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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to .\n\nCommission file number 001-42486\n\nVENTURE GLOBAL, INC.\n\n(Exact Name of Registrant as Specified in Its Charter)\n\nDelaware95-3539083\n\n(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)\n\n1001 19th Street North, Suite 1500\n\nArlington, Virginia 22209\n\n(Address of Principal Executive Offices)\n\n(202) 759-6740\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each ClassTrading SymbolName of Each Exchange on Which Registered\n\nClass A common stock, $ 0.01 par valueVGNew York Stock Exchange\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):\n\nLarge accelerated filer ☐ Accelerated filer ☐\n\nSmaller reporting company ☐\n\nNon-accelerated filer ☒ (Do not check if a smaller reporting company)\n\nEmerging growth company ☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 1, 2026, the number of shares of the registrant’s Class A common stock outstanding was 515,753,572, and the number of shares of the registrant’s Class B common stock outstanding was 1,968,604,458.\n\nTABLE OF CONTENTS\n\nPage\n\n[Glossary of Key](#i1913c702fafc4870bed2af8282b10336_549755816543)[Terms](#i1913c702fafc4870bed2af8282b10336_549755816543)\n\n[1](#i1913c702fafc4870bed2af8282b10336_549755816543)\n\n[Cautionary Statement Regarding Forward-Looking Statements](#i1913c702fafc4870bed2af8282b10336_13)\n\n[3](#i1913c702fafc4870bed2af8282b10336_13)\n\n[PART I](#i1913c702fafc4870bed2af8282b10336_19)\n\n[Item 1. Financial Statements](#i1913c702fafc4870bed2af8282b10336_205)\n\n[6](#i1913c702fafc4870bed2af8282b10336_205)\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i1913c702fafc4870bed2af8282b10336_157)\n\n[28](#i1913c702fafc4870bed2af8282b10336_157)\n\n[Item 3. Quantitative and Qualitative Disclosures about Market Risk](#i1913c702fafc4870bed2af8282b10336_433)\n\n[43](#i1913c702fafc4870bed2af8282b10336_433)\n\n[Item 4. Controls and Procedures](#i1913c702fafc4870bed2af8282b10336_436)\n\n[43](#i1913c702fafc4870bed2af8282b10336_436)\n\n[PART II](#i1913c702fafc4870bed2af8282b10336_145)\n\n[Item 1. Legal Proceedings](#i1913c702fafc4870bed2af8282b10336_139)\n\n[44](#i1913c702fafc4870bed2af8282b10336_139)\n\n[Item 1A. Risk Factors](#i1913c702fafc4870bed2af8282b10336_103)\n\n[45](#i1913c702fafc4870bed2af8282b10336_549755816238)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i1913c702fafc4870bed2af8282b10336_151)\n\n[45](#i1913c702fafc4870bed2af8282b10336_151)\n\n[Item 3. Defaults Upon Senior Securities](#i1913c702fafc4870bed2af8282b10336_448)\n\n[45](#i1913c702fafc4870bed2af8282b10336_448)\n\n[Item 4. Mine Safety Disclosures](#i1913c702fafc4870bed2af8282b10336_142)\n\n[45](#i1913c702fafc4870bed2af8282b10336_142)\n\n[Item 5. Other Information](#i1913c702fafc4870bed2af8282b10336_313)\n\n[45](#i1913c702fafc4870bed2af8282b10336_313)\n\n[Item 6. Exhibits](#i1913c702fafc4870bed2af8282b10336_349)\n\n[46](#i1913c702fafc4870bed2af8282b10336_349)\n\n[Signatures](#i1913c702fafc4870bed2af8282b10336_412)\n\n[47](#i1913c702fafc4870bed2af8282b10336_412)\n\nGLOSSARY OF KEY TERMS\n\nUnless otherwise indicated or the context otherwise requires, as used in this Form 10-Q:\n\n◦Blackfin means Blackfin Pipeline, LLC, a joint venture between the Company, through its wholly-owned subsidiary Venture Global Midstream Holdings, LLC, and WhiteWater Development LLC, which is engaged in the development and construction of the Blackfin pipeline;\n\n◦Blackfin Credit Facilities means the project financing obtained by Blackfin, consisting of a senior secured term loan facility, or the Blackfin TLB Facility, a senior secured construction term loan facility, or the Blackfin TLA Facility, and a senior secured working capital facility, or the Blackfin Working Capital Facility;\n\n◦Blackfin pipeline, an approximately 3.3 Bcf/d natural gas pipeline system linking Colorado County to Jasper County in Texas under development by Blackfin;\n\n◦COD means the commercial operations date, which is the first day of commercial operations at a project or a phase of a project, as applicable, as specifically defined in the relevant post-COD SPAs, and which does not occur unless and until: (i) all of the facilities comprising the relevant project, or phase thereof, have been completed and commissioned, including any ramp up period, (ii) the project or phase thereof is capable of delivering LNG in sufficient quantities and necessary quality to perform all of its obligations under such post-COD SPAs, and (iii) the applicable project company has notified the customer under the post-COD SPAs;\n\n◦commercial operations means the production period commencing after the occurrence of COD at a project or a phase of a project, as applicable;\n\n◦commissioning or commissioning phase means, with respect to our LNG projects, the phase of development where our facilities undergo certain required performance and reliability testing, which includes: (i) the sequential start-up and testing of certain key equipment (e.g., liquefaction trains) as it is installed during construction and (ii) the testing and tuning of the fully integrated LNG project after all key equipment and modules have passed their individual performance tests;\n\n◦commissioning cargos means the LNG cargos produced by us during the commissioning phase of an LNG project, which commences once a project produces its first quantities of LNG and ends once a project, or phase thereof, achieves COD. Proceeds from the sale of commissioning cargos are recognized in our financial statements as a reduction to the cost basis of construction in progress until assets are placed in service from an accounting perspective, the timing of which may differ from COD. After assets are placed in service from an accounting perspective, the proceeds are recognized through revenue;\n\n◦commodity fees means the volume weighted average portion of the fees associated with LNG sold during a relevant period indexed to Henry Hub;\n\n◦Company, we, our, us or similar terms mean Venture Global, Inc. and its subsidiaries, collectively;\n\n◦Contracted SPAs means post-COD SPAs and Firm-start SPAs.\n\n◦DES means delivered ex ship, which, with respect to LNG SPAs, requires the seller to deliver LNG to a named port;\n\n◦DOE means the United States Department of Energy;\n\n◦DPU means delivered at place unloaded, which, with respect to LNG SPAs, requires the seller to deliver and unload LNG at one or more designated destinations;\n\n◦EPC means engineering, procurement and construction;\n\n◦excess capacity or excess LNG means the amount of LNG that is produced by our liquefaction facilities that is in excess of the nameplate capacity;\n\n◦FERC means the Federal Energy Regulatory Commission;\n\n◦FID means the final investment decision with respect to the development of a project or a phase thereof, which, with respect to an LNG project, requires that the project has secured (i) all of the debt and equity financing arrangements necessary to fully construct, commission, and operate such project or phase thereof and (ii) all of the necessary permits to construct, operate, and export LNG;\n\n◦Firm-start SPAs means SPAs entered into in which the obligation to deliver LNG begins as of a pre-established future date (as opposed to post-COD of a certain project);\n\n◦fixed liquefaction fee means the volume weighted average of the fixed liquefaction fees associated with LNG sold during a relevant period, excluding commodity fees;\n\n◦FOB means free on board, which, with respect to LNG SPAs, requires the seller to deliver and load LNG onto the buyer's LNG tankers at the seller's export terminal;\n\n1\n\n◦FTA means a free trade agreement;\n\n◦GAAP means generally accepted accounting principles in the United States;\n\n◦Henry Hub means the final settlement price (in $ per MMBtu) for the New York Mercantile Exchange’s Henry Hub natural gas futures contract for the month in which a relevant cargo’s delivery window is scheduled to begin;\n\n◦IPO means our initial public offering of Class A common stock, par value $0.01 per share, that we completed on January 27, 2025;\n\n◦liquefaction train or train means a liquefaction production unit that cools natural gas to a liquid state;\n\n◦LNG means liquefied natural gas, or methane, supercooled to -260°F and converted into a liquid state, which reduces it to 1/600th of its original volume, enabling large quantities of natural gas to be loaded and shipped by LNG tankers;\n\n◦LNG Commissioning Sales Agreements means short- or mid-term sales agreements under which commissioning cargos are sold at prevailing market prices when executed;\n\n◦LNG volumes sold means LNG delivered to customers and recognized in results of operations;\n\n◦MMBtu means million British thermal units;\n\n◦mtpa means million tonnes per annum, which is a common unit of measurement for annual LNG production;\n\n◦MW means one million watts, a unit of power;\n\n◦nameplate capacity means, unless the context otherwise requires, the conservative measure of LNG production capability, based on vendor guaranteed LNG output, of each of our facilities;\n\n◦natural gas means any hydrocarbons that are gaseous at standard temperature and pressure;\n\n◦natural gas supply contracts means natural gas forward purchase contracts for the supply of feed gas to our projects;\n\n◦NPNS means normal purchases and normal sales scope exception, a rule under GAAP;\n\n◦post-COD SPA means an SPA for the sale and purchase of LNG after COD has occurred for a particular project or phase thereof;\n\n◦projects means our existing and proposed LNG facilities and related assets, including the Calcasieu Project, the Plaquemines Project, the CP2 Project, the CP3 Project and any bolt-on expansions to such projects, including the Plaquemines Expansion Project and the CP2 Expansion Project;\n\n◦regasification means the process of heating LNG to convert it from a liquid to gaseous state after the LNG is offloaded from an LNG carrier;\n\n◦SEC means the U.S. Securities and Exchange Commission;\n\n◦SOFR means the U.S. Secured Overnight Financing Rate;\n\n◦SPA means LNG sales and purchase agreement;\n\n◦TBtu means trillion British thermal units;\n\n◦TTF means the Title Transfer Facility index for natural gas in Europe;\n\n◦U.S. means United States of America;\n\n◦VG Commodities means Venture Global Commodities, LLC; and\n\n◦Weighted average price of LNG volumes sold means contracted sales prices, generally consisting of a liquefaction fee and a commodity fee.\n\n2\n\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements, other than statements of historical facts, included herein are “forward-looking statements.” In some cases, forward-looking statements can be identified by terminology such as “may,” “might,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” the negative of such terms, or other comparable terminology.\n\nThese forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, expectations regarding the development, construction, commissioning and completion of our projects, estimates of the cost of our projects and schedule to construct and commission our projects, our anticipated growth strategies and anticipated trends impacting our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors include the following:\n\n•our potential inability to maintain profitability, maintain positive operating cash flow and ensure adequate liquidity in the future, including as a result of the significant uncertainty in our ability to generate proceeds and the amount of proceeds that will regularly be received from sales of uncontracted commissioning cargos and excess cargos due to volatility and variability in the LNG markets;\n\n•our need for significant additional capital to construct and complete our projects, including some of our existing projects, future projects, potential bolt-on expansions and related assets, and our potential inability to secure such financing on acceptable terms, or at all;\n\n•our potential inability to construct or operate all of our proposed LNG facilities or pipelines or any additional LNG facilities or pipelines beyond those currently planned, including any of the bolt-on expansion opportunities which we have identified, and to produce LNG in excess of our nameplate capacity, which could limit our growth prospects, including as a result of delays in obtaining regulatory approvals or inability to obtain requisite regulatory approvals to complete construction during our estimated development periods;\n\n•significant operational risks related to our natural gas liquefaction and export projects, including our existing projects and any potential bolt-on expansions, any future projects we develop, our pipelines, our LNG tankers, and our regasification terminal usage rights;\n\n•our potential inability to accurately estimate costs for our projects, and the risk that the construction and operations of natural gas pipelines and pipeline connections for our projects suffer cost overruns and delays related to obtaining regulatory approvals, development risks, labor costs, unavailability of skilled workers, operational hazards and other risks;\n\n•the uncertainty regarding the future of international trade agreements and the United States’ position on international trade, including the effects of tariffs, as well as the effects of ongoing legal challenges to tariffs and reimbursements of tariffs;\n\n•our current and potential involvement in disputes and legal proceedings, including the arbitrations and other proceedings currently pending against us and the possibility and magnitude of negative outcomes in any such dispute or proceeding and the potential impact thereof on our results of operations, liquidity and our existing contracts;\n\n3\n\n•our potential inability to enter into the necessary contracts to construct our projects, or any potential bolt-on expansion, on a timely basis or on terms that are acceptable to us;\n\n•our potential inability to enter into Contracted SPAs with customers for, or to otherwise sell, an adequate portion of the total expected nameplate capacity at our existing projects, any potential bolt-on expansions, or any future projects we develop;\n\n•our dependence on our EPC and other contractors and suppliers for the successful completion of our projects and delivery of our LNG tankers, including the potential inability of our contractors to perform their obligations under their contracts;\n\n•various economic and political factors, including opposition by environmental or other public interest groups, or the lack of local government and community support required for our projects, which could negatively affect the permitting status, timing or overall development, construction and operation of our projects;\n\n•the effects of FERC regulation on our interstate natural gas pipelines and their FERC gas tariffs;\n\n•the risk that the natural gas liquefaction system and mid-scale design we utilize at our projects will not achieve the level of performance or other benefits that we anticipate;\n\n•potential additional risks arising from the duration of and the phased commissioning start-up of our projects;\n\n•the potential risk that our customers or we may terminate our SPAs if certain conditions are not met or for other reasons;\n\n•potential decreases in the price of natural gas and its related impact on our ability to pay the cost of gas transportation, the payment of a premium by us for feed gas relative to the contractual price we charge our customers, or other impacts to the price of natural gas resulting from geopolitical and inflationary pressures, including from the disruption in international oil and natural gas supply chains caused by the ongoing war in Iran and closure of the Strait of Hormuz;\n\n•the potential negative impacts of seasonal fluctuations on our business;\n\n•the risks related to the development and/or contracting for additional gas transportation capacity to support the operation and expansion capacity of our LNG projects;\n\n•the risks related to the management and operation of our LNG tanker fleet and our future regasification terminal usage rights;\n\n•the potential effects of existing and future environmental and similar laws and governmental regulations on compliance costs, operating and/or construction costs and restrictions;\n\n•our potential inability to obtain, maintain or comply with necessary permits or approvals from governmental and regulatory agencies on which the construction of our projects depends, including as a result of opposition by environmental and other public interest groups;\n\n•our indebtedness levels, and the fact that we may be able to incur substantially more indebtedness, which may increase the risks created by our substantial indebtedness; and\n\n•risks related to other factors discussed under Item 1A.—Risk Factors of our annual report on Form 10-K for the year ended December 31, 2025.\n\nIn addition, new risks emerge from time to time as we operate in a very competitive and rapidly changing business environment. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ\n\n4\n\nmaterially from those contained in any forward-looking statements we may make. Given these uncertainties, you should not place undue reliance on these forward-looking statements.\n\nAll such factors are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond our control. New factors emerge from time to time, and it is not possible for management to predict all such factors or to assess the impact of each such factor on us.\n\nAny forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made except as required by the federal securities laws. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.\n\n5\n\nPART I"}