10-K · March 2, 2026
NextDecade's 2025 10-K highlights tangible project progress: construction of Phase 1 began July 2023 and the company issued final notices to proceed for Train 4 (September 9, 2025) and Train 5 (October 16, 2025). The…
Earnings analysis · 10-Q
NEXT earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
NextDecade Corporation's Q1 2026 10-Q filing reveals continued struggles with no reported revenue and increasing net losses. The company reported a net loss attributable to common stockholders of approximately $136.4…
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NextDecade Corporation's Q1 2026 10-Q filing reveals continued struggles with no reported revenue and increasing net losses. The company reported a net loss attributable to common stockholders of approximately $136.4 million, a significant increase compared to the net loss of $88.8 million in Q1 2025, reflecting ongoing operational challenges while they progress on their LNG facility development.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Significant Increase in Net Loss
Net loss attributable to common stockholders was approximately $136.4 million, up from $88.8 million in Q1 2025, indicating a decline in financial health.
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Escalating Operating Cash Flow Deficits
Operating cash flows showed a deficit of $(110.8) million, worsening from a $(68.8) million loss in the previous year, primarily due to changes in working capital.
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Increased Interest Expense
Interest expense rose sharply by approximately $52.0 million, driven by additional borrowings for project funding, indicating heightened financial strain.
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Rise in Construction Expenses for LNG Facility
Investing activities for Q1 2026 totaled $(1.18) billion, up from $(779.4) million in Q1 2025, reflecting intensified construction efforts.
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Completion Progress on LNG Facility
As of March 2026, overall project completion for Trains 1 and 2 reached 67.8% with continued construction on Trains 4 and 5.
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Stronger Debt Financing
Cash provided by financing activities increased to $1.05 billion, up from $841.6 million in the same quarter last year, helping to mitigate cash shortfalls.
What to watch
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Continuing Construction Delays
Any substantial setbacks in construction on the Rio Grande LNG Facility could exacerbate financial losses and cash flow issues.
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Dependence on Debt Financing
The company’s reliance on debt financing for its ongoing projects may lead to increased interest burdens and financial risk if not managed properly.
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Market Volatility Impacting LNG Sales
Fluctuations in global LNG demand and prices could adversely affect the company's revenue prospects once operations commence.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 1, 2025
NextDecade reported no revenues for the quarter and a larger net loss versus prior year driven by higher operating expenses and weaker derivative results. Cash (including restricted cash) increased to $457,039,000 and…
10-Q · August 14, 2024
NextDecade reported no revenue and a GAAP net loss attributable to common stockholders of $(32,576) (three months ended June 30, 2024) and diluted EPS of $(0.13). A $109,067 derivative gain for the quarter ( $367,939…
10-Q · May 9, 2024
NextDecade reported GAAP diluted EPS of $0.11 for the quarter (net income attributable to common stockholders $28,346) versus a loss per share of $(0.23) in the year-ago quarter. Results were driven by a $258,872…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.