NextDecade Corp. Files 10-Q/A for Period Ending March 31, 2024

Ticker: NEXT · Form: 10-Q/A · Filed: May 13, 2024 · CIK: 1612720

Sentiment: neutral

Topics: 10-Q/A, NextDecade Corp., Financials, LNG, Rio Grande Facility

TL;DR

<b>NextDecade Corp. submitted a 10-Q/A filing detailing its financial position for Q1 2024.</b>

AI Summary

NextDecade Corp. (NEXT) filed a Amended Quarterly Report (10-Q/A) with the SEC on May 13, 2024. NextDecade Corp. filed an amended 10-Q for the period ending March 31, 2024. The filing includes financial data for Q1 2024 and comparative periods. Key financial statement items such as common stock, retained earnings, and additional paid-in capital are detailed. Information regarding the Rio Grande Liquefied Natural Gas Facility is present. The company's oil and gas properties and corporate assets are listed.

Why It Matters

For investors and stakeholders tracking NextDecade Corp., this filing contains several important signals. This amended filing provides updated financial information for investors and analysts to assess the company's performance and outlook. The inclusion of specific asset details like the Rio Grande LNG Facility and financial instruments offers insight into the company's operational focus and risk management.

Risk Assessment

Risk Level: — NextDecade Corp. shows moderate risk based on this filing. The filing is a 10-Q/A, indicating potential revisions or additions to previously submitted information, which warrants a medium risk assessment until the full implications are understood.

Analyst Insight

Review the specific changes and additions in this 10-Q/A filing to understand any material updates to NextDecade Corp.'s financial reporting or business operations.

Key Numbers

Key Players & Entities

FAQ

When did NextDecade Corp. file this 10-Q/A?

NextDecade Corp. filed this Amended Quarterly Report (10-Q/A) with the SEC on May 13, 2024.

What is a 10-Q/A filing?

A 10-Q/A is a amendment to a previously filed quarterly report. This particular 10-Q/A was filed by NextDecade Corp. (NEXT).

Where can I read the original 10-Q/A filing from NextDecade Corp.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by NextDecade Corp..

What are the key takeaways from NextDecade Corp.'s 10-Q/A?

NextDecade Corp. filed this 10-Q/A on May 13, 2024. Key takeaways: NextDecade Corp. filed an amended 10-Q for the period ending March 31, 2024.. The filing includes financial data for Q1 2024 and comparative periods.. Key financial statement items such as common stock, retained earnings, and additional paid-in capital are detailed..

Is NextDecade Corp. a risky investment based on this filing?

Based on this 10-Q/A, NextDecade Corp. presents a moderate-risk profile. The filing is a 10-Q/A, indicating potential revisions or additions to previously submitted information, which warrants a medium risk assessment until the full implications are understood.

What should investors do after reading NextDecade Corp.'s 10-Q/A?

Review the specific changes and additions in this 10-Q/A filing to understand any material updates to NextDecade Corp.'s financial reporting or business operations. The overall sentiment from this filing is neutral.

How does NextDecade Corp. compare to its industry peers?

NextDecade Corp. operates in the natural gas transmission and distribution industry, focusing on liquefied natural gas (LNG) export facilities.

Are there regulatory concerns for NextDecade Corp.?

The filing is a 10-Q/A, an amended quarterly report filed under the Securities Exchange Act of 1934.

Risk Factors

Industry Context

NextDecade Corp. operates in the natural gas transmission and distribution industry, focusing on liquefied natural gas (LNG) export facilities.

Regulatory Implications

The filing is a 10-Q/A, an amended quarterly report filed under the Securities Exchange Act of 1934.

What Investors Should Do

  1. Analyze the specific changes and additions made in this 10-Q/A compared to the original filing.
  2. Review the financial statement details for Q1 2024, paying attention to asset and liability accounts.
  3. Assess the significance of the Rio Grande Liquefied Natural Gas Facility information within the context of the company's overall strategy.

Key Dates

Year-Over-Year Comparison

This is an amended filing (10-Q/A), suggesting updates or corrections to previously submitted financial information for the period ending March 31, 2024.

Filing Stats: 4,651 words · 19 min read · ~16 pages · Grade level 17.9 · Accepted 2024-05-13 07:02:26

Key Financial Figures

Filing Documents

Financial Information

Part I. Financial Information 2

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 2 Consolidated Balance Sheets 2 Consolidated Statements of Operations 3 Consolidated Statements of Stockholders' Equity and Convertible Preferred Stock 4 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 24

Other Information

Part II. Other Information 25

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 25

Signatures

Signatures 27 Table of Contents Organizational Structure The following diagram depicts our abbreviated organizational structure with references to the names of certain entities discussed in this Quarterly Report on Form 10-Q. Unless the context requires otherwise, references to "NextDecade," the "Company," "we," "us" and "our" refer to NextDecade Corporation (NASDAQ: NEXT) and its consolidated subsidiaries, and references to "Rio Grande" refer to Rio Grande LNG, LLC and its consolidated subsidiaries. Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. NextDecade Corporation Consolidated Balance Sheets (in thousands, except per share data, unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 45,753 $ 38,241 Restricted cash 205,645 256,237 Derivatives 29,327 17,958 Prepaid expenses and other current assets 3,193 2,089 Total current assets 283,918 314,525 Property, plant and equipment, net 3,158,242 2,437,733 Operating lease right-of-use assets 169,504 170,827 Debt issuance costs 371,466 389,695 Derivatives 175,699 — Other non-current assets 17,054 11,021 Total assets $ 4,175,883 $ 3,323,801 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 175,384 $ 243,129 Accrued and other current liabilities 321,997 299,264 Common stock warrants 5,297 6,851 Operating leases 2,972 3,143 Total current liabilities 505,650 552,387 Common stock warrants — 1,818 Operating leases 145,466 145,962 Derivative liability — 66,899 Debt, net 2,393,730 1,816,301 Total liabilities 3,044,846 2,583,367 Commitments and contingencies (Note 12) Stockholders' equity Common stock, $ 0.0001 par value, 480.0 million authorized: 257.5 million and 256.5 million outstanding, respectively 26 26 Treasury stock: 2.2 million shares and 2.2 million respectively, at cost ( 14,308 ) ( 14,214 ) Preferred stock, $ 0.0001 par value, 0.5 million authorized after designation of the convertible preferred stock: none outstanding — — Additional paid-in-capital 897,805 693,883 Accumulated deficit ( 363,426 ) ( 391,772 ) Total stockholders' equity 520,097 287,923 Non-controlling interest 610,940 452,511 Total equity 1,131,037 740,434 Total liabilities and equity $ 4,175,883 $ 3,323,801 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 Mo

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) Note 1 — Background and Basis of Presentation NextDecade Corporation, a Delaware corporation, is a Houston-based energy company primarily engaged in construction and development activities related to the liquefaction of natural gas and sale of LNG and the capture and storage of CO 2 emissions. We are constructing a natural gas liquefaction and export facility located in the Rio Grande Valley in Brownsville, Texas (the "Rio Grande LNG Facility"), which currently has three liquefaction trains and related infrastructure under construction. The Rio Grande LNG Facility has received Federal Energy Regulatory Commission ("FERC") approval and Department of Energy ("DOE") FTA and non-FTA authorizations for the construction of five liquefaction trains and LNG exports totaling 27 million tonnes per annum ("MTPA"). Liquefaction trains 1 through 3 and related infrastructure are currently under construction and liquefaction trains 4 and 5 at the Rio Grande LNG Facility are currently in development. We are also developing a planned carbon capture and storage ("CCS") project at the Rio Grande LNG Facility and other potential CCS projects that would be located at third-party industrial facilities. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2023. In our opinion, all adjustments, consisting only of normal recurring items, which are considered necessary for a fair presentation of the unaudited consolidated f

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