NEXT: the balance sheet

MyFinsight

For the quarter ending 2026-03-31, NEXT has $13,231,740K in assets. $10,871,596K in debts. $143,120K in cash and cash equivalents.

Balance Sheets Overview

Current Ratio
40.15%
Quick Ratio
40.15%
Cash Ratio
11.79%
Debt to Asset Ratio
82.16%
Unit: Thousand (K) dollars
Assets Breakdown
Property, plant and equipment, n...
Derivatives
Total current assets
Others
Liabilities Breakdown
Debt, net
Non-controlling interests
Total current liabilities
Others

Balance Sheets	2026-03-31	2025-12-31	2025-09-30	2025-06-30
Cash and cash equivalents	143,120	143,782	209,402	158,537
Restricted cash	321,943	563,306	535,272	298,502
Derivatives	13,202	-	9,680	13,110
Prepaid expenses and other current assets	9,255	10,961	10,465	6,699
Total current assets	487,520	718,049	764,819	476,848
Property, plant and equipment, net	11,663,941	10,568,311	8,470,021	6,589,331
Operating lease right-of-use assets	135,147	162,493	163,577	163,909
Deferred financing fees	393,489	423,076	244,521	260,564
Derivatives	501,207	532,245	329,532	324,887
Other non-current assets	50,436	21,654	36,349	49,311
Total assets	13,231,740	12,425,828	10,008,819	7,864,850

Accounts payable	298,124	443,947	428,860	311,704
Operating leases	1,294	3,883	3,296	2,995
Accrued and other current liabilities	914,940	888,200	761,817	369,185
Total current liabilities	1,214,358	1,336,030	1,193,973	683,884
Phase1LLC-Variable Interest Entity Primary Beneficiary	-	6,805,000	-	-
Train4LLC-Train4LLCCredit Agreement-Variable Interest Entity Primary Beneficiary	-	357,000	-	-
A6.56Senior Secured Notes-Secured Debt-Train5LLC-Variable Interest Entity Primary Beneficiary	-	150,000	-	-
A13.00Super Fin Co Term Loan-Secured Debt	-	1,214,517	-	-
A12.00Corporate Credit Agreement-Line Of Credit	-	0	-	-
A8.00ARCorporate Credit Agreement-Senior Loans	-	100,000	-	-
A13.50ARCorporate Credit Agreement-Senior Loans	-	200,851	-	-
Total debt	-	8,827,368	-	-
Unamortized debt issuance costs	-	316,443	-	-
Debt, net	9,355,258	8,510,925	6,609,434	5,170,547
Operating leases	117,627	142,266	143,260	143,227
Other non-current liabilities	-	-	85,805	1,668
Derivatives	184,353	135,520	-	-
Total liabilities	10,871,596	10,124,741	8,032,472	5,999,326
Common stock, 0.0001 par value, 480.0 million authorized 265.0 million and 264.8 million outstanding, respectively	27	26	26	26
Treasury stock 4.9 million and 4.9 million, respectively, at cost	37,880	37,862	36,478	21,007
Additional paid-in-capital	903,508	893,131	903,614	884,656
Accumulated deficit	-896,363	-759,957	-712,677	-603,195
Total stockholders equity	-30,708	95,338	154,485	260,480
Non-controlling interests	2,390,852	2,205,749	1,821,862	1,605,044
Total equity	2,360,144	2,301,087	1,976,347	1,865,524
Total liabilities and equity	13,231,740	12,425,828	10,008,819	7,864,850

Unit: Thousand (K) dollars (except for numbers of shares and EPS). Numbers labeled with * are estimated quarterly values.

MyFinsight

Balance Sheets Overview

Current Ratio
40.15%
Quick Ratio
40.15%
Cash Ratio
11.79%
Debt to Asset Ratio
82.16%
Unit: Thousand (K) dollars
Assets Breakdown
Property, plant and equipment, n...
Derivatives
Total current assets
Others
Liabilities Breakdown
Debt, net
Non-controlling interests
Total current liabilities
Others

Time Plot

Show the time plot by selecting a row from the table.

Balance Sheets

Balance Sheets Overview

Current Ratio
40.15%
Quick Ratio
40.15%
Cash Ratio
11.79%
Debt to Asset Ratio
82.16%
Unit: Thousand (K) dollars
Assets Breakdown
Property, plant and equipment, n...
Derivatives
Total current assets
Others
Liabilities Breakdown
Debt, net
Non-controlling interests
Total current liabilities
Others

Time Plot

Show the time plot by selecting a row from the table.

Balance Sheets

Balance Sheets Overview

Current Ratio40.15%Quick Ratio40.15%Cash Ratio11.79%Debt to Asset Ratio82.16%Unit: Thousand (K) dollarsAssets BreakdownProperty, plant and equipment, n...DerivativesTotal current assetsOthersLiabilities BreakdownDebt, netNon-controlling interestsTotal current liabilitiesOthers

Time Plot

Show the time plot by selecting a row from the table.

Balance Sheets

Balance Sheets Overview

Current Ratio40.15%Quick Ratio40.15%Cash Ratio11.79%Debt to Asset Ratio82.16%Unit: Thousand (K) dollarsAssets BreakdownProperty, plant and equipment, n...DerivativesTotal current assetsOthersLiabilities BreakdownDebt, netNon-controlling interestsTotal current liabilitiesOthers

Time Plot

Show the time plot by selecting a row from the table.

Balance Sheets

Current Ratio
40.15%
Quick Ratio
40.15%
Cash Ratio
11.79%
Debt to Asset Ratio
82.16%
Unit: Thousand (K) dollars
Assets Breakdown
Property, plant and equipment, n...
Derivatives
Total current assets
Others
Liabilities Breakdown
Debt, net
Non-controlling interests
Total current liabilities
Others

Current Ratio
40.15%
Quick Ratio
40.15%
Cash Ratio
11.79%
Debt to Asset Ratio
82.16%
Unit: Thousand (K) dollars
Assets Breakdown
Property, plant and equipment, n...
Derivatives
Total current assets
Others
Liabilities Breakdown
Debt, net
Non-controlling interests
Total current liabilities
Others