NEXT earnings analysis
What we found in NEXT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- Increased Interest Expense
- Interest expense rose sharply by approximately $52.0 million, driven by additional borrowings for project funding, indicating heightened financial strain.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continuing Construction Delays
- Any substantial setbacks in construction on the Rio Grande LNG Facility could exacerbate financial losses and cash flow issues.
- 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.
- Market Volatility Impacting LNG Sales
- Fluctuations in global LNG demand and prices could adversely affect the company's revenue prospects once operations commence.
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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