0001628280-24-022756 | 10-Q/A | XBRL Viewer

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Accrued Liabilities and Other Current Liabilities - Summary of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Rio Grande LNG Facility costs	$ 270,393	$ 268,821
Accrued interest	44,716	20,392
Employee compensation expense	2,944	9,270
Other accrued liabilities	3,944	781
Total accrued and other current liabilities	$ 321,997	$ 299,264

Supplemental Cash Flows (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

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


	Three Months Ended March 31,
	2024		2023
Accounts payable for acquisition of property, plant and equipment	$	166,893	$	72
Accruals for acquisition of property, plant and equipment	$	270,393	$	15,826
Non-cash settlement of warrant liabilities	$	4,886	$	—
Corporate fixed asset retirements	$	1,000	$	—
Accrued liabilities for acquisition of other non-current assets	$	—	$	140
Non-cash settlement of paid-in-kind dividends on convertible preferred stock	$	—	$	6,686

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 0

- Definition

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

+ References + Details

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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 March 31,
	2024	2023
Unvested stock and stock units (1)	—	2,053
Convertible preferred stock	—	52,622
Common Stock Warrants	—	1,380
Total potentially dilutive common shares	—	56,055

____________________________

(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.

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	March 31, 2024		December 31, 2023
Rio Grande LNG Facility under construction	$	3,150,790	$	2,431,389
Corporate and other	7,711		7,518
Total property, plant and equipment, at cost	3,158,501		$	2,438,907
Less: accumulated depreciation	(259)		(1,174)
Total property, plant and equipment, net	$	3,158,242	$	2,437,733

Debt - Narrative (Details) $ in Thousands	3 Months Ended
Debt - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) d	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Loss on debt extinguishment	$ 7,440	$ 0
CD Credit Facility
Debt Instrument [Line Items]
Extinguishment of debt, amount	176,000
Loss on debt extinguishment	$ 7,400
Corporate Credit Facility
Debt Instrument [Line Items]
Debt instrument, term	2 years
Debt instrument, term, threshold past liquefaction train final investment decision \| d	10
Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%
6.72% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%
7.11% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%
6.85% Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%
Rio Grande \| CD Credit Facility and TCF Credit Facility
Debt Instrument [Line Items]
Debt instrument, covenant, minimum percentage of projected principal amount outstanding be hedged	75.00%
Debt instrument, covenant, historical debt service coverage ratio, minimum	1.10
Rio Grande \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, covenant, historical debt service coverage ratio, minimum	1.10
Debt instrument, covenant, repurchase price, percentage	101.00%
Rio Grande \| Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%
Rio Grande \| 6.72% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%
Rio Grande \| 7.11% Senior Secured Loans \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%
Rio Grande \| 6.85% Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%
Rio Grande \| Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, covenant, historical debt service coverage ratio, minimum	1.10
Debt instrument, covenant, prepaid price, percent	101.00%

Derivatives

3 Months Ended

Mar. 31, 2024

Derivative [Abstract]

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. As of March 31, 2024, Rio Grande has the following Swaps outstanding (in thousands):


Initial Notional Amount		Maximum Notional Amount		Maturity (1)	Weighted Average Fixed Interest Rate Paid		Variable Interest Rate Received
$	123,000	$	8,500,000	2048	3.4	%	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 fair value of the Swaps is approximately $205.0 million as of March 31, 2024, and is classified as Level 2 in the fair value hierarchy.

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following (in thousands):


	March 31, 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		—
Total Senior Secured Notes and Loans	1,497,000		1,307,000
Credit Facilities:
CD Senior Working Capital Facility	—		—
CD Credit Facility	817,000		484,000
TCF Credit Facility	102,000		59,000
Corporate Credit Facility	26,881		—
Total debt	2,442,881		1,850,000
Unamortized debt issuance costs	(49,151)		(33,699)
Total debt, net	$	2,393,730	$	1,816,301

Schedule of Line of Credit Facilities

Below is a summary of our committed credit facilities outstanding as of March 31, 2024 (in thousands):


	CD Senior Working Capital Facility		CD Credit Facility		TCF Credit Facility		Corporate Credit Facility
Total Facility Size	$	500,000	$	9,554,000	$	800,000	$	62,500
Less:
Outstanding balance	—		817,000		102,000		26,881
Letters of credit issued	120,625		—		—		—
Available commitment	$	379,375	$	8,737,000	$	698,000	$	35,619

Priority ranking	Senior secured		Senior secured		Senior secured		Senior secured
Interest rate on outstanding balance	SOFR + 2.25%		SOFR + 2.25%		SOFR + 2.25%		SOFR + 4.50%
Commitment fees on undrawn balance	0.68 %		0.68 %		0.68 %		1.35 %
Maturity Date	2030		2030		2030		2026

Schedule of Maturities of Long-Term Debt


	Principal Payments
2024 - 2025	$	—
2026	26,881
2027 - 2028	—
Thereafter	2,416,000
Total	$	2,442,881

Interest Income and Interest Expense Disclosure

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


	Three Months Ended March 31,
	2024		2023
Interest per contractual rate	$	36,591	$	—
Amortization of debt issuance costs	16,388		—
Other interest costs	551		—
Total interest cost	53,530		—
Capitalized interest	(28,051)		—
Total interest expense, net of capitalized interest	$	25,479	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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


	March 31, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior Notes - Level 2	$	890,000	$	912,108	$	700,000	$	743,593
Senior Loans - Level 2	607,000		621,969		607,000		632,998

Share-based Compensation - Summary of Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 4,439	$ 1,559
Equity awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	4,409	1,559
Liability awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 30	$ 0

Net Loss Per Share - Anti-Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares	0	56,055
Unvested stock and stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares	0	2,053
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares	0	52,622
Common Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common shares	0	1,380

Common Stock Warrants

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

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 loss of $1.5 million and a loss of $0.4 million during the three months ended March 31, 2024 and 2023, 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:


	March 31, 2024			December 31, 2023
Stock price	$	5.68		$	4.77
Exercise price	$	0.01		$	0.01
Risk-free rate	5.1		%	4.7		%
Volatility	68.3		%	78.4		%
Weighted average term (years)	0.5			0.5

Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024 - 2025	$ 0
2026	26,881
2027 - 2028	0
Thereafter	2,416,000
Total	$ 2,442,881

- Definition

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

+ References + Details

Debt - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Amount	$ 2,442,881	$ 1,850,000
Senior Secured Notes
Debt Instrument [Line Items]
Carrying Amount	890,000	700,000
Estimated Fair Value	912,108	743,593
Senior Secured Loans
Debt Instrument [Line Items]
Carrying Amount	607,000	607,000
Estimated Fair Value	$ 621,969	$ 632,998

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
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+ Details

Background and Basis of Presentation (Details) $ in Thousands, t in Millions	Mar. 31, 2024 USD ($) train t	Dec. 31, 2023 USD ($)
Product Information [Line Items]
Cash and cash equivalents \| $	$ 45,753	$ 38,241
Revolving Credit Facility
Product Information [Line Items]
Available commitment \| $	$ 26,200
Rio Grande Liquefied Natural Gas Facility
Product Information [Line Items]
Number of liquefaction trains	3
Number of liquefaction trains authorized	5
Liquefied natural gas export authorized, mass \| t	27
Number of liquefaction trains under construction	3
Number of liquefaction trains under development	2

Variable Interest Entity

3 Months Ended

Mar. 31, 2024

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entity

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 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.


	March 31, 2024		December 31, 2023
Assets
Current assets
Cash	$	205,644	$	256,237
Derivatives	29,327		17,958
Prepaid expenses and other current assets	77		108
Total current assets	235,048		274,303
Property, plant and equipment, net	3,147,946		2,428,583
Operating lease right-of-use assets, net	156,218		157,053
Debt issuance costs	370,064		389,695
Derivatives	175,699		—
Other non-current assets	15,407		9,374
Total assets	$	4,100,382	$	3,259,008

Liabilities
Current liabilities
Accounts payable	$	171,667	$	238,582
Accrued liabilities and other current liabilities	314,464		288,779
Operating lease	2,577		2,554
Total current liabilities	488,708		529,915
Operating lease	131,248		131,901
Non-current derivative liability	—		66,899
Debt, net	2,368,124		1,816,301
Total liabilities	$	2,988,080	$	2,545,016

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income (loss)	$ 186,775	$ (27,347)
Adjustment to reconcile net income (loss) to net cash used in operating activities
Depreciation	84	38
Share-based compensation expense	4,439	1,559
Loss on common stock warrant liabilities	1,516	367
Derivative gain	(258,872)	0
Derivative settlements	4,905	0
Amortization of right-of-use assets	1,324	258
Loss on extinguishment of debt	7,440	0
Amortization of debt issuance costs	16,388	0
Other	98	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,104)	(421)
Accounts payable	3,466	815
Operating lease liabilities	(668)	(290)
Accrued expenses and other liabilities	5,384	1,836
Net cash used in operating activities	(28,825)	(23,185)
Investing activities:
Acquisition of property, plant and equipment	(774,615)	(21,528)
Acquisition of other non-current assets	(6,033)	(1,875)
Net cash used in investing activities	(780,648)	(23,403)
Financing activities:
Proceeds from debt issuance	768,881	0
Receipt of equity commitments	194,627	0
Repayment of debt	(176,000)	0
Costs associated with repayment of debt	(995)	0
Proceeds from sale of common stock	0	35,000
Debt and equity issuance costs	(20,026)	0
Preferred stock dividends	0	(13)
Shares repurchased related to share-based compensation	(94)	(47)
Net cash provided by financing activities	766,393	34,940
Net decrease in cash, cash equivalents and restricted cash	(43,080)	(11,648)
Cash, cash equivalents and restricted cash – beginning of period	294,478	62,789
Cash, cash equivalents and restricted cash – end of period	251,398	51,141
Balance per Consolidated Balance Sheets:
Cash and cash equivalents	45,753
Restricted cash	205,645
Total cash, cash equivalents and restricted cash	$ 251,398	$ 51,141

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

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 March 31,
	2024	2023
Unvested stock and stock units (1)	—	2,053
Convertible preferred stock	—	52,622
Common Stock Warrants	—	1,380
Total potentially dilutive common shares	—	56,055

____________________________

(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.

Derivatives - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Interest Rate Swap \| Fair Value, Inputs, Level 2
Derivative [Line Items]
Derivative liability	$ 205.0

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
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+ Details

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

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 March 31, 2024 and 2023, our operating lease costs were $3.0 million and $0.3 million, respectively.

Maturity of operating lease liabilities as of March 31, 2024 are as follows (in thousands, except lease term and discount rate):


2024 (remaining)	$	5,568
2025	7,610
2026	9,522
2027	9,565
2028	9,609
Thereafter	199,241
Total undiscounted lease payments	241,115
Discount to present value	(92,676)
Present value of lease liabilities	$	148,438

Weighted average remaining lease term - years	27.6
Weighted average discount rate - percent	4.0

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


	Three Months Ended March 31,
	2024		2023
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$	2,143	$	290

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 2,442,881	$ 1,850,000
Unamortized debt issuance costs	(49,151)	(33,699)
Total debt, net	2,393,730	1,816,301
CD Senior Working Capital Facility
Debt Instrument [Line Items]
Total debt	0	0
CD Credit Facility
Debt Instrument [Line Items]
Total debt	817,000	484,000
TCF Credit Facility
Debt Instrument [Line Items]
Total debt	102,000	59,000
Corporate Credit Facility
Debt Instrument [Line Items]
Total debt	26,881	0
Senior Secured Notes
Debt Instrument [Line Items]
Total debt	$ 890,000	700,000
Senior Secured Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.67%
Total debt	$ 700,000	700,000
Senior Secured Notes \| 6.85% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.85%
Total debt	$ 190,000	0
Senior Secured Loans
Debt Instrument [Line Items]
Total debt	$ 607,000	607,000
Senior Secured Loans \| 6.72% Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.72%
Total debt	$ 356,000	356,000
Senior Secured Loans \| 7.11% Senior Secured Loans
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.11%
Total debt	$ 251,000	251,000
Senior Secured Notes and Loans
Debt Instrument [Line Items]
Total debt	$ 1,497,000	$ 1,307,000

Common Stock Warrants - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Temporary Equity [Line Items]
Loss on common stock warrant liabilities	$ 1,516	$ 367
Common Stock Warrants
Temporary Equity [Line Items]
Loss on common stock warrant liabilities	$ 1,500	$ 400

Accrued Liabilities and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	March 31, 2024		December 31, 2023
Rio Grande LNG Facility costs	$	270,393	$	268,821
Accrued interest	44,716		20,392
Employee compensation expense	2,944		9,270
Other accrued liabilities	3,944		781
Total accrued and other current liabilities	$	321,997	$	299,264

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	March 31, 2024		December 31, 2023
Rio Grande LNG Facility under construction	$	3,150,790	$	2,431,389
Corporate and other	7,711		7,518
Total property, plant and equipment, at cost	3,158,501		$	2,438,907
Less: accumulated depreciation	(259)		(1,174)
Total property, plant and equipment, net	$	3,158,242	$	2,437,733

Derivatives - Interest Rate Swaps Outstanding (Details) - Rio Grande - Interest Rate Swap $ in Millions	Mar. 31, 2024 USD ($)
Derivative [Line Items]
Derivative, notional amount	$ 123
Weighted Average Fixed Interest Rate Paid	3.40%
Maximum
Derivative [Line Items]
Derivative, notional amount	$ 8,500

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt consisted of the following (in thousands):


	March 31, 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		—
Total Senior Secured Notes and Loans	1,497,000		1,307,000
Credit Facilities:
CD Senior Working Capital Facility	—		—
CD Credit Facility	817,000		484,000
TCF Credit Facility	102,000		59,000
Corporate Credit Facility	26,881		—
Total debt	2,442,881		1,850,000
Unamortized debt issuance costs	(49,151)		(33,699)
Total debt, net	$	2,393,730	$	1,816,301

Senior Secured Notes and Loans

The 6.67% Senior Secured Notes and 6.85% 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 March 31, 2024 (in thousands):


	CD Senior Working Capital Facility		CD Credit Facility		TCF Credit Facility		Corporate Credit Facility
Total Facility Size	$	500,000	$	9,554,000	$	800,000	$	62,500
Less:
Outstanding balance	—		817,000		102,000		26,881
Letters of credit issued	120,625		—		—		—
Available commitment	$	379,375	$	8,737,000	$	698,000	$	35,619

Priority ranking	Senior secured		Senior secured		Senior secured		Senior secured
Interest rate on outstanding balance	SOFR + 2.25%		SOFR + 2.25%		SOFR + 2.25%		SOFR + 4.50%
Commitment fees on undrawn balance	0.68 %		0.68 %		0.68 %		1.35 %
Maturity Date	2030		2030		2030		2026

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, 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 (“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.

The obligations of NextDecade LLC under the Corporate Credit Facility are guaranteed by Rio Grande LNG Super Holdings, LLC, a wholly owned subsidiary of NextDecade LLC, and Rio Grande LNG Intermediate Super Holdings, LLC, a partially owned subsidiary of NextDecade LLC. The Corporate Credit Facility matures at the earlier of two years from the closing date or 10 business days after a positive Final Investment Decision (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 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 Rio Grande 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 Rio Grande 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 March 31, 2024, the Company was in compliance with all covenants related to its respective debt agreements.

Debt Extinguishment

During the three months ended March 31, 2024, Rio Grande repaid $176.0 million of the outstanding principal balance of the CD Credit Facility. As a result of the repayment, Rio Grande recognized an approximate $7.4 million loss on extinguishment.

Debt Maturities


	Principal Payments
2024 - 2025	$	—
2026	26,881
2027 - 2028	—
Thereafter	2,416,000
Total	$	2,442,881

Interest Expense

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


	Three Months Ended March 31,
	2024		2023
Interest per contractual rate	$	36,591	$	—
Amortization of debt issuance costs	16,388		—
Other interest costs	551		—
Total interest cost	53,530		—
Capitalized interest	(28,051)		—
Total interest expense, net of capitalized interest	$	25,479	$	—

Fair Value Disclosures

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


	March 31, 2024				December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Senior Notes - Level 2	$	890,000	$	912,108	$	700,000	$	743,593
Senior Loans - Level 2	607,000		621,969		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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Interest per contractual rate	$ 36,591	$ 0
Amortization of debt issuance costs	16,388	0
Other interest costs	551	0
Total interest cost	53,530	0
Capitalized interest	(28,051)	0
Total interest expense, net of capitalized interest	$ 25,479	$ 0

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 0	$ 0
Operating expenses:
General and administrative expense	32,505	26,271
Development expense	2,509	464
Lease expense	3,019	337
Depreciation expense	84	38
Total operating expenses	38,117	27,110
Total operating loss	(38,117)	(27,110)
Other income (expense):
Loss on common stock warrant liabilities	(1,516)	(367)
Derivative gain	258,872	0
Interest expense, net of capitalized interest	(25,479)	0
Loss on debt extinguishment	(7,440)	0
Other, net	455	130
Total other income (expense)	224,892	(237)
Net income (loss) attributable to NextDecade Corporation	186,775	(27,347)
Less: net income attributable to non-controlling interest	158,429	0
Less: preferred stock dividends	0	(6,700)
Net income (loss) attributable to common stockholders	$ 28,346	$ (34,047)
Net loss per common share - basic (in usd per share)	$ 0.11	$ (0.23)
Net loss per common share - diluted (in usd per share)	$ 0.11	$ (0.23)
Weighted average shares outstanding - basic (in shares)	256,707	146,931
Weighted average shares outstanding - diluted (in shares)	266,886	146,931

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lessee, Operating Lease, Liability, to be Paid, Maturity

Maturity of operating lease liabilities as of March 31, 2024 are as follows (in thousands, except lease term and discount rate):


2024 (remaining)	$	5,568
2025	7,610
2026	9,522
2027	9,565
2028	9,609
Thereafter	199,241
Total undiscounted lease payments	241,115
Discount to present value	(92,676)
Present value of lease liabilities	$	148,438

Weighted average remaining lease term - years	27.6
Weighted average discount rate - percent	4.0

Lease, Cost

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


	Three Months Ended March 31,
	2024		2023
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$	2,143	$	290

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt - Summary of Credit Facilities Outstanding (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
CD Senior Working Capital Facility
Total Facility Size	$ 500,000
Outstanding balance	0
Letters of credit issued	120,625
Available commitment	$ 379,375
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%
CD Credit Facility
Total Facility Size	$ 9,554,000
Outstanding balance	817,000
Letters of credit issued	0
Available commitment	$ 8,737,000
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%
TCF Credit Facility
Total Facility Size	$ 800,000
Outstanding balance	102,000
Letters of credit issued	0
Available commitment	$ 698,000
Interest rate on outstanding balance	2.25%
Commitment fees on undrawn balance	0.68%
Corporate Credit Facility
Total Facility Size	$ 62,500
Outstanding balance	26,881
Letters of credit issued	0
Available commitment	$ 35,619
Interest rate on outstanding balance	4.50%
Commitment fees on undrawn balance	1.35%

Leases - Maturity of Operating Leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (remaining)	$ 5,568
2025	7,610
2026	9,522
2027	9,565
2028	9,609
Thereafter	199,241
Total undiscounted lease payments	241,115
Discount to present value	(92,676)
Present value of lease liabilities	$ 148,438
Weighted average remaining lease term - years	27 years 7 months 6 days
Weighted average discount rate - percent	4.00%

Accrued Liabilities and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Liabilities and Other Current Liabilities

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


	March 31, 2024		December 31, 2023
Rio Grande LNG Facility costs	$	270,393	$	268,821
Accrued interest	44,716		20,392
Employee compensation expense	2,944		9,270
Other accrued liabilities	3,944		781
Total accrued and other current liabilities	$	321,997	$	299,264

Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

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


	Three Months Ended March 31,
	2024		2023
Equity awards	$	4,409	$	1,559
Liability awards	30		—
Total share-based compensation expense	$	4,439	$	1,559

Supplemental Cash Flows

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flows

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


	Three Months Ended March 31,
	2024		2023
Accounts payable for acquisition of property, plant and equipment	$	166,893	$	72
Accruals for acquisition of property, plant and equipment	$	270,393	$	15,826
Non-cash settlement of warrant liabilities	$	4,886	$	—
Corporate fixed asset retirements	$	1,000	$	—
Accrued liabilities for acquisition of other non-current assets	$	—	$	140
Non-cash settlement of paid-in-kind dividends on convertible preferred stock	$	—	$	6,686

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 45,753	$ 38,241
Restricted cash	205,645	256,237
Derivatives	29,327	17,958
Prepaid expenses and other current assets	3,193	2,089
Total current assets	283,918	314,525
Property, plant and equipment, net	3,158,242	2,437,733
Operating lease right-of-use assets	169,504	170,827
Debt issuance costs	371,466	389,695
Derivatives	175,699	0
Other non-current assets	17,054	11,021
Total assets	4,175,883	3,323,801
Current liabilities:
Accounts payable	175,384	243,129
Accrued and other current liabilities	321,997	299,264
Common stock warrants	5,297	6,851
Operating leases	2,972	3,143
Total current liabilities	505,650	552,387
Common stock warrants	0	1,818
Operating leases	145,466	145,962
Derivative liability	0	66,899
Debt, net	2,393,730	1,816,301
Total liabilities	3,044,846	2,583,367
Commitments and contingencies (Note 12)
Stockholders’ equity
Common stock, $0.0001 par value, 480.0 million authorized: 257.5 million and 256.5 million outstanding, respectively	26	26
Treasury stock: 2.2 million shares and 2.2 million respectively, at cost	(14,308)	(14,214)
Preferred stock, $0.0001 par value, 0.5 million authorized after designation of the convertible preferred stock: none outstanding	0	0
Additional paid-in-capital	897,805	693,883
Accumulated deficit	(363,426)	(391,772)
Total stockholders’ equity	520,097	287,923	$ 56,836
Non-controlling interest	610,940	452,511
Total equity	1,131,037	740,434	$ 54,371
Total liabilities and equity	$ 4,175,883	$ 3,323,801

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 186,775	$ (27,347)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Consolidated Statement of Stockholders' Equity and Convertible Preferred Stock - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Non-controlling Interest	Preferred Stock
Beginning balance at Dec. 31, 2022	$ 54,371	$ 14	$ (4,587)	$ 289,084	$ (230,140)	$ 0	$ 202,443
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net		1		34,999
Shares repurchased related to share-based compensation			(47)
Share-based compensation				1,559
Receipt of equity commitments				0
Exercise of common stock warrants				0
Preferred stock dividends	(6,700)			(6,700)			6,686
Net income (loss)	(27,347)				(27,347)	0
Ending balance at Mar. 31, 2023	54,371	15	(4,634)	318,942	(257,487)	0	209,129
Beginning balance at Dec. 31, 2023	740,434	26	(14,214)	693,883	(391,772)	452,511	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net		0		0
Shares repurchased related to share-based compensation			(94)
Share-based compensation				4,409
Receipt of equity commitments				194,627
Exercise of common stock warrants				4,886
Preferred stock dividends	0			0			$ 0
Net income (loss)	186,775				28,346	158,429
Ending balance at Mar. 31, 2024	$ 1,131,037	$ 26	$ (14,308)	$ 897,805	$ (363,426)	$ 610,940

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36842
Entity Registrant Name	NEXTDECADE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5723951
Entity Address, Address Line One	1000 Louisiana Street, Suite 3300
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		257,994,156
Entity Central Index Key	0001612720
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Amendment Flag	true
Amendment Description	Explanatory NoteThe purpose of the filing of this Form 10-Q/A is to correct certain line items in the Company’s Consolidated Financial Statements for the three months ended March 31, 2024 that were originally reported incorrectly due to a clerical error. The following line items within the Statement of Cash Flows for the three months ended March 31, 2024 are changed as follows (in thousands): acquisition of property, plant and equipment has been changed from $(790,332) to $(774,615); net cash used in investing activities has been changed from $(796,365) to $(780,648); debt and equity issuance costs has been changed from $(4,309) to $(20,026); and net cash provided by financing activities has been changed from $782,110 to $766,393. Within the table of Debt Maturities in Note 6 to the Consolidated Financial Statements, the “2026” row has been changed from $35,619 to $26,881 and the “Thereafter” row has been changed from $2,407,262 to $2,416,000. There was an additional deletion of the line item for cash paid for interest, net of amounts capitalized in Note 13 to the Consolidated Financial Statements and corresponding changes to the disclosure of net cash used in investing activities and net cash provided by financial activities within Management’s Discussion and Analysis of Financial Condition and Results of Operations under the subheadings “Liquidity and Capital Resources—Investing Cash Flows” and “—Financing Cash Flows.”No other changes have been made to the Form 10-Q. This Form 10-Q/A speaks as of the original filing date and time of the Form 10-Q, and does not modify or update any other disclosures made in the Form 10-Q.

Variable Interest Entity - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 45,753	$ 38,241
Derivatives	29,327	17,958
Prepaid expenses and other current assets	3,193	2,089
Total current assets	283,918	314,525
Property, plant and equipment, net	3,158,242	2,437,733
Operating lease right-of-use assets	169,504	170,827
Debt issuance costs	371,466	389,695
Derivatives	175,699	0
Other non-current assets	17,054	11,021
Total assets	4,175,883	3,323,801
Current liabilities:
Accounts payable	175,384	243,129
Accrued and other current liabilities	321,997	299,264
Operating leases	2,972	3,143
Total current liabilities	505,650	552,387
Operating leases	145,466	145,962
Non-current derivative liability	0	66,899
Debt, net	2,393,730	1,816,301
Total liabilities	3,044,846	2,583,367
Rio Grande
Current assets:
Cash and cash equivalents	205,644	256,237
Derivatives	29,327	17,958
Prepaid expenses and other current assets	77	108
Total current assets	235,048	274,303
Property, plant and equipment, net	3,147,946	2,428,583
Operating lease right-of-use assets	156,218	157,053
Debt issuance costs	370,064	389,695
Derivatives	175,699	0
Other non-current assets	15,407	9,374
Total assets	4,100,382	3,259,008
Current liabilities:
Accounts payable	171,667	238,582
Accrued and other current liabilities	314,464	288,779
Operating leases	2,577	2,554
Total current liabilities	488,708	529,915
Operating leases	131,248	131,901
Non-current derivative liability	0	66,899
Debt, net	2,368,124	1,816,301
Total liabilities	$ 2,988,080	$ 2,545,016

Variable Interest Entity (Tables)

3 Months Ended

Mar. 31, 2024

Variable Interest Entity, Measure of Activity [Abstract]

Schedule of Variable Interest Entities

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.


	March 31, 2024		December 31, 2023
Assets
Current assets
Cash	$	205,644	$	256,237
Derivatives	29,327		17,958
Prepaid expenses and other current assets	77		108
Total current assets	235,048		274,303
Property, plant and equipment, net	3,147,946		2,428,583
Operating lease right-of-use assets, net	156,218		157,053
Debt issuance costs	370,064		389,695
Derivatives	175,699		—
Other non-current assets	15,407		9,374
Total assets	$	4,100,382	$	3,259,008

Liabilities
Current liabilities
Accounts payable	$	171,667	$	238,582
Accrued liabilities and other current liabilities	314,464		288,779
Operating lease	2,577		2,554
Total current liabilities	488,708		529,915
Operating lease	131,248		131,901
Non-current derivative liability	—		66,899
Debt, net	2,368,124		1,816,301
Total liabilities	$	2,988,080	$	2,545,016

- Definition

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.

+ References + Details

Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
Supplemental Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Accounts payable for acquisition of property, plant and equipment	$ 166,893	$ 72
Accruals for acquisition of property, plant and equipment	270,393	15,826
Non-cash settlement of warrant liabilities	4,886	0
Corporate fixed asset retirements	1,000	0
Accrued liabilities for acquisition of other non-current assets	0	140
Non-cash settlement of paid-in-kind dividends on convertible preferred stock	$ 0	$ 6,686

Common Stock Warrants - Fair Value Assumptions (Details)	Mar. 31, 2024	Dec. 31, 2023
Stock price
Temporary Equity [Line Items]
Warrants and rights outstanding, measurement input	5.68	4.77
Exercise price
Temporary Equity [Line Items]
Warrants and rights outstanding, measurement input	0.01	0.01
Risk-free rate
Temporary Equity [Line Items]
Warrants and rights outstanding, measurement input	0.051	0.047
Volatility
Temporary Equity [Line Items]
Warrants and rights outstanding, measurement input	0.683	0.784
Weighted average term (years)
Temporary Equity [Line Items]
Warrants and rights outstanding, measurement input	0.5	0.5

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 March 31, 2024, 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.

Derivatives (Tables)

3 Months Ended

Mar. 31, 2024

Derivative [Abstract]

Schedule of Derivative Instruments

As of March 31, 2024, Rio Grande has the following Swaps outstanding (in thousands):


Initial Notional Amount		Maximum Notional Amount		Maturity (1)	Weighted Average Fixed Interest Rate Paid		Variable Interest Rate Received
$	123,000	$	8,500,000	2048	3.4	%	USD - SOFR

- Definition

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.

+ References + Details

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	$ 3,158,501	$ 2,438,907
Less: accumulated depreciation	(259)	(1,174)
Total property, plant and equipment, net	3,158,242	2,437,733
Rio Grande LNG Facility under construction
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	3,150,790	2,431,389
Corporate and other
Property, Plant and Equipment [Table]
Total property, plant and equipment, at cost	$ 7,711	$ 7,518

Common Stock Warrants (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

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


	March 31, 2024			December 31, 2023
Stock price	$	5.68		$	4.77
Exercise price	$	0.01		$	0.01
Risk-free rate	5.1		%	4.7		%
Volatility	68.3		%	78.4		%
Weighted average term (years)	0.5			0.5

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Due to our cumulative loss position, we have established a full valuation allowance against our deferred tax assets at March 31, 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 months ended March 31, 2024 or 2023.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($) renewal_period	Mar. 31, 2023 USD ($)
Leases [Abstract]
Term of contract	30 years
Number of consecutive renewal term \| renewal_period	2
Renewal term	10 years
Operating lease costs \| $	$ 3.0	$ 0.3

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par or stated value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	480,000,000	480,000,000
Common stock, issued (in shares)	257,500,000	256,500,000
Common stock, outstanding (in shares)	257,500,000	256,500,000
Treasury stock, common (in shares)	2,200,000	2,200,000
Preferred stock, par or stated value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	500,000	500,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

Background and Basis of Presentation	3 Months Ended
Background and Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	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”), which currently has three liquefaction trains and related infrastructure under construction. The Rio Grande LNG Facility has received Federal Energy Regulatory Commission ("FERC") approval and Department of Energy ("DOE") FTA and non-FTA authorizations for the construction of five liquefaction trains and LNG exports totaling 27 million tonnes per annum ("MTPA"). Liquefaction trains 1 through 3 and related infrastructure are currently under construction and liquefaction trains 4 and 5 at the Rio Grande LNG Facility are currently in development. We are also developing a planned carbon capture and storage ("CCS") project at the Rio Grande LNG Facility and other potential CCS projects that would be located at third-party industrial facilities. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2023. In our opinion, all adjustments, consisting only of normal recurring items, which are considered necessary for a fair presentation of the unaudited consolidated financial statements, have been included. The results of operations for the three months ended March 31, 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 March 31, 2024, the Company had $45.8 million in cash and cash equivalents and available commitments of $26.2 million under a revolving loan facility, which may not be sufficient to fund the Company's planned operations and development activities for future phases of the Rio Grande LNG Facility, including expected pre-FID spending for Train 4, 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.

Share-based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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 expense consisted of the following (in thousands):


	Three Months Ended March 31,
	2024		2023
Equity awards	$	4,409	$	1,559
Liability awards	30		—
Total share-based compensation expense	$	4,439	$	1,559

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating cash flows for amounts paid included in the measurement of operating lease liabilities	$ 2,143	$ 290