NextDecade Corp 2025年季度报告

FORM 10-Q FOR THE QUARTER ENDED MARCH31, 2025TABLE OF CONTENTS Organizational StructurePart I. Financial Information Notes to Consolidated Financial StatementsItem 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPart II. Other InformationItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. Exhibits Corporation (NASDAQ: NEXT) and its consolidated subsidiaries, and references to “Rio Grande” refer to Rio Grande LNG, LLC and itsconsolidated subsidiaries. Amounts presented include balances held by our consolidated variable interest entity, Intermediate Holdings, as further discussed in Note 7, development activities related to the liquefaction of natural gas and sale of LNG and the capture and storage of COemissions. We are 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 up tofiveliquefaction trains and LNG exports totaling up to27million construction, train4has achieved substantial commercial progress and is being advanced toward a final investment decision (“FID”), and train5is being commercialized. We are also developing and beginning the permitting process for expansion trains 6 through 8 at the Rio Grande LNG Facility and developing a potential carbon capture and storage (“CCS”) project at the Rio Grande LNG Facility.In March 2025, the U.S. Court of Appeals for the D.C. Circuit issued a revision to its August 2024 decision regarding our FERC order, resulting in a remand without vacatur of the FERC order for the first five liquefaction trains at the Rio Grande LNG Facility.The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generallyaccepted 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 conjunctionwith the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year endedDecember31, 2024. In our opinion, all adjustments, consisting only of normal recurring items, which are considered necessary for a fairpresentation of the unaudited consolidated financial statements, have been included. The results of operations for the three months endedMarch31, 2025 are not necessarily indicative of the operating results for the full year. Note 2 —Property, Plant and EquipmentProperty, plant and equipment consisted of the following (in thousands): 20252024Rio Grande LNG Facility under construction$5,696,258$Corporate and other8,163Total property, plant and equipment, at cost5,704,421$ In July 2023, Rio Grande entered into interest rate swaps agreements (the “Swaps”) to protect against interest rate volatility byhedging a portion of the floating-rate interest payments associated with the credit facilities described in Note 6 —Debt. Initial Notional AmountAmount123,000$7,916,900 as of March31, 2025, and is classified as Level 2 in the fair value hierarchy.Note 4 —Leases Discount to present value Present value of lease liabilities$Weighted average remaining lease term — yearsWeighted average discount rate — percent Note 5 —Accrued Liabilities and Other Current LiabilitiesAccrued expenses and other current liabilities consisted of the following (in thousands): Rio Grande LNG Facility costs$ December 31, 2030100.0%Prepayment prior to December 31, 2026 would require an additional make whole premium.In conjunction with the Corporate Credit Agreement, we issued to the lender warrants to purchase7.2million shares of our commonstock (the “Warrants”). For additional details about the Warrants, refer to Note 8,Stockholders' Equity. CD Senior Working CapitalFacilityCD Credit FacilityTCF Credit Facility Total Facility Size$500,000$ The obligations of Rio Grande under the CD Senior Working Capital Facility and CD Credit Facility are secured by substantially all ofthe 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 SeniorSecured 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 under the TCF Credit Agreement to pay past due amounts owing from Rio Grande under the agreement upon demand. The CD Credit Facility and the TCF Credit Facility (collectively, the “Rio Grande Facilities”) include certain covenants and event