FIPHIGH SIGNALFINANCIAL10-K

FIP experienced a dramatic 89.5% collapse in stockholders' equity alongside substantially higher current liabilities, despite meaningfully expanded revenue operations.

The near-complete erosion of stockholders' equity from $202.7M to just $21.3M represents a severe deterioration in the company's financial foundation that demands immediate investor attention. While revenue grew substantially and net losses improved modestly, the balance sheet distress suggests potential liquidity constraints or significant one-time charges that fundamentally altered the capital structure.

Comparing 2026-03-16 vs 2025-03-13View on EDGAR →
FINANCIAL ANALYSIS

FIP's financial picture presents a stark contrast between operational expansion and balance sheet deterioration. Revenue grew substantially while net losses improved modestly, indicating some operational progress across the company's diversified infrastructure portfolio. However, the catastrophic decline in stockholders' equity combined with a 63.5% increase in current liabilities signals severe capital structure stress that overshadows any operational improvements and raises critical questions about the company's financial stability.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
-89.5%
$202.7M$21.3M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Current Liabilities
Balance Sheet
+63.5%
$250.8M$410.0M

Current liabilities surged 63.5% — significant near-term obligations; verify ability to meet short-term debt.

Revenue
P&L
+51.6%
$331.5M$502.5M

Strong top-line growth of 51.6% — accelerating demand or successful expansion into new markets.

Net Income
P&L
+29.6%
-$294.5M-$207.4M

Net income grew 29.6% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-13
ADDED
As of March 13, 2026, the number of outstanding shares of the registrant s common stock was 118,163,555 shares.
Consolidated Financial Statements of FTAI Infrastructure Inc.
We believe that these factors include, but are not limited to: our ability to successfully operate as a standalone public company; changes in economic conditions generally and specifically in our industry sectors, and other risks relating to the global economy, including, but not limited to, U.S.
We are a publicly-traded company trading on The Nasdaq Global Select Market under the symbol FIP.
For the year ended December 31, 2025, our Railroad business accounted for 34% of our total revenue, our Ports and Terminals business accounted for 19% of our total revenue and our Power and Gas business accounted for 36% of our total revenue.
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REMOVED
As of March 10, 2025, the number of outstanding shares of the registrant s common stock was 113,941,865 shares.
Consolidated and Combined Consolidated Financial Statements of FTAI Infrastructure Inc.
In connection with the spin-off, FTAI Infrastructure LLC converted into FTAI Infrastructure Inc., a Delaware corporation, and acquired all of the material assets and investments that comprised FTAI's infrastructure business ( FTAI Infrastructure ).
On August 1, 2022 (the Spin-off Date ), FTAI distributed to the holders of FTAI common shares, one share of FTAI Infrastructure Inc.
common stock for each FTAI common share held by such shareholder at the close of business on July 21, 2022, and we became an independent, publicly-traded company trading on The Nasdaq Global Select Market under the symbol FIP.
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