What changed in this filing

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Item 1. Financial Statements

2025-05-06 compared with 2024-11-07 · 67 added, 132 removed, 263 unchanged (43% of the section changed)

3 unchanged sentences

(in thousands, except per share data, unaudited)

September 30,

2025 December 31,

8 unchanged sentences

Deferred financing fees 292,971 317,788

Derivatives 303,214 472,057

Other non-current assets 24,996 15,557

3 unchanged sentences

Accounts payable $ 256,765 $ 244,642

Accrued and other current liabilities 331,029 306,115

Operating leases 2,847 2,881

Accrued and other current liabilities 216,068 347,561

Total current liabilities 475,680 595,084

1 unchanged sentence

Operating leases 143,787 144,164

Derivatives 60,219 66,899

Other non-current liabilities 1,463 —

15 unchanged sentences

Total liabilities and equity $ 6,893,670 $ 6,404,059

(1) Amounts presented include balances held by our consolidated variable interest entity, Intermediate Holdings, as further discussed in Note 7, Variable Interest Entity .

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Revenues $ — $ —

2 unchanged sentences

Development expense 307 2,509

Lease expense 2,559 2,582 8,181 3,245

Depreciation expense 613 42 1,317 117

Depreciation and amortization expense 3,149 3,103

Other 3,518 —

Total operating expenses 51,916 38,117

4 unchanged sentences

Loss on debt extinguishment — ( 7,440 )

Other, net 1,719 9,950 ( 408 ) 4,450

Other income (expense), net 2,593 ( 1,061 )

Total other (expense) income ( 193,312 ) 224,892

1 unchanged sentence

net (loss) income attributable to non-controlling interest ( 156,423 ) 158,429

preferred stock dividends — 7,030 — 20,484

Net (loss) income attributable to common stockholders $ ( 88,805 ) $ 28,346

Net (loss) income per common share — basic and diluted $ ( 0.34 ) $ 0.11

Weighted average shares outstanding - basic and diluted 259,379 222,466 257,981 173,720

Weighted average shares outstanding — basic 260,405 256,707

Weighted average shares outstanding — diluted 260,405 266,886

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Total stockholders' equity, beginning balances $ 1,744,386 $ 740,434

Common stock 26 26

Beginning balance 26 16 26 14

Issuance of common stock — 4 — 6

Preferred stock conversion — 6 — 6

Ending balance 26 26 26 26

Treasury Stock:

5 unchanged sentences

Share-based compensation 6,602 4,409

Issuance of common stock, net — 179,396 — 254,394

Receipt of equity commitments 4,262 91,423

Exercise of common stock warrants 2,827 4,886

Preferred stock conversion — 222,868 — 222,868

Preferred stock dividends — ( 7,030 ) — ( 20,484 )

Ending balance 865,745 794,601

1 unchanged sentence

Beginning balance ( 453,523 ) ( 391,772 )

Rio Bravo de-consolidation — 629 — 629

Net (loss) income ( 88,805 ) 28,346

3 unchanged sentences

Beginning balance 1,366,745 452,511

Sale of equity in Intermediate Holdings — 273,433 — 273,433

Receipt of equity commitments 210,738 103,204

Net (loss) income ( 156,423 ) 158,429

1 unchanged sentence

Total equity, ending balances $ 1,723,538 $ 1,131,037

Preferred Stock, Series A-C:

Beginning balance $ — $ 215,864 $ — $ 202,443

Preferred stock dividends — 7,010 — 20,431

Preferred stock conversion — ( 222,874 ) — ( 222,874 )

Ending balance $ — $ — $ — $ —

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2 unchanged sentences

(in thousands, unaudited)

Nine Months Ended

September 30,

Three Months Ended

Operating activities:

3 unchanged sentences

Share-based compensation expense 6,602 4,439

Derivative gain ( 38,206 ) ( 152,816 )

Derivative loss (gain) 168,700 ( 258,872 )

Derivative settlements 3,932 4,905

1 unchanged sentence

Loss on extinguishment of debt — 7,440

Corporate fixed asset retirements 3,518 —

Amortization of debt issuance costs 16,916 16,388

15 unchanged sentences

Costs associated with repayment of debt — ( 995 )

Proceeds from sale of common stock — 254,400

Debt issuance costs ( 18,330 ) ( 20,026 )

Preferred stock dividends — ( 53 )

Shares repurchased related to share-based compensation ( 49 ) ( 94 )

4 unchanged sentences

Balance per Consolidated Balance Sheets:

September 30, 2024

March 31, 2025

Cash and cash equivalents $ 130,938

6 unchanged sentences

NextDecade Corporation, a Delaware corporation, is a Houston-based energy company primarily engaged in construction and development activities related to the liquefaction of natural gas and sale of LNG and the capture and storage of CO 2 emissions.

We are constructing a natural gas liquefaction and export facility located in the Rio Grande Valley in Brownsville, Texas (the “Rio Grande LNG Facility”).

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 five liquefaction trains and LNG exports totaling 27 million tonnes per annum (“MTPA”).

The Rio Grande LNG Facility has three liquefaction trains and related infrastructure (“Phase 1”) under construction while liquefaction trains 4 and 5 are currently in development.

We are also developing and seeking to commercialize potential carbon capture and storage (“CCS”) projects.

On August 6, 2024, the U.S.

We are constructing and developing a natural gas liquefaction and export facility located in the Rio Grande Valley near Brownsville, Texas (the “Rio Grande LNG Facility”).

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 to five liquefaction trains and LNG exports totaling up to 27 million tonnes per annum (“MTPA”).

The Rio Grande LNG Facility has three liquefaction trains and related infrastructure (“Phase 1”) under construction, train 4 has achieved substantial commercial progress and is being advanced toward a final investment decision (“FID”), and train 5 is 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 (the “Court”) issued a decision vacating the FERC’s reauthorization of the Rio Grande LNG Facility on the grounds that the FERC should have issued a supplemental Environmental Impact Statement (“EIS”) during its remand process.

The Court's decision will not be effective until the Court has issued its mandate, which is not expected to occur until after the appeals process has been completed.

At this time, construction continues on Phase 1 at the Rio Grande LNG Facility.

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 generally accepted in the United States of America (“GAAP”) for interim financial information and with Rule 10-01 of Regulation S-X.

1 unchanged sentence

In our opinion, all adjustments, consisting only of normal recurring items, which are considered necessary for a fair presentation of the unaudited consolidated financial statements, have been included.

The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year.

The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the operating results for the full year.

Certain reclassifications have been made to conform prior period information to the current presentation.

The reclassifications did not have a material effect on the Company’s financial position, results of operations or cash flows.

The Company has incurred operating losses since its inception and management expects operating losses and negative cash flows to continue until the commencement of operations at the Rio Grande LNG Facility and, as a result, the Company will require additional capital to fund its operations and execute its business plan.

As of September 30, 2024, the Company had $ 38.2 million in cash and cash equivalents which may not be sufficient to fund the Company’s planned operations and development activities through one year after the date the consolidated financial statements are issued.

Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.

The analysis used to determine the Company’s ability to continue as a going concern does not include cash sources outside of the Company’s direct control that management expects to be available within the next twelve months.

The Company plans to alleviate the going concern issue by obtaining sufficient funding through additional equity, equity-based or debt instruments or any other means and by managing certain operating and overhead costs.

The Company’s ability to raise additional capital in the equity and debt markets, should the Company choose to do so, is dependent on a number of factors, including, but not limited to, the market demand for the Company’s equity or debt securities, which itself is subject to a number of business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are satisfactory to the Company.

In the event the Company is unable to obtain sufficient additional funding, there can be no assurance that it will be able to continue as a going concern.

These consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.

Note 2 — Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):

September 30,

2025 December 31,

6 unchanged sentences

In July 2023, Rio Grande entered into interest rate swaps agreements (the “Swaps”) to protect against interest rate volatility by hedging a portion of the floating-rate interest payments associated with the credit facilities described in Note 6 — Debt .

In June 2024, Rio Grande reduced the maximum notional amount associated with the Swaps by approximately $ 583.1 million, which resulted in a realized derivative gain of $ 30.9 million.

As of September 30, 2024, Rio Grande has the following Swaps outstanding (in thousands):

As of March 31, 2025, Rio Grande has the following Swaps outstanding (in thousands):

Initial Notional Amount Maximum Notional Amount Maturity (1)

3 unchanged sentences

The Company values the Swaps using an income-based approach based on observable inputs to the valuation model including interest rate curves, risk adjusted discount rates, credit spreads and other relevant data.

The net fair value of the Swaps is approximately $ 56.0 million as of September 30, 2024, and is classified as Level 2 in the fair value hierarchy.

The net fair value of the Swaps is approximately $ 317.5 million as of March 31, 2025, and is classified as Level 2 in the fair value hierarchy.

Note 4 — Leases

2 unchanged sentences

The Company has also entered into an office space lease which expires on December 31, 2035, and does not include any options for renewal.

For the three months ended September 30, 2024 and 2023, our operating lease costs were $ 2.6 million and $ 2.6 million, respectively.

For the nine months ended September 30, 2024 and 2023, our operating lease costs were $ 8.2 million and $ 3.3 million, respectively.

Maturity of operating lease liabilities as of September 30, 2024 are as follows (in thousands, except lease term and discount rate):

For the three months ended March 31, 2025 and 2024, our operating lease costs were $ 2.5 million and $ 3.0 million, respectively.

For the three months ended March 31, 2025 and 2024, we paid approximately $ 1.9 million and $ 2.1 million, respectively, in cash for amounts included in the measurement of operating lease liabilities, all of which are presented within operating cash flows.

Maturity of operating lease liabilities as of March 31, 2025 are as follows (in thousands, except lease term and discount rate):

2025 (remaining) $ 5,703

5 unchanged sentences

Weighted average discount rate — percent 4.1

Other information related to our operating leases is as follows (in thousands):

Nine Months Ended September 30,

Operating cash flows for amounts paid included in the measurement of operating lease liabilities $ 6,126 $ 968

Noncash right-of-use assets recorded for operating lease liabilities during the period — 147,829

Note 5 — Accrued Liabilities and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

September 30,

2025 December 31,

2 unchanged sentences

Employee compensation expense 3,767 13,425

Professional services 5,400 —

Other accrued liabilities 10,679 17,088

2 unchanged sentences

Debt consisted of the following (in thousands):

September 30,

2025 December 31,

2 unchanged sentences

$ 700,000 $ 700,000

6.85 % Senior Secured Notes due 2047

190,000 190,000

6.58 % Senior Secured Notes due 2047

1,115,000 1,115,000

6.72 % Senior Secured Loans due 2033

2 unchanged sentences

251,000 251,000

6.85 % Senior Secured Notes due 2047

6.58 % Senior Secured Notes due 2047

Total Senior Secured Notes and Loans 2,612,000 2,612,000

12.00 % Corporate Credit Agreement due 2030 (1)

180,250 175,000

Credit Facilities:

2 unchanged sentences

TCF Credit Facility 283,000 226,000

Corporate Credit Facility 54,890 —

Total Credit Facilities 1,893,000 1,248,000

Total debt 4,685,250 4,035,000

1 unchanged sentence

Total debt, net $ 4,549,202 $ 3,920,425

(1) Includes paid-in-kind interest of approximately $ 5.3 million .

Senior Secured Notes and Loans

1 unchanged sentence

The Senior Secured Notes and Senior Secured Loans are secured on a first-priority basis by a security interest in all of the membership interests in Rio Grande and substantially all of Rio Grande’s assets, on a pari passu basis with the CD Credit Agreement and the TCF Credit Facility.

Corporate Credit Agreement

Under the terms of the Corporate Credit Agreement, the Company may elect to add to the outstanding principal as paid-in-kind interest with respect to the first eight interest payment dates and may elect 50 % as paid-in-kind interest of each interest payment date thereafter.

The Company may prepay the principal of the Corporate Credit Agreement, plus any unpaid interest, as follows:

Prepayment Prior To (1)

% of Principal

December 31, 2026 100.0 %

December 31, 2027 105.0 %

December 31, 2028 102.5 %

December 31, 2030 100.0 %

(1) 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 purchase 7.2 million shares of our common stock (the “Warrants”).

For additional details about the Warrants, refer to Note 8, Stockholders' Equity .

Credit Facilities

Below is a summary of our committed credit facilities outstanding as of September 30, 2024 (in thousands):

CD Senior Working Capital Facility CD Credit Facility TCF Credit Facility Corporate Credit

Below is a summary of our committed credit facilities outstanding as of March 31, 2025 (in thousands):

CD Senior Working Capital Facility CD Credit Facility TCF Credit Facility

Total Facility Size $ 500,000 $ 8,448,000 $ 800,000

2 unchanged sentences

Available commitment $ 432,713 $ 6,838,000 $ 517,000

Priority ranking Senior secured Senior secured Senior secured Senior secured

Priority ranking Senior secured Senior secured Senior secured

Interest rate on outstanding balance SOFR + 2.25 %

1 unchanged sentence

SOFR + 2.25 %

SOFR + 4.50 %

Commitment fees on undrawn balance 0.68 % 0.68 % 0.68 %

Maturity Date 2030 2030 2030

first-priority, pari passu basis with the Senior Secured Notes, the Senior Secured Loans and the loans made under the TCF Credit Facility.

The obligations of Rio Grande under the CD Senior Working Capital Facility and CD Credit Facility are secured by substantially all of the 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 Senior Secured 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 a pledge of all of the membership interests in Rio Grande on a first-priority, pari passu basis with the Senior Secured Notes, the Senior Secured Loans and the loans made under the CD Credit Agreement.

Total Energies Holdings SAS provides contingent credit support to the lenders under the TCF Credit Agreement to pay past due amounts owing from Rio Grande under the agreement upon demand.

The obligations of NextDecade LLC under the Corporate Credit Facility are guaranteed by Rio Grande LNG Super Holdings, LLC and Rio Grande LNG Intermediate Super Holdings, LLC, wholly owned subsidiaries of NextDecade LLC.

The Corporate Credit Facility matures at the earlier of January 6, 2026 or 10 business days after a positive FID on Train 4 at the Rio Grande LNG facility.

Restrictive Debt Covenants

1 unchanged sentence

The Rio Grande Facilities, the Senior Secured Loans, and Senior Secured Notes require Rio Grande to maintain a historical debt service coverage ratio of at least 1.10 :1.00 at the end of each fiscal quarter starting from the initial principal payment date.

With respect to certain events, including a change of control event and receipt of certain proceeds from asset sales, events of loss or liquidated damages, the Senior Secured Notes and Senior Secured Loans requires Rio Grande to make an offer to repay the amounts outstanding at 101 % (with respect to a change of control event) or par (with respect to each other event).

As of September 30, 2024, the Company was in compliance with all covenants related to its respective debt agreements.

Debt Extinguishment

As of September 30, 2024, Rio Grande has made repayments of $ 1,282.0 million, on the outstanding principal balance of the CD Credit Facility.

As a result of these repayments, during the nine months ended September 30, 2024, Rio Grande has recognized approximately $ 47.6 million in losses on extinguishment.

Debt Maturities

Principal Payments

2024 - 2025 $ —

2027 - 2028 —

Thereafter 3,312,000

Total $ 3,366,890

With respect to certain events, including a change of control event and receipt of certain proceeds from asset sales, events of loss or liquidated damages, the Senior Secured Notes and Senior Secured Loans require Rio Grande to make an offer to repay the amounts outstanding at 101 % (with respect to a change of control event) or par (with respect to each other event).

The Corporate Credit Agreement permits subsidiaries of Super Holdings to incur indebtedness to fund project-level equity in support of the construction of trains 4 and 5 of the Rio Grande LNG Facility, subject to the terms and conditions provided therein, including that Super Holdings make an offer to prepay the Corporate Credit Agreement in full at par plus accrued and unpaid interest.

As of March 31, 2025, the Company was in compliance with all covenants related to its respective debt agreements.

Interest Expense

1 unchanged sentence

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Interest per contractual rate $ 73,105 $ 36,591

6 unchanged sentences

The following table shows the carrying amount and estimated fair value of our debt (in thousands):

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value

1 unchanged sentence

Senior Loans — Level 2 607,000 600,753 607,000 609,082

The fair value of the Senior Secured Notes and Senior Secured Loans was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates on debt issued by parties with comparable credit ratings.

Corporate Credit Agreement — Level 2 180,250 130,040 175,000 169,750

The fair value of the Senior Secured Notes, Senior Secured Loans and Corporate Credit Agreement was calculated based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including interest rates on debt issued by parties with comparable credit ratings.

The fair value of the CD Credit Facility, TCF Credit Facility and Corporate Credit Facility approximates its respective carrying amount due to its variable interest rate, which approximates a market interest rate.

8 unchanged sentences

The assets and liabilities in the table below include assets and liabilities of Intermediate Holdings only and exclude intercompany balances between Intermediate Holdings and NextDecade, which are eliminated in the Consolidated Financial Statements of NextDecade.

September 30,

2025 December 31,

7 unchanged sentences

Deferred financing fees 292,971 317,788

Derivatives 303,214 472,057

Other non-current assets 21,441 15,407

9 unchanged sentences

Total liabilities $ 5,003,212 $ 4,484,555

Note 8 — Net Loss Per Share

Potentially dilutive securities not included in the diluted net (loss) income per share computations because their effect would have been anti-dilutive were as follows (in thousands):

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Unvested stock and stock units (1)

7,627 — 8,190 2,133

Common stock warrants 446 — 922 1,456

Total potentially dilutive common shares 8,073 — 9,112 3,589

(1) Includes the impact of unvested shares containing performance conditions to the extent that the underlying performance conditions are satisfied based on actual results as of the respective dates.

Note 8 — Stockholders' Equity

The Warrants were issued in two tranches giving the lender the right to purchase up to approximately 3.6 million shares of our common stock at $ 7.15 per share (“Tranche A”) and an additional approximately 3.6 million shares of our common stock at $ 9.30 per share (“Tranche B”).

The Warrants may be exercised by the holder solely on a cashless exercise basis at any time prior to December 31, 2029.

The Company, at its discretion, may cause Tranche A to be exercised on a cash exercise basis (i) on any date between June 30, 2026 and December 31, 2026, if the 30-day volume weighted average trading price (“VWAP”) of the Company equals or exceeds $ 13.50 per share and the closing price for the Company's common stock exceeds such VWAP immediately prior to the date of exercise, or (ii) on any date between January 1, 2027 and July 1, 2027, if the P30D-day VWAP for the Company's common stock equals or exceeds $ 15.00 per share and the closing price of the Company's common stock exceeds such VWAP immediately prior to the date of exercise, provided that in each case (a) an affirmative FID on train 4 of the Rio Grande LNG Facility has been taken and (b) certain liquidity conditions regarding the holders ability to sell the shares of the Company's common stock have been met.

The Warrants have been excluded from the computation of diluted loss per share for the three months ended March 31, 2025 because including them in the computation would have been antidilutive for the period presented.

Note 9 — Share-based Compensation

1 unchanged sentence

Upon the vesting of Restricted Stock, shares of common stock are released to the grantee.

During the three months ended September 30, 2024, certain 2017 Plan participants were granted non-qualified options to purchase shares of common stock.

Stock options were granted at an exercise price of $ 10.00 , which was above the market price of the common stock on the date of grant.

Stock options vest after three years of service or as otherwise set forth in the underlying award agreement.

Vested options shall be exercisable at such time and under such conditions set forth in the underlying award agreement, but in no event shall any option be exercisable later than the tenth anniversary of the date of grant.

The fair value of each stock option award was estimated using the Black-Scholes option pricing model which resulted in a grant date fair value of $ 2.69 .

Valuation assumptions used to determine the grant date fair value were as follows:

Expected term (in years) 6.5

Expected volatility 76.0 %

Expected dividend yield — %

Risk-free rate 3.8 %

Due to our limited history, the Company has elected to apply the simplified method to determine the expected term.

Additionally, due to our limited history, expected volatility is based on a blend of our historical volatility and our implied volatility.

The expected dividend yield is based on our historical yields on the date of grant.

The risk-free rate is based on the U.S.

Treasury yield curve in effect at the time of grant.

For the three and nine months ended September 30, 2024, the Company recognized share-based compensation expense related to all share-based awards of approximately $ 5.0 million and $ 13.8 million, respectively.

For the three and nine months ended September 30, 2023, the Company recognized share-based compensation expense related to all share-based awards of approximately $ 9.7 million and $ 22.1 million, respectively.

Note 10 — Income Taxes

Due to our cumulative loss position, we have established a full valuation allowance against our deferred tax assets at September 30, 2024 and December 31, 2023.

Due to our full valuation allowance, we have not recorded a provision for federal or state income taxes during either of the three and nine months ended September 30, 2024 or 2023.

As of March 31, 2025, we had approximately 8.4 million shares of service-based and approximately 4.3 million shares of performance-based Restricted Stock outstanding.

Further, the approximately 12.7 million shares of Restricted Stock, as well as approximately 1.5 million stock options outstanding, have been excluded from the computation of diluted

loss per share for the three months ended March 31, 2025 because including them in the computation would have been antidilutive for the period presented.

For the three months ended March 31, 2025 and 2024, the Company recognized approximately $ 6.6 million and $ 4.4 million, respectively, of share-based compensation expense related to all share-based awards.

Note 10 — Commitments and Contingencies

1 unchanged sentence

From time to time the Company may be subject to various claims and legal actions that arise in the ordinary course of business.

As of September 30, 2024, management is not aware of any claims or legal actions against the Company that, separately or in the aggregate, are likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows, although the Company cannot guarantee that a material adverse effect will not occur.

As of March 31, 2025, management is not aware of any claims or legal actions against the Company that, separately or in the aggregate, are likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows, although the Company cannot guarantee that a material adverse effect will not occur.

Note 11 — Supplemental Cash Flows

The following table provides supplemental disclosure of cash flow information (in thousands):

Nine Months Ended

September 30,

Three Months Ended

Interest payments classified as operating activities $ 27,299 $ 1,461

2 unchanged sentences

Non-cash settlement of warrant liabilities 2,828 4,886

Corporate fixed asset retirements 1,256 —

Reclassification from other non-current assets to property, plant and equipment 1,867 9,006

Reclassification from other non-current assets to operating lease right-of-use assets — 24,606

Accrued liabilities for debt and equity issuance costs — 536

Non-cash settlement of paid-in-kind dividends on convertible preferred stock — 20,431

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements