02/26/2026 | Press release | Distributed by Public on 02/26/2026 16:30
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Reported $232.3 million(1) of Adjusted EBITDA for fiscal 2025, up 82% from fiscal 2024.
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Fourth quarter Adjusted EBITDA of $80.2 million(2) represented a run rate at year-end of $320.8 million annually.
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Closed new $1.315 billion term loan to refinance 2025 bridge facility issued in connection with the acquisition of the Wheeling & Lake Erie Railroad.
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Railroad segment reported $41.3 million of fourth quarter Adjusted EBITDA with integration of the Wheeling now underway and multiple new M&A opportunities being pursued.
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(1) |
Excludes $9.0 million gain realized in Q4 related to CPE investment and $120.0 million gain related to the consolidation of Long Ridge following the acquisition of the remaining 49.9% minority stake.
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(2) |
Excludes $9.0 million gain realized in Q4 related to CPE investment.
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(in thousands, except per share data)
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Selected Financial Results
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Three Months Ended
December 31, 2025
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Year Ended
December 31, 2025
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Net Loss Attributable to Stockholders, Before Series B Preferred Stock Dividend and Loss on Extinguishment of Preferred Stock
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$
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(118,959
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)
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$
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(207,403
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)
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Basic Loss per Share of Common Stock
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$
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(1.06
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)
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$
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(2.24
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)
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Diluted Loss per Share of Common Stock
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$
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(1.08
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)
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$
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(2.26
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)
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Adjusted EBITDA (1)
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$
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89,158
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$
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361,224
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Adjusted EBITDA - Four Core Segments (1)(2)
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$
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89,107
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$
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382,815
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| (1) |
For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
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| (2) |
Excludes Sustainability and Energy Transition and Corporate and Other segments.
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