Pro Forma Financials Reveal $1.46B Equity Turnaround After Debt Restructuring
NFE is trading near its 52-week low of $11.25 (14% above the low) on elevated volume (5.5× avg).
Summary
New Fortress Energy filed pro forma financials for its completed debt restructuring, showing equity flipped from negative $432M to positive $1.46B, with creditors taking 65% of common stock and $2.46B in convertible preferred stock.
Key Events · Financing and Capital Events · NFE
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Pro Forma Equity Flips Positive
The pro forma balance sheet shows total stockholders' equity of $1.46 billion as of June 30, 2026, versus historical negative equity of $(432.4) million—a $1.89 billion swing driven by debt extinguishment gains.
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Creditors Take 65% of Common Stock
Creditors received 10,608,922 shares of CoreCo common stock, representing 65% of NFE common stock post-split; existing shareholders retain only 35%.
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$2.46B Convertible Preferred Stock Issued
The company issued 2,454,936 shares of Series A mandatorily convertible preferred stock with a $2.46 billion liquidation preference, converting into 87% of fully diluted common stock on the third anniversary of closing.
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Non-Recurring Gains Mask Operating Losses
Pro forma FY2025 net income of $1.09 billion was driven by $2.46 billion in non-recurring debt extinguishment gains; pro forma H1 2026 still shows a $416.6 million net loss.
Analysis · NFE · Energy & Transportation
This amendment provides the first concrete figures on the September 11 restructuring. The pro forma balance sheet swings from a negative equity of $(432.4) million to a positive $1.46 billion—a complete recapitalization. Creditors received 65% of common stock (10.6M shares post-split) plus $2.46 billion in mandatorily convertible preferred stock that will convert into 87% of fully diluted shares in three years. Existing shareholders retain only 35% of the company, and the preferred stock's conversion terms mean they face massive future dilution. The pro forma income statement shows a $1.09 billion FY2025 profit driven entirely by non-recurring debt extinguishment gains—the underlying business still lost money. This is the financial blueprint of a company that avoided bankruptcy by handing control to creditors.
How filings like this one have moved
In the 30 days to Sep 17, 2026, 35.7% of the 1179 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.44%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, NFE was trading at $12.77 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $73M. The 52-week trading range was $11.25 to $154.00. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.