FIP: financial statements from SEC

Income statement

Metric	Dec 31, 2025	Dec 31, 2024
Revenue	503m	331m
Selling, general and administrative	16m	15m
Operating expenses	495m	431m
Pre-tax income	−155m	−263m
Income tax	−3m	3m
Net income	−207m	−294m
Earnings per share	−2.24	−2.72
Earnings per share, diluted	−2.26	−2.72
Weighted average shares	115m	108m
Weighted average shares, diluted	115m	108m

Metric	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Jan 31, 2025	Dec 31, 2024	Sep 30, 2024
Cash and equivalents	38m	57m	35m	34m	26m	—	28m	145m
Receivables	—	95m	—	—	—	—	53m	—
Current assets	398m	484m	443m	539m	319m	—	220m	247m
Property, plant and equipment	4.58bn	4.58bn	3.26bn	3.23bn	3.19bn	—	1.65bn	1.62bn
Goodwill	366m	366m	401m	401m	403m	—	275m	275m
Total assets	5.69bn	5.75bn	5.45bn	4.41bn	4.14bn	—	2.37bn	2.44bn
Current liabilities	362m	410m	1.77bn	363m	371m	—	251m	174m
Short-term debt	25m	65m	1.51bn	83m	91m	—	49m	—
Long-term debt	3.79bn	3.71bn	2.21bn	3.00bn	2.66bn	—	1.54bn	1.54bn
Total liabilities	4.87bn	4.80bn	4.37bn	3.63bn	3.28bn	—	1.92bn	1.82bn
Equity	−122m	21m	181m	226m	337m	—	203m	253m
Shares outstanding	118m	116m	116m	115m	115m	114m	114m	114m
Shares issued	118m	116m	116m	115m	115m	—	114m	114m

Metric	Dec 31, 2025	Dec 31, 2024
Operating cash flow	−118m	−15m
Depreciation and amortisation	132m	79m
Capital expenditure	281m	80m
Investing cash flow	−1.14bn	−118m
Dividends paid	14m	13m
Financing cash flow	1.44bn	193m