FTAI Infrastructure published its annual report on Form 10-K for the fiscal year ended Dec. 31, 2025, reporting total revenues of USD 502.52 million and net loss of USD 152.05 million. Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, narrowed 30% to USD 207.4 million, while Adjusted EBITDA rose more than doubled to USD 361.22 million. The company said total revenues rose 52% mainly due to higher Power and Gas and Jefferson Terminal revenue following the February 2025 acquisition of GCM’s 49.9% interest in Long Ridge Energy & Power, including power revenues of USD 156.18 million and gas revenues of USD 21.19 million. Interest expense more than doubled to USD 265.91 million, primarily due to higher average outstanding debt, and gain on sale of assets increased by more than 50x to USD 128.84 million, mainly tied to the Long Ridge transaction and the sale of an equity-method investment in Clean Planet. In liquidity commentary, management said it concluded current liquidity and forecasted operating cash flows are not sufficient to meet upcoming obligations including repayment of the USD 218 million Jefferson Taxable Series 2024B Bonds at maturity, and it plans to refinance the bonds or draw on a USD 255 million bridge backstop facility if needed.

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