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SEC filingNextDecade reported no revenue as Rio Grande LNG construction advances, with operating loss widening to -$55.1M on scaling costs and net loss improving to -$195.0M versus prior year amid ongoing pre-commercialization cash burn of -$1.3B free cash flow.
Net income improved 20.5% to -$195.0 million from -$245.2 million, as smaller derivative losses offset ongoing operating pressures. However, diluted EPS weakened 50.0% to -$0.51 from -$0.34, attributable to the larger per-share impact amid share count expansion. This dynamic underscores the pre-revenue phase's financial profile, where construction milestones drive near-term losses but build toward commercialization.
LLC agreement amendments for Phase 1 and Train 4 introduce 'ND Accelerated Funding Rebalancing,' ensuring committed members like GIP, TotalEnergies, GIC, and MIC align equity contributions to their capital percentages post-closing. This optimizes funding for capital calls, default remedies, and partner interests amid construction advances. Looking forward, management anticipates financing future liquefaction trains and potential CCS via debt, equity-based instruments, and offerings, aligning with SPA economics for LNG ramp-up.