	32,312	$	(721,888)	$	(1,047,556)	$	62,667	$	(984,889)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	23,841		7,383		31,224		36,231		6,842		43,073		47,452		8,027		55,479
Depreciation and amortization	63,353		3,254		66,607		124,531		3,254		127,785		183,377		2,110		185,487
Deferred taxes	(4,740)		152		(4,588)		590		11,232		11,822		(15,495)		13,342		(2,153)
Share-based compensation	—		—		—		5,021		—		5,021		10,565		—		10,565
Goodwill impairment expense	—		—		—		582,172		—		582,172		582,172		—		582,172
Asset impairment expense	246		—		246		117,558		5,571		123,129		127,911		—		127,911
(Gain) on sale of assets	—		—		—		(472,699)		1,705		(470,994)		(470,994)		—		(470,994)
Loss on extinguishment of debt	467		—		467		20,787		—		20,787		20,787		—		20,787
(Earnings) recognized from vessels chartered to third parties transferred to Energos	(13,082)		—		(13,082)		(23,329)		—		(23,329)		(24,856)		—		(24,856)
Other	(31,189)		(3,718)		(34,907)		(10,703)		(3,719)		(14,422)		(659)		(3,720)		(4,379)
Changes in operating assets and liabilities:
(Increase) in receivables	(7,001)		(1,174)		(8,175)		(14,951)		(1,366)		(16,317)		(164,452)		(4,172)		(168,624)
Decrease (increase) in inventories	7,622		—		7,622		6,112		—		6,112		(27,653)		647		(27,006)


(Increase) in other assets	(1,074)		2,466	1,392	(31,961)	(5,409)	(37,370)	(81,184)	(7,950)	(89,134)
Decrease in right-of-use assets	30,848		—	30,848	32,772	—	32,772	51,738	—	51,738
Increase in accounts payable/accrued liabilities	130,433		(3,470)	126,963	98,782	2,971	101,753	326,521	4,483	331,004
(Decrease) in amounts due to affiliates			—	—	—	—	—	—	—	—
(Decrease) in lease liabilities	(42,888)		—	(42,888)	(39,857)	—	(39,857)	(67,816)	—	(67,816)
Increase (decrease) in other liabilities	8,832		(2,372)	6,460	(61,012)	(5,428)	(66,440)	(25,045)	(7,468)	(32,513)
Net cash (used in) provided by operating activities	$	(31,705)	24,468	(7,237)	(384,156)	47,965	(336,191)	(575,187)	67,966	(507,221)

Cash flows from investing activities
Capital expenditures	(340,470)		85,373	(255,097)	(652,798)	151,068	(501,730)	(758,457)	166,252	(592,205)
Sale of Jamaica Business	—		—	—	949,456	—	949,456	949,456	—	949,456
Other investing activities	4,555		—	4,555	4,791	—	4,791	4,654	—	4,654
Net cash used in (provided by) investing activities	(335,915)		85,373	(250,542)	301,449	151,068	452,517	195,653	166,252	361,905


Cash flows from financing activities
Proceeds from borrowings of debt	901,733		—	901,733	1,316,864	—	1,316,864	1,375,495	—	1,375,495
Payments made for capital expenditures paid beyond customary vendor payment terms	—		(109,841)	(109,841)	—	(199,033)	(199,033)	—	(234,218)	(234,218)
Payment of deferred financing costs	(26,093)		—	(26,093)	(27,774)	—	(27,774)	(27,781)	—	(27,781)


Repayment of debt	(664,062)		—		(664,062)		(1,390,187)		—		(1,390,187)		(1,592,321)		—		(1,592,321)

Payment of dividends	(3,460)		—		(3,460)		(3,014)		—		(3,014)		(3,019)		—		(3,019)
Other financing activities	(3,662)		—		(3,662)		(6,317)		—		(6,317)		(6,644)		—		(6,644)
Net cash provided by (used in) financing activities	204,456		(109,841)		94,615		(110,428)		(199,033)		(309,461)		(254,270)		(234,218)		(488,488)
Impact of changes in foreign exchange rates on cash and cash equivalents	34,332		—		34,332		48,965		—		48,965		57,568		—		57,568
Net (decrease) increase in cash, cash equivalents and restricted cash	(128,832)		—		(128,832)		(144,170)		—		(144,170)		(576,236)		—		(576,236)
Cash, cash equivalents and restricted cash – beginning of period	965,577		—		965,577		965,577		—		965,577		965,577		—		965,577
Cash, cash equivalents and restricted cash – end of period	$	836,745	$	—	$	836,745	$	821,407	$	—	$	821,407	$	389,341	$	—	$	389,341

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	$	(62,874)	$	(25,058)	$	(87,932)	(161,057)		$	(25,058)	$	(186,115)	(163,921)		$	(31,061)	$	(194,982)
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	366,358		6,003		372,361		266,191		6,003		272,194		295,174		—		295,174
Principal payments on financing obligation to Energos by third party charters	(9,871)		—		(9,871)		(17,027)		—		(17,027)		(16,567)		—		(16,567)
Proceeds held in escrow	—		—		—		98,635		—		98,635		98,635		—		98,635

Impairment of long-lived assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2025	Jun. 30, 2025	May 31, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Long-Lived Assets Held-for-sale [Line Items]
Asset impairment expense			$ 10,958
Impairment, long-lived asset, held-for-use	$ 732,954
Goodwill	0	$ 782,730	793,140	$ 15,938	$ 15,938		$ 608,664	$ 793,140	$ 793,140	$ 793,140
Gain (loss) on disposition of property plant equipment		392
Disposal Group, Held-for-Sale, Not Discontinued Operations
Long-Lived Assets Held-for-sale [Line Items]
Goodwill	$ 0	782,730	793,140
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Miami Facility
Long-Lived Assets Held-for-sale [Line Items]
Disposal group, including discontinued operation, consideration									$ 62
Impairment loss		16,016
Goodwill		$ 10,410
Mazo Vessel
Long-Lived Assets Held-for-sale [Line Items]
Asset, held-for-sale, not part of disposal group			$ 22,400
Terminal And Infrastructure Segment
Long-Lived Assets Held-for-sale [Line Items]
Goodwill, impaired, accumulated impairment loss						$ 117,311
Lakach Deepwater
Long-Lived Assets Held-for-sale [Line Items]
Goodwill, impaired, accumulated impairment loss						47,294
Pennsylvania Project
Long-Lived Assets Held-for-sale [Line Items]
Goodwill, impaired, accumulated impairment loss						$ 48,155

Revenue recognition (As Restated) - Schedule of Contract Liabilities and Contract Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets, net - current	$ 21,791	$ 44,902
Contract assets, net - non-current	10,375	20,270
Total contract assets, net	32,166	65,172
Contract liabilities, net - current	14,133	14,415
Contract liabilities, net - non-current	9,750	11,750
Total contract liabilities, net	23,883	26,165
Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$ 4,051	$ 82,454

Debt (As Restated) - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Restructuring charges	$ 67,845
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Transaction and integration costs
Level 2
Debt Instrument [Line Items]
Long-term debt	$ 4,382,841	$ 9,087,891

- 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 fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Financial instruments (As Restated) - Schedule of Fair Value Adjustment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contingent consideration derivative liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized (gain) loss	$ (9,639)	$ (1,959)	$ (4,801)
Realized (gain) loss	1,116	0	0
Embedded contingent interest derivative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized (gain) loss	$ (726)	$ 488	$ 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

Debt (As Restated) - Term Loan A Credit Agreement (Details)	1 Months Ended			6 Months Ended	12 Months Ended
	May 31, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jul. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	May 31, 2024 USD ($)	Apr. 30, 2021 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal balance								$ 200,000,000
Debt instrument, fee amount				$ 48,612,000	$ 48,612,000
Revolving Credit Facility \| Fiscal Quarter Ended Through December 31, 2025
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio						6.50
Revolving Credit Facility \| Fiscal Quarter Ended Through December 31, 2026
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio						6.75
Secured Debt
Debt Instrument [Line Items]
Outstanding principal balance							$ 148,500,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal balance							$ 1,000,000,000
Term Loan A, due July 2027 \| Secured Debt
Debt Instrument [Line Items]
Outstanding principal balance			$ 700,000,000
Debt instrument, fee amount		$ 18,121,000	39,227,000
Debt discount			$ 2,757,000
Proceeds from debt					350,000,000
Increase of interest rate (in percent)				0.25%
Debt instrument, springing maturity date, period prior to maturity date (in days)			60 days
Debt instrument, future borrowing commitments		$ 0
Debt instrument, repaid, principal	$ 55,000,000
Unamortized deferred financing costs	$ 2,956,000
Remaining principal amount				$ 22,354,000	$ 22,354,000	$ 11,679,000
Term Loan A, due July 2027 \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate (in percent)				3.75%
Term Loan A, due July 2027 \| Secured Debt \| Base Rate
Debt Instrument [Line Items]
Variable interest rate (in percent)				2.75%
Term Loan A, due July 2027 \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, covenant, prepayment (in percent)	12.50%
Term Loan A, due July 2027 \| Line of Credit \| Revolving Credit Facility \| Fiscal Quarter Ended Through December 31, 2025
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio	6.50
Term Loan A, due July 2027 \| Line of Credit \| Revolving Credit Facility \| Fiscal Quarter Ended Through September 30, 2026
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio	7.25
Term Loan A, due July 2027 \| Line of Credit \| Revolving Credit Facility \| Fiscal Quarter Ended Through March 31, 2026
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio	7.25
Term Loan A, due July 2027 \| Line of Credit \| Revolving Credit Facility \| Fiscal Quarter Ended Through December 31, 2026
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio	6.75
Term Loan A, due July 2027 \| Line of Credit \| Revolving Credit Facility \| Fiscal Quarter Ended Through September 30, 2025
Debt Instrument [Line Items]
Fixed charge coverage ratio	1.00
Term Loan A, due July 2027 \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate (in percent)	6.70%
Term Loan A, due July 2027 \| Line of Credit \| Base Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate (in percent)	5.70%
Term Loan A, due July 2027 \| Line of Credit \| Secured Overnight Financing Rate Floor \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate (in percent)	4.30%
Term Loan A, due July 2027 \| Line of Credit \| Base Rate Floor \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate (in percent)	5.30%

Financial instruments (As Restated) - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total realized and unrealized loss (gain) recognized	$ 18,881	$ (27,172)
Foreign exchange forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total realized and unrealized loss (gain) recognized	13,992	(11,706)
Zero-cost collar options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total realized and unrealized loss (gain) recognized	$ 4,889	$ (15,466)

Debt (As Restated) - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Financing interest expense, non-cash	$ 75,485	$ 120,962	$ 169,641

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Domestic											$ (646)	$ 42,521	$ 40,916
Foreign											36,149	31,119	48,244
Total current tax expense											35,503	73,640	89,160
Deferred:
Domestic											11,024	(8,436)	1,088
Foreign											14,823	5,104	12,724
Total deferred tax (benefit) expenses			$ (4,588)			$ (6,822)	$ 11,822	$ (13,860)	$ (2,153)	$ (14,155)	25,847	(3,332)	13,812
Total provision for (benefit from) income taxes	$ 5,496	$ 10,400	$ 26,068	$ 3,229	$ 7,270	$ 19,963	$ 36,468	$ 27,232	$ 41,964	$ 30,461	$ 61,350	$ 70,308	$ 102,972

- 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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Construction in progress (As Restated) - Schedule of Construction in Progress Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Construction in Progress [Roll Forward]
Construction in progress as of beginning of period	$ 3,526,984	$ 5,342,373
Additions	943,483	2,268,072
Asset impairment expense	(843,742)	0
Impact of currency translation adjustment	142,852	(196,854)
Assets placed in service	(173,672)	(3,886,607)
Dispositions (Note 6)	(1,934)	0
Construction in progress as of end of period	$ 3,593,971	$ 3,526,984

Customer concentrations (As Restated) - Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Concentration Risk [Line Items]
Total long-lived assets	$ 8,931,653	$ 10,224,180
United States
Concentration Risk [Line Items]
Total long-lived assets	1,397,828	1,661,913
MEXICO
Concentration Risk [Line Items]
Total long-lived assets	4,148,176	4,355,753
Brazil
Concentration Risk [Line Items]
Total long-lived assets	1,944,315	1,225,969
Other foreign countries
Concentration Risk [Line Items]
Total long-lived assets	$ 1,441,334	$ 2,980,545

- 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/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

Equity method investments

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Equity method investments

14. Equity method investments

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


	December 31, 2025		December 31, 2024
Equity method investments as of beginning of period	$	—	$	137,793
Capital contributions	—		6,794



Sale of equity method investments	—		(144,587)
Equity method investments as of end of period	$	—	$	—

Energos

In August 2022, the Company completed a transaction with an affiliate of Apollo Global Management, Inc., pursuant to which the Company transferred ownership of 11 vessels to Energos Infrastructure (“Energos”) in exchange for approximately $1.85 billion in cash and a 20% equity interest in Energos (the “Energos Formation Transaction”). Ten of the vessels were subject to current or future charters with the Company, which prevents the recognition of the sale of those vessels to Energos, and the proceeds associated with these vessels have been treated as a failed sale leaseback. As a result, these ten vessels continued to be recognized on the Consolidated Balance Sheets as Property, plant and equipment, and the proceeds were recognized as debt. The Company’s equity investment provided certain rights, including representation on the Energos board of directors, that gave the Company significant influence over the operations of Energos, and as such, the investment was accounted for under the equity method. Energos was also an affiliate, and all transactions with Energos were transactions with an affiliate.

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

Due to the timing and availability of financial information of Energos, the Company recognized its proportional share of the income or loss from the equity method investment on a financial reporting lag of one fiscal quarter. For the year ended December 31, 2023, the Company has recognized earnings from Energos of $9,263. There were no earnings from Energos for the year ended December 31, 2025 and 2024.

Goodwill and intangible assets (As Restated) - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 10,713
2027	10,713
2028	10,713
2029	10,713
2030	10,713
Thereafter	132,784
Total	$ 186,349