The company remains pre-revenue, with administrative overhead escalating to $49.9 million in 2026Q1 as the firm manages complex EPC contracts.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 12M | 12.12M | 12.71M | 6.31M | 162K | 184K | 1.8M | 2.29M | 1.27M | 1.09M | 100K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -12M | -12.12M | -12.71M | -6.31M | -162K | -184K | -1.8M | -2.29M | -1.27M | -1.09M | -100K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 4.6% | -101.39% | -3794.44% | 11.96% | 89.77% | 21.44% | -80.31% | -16.84% | -987% | - | - | - |
| Operating Expenses | 217.13M | 213.81M | 158.37M | 116.36M | 54.31M | 19.32M | 20.21M | 32.71M | 43.02M | 34.55M | 539.57K | 338.53K | 2.89M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 207.28M | 202.28M | 150.11M | 111.47M | 50.21M | 17.71M | 20.21M | 22.55M | 35.18M | 34.55M | 539.57K | 222.4K | 2.48M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 9.84M | 8.01M | 8.26M | 4.89M | 4.1M | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 3.52M | 0 | 0 | 0 | 0 | -18K | 69K | 1.27M | 0 | 0 | 0 | 411K |
| Operating Income | -229.13M | -225.93M | -171.07M | -122.67M | -54.48M | -19.51M | -22.01M | -35M | -43.02M | -35.64M | -690K | -339K | -2.89M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -32.07% | -39.46% | -125.18% | -179.26% | 11.38% | 37.11% | 18.63% | -20.7% | -5064.93% | -103.54% | 88.25% | - |
| EBITDA | -217.24M | -213.81M | -164.4M | -119.52M | -53.56M | -18.77M | -20.59M | -33.8M | -42.84M | -35.53M | -590K | -259K | -2.81M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -22.11% | -30.05% | -37.55% | -123.16% | -185.3% | 8.81% | 39.09% | 21.12% | -20.58% | -5922.37% | -127.8% | 90.79% | - |
| D&A (Non-Cash Add-back) | 11.89M | 12.12M | 6.68M | 3.15M | 918K | 735K | 1.43M | 1.21M | 171K | 106K | 100K | 80K | 74K |
| EBIT | -267.41M | -340.1M | 299.65M | -212.75M | -60.07M | -22.04M | -14.33M | -35.87M | -41.96M | -35.36M | -7.64M | -263K | -2.55M |
| Net Interest Income | -222.05M | -170.01M | -87.54M | -84.66M | -5.75M | 2K | 243K | 1.72M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 2K | 243K | 1.72M | 1.02M | 343K | 254.87K | 75.34K | 1K |
| Interest Expense | 222.05M | 170.01M | 87.54M | 84.66M | 5.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -150.32M | -203.71M | 448.52M | -98.97M | -5.6M | -2.53M | 7.68M | -870K | 1.05M | 312K | 63K | 9K | -2K |
| Pretax Income | -379.45M | -429.64M | 277.45M | -221.64M | -60.07M | -22.04M | -14.33M | -35.87M | -41.96M | -35.33M | -8.44M | -263K | -2.89M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36K | -343K | -100K | -80K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.09% | 0.97% | 1.18% | 30.42% | 0% |
| Net Income | -354.04M | -306.43M | -61.75M | -162.26M | -60.07M | -22.04M | -14.33M | -35.87M | -41.96M | -35.33M | -435K | -263K | -2.89M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -97.89% | -396.24% | 61.94% | -170.12% | -172.57% | -53.81% | 60.05% | 14.51% | -18.78% | -8020.92% | -65.4% | 90.89% | - |
| Net Income (Continuing) | -379.45M | -429.64M | 277.45M | -221.64M | -60.07M | -22.04M | -14.33M | -35.87M | -41.96M | -35.33M | -8.44M | -263K | -2.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.39B | 2.21B | 1.37B | 452.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.34 | -1.17 | -0.24 | -0.94 | -0.65 | -0.34 | -0.24 | -0.45 | -0.39 | -0.35 | -0.10 | -0.06 | -1.06 |
| EPS Growth % | -94.2% | -387.5% | 74.47% | -44.62% | -91.18% | -41.67% | 46.67% | -15.38% | -11.43% | -262.32% | -49.07% | 93.89% | - |
| EPS (Basic) | - | -1.17 | -0.24 | -0.94 | -0.65 | -0.34 | -0.24 | -0.45 | -0.39 | -0.35 | -0.10 | -0.06 | -1.06 |
| Diluted Shares Outstanding | 264.91M | 262.16M | 258.54M | 194.59M | 130.14M | 119.2M | 117.52M | 109.06M | 106.56M | 100.93M | 4.5M | 4.06M | 2.64M |
| Basic Shares Outstanding | 264.91M | 262.16M | 258.54M | 194.59M | 130.14M | 119.2M | 117.52M | 109.06M | 106.56M | 100.93M | 4.5M | 4.06M | 2.64M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Construction and regulatory delays
As a development-stage entity, NextDecade reports zero revenue across all ten quarters, reflecting its current status as a project-focused firm where financial progress is measured by construction milestones rather than top-line growth, according to the company's most recent quarterly income statement filings.
The absence of revenue is expected given the multi-year construction timeline of the Rio Grande LNG facility. Investors should monitor the transition from development to operational status, as the current lack of sales activity necessitates a reliance on external financing to sustain ongoing capital requirements.
Based on reported financial data, SG&A expenses have trended upward, reaching $49.9 million in 2026Q1, which highlights the significant administrative and overhead burden required to manage complex EPC contracts and regulatory compliance during the intensive construction phase of the liquefaction project.
The persistent rise in SG&A suggests that the company is scaling its internal capabilities to oversee the Rio Grande LNG project. This cost structure warrants close scrutiny, as management must balance the need for operational oversight with the necessity of maintaining liquidity until the facility reaches commercial operation.
Financial statements indicate that net income remains highly volatile, with quarterly losses reaching as high as $136.4 million in 2026Q1, largely driven by non-operating items and stock-based compensation that obscure the underlying cash burn associated with the company's infrastructure development activities.
The inconsistency in net income figures appears to be a byproduct of accounting adjustments rather than operational performance. Analysts should focus on cash-based metrics and project-level capital expenditures to better understand the true financial health of the firm during this pre-revenue period.
As reported in recent filings, the company's consistent operating losses and reliance on equity-based compensation suggest that the path to profitability is highly sensitive to construction timelines, potentially exposing shareholders to further dilution if project-level debt costs exceed current projections or if completion is delayed.
The reliance on external funding to cover operating deficits creates a structural vulnerability that could be exacerbated by interest rate volatility or project cost overruns. Investors should remain cautious regarding the company's ability to manage its capital structure effectively until the first liquefaction trains are fully operational.
Quick answers to the most common questions about buying NEXT stock.
For fiscal year 2025, NextDecade Corporation (NEXT) reported total revenue of $0.0M.
NextDecade Corporation (NEXT) reported a net loss of $306.4M for the fiscal year ending 2025.