NextDecade Reports Increased Losses and Asset Growth in Latest Financial Filing

NextDecade Corporation (NASDAQ: NEXT) reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded no revenues for the period, maintaining a total operating loss of $56.3 million, compared to a loss of $39.5 million in the same quarter of the previous year. For the six months ended June 30, 2025, the operating loss increased to $108.2 million from $77.7 million in 2024. The net loss attributable to common stockholders was approximately $60.9 million for the quarter, a notable increase from a loss of $32.6 million in the prior year, while the six-month net loss rose to $149.7 million from $4.2 million.

The company's financial position showed a marked increase in total assets, which rose to $7.86 billion as of June 30, 2025, up from $6.40 billion at the end of 2024. This growth was primarily driven by an increase in property, plant, and equipment, which reached $6.59 billion, reflecting ongoing construction activities at the Rio Grande LNG Facility. Total liabilities also increased significantly, amounting to $6.00 billion, compared to $4.66 billion at the end of the previous fiscal year, largely due to increased debt levels, which rose to $5.17 billion from $3.92 billion.

Strategically, NextDecade has made substantial progress in its liquefaction and export facility development. The company is currently constructing three liquefaction trains at the Rio Grande LNG Facility, with Train 4 commercialized and progressing toward a final investment decision (FID). Additionally, NextDecade has entered into long-term LNG Sale and Purchase Agreements (SPAs) with major companies, including a 20-year agreement with Saudi Aramco for 1.2 million tonnes per annum (MTPA) of LNG from Train 4, and another with TotalEnergies for 1.5 MTPA. The company is also developing additional trains (6 through 8) that are expected to increase total liquefaction capacity by approximately 18 MTPA.

Operationally, NextDecade's headcount has increased to support the ongoing construction and development efforts, contributing to higher general and administrative expenses. The company reported cash and cash equivalents of $158.5 million as of June 30, 2025, with total cash, cash equivalents, and restricted cash amounting to $457.0 million. The company anticipates that the commercial operation date for the first train of Phase 1 will occur in late 2027, and it is actively pursuing financing options for both Train 4 and Train 5, targeting a positive FID for Train 4 by mid-September 2025.

Looking ahead, NextDecade's outlook remains contingent on securing adequate financing and regulatory approvals for its projects. The company is focused on advancing its liquefaction capacity and carbon capture initiatives while navigating the complexities of market conditions and operational challenges. The successful execution of its strategic plans will be critical for achieving its long-term growth objectives and financial stability.