NextDecade Corp 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements NextDecade Corporation Consolidated Balance Sheets (1) (in thousands, except share and par value data; unaudited) June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 83,678 $ 143,782 Restricted cash 415,891 563,306 Derivatives 12,103 — Prepaid expenses and other current assets 120,234 10,961 Total current assets 631,906 718,049 Property, plant and equipment, net 13,514,226 10,568,311 Operating lease right-of-use assets 136,793 162,493 Deferred financing fees 376,088 423,076 Derivatives 479,177 532,245 Other non-current assets 67,031 21,654 Total assets $ 15,205,221 $ 12,425,828 Liabilities and Equity Current liabilities: Accounts payable $ 327,168 $ 443,947 Operating leases 1,633 3,883 Accrued and other current liabilities 1,363,705 888,200 Total current liabilities 1,692,506 1,336,030 Debt, net 10,416,607 8,510,925 Operating leases 118,932 142,266 Derivatives 160,574 135,520 Total liabilities 12,388,619 10,124,741 Commitments and contingencies (Note 9) Equity: Common stock, $ 0.0001 par value, 480.0 million authorized: 265.1 million and 264.8 million outstanding, respectively 27 26 Treasury stock: 4.9 million and 4.9 million, respectively, at cost ( 37,880 ) ( 37,862 ) Preferred stock, $ 0.0001 par value, 0.5 million authorized after designation of the convertible preferred stock: none outstanding — — Additional paid-in-capital 942,362 893,131 Accumulated deficit ( 961,789 ) ( 759,957 ) Total stockholders’ equity ( 57,280 ) 95,338 Non-controlling interests 2,873,882 2,205,749 Total equity 2,816,602 2,301,087 Total liabilities and equity $ 15,205,221 $ 12,425,828 (1) Amounts presented include balances held by our consolidated variable interest entities, Phase 1 Holdings, Train 4 Holdings, and Train 5 Holdings, as further discussed in Note 7 — Variable Interest Entities . The accompanying notes are an integral part of these unaudited consolidated financial statements. 2 Table of Contents NextDecade Corporation Consolidated Statements of Operations (in thousands, except per share data; unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues $ — $ — $ — $ — Operating expenses: Operating and maintenance expense 13,527 17,752 33,543 33,645 General and administrative expense 30,298 36,875 62,876 68,460 Development expense 2,850 1,248 4,993 1,555 Depreciation and amort