NEXT
NextDecade Corporation5.10
-0.03-0.59%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
1.35BP/E (TTM)
-Basic EPS (TTM)
-0.74Dividend Yield
0%Recent Filings
10-K
FY2025 results
NextDecade Corporation's FY2025 10-K reports no revenue as the Rio Grande LNG Facility remains under construction, with Phase 1 (Trains 1-3) at 64.5% complete (engineering 97.8%, procurement 94.0%, construction 42.9%) and Train 3 at 39.8% (construction 8.5%), while Train 4 and Train 5 FID occurred in Q3/Q4 with early progress (7.8% and 3.3%). Operating loss widened to $(225.9)M from $(171.1)M y/y due to higher G&A from headcount growth and share-based comp tied to Train 4/5 FIDs, with net loss of $(429.6)M driven by derivative losses on interest rate swaps and higher interest expense partially offset by capitalized interest. Cash used in operations rose to $(169.4)M from $(95.6)M y/y amid increased staffing; investing outflows surged to $(4.9)B from $(2.6)B on Train 4/5 construction, funded by $5.3B financing inflows. Debt rose to $8.8B (net $8.5B) with Train 4/5 financings; liquidity supported by $0.7B cash/restricted cash. No annual guidance provided. Regulatory risks from FERC remand litigation could delay Train 1-5 commissioning.
8-K
Secures $50M new debt
NextDecade's indirect subsidiary Super Holdings closed an Amended and Restated Credit Agreement on November 17, 2025, adding $50 million in Series A term loans at 8% interest maturing 2030, exchangeable into NEXT shares at $9.50, while recharacterizing $50 million existing debt as Series A and adjusting remaining Series B loans to 13.5% maturing October 2030. This terminates a prior prepayment obligation tied to Train 5 financing. Deal secures subsidiary equity and assets. Lenders gain board designation rights.
10-Q
Q3 FY2025 results
NextDecade Corporation's Q3 2025 10-Q shows continued Rio Grande LNG construction momentum with Phase 1 (Trains 1-3) at 55.9% overall completion (engineering 95.0%, procurement 88.8%, construction 29.8%) and Train 3 at 33.4% (engineering 70.8%, procurement 67.2%, construction 4.5%); Train 4 FID closed Sept 9 with $6.7B financing including $1.69B equity commitments from GIP/BlackRock, GIC, Mubadala, and TotalEnergies, and $3.85B bank facility. No revenues; operating loss widened to $72.0M (up 46.4% y/y) from higher G&A ($66.1M, up 51.7% y/y) and development expenses; net loss narrowed to $109.5M (down 11.1% y/y) from $123.2M due to smaller derivative losses ($74.1M vs. $329.7M) and higher interest expense ($38.6M, up 143.0% y/y), reconciled to $0.42 diluted EPS (262.6M shares). Debt rose to $6.8B (up 69.5% y/y) with $2.8B new draws; cash and equivalents $209M (up 41.3% y/y) and restricted cash $535M (up 118.8% y/y); property, plant and equipment $8.5B (up 68.6% y/y). Train 5 FID closed Oct 16 with $6.7B financing including $1.29B equity commitments from GIP/BlackRock, GIC, and Mubadala, $3.6B bank facility, and $500M notes; FERC Remand Condition satisfied Oct 30. Regulatory risks persist from ongoing FERC proceedings.
8-K
Train 5 FID, fully financed
NextDecade's Rio Grande LNG Train 5 hit FID on October 16, 2025, securing $3.59B construction loans, $500M 6.56% notes due 2050, and $2.57B JV equity split 50/50 with partners. Train 5 Project costs ~$6.66B, with EPC at $4.36B; commercial ops eyed for H1 2031. Financing fully funds expansion. Debt service ratio must hit 1.10x.
8-K
CFO resigns; interim named
NextDecade's CFO Brent Wahl resigns October 20, 2025, for a digital infrastructure role, with no disagreements cited. Michael Mott, 65, steps in as interim principal financial officer; he brings deep LNG finance experience from LNG Limited and BG Group. Smooth transition ensured via consulting through year-end. No family ties or conflicts disclosed.
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