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NextDecade Corporation (NASDAQ:NEXT), a $1.95 billion market cap company currently trading at $7.44, announced Monday that Chief Financial Officer Brent Wahl has notified the company of his intention to resign effective October 20, 2025. According to InvestingPro data, the company operates with a significant debt burden, with a debt-to-equity ratio of 20.41, and faces challenges with rapid cash burn. According to a statement based on a press release and SEC filing, Wahl is leaving to pursue a professional opportunity in the digital infrastructure industry. The company said his departure is not related to any issues or disagreements regarding NextDecade’s financial disclosures, accounting matters, operations, policies, or practices.
To facilitate a smooth transition, NextDecade and Wahl intend to enter into a consulting arrangement through December 31, 2025. During this period, Wahl will assist with the transfer of his current responsibilities. This transition comes at a crucial time for the company, which currently maintains a concerning current ratio of 0.7, indicating potential liquidity challenges according to recent financial data.
The company’s board has appointed Michael Mott, age 65, as interim principal financial officer while a search for a new Chief Financial Officer is underway. Mott has served as Senior Vice President, Enterprise Transformation since July 2024, and has held various leadership roles at NextDecade since joining in June 2021, including Senior Vice President, Corporate Strategy and Senior Vice President, Carbon Solutions. Prior to his tenure at NextDecade, Mott was Chief Financial Officer at LNG Limited from October 2014 to May 2020 and worked as an independent business consultant from May 2020 to June 2021. He also held senior positions at BG Group and Dynegy Inc., and spent 13 years at Price Waterhouse LLP.
NextDecade stated that Mott’s appointment was not made pursuant to any arrangement or understanding with any other person, and that there are no family relationships between Mott and any director or executive officer of the company. The company also reported that Mott has no direct or indirect material interest in any transactions requiring disclosure under SEC regulations.
The information in this article is based on a press release statement and details disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission. For deeper insights into NextDecade’s financial health and performance metrics, InvestingPro subscribers have access to over 10 additional key financial tips and comprehensive analysis tools. InvestingPro’s Financial Health Score currently rates the company as ’Weak’, suggesting careful monitoring may be warranted during this transition period.
In other recent news, Dynagas LNG Partners LP has filed a Form 6-K with the Securities and Exchange Commission, covering the first half of 2025. This filing includes management’s discussion and analysis of financial condition and results of operations, along with interim unaudited consolidated financial statements. The report is incorporated into the company’s registration statement on Form F-3, effective since November 13, 2024. Meanwhile, NextDecade Corporation has made significant progress with its Rio Grande LNG project by reaching a positive final investment decision on Train 4. The company has secured approximately $6.7 billion in financial transactions to fully fund Train 4 and related infrastructure. This includes a $3.85 billion term loan facility and $1.13 billion in equity commitments. However, Morgan Stanley downgraded NextDecade’s stock from Overweight to Equalweight due to a lower cash flow outlook, reducing its price target to $10.00 from $15.00.
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