The Long Ridge sale is the dominant catalyst, offering a clear delevering path. Monitor for closing conditions and timing. The Q1 results are noisy due to one-time items and the outage; focus on the post-sale capital structure and the trajectory of the remaining core segments (Railroad, Jefferson, Repauno, Power & Gas) which generated $78.8M in Adjusted EBITDA.
Price Chart
Executive Summary
FTAI Infrastructure reported Q1 2026 revenue of $188.4M, up 95.9% YoY, but a GAAP net loss of $1.32 per share. The headline loss was driven by a $45.9M loss on debt extinguishment and $82.5M in interest expense, obscuring a $70.6M Adjusted EBITDA. The key event is the announced sale of Long Ridge for $1.52B, which will eliminate $1.16B in debt and reduce parent-level debt by ~$300M, significantly delevering the balance sheet. The Q1 results were impacted by a 25-day planned outage at Long Ridge; excluding that, Adjusted EBITDA would have exceeded $80M.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue of $188.4M, up 95.9% from $96.2M in Q1 2025.
- GAAP net loss attributable to common stockholders of $154.5M, or $1.32 per share.
- Adjusted EBITDA of $70.6M, down from $155.2M in Q1 2025, impacted by a 25-day planned outage at Long Ridge.
- Announced agreement to sell Long Ridge to MARA Holdings for $1.52B, eliminating $1.16B of Long Ridge debt and using proceeds to repay ~$300M of parent-level debt.
- Declared a quarterly cash dividend of $0.03 per share, unchanged from prior quarter.
- Operating cash flow used $69.4M in Q1 2026 vs. $85.7M used in Q1 2025.
- Total debt, net stood at $3.81B as of March 31, 2026, up from $3.77B at year-end 2025.
Financial Impact
The Long Ridge sale for $1.52B will eliminate $1.16B in debt and reduce parent-level debt by ~$300M, significantly improving the balance sheet and reducing interest expense. Q1 Adjusted EBITDA of $70.6M was below the prior year's $155.2M but was impacted by a planned outage.
Risk Factors
- Long Ridge sale fails to close or is delayed, leaving high debt levels.
- Core segments (ex-Long Ridge) fail to sustain or grow Adjusted EBITDA.
- High interest expense continues to pressure earnings.
- Execution risk on Repauno phase two expansion.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001899883-26-000023 |
| Document: ftai-20260507.htm | 0001899883-26-000023 |
| Document: 0001899883-26-000023-index-headers.html | 0001899883-26-000023 |
| Document: 0001899883-26-000023-index.html | 0001899883-26-000023 |
| Document: 0001899883-26-000023.txt | 0001899883-26-000023 |
| 8-K Data (Synthetic) | 0001899883-26-000023 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 2, 2026 13w ago | 8-K | $4.44 $2.89 | ▲ +34.91% | ▲ +38.48% | $2.68 (+39.53%) |
Jun 29, 2026 13w ago | Press Release | $4.36 $3.26 | ▼ −25.23% | ▼ −29.62% | $2.68 (−38.42%) |
May 7, 2026 21w ago | 8-K | $4.86 $3.40 | ▼ −30.04% | ▼ −34.88% | $2.68 (−44.75%) |
Apr 30, 2026 22w ago | 8-K | $6.15 $4.15 | ▼ −32.47% | ▼ −35.57% | $2.68 (−56.31%) |
Apr 30, 2026 22w ago | Press Release | $6.15 $4.15 | ▼ −32.47% | ▼ −35.57% | $2.68 (−56.31%) |
Apr 17, 2026 24w ago | 8-K | $5.80 $4.46 | ▼ −23.10% | ▼ −29.25% | $2.68 (−53.71%) |
Apr 16, 2026 24w ago | Press Release | $5.99 $4.49 | ▲ +25.04% | ▲ +32.09% | $2.68 (+55.18%) |
US Market Status
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