NextDecade Corporation (NEXT) SEC Filings & Earnings Calls

Project execution risk

“Our progress in the development of our natural gas liquefaction and liquefied natural gas (“LNG”) export project and the timing of that progress” · word for word

Financing risk

“Our ability to secure additional debt and equity financing in the future, including any refinancing of outstanding indebtedness, on commercially acceptable terms” · word for word

Debt service burden

“the ability to generate sufficient cash flow to satisfy our and our subsidiaries’ significant debt service obligations or to refinance such obligations ahead of their maturity” · word for word

Increased leverage from $3.5B debt issuance, though proceeds used to repay existing debt, so net leverage impact may be neutral.

“RGLNG intends to use net proceeds to repay a portion of outstanding borrowings under existing credit agreements.”

Additional debt increases leverage, but proceeds used to pay down existing debt, so net impact may be neutral.

“Proceeds used primarily to make an equity contribution to RGLNG to reduce outstanding borrowings under its credit facilities.”

Project financing dependency

“The Credit Agreement includes covenants that, among other things, limit the ability of Super Holdings to incur additional indebtedness, make certain investments or pay dividends or distributions on equity interests or subordinated indebtedness or purchase, redeem, or retire equity interests, sell or transfer assets, incur liens or dissolve, liquidate, consol” · word for word

Project financing dependency

“The Credit Agreement includes covenants that, among other things, limit the ability of Super Holdings to incur additional indebtedness, make certain investments or pay dividends or distributions on equity interests or subordinated indebtedness or purchase, redeem, or retire equity interests, sell or transfer assets, incur liens or dissolve, liquidate, consol” · word for word

Construction cost overrun risk

“Total expected capital costs for Phase 1 are estimated to be approximately $18.0 billion.” · word for word

Debt service burden

“Interest expense $79,247 for Q1 2026 vs $27,205 for Q1 2025, +191% YoY.”

No revenue yet

“Revenues $0 for Q1 2026 and Q1 2025.”

Regulatory and Legal Risk

“Pursued appellate and regulatory avenues to ensure construction at the Rio Grande LNG Facility could continue uninterrupted after an adverse ruling by the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit Court) in August 2024 and provided information to FERC to facilitate additional environmental review of the first five trains at the Rio Grande LNG ” · word for word

Project Execution Risk

“Advanced the construction of Phase 1 (Trains 1-3) at the Rio Grande LNG Facility safely, on budget, and ahead of schedule” · word for word

Financing Risk

“Closed a total of approximately $13.4 billion in project financing transactions to fully fund the expected construction costs of Trains 4 and 5” · word for word

Construction delay risk

“Progress on Train 4 as of January 2026 is in line with the EPC contract. Since FID of Train 4 in September 2025, progress has been focused primarily on engineering drawings and issuance of purchase requisitions for key equipment, and soil stabilization in the Train 4 area has commenced.” · word for word

Financing risk for future trains

“We intend to fund development activities and general and administrative expenses for the foreseeable future with our cash and cash equivalents on hand, the services fee due in September 2026 and through the sale of additional equity, equity-based or debt securities in us or in our subsidiaries. There can be no assurance that we will succeed in selling such s” · word for word

Regulatory and legal risk

“In December 2025, certain intervenors petitioned the D.C. Circuit Court to review the order on remand, and their request remains pending.” · word for word

Geopolitical risk

“The Russia-Ukraine conflict, conflict in the Middle East and other sources of volatility in the energy markets may materially and adversely affect our business, financial condition, operating results, cash flow, liquidity and prospects, including our efforts to reach a final investment decision with respect to the Rio Grande LNG Facility.” · word for word

Insufficient information to assess risk.

FERC Regulatory Delay Risk

“The effectiveness of the Contingent Swaps remains contingent upon the issuance by FERC of a final remand order that is not subject to further appeal (the “FERC Remand Condition”). As of September 30, 2025, the Contingent Swaps had not yet become effective.” · word for word

Construction Cost Overrun Risk

“Total project costs for Train 4 and related infrastructure are expected to total approximately $6.7 billion.” · word for word

Interest Rate Exposure

“Interest expense, net $94,670 (9M 2025) vs $67,414 (9M 2024), +40% YoY.”