FTAI Infrastructure reported a notable Q1 2025 upswing in adjusted EBITDA, driven by the Long Ridge consolidation and a robust project pipeline. Adjusted EBITDA reached $35.2 million, up 21% sequentially and 29% year over year, underscoring the earnings leverage embedded in the platform. Management highlighted approximately $190 million of locked-in annual EBITDA under executed agreements, positioning the company for total EBITDA in excess of $330 million for 2025 and potentially above $400 million if opportunities convert to contracted revenue. The GAAP net income of $131.6 million reflects a $120 million non-cash gain related to the Long Ridge purchase accounting; when stripped out, the core earnings profile is more subdued, and cash flow dynamics remain challenged in the near term.
The quarter featured meaningful progress across segments: Transtar posted $42.6 million in revenue with $19.9 million in adjusted EBITDA; Long Ridge reported $18.1 million EBITDA excluding the $120 million non-cash gain, with run-rate momentum implying a substantially higher contribution in Q2 as ownership and refinancing effects fully consolidate. Jefferson faced timing-related lease disruptions (4 tanks off lease) but has 3 contracts totaling $25 million in incremental EBITDA commencing this year. Repauno advanced Phase 2 financing (tax-exempt debt of $300 million) and signed additional LOIs and contracts totaling approximately 70,000 barrels per day and about $80 million of annual EBITDA.
Looking forward, management projects continued EBITDA growth from Long Ridge (including a ~$30 million per year higher capacity revenue starting June 1) and an approved 20 MW uprate that could deliver roughly $8 million of incremental EBITDA later in 2025. The near-term catalysts include Phase 2 financing close in May and Phase 3 opportunities at Repauno, as well as ongoing data center discussions at Long Ridge. The company also reiterated a quarterly dividend of $0.03 per share and signaled ΡΠ²Π΅ΡΠ΅Π½Π½ΠΎΡΡΡ in a transformational 2025, contingent on successful contract conversions and regulatory/financing milestones.