New Fortress Energy Inc. has recently released its 10-K report, providing a detailed insight into the company's operations and financial performance. The company operates as an integrated gas-to-power energy infrastructure company, with two main segments * Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment focuses on natural gas procurement, liquefaction, shipping, logistics, and the development of natural gas-fired power generation facilities. Meanwhile, the Ships segment offers floating storage and regasification units (FSRU) and liquefied natural gas (LNG) carriers leased to customers under long-term or spot arrangements.
In the "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations," New Fortress Energy describes its mission to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company's near-term goal is to provide modern infrastructure solutions to create cleaner, reliable energy while generating a positive economic impact worldwide. Its long-term mission is to become one of the world’s leading companies providing power free from carbon emissions. New Fortress Energy's management makes resource allocation decisions and assesses performance based on its two operating segments, Terminals and Infrastructure, and Ships.
The company's Terminals and Infrastructure segment includes operations in Jamaica, Puerto Rico, Mexico, Brazil, and Miami, with facilities such as the Montego Bay Facility, Old Harbour Facility, San Juan Facility, La Paz Facility, Santa Catarina Facility, and Miami Facility. These facilities serve significant customers, including Jamaica Public Service Company Limited, South Jamaica Power Company Limited, Jamalco, Puerto Rico Electric Power Authority, and Comisión Federal de Electricidad. New Fortress Energy's management has successfully secured long-term contracts with these customers, and the assets built to service them have been designed with the capacity to serve other customers as well.
New Fortress Energy's Ships segment includes various vessels, such as FSRUs, FSUs, and LNG carriers, which are currently chartered under long-term arrangements to third parties. The company plans to utilize these vessels in its own terminal operations as charter agreements for these vessels expire. Additionally, the company has development projects underway, including the development of modular liquefaction facilities, an LNG terminal facility and power plant in Puerto Sandino, Nicaragua, an LNG terminal and power plant in Ireland, a green hydrogen project, and a power and data center infrastructure business.
The 10-K report also discusses the company's LNG supply and cargo sales, as well as its strategy to mitigate exposure to fluctuations in natural gas prices. New Fortress Energy provides reliable, affordable, and clean energy supplies to customers worldwide, and it plans to satisfy these supplies through various sources, including its own FLNG production and additional LNG supply contracts expected to commence in 2027.
As a result of these announcements, the company's shares have moved -8.8% on the market, and are now trading at a price of $9.01. Check out the company's full 10-K submission here.
