This compares to a profit of $11.3 million in the third quarter of last year and a net loss of $557 million in the second quarter of 2025.
NFE released its third-quarter results on Friday after it sought more time earlier this month from the US SEC to file its quarterly report, citing ongoing negotiations related to debt agreements.
The company recently signed a forbearance agreement with representatives of the holders of its new senior secured notes due 2029.
In addition, the company just announced that it entered into the eleventh amendment agreement to extend the maturity date of the letter of credit agreement to March 31, 2026.
NFE recognized operating losses and negative operating cash flows during each of the first three quarters of 2025, with this decline in earnings accelerating in the second quarter of 2025.
“The company’s forecasted cash flows are expected to be impacted by, among other things,
reduced earnings following the sale of the Jamaica business and increased interest expense,” NFE’s management said in the financial report.
NFE also does not expect to be in compliance with the consolidated first lien debt ratio and fixed charge coverage ratio under its revolving credit agreement and the term loan A credit agreement for the fiscal quarter ending December 31, 2025.
The company noted that if it does not enter into agreements with its lenders in time, the lenders would have the “right to accelerate the repayment of the outstanding principal under the revolving facility and term loan A credit agreement.”
“If the lenders choose to exercise such rights under those facilities, substantially all of the company’s outstanding indebtedness could be accelerated, and the company would not have sufficient liquidity or capital resources to satisfy its outstanding principal obligations,” NFE’s management said.
