New Fortress Energy Inc. (NASDAQ: NFE) declared Friday the results for the first quarter completed on March 31, 2021. It has provided the financial as well as the business highlights. The firm disclosed that its quarterly revenue for $145.7 million. The quarterly revenue of the firm remains same in the Q4 2020.
Furthermore, the firm recorded a net loss of $39.5 million, as compared to the Q4 2020 net loss of $0.5 million. Its Operating Margin reached $28.1 million in Q1 2021 vs Q4 2020, which is consistent with the firm’s anticipation due to increasing LNG cost. It has reported the average daily volumes sold in Q1 2021 stood at nearly 1.4 million GPD.
If we look at the business highlights of the firm, it has disclosed that it has concluded earlier revealed deals of Hygo Energy Transition Ltd. and Golar LNG Partners LP for $5.1bn enterprise value. It has been reported that the development initiatives are expanding on budget and schedule. The firm revealed that its Mexico and Nicaragua terminals are anticipated to be operational in Q2 2021.
The firm disclosed that it is working to make great advancement its Fast LNG asset which it anticipates will offer it with the guarantee of stable delivery at rates well below the current open market prices. It is introducing Zero Parks, a Joint Venture with Fortress Transportation and Infrastructure.
Furthermore, it has concluded the private offering of $1.5 billion of senior secured notes due 2026. The 2026 Notes bear interest at 6.50% per annum and were granted at an issue price equal to 100% of the principal. It has concluded a $200 million senior secured Revolving Credit Facility to offer extra liquidity.