NextDecade director Giovanni Oddo resigns from board, NIC to designate replacement

NextDecade Corp., a company listed on NASDAQ under the ticker symbol NEXT, has announced that Giovanni Oddo, a board member, has resigned from his position with immediate effect. This information was disclosed in a recent SEC filing, based on a statement released on Thursday. Oddo had been a member of the board since May 2022, following his appointment under a Purchaser Rights Agreement between NextDecade and NIC, an affiliate of Mubadala Investment Company.

The board alteration occurs at a time when NextDecade is grappling with financial challenges. The company boasts a market capitalization of $1.68 billion, yet it carries a total debt of $10.66 billion. According to InvestingPro analysis, NextDecade's stock may be overvalued in comparison to its fair value estimate. The company's financial health rating is classified as WEAK, and InvestingPro subscribers have access to 9 additional insights into the company's fiscal standing.

Oddo's resignation comes without any reported disagreements between him and NextDecade concerning the company's operations, policies, or practices. Under the terms of the Purchaser Rights Agreement, NIC is entitled to select a replacement for Oddo on the board of directors. This development was conveyed in a press release accompanying NextDecade's filing with the Securities and Exchange Commission.

In addition to Oddo's departure, NextDecade reported a smaller-than-anticipated loss for the second quarter of 2026. The company recorded adjusted earnings of negative $0.25 per share, which exceeded Wall Street's prediction of a $0.62 per share loss. Revenue was reported at $0, aligning with market forecasts. NextDecade also highlighted substantial advancements in financing and construction for its Rio Grande LNG project.

Recent debt agreements have reduced Phase One bank borrowings by approximately $4.6 billion, enhancing the company's capital structure and garnering investor interest.