NEXT: the balance sheet

MyFinsight

For the year ending 2025-12-31, NEXT has $12,425,828K in assets. $10,124,741K in debts. $143,782K in cash and cash equivalents.

Balance Sheets	2025-12-31
Cash and cash equivalents	143,782
Restricted cash	563,306
Prepaid expenses and other current assets	10,961
Total current assets	718,049
Property, plant and equipment, net	10,568,311
Operating lease right-of-use assets	162,493
Deferred financing fees	423,076
Derivatives	532,245
Other non-current assets	21,654
Total assets	12,425,828

Accounts payable	443,947
Operating leases	3,883
Accrued and other current liabilities	888,200
Total current liabilities	1,336,030
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	8,510,925
Operating leases	142,266
Derivatives - noncurrent liabilities	135,520
Total liabilities	10,124,741
Common stock, 0.0001 par value, 480.0 million authorized 264.8 million and 260.2 million outstanding, respectively	26
Treasury stock 4.9 million and 3.1 million respectively, at cost	37,862
Additional paid-in-capital	893,131
Accumulated deficit	-759,957
Total stockholders equity	95,338
Non-controlling interest	2,205,749
Total equity	2,301,087
Total liabilities and equity	12,425,828

Unit: Thousand (K) dollars (except for numbers of shares and EPS).