What New Fortress Energy Inc. told the SEC could break it.

Revenue is highly concentrated: one significant customer was ~30% of total revenue ($444.0M) in 2025; concentration is expected to increase further after the planned divestiture of the Brazil business.

“For the year ended December 31, 2025, revenue from one significant customer constituted approximately 30 % of total revenue, or $ 444,021 ; no other customers comprised more than 10% of our revenue.”

The business depends on a sufficient and reliable supply of natural gas feedstock for its LNG and power operations, exposing it to gas supply availability and price risk.

“Our business activities depend upon a sufficient and reliable supply of natural gas feedstock”

Long-lived assets are heavily concentrated outside the U.S. — ~$4.1B in Mexico (incl. the FLNG 1 project in Mexican waters) and ~$1.9B in Brazil — plus operations in Puerto Rico, exposing the company to emerging-market political, regulatory, and currency risk.

“Long-lived assets located in Mexico includes the Company's FLNG 1 project, which operates in Mexican waters.”

NFE faces events of default on its notes in April 2026 and is pursuing UK restructuring plans; cross-acceleration/cross-default provisions mean a default on any debt could make substantially all debt payable on demand, alongside a financial restatement and ineffective disclosure controls.

“The indentures and credit agreements underlying substantially all of our outstanding debt includes cross-acceleration and/or cross-default provisions that upon such acceleration of the outstanding principal of any of the debt in default, all of the Company's other outstanding debt would be payable on demand.”