NextDecade Q2 2026: $65M Loss, Construction Progress, and $4.5B in New Financing
NEXT sits 35% above its 52-week low of $4.75.
Summary
NextDecade reported a Q2 2026 net loss of $65.4M amid heavy construction spending, but secured $4.5B in new financing to refinance debt and fund the Rio Grande LNG project, which is progressing toward first LNG in 2027.
Key Events · Earnings and Guidance · NEXT
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Q2 2026 Net Loss of $65.4M
Net loss attributable to common stockholders was $65.4 million, or $0.25 per share, compared to $60.9 million loss in Q2 2025. Higher interest expense and depreciation from LNG vessel leases drove the increase.
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$4.5B in New Financing Secured
In June 2026, a subsidiary entered into a $1.0 billion term loan at 7.05% due 2033. In July 2026, Phase 1 LLC completed a $3.5 billion senior secured notes offering with rates between 5.25% and 6.15%, maturing 2031-2041. Proceeds were used to repay higher-cost credit facility borrowings.
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Construction Progress on Track
Trains 1&2 reached 74.0% overall completion, Train 3 at 50.4%, Train 4 at 15.5%, and Train 5 at 9.4%. First gas into the facility is expected in H2 2026, with first LNG production from Train 1 in H1 2027.
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CEO Employment Agreement Extended
CEO Matthew Schatzman's employment agreement was extended to April 2029, with a $1 million base salary, 130% target bonus, and enhanced severance terms including accelerated equity vesting upon certain terminations.
Analysis · NEXT · Energy & Transportation
Heavy construction spending at NextDecade's Rio Grande LNG facility drove a Q2 2026 net loss of $65.4 million, or $0.25 per share. The balance sheet now carries $15.2 billion in total assets, anchored by $13.5 billion in property, plant and equipment. Crucially, the company secured a new $1.0 billion term loan at 7.05% and, in July 2026, completed a $3.5 billion senior secured notes offering—both moves designed to refinance higher-cost credit facility borrowings. Construction milestones continue to advance: Trains 1&2 have reached 74% completion, with first LNG production expected in the first half of 2027. Governance updates include a new CEO employment agreement and revised director compensation. Although the net loss widened year-over-year, the refinancing transactions materially improve the debt maturity profile and reduce interest costs, strengthening the project's financial footing as it moves toward operations.
At the time of this filing, NEXT was trading at $6.42 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $4.75 to $11.61. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.