NEXTHIGH SIGNALFINANCIAL10-K

NextDecade is in an intensive capital deployment phase for its Rio Grande LNG facility construction, with total assets roughly doubling while stockholders' equity declined substantially due to debt financing.

The company is executing a massive infrastructure build-out that has fundamentally altered its balance sheet composition, shifting from equity to debt financing. The substantial increase in interest expense and negative operating cash flow reflects the capital-intensive nature of LNG facility construction, while the company moves closer to operational phase with updated risk factor language removing previous uncertainty about revenue generation timelines.

Comparing 2026-03-02 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

NextDecade's financials reflect a company in full construction mode, with total assets roughly doubling to $12.4B driven by substantial capital expenditures that grew notably to $4.8B. The financing structure shifted dramatically toward debt, with stockholders' equity declining to $95.3M while interest expense grew substantially to $170M. Operating losses expanded and operating cash flow remained deeply negative, consistent with a pre-revenue infrastructure company nearing completion of its primary asset development.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+94.2%
$87.5M→$170.0M

Interest expense surged 94.2% — significant debt increase or rising rates materially impacting earnings.

Total Assets
Balance Sheet
+94%
$6.4B→$12.4B

Asset base grew 94% — expansion through organic growth, acquisitions, or capital deployment.

Capital Expenditure
Cash Flow
+88.8%
$2.6B→$4.8B

Capital expenditure jumped 88.8% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
-77.2%
-$95.6M→-$169.4M

Operating cash flow fell 77.2% — earnings quality concerns; investigate working capital changes and non-cash items.

Stockholders Equity
Balance Sheet
-74.8%
$377.6M→$95.3M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Current Assets
Balance Sheet
+74%
$412.6M→$718.0M

Current assets grew 74% — improving short-term liquidity or inventory/receivables build.

Operating Income
P&L
-32.1%
-$171.1M→-$225.9M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-28
ADDED
264,930,065 shares of the registrant s Common Stock, $0.0001 par value, were outstanding as of February 20, 2026.
Entities displayed in the structure below, other than the Joint Ventures (defined below), are wholly owned by their parent.
Summary of Risk Factors We believe that the principal risks associated with our business, and consequently the principal risks associated with an investment in our common stock, are as follows: Risks Related to our Business and the Industry in which we Operate The substantial amount of indebtedness incurred to finance construction of the Rio Grande LNG Facility may adversely affect cash flow and the ability to operate our business, remain in compliance with debt covenants and make payments on indebtedness.
Our projects are in the development and construction phases, and the success of such projects is unpredictable.
Gulf Coast to be a competitive source of energy for international markets could adversely affect our customers and could materially and adversely affect our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.
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REMOVED
260,442,494 shares of the registrant s Common Stock, $0.0001 par value, were outstanding as of February 20, 2025.
Unless the context requires otherwise, references to NextDecade, the Company, we, us and our refer to NextDecade Corporation and its consolidated subsidiaries.
Our projects are in the development and construction phases, and the success of such projects is unpredictable; as such, positive cash flows and even revenues will be several years away, if they occur at all.
Failure of exported LNG to be a competitive source of energy for international markets could adversely affect our customers and could materially and adversely affect our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.
Risks Related to Governmental Regulation The decision by the D.C.
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