NextDecade Corporation reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a net loss attributable to common stockholders of $123.2 million, or $(0.47) per share, compared to a net income of $107.6 million, or $0.48 per share, in the same period of 2023. This marked a decrease in net income of $230.8 million, primarily driven by increased general and administrative expenses and substantial derivative losses, which rose by approximately $570 million year-over-year.

For the nine months ended September 30, 2024, the net loss attributable to common stockholders was $127.4 million, compared to a loss of $53.5 million in the prior year. The increase in net loss of $73.9 million was attributed to higher general and administrative expenses and a decrease in derivative gains.

Total current assets decreased to $271.4 million from $314.5 million at the end of 2023, while total assets increased significantly to $5.1 billion, up from $3.3 billion. Current liabilities, particularly net debt, surged to $3.3 billion, compared to $1.8 billion at the end of 2023. Total liabilities also rose to $4.1 billion from $2.6 billion, reflecting the company's increased debt levels. However, total stockholders' equity saw a substantial increase to $669.8 million, up from $287.9 million at the end of 2023.

The company reported total operating expenses of $49.2 million for the three months ended September 30, 2024, compared to $35.8 million in the same period of 2023. General and administrative expenses rose to $43.6 million from $32.1 million year-over-year.

NextDecade's cash and cash equivalents stood at $38.2 million as of September 30, 2024, raising concerns about its ability to continue as a going concern. The company has not generated significant cash flow from operations and does not expect to do so until the Rio Grande LNG Facility becomes operational, projected for late 2027.

Strategically, NextDecade is focused on the construction of the Rio Grande LNG Facility, which is currently under development. The facility is approved for 27 million tonnes per annum (MTPA) of LNG exports, with three liquefaction trains under construction. Despite a recent court ruling vacating the FERC reauthorization of the facility, construction on Phase 1 continues. The company plans to secure additional funding through equity or debt instruments to address its financial challenges and support ongoing development activities.