NextDecade Corporation (NASDAQ: NEXT) reported its financial results for the first quarter of 2026, revealing a net loss attributable to common stockholders of $136.4 million, compared to a loss of $88.8 million in the same period of 2025. The company's total operating expenses increased to $55.1 million from $51.9 million year-over-year, primarily driven by higher general and administrative costs associated with an increased headcount to support operations at the Rio Grande LNG Facility. The company did not generate any revenue during the quarter, consistent with the previous year.
The company's total assets rose to $13.2 billion as of March 31, 2026, up from $12.4 billion at the end of 2025. This increase was largely attributed to a rise in property, plant, and equipment, which reached $11.7 billion, reflecting ongoing construction activities at the Rio Grande LNG Facility. However, total liabilities also increased to $10.9 billion from $10.1 billion, primarily due to higher debt levels associated with financing the construction of the facility. The company's cash and cash equivalents decreased slightly to $143.1 million from $143.8 million, while restricted cash fell significantly from $563.3 million to $321.9 million.
Strategically, NextDecade has made significant progress in the construction of its liquefaction trains at the Rio Grande LNG Facility. As of March 2026, the overall project completion for Trains 1 and 2 was reported at 67.8%, with engineering and procurement nearly complete. The company has also begun marketing early LNG cargoes expected to be produced in 2027 and 2028, securing agreements for over 175 TBtu of LNG on a free-on-board basis. This volume represents approximately 33% of the expected portfolio volumes from 2027 through early 2029.
Operationally, NextDecade is advancing its plans for additional liquefaction capacity, with ongoing development for Trains 6 through 8. The company has initiated the pre-filing process with the Federal Energy Regulatory Commission (FERC) for this expansion and expects to file a formal application by mid-2026. The company’s workforce has expanded to support these initiatives, reflecting its commitment to scaling operations and enhancing its market position in the LNG sector.
Looking ahead, NextDecade remains focused on completing the construction of its liquefaction trains and achieving operational status. The company anticipates first LNG production from Train 1 in the first half of 2027, with subsequent trains expected to follow. However, the company acknowledges the inherent risks and uncertainties associated with project timelines, financing, and market conditions that could impact its future 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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