NextDecade reported a FY 2025 net loss attributable to common stockholders of USD 306.4 million, or USD 1.17 per share (basic and diluted), with no revenues. Operating loss was USD 225.9 million, while general and administrative expense totaled USD 202.3 million and development expense was USD 8.0 million. Derivative loss, net was USD 11.0 million, interest expense was USD 170.0 million, and loss on debt extinguishment and modification cost was USD 30.1 million. Cash flow from operations was an outflow of USD 169.4 million in FY 2025, with investing cash outflows of USD 4.9 billion and financing cash inflows of USD 5.3 billion. Cash, cash equivalents and restricted cash ended FY 2025 at USD 707.1 million. On the Rio Grande LNG project, NextDecade said that as of January 2026 overall completion was 64.5% for Trains 1 and 2 plus common facilities (engineering 97.8%, procurement 94.0%, construction 42.9%), 39.8% for Train 3 (engineering 88.0%, procurement 75.6%, construction 8.5%), 7.8% for Train 4 (engineering 28.1%, procurement 15.1%, construction 0.0%), and 3.3% for Train 5. The company expects to begin commissioning activities in 2026 and expects first LNG production from Train 1 in the first half of 2027. During 2025, NextDecade reached positive final investment decisions for Train 4 (September 2025) and Train 5 (October 2025), each with expected total project costs of about USD 6.7 billion, and closed project financings of about USD 6.7 billion for each train. Commercially, the company highlighted 20-year LNG SPAs including 1.2 MTPA with a Saudi Aramco subsidiary and 1.5 MTPA with TotalEnergies for Train 4, plus 2.0 MTPA with JERA, 1.5 MTPA with EQT, and 1.0 MTPA with ConocoPhillips for Train 5; it also said it began marketing early cargoes and has signed LNG sales agreements for over 175 TBtu for 2027-2028 volumes.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. NextDecade Corporation published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001612720-26-000009), on March 02, 2026, and is solely responsible for the information contained therein.