We study the thermodynamic formalism of locally compact Markov shifts with transient potential functions. In particular, we show that the Ruelle operator admits positive continuous eigenfunctions and positive Radon eigenmeasures in forms of Martin kernels. These eigenmeasures can be characterized in terms of the direction of escape to infinity of their orbits, when viewed inside a suitable Martin-like compactification of the underlying shift space. We relate these results to first-order phase transitions in one-dimensional lattice gas models with infinite set of states. This work complements earlier works by Sarig [32,33] who focused on the recurrent scenario. * ofer.shwartz@weizmann.ac.il 2. Representation of eigenvectors: We extend Martin's representation theorem [23] to the context of Ruelle operator. Specifically, we construct a compactification X + of X + with boundary M = X + \ X + and construct a kernel K(f, ω|λ) (f ∈ C + c (X + ), ω ∈ X + ) s.t. every Radon measure µ with L * φ µ = λµ has the form µ(·) = M K(·, ω|λ)dν(ω) 1.1 Topological Markov shifts, Ruelle operator and transience Let S be an infinite countable set of states and let A ∈ {0, 1} S×S be a transition matrix over S. For a subset A ⊆ Z and a vector x ∈ S A , we denote by (x) i the i-th coordinate of x. The (positive) one-sided topological Markov shift (TMS) is the spacewith the transformation T : X + → X + , (T (x)) i = (x) i+1 and the metric d(x, y) = 2 − inf{i≥0:(x)i =(y)i} .(1)