Earlier this month, NFE rescheduled the release of its first-quarter results from May 12 to May 14 to announce the closing of the Jamaica transaction, and announce an update to the use of proceeds.
Excelerate Energy purchased NFE’s business in Jamaica for $1.055 billion.
NFE announced the receipt of the Nasdaq notice in a statement on Tuesday.
The notice states that NFE is not in compliance with Nasdaq listing rule 5250(c)(1) because it has not yet filed its form 10-Q for the period ended March 31, 2025, with the US SEC.
The rule requires listed companies to file all required periodic financial reports with the SEC in a timely manner.
NFE said it is continuing to work “diligently to finalize and file its form 10-Q as soon as possible.”
The company expects that its form 10-Q will be “consistent” with the financial statements for the quarter ended March 31, 2025 that were released on May 14.
Moreover, the notice states that NFE has 60 calendar days from the date of the notice to submit a plan to regain compliance with the rule.
The company said it expects to file the 10-Q “well before the plan is due to Nasdaq.”
“If Nasdaq accepts the company’s plan to regain compliance, Nasdaq may grant the company up to 180 calendar days from the prescribed due date of the form 10-Q, or until November 11, 2025, to file the form 10-Q to regain compliance,” it said.
NFE stated that the notice has no immediate impact on the listing or trading of its securities on the Nasdaq stock market.
“If the company fails to timely regain compliance with Nasdaq’s listing rules, the company’s Class A common stock will be subject to delisting from Nasdaq,” NFE said.
Net loss, FSRU charters
NFE reported a net loss of $197.4 million in the first quarter of 2025. This compares to a profit of $56.7 million in the same quarter last year.
The company’s adjusted Ebitda of $82 million in the first quarter was lower compared to $340.1 million in the same quarter last year.
NFE’s management also said that the company is in advanced talks to charter two more floating and regasification units.
In December, Egypt’s EGAS signed a deal with NFE to charter the 160,000-cbm Energos Eskimo. This charter deal is for ten years.
Most recently, NFE has signed a three-year deal to charter the 125,000-cbm FSRU Energos Freeze to Energia 2000 in the Dominican Republic.
Apollo’s Energos Infrastructure owns both of these FSRUs.
