DivestmentMay 7, 2026, 04:23 PM
FTAI Infrastructure to Sell Long Ridge for $1.52B; Q1 Adj. EBITDA $70.6M
AI Summary
FTAI Infrastructure Inc. reported Q1 2026 financial results, highlighted by an agreement to sell Long Ridge for $1.52 billion. This divestment is expected to eliminate $1.16 billion of Long Ridge debt and repay approximately $300 million of parent-level debt, enhancing free cash flow. The company reported Adjusted EBITDA of $70.6 million for the quarter, which would have exceeded $80 million excluding a planned outage. Total revenues significantly increased to $188.36 million, though the company recorded a net loss of $(150.17) million. The Board also declared a cash dividend of $0.03 per share.
Key Highlights
- Agreement to sell Long Ridge to MARA Holdings, Inc. for $1.52 billion transaction value.
- Sale proceeds to eliminate $1.16 billion of Long Ridge debt and repay $300 million of parent debt.
- Reported Q1 2026 Adjusted EBITDA of $70.6 million.
- Adjusted EBITDA for four core segments was $78.76 million in Q1 2026.
- Total revenues increased to $188.36 million in Q1 2026 from $96.16 million in Q1 2025.
- Net Loss Attributable to Stockholders was $(150.17) million.
- Basic and Diluted Loss per Share of Common Stock was $(1.32).
- Board declared a cash dividend of $0.03 per share for Q1 2026.