NextDecade Corp (NEXT)
CIK 1612720 · all EDGAR filings →
Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.
Shares outstanding over time
Latest: 266.2M shares as of Jul 24, 2026 (10-Q).
Cash runway
Going-concern warning
auditor flagged substantial doubt
The company itself flagged going-concern doubt in a filing.
Full breakdown: cash runway tool · source filing →
Warrants
| Tranche | Warrants | Exercise price | Term | Notes |
|---|---|---|---|---|
| Warrants Due2031 | 7.2M | not tagged | — | — |
| Warrants Exercise Price Two | 5.6M | $9.3 | — | — |
| Warrants Exercise Price One | 3.6M | $7.15 | — | — |
| Warrants Due2032 | 2.0M | not tagged | — | — |
Tranches exactly as the company dimensioned them in its 10-Q filed Jul 30, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.
Warrants outstanding: 7.2M underlying shares, as reported Mar 31, 2025 (10-Q).
Balance-sheet fair value of warrants: $9.2M as of Jun 30, 2026.
Rough fully diluted estimate: 273.4M = 266.2M O/S + 7.2M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.
Convertible notes
| Note | Principal | Carrying | Conv. price | Rate | If converted |
|---|---|---|---|---|---|
| 8.00 AR Corporate Credit Agreement | $100.0M | $100.0M | $9.5 | 8% | ~10.5M sh |
If every note above converted at its tagged price: ~10.5M new shares on 266.2M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.
Notes exactly as the company dimensioned them in its 10-Q filed Jul 30, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.
Fully diluted build-up
Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.
| Shares outstanding | 266.2M | Jul 24, 2026 |
| + Warrants Due2031 (if exercised) | 7.2M | Jun 30, 2026 |
| + Warrants Exercise Price Two (if exercised) | 5.6M | Jun 30, 2026 |
| + Warrants Exercise Price One (if exercised) | 3.6M | Jun 30, 2026 |
| + Warrants Due2032 (if exercised) | 2.0M | Jun 30, 2026 |
| + 8.00 AR Corporate Credit Agreement (if fully converted) | 10.5M | Nov 17, 2025 |
| Fully diluted estimate | 295.1M | +10.9% vs O/S |
Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.
Registrations and offerings
Registered offering capacity on live registrations: $145.3Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted
Last 12 months: 1 executed · 1 registered.
Full history and shelf status: offering checker · S-3 shelf checker
Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.
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