FTAI Infrastructure Inc. Files Q2 2025 10-Q Report

TL;DR

**FTAI Infrastructure Inc. Q2 2025 10-Q filed. Financials and ops details inside.**

AI Summary

FTAI Infrastructure Inc. filed its 10-Q for the period ending June 30, 2025. The filing covers the company's financial performance and operations for the second quarter of 2025. Key financial data and operational details are presented within this report.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look at FTAI Infrastructure Inc.'s financial health and operational performance for the second quarter of 2025, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the inherent risks of infrastructure and transportation sectors can impact the company's performance.

Key Numbers

• 20250630 — Period End Date (Indicates the end of the reporting period for the 10-Q.)
• 20250815 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• FTAI Infrastructure Inc. (company) — Filer of the 10-Q report
• 20250630 (date) — Period of report for the 10-Q
• 20250815 (date) — Filing date of the 10-Q

FAQ

Key Financial Figures

• $0.01 — ch registered: Common Stock, par value $0.01 per share FIP The Nasdaq Global Select

Filing Documents

• fip-20250630.htm (10-Q) — 3926KB
• fip6302025exhibit311.htm (EX-31.1) — 9KB
• fip6302025exhibit312.htm (EX-31.2) — 9KB
• fip6302025exhibit321.htm (EX-32.1) — 5KB
• fip6302025exhibit322.htm (EX-32.2) — 5KB
• fip-20250630_g1.jpg (GRAPHIC) — 369KB
• 0001899883-25-000041.txt ( ) — 19165KB
• fip-20250630.xsd (EX-101.SCH) — 90KB
• fip-20250630_cal.xml (EX-101.CAL) — 106KB
• fip-20250630_def.xml (EX-101.DEF) — 570KB
• fip-20250630_lab.xml (EX-101.LAB) — 979KB
• fip-20250630_pre.xml (EX-101.PRE) — 825KB
• fip-20250630_htm.xml (XML) — 3897KB

FORWARD-LOOKING STATEMENTS AND RISK FACTORS SUMMARY

FORWARD-LOOKING STATEMENTS AND RISK FACTORS SUMMARY This report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead are based on our present beliefs and assumptions and on information currently available to us. You can identify these forward-looking statements by the use of forward-looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," "target," "projects," "contemplates" or the negative version of those words or other comparable words. Any forward-looking statements contained in this report are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us, that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. The following is a summary of the principal risk factors that make investing in our securities risky and may materially adversely affect our business, financial condition, results of operations and cash flows. This summary should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in Part II, Item 1A, "Risk Factors" of this report. We believe that these factors include, but are not limited to: our ability to successfully operate as a standalone public compan

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Unaudited Consolidated Financial Statements of FTAI Infrastructure Inc

Item 1. Unaudited Consolidated Financial Statements of FTAI Infrastructure Inc.: 5 Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 5 Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 7 Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2025 and 2024 8 Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2025 and 2024 9 Consolidated Statements of Cash Flows for the three and six months ended June 30, 2025 and 2024 11

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 12 Note 1: Organization 12 Note 2: Summary of Significant Accounting Policies 12 Note 3: Acquisition of Long Ridge Energy & Power LLC 18 Note 4: Leasing Equipment, net 20 Note 5: Property, Plant and Equipment, net 21 Note 6: Investments 22 Note 7: Intangible Assets, net 24 Note 8: Debt, net 25 Note 9: Fair Value Measurements 27 Note 10: Derivative Financial Instruments 29 Note 11: Revenues 30 Note 12: Equity-Based Compensation 31 Note 13: Retirement Benefit Plans 32 Note 14: Income Taxes 33 Note 15: Management Agreement and Affiliate Transactions 34 Note 16: Segment Information 36 Note 17: Redeemable Preferred Stock 46 Note 18: Earnings per Share and Equity 48 Note 19: Commitments and Contingencies 49 Note 20: Subsequent Events 49

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 51

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 71

Controls and Procedures

Item 4. Controls and Procedures 72

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 73

Risk Factors

Item 1A. Risk Factors 73

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 93

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 93

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 93

Other Information

Item 5. Other Information 93

Exhibits

Item 6. Exhibits 94 4

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share and per share data) (Unaudited) Notes June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents 2 $ 33,626 $ 27,785 Restricted cash and cash equivalents 2 414,637 119,511 Accounts receivable, net 2 68,150 52,994 Other current assets 2 22,632 19,561 Total current assets 539,045 219,851 Leasing equipment, net 4 37,195 37,453 Operating lease right-of-use assets, net 66,749 67,937 Property, plant, and equipment, net 5 3,232,712 1,653,468 Investments 6 17,730 12,529 Intangible assets, net 7 45,223 46,229 Goodwill 2 401,229 275,367 Other assets 2 67,077 61,554 Total assets $ 4,406,960 $ 2,374,388 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 223,498 $ 176,425 Debt, net 8 82,754 48,594 Operating lease liabilities 7,268 7,172 Derivative liabilities 10 30,443 — Other current liabilities 18,801 18,603 Total current liabilities 362,764 250,794 Debt, net 7 3,001,609 1,539,241 Operating lease liabilities 59,635 60,893 Derivative liabilities 10 138,340 — Other liabilities 68,692 67,104 Total liabilities 3,631,040 1,918,032 Commitments and contingencies 19 — — Redeemable preferred stock Series A ($ 0.01 par value per share; 200,000,000 total preferred shares authorized; 300,000 Series A shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; redemption amount of $ 435.5 million and $ 431.8 million at June 30, 2025 and December 31, 2024, respectively) 17 397,652 381,218 Redeemable convertible preferred stock Series B ($ 0.01 par value per share; 200,000,000 total preferred shares authorized; 160,000 Series B shares issued and outstanding as of June 30, 2025; redemption amount of $ 192.0 million at June 30, 2025) 17 152,642 — Equity Common stock ($ 0.01 par value per share; 2,000,000,000 shares authorized; 115,087,817 and 113,934,860 share

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 1. ORGANIZATION FTAI Infrastructure Inc. ("we", "us", "our", or the "Company") is a Delaware corporation and was originally formed as a limited liability company on December 13, 2021 in connection with the spin-off of the infrastructure business ("FTAI Infrastructure") of FTAI Aviation Ltd. (previously Fortress Transportation and Infrastructure Investors LLC; "FTAI" or "Former Parent"). The Company owns and operates (i) six freight railroads and one switching company that provide rail service to certain manufacturing and production facilities ("Transtar"), (ii) a multi-modal crude oil and refined products terminal in Beaumont, Texas ("Jefferson Terminal"), (iii) a deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities ("Repauno"), (iv) a multi-modal terminal located along the Ohio River with multiple industrial development opportunities, including a power plant ("Long Ridge"), and (v) an equity method investment in two ventures developing battery and metal recycling technology ("Aleon" and "Gladieux"). Additionally, we operate a railcar cleaning business ("KRS") as well as an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries ("FYX"). We have five reportable segments: (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas, and (v) Sustainability and Energy Transition, which all operate in the infrastructure sector (see Note 16). We are a publicly-traded company trading on The Nasdaq Global Select Market under the symbol "FIP." The Company is headquartered in New York, New York. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with U.S.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Delaware River Partners LLC During

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