0001437749-23-031608 | 10-Q | XBRL Viewer

Commitments and Contingencies Disclosure [Text Block]

Note 16 — 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, 2023, management is not aware of any claims or legal actions 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 9 - Debt - Summary of Debt (Details) (Parentheticals)	Sep. 30, 2023
Senior Secured Notes [Member]
Interest rate	6.67%
Senior Secured Loans [Member]
Interest rate	6.72%

Note 11 - Variable Interest Entity - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current derivative asset	$ 21,047	$ 0
Prepaid expenses and other current assets	2,270	1,149
Total current assets	469,176	63,938
Property, plant and equipment, net	1,713,796	218,646
Operating lease right-of-use assets, net	172,146	1,474
Debt issuance costs, net of amortization	401,668	0
Non-current derivative assets	130,609	0
Other non-current assets	11,021	28,372
Total assets	2,898,416	312,430
Accounts payable	326,818	1,084
Accrued liabilities and other current liabilities	213,111	23,184
Current operating lease liabilities	3,379	1,093
Total current liabilities	550,667	25,361
Non-current operating lease liabilities	146,338	465
Total non-current debt, net of unamortized debt issuance costs	1,381,825	0
Total liabilities	2,080,781	55,616
Rio Grande [Member]
Cash	395,012
Current derivative asset	21,047
Prepaid expenses and other current assets	188	24
Total current assets	416,247	24
Property, plant and equipment, net	1,707,530	194,289
Operating lease right-of-use assets, net	157,883
Debt issuance costs, net of amortization	401,668
Non-current derivative assets	130,609
Other non-current assets	9,374	28,187
Total assets	2,823,311	222,500
Accounts payable	320,277	108
Accrued liabilities and other current liabilities	204,304	15,457
Current operating lease liabilities	2,531
Total current liabilities	527,112	15,565
Non-current operating lease liabilities	132,549
Total non-current debt, net of unamortized debt issuance costs	1,381,825
Total liabilities	$ 2,041,486	$ 15,565

Note 8 - Accrued Liabilities and Other Current Liabilities

9 Months Ended

Sep. 30, 2023

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 8 — Accrued Liabilities and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

	September 30,		December 31,
	2023		2022
Employee compensation expense	$	7,534	$	6,650
Rio Grande LNG Facility costs		191,957		12,046
Debt issuance costs		536		—
Accrued interest		12,232		—
Permitting costs		—		279
Accrued legal services		—		3,124
Share-based compensation liability		—		182
Other accrued liabilities		852		903
Total accrued liabilities and other current liabilities	$	213,111	$	23,184

Note 1 - Background and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents, at Carrying Value	$ 50,847	$ 62,789

Note 10 - Preferred Stock and Common Stock Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 26, 2023	Jul. 17, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Gain (Loss) on Revaluation of Warrants			$ 3,302	$ (2,773)	$ (2,520)	$ (7,192)
Common Stock Warrants [Member]
Gain (Loss) on Revaluation of Warrants			$ 3,300	$ (2,800)	$ (2,500)	(7,200)
Conversion of Preferred Stock into Common Stock [Member]
Conversion of Stock, Shares Issued (in shares)	59,542,066
Series A Convertible Preferred Stock [Member]
Temporary Equity, Shares Outstanding (in shares)			0		0		82,948,000
Temporary Equity, Par or Stated Value Per Share (in dollars per share)							$ 0.0001
Series B Convertible Preferred Stock [Member]
Temporary Equity, Shares Outstanding (in shares)			0		0		79,239,000
Temporary Equity, Par or Stated Value Per Share (in dollars per share)							$ 0.0001
Series C Convertible Preferred Stock [Member]
Temporary Equity, Shares Outstanding (in shares)			0		0		59,366,000
Temporary Equity, Par or Stated Value Per Share (in dollars per share)							$ 0.0001
Convertible Preferred Stock [Member]
Temporary Equity, Dividend Rate Percentage					12.00%
Temporary Equity, Issued Price Per Share (in dollars per share)			$ 1,000		$ 1,000
Dividends, Preferred Stock, Paid-in-kind		$ 7,000			$ 20,500	$ 17,700

Note 14 - Share-based Compensation - Summary of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity awards	$ (9,570)	$ (3,041)	$ (21,677)	$ (3,555)
Liability awards	159	0	378	0
Total share-based compensation expense	$ 9,729	$ 3,041	$ 22,055	$ 3,555

Note 7 - Other Non-current Assets

9 Months Ended

Sep. 30, 2023

Other Assets Disclosure [Text Block]

Note 7 — Other Non-Current Assets

Other non-current assets consisted of the following (in thousands):

	*September 30,*		*December 31,*
	*2023*		*2022*
Permitting costs⁽¹⁾	$	—	$	8,540
Rio Grande Site Lease initial direct costs ⁽²⁾		—		19,647
Contributions in aid of construction		7,534		—
Deposits and other		3,487		185
Total other non-current assets	$	11,021	$	28,372

⁽¹⁾

Permitting costs primarily represent costs incurred in connection with permit applications to the United States Army Corps of Engineers and the U.S. Fish and Wildlife Service for mitigation measures for potential impacts to wetlands and habitat that may be caused by the construction of the Rio Grande LNG Facility. Permitting costs were reclassified to property, plant and equipment in July 2023 with the positive final investment decision on phase 1 of the Rio Grande LNG Facility.

⁽²⁾

Rio Grande Site Lease initial direct costs were reclassified to operating lease right-of-use asset in July 2023 upon commencement of the Rio Grande site lease.

Note 12 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions			9 Months Ended
	Sep. 08, 2023	Feb. 03, 2023	Sep. 30, 2023	Sep. 30, 2022	Jun. 13, 2023
Proceeds from Issuance of Common Stock			$ 254.4	$ 115.0
Private Placement, Tranche 1 [Member]
Equity Offering, Maximum Shares to be Issued (in shares)					8,026,165
Equity Offering, Price Per Share (in dollars per share)					$ 4.9837
Equity Offering, Maximum Amount					$ 40.0
Private Placement, Tranche 2 [Member]
Equity Offering, Maximum Shares to be Issued (in shares)					22,072,103
Equity Offering, Price Per Share (in dollars per share)					$ 4.9837
Equity Offering, Maximum Amount					$ 110.0
Private Placement, Tranche 3 [Member]
Stock Issued During Period, Shares, New Issues (in shares)	14,802,055
Equity Offering, Maximum Amount					$ 69.4
Equity Offering, Maximum Percentage of Outstanding Common Stock					17.50%
HGC NEXT INV LLC [Member]
Stock Issued During Period, Shares, New Issues (in shares)		5,835,277
Share Price (in dollars per share)		$ 5.998
Proceeds from Issuance of Common Stock		$ 35.0

Note 1 - Background and Basis of Presentation

9 Months Ended

Sep. 30, 2023

Business Description and Basis of Presentation [Text Block]

Note 1 — Background and Basis of Presentation

NextDecade Corporation (“we” or the “Company”) is engaged in construction and development activities related to the liquefaction of natural gas and sale of liquefied natural gas (“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”). In July 2023, we commenced construction on the first three liquefaction trains and related common facilities (“Phase 1”) of the Rio Grande LNG Facility following a positive final investment decision (“FID”) and the closing of project financing by our subsidiary, Rio Grande LNG, LLC (“Rio Grande”). We are also developing two more Federal Energy Regulatory Commission approved liquefaction trains at the Rio Grande LNG Facility, a planned carbon capture and storage (“CCS”) project at the Rio Grande LNG Facility, and other potential CCS projects that would be located at third-party industrial source facilities.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. 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, 2023 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, 2023, the Company had $50.8 million in cash and cash equivalents, which may not be sufficient to fund the Company's planned operations and development activities for future phases of the Rio Grande LNG Facility and CCS projects 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.

Note 11 - Variable Interest Entity

9 Months Ended

Sep. 30, 2023

Variable Interest Entity Disclosure [Text Block]

Note 11 — Variable Interest Entity

The Company consolidates Variable Interest Entities ("VIEs") where it has been determined that the Company is the primary beneficiary of the applicable entities’ operations. For each VIE, the primary beneficiary is the party that has both the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to such VIE. In evaluating whether the Company is the primary beneficiary of each entity, the Company evaluates its power to direct the most significant activities of the VIE by considering the purpose and design of each entity and the risks each entity was designed to create and pass through to its respective variable interest holders. The Company also evaluates its economic interests in each of the VIEs.

Intermediate Holdings and its wholly owned subsidiaries, including Rio Grande, have been formed to undertake Phase 1 of the construction and operation of the Rio Grande LNG Facility. The Company is not obligated to fund losses of Rio Grande, however, the Company's capital account, which would be considered in allocating the net assets of Rio Grande were it to be liquidated, continues to share in losses of Rio Grande. 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 and is its primary beneficiary and therefore consolidates Rio Grande in these Consolidated Financial Statements.

The following table presents the summarized assets and liabilities (in thousands) of Rio Grande, 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 Rio Grande. 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 Rio Grande only and exclude intercompany balances between Rio Grande and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.

	September 30,		December 31,
	2023		2022
Assets
Current assets
Cash	$	395,012	$	—
Current derivative asset		21,047		—
Prepaid expenses and other current assets		188		24
Total current assets		416,247		24
Property, plant and equipment, net		1,707,530		194,289
Operating lease right-of-use assets, net		157,883		—
Debt issuance costs, net of amortization		401,668		—
Non-current derivative assets		130,609		—
Other non-current assets		9,374		28,187
Total assets	$	2,823,311	$	222,500

Liabilities
Current liabilities
Accounts payable	$	320,277	$	108
Accrued liabilities and other current liabilities		204,304		15,457
Current operating lease liabilities		2,531		—
Total current liabilities		527,112		15,565
Non-current operating lease liabilities		132,549		—
Non-current debt, net of unamortized debt issuance costs		1,381,825		—
Total liabilities	$	2,041,486	$	15,565

Note 10 - Preferred Stock and Common Stock Warrants (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	*September 30,*			*December 31,*
	*2023*			*2022*
Stock price	$	5.12		$	4.94
Exercise price	$	0.01		$	0.01
Risk-free rate		5.3	%		4.6	%
Volatility		81.9	%		52.5	%
Term (years)		0.7			1.5

Note 5 - Derivatives

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 5 — 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 9 — Debt. As of September 30, 2023, Rio Grande has the following Swaps outstanding (in thousands):

Initial Notional Amount				Maximum Notional Amount				Maturity				Weighted Average Fixed Interest Rate Paid				Variable Interest Rate Received
$	123,000			$	8,500,000				July 12, 2030				3.4	%			USD - SOFR

The Swaps are not designated as cash flow hedging instruments, and changes in fair value are recorded within our Consolidated Statements of Operations.

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 fair value of the Swaps is approximately $151.7 million as of September 30, 2023, and is classified as Level 2 in the fair value hierarchy.

Note 13 - Net Income (Loss) Per Share - Basic and Diluted Common Shares (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Weighted average shares outstanding - basic (in shares)	222,466	129,418	173,720	125,716
Dilutive unvested stock and Common Stock Warrants (in shares)	3,870	0	0	0
Diluted (in shares)	226,336	129,418	173,720	125,716
Net income (loss) per common share - basic (in dollars per share)	$ 0.48	$ (0.19)	$ (0.31)	$ (0.47)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.48	$ (0.19)	$ (0.31)	$ (0.47)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Operating activities:
Net income (loss) attributable to NextDecade Corporation	$ 181,844		$ 34,208	$ (41,146)
Adjustment to reconcile net loss to net cash used in operating activities
Depreciation	42	$ 41	117	129
Share-based compensation expense			22,055	3,555
Loss on common stock warrant liabilities	(3,302)	2,773	2,520	7,192
Derivative gain	(240,265)	0	(152,816)	0
Net cash provided by settlement of derivative instruments			1,160	0
Amortization of right-of-use assets			570	522
Gain on sale of assets			(6,020)	0
Amortization of debt issuance costs			25,670	0	$ 0
Interest Expense			2,929	0
Amortization of other non-current assets			0	354
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			(1,121)	(460)
Accounts payable			3,313	294
Operating lease liabilities			330	(482)
Accrued expenses and other liabilities			14,458	2,081
Net cash used in operating activities			(52,627)	(27,961)
Investing activities:
Acquisition of property, plant and equipment			(996,467)	(5,673)
Acquisition of other non-current assets			(13,971)	(5,343)
Net cash used in investing activities			(1,010,438)	(11,016)
Financing activities:
Proceeds from debt issuance			1,409,000	0
Proceeds from sale of equity in Intermediate Holdings			278,962	0
Proceeds from sale of Rio Bravo Pipeline, LLC			4,393	0
Proceeds from sale of Series C Convertible Preferred Stock			0	10,500
Proceeds from sale of common stock			254,400	115,000
Debt and equity issuance costs			(490,960)	(2)
Preferred stock dividends			(53)	(38)
Shares repurchased related to share-based compensation			(9,607)	(2,812)
Net cash provided by financing activities			1,446,135	122,648
Net increase in cash and cash equivalents			383,070	83,671
Cash and cash equivalents – beginning of period			62,789	25,552	25,552
Cash and cash equivalents – end of period	445,859	109,223	445,859	109,223	62,789
Balance per Consolidated Balance Sheets:
Cash and cash equivalents	50,847		50,847		62,789
Restricted cash	395,012		395,012
Total cash, cash equivalents and restricted cash	$ 445,859	$ 109,223	$ 445,859	$ 109,223	$ 62,789

Note 18 - Supplemental Cash Flows

9 Months Ended

Sep. 30, 2023

Cash Flow, Supplemental Disclosures [Text Block]

Note 18 — Supplemental Cash Flows

The following table provides supplemental disclosure of cash flow information (in thousands):

	*Nine Months Ended*
	*September 30,*
	*2023*		*2022*
Cash paid for interest, net of amounts capitalized	$	1,330	$	—
Non-cash investing activities:
Accounts payable for acquisition of property, plant and equipment	$	322,539	$	470
Accrued liabilities for acquisition of property, plant and equipment		191,911		3,904
Non-cash financing activities:
Paid-in-kind dividends on Convertible Preferred Stock	$	20,431	$	17,722
Accounts payable for debt and equity issuance costs		—		3,888
Accrued liabilities for debt and equity issuance costs		536		83

Note 6 - Leases - Maturity of Operating Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
2023 (remaining)	$ 2,166
2024	8,022
2025	7,609
2026	9,522
2027	9,565
Thereafter	208,851
Total undiscounted lease payments	245,735
Discount to present value	(96,018)
Present value of lease liabilities	$ 149,717	$ 1,558
Weighted average remaining lease term - years (Year)	27 years 10 months 24 days
Weighted average discount rate - percent	4.00%

Note 2 - Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2023

Prepaid Expense and Other Current Assets [Text Block]

Note 2 — Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

	*September 30,*		*December 31,*
	*2023*		*2022*
Prepaid subscriptions	$	1,112	$	423
Prepaid insurance		1,032		619
Other		126		107
Total prepaid expenses and other current assets	$	2,270	$	1,149

Note 18 - Supplemental Cash Flows (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	*Nine Months Ended*
	*September 30,*
	*2023*		*2022*
Cash paid for interest, net of amounts capitalized	$	1,330	$	—
Non-cash investing activities:
Accounts payable for acquisition of property, plant and equipment	$	322,539	$	470
Accrued liabilities for acquisition of property, plant and equipment		191,911		3,904
Non-cash financing activities:
Paid-in-kind dividends on Convertible Preferred Stock	$	20,431	$	17,722
Accounts payable for debt and equity issuance costs		—		3,888
Accrued liabilities for debt and equity issuance costs		536		83

Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Depreciation	$ 42	$ 41	$ 117	$ 129

Note 10 - Preferred Stock and Common Stock Warrants

9 Months Ended

Sep. 30, 2023

PreferredStockAndWarrants [Text Block]

Note 10 – Preferred Stock and Common Stock Warrants

Preferred Stock

As of December 31, 2022, the Company had outstanding 82,948 shares of Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), 79,239 shares of Series B Convertible Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”) and 59,366 shares of Series C Convertible Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock” and, together with the Series A Preferred Stock and the Series B Preferred Stock, the “Convertible Preferred Stock”).

The shares of Convertible Preferred Stock bear dividends at a rate of 12% per annum, which are cumulative and accrue daily from the respective dates of issuance on the $1,000 stated value per share. Such dividends are payable quarterly and may be paid in cash or in-kind. During the nine months ended September 30, 2023 and 2022, the Company paid-in-kind $20.5 million and $17.7 million of dividends, respectively, to the holders of the Convertible Preferred Stock. On July 13, 2023, the Company declared dividends to the holders of the Convertible Preferred Stock as of the close of business on June 15, 2023. On July 17, 2023, the Company paid-in-kind $7.0 million of dividends to the holders of the Convertible Preferred Stock.

On July 26, 2023, the Convertible Preferred Stock was converted into 59,542,066 shares of common stock.

Common Stock Warrants

The Company issued warrants exercisable to purchase Company common stock in connection with its issuances of Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock (collectively, the “Common Stock Warrants”). The Company revalues the Common Stock Warrants at each balance sheet date and recognized a gain of $3.3 million and a loss of $2.8 million during the three months ended September 30, 2023 and 2022, respectively, and losses of $2.5 million and $7.2 million for the nine months ended September 30, 2023 and 2022, respectively. The Common Stock Warrant liabilities are included in Level 3 of the fair value hierarchy.

The assumptions used in the Monte Carlo simulation model to estimate the fair value of the Common Stock Warrants are as follows:

	*September 30,*			*December 31,*
	*2023*			*2022*
Stock price	$	5.12		$	4.94
Exercise price	$	0.01		$	0.01
Risk-free rate		5.3	%		4.6	%
Volatility		81.9	%		52.5	%
Term (years)		0.7			1.5

Note 9 - Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2023	$ 0
2024	0
2025	0
2026	0
2027	0
Thereafter	1,409,000
Total	$ 1,409,000

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Note 6 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating lease expense	$ 2,556	$ 230	$ 3,166	$ 608
Short-term lease expense	26	69	79	200
Total lease expense	2,582	299	3,245	808
Cash flows from operating activities			968	684
In exchange for new operating lease liabilities during the period			147,829	1,332
Office Leases [Member]
Operating lease expense	676	230	1,286	608
Land Lease [Member]
Operating lease expense	$ 1,880	$ 0	$ 1,880	$ 0

Note 6 - Leases (Tables)

9 Months Ended

Sep. 30, 2023

Lessee, Operating Lease Right-of-use Assets and Liabilities [Table Text Block]

	*September 30,*		*December 31,*
	*2023*		*2022*
Office leases	$	14,263	$	1,474
Land lease		157,883		—
Total operating lease right-of-use assets, net	$	172,146	$	1,474

	*September 30,*		*December 31,*
	*2023*		*2022*
Office leases	$	856	$	1,093
Land lease		2,523		—
Total current lease liabilities	$	3,379	$	1,093
Non-current office leases		13,782		465
Non-current land leases		132,556		—
Total lease liabilities	$	149,717	$	1,558

Lease, Cost [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2023*		*2022*		*2023*		*2022*
Office leases	$	676	$	230	$	1,286	$	608
Land lease		1,880		—		1,880		—
Total operating lease expense		2,556		230		3,166		608
Short-term lease expense		26		69		79		200
Total lease expense	$	2,582	$	299	$	3,245	$	808

	*Nine Months Ended September 30,*
	*2023*		*2022*
Cash paid for amounts included in the measurement of operating lease liabilities:
Cash flows from operating activities	$	968	$	684
Noncash right-of-use assets recorded for operating lease liabilities:
In exchange for new operating lease liabilities during the period	$	147,829	$	1,332

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

2023 (remaining)	$	2,166
2024		8,022
2025		7,609
2026		9,522
2027		9,565
Thereafter		208,851
Total undiscounted lease payments		245,735
Discount to present value		(96,018	)
Present value of lease liabilities	$	149,717

Weighted average remaining lease term - years		27.9
Weighted average discount rate - percent		4.0

Consolidated Statement of Stockholders' Equity and Convertible Preferred Stock (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Treasury Stock, Common and Preferred [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Series C Convertible Preferred Stock [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2022	143,549	991
Balance at Dec. 31, 2022	$ 14	$ (4,587)	$ 289,084	$ (230,140)	$ 73,026	$ 73,408	$ 56,009	$ 0	$ 54,371
Share-based compensation	$ 0	$ 0	21,677	0	0	0	0	0	21,677
Restricted stock vesting (in shares)	3,901	0
Restricted stock vesting	$ 0	$ 0	558	0	0	0	0	0	558
Shares repurchased related to share-based compensation (in shares)	(1,194)	1,194
Shares repurchased related to share-based compensation	$ 0	$ (9,607)	0	0	0	0	0	0	(9,607)
Issuance of common stock, net (in shares)	50,736	0
Issuance of common stock, net	$ 6	$ 0	254,394	0	0	0	0	0	254,400
Rio Bravo Pipeline, LLC de-consolidation	0	0	0	629	0	0	0	0	629
Sale of equity in Intermediate Holdings	0	0	(14,424)	0	0	0	0	273,433	259,009
Preferred stock dividends	$ 0	$ 0	(20,484)	0	7,658	7,304	5,469	0	(20,484)
Preferred stock conversion (in shares)	59,542	0
Preferred stock conversion	$ 6	$ 0	222,868	0	(80,684)	(80,712)	(61,478)	0	222,874
Net income (loss) attributable to NextDecade Corporation	$ 0	$ 0	0	(32,996)	0	0	0	67,204	34,208
Balance (in shares) at Sep. 30, 2023	256,534	2,185
Balance at Sep. 30, 2023	$ 26	$ (14,194)	753,673	(262,507)	0	0	0	340,637	817,635
Balance at Dec. 31, 2022									54,371
Balance at Sep. 30, 2023									476,998
Balance (in shares) at Jun. 30, 2023	157,494	1,003
Balance at Jun. 30, 2023	$ 16	$ (4,657)	362,735	(377,776)	78,056	78,206	59,602	0	(19,682)
Share-based compensation	$ 0	$ 0	9,570	0	0	0	0	0	9,570
Restricted stock vesting (in shares)	3,806	0
Restricted stock vesting	$ 0	$ 0	558	0	0	0	0	0	558
Shares repurchased related to share-based compensation (in shares)	(1,182)	1,182
Shares repurchased related to share-based compensation	$ 0	$ (9,537)	0	0	0	0	0	0	(9,537)
Issuance of common stock, net (in shares)	36,874	0
Issuance of common stock, net	$ 4	$ 0	179,396	0	0	0	0	0	179,400
Rio Bravo Pipeline, LLC de-consolidation	0	0	0	629	0	0	0	0	629
Sale of equity in Intermediate Holdings	0	0	(14,424)	0	0	0	0	273,433	259,009
Preferred stock dividends	$ 0	$ 0	(7,030)	0	2,628	2,506	1,876	0	(7,030)
Preferred stock conversion (in shares)	59,542	0
Preferred stock conversion	$ 6	$ 0	222,868	0	(80,684)	(80,712)	(61,478)	0	222,874
Net income (loss) attributable to NextDecade Corporation	$ 0	$ 0	0	114,640	0	0	0	67,204	181,844
Balance (in shares) at Sep. 30, 2023	256,534	2,185
Balance at Sep. 30, 2023	$ 26	$ (14,194)	$ 753,673	$ (262,507)	$ 0	$ 0	$ 0	$ 340,637	817,635
Balance at Sep. 30, 2023									$ 476,998

Note 8 - Accrued Liabilities and Other Current Liabilities - Summary of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Employee compensation expense	$ 7,534	$ 6,650
Rio Grande LNG Facility costs	191,957	12,046
Debt issuance costs	536	0
Accrued interest	12,232	0
Permitting costs, Current	0	279
Accrued legal services	0	3,124
Share-based compensation liability	0	182
Other accrued liabilities	852	903
Total accrued liabilities and other current liabilities	$ 213,111	$ 23,184

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 50,847	$ 62,789
Restricted cash	395,012	0
Current derivative asset	21,047	0
Prepaid expenses and other current assets	2,270	1,149
Total current assets	469,176	63,938
Property, plant and equipment, net	1,713,796	218,646
Operating lease right-of-use assets, net	172,146	1,474
Debt issuance costs, net of amortization	401,668	0
Non-current derivative assets	130,609	0
Other non-current assets	11,021	28,372
Total assets	2,898,416	312,430
Current liabilities
Accounts payable	326,818	1,084
Accrued liabilities and other current liabilities	213,111	23,184
Current common stock warrant liabilities	7,359	0
Current operating lease liabilities	3,379	1,093
Total current liabilities	550,667	25,361
Non-current common stock warrant liabilities	1,951	6,790
Non-current operating lease liabilities	146,338	465
Total non-current debt, net of unamortized debt issuance costs	1,381,825	0
Other non-current liabilities	0	23,000
Total liabilities	2,080,781	55,616
Commitments and contingencies (Note 16)	0	0
Stockholders’ equity
Common stock, $0.0001 par value Authorized: 480.0 million shares at September 30, 2023 and December 31, 2022; Issued and outstanding: 256.5 million shares and 143.5 million shares at September 30, 2023 and December 31, 2022, respectively	26	14
Treasury stock: 2.2 million shares and 1.0 million shares at September 30, 2023 and December 31, 2022, respectively, at cost	(14,194)	(4,587)
Preferred stock, $0.0001 par value Authorized: 0.5 million, after designation of the Convertible Preferred Stock Issued and outstanding: none at September 30, 2023 and December 31, 2022	0	0
Additional paid-in-capital	753,673	289,084
Accumulated deficit	(262,507)	(230,140)
Total stockholders' equity	476,998	54,371
Non-controlling interest	340,637	0
Total equity	817,635	54,371
Total liabilities, convertible preferred stock and stockholders’ equity	2,898,416	312,430
Series A Convertible Preferred Stock [Member]
Current liabilities
Convertible Preferred Stock	0	73,026
Series B Convertible Preferred Stock [Member]
Current liabilities
Convertible Preferred Stock	0	73,408
Series C Convertible Preferred Stock [Member]
Current liabilities
Convertible Preferred Stock	$ 0	$ 56,009

Note 13 - Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2023		2022			2023			2022
Weighted average common shares outstanding:
Basic		222,466		129,418			173,720			125,716
Dilutive unvested stock and Common Stock Warrants		3,870		—			—			—
Diluted		226,336		129,418			173,720			125,716

Net income (loss) per share attributable to common stockholders - basic	$	0.48	$	(0.19	)	$	(0.31	)	$	(0.47	)
Net income (loss) per share attributable to common stockholders - diluted	$	0.48	$	(0.19	)	$	(0.31	)	$	(0.47	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2023*		*2022*		*2023*		*2022*
Unvested stock and stock units ⁽¹⁾		—		1,918		2,133		1,751
Convertible preferred stock ⁽²⁾		—		47,707		—		45,653
Common Stock Warrants		—		1,240		1,456		1,388
Total potentially dilutive common shares		—		50,865		3,589		48,792

Note 9 - Debt - Summary of Credit Facilities Outstanding (Details)
$ in Thousands

9 Months Ended

Sep. 30, 2023

USD ($)

CD Senior Working Capital Facility [Member]

Total Facility Size

$ 500,000

^[1]

Outstanding balance

^[1]

Letters of credit issued

66,362

^[1]

Available commitment

$ 433,638

^[1]

Commitment fees on undrawn balance

0.68%

^[1]

Maturity Date

Jul. 12, 2030

^[1]

CD Senior Working Capital Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member]

Interest rate on outstanding balance

2.25%

^[1]

CD Credit Facility [Member]

Total Facility Size

$ 9,963,000

^[1]

Outstanding balance

327,000

^[1]

Letters of credit issued

^[1]

Available commitment

$ 9,636,000

^[1]

Commitment fees on undrawn balance

0.68%

^[1]

Maturity Date

Jul. 12, 2030

^[1]

CD Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member]

Interest rate on outstanding balance

2.25%

^[1]

TCF Credit Facility [Member]

Total Facility Size

$ 800,000

^[2]

Outstanding balance

26,000

^[2]

Letters of credit issued

^[2]

Available commitment

$ 774,000

^[2]

Commitment fees on undrawn balance

0.68%

^[2]

Maturity Date

Jul. 12, 2030

^[2]

TCF Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member]

Interest rate on outstanding balance

2.25%

^[2]

[1]

The obligations of Rio Grande under the CD 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 basis, pari passu with the Senior Secured Notes, the Senior Secured Loans and the loans made under the TCF Credit Facility.

[2]

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 basis, pari passu with the Senior Secured Notes, the Senior Secured Loans and the loans made under the CD Credit Agreement. Total Energies Holdings SAS (“Total Holdings”) 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.

Note 10 - Preferred Stock and Common Stock Warrants - Fair Value Assumptions (Details)	Sep. 30, 2023	Dec. 31, 2022
Measurement Input, Share Price [Member]
Warrant measurement input	5.12	4.94
Measurement Input, Exercise Price [Member]
Warrant measurement input	0.01	0.01
Measurement Input, Risk Free Interest Rate [Member]
Warrant measurement input	0.053	0.046
Measurement Input, Price Volatility [Member]
Warrant measurement input	0.819	0.525
Measurement Input, Expected Term [Member]
Warrant measurement input	0.7	1.5

Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Expense (Benefit)	$ 0	$ 0	$ 0	$ 0

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Rio Grande Site Lease initial direct costs (2)

Note 7 - Other Non-current Assets - Schedule of Other Non-current Assets (Details) - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

Permitting costs

^[1]

$ 0

$ 8,540

^[2]

19,647

Contributions in aid of construction

7,534

Deposits and other

3,487

185

Total other non-current assets

$ 11,021

$ 28,372

[1]

Permitting costs primarily represent costs incurred in connection with permit applications to the United States Army Corps of Engineers and the U.S. Fish and Wildlife Service for mitigation measures for potential impacts to wetlands and habitat that may be caused by the construction of the Rio Grande LNG Facility. Permitting costs were reclassified to property, plant and equipment in July 2023 with the positive final investment decision on phase 1 of the Rio Grande LNG Facility.

[2]

Rio Grande Site Lease initial direct costs were reclassified to operating lease right-of-use asset in July 2023 upon commencement of the Rio Grande site lease.

Note 3 - Sale of Equity Interests in Rio Bravo

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures Disclosure [Text Block]

Note 3 — Sale of Equity Interests in Rio Bravo

On March 2, 2020, NextDecade LLC closed the sale of the equity interests (the “Equity Interests”) in Rio Bravo Pipeline Company, LLC (“Rio Bravo”) to Spectra Energy Transmission II, LLC, a wholly owned subsidiary of Enbridge Inc. (“Buyer”), for consideration of approximately $19.4 million.

If Rio Grande or its affiliate failed to issue a full notice to proceed to the Bechtel Energy, Inc. (“Bechtel”) under the EPC agreements for Phase 1 on or prior to December 31, 2024, Buyer had the right to sell the Equity Interests back to NextDecade LLC and NextDecade LLC had the right to repurchase the Equity Interests from Buyer. Rio Grande issued a full notice to proceed to Bechtel on July 12, 2023. Accordingly, the assets of Rio Bravo have been de-recognized in the consolidated balance sheet at September 30, 2023.

Buyer paid $15.0 million of the purchase price to NextDecade LLC at the closing of the transaction and the remainder of approximately $4.4 million was paid in July 2023 upon Rio Grande’s issuance of the full notice to proceed to Bechtel.

Note 9 - Debt (Details Textual) - Rio Grande [Member]	3 Months Ended
Note 9 - Debt (Details Textual) - Rio Grande [Member]	Sep. 30, 2023
CD Credit Facility and TCF Credit Facility [Member]
Debt Instrument, Covenant, Minimum Percentage of Projected Principal Amount Outstanding Be Hedged	75.00%
Debt Instrument, Covenant, Historical Debt Service Coverage Ratio, Minimum	1.1
Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.67%
Debt Instrument, Covenant, Historical Debt Service Coverage Ratio, Minimum	1.1
Debt Instrument, Covenant, Repurchase Price, Percentage	101.00%
Senior Secured Loans [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.72%
Debt Instrument, Covenant, Historical Debt Service Coverage Ratio, Minimum	1.1
Debt Instrument, Covenant, Prepaid Price, Percent	101.00%

Note 6 - Leases

9 Months Ended

Sep. 30, 2023

Lessee, Operating Leases [Text Block]

Note 6 — Leases

Our leased assets consist of office space and the Rio Grande site lease. On July 12, 2023, Rio Grande delivered the effective date notice to the Brownsville Navigation District and commenced the Rio Grande site lease.

Operating lease right-of-use assets are as follows (in thousands):

	*September 30,*		*December 31,*
	*2023*		*2022*
Office leases	$	14,263	$	1,474
Land lease		157,883		—
Total operating lease right-of-use assets, net	$	172,146	$	1,474

Operating lease liabilities are as follows (in thousands):

	*September 30,*		*December 31,*
	*2023*		*2022*
Office leases	$	856	$	1,093
Land lease		2,523		—
Total current lease liabilities	$	3,379	$	1,093
Non-current office leases		13,782		465
Non-current land leases		132,556		—
Total lease liabilities	$	149,717	$	1,558

Operating lease expense is as follows (in thousands):

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2023*		*2022*		*2023*		*2022*
Office leases	$	676	$	230	$	1,286	$	608
Land lease		1,880		—		1,880		—
Total operating lease expense		2,556		230		3,166		608
Short-term lease expense		26		69		79		200
Total lease expense	$	2,582	$	299	$	3,245	$	808

Maturity of operating lease liabilities as of September 30, 2023 are as follows (in thousands, except lease term and discount rate):

2023 (remaining)	$	2,166
2024		8,022
2025		7,609
2026		9,522
2027		9,565
Thereafter		208,851
Total undiscounted lease payments		245,735
Discount to present value		(96,018	)
Present value of lease liabilities	$	149,717

Weighted average remaining lease term - years		27.9
Weighted average discount rate - percent		4.0

Other information related to our operating leases is as follows (in thousands):

	*Nine Months Ended September 30,*
	*2023*		*2022*
Cash paid for amounts included in the measurement of operating lease liabilities:
Cash flows from operating activities	$	968	$	684
Noncash right-of-use assets recorded for operating lease liabilities:
In exchange for new operating lease liabilities during the period	$	147,829	$	1,332

Note 8 - Accrued Liabilities and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block]

	September 30,		December 31,
	2023		2022
Employee compensation expense	$	7,534	$	6,650
Rio Grande LNG Facility costs		191,957		12,046
Debt issuance costs		536		—
Accrued interest		12,232		—
Permitting costs		—		279
Accrued legal services		—		3,124
Share-based compensation liability		—		182
Other accrued liabilities		852		903
Total accrued liabilities and other current liabilities	$	213,111	$	23,184

Note 5 - Derivatives (Details Textual) $ in Millions	Sep. 30, 2023 USD ($)
Fair Value, Inputs, Level 2 [Member] \| Contingent Interest Rate Swaps [Member]
Derivative Liability	$ 151.7

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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Note 12 - Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Text Block]

Note 12 — Stockholders' Equity

Common Stock Purchase Agreement

On February 3, 2023, the Company entered into a common stock purchase agreement (the “Stock Purchase Agreement”) for a private placement with HGC NEXT INV LLC and Ninteenth Investment Company LLC, pursuant to which the Company sold an aggregate of 5,835,277 shares of the Company common stock at a purchase price of $5.998 per share, representing the average closing trading price of the Company common stock for the five trading days immediately preceding signing the Stock Purchase Agreement, for an aggregate purchase price of $35.0 million.

On June 13, 2023, the Company entered into a common stock purchase agreement for three private placements (the “TTE Private Placement”) with Global LNG North America Corp., an affiliate of TotalEnergies SE (the “TTE Purchaser”), pursuant to which we agreed to sell (i) 8,026,165 shares (the “Tranche 1 Shares”) of Company common stock at a purchase price of $4.9837 per share, for an aggregate purchase price of $40.0 million, (ii) promptly after conversion of the Convertible Preferred Stock, 22,072,103 shares (the “Tranche 2 Shares”) of Company common stock, at a purchase price of $4.9837 per share, for an aggregate purchase price of $110.0 million, and (iii) promptly after, and conditioned upon, receipt of approval of the Company’s stockholders, a number of shares of Company common stock such that, following the conversion of the Convertible Preferred Stock, the TTE Purchaser will own, when including the Tranche 1 Shares and Tranche 2 Shares, an aggregate of 17.5% of the Company common stock then-outstanding (the “Tranche 3 Shares” and together with the Tranche 1 Shares and Tranche 2 Shares, the “Shares”), for an aggregate purchase price of $69.4 million. On June 14, 2023, the Company closed the sale of the Tranche 1 Shares, and on July 26, 2023, the Company closed the sale of the Tranche 2 Shares. On September 8, 2023, following receipt of approval of the Company’s stockholders, the Company closed the sale of 14,802,055 shares of common stock, representing the Tranche 3 Shares.

The entire disclosure for equity.

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Note 9 - Debt (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Debt [Table Text Block]

	*September 30, 2023*		*December 31, 2022*
Senior Secured Notes and Loans
6.67% Senior Secured Notes due 2033	$	700,000	$	—
6.72% Senior Secured Loans due 2033		356,000		—
Total Senior Secured Notes and Loans		1,056,000		—
Credit Facilities
CD Senior Working Capital Facility		—		—
CD Credit Facility		327,000		—
TCF Credit Facility		26,000		—
Total Debt		1,409,000		—

Current Portion of debt		—		—
Non-current portion of unamortized debt issuance costs, net		27,175		—
Total non-current debt, net of unamortized debt issuance costs	$	1,381,825	$	—

Schedule of Maturities of Long-Term Debt [Table Text Block]

Years Ending December 31,	*Principal Payments*
2023	$	—
2024		—
2025		—
2026		—
2027		—
Thereafter		1,409,000
Total	$	1,409,000

Schedule of Line of Credit Facilities [Table Text Block]

	CD Senior Working Capital Facility ⁽¹⁾			CD Credit Facility ⁽¹⁾			TCF Credit Facility ⁽²⁾
Total Facility Size	$	500,000		$	9,963,000		$	800,000
Less:
Outstanding balance		—			327,000			26,000
Letters of credit issued		66,362			—			—
Available commitment	$	433,638		$	9,636,000		$	774,000

Priority ranking	Senior secured			Senior secured			Senior secured
Interest rate on outstanding balance	SOFR plus margin of 2.25%			SOFR plus margin of 2.25%			SOFR plus margin of 2.25%
Commitment fees on undrawn balance		0.68	%		0.68	%		0.68	%
Maturity Date	July 12, 2030			July 12, 2030			July 12, 2030

Interest Income and Interest Expense Disclosure [Table Text Block]

	*September 30, 2023*			*December 31, 2022*
Interest cost of Non-current Debt
Interest per contractual rate	$	16,169		$	—
Amortization of debt issuance costs		25,670			—
Total Interest cost		41,839			—
Capitalized interest		(9,303	)		—
Total interest expense, net of capitalized interest	$	32,536		$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

September 30, 2023

December 31, 2023

Carrying Amount

Estimated Fair Value ⁽¹⁾

Carrying Amount

Estimated Fair Value

Senior Notes - Level 2

700,000

—

Senior Loans - Level 2

356,000

—

Note 5 - Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Derivative Instruments [Table Text Block]

Initial Notional Amount				Maximum Notional Amount				Maturity				Weighted Average Fixed Interest Rate Paid				Variable Interest Rate Received
$	123,000			$	8,500,000				July 12, 2030				3.4	%			USD - SOFR

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

Note 11 - Variable Interest Entity (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Variable Interest Entities [Table Text Block]

	September 30,		December 31,
	2023		2022
Assets
Current assets
Cash	$	395,012	$	—
Current derivative asset		21,047		—
Prepaid expenses and other current assets		188		24
Total current assets		416,247		24
Property, plant and equipment, net		1,707,530		194,289
Operating lease right-of-use assets, net		157,883		—
Debt issuance costs, net of amortization		401,668		—
Non-current derivative assets		130,609		—
Other non-current assets		9,374		28,187
Total assets	$	2,823,311	$	222,500

Liabilities
Current liabilities
Accounts payable	$	320,277	$	108
Accrued liabilities and other current liabilities		204,304		15,457
Current operating lease liabilities		2,531		—
Total current liabilities		527,112		15,565
Non-current operating lease liabilities		132,549		—
Non-current debt, net of unamortized debt issuance costs		1,381,825		—
Total liabilities	$	2,041,486	$	15,565

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	480,000	480,000
Common stock, shares issued (in shares)	256,500	143,500
Common stock, shares outstanding (in shares)	256,500	143,500
Treasury stock, common shares (in shares)	2,200	1,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	500	500
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series A Convertible Preferred Stock [Member]
Temporary equity, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Temporary equity, shares issued (in shares)	0	82,948
Temporary equity, shares outstanding (in shares)	0	82,948
Series B Convertible Preferred Stock [Member]
Temporary equity, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Temporary equity, shares issued (in shares)	0	79,239
Temporary equity, shares outstanding (in shares)	0	79,239
Series C Convertible Preferred Stock [Member]
Temporary equity, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Temporary equity, shares issued (in shares)	0	59,366
Temporary equity, shares outstanding (in shares)	0	59,366

Note 2 - Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Prepaid Expense and Other Current Assets [Table Text Block]

	*September 30,*		*December 31,*
	*2023*		*2022*
Prepaid subscriptions	$	1,112	$	423
Prepaid insurance		1,032		619
Other		126		107
Total prepaid expenses and other current assets	$	2,270	$	1,149

Note 14 - Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2023*		*2022*		*2023*		*2022*
Share-based compensation expense:
Equity awards	$	9,570	$	3,041	$	21,677	$	3,555
Liability awards		159		—		378		—
Total share-based compensation expense	$	9,729	$	3,041	$	22,055	$	3,555

Note 15 - Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Text Block]

Note 15 — Income Taxes

Due to our cumulative loss position, we have established a full valuation allowance against our deferred tax assets at September 30, 2023 and December 31, 2022. Due to our full valuation allowance, we have not recorded a provision for federal or state income taxes during either of the three or nine months ended September 30, 2023 or 2022.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Note 5 - Derivatives - Interest Rate Swaps Outstanding (Details) - Rio Grande [Member] - Contingent Interest Rate Swaps [Member] $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Initial Notional Amount	$ 123
Maturity Date	Jul. 12, 2030
Variable Interest Rate Received	3.40%
Maximum [Member]
Initial Notional Amount	$ 8,500

Date derivative contract ends, in YYYY-MM-DD format.

Note 4 - Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Table Text Block]

	*September 30,*			*December 31,*
	*2023*			*2022*
Fixed Assets
Computers	$	779		$	780
Furniture, fixtures, and equipment		610			610
Vehicles		166			0
Leasehold improvements		3,086			101
Total fixed assets		4,641			1,491
Less: accumulated depreciation		(1,123	)		(1,006	)
Total fixed assets, net		3,518			485
Project Assets (not placed in service)
Rio Grande LNG Facility		1,710,278			197,144
Pipeline		—			21,017
Total Project Assets		1,710,278			218,161
Total property, plant and equipment, net	$	1,713,796		$	218,646

Note 9 - Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Text Block]

Note 9 — Debt

Our debt consists of long-term secured debt securities and credit agreements with banks and other lenders. Debt issuances are placed directly by us or through securities dealers, underwriters, or lead arrangers and are held by institutional investors, banks and other lenders.

Debt is recorded on our Consolidated Balance Sheets at outstanding principal value, net of unamortized debt issuance costs related to term notes and loans. Debt issuance costs consist primarily of arrangement fees, professional fees, legal fees and in certain cases, commitment fees. If debt issuance costs are incurred in connection with a line of credit arrangement or on undrawn funds, the debt issuance costs are presented as an asset on our Consolidated Balance Sheets. Discounts, premiums and debt issuance costs directly related to the issuance of debt are amortized over the life of the debt and are recorded in interest expense, net of capitalized interest using the effective interest method.

We classify debt as current or non-current on our Consolidated Balance Sheets based on contractual maturity; however, long-term debt extinguished after the balance sheet date but before the financial statements are issued would be classified based on facts and circumstances existing as of the balance sheet date.

Debt consisted of the following (in thousands):

	*September 30, 2023*		*December 31, 2022*
Senior Secured Notes and Loans
6.67% Senior Secured Notes due 2033	$	700,000	$	—
6.72% Senior Secured Loans due 2033		356,000		—
Total Senior Secured Notes and Loans		1,056,000		—
Credit Facilities
CD Senior Working Capital Facility		—		—
CD Credit Facility		327,000		—
TCF Credit Facility		26,000		—
Total Debt		1,409,000		—

Current Portion of debt		—		—
Non-current portion of unamortized debt issuance costs, net		27,175		—
Total non-current debt, net of unamortized debt issuance costs	$	1,381,825	$	—

Senior Secured Notes and Loans

Rio Grande 6.67% Senior Secured Notes due 2033

The 6.67% Senior Secured Notes (the “Senior Secured Notes”) 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 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. The Senior Secured Notes 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, pari passu with the Senior Secured Loans, the CD Credit Agreement and the loans made under the TCF Credit Facility.

Rio Grande 6.72% Senior Secured Loans due 2033

The 6.72% Senior Secured Loans (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 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 Loans. The 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, pari passu with the Senior Secured Notes, the CD Credit Agreement and the loans made under the TCF Credit Facility.

Debt Maturities

Years Ending December 31,	*Principal Payments*
2023	$	—
2024		—
2025		—
2026		—
2027		—
Thereafter		1,409,000
Total	$	1,409,000

Credit Facilities

Below is a summary of our committed credit facilities outstanding as of September 30, 2023 (in thousands):

	CD Senior Working Capital Facility ⁽¹⁾			CD Credit Facility ⁽¹⁾			TCF Credit Facility ⁽²⁾
Total Facility Size	$	500,000		$	9,963,000		$	800,000
Less:
Outstanding balance		—			327,000			26,000
Letters of credit issued		66,362			—			—
Available commitment	$	433,638		$	9,636,000		$	774,000

Priority ranking	Senior secured			Senior secured			Senior secured
Interest rate on outstanding balance	SOFR plus margin of 2.25%			SOFR plus margin of 2.25%			SOFR plus margin of 2.25%
Commitment fees on undrawn balance		0.68	%		0.68	%		0.68	%
Maturity Date	July 12, 2030			July 12, 2030			July 12, 2030

⁽¹⁾

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 first-priority basis, pari passu with the Senior Secured Notes, the Senior Secured Loans and the loans made under the TCF Credit Facility.

⁽²⁾

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 basis, pari passu with the Senior Secured Notes, the Senior Secured Loans and the loans made under the CD Credit Agreement. Total Energies Holdings SAS (“Total Holdings”) 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.

Restrictive Debt Covenants

The CD Credit Facility and the TCF Credit Facility (collectively, the “Facilities”) include certain covenants and events of default that are supplemental to the covenants and events of default set forth in the P1 Common Terms Agreement and that are customary for project financing facilities of this type, including a requirement that interest rates for a minimum of 75% of the projected principal amount of Senior Secured Debt outstanding be hedged or have fixed interest rates. In addition, certain covenants and events of default in the Facilities are more restrictive than the corresponding covenants and events of default in the P1 Common Terms Agreement, including covenants limiting Rio Grande’s ability to incur additional indebtedness, make certain investments or pay dividends (which are subject to customary conditions set out in the Facilities and certain related financing documents) or distributions on equity interests or subordinated indebtedness or purchase, redeem, or retire equity interests, sell or transfer assets, incur liens, dissolve, liquidate, consolidate, merge, sell, or lease all or substantially all of Rio Grande’s assets or enter into certain LNG sales contracts. The Facilities include a requirement for 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, a default of which may be cured with equity contributions.

The Senior Secured Notes also contain customary terms and events of default and certain covenants that, among other things, limit Rio Grande’s ability to incur additional indebtedness, make certain investments or pay dividends or distributions on equity interests or subordinated indebtedness or purchase, redeem, or retire equity interests, sell or transfer assets, incur liens, dissolve, liquidate, consolidate, merge, or sell or lease all or substantially all of Rio Grande’s assets. The Senior Secured Notes further require Rio Grande to submit certain reports and information to the trustee and holders of the Senior Secured Notes, maintain certain LNG offtake agreements, and maintain a 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 indenture governing the Senior Secured Notes requires Rio Grande to make an offer to repurchase the Senior Secured Notes at 101% (with respect to a change of control event) or par (with respect to each other event), in each case on the terms specified in the Indenture. The Senior Secured Notes covenants are subject to a number of important limitations and exceptions, including the terms and covenants contained in the P1 Common Terms Agreement.

The Senior Secured Loan Agreement contains customary terms and events of default and certain covenants that, among other things, limit Rio Grande’s ability to incur additional indebtedness, make certain investments or pay dividends or distributions on equity interests or subordinated indebtedness or purchase, redeem, or retire equity interests, sell or transfer assets, incur liens, dissolve, liquidate, consolidate, merge, or sell or lease all or substantially all of Rio Grande’s assets. The Senior Secured Loan Agreement further requires Rio Grande to submit certain reports and information to the Administrative Agent and the lenders, maintain certain LNG offtake agreements, and maintain a debt service coverage ratio of at least 1.10:1.00 at the end of each fiscal quarter starting from the first quarterly payment date to occur on or after the date that is ninety days following the project completion 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 Loan Agreement requires Rio Grande to make an offer to the lenders to have their Senior Secured Loans prepaid at 101% (with respect to a change of control event) or par (with respect to each other event), in each case, on the terms specified in the Senior Secured Loan Agreement. The Senior Secured Loan Agreement covenants are subject to a number of important limitations and exceptions, including the terms and covenants contained in the P1 Common Terms Agreement.

As of September 30, 2023, Rio Grande was in compliance with all covenants related to its respective debt agreements.

Interest Expense

Total interest expense, net of capitalized interest, consisted of the following (in thousands):

	*September 30, 2023*			*December 31, 2022*
Interest cost of Non-current Debt
Interest per contractual rate	$	16,169		$	—
Amortization of debt issuance costs		25,670			—
Total Interest cost		41,839			—
Capitalized interest		(9,303	)		—
Total interest expense, net of capitalized interest	$	32,536		$	—

Fair Value Disclosures

The following table shows the carrying amount and estimated fair value of our debt (in thousands):

September 30, 2023

December 31, 2023

Carrying Amount

Estimated Fair Value ⁽¹⁾

Carrying Amount

Estimated Fair Value

Senior Notes - Level 2

700,000

—

Senior Loans - Level 2

356,000

—

⁽¹⁾

The Level 2 estimated fair value approximates the carrying amount due to the close proximity of the issuance of the debt and September 30, 2023.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Note 14 - Share-based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Text Block]

Note 14 — Share-based Compensation

We have granted shares of Company common stock, restricted Company common stock and restricted stock units to employees, consultants and non-employee directors under our 2017 Omnibus Incentive Plan, as amended (the “2017 Plan”).

Total share-based compensation consisted of the following (in thousands):

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2023*		*2022*		*2023*		*2022*
Share-based compensation expense:
Equity awards	$	9,570	$	3,041	$	21,677	$	3,555
Liability awards		159		—		378		—
Total share-based compensation expense	$	9,729	$	3,041	$	22,055	$	3,555

Note 13 - Net Income (Loss) Per Share (Details Textual)	Jul. 26, 2023 shares
Conversion of Preferred Stock into Common Stock [Member]
Conversion of Stock, Shares Issued (in shares)	59,542,066

Note 6 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating lease right-of-use assets, net	$ 172,146	$ 1,474
Current lease liabilities	3,379	1,093
Non-current leases	146,338	465
Lease liabilities	149,717	1,558
Office Leases [Member]
Operating lease right-of-use assets, net	14,263	1,474
Current lease liabilities	856	1,093
Non-current leases	13,782	465
Land Lease [Member]
Operating lease right-of-use assets, net	157,883	0
Current lease liabilities	2,523	0
Non-current leases	$ 132,556	$ 0

Note 4 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment Disclosure [Text Block]

Note 4 — Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):

	*September 30,*			*December 31,*
	*2023*			*2022*
Fixed Assets
Computers	$	779		$	780
Furniture, fixtures, and equipment		610			610
Vehicles		166			0
Leasehold improvements		3,086			101
Total fixed assets		4,641			1,491
Less: accumulated depreciation		(1,123	)		(1,006	)
Total fixed assets, net		3,518			485
Project Assets (not placed in service)
Rio Grande LNG Facility		1,710,278			197,144
Pipeline		—			21,017
Total Project Assets		1,710,278			218,161
Total property, plant and equipment, net	$	1,713,796		$	218,646

Depreciation expense was $42 thousand and $41 thousand for the three months ended September 30, 2023 and 2022, respectively, and $117 thousand and $129 thousand for the nine months ended September 30, 2023 and 2022, respectively.

Note 2 - Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid subscriptions	$ 1,112	$ 423
Prepaid insurance	1,032	619
Other	126	107
Total prepaid expenses and other current assets	$ 2,270	$ 1,149

Note 9 - Debt - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Total Debt	$ 1,409,000	$ 0

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Nov. 07, 2023
Document Information [Line Items]
Entity Central Index Key	0001612720
Entity Registrant Name	NextDecade Corp.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36842
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5723951
Entity Address, Address Line One	1000 Louisiana Street, Suite 3900
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	574-1880
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	NEXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		256,575,167

Note 7 - Other Non-current Assets (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Other Assets, Noncurrent [Table Text Block]

	*September 30,*		*December 31,*
	*2023*		*2022*
Permitting costs⁽¹⁾	$	—	$	8,540
Rio Grande Site Lease initial direct costs ⁽²⁾		—		19,647
Contributions in aid of construction		7,534		—
Deposits and other		3,487		185
Total other non-current assets	$	11,021	$	28,372

Note 3 - Sale of Equity Interests in Rio Bravo (Details Textual) - Rio Bravo [Member] - USD ($) $ in Millions		1 Months Ended
	Mar. 02, 2020	Jul. 31, 2023
Disposal Group, Including Discontinued Operation, Consideration	$ 19.4
Proceeds from Divestiture of Businesses	$ 15.0	$ 4.4

Note 13 - Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Text Block]

Note 13 — Net Income (Loss) Per Share

The following table (in thousands, except for income (loss) per share amounts) reconciles basic and diluted weighted average common shares outstanding for each of the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2023		2022			2023			2022
Weighted average common shares outstanding:
Basic		222,466		129,418			173,720			125,716
Dilutive unvested stock and Common Stock Warrants		3,870		—			—			—
Diluted		226,336		129,418			173,720			125,716

Net income (loss) per share attributable to common stockholders - basic	$	0.48	$	(0.19	)	$	(0.31	)	$	(0.47	)
Net income (loss) per share attributable to common stockholders - diluted	$	0.48	$	(0.19	)	$	(0.31	)	$	(0.47	)

Potentially dilutive securities not included in the diluted net income (loss) per share computations because their effect would have been anti-dilutive were as follows (in thousands):

	*Three Months Ended*				*Nine Months Ended*
	*September 30,*				*September 30,*
	*2023*		*2022*		*2023*		*2022*
Unvested stock and stock units ⁽¹⁾		—		1,918		2,133		1,751
Convertible preferred stock ⁽²⁾		—		47,707		—		45,653
Common Stock Warrants		—		1,240		1,456		1,388
Total potentially dilutive common shares		—		50,865		3,589		48,792

⁽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.
⁽²⁾	On July 26, 2023, the Convertible Preferred Stock was converted into 59,542,066 shares of common stock.

Note 17 - Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2023

Accounting Standards Update and Change in Accounting Principle [Text Block]

Note 17 — Recent Accounting Pronouncements

The following table provides a brief description of recent accounting standards that have been adopted by the Company during the reporting period:

Standard		Description		Date of Adoption		Effect on our Consolidated Financial Statements or Other Significant Matters
ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in Entity's Own Equity		This standard simplifies the accounting for convertible instruments primarily by eliminating the existing cash conversion and beneficial conversion models within Subtopic 470-20, which will result in fewer embedded conversion options being accounted for separately from the host. This standard also amends and simplifies the calculation of earnings per share relating to convertible instruments.		January 1, 2022		The Company adopted this standard using the modified retrospective approach, which did not have an effect on the Company's consolidated financial statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Note 4 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, plant and equipment, net	$ 1,713,796	$ 218,646
Property, plant and equipment, net	1,713,796	218,646
Computer Equipment [Member]
Property, plant and equipment, gross	779	780
Furniture and Fixtures [Member]
Property, plant and equipment, gross	610	610
Vehicles [Member]
Property, plant and equipment, gross	166	0
Leasehold Improvements [Member]
Property, plant and equipment, gross	3,086	101
Excluding Construction in Progress [Member]
Property, plant and equipment, gross	4,641	1,491
Less: accumulated depreciation	(1,123)	(1,006)
Property, plant and equipment, net	3,518	485
Property, plant and equipment, net	3,518	485
Construction in Progress [Member]
Property, plant and equipment, gross	1,710,278	218,161
Construction in Progress [Member] \| Rio Grande [Member]
Property, plant and equipment, gross	1,710,278	197,144
Construction in Progress [Member] \| Rio Bravo [Member]
Property, plant and equipment, gross	$ 0	$ 21,017

Note 9 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Total Debt	$ 1,409,000	$ 0
Current Portion of debt	0	0
Non-current portion of unamortized debt issuance costs, net	27,175	0
Total non-current debt, net of unamortized debt issuance costs	1,381,825	0
CD Senior Working Capital Facility [Member]
Total Debt	0	0
CD Credit Facility [Member]
Total Debt	327,000	0
TCF Credit Facility [Member]
Total Debt	26,000	0
Senior Secured Notes [Member]
Total Debt	700,000	0
Senior Secured Loans [Member]
Total Debt	356,000	0
Senior Secured Notes and Loans [Member]
Total Debt	$ 1,056,000	$ 0

Note 13 - Net Income (Loss) Per Share - Anti-dilutive Securities (Details) - shares
shares in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

50,865

3,589

48,792

Unvested Stock [Member]

Convertible Preferred Stocks [Member]

^[1]

1,918

2,133

1,751

Common Stock Warrants [Member]

^[2]

47,707

45,653