NextDecade(NEXT) - 2025 Q3 - Quarterly Report

Project Completion and Capacity - The overall project completion percentage for Trains 1 and 2 at the Rio Grande LNG Facility is 55.9%, with engineering at 95.0% complete, procurement at 88.8% complete, and construction at 29.8% complete[92]. - Train 4 has an expected LNG production capacity of approximately 6 million tonnes per annum (MTPA) and total project costs are expected to be around $6.7 billion, with substantial completion guaranteed in the second half of 2030[92]. - Train 5 also has an expected LNG production capacity of approximately 6 MTPA, with total project costs expected to be around $6.7 billion and guaranteed substantial completion in the first half of 2031[92]. - Trains 6 through 8 are expected to increase the Company's total liquefaction capacity by approximately 18 MTPA once constructed[92]. - The total expected capital costs for Phase 1, including Trains 4 and 5, are estimated to be approximately $18.0 billion and $6.7 billion respectively[105][106]. - The total estimated cost for Phase 1 is $18.0 billion, which includes EPC costs, owner's costs, and contingencies[122]. Sales and Purchase Agreements - A 20-year LNG Sale and Purchase Agreement (SPA) with Saudi Aramco for 1.2 MTPA from Train 4 has been established, with pricing indexed to Henry Hub[92]. - TotalEnergies has entered into a 20-year LNG SPA for 1.5 MTPA from Train 4, also indexed to Henry Hub[92]. - JERA has a 20-year LNG SPA for 2.0 MTPA from Train 5, with pricing indexed to Henry Hub[92]. - The company has entered into long-term SPAs for approximately 25.3 MTPA of LNG from Trains 1 through 5, with an average term of 19.5 years and expected annual fixed fees totaling approximately $3.0 billion[101][102]. Financial Commitments and Capital - The Company terminated $250 million of commitments under its working capital facility, reducing outstanding commitments to $250 million and expected to save approximately $2 million annually in related commitment fees[92]. - The Super Holdings Loan was increased by $50 million to a total of $225 million, with interest at 12.0% and maturing on December 31, 2030[93]. - Phase 1 LLC secured approximately $6.2 billion in equity capital commitments and entered into senior secured non-recourse bank credit facilities totaling $11.6 billion for the Rio Grande LNG Facility[122]. - Train 4 LLC obtained approximately $2.8 billion in equity capital commitments and a senior secured non-recourse bank credit facility of approximately $3.9 billion, with total costs estimated at $6.7 billion[124]. - Train 5 LLC secured approximately $2.6 billion in equity capital commitments and a senior secured non-recourse bank credit facility of approximately $3.6 billion, also with total costs estimated at $6.7 billion[125]. Cash Flow and Financial Performance - Cash used in operating activities for the nine months ended September 30, 2025, increased by approximately $62.1 million compared to the same period in 2024, primarily due to higher pre-operational expenditures[132]. - Cash used in investing activities for the nine months ended September 30, 2025, increased by approximately $1.0 billion compared to the same period in 2024, mainly due to construction expenditures[133]. - Cash provided by financing activities for the nine months ended September 30, 2025, increased by approximately $1.4 billion compared to the same period in 2024, driven by an increase in equity commitment receipts[134]. - The net loss attributable to common stockholders for the three months ended September 30, 2025, was approximately $109.5 million, a decrease from $123.2 million in the same period in 2024[135]. - The net loss attributable to common stockholders for the nine months ended September 30, 2025, was approximately $259.2 million, compared to $127.4 million in the same period in 2024, reflecting an increase of approximately $131.7 million[136]. Operational Updates - The Rio Grande LNG Facility is located on approximately 1,000 acres of land, with 15,000 feet of frontage on the Brownsville Ship Channel, benefiting from proximity to abundant natural gas resources in the Permian[95]. - As of September 2025, construction progress on Phase 1 is ahead of schedule, with significant advancements in piping fabrication and structural steel erection[99]. - The commercial operation date for the first liquefaction train at the Rio Grande LNG Facility is expected in late 2027[130]. Risk Management and Sourcing Strategy - The company is executing a diversified natural gas sourcing strategy to mitigate risk across multiple contracts and pricing hubs[108]. - The company has entered into agreements for natural gas transportation to the Rio Grande LNG Facility, enhancing flexibility and access to competitively priced feedstock[109].