NextDecade Reports $65.4 Million Net Loss in Q2 2026, Progress on LNG Facility

NextDecade Corporation (NASDAQ: NEXT) reported its financial results for the second quarter of 2026, revealing a net loss attributable to common stockholders of $65.4 million, or $0.25 per share, compared to a loss of $60.9 million, or $0.23 per share, in the same period last year. The company did not generate any revenue during the quarter, consistent with the previous year. Total operating expenses for the quarter were $54.6 million, slightly down from $56.3 million in Q2 2025, primarily due to reduced general and administrative expenses.

The company's total assets increased to $15.2 billion as of June 30, 2026, up from $12.4 billion at the end of 2025. This growth was driven by a significant rise in property, plant, and equipment, which reached $13.5 billion, compared to $10.6 billion at the end of the previous year. Current liabilities also rose to $1.7 billion, up from $1.3 billion, largely due to increased accrued liabilities related to the Rio Grande LNG Facility. The company's total liabilities stood at $12.4 billion, resulting in a stockholders' equity deficit of $57.3 million.

Strategically, NextDecade has made significant progress on its Rio Grande LNG Facility, with construction on Trains 1 through 5 underway. As of June 2026, the overall completion percentage for Trains 1 and 2 was reported at 74%, while Train 3 was at 50%. The company has also filed applications for expansion, including Train 6, with the Federal Energy Regulatory Commission (FERC) and the Department of Energy. In addition, NextDecade has begun marketing early cargoes and entered into LNG sales agreements for over 175 TBtu of LNG, which is expected to generate a cargo margin exceeding $3.00 per MMBtu.

In terms of financing, NextDecade has secured substantial capital commitments, including a $1.0 billion term loan for Phase 1 HoldCo Borrower and a $3.5 billion offering of senior secured notes completed in July 2026. These funds are intended to reduce outstanding borrowings and support ongoing construction activities. The company reported cash and cash equivalents of $83.7 million at the end of the quarter, down from $143.8 million at the end of 2025, reflecting increased cash outflows for construction and operational expenses.

Looking ahead, NextDecade remains focused on the timely completion of its LNG facility and the successful execution of its expansion plans. The company anticipates first gas into the facility in the second half of 2026, with the first LNG production from Train 1 expected in the first half of 2027. However, the company acknowledges that its future financial performance will depend on its ability to secure additional financing and manage operational risks associated with the construction and development of its LNG projects.