0001749723-26-000062 | 10-Q | XBRL Viewer

Accrued liabilities (Tables)

3 Months Ended

Mar. 31, 2026

As of March 31, 2026 and December 31, 2025, Accrued liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Accrued interest	$	596,812	$	404,389
Accrued development costs	36,434		36,874
Accrued litigation	53,470		52,421
Other accrued expenses	157,348		104,092
Total accrued liabilities	$	844,064	$	597,776

Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Variable Interest Entity [Line Items]
Cost of sales	$ 199,685	$ 302,377
Comprehensive income (loss) attributable to non-controlling interest	(628)	$ 2,879
Receivables, net	370,322		$ 451,962
Variable Interest Entity, Primary Beneficiary \| SCP
Variable Interest Entity [Line Items]
Partnership interest (in percent)			87.50%
Cost of sales	3,982
Receivables, net	$ 46,511		$ 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.

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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

Financial instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Financial instruments

8. Financial instruments

Foreign currency risk management

During 2024, the Company entered into a series of foreign exchange forward contracts and zero-cost collars to reduce exchange rate risk associated with U.S. dollar borrowings and expected capital expenditures. As of both March 31, 2026 and December 31, 2025, the notional amount of outstanding foreign exchange contracts was approximately $12,900. These instruments are expected to settle through the third quarter of 2026. The amount of loss recognized in Other (income) expense, net in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,
Financial instrument	2026		2025
Foreign exchange forward contracts	$	—	$	13,735
Zero-cost collar options	489		628
Total realized and unrealized loss recognized	$	489	$	14,363

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 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

Fair value

The Company uses the market approach when valuing investment in equity securities and foreign exchange forward contracts which are recorded in Prepaid expenses and other current assets, net, Other non-current assets, net, and Other current liabilities on the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

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 March 31, 2026 and December 31, 2025:


	Level 1		Level 2		Level 3		Total
March 31, 2026
Assets
Investment in equity securities	$	—	$	—	$	8,678	$	8,678
Foreign exchange contracts	—		10		—		10

Liabilities

Contingent consideration derivative liabilities	—		—		27,500		27,500
Embedded contingent interest derivative	—		—		671		671

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

The Company believes the carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximated their fair value as of March 31, 2026 and December 31, 2025 and are classified as Level 1 within the fair value hierarchy.

The table below summarizes the total (gains) for instruments measured at Level 3 in the fair value hierarchy. The (gains) for contingent consideration derivative liabilities and embedded contingent interest derivative are recorded within Other (income) expense, net, and Interest expense, respectively, in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three months ended March 31, 2026 and 2025 and are shown below:


	Three Months Ended March 31,
	2026		2025
Unrealized (gain) loss
Contingent consideration derivative liabilities	$	(5,248)	$	(2,375)
Embedded contingent interest derivative	(1,299)		(4,210)

During the three months ended March 31, 2026 and 2025, the Company had no transfers in or out of Level 3 in the fair value hierarchy. During the first quarter of 2024, the Company sold substantially all of its investment in Energos; this investment had been accounted for as an equity method investment. The Company retained an investment in Energos valued at $1,000, which is shown as a Level 3 investment in equity securities in the table above.

- Definition

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

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+ Details

Share-based compensation	3 Months Ended
Share-based compensation	Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]
Share-based compensation	20. Share-based compensation In the fourth quarter of 2025, the Company granted new equity awards to certain employees that will settle in shares of a subsidiary owning the Company's Brazilian operations. Vesting of the awards is subject to the Brazilian operations meeting certain development milestones as defined in the award 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 compensation cost will be recognized over the remaining service period, which is currently expected to conclude in the third quarter of 2027. For the three months ended March 31, 2026, the Company recognized compensation expense of $3,768 associated with this award in Selling, general and administrative in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. This award will vest in shares of an entity owned by BrazilCo, and as such, the Company will no longer recognize compensation expense associated with this award upon completion of the Restructuring Transaction contemplated under the RSA.

Revenue recognition - Schedule of Other Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Other revenue	$ 29,568	$ 40,219
Interest income and other revenue
Disaggregation of Revenue [Line Items]
Other revenue	115	11,449
Operation and maintenance revenue
Disaggregation of Revenue [Line Items]
Other revenue	$ 29,453	$ 28,770

- 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

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	(8.50%)	(17.50%)
Tax provision	$ 31,541	$ 26,068

- Definition

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

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+ Details

Revenue recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

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

The table below summarizes the activity in Other revenue:


	Three Months Ended March 31,
	2026		2025
Interest income and other revenue	$	115	$	11,449
Operation and maintenance revenue	29,453		28,770
Total other revenue	$	29,568	$	40,219

The contract assets and contract liabilities balances as of March 31, 2026 and December 31, 2025 are detailed below:


	March 31, 2026		December 31, 2025
Contract assets, net - current	$	10,113	$	21,791
Contract assets, net - non-current	10,000		10,375
Total contract assets, net	$	20,113	$	32,166

Contract liabilities, net - current	$	14,811	$	14,133
Contract liabilities, net - non-current	9,375		9,750
Total contract liabilities, net	$	24,186	$	23,883

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	1,730	$	4,051

Schedule of Remaining Performance Obligations


Period	Revenue
Remainder of 2026	$	377,345
2027	722,971
2028	711,948
2029	701,044
2030	700,394
Thereafter	7,091,170
Total	$	10,304,872

Schedule of Property, Plant and Equipment Subject to Operating Leases


	March 31, 2026		December 31, 2025
Property, plant and equipment	$	154,196	$	154,196
Accumulated depreciation	(40,574)		(38,661)
Property, plant and equipment, net	$	113,622	$	115,535

Schedule of Components of Lease Income

The components of lease income from vessel operating leases for the three months ended March 31, 2026 and 2025 are shown below, inclusive of vessels accounted for as a failed sale leaseback.


	Three Months Ended March 31,
	2026		2025
Operating lease income	$	8,816	$	40,907
Variable lease income	2,412		4,529
Total operating lease income	$	11,228	$	45,436

Related party transactions	3 Months Ended
Related party transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related party transactions	21. 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 $152 and $118 for the three months ended March 31, 2026 and 2025, respectively. Costs associated with the Administrative Agreement are included within Selling, general and administrative in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. As of March 31, 2026 and December 31, 2025, $890 and $738 were due to Fortress, respectively. In addition to administrative services, Mr. Edens owns an aircraft that we charter from a third-party operator for business purposes in the ordinary course of operations. The Company incurred, at aircraft operator rates, charter costs of $941 and $952 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026 and December 31, 2025, $135 and $318 was due to this affiliate, respectively. Fortress affiliated entities The Company provides certain administrative services to related parties including entities affiliated with Fortress. No costs are incurred for such administrative services by the Company as the Company is fully reimbursed for all costs incurred. The Company has subleased a portion of office space to affiliates of entities managed by Fortress, and for the three months ended March 31, 2026 and 2025, $399 and $327 of rent and office related expenses were incurred by these affiliates, respectively. As of March 31, 2026 and December 31, 2025, $4,432 and $4,263 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. As of March 31, 2026 and December 31, 2025, $3,614 was due to Fortress affiliated entities. Restructuring Transaction Pursuant to the terms of the RSA, upon consummation of the Restructuring Transaction, Wesley R. Edens will purchase from certain of our existing creditors 6,672 shares of CoreCo Convertible Preferred Stock at a price of $250 per share. Subsequent to the execution of the RSA, Mr. Edens purchased approximately $110,000 aggregate principal amount of the loans issued pursuant to the Term Loan A Credit Agreement and is entitled by virtue of his ownership thereof to receive a pro rata portion of the consideration to be received by the lenders under the Term Loan A Credit Agreement pursuant to the Restructuring Transaction. Land leases 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 $78 and $183 during the three months ended March 31, 2026 and 2025, respectively, which was included within Operations and maintenance in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. As of March 31, 2026, the right-of-use balance is $0 (fully impaired during the year ended December 31, 2025) and the lease liability balance is $4,892 on the Condensed Consolidated Balance Sheets. As of December 31, 2025, the Company recorded a right-of-use asset of $0 after recognizing an impairment charge during the year and a lease liability of $4,813 on the Condensed 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 condensed consolidated financial statements. In March 2025, the Company entered into an agreement to acquire DevTech's 10% non-controlling interest, and concurrently, terminated the consulting arrangement. A cash payment of $950 was made to DevTech, of which $822 was allocated to the value of the acquired shares of the subsidiary. The Company recognized approximately $128 in expense related to the consulting arrangement within Selling, general and administrative for the three months ended March 31, 2025.

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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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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-Name Accounting Standards Codification
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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 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Construction in progress - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Long-Lived Assets Held-for-sale [Line Items]
Interest expense	$ 186,880	$ 200,309
Construction in progress	3,823,852		$ 3,593,971
Construction in Progress
Long-Lived Assets Held-for-sale [Line Items]
Interest expense	90,039	$ 98,586
BrazilCo Development Activities
Long-Lived Assets Held-for-sale [Line Items]
Construction in progress	$ 1,955,219		$ 1,770,782

Leases, as lessee - Schedule of Future Payments Due under Operating and Finance Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Operating Leases
Due remainder of 2026	$ 54,291
2027	63,515
2028	61,962
2029	1,044
2030	37,736
Thereafter	206,377
Total lease payments	424,925
Less: effects of discounting	140,824
Present value of lease liabilities	284,101
Current lease liability	24,987	$ 69,832
Non-current lease liability	259,114	318,118
Financing Leases
Due remainder of 2026	1,988
2027	89
2028	89
2029	89
2030	89
Thereafter	674
Total lease payments	3,018
Less: effects of discounting	366
Present value of lease liabilities	2,652
Current lease liability	1,939	2,425
Non-current lease liability	$ 713	$ 701

Share-based compensation (Details) $ in Thousands	3 Months Ended
Share-based compensation (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Share-Based Payment Arrangement [Abstract]
Compensation expense	$ 3,768

Basis of presentation	3 Months Ended
Basis of presentation	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of presentation	3. Basis of presentation The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"). Certain prior year amounts have been reclassified to conform to current year presentation. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements. Actual results could be different from these estimates.

Property, plant and equipment, net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

As of March 31, 2026 and December 31, 2025, the Company’s property, plant and equipment, net consisted of the following:


	March 31, 2026		December 31, 2025
LNG liquefaction facilities	$	3,264,547	$	3,264,547
Vessels	974,105		974,105
Terminal and power plant equipment	498,436		480,244
Gas pipelines	291,355		291,355
Power facilities	159,383		159,390
ISO containers and other equipment	35,764		35,750
Land	56,189		56,724
Leasehold improvements	38,254		39,346
Accumulated depreciation	(457,158)		(408,724)
Total property, plant and equipment, net	$	4,860,875	$	4,892,737

Leases, as lessee - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating cash outflows for operating lease liabilities	$ 27,336	$ 56,583
Financing cash outflows for finance lease liabilities	$ 513	$ 1,393

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt

As of March 31, 2026 and December 31, 2025, debt consisted of the following:


	March 31, 2026		December 31, 2025
Corporate debt
Senior Secured Notes, due November 2029	$	2,726,693	$	2,726,109
Senior Secured Notes, due September 2026	510,427		510,162
Senior Secured Notes, due March 2029	234,434		234,244
Revolving Facility	660,400		660,400
Term Loan A, due July 2027	283,840		283,320
Term Loan B, due October 2028	1,174,518		1,166,784
Short-term Borrowings	73,917		73,224
Sale leaseback financing
Vessel Financing Obligation, due August 2042	650,094		634,501
Tugboat Financing, due December 2038	45,577		45,642
Asset level financing
PortoCem Debentures, due September 2040	910,390		849,115
BNDES Term Loan, due October 2045	383,622		376,923
Brazil Financing Notes, due August 2029	401,070		385,808
Turbine Financing, due July 2027	133,068		133,687
EB-5 Loan, due July 2028	99,090		99,000
Total debt	$	8,287,140	$	8,178,919
Current portion of long-term debt	$	7,181,301	$	7,073,477
Long-term debt	1,105,839		1,105,442

Schedule of Interest Expense

Interest expense, net of amounts capitalized, recognized for the three months ended March 31, 2026 and 2025 consisted of the following:


	Three Months Ended March 31,
	2026		2025
Interest per contractual rates	$	234,572	$	217,414
Interest expense on Vessel Financing Obligation	27,879		45,240
Amortization of debt issuance costs, premiums and discounts	14,429		36,151
Interest expense incurred on finance lease obligations	39		90
Total interest costs	$	276,919	$	298,895
Capitalized interest	90,039		98,586
Total interest expense	$	186,880	$	200,309

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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+ Details

Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segments

22. Segments

As of March 31, 2026, 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 CEO, who is the CODM, uses Segment Operating Margin to evaluate the performance of the segments and allocate resources. Segment Operating Margin is defined as the segment’s revenue less cost of sales less operations and maintenance less vessel operating expenses, excluding unrealized gains or losses to financial instruments recognized at fair value. The CODM includes deferred earnings from contracted sales for which a prepayment was received in the segment measure.

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

The table below presents segment information for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other		Consolidated
Statement of operations:
Total revenues	$	219,681	$	7,272	$	226,953	$	—	$	226,953
Less(1):
Cost of sales(3)	199,685		—		199,685		—		199,685
Vessel operating expenses	654		—		654		—		654
Operations and maintenance	48,265		—		48,265		—		48,265
Segment Operating Margin	$	(28,923)	$	7,272	$	(21,651)	$	—	$	(21,651)
Balance sheet:
Total assets	$	10,308,215	$	86,123	$	10,394,338	$	—	$	10,394,338
Other segmental financial information:
Capital expenditures(2)	$	143,103	$	—	$	143,103	$	—	$	143,103


	Three Months Ended March 31, 2025
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other		Consolidated
Statement of operations:
Total revenues	$	433,673	$	38,609	$	472,282	$	—	$	472,282
Less(1):
Cost of sales (3)	302,377		—		302,377		—		302,377
Vessel operating expenses	—		7,176		7,176		—		7,176
Operations and maintenance	54,940		—		54,940		—		54,940
Segment Operating Margin	$	76,356	$	31,433	$	107,789	$	—	$	107,789
Balance sheet:
Total assets	$	12,528,205	$	554,186	$	13,082,391	$	—	$	13,082,391
Other segmental financial information:
Capital expenditures(2)	$	324,138	$	—	$	324,138	$	—	$	324,138

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

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

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

Consolidated Segment Operating Margin is defined as net (loss) income, adjusted for selling, general and administrative expenses, transaction and integration costs, depreciation and amortization, asset impairment 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:


	Three Months Ended March 31,
(in thousands of $)	2026		2025
Net income	$	(400,604)	$	(175,426)
Add:
Selling, general and administrative	47,494		51,820
Transaction and integration costs	53,284		11,931
Depreciation and amortization	41,082		56,311
Asset impairment expense	61,864		246
Interest expense	186,880		200,309
Other (income) expense, net	(43,192)		(63,937)

Loss on extinguishment of debt, net	—		467
Tax provision	31,541		26,068
Consolidated Segment Operating Margin	$	(21,651)	$	107,789

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 47
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

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-Section 55
-Paragraph 47
-Subparagraph (d)
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-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 22
-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Prepaid expenses and other current assets (Tables)

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets, Net

As of March 31, 2026 and December 31, 2025, prepaid expenses and other current assets consisted of the following:


	March 31, 2026		December 31, 2025
Prepaid expenses	$	17,640	$	24,245
Recoverable taxes	204,443		163,399
Contract assets (Note 6)	10,113		21,791
Proceeds held in escrow	41,000		41,000
Short-term receivable	91,017		65,921
Deferred financing costs	16,127		18,876
Income taxes receivable	13,013		15,963
Other current assets	52,246		49,152
Total prepaid expenses and other current assets, net	$	445,599	$	400,347

Income taxes	3 Months Ended
Income taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income taxes	17. Income Taxes The effective tax rate for the three months ended March 31, 2026 was (8.5)% compared to (17.5)% for the three months ended March 31, 2025. The total tax provision for the three months ended March 31, 2026 was $31,541 compared to a provision of $26,068 for the three months ended March 31, 2025. The Company recognized a tax provision on pre-tax losses in the quarter principally from additions to the valuation allowance on U.S. taxable losses, projected pretax earnings in foreign operations as well as expected taxes to be incurred under Pillar Two.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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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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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

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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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	18. Commitments and contingencies The Company is subject to certain legal and regulatory proceedings, claims and disputes that arise in the ordinary course of business. The Company will recognize a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. The Company will disclose any loss contingencies that do not meet both conditions if there is a reasonable possibility that a material loss may be incurred. The Company is currently focusing on managing its working capital and liquidity, which has resulted in delays in making payments to certain vendors. While the amounts due to these vendors are recorded on the Condensed Consolidated Balance Sheets, potential legal actions against the Company enforcing payments may result in interest, penalties and/or legal expenses, which may materially affect the Company’s financial position, results of operations or cash flows. 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 March 31, 2026. 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. The arbitration proceedings are complete and the Company expects the panel to issue its opinion and any award by June 30, 2026. The Company has accrued for the probable loss as of March 31, 2026. In the first quarter of 2026, the owner of a vessel leased by the Company repossessed the vessel after the Company failed to make certain lease payments. The lessor subsequently initiated arbitration proceedings claiming damages of approximately $85,000 for loss of charter payments for the remaining charter period. The Company has determined that a loss upon conclusion of the arbitration is probable, however, the amount of loss is uncertain. The range of losses does not exceed the lease liability balance recorded for this vessel as of March 31, 2026, and as such, no additional accrual has been recorded. 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 $72,000 using exchange rates as of March 31, 2026). 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 March 31, 2026. 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 ($116,900 using exchange rates in effect as of March 31, 2026) 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 March 31, 2026. 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 ($96,000 using exchange rates as of March 31, 2026). The Company has a counterclaim of approximately BRL 400,100 ($76,660 using exchange rates as of March 31, 2026). 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 March 31, 2026. 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 $118,100 using exchange rates as of March 31, 2026). 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 March 31, 2026. 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 March 31, 2026, 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 March 31, 2026 and December 31, 2025, the Company has accrued a liability of $52,137 and $52,421, respectively. The liability as of March 31, 2026 represents management’s estimate of probable losses for certain legal matters.

Earnings per share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings per share

19. Earnings per share


	Three Months Ended March 31,
	2026		2025
Basic
Numerator:
Net (loss) income	$	(400,604)	$	(175,426)
Net loss (income) attributable to non-controlling interests	659		(2,208)
Convertible preferred stock dividend	—		(548)
Net income attributable to Class A common stock	$	(399,945)	$	(178,182)

Denominator:
Weighted-average shares - basic	285,702,846		273,609,766
Net income per share - basic	$	(1.40)	$	(0.65)

Diluted
Numerator:
Net (loss) income	$	(400,604)	(175,426)
Net loss (income) attributable to non-controlling interests	659		(2,208)
Convertible preferred stock dividend	—		(548)


Net income attributable to Class A common stock	$	(399,945)	$	(178,182)

Denominator:
Weighted-average shares - diluted	285,702,846		273,609,766
Net income per share - diluted	$	(1.40)	$	(0.65)

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


	March 31, 2026	March 31, 2025
Series B convertible preferred stock(1)	—	36,746
Equity Agreement shares(2)	26,507,595	1,877,625
Total	26,507,595	1,914,371

(1) Represents the number of unconverted Series B convertible preferred shares as of March 31, 2026 and March 31, 2025, respectively.

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

Earnings per share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Three Months Ended March 31,
	2026		2025
Basic
Numerator:
Net (loss) income	$	(400,604)	$	(175,426)
Net loss (income) attributable to non-controlling interests	659		(2,208)
Convertible preferred stock dividend	—		(548)
Net income attributable to Class A common stock	$	(399,945)	$	(178,182)

Denominator:
Weighted-average shares - basic	285,702,846		273,609,766
Net income per share - basic	$	(1.40)	$	(0.65)

Diluted
Numerator:
Net (loss) income	$	(400,604)	(175,426)
Net loss (income) attributable to non-controlling interests	659		(2,208)
Convertible preferred stock dividend	—		(548)


Net income attributable to Class A common stock	$	(399,945)	$	(178,182)

Denominator:
Weighted-average shares - diluted	285,702,846		273,609,766
Net income per share - diluted	$	(1.40)	$	(0.65)

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


	March 31, 2026	March 31, 2025
Series B convertible preferred stock(1)	—	36,746
Equity Agreement shares(2)	26,507,595	1,877,625
Total	26,507,595	1,914,371

(1) Represents the number of unconverted Series B convertible preferred shares as of March 31, 2026 and March 31, 2025, respectively.

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

Intangible assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Composition of Intangible Assets

The following tables summarize the composition of intangible assets as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Acquired capacity reserve contract	$	162,045	$	(18,249)	$	(6,930)	$	136,866	17
Permits and development rights	61,894		(10,075)		2,038		53,857		34
Easements	660		(205)		—		455		30

Indefinite-lived intangible assets
Easements	1,191		—		40		1,231		n/a
Total intangible assets	$	225,790	$	(28,529)	$	(4,852)	$	192,409


	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

Financial instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Other Nonoperating Income (Expense)

The amount of loss recognized in Other (income) expense, net in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended March 31,
Financial instrument	2026		2025
Foreign exchange forward contracts	$	—	$	13,735
Zero-cost collar options	489		628
Total realized and unrealized loss recognized	$	489	$	14,363

Schedule of Fair Value, by Balance Sheet Grouping

The following table presents the Company’s financial assets and financial liabilities, including those that are measured at fair value, as of March 31, 2026 and December 31, 2025:


	Level 1		Level 2		Level 3		Total
March 31, 2026
Assets
Investment in equity securities	$	—	$	—	$	8,678	$	8,678
Foreign exchange contracts	—		10		—		10

Liabilities

Contingent consideration derivative liabilities	—		—		27,500		27,500
Embedded contingent interest derivative	—		—		671		671

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

Schedule of Gain (Loss) on Securities


	Three Months Ended March 31,
	2026		2025
Unrealized (gain) loss
Contingent consideration derivative liabilities	$	(5,248)	$	(2,375)
Embedded contingent interest derivative	(1,299)		(4,210)

Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Definite-lived intangible assets
Accumulated Amortization	$ (28,529)	$ (24,916)
Indefinite-lived intangible assets
Total intangible assets, Gross Carrying Amount	225,790	225,790
Total Intangible Assets, Currency Translation Adjustment	(4,852)	(13,278)
Total Intangible Assets, Net Carrying Amount	192,409	187,596
Easements
Indefinite-lived intangible assets
Gross Carrying Amount	1,191	1,191
Currency Translation Adjustment	40	56
Net Carrying Amount	1,231	1,247
Acquired capacity reserve contract
Definite-lived intangible assets
Gross Carrying Amount	162,045	162,045
Accumulated Amortization	(18,249)	(15,146)
Currency Translation Adjustment	(6,930)	(14,908)
Net Carrying Amount	$ 136,866	$ 131,991
Weighted Average Life	17 years	17 years
Permits and development rights
Definite-lived intangible assets
Gross Carrying Amount	$ 61,894	$ 61,894
Accumulated Amortization	(10,075)	(9,572)
Currency Translation Adjustment	2,038	1,574
Net Carrying Amount	$ 53,857	$ 53,896
Weighted Average Life	34 years	34 years
Easements
Definite-lived intangible assets
Gross Carrying Amount	$ 660	$ 660
Accumulated Amortization	(205)	(198)
Currency Translation Adjustment	0	0
Net Carrying Amount	$ 455	$ 462
Weighted Average Life	30 years	30 years

Adoption of new and revised standards	3 Months Ended
Adoption of new and revised standards	Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
Adoption of new and revised standards	4. Adoption of new and revised standards (a) New and amended standards adopted by the Company: 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 adopted ASU 2025-05 on January 1, 2026. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. (b) New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2026: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. These amendments require public business entities to disclose additional information about specific expense categories in the notes to financial statements at each interim and annual reporting period. ASU 2024-03 will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied prospectively or retrospectively. The Company is currently reviewing the impact that the adoption of ASU 2024-03 may have on the Company's financial statements and disclosures. In 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. In April 2026, the FASB issued ASU No. 2026-01, Equity (Topic 505). The amendments require that paid-in-kind (“PIK”) dividends on equity-classified preferred stock be initially measured on the basis of the PIK dividend rate stated in the preferred stock agreement. The amendments are effective for all entities for annual reporting 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 2026-01 may have on the Company’s financial statements and disclosures. The Company has reviewed all other recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption.

- Definition

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

+ References

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+ Details

Commitments and contingencies (Details) R$ in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2026 BRL (R$)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)
Loss Contingencies [Line Items]
Loss contingency, damages sought, value			$ 32,900
Litigation settlement, counterclaim			7,200
Litigation settlement, fee expense	$ 96,000	R$ 501,000	46,200
Litigation settlement, counterclaim expense	76,660	400,100	$ 6,500
Litigation settlement, penalty	116,900	610,000
Plaintiffs claiming damages, expenses	118,100	616,300
Accrued liabilities	52,137			$ 52,421
Alunorte vs NFE \| Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	72,000	R$ 375,700
Owner of Vessel vs NFE \| Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 85,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Financial instruments - Schedule of Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Investment in equity securities	$ 8,678	$ 8,678
Foreign exchange contracts
Assets
Derivative asset	10	474
Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	27,500	32,586
Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	671	1,970
Level 1
Assets
Investment in equity securities	0	0
Level 1 \| Foreign exchange contracts
Assets
Derivative asset	0	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	10	474
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
Level 3 \| Contingent consideration derivative liabilities
Liabilities
Contingent consideration derivative liabilities	27,500	32,586
Level 3 \| Embedded contingent interest derivative
Liabilities
Contingent consideration derivative liabilities	$ 671	$ 1,970

Leases, as lessee - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Leases [Abstract]
Impairment charges	$ 60,597
Lease, cost	$ 11,885	$ 4,658
Operating lease, weighted average remaining lease term	8 years 10 months 24 days
Finance lease, weighted average remaining lease term	4 years 9 months 18 days
Operating lease, weighted average discount rate, percent	10.20%		9.70%
Finance lease, weighted average discount rate, percent	5.70%		5.50%

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (400,604)	$ (175,426)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net	7,268	31,224
Depreciation and amortization	51,426	66,607
Deferred taxes	(5,547)	(4,588)
Share-based compensation	3,790	0
Asset impairment expense	61,864	246
(Earnings) recognized from vessels chartered to third parties transferred to Energos	(6,241)	(13,082)
Other	2,015	(34,440)
Changes in operating assets and liabilities:
Decrease (increase) in receivables	89,168	(8,175)
(Increase) decrease in inventories	(34,887)	7,622
(Increase) decrease in other assets	(10,968)	1,392
Decrease in right-of-use assets	10,367	30,848
Increase in accounts payable/accrued liabilities	65,375	126,963
(Decrease) in lease liabilities	(8,554)	(42,888)
Increase in other liabilities	56,626	6,460
Net cash used in operating activities	(118,902)	(7,237)
Cash flows from investing activities
Capital expenditures	(43,566)	(255,097)
Other investing activities	0	4,555
Net cash used in investing activities	(43,566)	(250,542)
Cash flows from financing activities
Proceeds from borrowings of debt	0	901,733
Payments made for capital expenditures paid beyond customary vendor payment terms	(5,034)	(109,841)
Payment of deferred financing costs	(1,467)	(26,093)
Repayment of debt	(906)	(664,062)
Payment of dividends	0	(3,460)
Other financing activities	(3,601)	(3,662)
Net cash (used in) provided by financing activities	(11,008)	94,615
Impact of changes in foreign exchange rates on cash and cash equivalents	6,415	34,332
Net (decrease) in cash, cash equivalents and restricted cash	(167,061)	(128,832)
Cash, cash equivalents and restricted cash – beginning of period	356,942	965,577
Cash, cash equivalents and restricted cash – end of period	189,881	836,745
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	35,205	(87,932)
Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions	238,717	372,361
Principal payments on financing obligation to Energos by third-party charters	0	(9,871)
Cash and cash equivalents	92,389	447,862
Restricted cash	97,492	379,537
Cash and cash equivalents and restricted cash classified as held for sale	0	9,346
Cash, cash equivalents and restricted cash – end of period	$ 189,881	$ 836,745

Construction in progress - Schedule of Construction in Progress Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Construction in Progress [Roll Forward]
Construction in progress as of December 31, 2025	$ 3,593,971
Additions	143,012
Asset impairment expense	(674)
Impact of currency translation adjustment	96,293
Assets placed in service	(8,750)
Construction in progress as of March 31, 2026	$ 3,823,852

Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventory

10. Inventory

As of March 31, 2026 and December 31, 2025, inventory consisted of the following:


	March 31, 2026		December 31, 2025
LNG and natural gas inventory	$	134,893	$	100,101
Automotive diesel oil inventory, bunker fuel, materials, supplies and other	18,053		19,346
Total inventory	$	152,946	$	119,447

Inventory is adjusted to the lower of cost or net realizable value each quarter. Changes in the value of inventory are recorded within Cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. No adjustments were recorded during the three months ended March 31, 2026 and 2025.

Leases, as lessee (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

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

As of March 31, 2026 and December 31, 2025, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Operating right-of-use-assets	$	228,169	$	394,795
Finance right-of-use-assets (1)	16,654		17,022
Total right-of-use assets	$	244,823	$	411,817

Current lease liabilities:
Operating lease liabilities	$	24,987	$	69,832
Finance lease liabilities	1,939		2,425
Total current lease liabilities	$	26,926	$	72,257
Non-current lease liabilities:
Operating lease liabilities	$	259,114	$	318,118
Finance lease liabilities	713		701
Total non-current lease liabilities	$	259,827	$	318,819

(1) Finance lease ROU assets are recorded net of accumulated amortization of $5,229 and $4,860 as of March 31, 2026 and December 31, 2025.

Schedule of Components of Operating Lease Costs and Depreciation and Amortization

For the three months ended March 31, 2026 and 2025, the Company’s operating lease cost recorded within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income was as follows:


	Three Months Ended March 31,
	2026		2025
Fixed lease cost	$	9,796	$	41,645
Variable lease cost	(238)		522
Short-term lease cost	705		943

Lease cost - Cost of sales	$	8,315	$	38,167
Lease cost - Operations and maintenance	796		3,275
Lease cost - Selling, general and administrative	1,152		1,668

For the three months ended March 31, 2026 and 2025, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income were as follows:


	Three Months Ended March 31,
	2026		2025
Interest expense related to finance leases	$	39	$	90
Amortization of right-of-use asset related to finance leases	369		375

Schedule of Supplemental Cash Flow Information Related to Leases

Cash paid for operating leases is reported in operating activities in the Condensed Consolidated Statements of Cash Flows. Supplemental cash flow information related to leases was as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Operating cash outflows for operating lease liabilities	$	27,336	$	56,583
Financing cash outflows for finance lease liabilities	513		1,393

Schedule of Future Payments Due under Operating and Financing Lease

The future payments due under operating and finance leases as of March 31, 2026 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2026	$	54,291	$	1,988
2027	63,515		89
2028	61,962		89
2029	1,044		89
2030	37,736		89
Thereafter	206,377		674
Total lease payments	$	424,925	$	3,018
Less: effects of discounting	140,824		366
Present value of lease liabilities	$	284,101	$	2,652

Current lease liability	$	24,987	$	1,939
Non-current lease liability	259,114		713

Financial instruments - Schedule of Fair Value Adjustment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Contingent consideration derivative liabilities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized (gain) loss	$ (5,248)	$ (2,375)
Embedded contingent interest derivative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unrealized (gain) loss	$ (1,299)	$ (4,210)

- 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

Restricted cash

3 Months Ended

Mar. 31, 2026

Restricted Cash [Abstract]

Restricted cash

9. Restricted cash

As of March 31, 2026 and December 31, 2025, restricted cash consisted of the following:


	March 31, 2026		December 31, 2025
Cash restricted under the terms of loan agreements	$	58,281	$	90,105
Collateral for letters of credit and performance bonds	39,211		40,384

Total restricted cash	$	97,492	$	130,489

Uses of cash proceeds under the BNDES Term Loan, Brazil Financing Notes and PortoCem Debentures (see Note 16) are restricted to certain payments to construct the Company's power plants in Brazil.

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues
Operating revenue	$ 185,214	$ 384,881
Vessel charter revenue	11,228	45,436
Contract novation income	943	1,746
Other revenue	29,568	40,219
Total revenues	226,953	472,282
Operating expenses
Cost of sales (exclusive of depreciation and amortization shown separately below)	199,685	302,377
Vessel operating expenses	654	7,176
Operations and maintenance	48,265	54,940
Selling, general and administrative	47,494	51,820
Transaction and integration costs	53,284	11,931
Depreciation and amortization	41,082	56,311
Asset impairment expense	61,864	246
Total operating expenses	452,328	484,801
Operating (loss) income	(225,375)	(12,519)
Interest expense	186,880	200,309
Other (income) expense, net	(43,192)	(63,937)
Loss on extinguishment of debt, net	0	467
(Loss) income before income taxes	(369,063)	(149,358)
Tax provision	31,541	26,068
Net (loss) income	(400,604)	(175,426)
Net (loss) income attributable to common stockholders	$ (399,945)	$ (178,182)
Net (loss) income per share - basic (in dollars per share)	$ (1.40)	$ (0.65)
Net (loss) income per share – diluted (in dollars per share)	$ (1.40)	$ (0.65)
Weighted average number of shares outstanding, basic (in shares)	285,702,846	273,609,766
Weighted average number of shares outstanding - diluted (in shares)	285,702,846	273,609,766
Other comprehensive (loss) income:
Currency translation adjustment	$ 34,330	$ 24,253
Comprehensive (loss) income	(366,274)	(151,173)
Comprehensive (income) attributable to non-controlling interest	628	(2,879)
Comprehensive (loss) income attributable to stockholders	$ (365,646)	$ (154,052)

Earnings per share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net (loss) income	$ (400,604)	$ (175,426)
Net loss (income) attributable to non-controlling interests	659	(2,208)
Convertible preferred stock dividend	0	(548)
Net (loss) income attributable to common stockholders	$ (399,945)	$ (178,182)
Denominator:
Weighted-average shares - basic (in shares)	285,702,846	273,609,766
Net income per share - basic (in dollars per share)	$ (1.40)	$ (0.65)
Numerator:
Net (loss) income	$ (400,604)	$ (175,426)
Net loss (income) attributable to non-controlling interests	659	(2,208)
Convertible preferred stock dividend	0	(548)
Net income attributable to Class A common stock	$ (399,945)	$ (178,182)
Denominator:
Weighted-average shares - diluted (in shares)	285,702,846	273,609,766
Net income per share - diluted (in dollars per share)	$ (1.40)	$ (0.65)

Earnings per share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
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)	26,507,595	1,914,371
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	36,746
Equity Agreement shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in dollars per share)	26,507,595	1,877,625

Revenue recognition - Schedule of Performance Obligation (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 10,304,872
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 377,345
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
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	$ 722,971
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	$ 711,948
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	$ 701,044
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	$ 700,394
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	$ 7,091,170
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Mar. 13, 2026	Jan. 02, 2026	Dec. 31, 2025	Dec. 10, 2025
Debt Instrument [Line Items]
Financing interest expense, non-cash	$ 22,864	$ 22,179
Letter of Credit
Debt Instrument [Line Items]
Other commitment	195,559
Revolving Facility
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	660,400				$ 660,400
EB-5 Loan, due July 2028
Debt Instrument [Line Items]
Debt default, amount				$ 2,375
Outstanding principal balance			$ 22,500
Fixed interest rate			7.00%
Debt (excluding lessor VIE loans)	99,090				99,000
Term Loan B, due October 2028
Debt Instrument [Line Items]
Debt default, amount					3,181	$ 30,644
Debt (excluding lessor VIE loans)	1,174,518				1,166,784
Term Loan A, due July 2027
Debt Instrument [Line Items]
Debt default, amount						$ 1,647
Debt (excluding lessor VIE loans)	$ 283,840				283,320
Porto Cem Bridge Loan Due October
Debt Instrument [Line Items]
Cure period	45 days
Porto Cem Bridge Loan Due October \| Debt Instrument, Covenant Period Two
Debt Instrument [Line Items]
Bank guarantee	$ 79,100
Level 2
Debt Instrument [Line Items]
Long-term debt	$ 5,434,738				$ 4,382,841

Related party transactions - DevTech Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 941	$ 952
Selling, general and administrative		$ 47,494	51,820
DevTech Environment Limited \| Related Party
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 950
Selling, general and administrative			$ 128
DevTech Environment Limited \| Related Party \| Consideration Paid In Exchange For Non-controlling Interest
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 822
DevTech Investment
Related Party Transaction [Line Items]
Percentage of shares issued capital	10.00%	10.00%	10.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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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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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ 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

Related party transactions - Land Lease Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Operations and maintenance	$ 48,265	$ 54,940
Non-current lease liabilities	259,827		$ 318,819
Operating right-of-use-assets	228,169		394,795
Affiliated Entity \| Land \| Jefferson Terminal South LLC
Related Party Transaction [Line Items]
Operations and maintenance	78	$ 183
Non-current lease liabilities	4,892		4,813
Operating right-of-use-assets	$ 0		$ 0

- 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
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+ Details

Property, plant and equipment, net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net

13. Property, plant and equipment, net

As of March 31, 2026 and December 31, 2025, the Company’s property, plant and equipment, net consisted of the following:


	March 31, 2026		December 31, 2025
LNG liquefaction facilities	$	3,264,547	$	3,264,547
Vessels	974,105		974,105
Terminal and power plant equipment	498,436		480,244
Gas pipelines	291,355		291,355
Power facilities	159,383		159,390
ISO containers and other equipment	35,764		35,750
Land	56,189		56,724
Leasehold improvements	38,254		39,346
Accumulated depreciation	(457,158)		(408,724)
Total property, plant and equipment, net	$	4,860,875	$	4,892,737

Depreciation expense for the three months ended March 31, 2026 and 2025 totaled $48,265 and $62,870, respectively, of which $10,343 and $10,401, respectively, is included within Cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Capitalized interest	$ 90,039
Interest expense	186,880	$ 200,309
Debt
Debt Instrument [Line Items]
Interest per contractual rates	234,572	217,414
Interest expense on Vessel Financing Obligation	27,879	45,240
Amortization of debt issuance costs, premiums and discounts	14,429	36,151
Interest expense incurred on finance lease obligations	39	90
Total interest costs	276,919	298,895
Capitalized interest		98,586
Interest expense	$ 186,880	$ 200,309

- 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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+ Details

Related party transactions - Fortress Affiliated Entities Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 941	$ 952
Affiliated Entity \| Fortress
Related Party Transaction [Line Items]
Due from affiliates	4,432		$ 4,263
Affiliated Entity \| Fortress \| Rent And Related Office Expenses
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	399	$ 327
Affiliated Entity \| Fortress, Formerly Owned Entity
Related Party Transaction [Line Items]
Due to affiliates	$ 3,614

- 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

Subsequent events	3 Months Ended
Subsequent events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent events	23. 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. This restructuring support agreement will become effective upon completion of the Restructuring Transaction. 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 with a carrying value of $159,750 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. Brazil Bridge Credit Agreement On April 14, 2026, NFE Brazil Holdings Limited (“NFE Brazil Holdings”), an indirect subsidiary of NFE, entered into a credit agreement (the “Brazil Bridge Credit Agreement”) for a senior secured, multiple draw term loan facility of $50,000 (the “Brazil Bridge Term Loan Facility”). The Brazil Bridge Term Loan Facility bears interest at a rate of 10% per annum, which will be paid-in-kind. The Brazil Bridge Term Loan Facility is expected to be repaid in full with proceeds from a senior secured note offering. BrazilCo Notes due 2029 On May 11, 2026, NFE Brazil Financing Limited ("NFE Brazil"), an indirect subsidiary of NFE, entered into a commitment letter, which provides commitments for a proposed offering of $885,000 aggregate principal amount of senior secured notes due 2029 to be issued by NFE Brazil. The notes will bear interest at a rate of 12.00% per annum, payable in kind semi-annually on May 15 and November 15, and will mature three years from the issue date. NFE Brazil intends to use the net proceeds from the offering for (i) operations, capital expenditures, working capital, letter of credit and similar needs, transaction costs, and payment in full of all trade payables owed to NFE as of the issue date, (ii) to refinance the existing Brazil Bridge Term Loan Facility, (iii) to refinance certain existing Brazil Financing Notes, and (iv) to fund certain cash reserves established in connection with the Restructuring Plan.

Property, plant and equipment, net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ (457,158)	$ (408,724)
Total property, plant and equipment, net	4,860,875	4,892,737
LNG liquefaction facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,264,547	3,264,547
Vessels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	974,105	974,105
Terminal and power plant equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	498,436	480,244
Gas pipelines
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	291,355	291,355
Power facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	159,383	159,390
ISO containers and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	35,764	35,750
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	56,189	56,724
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 38,254	$ 39,346

Revenue recognition - Schedule of Carrying Amount of Leased Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Property, plant and equipment	$ 154,196	$ 154,196
Accumulated depreciation	(40,574)	(38,661)
Total property, plant and equipment, net	$ 113,622	$ 115,535

Revenue recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Operating revenue	$ 185,214	$ 384,881
Receivables, revenue from contracts with customers	319,333			$ 388,683
Accounts receivable, allowance for credit loss, current	17,376			17,424
Contract with customer, receivable, after allowance for credit loss	293			297
Capitalized contract cost, net	11,626			12,027
Other current assets	1,602			1,602
Other noncurrent assets	10,024			$ 10,425
Other revenue	29,568	40,219
Cargo Sales
Disaggregation of Revenue [Line Items]
Operating revenue	43,927	182,731
Contract Novation
Disaggregation of Revenue [Line Items]
Other revenue	$ 943	$ 1,746	$ 295,558

Subsequent events (Details) - Subsequent Event - USD ($) $ in Thousands	Jul. 01, 2026	May 11, 2026	Apr. 01, 2026	Apr. 14, 2026
Subsequent Event [Line Items]
Carrying value			$ 159,750
Proceeds from sale of turbines			$ 265,883
Forecast
Subsequent Event [Line Items]
Lessor, lease not yet commenced, term	10 years
Brazil Bridge Term Loan Facility \| Secured Debt
Subsequent Event [Line Items]
Outstanding principal balance				$ 50,000
Paid-in-Kind interest rate				10.00%
BrazilCo Senior Secured Notes Due 2029 \| Secured Debt
Subsequent Event [Line Items]
Outstanding principal balance		$ 885,000
Fixed interest rate		12.00%
Maturity period		3 years

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	5. Variable Interest Entities In 2025, the Company formed a partnership (“SCP”) with an energy trader to structure a power trading operation to fulfill certain of the Company’s 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 three months ended March 31, 2026, the Company recognized a loss of $3,982, which was recorded within Cost of sales in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. As of March 31, 2026 and December 31, 2025, the Condensed Consolidated Balance Sheets includes a receivable, net of $46,511 and $56,632 from the energy trader, respectively.

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
LNG and natural gas inventory	$ 134,893	$ 100,101
Automotive diesel oil inventory, bunker fuel, materials, supplies and other	18,053	19,346
Total inventory	$ 152,946	$ 119,447

Basis of presentation (Policies)	3 Months Ended
Basis of presentation (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of presentation	The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"). Certain prior year amounts have been reclassified to conform to current year presentation. The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements. Actual results could be different from these estimates.
Adoption of new and revised standards	(a) New and amended standards adopted by the Company: In 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 adopted ASU 2025-05 on January 1, 2026. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. (b) New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2026: In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. These amendments require public business entities to disclose additional information about specific expense categories in the notes to financial statements at each interim and annual reporting period. ASU 2024-03 will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied prospectively or retrospectively. The Company is currently reviewing the impact that the adoption of ASU 2024-03 may have on the Company's financial statements and disclosures. In 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. In April 2026, the FASB issued ASU No. 2026-01, Equity (Topic 505). The amendments require that paid-in-kind (“PIK”) dividends on equity-classified preferred stock be initially measured on the basis of the PIK dividend rate stated in the preferred stock agreement. The amendments are effective for all entities for annual reporting 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 2026-01 may have on the Company’s financial statements and disclosures. The Company has reviewed all other recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption.

Organization (Details)	3 Months Ended
Organization (Details)	Mar. 31, 2026 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
EB-5 Loan, due July 2028	$ 73,917	$ 73,224
Total debt	8,287,140	8,178,919
Current portion of long-term debt and short-term borrowings	7,181,301	7,073,477
Long-term debt	1,105,839	1,105,442
Revolving Facility
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	660,400	660,400
Senior Secured Notes, due November 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	2,726,693	2,726,109
Senior Secured Notes, due September 2026
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	510,427	510,162
Senior Secured Notes, due March 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	234,434	234,244
Term Loan A, due July 2027
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	283,840	283,320
Term Loan B, due October 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	1,174,518	1,166,784
Vessel Financing Obligation, due August 2042
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	650,094	634,501
Tugboat Financing, due December 2038
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	45,577	45,642
PortoCem Debentures, due September 2040
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	910,390	849,115
BNDES Term Loan, due October 2045
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	383,622	376,923
Brazil Financing Notes, due August 2029
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	401,070	385,808
Turbine Financing, due July 2027
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	133,068	133,687
EB-5 Loan, due July 2028
Debt Instrument [Line Items]
Debt (excluding lessor VIE loans)	$ 99,090	$ 99,000

Going Concern and Planned Debt Restructuring	3 Months Ended
Going Concern and Planned Debt Restructuring	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern and Planned Debt Restructuring	2. Going Concern and Planned Debt Restructuring The accompanying condensed consolidated 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 condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. 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, and subsequent interest payments due to these lenders have not been paid. 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, as well as subsequent principal and interest payments, 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, and subsequent interest payments due to these lenders have not been paid. 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 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 "RF 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. •The Company did not make the interest payment of $10,357 due to holders of the 2029 Notes on March 15, 2026. An event of default under the indenture governing the 2029 Notes arose on April 14, 2026, when the contractual grace period for interest payments on such notes expired. •The Company did not make the interest payment of $16,604 due to the holders of the 2026 Notes on March 31, 2026. An event of default under the indenture governing the 2026 Notes arose on April 30, 2026, when the contractual grace period for interest payments on such notes expired. Additionally, on March 27, 2026, the Company and certain of its subsidiaries entered into a forbearance agreement (the "LCF Forbearance Agreement") with the lenders party thereto and Natixis, New York Branch, as administrative agent and collateral agent under the Letter of Credit Facility, pursuant to which, among other things, the lenders agreed to forbear from exercising all of their rights and remedies under the Letter of Credit Facility with respect to certain specified defaults listed which may arise prior to the termination date of the LCF Forbearance Agreement. 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 (i) $571,300 in senior secured term loans and, solely to the extent necessary, if at all, to meet the minimum liquidity threshold, up to $35 million of Senior Capital Raise Term Loans, and (ii) Capital Raise Junior Term Loans in an aggregate principal amount, if any, required to satisfy the minimum liquidity threshold to the extent the minimum liquidity threshold is not satisfied after giving pro forma effect to the incurrence of the Senior Capital Raise Term Loans, each 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 (the "Senior Capital Raise 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 (the "Capital Raise Junior Term Loans"). Provided certain conditions were met (as set out in the RSA), the Company will pay to holders of or lenders under the debt instruments described above that became 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 As of April 30, 2026, the Company has received strong indications of support for the Restructuring Transaction from holders and lenders representing over 97% of its approximately $5.8 billion principal amount of aggregate indebtedness. 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 and, to the extent the consolidated minimum liquidity threshold would not be met after giving effect to the additional New CoreCo Term Loans, term loans second ranking to such additional New CoreCo Term Loans in an amount such that the consolidated minimum liquidity threshold would be met. 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 CoreCo 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 Holders of debt under the R-2 Revolving Credit Facility and the Term Loan A Credit Agreement were given the opportunity to elect to receive (a) their pro rata share of $45,000 in lieu of the BrazilCo Common Equity they would receive in exchange for their debt and holders of debt under the Revolving Credit Agreement were given the opportunity to elect to receive (b) additional New CoreCo Term Loans in lieu of the CoreCo Convertible Preferred Stock they would receive in exchange for their claims, up to a cap, 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, pursuant to the terms of the RSA, upon consummation of the Restructuring Transaction, Wesley R. Edens will purchase from certain of our existing creditors 6,672 shares of CoreCo Convertible Preferred Stock (liquidation preference of $1,000 per share) at a price of $250 per share. 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 has submitted 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 of 1-for-50 (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 alternative in-court restructuring initiatives to preserve value, which would have a material and adverse impact on stockholders and likely result in no recovery to 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.

Leases, as lessee - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Interest expense related to finance leases	$ 39	$ 90
Amortization of right-of-use asset related to finance leases	$ 369	$ 375

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

As of March 31, 2026 and December 31, 2025, inventory consisted of the following:


	March 31, 2026		December 31, 2025
LNG and natural gas inventory	$	134,893	$	100,101
Automotive diesel oil inventory, bunker fuel, materials, supplies and other	18,053		19,346
Total inventory	$	152,946	$	119,447

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands, shares in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets
Allowances for receivables	$ 17,650	$ 17,800
Stockholders’ (deficit) equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750.0	750.0
Common stock, shares, issued (in shares)	285.6	284.6
Common stock, shares, outstanding (in shares)	285.6	284.6

Leases, as lessee

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases, as lessee

7. Leases, as lessee

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

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

As of March 31, 2026 and December 31, 2025, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Operating right-of-use-assets	$	228,169	$	394,795
Finance right-of-use-assets (1)	16,654		17,022
Total right-of-use assets	$	244,823	$	411,817

Current lease liabilities:
Operating lease liabilities	$	24,987	$	69,832
Finance lease liabilities	1,939		2,425
Total current lease liabilities	$	26,926	$	72,257
Non-current lease liabilities:
Operating lease liabilities	$	259,114	$	318,118
Finance lease liabilities	713		701
Total non-current lease liabilities	$	259,827	$	318,819

(1) Finance lease ROU assets are recorded net of accumulated amortization of $5,229 and $4,860 as of March 31, 2026 and December 31, 2025.

During the three months ended March 31, 2026, the owner of a vessel under an operating lease repossessed the vessel after the Company failed to make certain lease payments. The lessor subsequently initiated arbitration proceedings seeking damages, fees and costs (Note 18). As the Company no longer has control of the leased asset, the Company impaired the right of use asset, recognizing an impairment charge of $60,597 within Asset impairment expense in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The associated lease liability remains in full in Non-current lease liabilities on the Condensed Consolidated Balance Sheets as the Company is not relieved of its obligation and further does not expect this matter to be resolved within the next 12 months from the balance sheet date.


	Three Months Ended March 31,
	2026		2025
Fixed lease cost	$	9,796	$	41,645
Variable lease cost	(238)		522
Short-term lease cost	705		943

Lease cost - Cost of sales	$	8,315	$	38,167
Lease cost - Operations and maintenance	796		3,275
Lease cost - Selling, general and administrative	1,152		1,668

For the three months ended March 31, 2026 and 2025, the Company has capitalized $11,885 and $4,658 of lease costs, respectively. 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. Capitalized costs include vessels used during the commissioning of development projects.

The Company has leases of ISO tanks and a parcel of land that are recognized as finance leases. For the three months ended March 31, 2026 and 2025, the Company’s finance interest expense and amortization recorded in Interest expense and Depreciation and amortization, respectively, within the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income were as follows:


	Three Months Ended March 31,
	2026		2025
Interest expense related to finance leases	$	39	$	90
Amortization of right-of-use asset related to finance leases	369		375


	Three Months Ended March 31,
	2026		2025
Operating cash outflows for operating lease liabilities	$	27,336	$	56,583
Financing cash outflows for finance lease liabilities	513		1,393

The future payments due under operating and finance leases as of March 31, 2026 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2026	$	54,291	$	1,988
2027	63,515		89
2028	61,962		89
2029	1,044		89
2030	37,736		89
Thereafter	206,377		674
Total lease payments	$	424,925	$	3,018
Less: effects of discounting	140,824		366
Present value of lease liabilities	$	284,101	$	2,652

Current lease liability	$	24,987	$	1,939
Non-current lease liability	259,114		713

As of March 31, 2026, the weighted average remaining lease term for operating leases was 8.9 years and finance leases was 4.8 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 March 31, 2026 and December 31, 2025 was 10.2% and 9.7%, respectively. The weighted average discount rate associated with finance leases as of March 31, 2026 and December 31, 2025 was 5.7% and 5.5%, respectively.

Leases, as lessee

7. Leases, as lessee

As of March 31, 2026 and December 31, 2025, ROU assets, current lease liabilities and non-current lease liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Operating right-of-use-assets	$	228,169	$	394,795
Finance right-of-use-assets (1)	16,654		17,022
Total right-of-use assets	$	244,823	$	411,817

Current lease liabilities:
Operating lease liabilities	$	24,987	$	69,832
Finance lease liabilities	1,939		2,425
Total current lease liabilities	$	26,926	$	72,257
Non-current lease liabilities:
Operating lease liabilities	$	259,114	$	318,118
Finance lease liabilities	713		701
Total non-current lease liabilities	$	259,827	$	318,819

(1) Finance lease ROU assets are recorded net of accumulated amortization of $5,229 and $4,860 as of March 31, 2026 and December 31, 2025.


	Three Months Ended March 31,
	2026		2025
Fixed lease cost	$	9,796	$	41,645
Variable lease cost	(238)		522
Short-term lease cost	705		943

Lease cost - Cost of sales	$	8,315	$	38,167
Lease cost - Operations and maintenance	796		3,275
Lease cost - Selling, general and administrative	1,152		1,668


	Three Months Ended March 31,
	2026		2025
Interest expense related to finance leases	$	39	$	90
Amortization of right-of-use asset related to finance leases	369		375


	Three Months Ended March 31,
	2026		2025
Operating cash outflows for operating lease liabilities	$	27,336	$	56,583
Financing cash outflows for finance lease liabilities	513		1,393

The future payments due under operating and finance leases as of March 31, 2026 are as follows:


	Operating Leases		Financing Leases
Due remainder of 2026	$	54,291	$	1,988
2027	63,515		89
2028	61,962		89
2029	1,044		89
2030	37,736		89
Thereafter	206,377		674
Total lease payments	$	424,925	$	3,018
Less: effects of discounting	140,824		366
Present value of lease liabilities	$	284,101	$	2,652

Current lease liability	$	24,987	$	1,939
Non-current lease liability	259,114		713

Intangible assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 2,792	$ 3,362
Shannon, Ireland, Permits, Development Rights, And Other Easements
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	$ 36,513		$ 37,288

- 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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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

Prepaid expenses and other current assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 17,640	$ 24,245
Recoverable taxes	204,443	163,399
Contract assets (Note 6)	10,113	21,791
Proceeds held in escrow	41,000	41,000
Short-term receivable	91,017	65,921
Deferred financing costs	16,127	18,876
Income taxes receivable	13,013	15,963
Other current assets	52,246	49,152
Total prepaid expenses and other current assets, net	$ 445,599	$ 400,347

Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

The table below presents segment information for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other		Consolidated
Statement of operations:
Total revenues	$	219,681	$	7,272	$	226,953	$	—	$	226,953
Less(1):
Cost of sales(3)	199,685		—		199,685		—		199,685
Vessel operating expenses	654		—		654		—		654
Operations and maintenance	48,265		—		48,265		—		48,265
Segment Operating Margin	$	(28,923)	$	7,272	$	(21,651)	$	—	$	(21,651)
Balance sheet:
Total assets	$	10,308,215	$	86,123	$	10,394,338	$	—	$	10,394,338
Other segmental financial information:
Capital expenditures(2)	$	143,103	$	—	$	143,103	$	—	$	143,103


	Three Months Ended March 31, 2025
(in thousands of $)	Terminals and Infrastructure		Ships		Total Segment		Consolidation and Other		Consolidated
Statement of operations:
Total revenues	$	433,673	$	38,609	$	472,282	$	—	$	472,282
Less(1):
Cost of sales (3)	302,377		—		302,377		—		302,377
Vessel operating expenses	—		7,176		7,176		—		7,176
Operations and maintenance	54,940		—		54,940		—		54,940
Segment Operating Margin	$	76,356	$	31,433	$	107,789	$	—	$	107,789
Balance sheet:
Total assets	$	12,528,205	$	554,186	$	13,082,391	$	—	$	13,082,391
Other segmental financial information:
Capital expenditures(2)	$	324,138	$	—	$	324,138	$	—	$	324,138

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

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

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

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated


	Three Months Ended March 31,
(in thousands of $)	2026		2025
Net income	$	(400,604)	$	(175,426)
Add:
Selling, general and administrative	47,494		51,820
Transaction and integration costs	53,284		11,931
Depreciation and amortization	41,082		56,311
Asset impairment expense	61,864		246
Interest expense	186,880		200,309
Other (income) expense, net	(43,192)		(63,937)

Loss on extinguishment of debt, net	—		467
Tax provision	31,541		26,068
Consolidated Segment Operating Margin	$	(21,651)	$	107,789

Going Concern and Planned Debt Restructuring (Details) $ / shares in Units, $ in Thousands				3 Months Ended
	Apr. 30, 2026 USD ($)	Mar. 18, 2026 $ / shares shares	Mar. 17, 2026 USD ($) company	Mar. 31, 2026 USD ($)	Mar. 15, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 10, 2025 USD ($)	Nov. 18, 2025	Nov. 17, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Beneficial holders, minimum percentage held								70.00%
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%
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
Number of automatically extended days				90 days
Request to increase common stock (in percent)				0.20
Chief Executive Officer
Restructuring Cost and Reserve [Line Items]
Restructuring, number of shares to be purchased (in shares) \| shares		6,672
Liquidation preference (in dollars per share) \| $ / shares		$ 1,000
Restructuring, price per share (in dollars per share) \| $ / shares		$ 250
CoreCo Convertible Preferred Stock
Restructuring Cost and Reserve [Line Items]
Liquidation preference, percentage			50.00%
Subsequent Event
Restructuring Cost and Reserve [Line Items]
Percentage of holders and lenders in support of Restructuring	0.97
Aggregate indebtedness	$ 5,800,000
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
Maximum
Restructuring Cost and Reserve [Line Items]
Liquidation preference value			$ 2,460,000
Senior Secured Term Loan
Restructuring Cost and Reserve [Line Items]
Restructuring support agreement, debt amount			571,300
New CoreCo Term Loans
Restructuring Cost and Reserve [Line Items]
Proceeds from debt			$ 35,000
Maturity period			5 years
Quarterly amortization rate			1.00%
BrazilCo
Restructuring Cost and Reserve [Line Items]
Common equity interests percentage ownership			100.00%
R-1 Revolving Credit Facility
Restructuring Cost and Reserve [Line Items]
Issuance of letter of credit			$ 100,000
R-2 Revolving Credit Facility
Restructuring Cost and Reserve [Line Items]
Issuance of letter of credit			560,000
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 A, due July 2027
Restructuring Cost and Reserve [Line Items]
Debt default, amount							$ 1,647
Nonrecourse Term Loans
Restructuring Cost and Reserve [Line Items]
Restructuring support agreement, debt amount			$ 400,000
New CoreCo Term Loans
Restructuring Cost and Reserve [Line Items]
Prepayment premium, percentage			102.00%
Senior Secured Notes Due March 15, 2029
Restructuring Cost and Reserve [Line Items]
Debt default, amount					$ 10,357
Senior Secured Notes, due September 2026
Restructuring Cost and Reserve [Line Items]
Debt default, amount				$ 16,604

Leases, as lessee - Schedule of Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Fixed lease cost	$ 9,796	$ 41,645
Variable lease cost	(238)
Variable lease cost		522
Short-term lease cost	705	943
Lease cost - Cost of sales	8,315	38,167
Lease cost - Operations and maintenance	796	3,275
Lease cost - Selling, general and administrative	$ 1,152	$ 1,668

Revenue recognition

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue recognition

6. Revenue recognition

Operating revenue in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income includes revenue from sales of LNG and natural gas as well as outputs from the Company’s natural gas-fueled power generation facilities, including power and steam, and the sale of LNG cargos. Included in operating revenue are LNG cargo sales to customers of $43,927 and $182,731 for the three months ended March 31, 2026 and 2025, respectively.

The table below summarizes the activity in Other revenue:


	Three Months Ended March 31,
	2026		2025
Interest income and other revenue	$	115	$	11,449
Operation and maintenance revenue	29,453		28,770
Total other revenue	$	29,568	$	40,219

Operation and maintenance revenue is recognized by the Company's subsidiary, Genera PR LLC ("Genera"), under its contract for the operation and maintenance of PREPA's thermal generation assets. Under this agreement, Genera is paid a fixed annual fee and reimbursed for pass-through expenses, including payroll expenses of Genera employees. Amounts recognized in the three months ended March 31, 2026 and 2025 include fixed fees and reimbursement of pass-through expenditures, including payroll expenses of Genera employees.

Under most customer contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. As of March 31, 2026 and December 31, 2025, receivables related to revenue from contracts with customers totaled $319,333 and $388,683, respectively, and were included in Receivables, net on the Condensed Consolidated Balance Sheets, net of current expected credit losses of $17,376 and $17,424, respectively. Other items included in Receivables, net that are not related to revenue from contracts with customers represent lease receivables and receivables due under the structured trading operation (Note 5), which are accounted for outside the scope of ASC 606.

Contract assets include unbilled amounts resulting from contracts, 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 March 31, 2026 and December 31, 2025 are detailed below:


	March 31, 2026		December 31, 2025
Contract assets, net - current	$	10,113	$	21,791
Contract assets, net - non-current	10,000		10,375
Total contract assets, net	$	20,113	$	32,166

Contract liabilities, net - current	$	14,811	$	14,133
Contract liabilities, net - non-current	9,375		9,750
Total contract liabilities, net	$	24,186	$	23,883

Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$	1,730	$	4,051

Contract assets are presented net of expected credit losses of $293 and $297 as of March 31, 2026 and December 31, 2025, 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 March 31, 2026, the Company has capitalized $11,626 of which $1,602 of these costs is presented within Prepaid expenses, net and other current assets, net and $10,024 is presented within Other non-current assets, net on the Condensed Consolidated Balance Sheets. As of December 31, 2025, the Company had capitalized $12,027, of which $1,602 of these costs was presented within Prepaid expenses, net and other current assets, net and $10,425 was presented within Other non-current assets, net on the Condensed 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, these payments were recognized as contract novation income with the revenue caption in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. For the three months ended March 31, 2026 and 2025, the Company recognized $943 and $1,746 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 11).

Transaction price allocated to remaining performance obligations

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

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

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


Period	Revenue
Remainder of 2026	$	377,345
2027	722,971
2028	711,948
2029	701,044
2030	700,394
Thereafter	7,091,170
Total	$	10,304,872

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 13. Vessels that are accounted for as a failed sale leaseback as of March 31, 2026 and December 31, 2025, including those vessels chartered to third parties, continue to be recognized on the Condensed 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:


	March 31, 2026		December 31, 2025
Property, plant and equipment	$	154,196	$	154,196
Accumulated depreciation	(40,574)		(38,661)
Property, plant and equipment, net	$	113,622	$	115,535

The components of lease income from vessel operating leases for the three months ended March 31, 2026 and 2025 are shown below, inclusive of vessels accounted for as a failed sale leaseback.


	Three Months Ended March 31,
	2026		2025
Operating lease income	$	8,816	$	40,907
Variable lease income	2,412		4,529
Total operating lease income	$	11,228	$	45,436

Cash receipts on long-term vessel charters that are part of the failed sale leaseback transaction are received by Energos. As such, future cash receipts from both operating and finance leases were not significant as of March 31, 2026 and 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

Revenue recognition - Schedule of Components of Lease Income from Vessel Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Operating lease income	$ 8,816	$ 40,907
Variable lease income	2,412	4,529
Total operating lease income	$ 11,228	$ 45,436

Prepaid expenses and other current assets - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Payment for guarantee exchange	$ 126,668

Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	$ 226,953	$ 472,282
Cost of sales	199,685	302,377
Vessel operating expenses	654	7,176
Operations and maintenance	48,265	54,940
Segment Operating Margin	(21,651)	107,789
Balance sheet:
Total assets	10,394,338	13,082,391	$ 10,555,623
Other segmental financial information:
Capital expenditures	143,103	324,138
Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	226,953	472,282
Cost of sales	199,685	302,377
Vessel operating expenses	654	7,176
Operations and maintenance	48,265	54,940
Segment Operating Margin	(21,651)	107,789
Balance sheet:
Total assets	10,394,338	13,082,391
Other segmental financial information:
Capital expenditures	143,103	324,138
Operating Segments \| Terminals and Infrastructure
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	219,681	433,673
Cost of sales	199,685	302,377
Vessel operating expenses	654	0
Operations and maintenance	48,265	54,940
Segment Operating Margin	(28,923)	76,356
Balance sheet:
Total assets	10,308,215	12,528,205
Other segmental financial information:
Capital expenditures	143,103	324,138
Operating Segments \| Ships
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	7,272	38,609
Cost of sales	0	0
Vessel operating expenses	0	7,176
Operations and maintenance	0	0
Segment Operating Margin	7,272	31,433
Balance sheet:
Total assets	86,123	554,186
Other segmental financial information:
Capital expenditures	0	0
Consolidation and Other
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	0	0
Cost of sales	0	0
Vessel operating expenses	0	0
Operations and maintenance	0	0
Segment Operating Margin	0	0
Balance sheet:
Total assets	0	0
Other segmental financial information:
Capital expenditures	$ 0	$ 0

Construction in progress (Tables)

3 Months Ended

Mar. 31, 2026

Construction in progress [Abstract]

Schedule of Construction in Progress Activity

The Company’s construction in progress activity during the three months ended March 31, 2026 is detailed below:


	March 31, 2026
Construction in progress as of December 31, 2025	$	3,593,971
Additions	143,012
Asset impairment expense	(674)
Impact of currency translation adjustment	96,293
Assets placed in service	(8,750)
Construction in progress as of March 31, 2026	$	3,823,852

Leases, as lessee - Schedule of Right-of-use assets, Current Lease Liabilities and Non-Current Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Operating right-of-use-assets	$ 228,169	$ 394,795
Finance right-of-use assets	16,654	17,022
Total right-of-use assets	244,823	411,817
Current lease liabilities:
Operating lease liabilities	24,987	69,832
Finance lease liabilities	1,939	2,425
Total current lease liabilities	26,926	72,257
Non-current lease liabilities:
Operating lease liabilities	259,114	318,118
Finance lease liabilities	713	701
Total non-current lease liabilities	259,827	318,819
Finance lease, right-of-use asset, accumulated amortization	$ 5,229	$ 4,860

Financial instruments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Term Loan A, due July 2027
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Increase in interest rate (in percent)		2.00%
Energos
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other long-term investments	$ 1,000
Foreign exchange contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, notional amount	$ 12,900	$ 12,900

Revenue recognition - Schedule of Contract Liabilities and Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Contract assets, net - current	$ 10,113	$ 21,791
Contract assets, net - non-current	10,000	10,375
Total contract assets, net	20,113	32,166
Contract liabilities, net - current	14,811	14,133
Contract liabilities, net - non-current	9,375	9,750
Total contract liabilities, net	24,186	23,883
Revenue recognized in the year from:
Amounts included in contract liabilities at the beginning of the year	$ 1,730	$ 4,051

Related party transactions - Restructuring Transaction (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 18, 2026	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 941	$ 952
Chief Executive Officer
Related Party Transaction [Line Items]
Restructuring, number of shares to be purchased (in shares)	6,672
Restructuring, price per share (in dollars per share)	$ 250
Related party transaction, amounts of transaction	$ 110

- 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

Restricted cash (Tables)

3 Months Ended

Mar. 31, 2026

Restricted Cash [Abstract]

Schedule of Restricted Cash

As of March 31, 2026 and December 31, 2025, restricted cash consisted of the following:


	March 31, 2026		December 31, 2025
Cash restricted under the terms of loan agreements	$	58,281	$	90,105
Collateral for letters of credit and performance bonds	39,211		40,384

Total restricted cash	$	97,492	$	130,489

Intangible assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

14. Intangible assets

Intangible assets

The following tables summarize the composition of intangible assets as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Currency Translation Adjustment		Net Carrying Amount		Weighted Average Life
Definite-lived intangible assets
Acquired capacity reserve contract	$	162,045	$	(18,249)	$	(6,930)	$	136,866	17
Permits and development rights	61,894		(10,075)		2,038		53,857		34
Easements	660		(205)		—		455		30

Indefinite-lived intangible assets
Easements	1,191		—		40		1,231		n/a
Total intangible assets	$	225,790	$	(28,529)	$	(4,852)	$	192,409


	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

Amortization expense for the three months ended March 31, 2026 and 2025 was $2,792 and $3,362, 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 the Company's application for the development of an LNG terminal and power plant. The Company 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 the 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 March 31, 2026 and December 31, 2025, 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 $36,513 and $37,288, respectively.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 92,389	$ 226,453
Restricted cash	97,492	130,489
Receivables, net of allowances of $17,650 and $17,800, respectively	370,322	451,962
Inventory	152,946	119,447
Prepaid expenses and other current assets, net	445,599	400,347
Total current assets	1,158,748	1,328,698
Construction in progress	3,823,852	3,593,971
Property, plant and equipment, net	4,860,875	4,892,737
Right-of-use assets	244,823	411,817
Intangible assets, net	192,409	187,596
Other non-current assets, net	113,631	140,804
Total assets	10,394,338	10,555,623
Current liabilities
Current portion of long-term debt and short-term borrowings	7,181,301	7,073,477
Accounts payable	634,700	731,619
Accrued liabilities	844,064	597,776
Current lease liabilities	26,926	72,257
Other current liabilities	239,807	177,809
Total current liabilities	8,926,798	8,652,938
Long-term debt	1,105,839	1,105,442
Non-current lease liabilities	259,827	318,819
Deferred tax liabilities, net	73,936	76,502
Other long-term liabilities	82,974	92,291
Total liabilities	10,449,374	10,245,992
Commitments and contingencies (Note 18)
Stockholders’ (deficit) equity
Class A common stock, $0.01 par value, 750 million shares authorized, 285.6 million issued and outstanding as of March 31, 2026; 284.6 million issued and outstanding as of December 31, 2025	2,856	2,845
Additional paid-in capital	1,779,052	1,776,306
Retained earnings (accumulated deficit)	(2,050,538)	(1,650,592)
Accumulated other comprehensive income	88,388	54,088
Total stockholders’ (deficit) equity attributable to NFE	(180,242)	182,647
Non-controlling interest	125,206	126,984
Total stockholders’ (deficit) equity	(55,036)	309,631
Total liabilities and stockholders’ equity	$ 10,394,338	$ 10,555,623

Financial instruments - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total realized and unrealized loss recognized	$ 489	$ 14,363
Foreign exchange forward contracts
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total realized and unrealized loss recognized	0	13,735
Zero-cost collar options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total realized and unrealized loss recognized	$ 489	$ 628

Segments - Schedule of Reconciliation of Net loss to Operating Margin (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Net (loss) income	$ (400,604)	$ (175,426)
Add:
Selling, general and administrative	47,494	51,820
Transaction and integration costs	53,284	11,931
Depreciation and amortization	41,082	56,311
Asset impairment expense	61,864	246
Interest expense	186,880	200,309
Other (income) expense, net	(43,192)	(63,937)
Loss on extinguishment of debt, net	0	467
Tax provision	31,541	26,068
Segment Operating Margin	$ (21,651)	$ 107,789

Accrued liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued liabilities

15. Accrued liabilities

As of March 31, 2026 and December 31, 2025, Accrued liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Accrued interest	$	596,812	$	404,389
Accrued development costs	36,434		36,874
Accrued litigation	53,470		52,421
Other accrued expenses	157,348		104,092
Total accrued liabilities	$	844,064	$	597,776

Accrued litigation includes management’s estimate of probable losses for certain legal matters (see Note 18).

The Company is not currently paying interest under debt instruments that are subject to the RSA (Note 2), increasing the accrued interest balance as of March 31, 2026. These balances will be settled upon completion of the Restructuring Transaction.

Prepaid expenses and other current assets

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid expenses and other current assets

11. Prepaid expenses and other current assets

As of March 31, 2026 and December 31, 2025, prepaid expenses and other current assets consisted of the following:


	March 31, 2026		December 31, 2025
Prepaid expenses	$	17,640	$	24,245
Recoverable taxes	204,443		163,399
Contract assets (Note 6)	10,113		21,791
Proceeds held in escrow	41,000		41,000
Short-term receivable	91,017		65,921
Deferred financing costs	16,127		18,876
Income taxes receivable	13,013		15,963
Other current assets	52,246		49,152
Total prepaid expenses and other current assets, net	$	445,599	$	400,347

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. 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 based on the expected timing of receipt.

Financing costs include 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 March 31, 2026 and December 31, 2025 primarily consists of deposits.

Organization	3 Months Ended
Organization	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization New Fortress Energy Inc. (“NFE”, together with its subsidiaries, the “Company”), a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas (“LNG”) infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. The Company currently conducts its business through two operating segments, Terminals and Infrastructure and Ships. The business and reportable segment information reflects how the Chief Operating Decision Maker (“CODM”) regularly reviews and manages the business. The Company's CODM is its Chief Executive Officer.

Construction in progress

3 Months Ended

Mar. 31, 2026

Construction in progress [Abstract]

Construction in progress

12. Construction in progress

The Company’s construction in progress activity during the three months ended March 31, 2026 is detailed below:


	March 31, 2026
Construction in progress as of December 31, 2025	$	3,593,971
Additions	143,012
Asset impairment expense	(674)
Impact of currency translation adjustment	96,293
Assets placed in service	(8,750)
Construction in progress as of March 31, 2026	$	3,823,852

Interest expense of $90,039 and $98,586, inclusive of amortized debt issuance costs, was capitalized for the three months ended March 31, 2026 and 2025, respectively.

The Company has significant development activities in Latin America, including significant projects in Brazil. Construction in progress relating to BrazilCo was $1,955,219 and $1,770,782 as of March 31, 2026 and December 31, 2025, 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.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 11, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38790
Entity Registrant Name	New Fortress Energy Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1482060
Entity Address, Address Line One	111 W. 19th Street
Entity Address, Address Line Two	8th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	516
Local Phone Number	268-7400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Class A common stock
Trading Symbol	NFE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		285,634,650
Entity Central Index Key	0001749723
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

16. Debt

As of March 31, 2026 and December 31, 2025, debt consisted of the following:


	March 31, 2026		December 31, 2025
Corporate debt
Senior Secured Notes, due November 2029	$	2,726,693	$	2,726,109
Senior Secured Notes, due September 2026	510,427		510,162
Senior Secured Notes, due March 2029	234,434		234,244
Revolving Facility	660,400		660,400
Term Loan A, due July 2027	283,840		283,320
Term Loan B, due October 2028	1,174,518		1,166,784
Short-term Borrowings	73,917		73,224
Sale leaseback financing
Vessel Financing Obligation, due August 2042	650,094		634,501
Tugboat Financing, due December 2038	45,577		45,642
Asset level financing
PortoCem Debentures, due September 2040	910,390		849,115
BNDES Term Loan, due October 2045	383,622		376,923
Brazil Financing Notes, due August 2029	401,070		385,808
Turbine Financing, due July 2027	133,068		133,687
EB-5 Loan, due July 2028	99,090		99,000
Total debt	$	8,287,140	$	8,178,919
Current portion of long-term debt	$	7,181,301	$	7,073,477
Long-term debt	1,105,839		1,105,442

Debt is recorded at amortized cost on the Condensed Consolidated Balance Sheets. The fair value of the Company's long-term debt was $5,434,738 and $4,382,841 as of March 31, 2026 and December 31, 2025, respectively, and is classified as Level 2 within the fair value hierarchy.

As of March 31, 2026 and December 31, 2025, the outstanding debt balances under the New 2029 Notes, Term Loan B, Term Loan A, and Revolving Facility were classified as current, primarily due to the existing events of default and/or non-

compliance with covenant requirements as described in Note 2. In addition, the outstanding balances of the 2026 Notes, 2029 Notes, Brazil Financing Notes, PortoCem Debentures, EB-5 Loan and Tugboat Financing are also classified as current due to events of default and/or expected non-compliance with covenant requirements, as discussed in the Company's Annual Report on Form 10-K.

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

EB-5 Loan Agreement

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 on January 8, 2026, when the contractual grace period for interest payments on the loans expired. Due to the expected future occurrence of events of defaults, the EB-5 Loan has been classified as a current liability as of March 31, 2026.

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 in exchange for the EB-5 Loan. The new unsecured notes will bear an interest rate of 7.0% per annum, with the option to pay interest in kind, and that matures on December 31, 2029. The execution of this agreement is contingent upon the completion of the Restructuring Transaction.

Letter of Credit Facility

In March 2026, the Company entered into an amendment to the Letter of Credit Facility to extend the maturity date to September 15, 2026. As of March 31, 2026, the Company had $195,559 of letters of credit outstanding under the Letter of Credit Facility.

PortoCem Financings

The Company did not provide the $79,100 bank guarantee that was due to the holders under the PortoCem Debentures (as defined in the Company's Annual Report on Form 10-K) on May 10, 2026. If the Company fails to provide the bank guarantee prior to the expiration of the 45-day cure period, an automatic early maturity event will occur and substantially all of the Company's outstanding indebtedness would be payable on demand. Additionally, other non-financial requirements due on April 30, 2026 were not met, and the debenture holders have the ability to declare an event of early maturity. As of the date of the issuance of these financial statements, the debenture holders have not declared an early maturity event. Nonetheless, the outstanding principal balance of the PortoCem Debentures has been presented as a current liability as of March 31, 2026 as the Company determined that it is not currently probable that the bank guarantee can be provided. Following the completion of the Restructuring Transaction, the Company will no longer own BrazilCo, and the liabilities of BrazilCo, including the PortoCem Debentures will no longer be included in the Company's consolidated financial statements.

Interest expense

Interest and related amortization of debt issuance costs, premiums and discounts recognized during major development and construction projects are capitalized and included in the cost of the project. Interest expense, net of amounts capitalized, recognized for the three months ended March 31, 2026 and 2025 consisted of the following:


	Three Months Ended March 31,
	2026		2025
Interest per contractual rates	$	234,572	$	217,414
Interest expense on Vessel Financing Obligation	27,879		45,240
Amortization of debt issuance costs, premiums and discounts	14,429		36,151
Interest expense incurred on finance lease obligations	39		90
Total interest costs	$	276,919	$	298,895
Capitalized interest	90,039		98,586
Total interest expense	$	186,880	$	200,309

Interest expense on the Vessel Financing Obligation includes non-cash expense of $22,864 and $22,179 for the three months ended March 31, 2026 and 2025, respectively, related to payments received by Energos from third-party charterers.

Segments - Narrative (Details)	3 Months Ended
Segments - Narrative (Details)	Mar. 31, 2026 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

Property, plant and equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation	$ 48,265	$ 62,870
Cost of Sales
Property, Plant and Equipment [Line Items]
Depreciation	$ 10,343	$ 10,401

Related party transactions - Management Services Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 941	$ 952
Related Party \| Service Agreements
Related Party Transaction [Line Items]
General and administrative expense	152	$ 118
Due to affiliates	890		$ 738
Affiliated Entity \| Chartered Aircraft
Related Party Transaction [Line Items]
Due to affiliates	$ 135		$ 318

- 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

Accrued liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued interest	$ 596,812	$ 404,389
Accrued development costs	36,434	36,874
Accrued litigation	53,470	52,421
Other accrued expenses	157,348	104,092
Total accrued liabilities	$ 844,064	$ 597,776

Restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Restricted Cash [Abstract]
Cash restricted under the terms of loan agreements	$ 58,281	$ 90,105
Collateral for letters of credit and performance bonds	39,211	40,384
Total restricted cash	$ 97,492	$ 130,489

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Series B Convertible Preferred Stock	Series B convertible preferred stock	Common Stock	Common Stock Class A common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income	Non- controlling interest
Balance at beginning of period (in shares) at Dec. 31, 2024			96,746
Balance at beginning of period at Dec. 31, 2024			$ 90,570
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends			$ 107
Balance at end of period (in shares) at Mar. 31, 2025			36,746
Balance at end of period at Mar. 31, 2025			$ 40,708
Balance at beginning of period (in shares) at Dec. 31, 2024					266,459,093
Balance at beginning of period at Dec. 31, 2024	$ 2,000,701				$ 2,664	$ 1,674,312	$ 193,561	$ 7,504	$ 122,660
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(175,426)						(177,634)		2,208
Other comprehensive income (loss)	24,253							23,582	671
Share-based compensation expense	(229)					(229)
Class A stock issued, net of issuance costs (in shares)					661,207
Class A stock issued, net of issuance costs	370				$ 7	363
Acquisition of non-controlling interest	(822)					(1,356)			534
Issuance of shares for vested share-based compensation awards (in shares)					31,814
Shares withheld from employees related to share-based compensation, at cost (in shares)					(13,086)
Shares withheld from employees related to share-based compensation, at cost	(159)					(159)
Conversion of Series B convertible preferred stock (in shares)		(60,000)			6,651,511
Conversion of Series B convertible preferred stock	49,965	$ (49,969)			$ 67	49,898
Dividends	(3,567)						(548)		(3,019)
Balance at end of period (in shares) at Mar. 31, 2025					273,790,539
Balance at end of period at Mar. 31, 2025	1,895,086				$ 2,738	1,722,829	15,379	31,086	123,054
Balance at beginning of period (in shares) at Dec. 31, 2025					284,552,811
Balance at beginning of period at Dec. 31, 2025	309,631				$ 2,845	1,776,306	(1,650,593)	54,089	126,984
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(400,604)						(399,945)		(659)
Other comprehensive income (loss)	34,330							34,299	31
Share-based compensation expense	3,790					3,790
Issuance of shares for vested share-based compensation awards (in shares)					1,862,805
Issuance of shares for vested share-based compensation awards	19				$ 19
Shares withheld from employees related to share-based compensation, at cost (in shares)					(780,966)
Shares withheld from employees related to share-based compensation, at cost	(1,052)			$ (8)		(1,044)
Dividends	(1,150)								(1,150)
Balance at end of period (in shares) at Mar. 31, 2026					285,634,650
Balance at end of period at Mar. 31, 2026	$ (55,036)				$ 2,856	$ 1,779,052	$ (2,050,538)	$ 88,388	$ 125,206