NFE

NFE is not an investment case, it is a bankruptcy-adjacent restructuring case. Management explicitly states there is 'substantial doubt as to our ability to continue as a going concern' after events of default across the New 2029 Notes, Term Loan B, Term Loan A and Revolving Credit Agreement, plus missed interest and principal payments on the 2026 and 2029 Notes. On March 17, 2026 the company signed a Restructuring Support Agreement (RSA) with its creditors — the framework hands the New 2029 noteholders 100% of BrazilCo (the entire Brazil business it intends to divest), while other creditors receive senior secured term loans, non-recourse loans on the Fast LNG assets, and new preferred/Class A equity. When creditors are being made whole with the company's best assets and fresh equity, the existing common shareholder sits at the very bottom of the stack and faces severe dilution or a near-total wipeout.

The numbers corroborate the distress and explain how it got here. Revenue fell -30.5% to $1.18B, reversing the 2021–2023 growth arc, and the bottom line collapsed to a -$1.83B net loss (net margin -155%, ROE -103%). Operating income was -$1.12B and operating cash flow swung to -$583M, so the business is burning cash before any debt service. The balance sheet is the kill shot: $11.1B of liabilities against $1.77B of equity (6.3x leverage), and critically, $7.07B of debt has been reclassified to current (up 1,212% YoY) because the defaults accelerate it — against only $448M of cash and $1.48B of current assets versus $1.49B of current liabilities. There is no liquidity to cover what is now due. Retained earnings have been all but erased (down to $15.4M, -97%) and the prior financials were restated for 2023, 2024 and every 2025 interim — a credibility overhang on top of the solvency one.