Core Insights - NextDecade has made a positive final investment decision (FID) for Train 4 of the Rio Grande LNG project, securing complete funding and issuing a full notice to proceed under a turnkey EPC contract [1][2] Company Developments - The expected LNG production capacity for Train 4 is approximately 6 million tonnes per annum (mtpa), contributing to a total of around 24 mtpa at the Rio Grande LNG site [2] - Train 4's expansion is supported by 20-year LNG sale and purchase agreements (SPAs) with major companies, totaling 4.6 mtpa, with a projected date of first commercial delivery in the latter half of 2030 [3] - The estimated expenses for Train 4 and its associated infrastructure are around $6.7 billion [3] Financial Arrangements - Upon financial close, NextDecade received $98 million for establishment costs and management services related to Train 4, with an additional $50 million expected on September 9, 2026 [4] - The company holds a 40% economic interest in Train 4, which will increase to 60% once financial investors achieve certain returns, and secured $1.33 billion in term loans for equity funding commitments [4] Future Projects - The commercialization of Train 5 is complete, backed by 4.5 mtpa of 20-year LNG SPAs with JERA, EQT, and ConocoPhillips [5] - A lump-sum, turnkey EPC contract for Train 5 was signed with Bechtel, with the pricing validity period extended to align with the anticipated positive FID in the fourth quarter of 2025 [5][6] - The construction of Train 5 is planned to be funded with approximately 60% debt and 40% equity at the project level [6]

Core Insights - U.S. liquefied natural gas producer NextDecade has made a positive final investment decision for the fourth liquefaction plant, referred to as a train, of its Rio Grande export project [1] Company Summary - NextDecade is advancing its Rio Grande export project with the approval of the fourth liquefaction train, indicating a significant step in its expansion plans [1] Industry Summary - The decision reflects ongoing growth and investment in the U.S. liquefied natural gas sector, highlighting the increasing demand for LNG exports [1]

TotalEnergies CEO Patrick Pouyanne said that U.S. liquefied natural gas developer NextDecade, in which Total holds a stake, will announce a final investment decision on an additional liquefaction unit... ...

HOUSTON--(BUSINESS WIRE)--NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that it has executed a 20-year liquefied natural gas (LNG) sale and purchase agreement (SPA) with ConocoPhillips (NYSE: COP) for offtake from Rio Grande LNG Train 5. ConocoPhillips will purchase 1.0 MTPA of LNG for 20 years on a free on board basis at a price indexed to Henry Hub, subject to NextDecade making a positive final investment decision (FID) on Train 5. "ConocoPhillips has a lon. ...

Financial Data and Key Metrics Changes - Reported revenues were negative $2.2 million, while adjusted revenues were $4.3 million, with a difference of $6.5 million due to adjustments related to difficulties in China [13] - Adjusted gross margin was 39%, significantly lower than the previous year's high of 57% due to product mix [7][13] - Adjusted EBITDA was negative $14.2 million compared to $6.7 million in Q2 2024, primarily due to revenue adjustments and lower product shipments [14] - Cash at the end of the quarter was $22.1 million, down from $39.9 million at the end of Q1 2025 [14] Business Line Data and Key Metrics Changes - The company launched two new products: NeXT Granite (Fab 30 sized sensor) and NeXT Basalt L1 Slim, targeting different market segments [7][9] - The company achieved 12 design wins in the first half of the year, meeting its target for the entire year [10] - The restructuring of the China business has led to tighter controls and improved financial credit checks [5] Market Data and Key Metrics Changes - Sales in India were significantly impacted due to a market pause from November to mid-April, leading to lower sales in Q2 [6] - The company is expecting significant growth in Q3 and Q4, particularly in the Indian market [6] Company Strategy and Development Direction - The company is focusing on expanding its product portfolio with higher security requirements, particularly in government ID and high-end fingerprint sensors [31][46] - Plans to consolidate the market and explore opportunities in the IAM business and government ID fingerprint sensor market [46][47] - The company aims to achieve close to NOK 50 million in quarterly revenues by 2026, with a focus on recurring revenues and design wins [48][50] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term challenges but expressed confidence in the sales pipeline and expected improvements in cash flow [52] - The company is optimistic about becoming cash positive in Q4 and anticipates a strong second half of the year [45][51] Other Important Information - The company has secured a mass production order for the Fab 30 product, confirming market demand and product value proposition [37][39] - A potential private placement of SEK 15 million to 20 million is being discussed to address short-term liquidity needs [11] Q&A Session Summary Question: When will the first Fab 30 order be delivered? - The first mass production order is expected to be completed by Q4 this year [56] Question: Are there any other deliveries expected before Q4? - There are indications that deliveries could occur even earlier with other partners [57]

NEX T BI OM ET RI CS GR OU P ASA Q2 Presentation Aug ust 20, 2025 Disclaimer This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for NEXT Biometrics Group ASA ...

Core Insights - NextDecade Corporation has secured a commitment of $1.8 billion for the expansion of the Rio Grande LNG plant, with TotalEnergies and Global Infrastructure Partners contributing to the financing [1][9] - The total funding for the expansion project has reached $3 billion, with NextDecade contributing an additional $1.2 billion for a 40% interest in the fourth liquefaction train [3] - The estimated project costs for Train 4 and related infrastructure are between $6 billion and $6.2 billion, which aligns with previous phases of the project [4] Investment Details - TotalEnergies will invest $300 million for a 10% stake in Train 4, while GIP will invest $1.5 billion for a 50% stake [2][9] - If Train 4 meets specific return on investment targets, NextDecade's ownership stake could increase to 60%, reducing GIP's stake to 30% [2] Capacity and Export Implications - The addition of Train 4 and the proposed Train 5 is expected to increase the total capacity of the Rio Grande LNG facility by 10.8 million tons per annum (mtpa) [4][9] - The Rio Grande project is positioned to enhance U.S. LNG exports, reinforcing the country's status as the largest global exporter of LNG [4]

Part I. Financial Information [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The company reported a **$149.7 million** net loss for H1 2025, driven by derivative losses, alongside increased assets and liabilities from LNG facility construction [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $158,537 | $148,137 | | Property, plant and equipment, net | $6,589,331 | $5,020,003 | | **Total assets** | **$7,864,850** | **$6,404,059** | | **Liabilities & Equity** | | | | Total current liabilities | $683,884 | $595,084 | | Debt, net | $5,170,547 | $3,920,425 | | **Total liabilities** | **$5,999,326** | **$4,659,673** | | Total stockholders' equity | $260,480 | $377,641 | | Non-controlling interest | $1,605,044 | $1,366,745 | | **Total equity** | **$1,865,524** | **$1,744,386** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) - The company is in a pre-revenue stage, reporting no revenues for the periods presented[16](index=16&type=chunk) Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total operating loss | $(56,268) | $(39,534) | $(108,184) | $(77,651) | | Derivative gain (loss) | $25,157 | $109,067 | $(143,543) | $367,939 | | Interest expense, net | $(28,833) | $(26,030) | $(56,038) | $(51,509) | | Net loss attributable to common stockholders | $(60,867) | $(32,576) | $(149,672) | $(4,230) | | Net loss per common share — basic and diluted | $(0.23) | $(0.13) | $(0.57) | $(0.02) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Cash Flow Summary (in thousands) | Cash Flow Category | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(72,722) | $(22,838) | | Net cash used in investing activities | $(1,531,338) | $(1,374,290) | | Net cash provided by financing activities | $1,668,337 | $1,305,729 | | Net increase (decrease) in cash | $64,277 | $(91,399) | | Cash, cash equivalents and restricted cash – end of period | $457,039 | $203,079 | - Investing activities primarily consisted of **$1.5 billion** in acquisitions for property, plant, and equipment related to the Rio Grande LNG Facility construction. Financing activities were driven by **$1.29 billion** in proceeds from debt issuance and **$412.7 million** from equity commitments[21](index=21&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company is constructing the Rio Grande LNG Facility, with Phase 1 (three trains) under construction. Train 4 is commercialized and progressing toward a Final Investment Decision (FID), and Train 5 is also being commercialized[23](index=23&type=chunk) - Total net property, plant, and equipment increased to **$6.59 billion** as of June 30, 2025, from **$5.02 billion** at year-end 2024, reflecting the ongoing construction of the Rio Grande LNG Facility[27](index=27&type=chunk) - Total debt, net of unamortized costs, increased to **$5.17 billion** from **$3.92 billion** at year-end 2024, primarily due to draws on credit facilities to fund construction[34](index=34&type=chunk) - In July 2025, a subsidiary began entering into contingent interest rate swaps to hedge expected floating-rate payments for the financing of Train 4 construction[61](index=61&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Significant progress on Rio Grande LNG facility construction and commercial agreements for future trains, with a widened net loss of **$149.7 million** due to derivative impacts [Overview of Business and Significant Developments](index=18&type=section&id=Overview%20of%20Business%20and%20Significant%20Developments) - As of June 2025, construction progress for the Rio Grande LNG Facility was on schedule: - Trains 1 & 2 and common facilities: **48.3% complete** - Train 3: **22.7% complete**[73](index=73&type=chunk) - The company is expanding beyond the first five trains, developing Trains 6-8 which are expected to add approximately **18 MTPA** of liquefaction capacity. A FERC pre-filing for Train 6 is expected in 2025[73](index=73&type=chunk) - Key commercial agreements were signed to support future trains: - **Train 4:** A 20-year, **1.2 MTPA** SPA with Saudi Aramco and a 20-year, **1.5 MTPA** SPA with TotalEnergies - **Train 5:** A 20-year, **2.0 MTPA** SPA with JERA[73](index=73&type=chunk) - In May 2025, the company amended its senior secured loan to increase the principal by **$50 million** to a total of **$225 million**, with proceeds used for working capital and pre-FID expenses for Trains 4 and 5[73](index=73&type=chunk)[74](index=74&type=chunk) [Rio Grande LNG Facility Activity](index=20&type=section&id=Rio%20Grande%20LNG%20Facility%20Activity) - Total expected capital costs for Phase 1 (Trains 1-3) are estimated to be approximately **$18.0 billion**, covering EPC, owner's costs, contingencies, and financing[87](index=87&type=chunk) - For Phase 1, Rio Grande has secured long-term SPAs for approximately **16.2 MTPA** of LNG with a weighted average term of **19.2 years**, expected to generate approximately **$1.8 billion** in average annual fixed fees[83](index=83&type=chunk)[84](index=84&type=chunk) - The company is targeting a positive FID on Train 4 by mid-September 2025, subject to obtaining adequate financing. The financing process was launched in June 2025[92](index=92&type=chunk)[95](index=95&type=chunk) - Train 5 is also progressing toward an FID targeted by mid-September 2025, contingent on securing sufficient commercial support and financing[96](index=96&type=chunk)[99](index=99&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) - NextDecade and its subsidiary Rio Grande operate with independent capital structures. Cash at the Rio Grande level is restricted to funding Phase 1 obligations and is not available for NextDecade's corporate obligations[106](index=106&type=chunk) - Phase 1 is funded by approximately **$6.2 billion** in equity capital commitments and **$11.6 billion** in senior secured non-recourse bank credit facilities[107](index=107&type=chunk) - As of June 30, 2025, NextDecade Corporation's capital resources consist of approximately **$158.5 million** in cash and cash equivalents[111](index=111&type=chunk) - The company does not expect to generate significant cash flow from operations until the first train of Phase 1 becomes operational, which is anticipated in late 2027[110](index=110&type=chunk)[112](index=112&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Comparison of Results of Operations (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | General and administrative expense | $52,049 | $33,902 | $96,991 | $66,407 | | Total operating loss | $(56,268) | $(39,534) | $(108,184) | $(77,651) | | Derivative gain (loss) | $25,157 | $109,067 | $(143,543) | $367,939 | | Net loss attributable to common stockholders | $(60,867) | $(32,576) | $(149,672) | $(4,230) | - The net loss for the six months ended June 30, 2025, increased by **$145.4 million** compared to the same period in 2024. This was primarily driven by a **$511.5 million** decrease in unrealized derivative gains and a **$30.6 million** increase in G&A expenses due to increased headcount[119](index=119&type=chunk)[123](index=123&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative market risk disclosures for this period - As a smaller reporting company, NextDecade is exempt from providing quantitative and qualitative disclosures about market risk for this reporting period[120](index=120&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[121](index=121&type=chunk) - No material changes were made to the internal control over financial reporting during the most recent fiscal quarter[122](index=122&type=chunk) Part II. Other Information [Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - As of the reporting date, there were no legal proceedings to disclose[125](index=125&type=chunk) [Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the last Annual Report on Form 10-K - No material changes to risk factors were reported since the last Annual Report on Form 10-K[126](index=126&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased shares for employee tax liabilities on vested stock awards, not as part of a publicly announced plan - During the three months ended June 30, 2025, the company repurchased **6,839 shares** of common stock. These were shares surrendered by employees to settle tax liabilities on vested restricted stock awards[127](index=127&type=chunk) [Other Information](index=27&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 trading plans were adopted or terminated by directors or executive officers during the quarter - No directors or executive officers adopted or terminated any Rule 10b5-1 trading plans during the quarter[130](index=130&type=chunk) [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) Key exhibits filed include EPC agreements for Trains 4 and 5, credit agreement amendments, and CEO/CFO certifications - Key exhibits filed include: - EPC agreement for Train 4 and Train 5 with Bechtel Energy Inc. - First Amendment to the Credit Agreement with Rio Grande LNG Super Holdings, LLC. - CEO and CFO certifications pursuant to the Sarbanes-Oxley Act[131](index=131&type=chunk)

Group 1 - Shares of liquefied natural gas (LNG) companies increased significantly following the European Union's agreement to purchase $750 billion of energy from the U.S. [1] - Cheniere and Venture Global saw their shares rise approximately 3% and over 4% respectively, while NextDecade and New Fortress Energy experienced increases of more than 2% and about 3% [1] Group 2 - EU President Ursula von der Leyen stated that the energy purchases aim to reduce the bloc's dependence on Russian natural gas, enhancing Europe's energy security [2] - The deal includes a commitment to replace Russian gas and oil with substantial purchases of U.S. LNG, oil, and nuclear fuels [2] - The broader trade deal also imposes a 15% tariff on EU exports to the U.S. and includes an agreement for Brussels to invest an additional $600 billion in the U.S. [2] Group 3 - President Donald Trump emphasized the importance of energy in the trade deal during discussions with von der Leyen [3]

Rio Grande LNG Project Overview - Phase 1 (Trains 1-3) of the Rio Grande LNG Facility is under construction after achieving FID on July 12, 2023[13] - The project secured $18.4 billion in project financing, marking the largest greenfield energy project financing in U S history[13] - Phase 1 is supported by fixed-fee long-term LNG Sales and Purchase Agreements (SPAs) covering over 90% of its nameplate production capacity[17] - NextDecade expects an economic interest of up to 20 8% from Phase 1 operations[17] - Trains 1 and 2 are 8 1% complete as of September 2023, with engineering at 35 7%, procurement at 14 1%, and construction at 0 2%[21] Expansion Plans and Commercial Momentum - NextDecade is focused on expanding the LNG platform with Trains 4 and 5, leveraging Phase 1 agreements and commercial momentum[22] - Equity partner options are in place to potentially fund 60% of the equity financing required for each of Train 4 and Train 5[23] - TotalEnergies holds LNG SPA options for approximately 32% of the minimum expected contracted volume for each of Train 4 and Train 5[23] - The company is targeting a positive FID on Train 4 in the second half of 2024[24] Carbon Capture and Storage (CCS) Initiatives - NextDecade is committed to developing more sustainable LNG with lower emissions through project design, responsibly sourced gas, a pledge to use net-zero power, and planned carbon capture and storage[12] - The company plans to capture up to 5 million metric tonnes per annum (mta) of CO2 at the Rio Grande LNG Facility, aiming to produce the lowest carbon-intensive LNG in North America[109]