Net loss narrows 20.5% on smaller below-the-line deductions as Trains 4-5 enter construction

Filed May 1, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  Net loss narrowed 20.5% to $195.0M despite operating loss widening 6.2% to $55.1M; the bottom-line improvement came from smaller below-the-line deductions (interest/derivatives/tax), not operations. Derivative losses fell $106.6M on higher forward SOFR rates, more than offsetting $52.0M higher net interest expense.

  MD&A: Net Loss Variance verify on EDGAR →
• high

  Trains 4 and 5 achieved FID and began construction in September and October 2025, expanding the SPA portfolio from 16.2 MTPA to 25.3 MTPA across 14 counterparties with $3.0B in annual fixed fees. Each train carries $6.7B in estimated capital costs; NextDecade committed $2.4B in aggregate equity contributions.

  MD&A: Train 4 and Train 5 FID verify on EDGAR →
• high

  Secured early cargo sales for 175 TBtu (33% of 2027-early 2029 portfolio volumes) at >$3/MMBtu cargo margin in February 2026, providing near-term revenue visibility ahead of long-term SPA commencement.

  MD&A: Early Cargo Marketing verify on EDGAR →