NextDecade Corp (NASDAQ: NEXT) is a Houston-based energy company primarily engaged in the construction and development of a natural gas liquefaction and export facility. The company's project, the Rio Grande LNG Facility, is located in the Rio Grande Valley near Brownsville, Texas, on approximately 1,000 acres leased from the Brownsville Navigation District of Cameron County under a site lease with an initial term expiring July 12, 2053. As of the 10-K filed March 2, 2026, NextDecade had not generated operating revenue, reporting net losses attributable to common stockholders across fiscal years 2023, 2024, and 2025. The facility is being built under fixed-price turnkey engineering, procurement, and construction agreements with Bechtel Energy Inc., covering Trains 1 through 5. Phase 1 encompasses the first five liquefaction trains and related infrastructure. The company is pre-revenue and capital-intensive, funded through project-level debt facilities with multiple lenders including MUFG Bank and Mizuho Bank.

Revenue model

NextDecade has generated no operating revenue as of FY2025. The intended revenue model upon completion is the liquefaction and sale of LNG from the Rio Grande LNG Facility. The company carries operating losses and has financed construction through project-level debt and equity issuances.

Products and services

Natural gas liquefaction services and LNG production at the Rio Grande LNG Facility near Brownsville, Texas. The facility is structured in liquefaction trains: Trains 1 and 2 (under EPC agreement dated September 14, 2022), Train 3 (EPC agreement dated September 15, 2022), Train 4 (EPC agreement dated June 7, 2025), and Train 5 (financed under agreements dated October 16, 2025), all constructed by Bechtel Energy Inc.

Customers and end markets

The filing excerpts do not specify named LNG offtake customers or end-market geographies. NextDecade targets LNG export markets upon facility completion.

Value-chain role

Project developer and future LNG facility operator. NextDecade sits at the upstream-to-export interface, acquiring natural gas feed and converting it to LNG for export. Construction is executed by Bechtel Energy Inc. under fixed-price turnkey EPC contracts. Project financing involves senior secured debt structures with agents including MUFG Bank, Mizuho Bank, HSBC Bank USA, and Deutsche Bank National Trust Company.

Geographic exposure

Operations are concentrated in Brownsville, Cameron County, Texas (Rio Grande Valley). No other material real property is disclosed in the FY2025 10-K.

Source: SEC 10-K, filed 2026-03-02

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