NextDecade Corp. reported a net loss of $136.4 million for its first quarter of 2026, translating to 51 cents per share. The loss is larger than the $88.8 million loss (34 cents per share) recorded in the same period a year earlier, but the company’s earnings per share beat analyst expectations by $0.15, with a reported EPS of –$0.51 versus an estimate of –$0.66. The quarter’s loss is driven by the company’s ongoing capital‑intensive construction of the Rio Grande LNG facility, which has yet to generate revenue.
The EPS beat was largely a result of disciplined cost management amid the heavy construction spend. While the company continues to incur significant operating expenses, it has avoided one‑time charges that could have further eroded earnings. The absence of revenue from the LNG facility means the loss is largely a function of the project’s capital outlay rather than a decline in operating performance.
Construction progress remains on track. Phase 1 of the Rio Grande LNG project is 67.8 % complete, with Train 3 at 44.2 %, Train 4 at 10.6 %, and Train 5 at 6.8 %. “NextDecade is continuing to progress rapidly toward first LNG at the Rio Grande LNG Facility as we work with Bechtel to construct our trains safely, on budget, and ahead of schedule,” said Chairman and CEO Matt Schatzman. “Phase 1 continues to track ahead of the guaranteed substantial completion dates for each train, early electrical commissioning of Train 1 continues, and we expect first gas into the facility in the second half of this year and first LNG production in the first half of 2027.” The company also plans to file a full submission for Train 6 with the Federal Energy Regulatory Commission before the end of the second quarter and to advance Trains 7 and 8 during the year.
Financing remains a critical focus. NextDecade has secured more than $9 billion in project‑level credit facilities for Phase 1 and has refinanced $1.85 billion of bank debt into capital‑market securities. As of March 31, 2026, the company’s net debt stood at $9.36 billion, giving it a debt‑to‑equity ratio of 3.70. The firm has also obtained a three‑year extension from FERC to complete the facility amid ongoing legal disputes with environmental groups.
Investor sentiment has been cautious, reflecting the company’s high leverage and ongoing operating losses, but has been buoyed by the steady construction progress and favorable macro trends in U.S. LNG demand. Analysts note that the company’s ability to secure long‑term offtake agreements and manage its debt profile will be key to maintaining investor confidence as it moves toward first LNG production.
revised_sentiment_rating
}
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.