NextDecade Corp

Listed Company

NEXTCIK 0001612720NasdaqLarge AcceleratedNatural Gas Transmisison & DistributionDelawareFY ends Dec 31

Period

FY 2025

Revenue

Net Income

$-429.64M

Total Assets

$12.43B

Equity

$95.34M

Shares Out

264.93M

Op. Cash Flow

$-169.40M

Business

NextDecade Corp is an energy company that constructs and develops natural gas liquefaction and export facilities and pursues carbon capture and storage projects. Its main products and services include liquefied natural gas (LNG) production and sale, long‑term and short‑term LNG marketing and shipping arrangements, and development of post‑combustion CCS solutions. Key business segments include the Rio Grande LNG development via its Rio Grande subsidiary, which oversees liquefaction trains and related infrastructure, and NEXT Carbon Solutions, which develops CCS projects. The company operates on a U.S. Gulf Coast site near the Brownsville ship channel and markets and distributes LNG globally through long‑term SPAs, short‑term and spot sales, and chartered shipping.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	0	0	0	0	0
General and administrative expense	202	150	111	49	—
Development expense	8	8	5	4	—
Depreciation and amortization expense	12	13	6	—	—
Other	4	0	0	—	—
Total operating expenses	226	171	123	54	20
Total operating loss	−226	−171	−123	−54	−20
Derivative (loss) gain, net	−11	587	−45	0	—
Interest expense	−170	−88	−50	—	—
Loss on debt extinguishment and modification cost	−30	−49	−10	0	—
Other income (expense), net	7	−1	6	151,000	1,000
Total other income (expense)	−204	449	−99	−6	−3
Net (loss) income	−430	277	−222	−60	—
Less: net (loss) income attributable to non-controlling interest	−123	339	−59	0	—
Less: preferred stock dividends	0	0	20	24	−18
Net loss attributable to common stockholders	−306	−62	−183	−84	−40
Net loss per common share - basic (in usd per share)	−1.17	−0.24	−0.94	−0.65	−0.34
Net loss per common share - diluted (in usd per share)	−1.17	−0.24	−0.94	−0.65	—
Weighted average shares outstanding - basic (in shares)	262	259	195	130	119
Weighted average shares outstanding - diluted (in shares)	262	259	195	130	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	144	148	38	63	26
Restricted cash	563	245	256	0	—
Prepaid expenses and other current assets	11	20	2	1	835,000
Total current assets	718	413	315	64	26
Property, plant and equipment, net	10,568	5,020	2,438	219	174
Operating lease right-of-use assets	162	166	171	1	590,000
Deferred financing fees	423	318	390	0	—
Derivatives	532	472	0	—	—
Other non-current assets	22	16	11	28	21
Total assets	12,426	6,404	3,324	312	222
Accounts payable	444	245	243	1	281,000
Operating leases	4	3	3	1	596,000
Accrued and other current liabilities	888	348	306	23	—
Total current liabilities	1,336	595	552	25	8
Debt, net	8,511	3,920	1,816	0	—
Operating leases	142	144	146	465,000	0
Derivatives - noncurrent liabilities	136	0	67	0	—
Total liabilities	10,125	4,660	2,583	56	34
Commitments and contingencies (Note 11 )	—	—	—	—	—
Common stock, $0.0001 par value, 480.0 million authorized: 264.8 million and 260.2 million outstanding, respectively	26,000	26,000	26,000	14,000	—
Treasury stock: 4.9 million and 3.1 million respectively, at cost	−38	−21	−14	−5	−1
Preferred stock, $0.0001 par value, 0.5 million authorized after designation of the convertible preferred stock: none outstanding	0	0	0	—	—
Additional paid-in-capital	893	852	694	289	191
Accumulated deficit	−760	−454	−392	−230	−170
Total stockholders equity	95	378	288	54	20
Non-controlling interest	2,206	1,367	453	0	—
Total equity	2,301	1,744	740	54	20
Total liabilities and equity	12,426	6,404	3,324	312	222

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	2	2	168,000	—	—
Share-based compensation expense	39	20	27	7	−4
Derivative settlements	21	49	4	0	—
Amortization of leases	10	5	3	756,000	551,000
Amortization of debt issuance costs	80	65	41	—	—
Interest elected to be paid-in-kind	26	0	0	0	—
Other	3	3	23	—	—
Prepaid expenses and other current assets	−4	−854,000	−940,000	−314,000	—
Accounts payable	2	−2	4	684,000	−26,000
Operating leases	−8	−2	−179,000	−678,000	—
Accrued expenses and other liabilities	46	25	−7	6	—
Net cash used in operating activities	−169	−96	−74	−40	−18
Acquisition of property, plant and equipment	−4,847	−2,568	−1,738	−34	−12
Acquisition of other non-current assets	−6	−6	−15	−7	−6
Net cash used in investing activities	−4,853	−2,574	−1,753	−41	−19
Proceeds from debt issuance	4,701	3,523	2,083	0	—
Receipt of equity commitments	982	676	458	—	—
Proceeds from sale of common stock	0	0	254	115	557,000
Repayment of debt	0	−1,338	−233	0	—
Costs associated with repayment of debt	0	−13	0	—	—
Debt and equity issuance costs	−313	−73	−494	−4	—
Debt modification costs	−16	0	0	—	—
Preferred stock dividends	0	0	−53,000	−75,000	−67,000
Shares repurchased related to share-based compensation	−17	−7	−10	−3	−284,000
Net cash provided by financing activities	5,337	2,768	2,058	118	39
Net increase in cash, cash equivalents and restricted cash	314	98	232	37	3

Filings

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