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    SEC Form 10-Q filed by NextDecade Corporation

    11/7/24 4:32:53 PM ET
    $NEXT
    Oil & Gas Production
    Utilities
    Get the next $NEXT alert in real time by email
    next-20240930
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    Table of Contents

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    FORM 10-Q
    (MARK ONE)
    x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended September 30, 2024
    o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from                   to         
    Commission File No. 001-36842
    Logo.jpg
    NEXTDECADE CORPORATION
    (Exact name of registrant as specified in its charter)
    Delaware
    46-5723951
    (State or other jurisdiction of(I.R.S. Employer
    incorporation or organization)Identification No.)
    1000 Louisiana Street, Suite 3300, Houston, Texas 77002
    (Address of principal executive offices) (Zip Code)
    (713) 574-1880
    (Registrant’s telephone number, including area code)
    Securities registered pursuant to Section 12(b) of the Act:
    Title of each class:Trading SymbolName of each exchange on which registered:
    Common Stock, $0.0001 par valueNEXT
    The Nasdaq Stock Market LLC
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
    Large accelerated fileroAccelerated filero
    Non-accelerated filerxSmaller reporting companyx
    Emerging growth companyo
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
    As of November 1, 2024, the issuer had 260,291,186 shares of common stock outstanding.


    Table of Contents

    NEXTDECADE CORPORATION
    FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2024
    TABLE OF CONTENTS
    Page
    Organizational Structure
    Part I. Financial Information
    2
    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
    6
    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
    14
    Item 3. Quantitative and Qualitative Disclosures About Market Risk
    25
    Item 4. Controls and Procedures
    25
    Part II. Other Information
    26
    Item 1. Legal Proceedings
    26
    Item 1A. Risk Factors
    26
    Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    27
    Item 3. Defaults Upon Senior Securities
    27
    Item 4. Mine Safety Disclosures
    27
    Item 5. Other Information
    27
    Item 6. Exhibits
    28
    Signatures
    30


    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.
    Legal Org.jpg
    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

    PART I – FINANCIAL INFORMATION
    Item 1. Financial Statements.
    NextDecade Corporation
    Consolidated Balance Sheets
    (in thousands, except per share data, unaudited)
    September 30,
    2024
    December 31,
    2023
    Assets
    Current assets:
    Cash and cash equivalents$38,230 $38,241 
    Restricted cash227,568 256,237 
    Derivatives4,253 17,958 
    Prepaid expenses and other current assets1,322 2,089 
    Total current assets271,373 314,525 
    Property, plant and equipment, net4,329,376 2,437,733 
    Operating lease right-of-use assets167,168 170,827 
    Deferred financing fees340,488 389,695 
    Other non-current assets15,557 11,021 
    Total assets$5,123,962 $3,323,801 
       
    Liabilities and Stockholders’ Equity
    Current liabilities:  
    Accounts payable$224,358 $243,129 
    Accrued and other current liabilities331,029 306,115 
    Operating leases2,887 3,143 
    Total current liabilities558,274 552,387 
    Debt, net3,315,150 1,816,301 
    Operating leases144,588 145,962 
    Derivatives60,219 66,899 
    Other non-current liabilities— 1,818 
    Total liabilities4,078,231 2,583,367 
      
    Commitments and contingencies (Note 11)
      
    Stockholders’ equity  
    Common stock, $0.0001 par value, 480.0 million authorized: 260.1 million and 256.5 million outstanding, respectively
    26 26 
    Treasury stock: 3.1 million shares and 2.2 million respectively, at cost
    (20,791)(14,214)
    Preferred stock, $0.0001 par value, 0.5 million authorized: none outstanding
    — — 
    Additional paid-in-capital1,209,753 693,883 
    Accumulated deficit(519,201)(391,772)
    Total stockholders’ equity669,787 287,923 
    Non-controlling interest375,944 452,511 
    Total equity1,045,731 740,434 
    Total liabilities and equity$5,123,962 $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 Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Revenues$— $— $— $— 
    Operating expenses:
    General and administrative expense43,598 32,128 110,005 85,195 
    Development expense2,386 1,083 7,304 1,965 
    Lease expense2,559 2,582 8,181 3,245 
    Depreciation expense613 42 1,317 117 
    Total operating expenses49,156 35,835 126,807 90,522 
    Total operating loss(49,156)(35,835)(126,807)(90,522)
    Other (expense) income:    
    Derivative (loss) gain(329,733)240,265 38,206 152,816 
    Interest expense, net of capitalized interest(15,905)(32,536)(67,414)(32,536)
    Loss on debt extinguishment— — (47,573)— 
    Other, net1,719 9,950 (408)4,450 
    Total other (expense) income(343,919)217,679 (77,189)124,730 
    Net (loss) income attributable to NextDecade Corporation(393,075)181,844 (203,996)34,208 
    Less: net (loss) income attributable to non-controlling interest(269,876)67,204 (76,567)67,204 
    Less: preferred stock dividends— 7,030 — 20,484 
    Net (loss) income attributable to common stockholders$(123,199)$107,610 $(127,429)$(53,480)
         
    Net (loss) income per common share - basic and diluted$(0.47)$0.48 $(0.49)$(0.31)
    Weighted average shares outstanding - basic and diluted259,379222,466257,981173,720 


    The accompanying notes are an integral part of these unaudited consolidated financial statements.
    3

    Table of Contents

    NextDecade Corporation
    Consolidated Statement of Stockholders’ Equity and Convertible Preferred Stock
    (in thousands, unaudited)
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Total stockholders' equity, beginning balances$1,278,784 $(19,682)$740,434 $54,371 
    Common stock:
    Beginning balance26 16 26 14 
    Issuance of common stock— 4 — 6 
    Preferred stock conversion— 6 — 6 
    Ending balance26 26 26 26 
    Treasury Stock:
    Beginning balance(14,367)(4,657)(14,214)(4,587)
    Shares repurchased related to share-based compensation(6,424)(9,537)(6,577)(9,607)
    Ending balance(20,791)(14,194)(20,791)(14,194)
    Additional paid-in-capital:
    Beginning balance1,043,307 362,735 693,883 289,084 
    Share-based compensation4,984 10,128 13,967 22,235 
    Issuance of common stock, net— 179,396 — 254,394 
    Receipt of equity commitments160,040 (14,424)493,333 (14,424)
    Exercise of common stock warrants1,422 — 8,570 — 
    Preferred stock conversion— 222,868 — 222,868 
    Preferred stock dividends— (7,030)— (20,484)
    Ending balance1,209,753 753,673 1,209,753 753,673 
    Accumulated deficit:
    Beginning balance(396,002)(377,776)(391,772)(230,140)
    Rio Bravo de-consolidation— 629 — 629 
    Net (loss) income(123,199)114,640 (127,429)(32,996)
    Ending balance(519,201)(262,507)(519,201)(262,507)
    Total stockholders' equity669,787 476,998 669,787 476,998 
    Non-controlling interest:
    Beginning balance645,820 — 452,511 — 
    Sale of equity in Intermediate Holdings— 273,433 — 273,433 
    Net (loss) income(269,876)67,204 (76,567)67,204 
    Ending balance375,944 340,637 375,944 340,637 
    Total equity, ending balances$1,045,731 $817,635 $1,045,731 $817,635 
    Preferred Stock, Series A-C:
    Beginning balance$— $215,864 $— $202,443 
    Preferred stock dividends— 7,010 — 20,431 
    Preferred stock conversion— (222,874)— (222,874)
    Ending balance$— $— $— $— 


    The accompanying notes are an integral part of these unaudited consolidated financial statements.
    4

    Table of Contents

    NextDecade Corporation
    Consolidated Statements of Cash Flows
    (in thousands, unaudited)
    Nine Months Ended
    September 30,
    20242023
    Operating activities:
    Net (loss) income attributable to NextDecade Corporation$(203,996)$34,208 
    Adjustment to reconcile net (loss) income to net cash used in operating activities  
    Depreciation1,317 117 
    Share-based compensation expense13,832 22,055 
    Derivative gain(38,206)(152,816)
    Derivative settlements45,231 1,160 
    Amortization of right-of-use assets3,659 570 
    Loss on extinguishment of debt47,573 — 
    Amortization of debt issuance costs49,069 25,670 
    Other2,321 (571)
    Changes in operating assets and liabilities:  
    Prepaid expenses and other current assets767 (1,121)
    Accounts payable3,260 3,313 
    Operating lease liabilities(1,631)330 
    Accrued expenses and other liabilities(9,878)14,458 
    Net cash used in operating activities(86,682)(52,627)
    Investing activities:
    Acquisition of property, plant and equipment(1,873,194)(996,467)
    Acquisition of other non-current assets(6,404)(13,971)
    Net cash used in investing activities(1,879,598)(1,010,438)
    Financing activities:
    Proceeds from debt issuance2,798,890 1,409,000 
    Receipt of equity commitments493,333 283,355 
    Repayment of debt(1,282,000)— 
    Costs associated with repayment of debt(13,423)— 
    Proceeds from sale of common stock— 254,400 
    Debt issuance costs(52,623)(490,960)
    Preferred stock dividends— (53)
    Shares repurchased related to share-based compensation(6,577)(9,607)
    Net cash provided by financing activities1,937,600 1,446,135 
    Net (decrease) increase in cash, cash equivalents and restricted cash(28,680)383,070 
    Cash, cash equivalents and restricted cash – beginning of period294,478 62,789 
    Cash, cash equivalents and restricted cash – end of period$265,798 $445,859 
    Balance per Consolidated Balance Sheets:
    September 30, 2024
    Cash and cash equivalents$38,230 
    Restricted cash227,568 
    Total cash, cash equivalents and restricted cash$265,798 



    The accompanying notes are an integral part of these unaudited consolidated financial statements.
    5

    Table of Contents

    NextDecade Corporation
    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 CO2 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”). 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”). The Rio Grande LNG Facility has three liquefaction trains and related infrastructure (“Phase 1”) under construction while liquefaction trains 4 and 5 are currently in development. We are also developing and seeking to commercialize potential carbon capture and storage (“CCS”) projects.
    On August 6, 2024, the U.S. Court of Appeals for the D.C. Circuit (the “Court”) issued a decision vacating the FERC’s reauthorization of the Rio Grande LNG Facility on the grounds that the FERC should have issued a supplemental Environmental Impact Statement (“EIS”) during its remand process. The Court's decision will not be effective until the Court has issued its mandate, which is not expected to occur until after the appeals process has been completed. At this time, construction continues on Phase 1 at the Rio Grande LNG Facility.
    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 financial statements, have been included. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year.
    Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on the Company’s financial position, results of operations or cash flows.
    The Company has incurred operating losses since its inception and management expects operating losses and negative cash flows to continue until the commencement of operations at the Rio Grande LNG Facility and, as a result, the Company will require additional capital to fund its operations and execute its business plan. As of September 30, 2024, the Company had $38.2 million in cash and cash equivalents which may not be sufficient to fund the Company’s planned operations and development activities through one year after the date the consolidated financial statements are issued. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. The analysis used to determine the Company’s ability to continue as a going concern does not include cash sources outside of the Company’s direct control that management expects to be available within the next twelve months.
    The Company plans to alleviate the going concern issue by obtaining sufficient funding through additional equity, equity-based or debt instruments or any other means and by managing certain operating and overhead costs. The Company’s ability to raise additional capital in the equity and debt markets, should the Company choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for the Company’s equity or debt securities, which itself is subject to a number of business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are satisfactory to the Company. In the event the Company is unable to obtain sufficient additional funding, there can be no assurance that it will be able to continue as a going concern.
    These consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.
    6

    Table of Contents

    Note 2 — Property, Plant and Equipment
    Property, plant and equipment consisted of the following (in thousands):
    September 30,
    2024
    December 31,
    2023
    Rio Grande LNG Facility under construction$4,317,113 $2,431,389 
    Corporate and other13,628 7,518 
    Total property, plant and equipment, at cost4,330,741 $2,438,907 
    Less: accumulated depreciation(1,365)(1,174)
    Total property, plant and equipment, net$4,329,376 $2,437,733 
    Note 3 — Derivatives
    In July 2023, Rio Grande entered into interest rate swaps agreements (the “Swaps”) to protect against interest rate volatility by hedging a portion of the floating-rate interest payments associated with the credit facilities described in Note 6 — Debt.
    In June 2024, Rio Grande reduced the maximum notional amount associated with the Swaps by approximately $583.1 million, which resulted in a realized derivative gain of $30.9 million.
    As of September 30, 2024, Rio Grande has the following Swaps outstanding (in thousands):
    Initial Notional AmountMaximum Notional Amount
    Maturity (1)
    Weighted Average Fixed Interest Rate PaidVariable Interest Rate Received
    $123,000 $7,916,900 20483.4 %USD - SOFR
    (1) Swaps have an early mandatory termination date in July 2030.
    The Company values the Swaps using an income-based approach based on observable inputs to the valuation model including interest rate curves, risk adjusted discount rates, credit spreads and other relevant data. The net fair value of the Swaps is approximately $56.0 million as of September 30, 2024, and is classified as Level 2 in the fair value hierarchy.
    Note 4 — Leases
    The Company commenced the Rio Grande LNG Facility site lease on July 12, 2023 and it has an initial term of 30 years. The Company has the option to renew and extend the term of the lease for up to two consecutive renewal periods of ten years each, but as the Company is not reasonably certain that those options will be exercised, none are recognized as part of our right of use assets and lease liabilities. The Company has also entered into an office space lease which expires on December 31, 2035, and does not include any options for renewal.
    For the three months ended September 30, 2024 and 2023, our operating lease costs were $2.6 million and $2.6 million, respectively. For the nine months ended September 30, 2024 and 2023, our operating lease costs were $8.2 million and $3.3 million, respectively.
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    Maturity of operating lease liabilities as of September 30, 2024 are as follows (in thousands, except lease term and discount rate):
    2024 (remaining)$1,912 
    20257,623 
    20269,522 
    20279,565 
    20289,609 
    Thereafter199,242 
    Total undiscounted lease payments237,473 
    Discount to present value(89,998)
    Present value of lease liabilities$147,475 
    Weighted average remaining lease term - years27.0
    Weighted average discount rate - percent4.1 
    Other information related to our operating leases is as follows (in thousands):
    Nine Months Ended September 30,
    20242023
    Operating cash flows for amounts paid included in the measurement of operating lease liabilities$6,126 $968 
    Noncash right-of-use assets recorded for operating lease liabilities during the period— 147,829 
    Note 5 — Accrued Liabilities and Other Current Liabilities
    Accrued expenses and other current liabilities consisted of the following (in thousands):
    September 30,
    2024
    December 31,
    2023
    Rio Grande LNG Facility costs$307,652 $268,821 
    Accrued interest4,081 20,392 
    Employee compensation expense11,008 9,270 
    Professional services5,400 — 
    Other accrued liabilities2,888 7,632 
    Total accrued and other current liabilities$331,029 $306,115 
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    Note 6 — Debt
    Debt consisted of the following (in thousands):
    September 30,
    2024
    December 31,
    2023
    Senior Secured Notes and Loans:
    6.67% Senior Secured Notes due 2033
    $700,000 $700,000 
    6.72% Senior Secured Loans due 2033
    356,000 356,000 
    7.11% Senior Secured Loans due 2047
    251,000 251,000 
    6.85% Senior Secured Notes due 2047
    190,000 — 
    6.58% Senior Secured Notes due 2047
    1,115,000 — 
    Total Senior Secured Notes and Loans2,612,000 1,307,000 
    Credit Facilities:  
    CD Senior Working Capital Facility— — 
    CD Credit Facility522,000 484,000 
    TCF Credit Facility178,000 59,000 
    Corporate Credit Facility54,890 — 
    Total debt3,366,890 1,850,000 
    Unamortized debt issuance costs(51,740)(33,699)
    Total debt, net$3,315,150 $1,816,301 
    Senior Secured Notes and Loans
    The 6.67% Senior Secured Notes, 6.85% Senior Secured Notes and 6.58% Senior Secured Notes (collectively, the “Senior Secured Notes”) as well as the 6.72% Senior Secured Loans and 7.11% Senior Secured Loans (collectively, the “Senior Secured Loans”) are senior secured obligations of Rio Grande, ranking senior in right of payment to any and all of Rio Grande’s future indebtedness that is subordinated to the Senior Secured Notes and the Senior Secured Loans, and equal in right of payment with Rio Grande’s other existing and future indebtedness that is senior and secured by the same collateral securing the Senior Secured Notes and Senior Secured Loans. The Senior Secured Notes and Senior Secured Loans are secured on a first-priority basis by a security interest in all of the membership interests in Rio Grande and substantially all of Rio Grande’s assets, on a pari passu basis with the CD Credit Agreement and the TCF Credit Facility.
    Credit Facilities
    Below is a summary of our committed credit facilities outstanding as of September 30, 2024 (in thousands):
    CD Senior Working Capital FacilityCD Credit FacilityTCF Credit FacilityCorporate Credit
    Facility
    Total Facility Size$500,000 $8,448,000 $800,000 $62,500 
    Less:
    Outstanding balance— 522,000 178,000 54,890 
    Letters of credit issued174,925 — — — 
    Available commitment$325,075 $7,926,000 $622,000 $7,610 
    Priority rankingSenior securedSenior securedSenior securedSenior secured
    Interest rate on outstanding balance
    SOFR + 2.25%
    SOFR + 2.25%
    SOFR + 2.25%
    SOFR + 4.50%
    Commitment fees on undrawn balance0.68 %0.68 %0.68 %1.35 %
    Maturity Date2030203020302026
    The obligations of Rio Grande under the CD Senior Working Capital Facility and CD Credit Facility are secured by substantially all of the assets of Rio Grande as well as a pledge of all of the membership interests in Rio Grande on a
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    first-priority, pari passu basis with the Senior Secured Notes, the Senior Secured Loans and the loans made under the TCF Credit Facility.
    The obligations of Rio Grande under the TCF Credit Agreement are secured by substantially all of the assets of Rio Grande as well as a pledge of all of the membership interests in Rio Grande on a first-priority, pari passu basis with the Senior Secured Notes, the Senior Secured Loans and the loans made under the CD Credit Agreement. Total Energies Holdings SAS provides contingent credit support to the lenders under the TCF Credit Agreement to pay past due amounts owing from Rio Grande under the agreement upon demand.
    The obligations of NextDecade LLC under the Corporate Credit Facility are guaranteed by Rio Grande LNG Super Holdings, LLC and Rio Grande LNG Intermediate Super Holdings, LLC, wholly owned subsidiaries of NextDecade LLC. The Corporate Credit Facility matures at the earlier of January 6, 2026 or 10 business days after a positive FID on Train 4 at the Rio Grande LNG facility.
    Restrictive Debt Covenants
    The CD Credit Facility and the TCF Credit Facility (collectively, the “Rio Grande Facilities”) include certain covenants and events of default customary for project financings, including a requirement that interest rates for a minimum of 75% of the projected and outstanding principal amount be hedged or have fixed interest rates. The Rio Grande Facilities, the Senior Secured Loans, and Senior Secured Notes require Rio Grande to maintain a historical debt service coverage ratio of at least 1.10:1.00 at the end of each fiscal quarter starting from the initial principal payment date.
    With respect to certain events, including a change of control event and receipt of certain proceeds from asset sales, events of loss or liquidated damages, the Senior Secured Notes and Senior Secured Loans requires Rio Grande to make an offer to repay the amounts outstanding at 101% (with respect to a change of control event) or par (with respect to each other event).
    As of September 30, 2024, the Company was in compliance with all covenants related to its respective debt agreements.
    Debt Extinguishment
    As of September 30, 2024, Rio Grande has made repayments of $1,282.0 million, on the outstanding principal balance of the CD Credit Facility. As a result of these repayments, during the nine months ended September 30, 2024, Rio Grande has recognized approximately $47.6 million in losses on extinguishment.
    Debt Maturities
    Principal Payments
    2024 - 2025$— 
    202654,890 
    2027 - 2028— 
    Thereafter3,312,000 
    Total$3,366,890 
    Interest Expense
    Total interest expense, net of capitalized interest, consisted of the following (in thousands):
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Interest per contractual rate$51,349 $16,169 $134,636 $16,169 
    Amortization of debt issuance costs16,154 25,670 49,069 25,670 
    Other interest costs978 — 2,133 — 
    Total interest cost68,481 41,839 185,838 41,839 
    Capitalized interest(52,576)(9,303)(118,424)(9,303)
    Total interest expense, net of capitalized interest$15,905 $32,536 $67,414 $32,536 
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    Fair Value Disclosures
    The following table shows the carrying amount and estimated fair value of our debt (in thousands):
    September 30, 2024December 31, 2023
    Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
    Senior Notes — Level 2$2,005,000 $2,064,852 $700,000 $743,593 
    Senior Loans — Level 2607,000 631,976 607,000 632,998 
    The fair value of the Senior Secured Notes and Senior Secured Loans was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates on debt issued by parties with comparable credit ratings.    
    The fair value of the CD Credit Facility, TCF Credit Facility and Corporate Credit Facility approximates its respective carrying amount due to its variable interest rate, which approximates a market interest rate.
    Note 7 — Variable Interest Entity
    Intermediate Holdings and its wholly owned subsidiaries, including Rio Grande, have been formed to undertake construction and operation of Phase 1 of the Rio Grande LNG Facility. The Company is not obligated to fund losses of Intermediate Holdings, however, the Company’s capital account, which would be considered in allocating the net assets of Intermediate Holdings were it to be liquidated, continues to share in losses of Intermediate Holdings. Further, Rio Grande has granted the Company decision-making rights regarding the construction of Phase 1 of the Rio Grande LNG Facility and key aspects of its operation, which may only be terminated by equity holders for cause, via agreements with NextDecade LLC. Due to the foregoing, the Company determined that it holds a variable interest in Rio Grande through Intermediate Holdings and is its primary beneficiary, and therefore consolidates Intermediate Holdings in these Consolidated Financial Statements.
    The following table presents the summarized assets and liabilities (in thousands) of Intermediate Holdings, which are included in the Company’s Consolidated Balance Sheets. The assets in the table below may only be used to settle the obligations of Intermediate Holdings. In addition, there is no recourse to us for the consolidated VIE’s liabilities. The assets and liabilities in the table below include assets and liabilities of Intermediate Holdings only and exclude intercompany balances between Intermediate Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.
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    September 30,
    2024
    December 31,
    2023
    Assets
    Current assets:
    Restricted cash$227,568 $256,237 
    Derivatives4,253 17,958 
    Prepaid expenses and other current assets700 108 
    Total current assets232,521 274,303 
    Property, plant and equipment, net4,315,233 2,428,583 
    Operating lease right-of-use assets154,531 157,053 
    Deferred financing fees338,454 389,695 
    Other non-current assets15,407 9,374 
    Total assets$5,056,146 $3,259,008 
    Liabilities
    Current liabilities:
    Accounts payable$221,954 $238,582 
    Accrued liabilities and other current liabilities316,091 288,779 
    Operating lease2,625 2,554 
    Total current liabilities540,670 529,915 
    Operating lease129,924 131,901 
    Derivatives60,219 66,899 
    Debt, net3,260,260 1,816,301 
    Total liabilities$3,991,073 $2,545,016 
    Note 8 — Net Loss Per Share
    Potentially dilutive securities not included in the diluted net (loss) income per share computations because their effect would have been anti-dilutive were as follows (in thousands):
    Three Months Ended
    September 30,
    Nine Months Ended
    September 30,
    2024202320242023
    Unvested stock and stock units (1)
    7,627—8,1902,133
    Common stock warrants446—9221,456
    Total potentially dilutive common shares8,073—9,1123,589
    (1) Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates.
    Note 9 — Share-based Compensation
    The Company has granted restricted stock and restricted stock units (collectively, “Restricted Stock”), as well as unrestricted stock and stock options, to employees, directors and outside consultants under the 2017 Omnibus Incentive Plan, as amended (the “2017 Plan”). Upon the vesting of Restricted Stock, shares of common stock are released to the grantee.
    During the three months ended September 30, 2024, certain 2017 Plan participants were granted non-qualified options to purchase shares of common stock. Stock options were granted at an exercise price of $10.00, which was above the market price of the common stock on the date of grant. Stock options vest after three years of service or as otherwise set forth in the underlying award agreement. Vested options shall be exercisable at such time and under such conditions set forth in the underlying award agreement, but in no event shall any option be exercisable later than the tenth anniversary of the date of grant.
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    The fair value of each stock option award was estimated using the Black-Scholes option pricing model which resulted in a grant date fair value of $2.69. Valuation assumptions used to determine the grant date fair value were as follows:
    Expected term (in years)6.5
    Expected volatility76.0 %
    Expected dividend yield— %
    Risk-free rate3.8 %
    Due to our limited history, the Company has elected to apply the simplified method to determine the expected term. Additionally, due to our limited history, expected volatility is based on a blend of our historical volatility and our implied volatility. The expected dividend yield is based on our historical yields on the date of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant.
    For the three and nine months ended September 30, 2024, the Company recognized share-based compensation expense related to all share-based awards of approximately $5.0 million and $13.8 million, respectively. For the three and nine months ended September 30, 2023, the Company recognized share-based compensation expense related to all share-based awards of approximately $9.7 million and $22.1 million, respectively.
    Note 10 — Income Taxes
    Due to our cumulative loss position, we have established a full valuation allowance against our deferred tax assets at September 30, 2024 and December 31, 2023. Due to our full valuation allowance, we have not recorded a provision for federal or state income taxes during either of the three and nine months ended September 30, 2024 or 2023.
    Note 11 — Commitments and Contingencies
    Legal Proceedings
    From time to time the Company may be subject to various claims and legal actions that arise in the ordinary course of business. As of September 30, 2024, management is not aware of any claims or legal actions against the Company that, separately or in the aggregate, are likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows, although the Company cannot guarantee that a material adverse effect will not occur.
    Note 12 — Supplemental Cash Flows
    The following table provides supplemental disclosure of cash flow information (in thousands):
    Nine Months Ended
    September 30,
    20242023
    Interest payments classified as operating activities$32,018 $1,330 
    Accounts payable for acquisition of property, plant and equipment218,313 322,539 
    Accruals for acquisition of property, plant and equipment307,652 191,911 
    Non-cash settlement of warrant liabilities8,571 — 
    Corporate fixed asset retirements1,256 — 
    Reclassification from other non-current assets to property, plant and equipment1,867 9,006 
    Reclassification from other non-current assets to operating lease right-of-use assets— 24,606 
    Accrued liabilities for debt and equity issuance costs— 536 
    Non-cash settlement of paid-in-kind dividends on convertible preferred stock— 20,431 
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    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
    Forward-Looking Statements
    This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “target,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions, are intended to identify forward-looking statements.
    We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs.
    Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ from those expressed in our forward-looking statements. Our future financial position and results of operations, as well as any forward-looking statements are subject to change and inherent risks and uncertainties, including those described in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K as supplemented by Item 1A of this Quarterly Report on Form 10-Q. You should consider our forward-looking statements in light of a number of factors that may cause actual results to vary from our forward-looking statements including, but not limited to:
    •our progress in the development of our liquefied natural gas (“LNG”) liquefaction and export project and any carbon capture and storage projects (“CCS projects”) we may develop and the timing of that progress;
    •the timing and cost of the development, construction and operation of the first three liquefaction trains and related common facilities (“Phase 1”) of the multi-plant integrated natural gas and liquefaction and LNG export terminal facility to be located at the Port of Brownsville in southern Texas (the “Rio Grande LNG Facility”);
    •the availability and frequency of cash distributions available to us from our joint venture owning Phase 1 of the Rio Grande LNG Facility;
    •the timing and cost of the development of subsequent liquefaction trains at the Rio Grande LNG Facility;
    •the ability to generate sufficient cash flow to satisfy Rio Grande's significant debt service obligations or to refinance such obligations ahead of their maturity;
    •restrictions imposed by Rio Grande's debt agreements that limit flexibility in operating its business;
    •increases in interest rates increasing the cost of servicing Rio Grande's indebtedness;
    •our reliance on third-party contractors to successfully complete the Rio Grande LNG Facility and any CCS projects we develop;
    •our ability to develop and implement CCS projects;
    •our ability to secure additional debt and equity financing in the future, including any refinancing of outstanding indebtedness, on commercially acceptable terms and to continue as a going concern;
    •the accuracy of estimated costs for the Rio Grande LNG Facility and CCS projects;
    •our ability to achieve operational characteristics of the Rio Grande LNG Facility and CCS projects, when completed, including amounts of liquefaction capacities and amount of CO2 captured and stored, and any differences in such operational characteristics from our expectations;
    •the development risks, operational hazards and regulatory approvals applicable to our LNG and carbon capture and storage development, construction and operation activities and those of our third-party contractors and counterparties;
    •the ability to obtain or maintain governmental approvals to construct or operate the Rio Grande LNG Facility and CCS projects, including in relation to the August 2024 decision by the D.C. Circuit Court of Appeals;
    •technological innovation which may lessen our anticipated competitive advantage or demand for our offerings;
    •the global demand for and price of LNG;
    •the availability of LNG vessels worldwide;
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    •changes in legislation and regulations relating to the LNG and carbon capture industries, including environmental laws and regulations that impose significant compliance costs and liabilities;
    •scope of implementation of carbon pricing regimes aimed at reducing greenhouse gas emissions;
    •global development and maturation of emissions reduction credit markets;
    •adverse changes to existing or proposed carbon tax incentive regimes;
    •global pandemics, including the 2019 novel coronavirus (“COVID-19”) pandemic, the Russia-Ukraine conflict, the Israel-Hamas conflict, other sources of volatility in the energy markets and their impact on our business and operating results, including any disruptions in our operations or development of the Rio Grande LNG Facility and the health and safety of our employees, and on our customers, the global economy and the demand for LNG or carbon capture;
    •risks related to doing business in and having counterparties in foreign countries;
    •our ability to maintain the listing of our securities on the Nasdaq Capital Market or another securities exchange or quotation medium;
    •changes adversely affecting the businesses in which we are engaged;
    •management of growth;
    •general economic conditions, including inflation and rising interest rates;
    •our ability to generate cash; and
    •the result of future financing efforts and applications for customary tax incentives.
    Should one or more of the foregoing risks or uncertainties materialize in a way that negatively impacts us, or should the underlying assumptions prove incorrect, our actual results may vary materially from those anticipated in our forward-looking statements, and our business, financial condition, and results of operations could be materially and adversely affected.
    The forward-looking statements contained in this Quarterly Report on Form 10-Q are made as of the date of this Quarterly Report on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events. In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.
    Except as required by applicable law, we do not undertake any obligation to publicly correct or update any forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements as well as others made in our most recent Annual Report on Form 10-K as well as other filings we have made and will make with the Securities and Exchange Commission (the “SEC”) and our public communications. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties.
    Overview of Business and Significant Developments
    Overview of Business
    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 CO2 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 supporting infrastructure with LNG exports totaling 27 million tonnes per annum (“MTPA”). Please see "Significant Recent Developments — Regulatory" for more information regarding our FERC permit. 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 and seeking to commercialize potential carbon capture and storage (“CCS”) projects.
    We are constructing the Rio Grande LNG Facility on the north shore of the Brownsville Ship Channel. The site is located on 984 acres of land which has been leased long-term and includes 15 thousand feet of frontage on the Brownsville Ship Channel. We believe the site is advantaged due to its proximity to abundant natural gas resources in the Permian Basin and Eagle Ford Shale, access to an uncongested waterway for vessel loading, and location in a region that has historically been subject to fewer and less severe weather events relative to other locations along the US Gulf Coast. The
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    Rio Grande LNG Facility has been permitted by the FERC and authorized by the DOE to export up to 27 MTPA of LNG from up to five liquefaction trains.
    In July 2023, our partially owned subsidiary Rio Grande LNG, LLC (“Rio Grande”) commenced construction on the first three liquefaction trains and related infrastructure (“Phase 1”) of the Rio Grande LNG Facility following a positive final investment decision (“FID”) and the closing of project financing by Rio Grande, which owns Phase 1 of the Rio Grande LNG Facility. Construction will be completed by Bechtel Energy Inc. (“Bechtel”) under fully wrapped, lump-sum turnkey engineering, procurement, and construction (“EPC”) contracts, and will utilize APCI liquefaction technology, which is the predominant liquefaction technology utilized globally.
    Pursuant to a joint venture agreement with equity partners for ownership of Rio Grande, we expect to receive up to approximately 20.8% of distributions of available cash generated from Phase 1 operations, provided that a majority of the cash distributions to which we are otherwise entitled will be paid for any distribution period only after our equity partners receive an agreed distribution threshold in respect of such distribution period and certain other deficit payments from prior distribution periods, if any, are made.
    Rio Grande has entered into long-term LNG Sale and Purchase Agreements (“SPAs”) for over 90% of the expected Phase 1 nameplate LNG production capacity, pursuant to which Rio Grande customers are generally required to pay a fixed fee with respect to the contracted volumes, irrespective of whether they cancel or suspend deliveries of LNG cargoes. These SPAs create a stable foundation of predictable, long-term cash flows to Rio Grande. We believe our SPAs are attractive to our customers for several reasons, including long-term reliable supply, volumes to support growing demand for LNG and to replace customers’ contracts with legacy LNG suppliers, diversification of supply portfolios in terms of geography, price indexation, delivery points, and/or tenor, flexibility of volumes with no destination restrictions, and the ability of our LNG to help our customers achieve their ESG goals.
    Rio Grande expects to sell any commissioning LNG volumes and operational LNG volumes in excess of SPA volumes into the LNG market through spot, short-term, and medium-term agreements. Rio Grande has entered into certain time charter agreements and expects to enter into additional time charter agreements with vessel owners to provide shipping capacity for LNG sales related to its existing DES SPA, commissioning volumes, and expected portfolio volumes.
    We will provide a number of services in support of producing and selling LNG from the Rio Grande LNG Facility pursuant to its SPAs, including natural gas feedstock procurement and transportation, liquefaction, and delivery of LNG to customers either at the loading dock of the Rio Grande LNG Facility or at the customer’s global delivery points via chartered vessels.
    We are focused on constructing and operating the Rio Grande LNG Facility safely, efficiently, on schedule, and on budget. We seek to deliver reliable, economically attractive, and sustainable energy solutions through the development and operation of liquefaction and CCS infrastructure.
    Unless the context requires otherwise, references to “NextDecade,” “the Company,” “we,” “us,” and “our” refer to NextDecade Corporation and its consolidated subsidiaries, and references to “Rio Grande” refer to Rio Grande LNG, LLC and its subsidiaries.
    Significant Recent Developments
    Significant developments since January 1, 2024 and through the filing date of this 10-Q include the following:
    Construction
    •Under the EPC contracts with Bechtel, Phase 1 progress is tracked for Train 1, Train 2, and the common facilities on a combined basis and Train 3 on a separate basis. As of September 2024:
    •The overall project completion percentage for Trains 1 and 2 and the common facilities of the Rio Grande LNG Facility was 30.5%, which is in line with the schedule under the EPC contract. Within this project completion percentage, engineering was 76.1% complete, procurement was 57.6% complete, and construction was 5.5% complete.
    •The overall project completion percentage for Train 3 of the Rio Grande LNG Facility was 9.8%, based on preliminary schedules, which is also in line with the schedule under the EPC contract. Within this
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    project completion percentage, engineering was 17.0% complete, procurement was 21.9% complete, and construction was 0.1% complete.
    Strategic and Commercial
    •In May 2024, the Company entered into a 20-year LNG SPA with ADNOC, pursuant to which ADNOC will purchase 1.9 MTPA of LNG from Train 4 at the Rio Grande LNG Facility for 20 years, on a free on board (FOB) basis at a price indexed to Henry Hub, subject to a positive FID on Train 4.
    •In June 2024, the Company entered into a non-binding Heads of Agreement (HoA) with Aramco for a 20-year LNG SPA for offtake from Train 4 at the Rio Grande LNG Facility. Under the terms of the HoA, Aramco expects to purchase 1.2 MTPA of LNG for 20 years, on an FOB basis at a price indexed to Henry Hub. Aramco and the Company are in the process of negotiating a binding LNG SPA, and once executed, the SPA will be subject to a positive FID on Train 4.
    •In July 2024, the Company appointed Tarik Skeik as Chief Operating Officer. Mr. Skeik has over 20 years of experience delivering complex global mega projects in LNG, oil, and petrochemicals across North America, the Middle East, and Asia. He led the completion and start-up of six greenfield assets, and his experience includes the planning and execution through initial operation of projects including the Huizhou Chemicals Complex in China, Gulf Coast Growth Ventures in the US, Banyu Urip in Indonesia, Kearl Expansion in Canada, and QatarGas 2 in Qatar.
    •In August 2024, the Company finalized an EPC contract with Bechtel for Train 4 and related infrastructure for a cost of approximately $4.3 billion. Price validity under the EPC contract for Train 4 and related infrastructure extends through December 31, 2024.
    Financial
    •In January 2024, the Company’s wholly-owned subsidiary NextDecade LLC entered into a credit agreement that provides for a $50 million senior secured revolving credit facility with additional capacity of $12.5 million to cover interest. Borrowings under the revolving credit facility may be used for general corporate purposes, including development costs related to Train 4 at the Rio Grande LNG Facility. Borrowings bear interest at SOFR or the base rate plus an applicable margin as defined in the credit agreement. The revolving credit facility and interest term loan mature at the earlier of two years from the closing date of 10 business days after a positive FID on Train 4.
    •In February 2024, Rio Grande issued and sold $190 million of senior secured notes in a private placement transaction to finance a portion of Phase 1. The Senior secured notes were issued on February 9, 2024 and resulted in a reduction in the commitments outstanding under Rio Grande's existing bank credit facilities for Phase 1. These senior secured notes will be amortized over a period of approximately 18 years beginning in mid-2029, with a final maturity in June 2047. The senior secured notes bear interest at a fixed rate of 6.85% and rank pari passu to Rio Grande's existing senior secured financings.
    •In June 2024, Rio Grande issued $1.115 billion of senior secured notes in a private placement, and net proceeds were utilized to reduce outstanding borrowings and commitments under existing Rio Grande bank credit facilities for Phase 1. These senior secured notes will be amortized over a period of 18 years beginning in September 2029, with a final maturity in September 2047. The senior secured notes bear interest at a fixed rate of 6.58% and rank pari passu to Rio Grande's existing senior secured financings. Including this transaction, the Company has refinanced a total of over $1.85 billion of the original $11.1 billion Rio Grande term loan facilities since a positive FID was reached on Phase 1 at the Rio Grande LNG Facility in July 2023.
    Regulatory
    •In August 2024, the U.S. Court of Appeals for the D.C. Circuit (the “Court”) issued a decision vacating the FERC reauthorization of the Rio Grande LNG Facility on the grounds that FERC should have issued a supplemental Environmental Impact Statement (“EIS”) during its reauthorization process. On October 21, 2024, the Company filed a petition for rehearing and rehearing en banc with the Court.
    •The Court's decision will not be effective until the Court has issued its mandate, which is not expected to occur until after the appeals process has been completed.
    •At this time, construction continues on Phase 1 at the Rio Grande LNG Facility.
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    •The Company expects to take all available legal and regulatory actions, including but not limited to, appellate actions and other strategies, to ensure that construction on Phase 1 will continue and that necessary regulatory approvals will be maintained to enable the FID of Trains 4 and 5 at the Rio Grande LNG Facility.
    Rio Grande LNG Facility Activity
    Liquefaction Facilities Overview
    We are constructing the Rio Grande LNG Facility on the north shore of the Brownsville Ship Channel. The site is located on 984 acres of land which has been leased long-term and includes 15 thousand feet of frontage on the Brownsville Ship Channel. We believe the site is advantaged due to its proximity to abundant natural gas resources in the Permian Basin and Eagle Ford Shale, access to an uncongested waterway for vessel loading, and location in a region that has historically been subject to fewer and less severe weather events relative to other locations along the US Gulf Coast. The Rio Grande LNG Facility has been permitted by the FERC and authorized by the DOE to export up to 27 MTPA of LNG from up to five liquefaction trains. Please see "Significant Recent Developments - Regulatory" for more information regarding our FERC permit.
    In July 2023, construction commenced on Phase 1 of the Rio Grande LNG Facility following a positive FID and the closing of project financing by Rio Grande, which owns Phase 1 of the Rio Grande LNG Facility. Phase 1 includes three liquefaction trains with a total expected nameplate capacity of approximately 17.6 MTPA, two 180,000 cubic meter full containment LNG storage tanks, two jetty berthing structures designed to load LNG carriers up to 216,000 cubic meters in capacity, and associated site infrastructure and common facilities including feed gas pretreatment facilities, electric and water utilities, two totally enclosed ground flares for the LNG tanks and marine facilities, two ground flares for the liquefaction trains, roads, levees surrounding the entire site, and warehouses, administrative, operations control room and maintenance buildings.
    As of September 2024, progress on Trains 1 through 3 is in line with the schedule under the EPC Contracts. Train 1 foundation pours continued during the third quarter with compressor foundations, and the first concrete pour was completed for Train 2. Pipe work continued to progress on Train 1. Deep soil mixing for Train 2 continued, and rebar work was completed for the Train 2 main pipe rack. Work to relocate equipment and begin deep soil mixing is underway for Train 3, and tank wall construction began on Tank 1.
    Bechtel has continued to make meaningful progress on procurement for Phase 1, with a focus on completing purchase orders for critical and high-value items early in the construction process. As of September 2024, Bechtel has issued approximately 96% of the total purchase orders for Trains 1 and 2 and approximately 98% of the total purchase orders for Train 3.
    LNG Sale and Purchase Agreements
    For Phase 1 of the Rio Grande LNG Facility, Rio Grande has entered into long-term LNG SPAs with nine creditworthy counterparties for aggregate volumes of approximately 16.2 MTPA of LNG, which is over 90% of the expected Phase 1 nameplate LNG production capacity. The SPAs have a weighted average term of 19.2 years. Under these SPAs, the customers will purchase LNG from Rio Grande for a price consisting of a fixed fee per MMBtu of LNG plus a variable fee per MMBtu of LNG, with the variable fees structured to cover the expected cost of natural gas plus fuel and other sourcing costs to produce LNG. In certain circumstances, customers may elect to cancel or suspend deliveries of LNG cargoes, in which case the customers would still be required to pay the fixed fee with respect to cargoes that are not delivered. A portion of the fixed fee under each SPA will be subject to annual adjustment for inflation. The SPAs and contracted volumes to be made available under the SPAs are not tied to a specific train; however, the commencement of the term of each SPA is tied to a specified train.
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    Rio Grande’s portfolio of LNG SPAs for Phase 1 of the Rio Grande LNG Facility is as follows:
    CustomerVolume (MTPA)Tenor (years)
    Delivery Model (1)
    TotalEnergies Gas & Power North America, Inc.5.420FOB
    Shell NA LNG LLC (“Shell”)2.020FOB
    ENN LNG Singapore Pte Ltd.2.020FOB
    ENGIE S.A.1.7515FOB
    China Gas Hongda Energy Trading Co., LTD1.020FOB
    Guangdong Energy Group1.020DES
    Exxon Mobil LNG Asia Pacific1.020FOB
    Galp Trading S.A.1.020FOB
    Itochu1.015FOB
    Total16.15
    19.2 years
    weighted average
     
    (1)FOB - free on board; DES - delivered ex-ship
    Each of these SPAs is currently effective, and deliveries of LNG under these SPAs will commence on the respective Date of First Commercial Delivery (“DFCD”), which is primarily tied to the substantial completion or guaranteed substantial completion dates of specific trains as defined in each SPA. In aggregate, approximately 14.65 MTPA of Phase 1 Henry Hub-linked SPAs have average fixed fees, unadjusted for inflation, totaling approximately $1.8 billion expected to be paid annually.
    Marketing of Uncontracted Volumes
    Rio Grande expects to sell any commissioning LNG volumes and operational LNG volumes in excess of SPA volumes into the LNG market through spot, short-term, and medium-term agreements. Rio Grande has entered into certain time charter agreements and expects to enter into additional time charter agreements with vessel owners to provide shipping capacity for LNG sales related to its existing DES SPA, commissioning volumes, and expected portfolio volumes.
    Engineering, Procurement and Construction (“EPC”)
    Rio Grande entered into fully wrapped, lump-sum turnkey contracts with Bechtel, a well-established and reputable LNG engineering and construction firm, for the engineering, procurement, and construction of Phase 1 and Train 4 at the Rio Grande LNG Facility, under which Bechtel has generally guaranteed cost, performance, and schedule. Under the Phase 1 and Train 4 EPC contracts, Bechtel is responsible for the engineering, procurement, construction, commissioning, and startup of liquefaction trains and their respective related infrastructure.
    On July 12, 2023, Rio Grande issued final notice to proceed to Bechtel under the EPC contracts for Phase 1. Total expected capital costs for Phase 1 are estimated to be approximately $18.0 billion, including estimated EPC costs, owner’s costs, contingencies, and financing costs, and including amounts spent prior to FID under limited notices to proceed.
    Natural Gas Transportation and Supply
    For Phase 1 of the Rio Grande LNG Facility, we have entered into a firm transportation agreement for capacity on the Rio Bravo Pipeline to transport natural gas feedstock to the Rio Grande LNG Facility. The Rio Bravo Pipeline will be developed by Whistler LLC, a joint venture between WhiteWater, I Squared, MPLX LP, and Enbridge, and will be constructed and operated by WhiteWater. The Rio Bravo Pipeline will provide access to purchase natural gas supplies in the Agua Dulce area and will connect to multiple regional intra- and interstate pipelines, giving us access to prolific gas production from the Permian Basin and Eagle Ford Shale and providing significant flexibility to obtain competitively priced natural gas feedstock.
    The Rio Bravo Pipeline is under development and is expected to be constructed and completed prior to the start of commissioning of Train 1 at the Rio Grande LNG Facility. We have also entered into an agreement for capacity on an interruptible basis with Enbridge’s Valley Crossing Pipeline to provide redundant natural gas transportation capacity to the Rio Grande LNG Facility for commissioning and operations. We have entered into and may enter into additional transportation capacity agreements over time as part of our overall gas sourcing strategy to facilitate efficient and economic delivery of natural gas to the Rio Grande LNG Facility.
    We have proposed and are in the process of executing on a substantial and diversified natural gas feedstock sourcing strategy to spread risk exposure across multiple contracts, counterparties, and pricing hubs. We expect to enter
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    into gas supply arrangements with a wide range of suppliers, and we also expect to leverage trading platforms and exchanges to lock in natural gas supply prices and/or hedge risk. Certain of our LNG offtake counterparties have the option to sell to Rio Grande some or all of the natural gas required to produce their respective contracted LNG volumes pursuant to structured options which define how much volume can be supplied and how much notice must be provided to switch to and from self-sourcing.
    We believe our proximity to major reserve basins and shale plays, increasing pipeline capacity in the area, a significant amount of natural gas production and infrastructure investment, as well as our existing contacts and discussions with some of the largest regional operators, represent key elements of a comprehensive and effective feed gas strategy.
    Final Investment Decision of Train 4 and Train 5 at the Rio Grande LNG Facility
    We expect to make a positive final investment decision and commence construction of Train 4 and related infrastructure, and subsequently Train 5 and related infrastructure, at the Rio Grande LNG Facility, subject to, among other things, maintaining requisite governmental approvals, finalizing and entering into EPC contracts, entering into appropriate commercial arrangements, and obtaining adequate financing to construct each train and related infrastructure.
    The Company has finalized an EPC contract with Bechtel for Train 4 and related infrastructure. Price validity under the EPC contract for Train 4 and related infrastructure extends through December 31, 2024.
    The Company continues to advance commercial discussions with multiple potential counterparties and expects to finalize commercial arrangements for Train 4 in the coming months to support a positive FID on Train 4. The Company entered into an LNG SPA with ADNOC for the sale of 1.9 MTPA of LNG from Train 4, as well as a non-binding HoA with Aramco for the sale of 1.2 MTPA of LNG from Train 4. The Company is working with Aramco to finalize a binding SPA. Additionally, an affiliate of TotalEnergies SE (“TotalEnergies”) has an LNG purchase option of 1.5 MTPA for Train 4, and the Company expects TotalEnergies to exercise the option.
    The Company expects to finance construction of Train 4 utilizing a combination of debt and equity funding. The Company expects to enter into bank facilities for the debt portion of the funding. In connection with consummating the Rio Grande Phase 1 equity joint venture, the Company’s equity partners each have options to invest in Train 4 equity, which, if exercised, would provide approximately 60% of the equity funding required for Train 4. Inclusive of these options, NextDecade currently expects to fund 40% of the equity commitments for Train 4 and to have an initial economic interest of 40% in Train 4, increasing to 60% after its equity partners achieve certain returns on their investments in Train 4. The Company expects to take a final investment decision on Train 4 after commercial and financing arrangements are finalized.
    The Company expects to progress the development of Train 5 after a positive FID on Train 4. TotalEnergies also holds an LNG purchase option for 1.5 MTPA for Train 5, and the Rio Grande Phase 1 equity partners have options to invest in Train 5 equity which are materially equivalent to their options to participate in Train 4 equity.
    FERC Update
    On April 21, 2023, FERC issued the order on remand (the “Remand Order”) reaffirming the order issued by FERC on November 22, 2019, authorizing the siting, construction and operation of the Rio Grande LNG Facility (the “Order”). The Remand Order reaffirmed that the Rio Grande LNG Facility is not inconsistent with the public interest under the Natural Gas Act Section 3.
    The Remand Order was issued as a result of the decision of the U.S. Court of Appeals for the District of Columbia (the “D.C. Circuit”) dated August 3, 2021, which denied all petitions filed by parties who filed requests for re-hearing of the Order, except for two technical issues dealing with environmental justice and GHG emissions, which were remanded to FERC for further consideration.
    Parties sought rehearing of the Remand Order, which FERC denied by operation of law on June 22, 2023, and subsequently issued a substantive order on the merits upholding the conclusions in the Remand Order, and its reaffirmation of the FERC Order. On August 17, 2023, parties petitioned the D.C. Circuit for review of the Remand Order.
    On November 24, 2023, a motion was filed with FERC to stay construction of the Rio Grande LNG Facility, which FERC denied on January 24, 2024. On February 2, 2024, parties filed a motion with the D.C. Circuit to stay construction of the Rio Grande LNG Facility. On March 1, 2024 the motion to stay was denied by the D.C. Circuit.
    Oral arguments in the review of the Remand Order were held on May 17, 2024. On August 6, 2024, the D.C. Circuit issued a decision vacating FERC's reauthorization of the Rio Grande LNG Facility on the grounds that FERC should have issued a supplemental EIS during its remand process. On October 21, 2024, the Company filed a petition for
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    rehearing and rehearing en banc with the D.C. Circuit. The D.C. Circuit's decision will not be effective until the Court has issued its mandate, which is not expected to occur until the appeals process has been completed.
    We expect to take all available legal and regulatory actions, including but not limited to, appellate actions and other strategies, to ensure that construction on Phase 1 will continue and that necessary regulatory approvals are maintained to enable the FID of Trains 4 and 5 at the Rio Grande LNG Facility.
    Corporate and Other Activities
    We are required to maintain corporate and general and administrative functions to serve our business activities described above. We are also in various stages of developing other projects, such as Train 4 and Train 5 at the Rio Grande LNG Facility, additional liquefaction expansions at the Rio Grande LNG Facility and potential CCS projects.
    Financing Activity
    Corporate Credit Facility
    In January 2024, our wholly-owned subsidiary NextDecade LLC entered into a credit agreement that provides for a $50 million senior secured revolving credit facility with additional capacity of $12.5 million to cover interest. Borrowings under the revolving credit facility may be used for general corporate purposes, including development costs related to Train 4 at the Rio Grande LNG Facility. Borrowings bear interest at SOFR or the base rate plus an applicable margin as defined in the credit agreement. The revolving credit facility and interest term loan mature at the earlier of two years from the closing date or 10 business days after a positive FID on Train 4.
    Rio Grande Senior Secured Notes
    In February 2024, Rio Grande issued and sold $190 million of senior secured notes to finance a portion of Phase 1. The senior secured notes were issued on February 9, 2024 and resulted in a reduction in the commitments outstanding under Rio Grande's existing bank credit facilities for Phase 1. These senior secured notes will be amortized over a period of approximately 18 years beginning in mid-2029, with a final maturity in June 2047. The senior secured notes bear interest at a fixed rate of 6.85% and rank pari passu to Rio Grande's existing senior secured financings.
    In June 2024, Rio Grande issued $1.115 billion of senior secured notes in a private placement, and proceeds were utilized to reduce outstanding borrowings and commitments under Rio Grande's existing bank credit facilities for Phase 1. These senior secured notes will be amortized over a period of 18 years beginning in September 2029, with a final maturity in September 2047. The senior secured notes bear interest at a fixed rate of 6.58% and rank pari passu to Rio Grande's existing senior secured financings.
    Liquidity and Capital Resources
    Following FID on Phase 1 and the project financing obtained by Rio Grande, NextDecade and Rio Grande operate with independent capital structures. Although our sources and uses are presented from a consolidated standpoint, certain restrictions under debt and equity agreements limit the ability of NextDecade and Rio Grande to use and distribute cash. Rio Grande is required to deposit all cash received under its debt agreements into restricted accounts. The usage or withdrawal of such cash is restricted to the payment of obligations related to Phase 1 and other restricted payments, and such cash and capital resources are not available to service the obligations of NextDecade.
    Phase 1 FID Rio Grande Financing
    In connection with the FID on Phase 1 of the Rio Grande LNG Facility, Rio Grande obtained approximately $6.2 billion in equity capital commitments, inclusive of commitments from the NextDecade Member, entered into senior secured non-recourse bank credit facilities of $11.6 billion, consisting of $11.1 billion in construction term loans and a $500 million working capital facility, and closed a $700 million senior secured non-recourse private notes offering. Rio Grande expects to utilize these capital resources to fund the total cost of Phase 1, which is currently estimated at $18.0 billion and consists of EPC costs, owner’s costs and contingencies, dredging for the Brazos Island Harbor Channel Improvement Project, conservation of more than 4,000 acres of wetland and wildlife habitat area and installation of utilities, and interest during construction and other financing costs.
    Near Term Liquidity and Capital Resources of NextDecade Corporation
    Prior to the FID on Phase 1 of the Rio Grande LNG Facility, our primary cash needs historically were funding development activities in support of the Rio Grande LNG Facility and our CCS projects, which included payments of initial direct costs of the Rio Grande site lease and expenses in support of engineering and design activities, regulatory approvals and compliance, commercial and marketing activities and corporate overhead. We spent approximately $97.7 million on such development activities year-to-date through FID on July 12, 2023, which we funded through our cash on hand and proceeds from the issuances of equity and equity-based securities. Following the FID on Phase 1 of the Rio
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    Grande LNG Facility, costs associated with the Phase 1 EPC agreements, Rio Grande site lease, and other Phase 1 related costs are being funded by debt and equity proceeds received by Rio Grande.
    Because our businesses and assets are under construction or in development, we have not historically generated significant cash flow from operations, nor do we expect to do so until liquefaction trains at the Rio Grande LNG Facility begin operating or until we install CCS systems at third-party industrial facilities. We intend to fund development activities for the foreseeable future with cash and cash equivalents on hand 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 equity or equity-based securities or, if successful, that the capital we raise will not be expensive or dilutive to stockholders.
    Our consolidated financial statements as of and for the three and nine months ended September 30, 2024 have been prepared on the basis that we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Based on our balance of cash and cash equivalents of $38.2 million at September 30, 2024, there is substantial doubt about our ability to continue as a going concern within one year after the date that our consolidated financial statements were issued. Our ability to continue as a going concern will depend on managing certain operating and overhead costs and our ability to raise capital through equity, equity-based or debt financings. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty, which could have a material adverse effect on our financial condition.
    Our capital raising activities since January 1, 2024 have included the following:
    In January 2024, NextDecade LLC entered into a Credit and Guaranty Agreement by and among NextDecade LLC, as borrower, Rio Grande LNG Super Holdings, LLC and Rio Grande LNG Intermediate Super Holdings, LLC, as subsidiary guarantors, MUFG Bank, Ltd., as the administrative agent (the “Administrative Agent”), Wilmington Trust, National Association, as the collateral agent (the “Collateral Agent”), MUFG Bank, Ltd., as coordinating lead arranger and bookrunner and the financial institutions party thereto as lenders. The Credit and Guarantee Agreement provides for the following facilities:
    •a revolving loan facility (the “Revolving Loans”) in an amount up to $50.0 million available to NextDecade LLC to be used for (a) general corporate purposes and working capital requirements of NextDecade LLC and its subsidiaries, including development costs related to the fourth liquefaction train and related common facilities at the Rio Grande LNG Facility, and (b) certain permitted payments on behalf of the Company and its subsidiaries; and
    •an interest loan facility (the “Interest Loans” and together with the Revolving Loans, the “Loans”) in an amount up to $12.5 million available to NextDecade LLC to pay interest obligations, fees, and expenses due and payable under the Credit Agreement and the other finance documents.
    Long Term Liquidity and Capital Resources of NextDecade Corporation
    We will not receive significant cash flows from Phase 1 of the Rio Grande LNG Facility until it is operational, and the commercial operation date for the first train of Phase 1 is expected to occur in late 2027 based on the schedule under the EPC contracts. Any future phases of development at the Rio Grande LNG Facility and CCS projects will similarly take an extended period of time to develop, construct and become operational and will require significant capital deployment.
    We currently expect that the long-term capital requirements for future phases of development at the Rio Grande LNG Facility and any CCS projects will be financed predominantly through the proceeds from future debt, equity-based, and equity offerings by us or our subsidiaries. As a result, our business success will depend, to a significant extent, upon our ability to obtain financing required to fund future phases of development and construction at the Rio Grande LNG Facility and any CCS projects, to bring them into operation on a commercially viable basis and to finance any required increases in staffing, operating and expansion costs during that process. There can be no assurance that we will succeed in securing additional debt and/or equity financing in the future to fund future phases of development and construction at the Rio Grande LNG Facility or complete any CCS projects or, if successful, that the capital we raise will not be expensive or dilutive to stockholders. Additionally, if these types of financing are not available, we will be required to seek alternative sources of financing, which may not be available on terms acceptable to us, if at all.
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    Sources and Uses of Cash
    The following table summarizes the sources and uses of our cash for the periods presented (in thousands):
    Nine Months Ended
    September 30,
    20242023
    Operating cash flows$(86,682)(52,627)
    Investing cash flows(1,879,598)(1,010,438)
    Financing cash flows1,937,600 1,446,135 
    Net (decrease) increase in cash, cash equivalents and restricted cash(28,680)383,070 
    Cash, cash equivalents and restricted cash – beginning of period294,478 62,789 
    Cash, cash equivalents and restricted cash – end of period$265,798 $445,859 
    Operating Cash Flows
    Operating cash outflows during the nine months ended September 30, 2024, amounted to $86.7 million, compared to $52.6 million for the same period in 2023. The increase in 2024 was primarily due to an increase in employee costs and professional fees paid to consultants as we construct Phase 1 of the Rio Grande LNG Facility and continue to develop subsequent phases. These increases were partially offset by cash received in the settlement of derivatives.
    Investing Cash Flows
    Investing cash outflows for the nine months ended September 30, 2024, amounted to $1,879.6 million, compared to $1,010.4 million for the same period in 2023. The increase in 2024 was primarily driven by more extensive construction activity, as construction of Phase 1 of the Rio Grande LNG Facility did not begin until July 2023.
    Financing Cash Flows
    Financing cash inflows for the nine months ended September 30, 2024, totaled $1,937.6 million, compared to $1,446.1 million for the same period in 2023. The increase in 2024 was primarily driven by a $1,599.9 million increase in debt and equity commitment proceeds and a $438.3 million decrease in debt issuance costs paid compared to the prior year. This was partly offset by $1,282.0 million in debt repayments and the absence of common stock sales during the current period compared to the prior year.
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    Results of Operations
    The following table summarizes costs, expenses and other income for the periods indicated (in thousands):
    For the Three Months Ended September 30, 2024For the Nine Months Ended September 30, 2024
    20242023Change20242023Change
    Revenues$— $— $— $— $— $— 
    General and administrative expense43,598 32,128 11,470 110,005 85,195 24,810 
    Development expense2,386 1,083 1,303 7,304 1,965 5,339 
    Lease expense2,559 2,582 (23)8,181 3,245 4,936 
    Depreciation expense613 42 571 1,317 117 1,200 
    Total operating loss(49,156)(35,835)(13,321)(126,807)(90,522)(36,285)
    Other (expense) income:
    Derivative (loss) gain (329,733)240,265 (569,998)38,206 152,816 (114,610)
    Interest expense, net of capitalized interest(15,905)(32,536)16,631 (67,414)(32,536)(34,878)
    Loss on debt extinguishment— — — (47,573)— (47,573)
    Other, net1,719 9,950 (8,231)(408)4,450 (4,858)
    Net (loss) income attributable to NextDecade Corporation(393,075)181,844 (574,919)(203,996)34,208 (238,204)
    Less: net (loss) income attributable to non-controlling interest(269,876)67,204 (337,080)(76,567)67,204 (143,771)
    Less: preferred stock dividends— 7,030 (7,030)— 20,484 (20,484)
    Net (loss) income attributable to common stockholders$(123,199)$107,610 $(230,809)$(127,429)$(53,480)$(73,949)
    Net loss attributable to common stockholders was $123.2 million, or $(0.47) per common share (basic and diluted) for the three months ended September 30, 2024 compared to a net income of $107.6 million, or $0.48 per common share (basic and diluted), for the three months ended September 30, 2023. The $230.8 million decrease was primarily a result of the following:
    •General and administrative expenses during the three months ended September 30, 2024 increased approximately $11.5 million compared to the same period in 2023 primarily due to an increase in professional fees and employee costs, partially offset by a decrease in share-based compensation expense.
    •Derivative losses during the three months ended September 30, 2024 increased approximately $570.0 million compared to the same period in 2023 primarily due to a decrease in forward SOFR rates when compared to the prior period.
    •Interest expense, net of capitalized interest during the three months ended September 30, 2024 decreased approximately $16.6 million compared to the same period in 2023 primarily due to an approximate $43.3 million increase in capitalized interest, partially offset by a $26.6 million increase in total interest costs.
    •Due to the changes in derivatives losses and interest expense, net of capitalized interest described above, net income attributable to non-controlling interest during the three months ended September 30, 2024 decreased approximately $337.1 million as those activities are a component of Intermediate Holdings net income and loss.
    Net loss attributable to common stockholders was $127.4 million, or $(0.49) per common share (basic and diluted) for the nine months ended September 30, 2024 compared to a net loss of $53.5 million, or $(0.31) per common share (basic and diluted), for the nine months ended September 30, 2023. The $73.9 million increase was primarily a result of the following:
    •General and administrative expenses during the nine months ended September 30, 2024 increased approximately $24.8 million compared to the same period in 2023 primarily due to an increase in professional fees and employee costs, partially offset by a decrease in share-based compensation expense.
    •Derivative gains during the nine months ended September 30, 2024 decreased approximately $114.6 million compared to the same period in 2023 primarily due to a decrease in forward SOFR rates when compared to the prior period.
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    •Interest expense, net of capitalized interest during the nine months ended September 30, 2024 increased approximately $34.9 million compared to the same period in 2023 primarily due to an approximately $144.4 million increase in total interest costs partially offset by an increase of $109.1 million of capitalized interest.
    •Loss on debt extinguishment of $47.6 million during the nine months ended September 30, 2024 due to $1,282.0 million in debt repayments compared to none in the prior year.
    •Due to the changes in derivatives losses, interest expense, net of capitalized interest and loss on debt extinguishment described above, net income attributable to non-controlling interest during the nine months ended September 30, 2024 decreased approximately $143.8 million as those activities are a component of Intermediate Holdings net income and loss.
    Summary of Critical Accounting Estimates
    The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. There have been no significant changes to our critical accounting estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.
    Item 3. Quantitative and Qualitative Disclosures About Market Risk
    We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended, and are not required to provide the information under this item.
    Item 4. Controls and Procedures
    We maintain a set of disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports filed by us under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. As of the end of the period covered by this report, we evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 of the Exchange Act. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of September 30, 2024, our disclosure controls and procedures were effective.
    During the most recent fiscal quarter, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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    PART II – OTHER INFORMATION
    Item 1. Legal Proceedings
    On August 6, 2024, the D.C. Circuit issued a decision vacating FERC's reauthorization of the Rio Grande LNG Facility on the grounds that FERC should have issued a supplemental EIS during its remand process. The order was issued as the outcome of an appeal by petitioners of the Remand Order issued by FERC on April 21, 2023. The Remand Order was issued by FERC, following the D.C. Circuit's remand of FERC's original November 22, 2019 order, to reaffirm FERC's original order authorizing the siting, construction and operation of the Rio Grande LNG Facility, and reiterated that the Rio Grande LNG Facility is not inconsistent with the public interest under the Natural Gas Act Section 3.
    On October 21, 2024, the Company filed a petition for rehearing and rehearing en banc with the D.C. Circuit. The D.C. Circuit's decision will not be effective until the Court has issued its mandate, which is not expected to occur until the appeals process has been completed.
    We expect to take all available legal and regulatory actions, including but not limited to, appellate actions and other strategies, to ensure that construction on Phase 1 will continue and that necessary regulatory approvals are maintained to enable the FID of Trains 4 and 5 at the Rio Grande LNG Facility.
    Item 1A. Risk Factors
    In addition to the other information set forth in this report, you should carefully consider the factors discussed below and in Part I, "Item 1A. Risk Factors" in our 2023 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results.
    The decision by the D.C. Circuit Court of Appeals could impact Rio Grande’s ability to complete Phase 1 on the expected time frame or at all, our ability to take a final investment decision on expansion trains at the Rio Grande LNG Facility and our ability to achieve expected investment returns.
    We are required to obtain and maintain governmental approvals and authorizations to implement our proposed business strategy, which includes the design, construction and operation of the Rio Grande LNG Facility and the export of LNG from the U.S. to foreign countries. As described in more detail in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview of Business and Significant Developments—Significant Recent Developments—Regulatory,” on August 6, 2024, the D.C. Circuit Court of Appeals vacated the FERC reauthorization for the siting, construction and operation of the Rio Grande LNG Facility. We intend to pursue available legal remedies against judicial challenges and are engaged in active resolution of the requisite issues to ensure that the affected permit remains in effect; however, there is no guarantee as to how long any agency proceedings and judicial challenges will take to resolve, whether there will be any delays in construction activities or whether Rio Grande will ultimately succeed in maintaining the permit in its issued form or in a suitable replacement form. These uncertainties could cause Rio Grande to be subject to increased costs and adverse impact to its ability to complete the construction of Phase 1 on a timely basis or at all, which in turn could adversely affect the ability for Rio Grande and its owners, including us, to successfully implement our business strategy or achieve expected returns. Similarly, these uncertainties could impact the timing of, and our ability to take, a final investment decision on any expansion trains at the Rio Grande LNG Facility. In addition, the bank credit facilities obtained by Rio Grande to finance a substantial portion of Phase 1 costs require maintenance of material governmental approvals. To the extent Rio Grande becomes unable to satisfy such requirement as set forth in the credit agreements or reach other accommodations with its lenders, its ability to continue borrowing under such credit facilities could be negatively impacted, which in turn could adversely affect our business, financial condition, results of operations and liquidity.
    26

    Table of Contents

    Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    Purchases of Equity Securities by the Issuer
    The following table summarizes stock repurchases for the three months ended September 30, 2024:
    Period
    Total Number of Shares Purchased (1)
    Average Price Paid Per Share (2)
    Total Number of Shares Purchased as a Part of Publicly Announced PlansMaximum Number of Shares That May Yet Be Purchased Under the Plans
    July 2024549,6348.01 ——
    August 2024384,3615.26 ——
    September 2024— — ——
    (1)Represents shares of Company common stock surrendered to us by participants in the 2017 Plan to settle the participants’ personal tax liabilities that resulted from the lapsing of restrictions on awards made to the participants under the 2017 Plan.
    (2)The price paid per share of Company common stock was based on the closing trading price of such stock on the dates on which we repurchased shares of Company common stock from the participants under the 2017 Plan.
    Item 3. Defaults Upon Senior Securities
    None.
    Item 4. Mine Safety Disclosures
    Not applicable.
    Item 5. Other Information
    Securities Trading Plans of Directors and Executive Officers
    During the three months ended September 30, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
    27

    Table of Contents

    Item 6. Exhibits
    Exhibit No.Description
    3.1
    Second Amended and Restated Certificate of Incorporation of NextDecade Corporation, dated July 24, 2017(Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K, filed July 28, 2017).
    3.2
    Amended and Restated Bylaws of NextDecade Corporation, as amended March 3, 2021(Incorporated by reference to Exhibit 4.2 of the Registrant’s Registration Statement on Form S-1 filed June 24, 2022).
    3.3
    Certificate of Designations of Series A Convertible Preferred Stock, dated August 9, 2018 (Incorporated by reference to Exhibit 4.3 of the Registrant’s Registration Statement on Form S-3, filed December 20, 2018).
    3.4
    Certificate of Designations of Series B Convertible Preferred Stock, dated September 28, 2018 (Incorporated by reference to Exhibit 3.4 of the Registrant’s Quarterly Report on Form 10-Q, filed November 9, 2018).
    3.5
    Certificate of Designations of Series C Convertible Preferred Stock, dated March 17, 2021 (Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K, filed March 18, 2021).
    3.6
    Certificate of Amendment to Certificate of Designations of Series A Convertible Preferred Stock, dated July 12, 2019 (Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K, filed July 15, 2019).
    3.7
    Certificate of Amendment to Certificate of Designations of Series B Convertible Preferred Stock, dated July 12, 2019 (Incorporated by reference to Exhibit 3.2 of the Registrant’s Current Report on Form 8-K, filed July 15, 2019).
    3.8
    Certificate of Increase to Certificate of Designations of Series A Convertible Preferred Stock of NextDecade Corporation, dated July 15, 2019 (Incorporated by reference to Exhibit 3.7 of the Registrant's Quarterly Report on Form 10-Q, filed August 6, 2019).
    3.9
    Certificate of Increase to Certificate of Designations of Series B Convertible Preferred Stock of NextDecade Corporation, dated July 15, 2019 (Incorporated by reference to Exhibit 3.8 of the Registrant’s Quarterly Report on Form 10-Q, filed August 6, 2019).
    10.1*†
    Fixed Price Turnkey Agreement for the Engineering, Procurement and Construction of Train 4 of the Rio Grande Natural Gas Liquefaction Facility, made and executed as of August 5, 2024, by and between Rio Grande LNG Train 4, LLC and Bechtel Energy Inc.
    10.2*†
    Change Orders to the Amended and Restated Fixed Price Turnkey Agreement for the Engineering, Procurement and Construction of Trains 1 and 2 of the Rio Grande Natural Gas Liquefaction Facility, made and executed as of September 14, 2022, by and between Rio Grande LNG, LLC and Bechtel Energy Inc.: (i) EC00144, dated as of July 18, 2024; and (ii) EC00155, EC00163 and EC00154, each dated as of August 29, 2024
    10.3*†
    Change Orders to the Amended and Restated Fixed Price Turnkey Agreement for the Engineering, Procurement and Construction of Train 3 of the Rio Grande Natural Gas Liquefaction Facility, made and executed as of September 14, 2022, by and between Rio Grande LNG, LLC and Bechtel Energy Inc.: EC00156 and EC00164, each dated as of August 29, 2024
    31.1*
    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
    31.2*
    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
    32.1**
    Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
    32.2**
    Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
    101.INSInline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
    101.SCH*Inline XBRL Taxonomy Extension Schema Document.
    101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document.
    101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document.
    101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document.
    101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document.
    104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
    28

    Table of Contents

    *Filed herewith.
    **Furnished herewith.
    †Certain portions of this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K.
    29

    Table of Contents

    SIGNATURES
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
    NEXTDECADE CORPORATION
    Date: November 7, 2024
    By:/s/ Matthew K. Schatzman
    Matthew K. Schatzman
    Chairman of the Board and Chief Executive Officer
    (Principal Executive Officer)
    Date: November 7, 2024
    By:/s/ Brent E. Wahl
    Brent E. Wahl
    Chief Financial Officer
    (Principal Financial Officer)
    30
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