$NEXT

NextDecade Corp

CIK:0001612720|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Operating and maintenance expense	13,527	17,752	33,543	33,645
General and administrative expense	30,298	36,875	62,876	68,460
Development expense	2,850	1,248	4,993	1,555
Depreciation and amortization expense	7,897	393	8,275	1,006
Other	0	0	0	3,518
Total operating expenses	54,572	56,268	109,687	108,184
Total operating loss	(54,572)	(56,268)	(109,687)	(108,184)
Other income (expense):
Derivative gain (loss), net	116,075	25,157	53,965	(143,543)
Interest expense	(90,777)	(31,634)	(170,024)	(58,839)
Loss on debt extinguishment	(32,451)	(9,160)	(32,451)	(9,160)
Other income (expense), net	1,542	1,273	2,974	3,866
Total other income (expense)	(5,611)	(14,364)	(145,536)	(207,676)
Loss before income taxes	(60,183)	(70,632)	(255,223)	(315,860)
Income tax expense	0	0	0	0
Net loss	(60,183)	(70,632)	(255,223)	(315,860)
Less: net income (loss) attributable to non-controlling interests	5,243	(9,765)	(53,391)	(166,188)
Net loss attributable to common stockholders	$ (65,426)	$ (60,867)	$ (201,832)	$ (149,672)
Loss per common share - basic (in usd per share)	$ (0.25)	$ (0.23)	$ (0.76)	$ (0.57)
Loss per common share - diluted (in usd per share)	$ (0.25)	$ (0.23)	$ (0.76)	$ (0.57)
Weighted average shares outstanding - basic (in shares)	265,043	260,877	264,976	260,646
Weighted average shares outstanding - diluted (in shares)	265,387	260,877	264,976	260,646

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (255,223)	$ (315,860)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,275	1,006
Share-based compensation expense	10,797	13,834
Derivative (gain) loss, net	(53,965)	143,543
Derivative settlements	4,197	9,315
Reduction of right-of-use assets	1,620	5,159
Loss on debt extinguishment	32,451	9,160
Amortization of debt issuance costs	58,261	33,911
Interest elected to be paid-in-kind	58,041	11,501
Other	152	3,315
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	2,543	(1,050)
Accounts payable	857	2,881
Operating lease liabilities	(1,657)	(3,764)
Accrued expenses and other liabilities	5,635	14,327
Net cash used in operating activities	(128,016)	(72,722)
Investing activities:
Acquisition of property, plant and equipment	(2,157,350)	(1,501,590)
Acquisition of other non-current assets	(46,043)	(29,748)
Net cash used in investing activities	(2,203,393)	(1,531,338)
Financing activities:
Proceeds from debt issuance	2,404,000	1,288,000
Repayments of debt	(990,000)	0
Receipt of equity commitments	759,959	412,667
Debt issuance costs	(44,654)	(32,239)
Finance lease payments	(5,397)	0
Shares repurchased related to share-based compensation	(18)	(91)
Net cash provided by financing activities	2,123,890	1,668,337
Net (decrease) increase in cash, cash equivalents and restricted cash	(207,519)	64,277
Cash, cash equivalents and restricted cash – beginning of period	707,088	392,762
Cash, cash equivalents and restricted cash – end of period	$ 499,569	$ 457,039

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 83,678,000	$ 143,782,000
Restricted cash	415,891,000	563,306,000
Derivatives	12,103,000	0
Prepaid expenses and other current assets	120,234,000	10,961,000
Total current assets	631,906,000	718,049,000
Property, plant and equipment, net	13,514,226,000	10,568,311,000
Operating lease right-of-use assets	136,793,000	162,493,000
Deferred financing fees	376,088,000	423,076,000
Derivatives	479,177,000	532,245,000
Other non-current assets	67,031,000	21,654,000
Total assets	15,205,221,000	12,425,828,000
Current liabilities:
Accounts payable	327,168,000	443,947,000
Operating leases	1,633,000	3,883,000
Accrued and other current liabilities	1,363,705,000	888,200,000
Total current liabilities	1,692,506,000	1,336,030,000
Debt, net	10,416,607,000	8,510,925,000
Operating leases	118,932,000	142,266,000
Derivatives	160,574,000	135,520,000
Total liabilities	12,388,619,000	10,124,741,000
Commitments and contingencies (Note 9)
Equity:
Common stock, $0.0001 par value, 480.0 million authorized: 265.1 million and 264.8 million outstanding, respectively	27,000	26,000
Treasury stock: 4.9 million and 4.9 million, respectively, at cost	(37,880,000)	(37,862,000)
Preferred stock, $0.0001 par value, 0.5 million authorized after designation of the convertible preferred stock: none outstanding	0	0
Additional paid-in-capital	942,362,000	893,131,000
Accumulated deficit	(961,789,000)	(759,957,000)
Total stockholders’ equity	(57,280,000)	95,338,000
Non-controlling interests	2,873,882,000	2,205,749,000
Total equity	2,816,602,000	2,301,087,000
Total liabilities and equity	$ 15,205,221,000	$ 12,425,828,000