NextDecade Corporation has reported significant financial developments in its latest 10-K filing for the fiscal year ending December 31, 2025. The company recorded a net loss attributable to common stockholders of approximately $306.4 million, or $(1.17) per share, compared to a net loss of $61.8 million, or $(0.24) per share, in the previous year. This increase in loss is attributed to higher general and administrative expenses, which rose by $52.2 million due to increased headcount and share-based compensation related to the final investment decisions (FID) for Trains 4 and 5. Additionally, derivative losses surged by approximately $597.5 million, primarily due to lower forward SOFR rates impacting the company's interest rate swap portfolio.
In terms of operational progress, NextDecade is advancing its Rio Grande LNG Facility, with construction on the first five liquefaction trains currently underway. As of January 2026, the overall project completion for Trains 1 and 2 was reported at 64.5%, while Train 3 was at 39.8%. The company has also initiated the permitting process for expansion Trains 6 through 8, which are expected to add approximately 18 million tonnes per annum (MTPA) to the facility's capacity. The construction of Trains 4 and 5 commenced following positive FIDs in September and October 2025, respectively, with each train expected to have a production capacity of 6 MTPA.
NextDecade has secured long-term LNG Sale and Purchase Agreements (SPAs) with various creditworthy counterparties, totaling approximately 25.3 MTPA from Trains 1 through 5. The weighted average term of these agreements is 19.5 years, with prices indexed to Henry Hub. The company is also marketing early cargoes expected to be produced in 2027 and 2028, having already entered into agreements for over 175 TBtu of LNG on an FOB basis.
Financially, NextDecade's total assets increased to approximately $12.4 billion as of December 31, 2025, up from $6.4 billion the previous year. This growth is largely due to the capital expenditures associated with the construction of the Rio Grande LNG Facility. The company reported total liabilities of approximately $10.1 billion, resulting in stockholders' equity of $95.3 million, a decrease from $377.6 million in 2024. The company has also made significant strides in securing financing, including approximately $6.7 billion in project financing for both Train 4 and Train 5.
Looking ahead, NextDecade remains focused on completing the construction of its LNG facility and expanding its operations. The company anticipates that the commissioning of the facility will begin in 2026, with first LNG production expected in the first half of 2027. However, the company acknowledges the need for additional financing to support future phases of development and the potential for market conditions to impact its operations and financial performance.
About NextDecade Corp.
NextDecade Corporation is an energy company focused on developing and constructing LNG export facilities in Texas, primarily the Rio Grande LNG Facility. It specializes in natural gas liquefaction, LNG sales, and carbon capture projects. The company targets global markets for LNG supply, offering long-term contracts and leveraging strategic location advantages. Its business model emphasizes infrastructure development, project financing, and strategic partnerships in the energy and emissions reduction sectors.
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