
NXT Energy Solutions Announces Third Quarter 2023 Results
Q3-23 | Q3-22 | 2023 YTD | 2022 YTD | |||||||||
Operating results: | ||||||||||||
SFD®-related revenues | $ | - | $ | - | $ | - | $ | - | ||||
SFD®-related costs, net | 348,169 | 230,518 | 968,199 | 974,292 | ||||||||
General & administrative expenses | 841,200 | 963,433 | 2,644,261 | 2,922,660 | ||||||||
Amortization and other expenses | 514,587 | 454,037 | 1,412,952 | 1,366,575 | ||||||||
Net loss | (1,703,956 | ) | (1,647,988 | ) | (5,025,412 | ) | (5,263,527 | ) | ||||
Loss per common share, basic and diluted: | $ | (0.02 | ) | $ | (0.03 | ) | $ | (0.07 | ) | $ | (0.08 | ) |
Common shares outstanding as at end of the period | 77,958,928 | 65,585,902 | 77,958,928 | 65,585,902 | ||||||||
Weighted average of common shares, basic and diluted: | 77,735,682 | 65,386,959 | 77,283,442 | 65,333,954 | ||||||||
Cash provided by (used in): | ||||||||||||
Operating activities | $ | (953,051 | ) | $ | (533,787 | ) | $ | (3,363,362 | ) | $ | (2,229,816 | ) |
Financing activities | 253,114 | (25,694 | ) | 3,469,891 | (24,573 | ) | ||||||
Investing activities | - | 500,000 | - | 550,000 | ||||||||
Effect of foreign rate changes on cash | 18,921 | 16,481 | (558 | ) | 20,376 | |||||||
Net cash inflow (outflow) | (681,016 | ) | (43,000 | ) | 105,971 | (1,684,013 | ) | |||||
Cash and cash equivalents, beginning of the period | 1,050,424 | 616,842 | 263,437 | 2,257,855 | ||||||||
Cash and cash equivalents, end of the period | 369,408 | 573,842 | 369,408 | 573,842 | ||||||||
Short-term investments | - | - | - | - | ||||||||
Total cash and short-term investments, end of the period | 369,408 | 573,842 | 369,408 | 573,842 | ||||||||
Net working capital balance | $ | (3,468,900 | ) | $ | (1,060,858 | ) | $ | (3,468,900 | ) | $ | (1,060,858 | ) |
NXT's 2023 third quarter financial and operating results have been filed in Canada on SEDAR at and will soon be available in the USA on EDGAR at , as well as on NXT's website at .
About NXT Energy Solutions Inc.
NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify traps and reservoirs with hydrocarbon and geothermal exploration potential. The SFD® survey system enables our clients to focus their exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
Contact Information
For investor and media inquiries please contact:
Eugene Woychyshyn | Michael Baker |
Vice President of Finance & CFO | Investor Relations |
302, 3320 – 17th AVE SW | 302, 3320 – 17th AVE SW |
Calgary, AB, T3E 0B4 | Calgary, AB, T3E 0B4 |
+1 403 206 0805 | +1 403 264 7020 |
Forward-Looking Statements
Certain information provided in this press release may constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "will", "expect", "plan", "schedule", "intend", "propose" or similar words suggesting future outcomes or an outlook. Forward-looking information in this press release includes, but is not limited to, information regarding: timing of the delivery of interpretation and recommendations of the Turkish SFD® survey, business negotiations, opportunities and discussions, including the timing thereof, business strategies, and timing of the receipt and amount of the final tranche of the Debenture. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Additional risk factors facing the Company are described in its most recent Annual Information Form for the year ended December 31, 2022 and MD&A for the three and nine month periods ended September 30, 2023, which have been filed electronically by means of the System for Electronic Document Analysis and Retrieval (“SEDAR”) located at . The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Non-GAAP Measures
This news release contains disclosure respecting non-GAAP performance measures including net working capital which does not have a standardized meaning prescribed by US GAAP and may not be comparable to similar measures presented by other entities. This measure is included to enhance the overall understanding of NXT's ability to assess liquidity at a point in time. Readers are urged to review the section entitled "Non-GAAP Measures” in NXT's MD&A for the three and nine month periods ended September 30, 2023 which is available under NXT's profile on SEDAR at , for a further discussion of such non-GAAP measures. The financial information accompanying this news release was prepared in accordance with US GAAP unless otherwise noted. Management's discussion and analysis of financial results and the unaudited condensed consolidated interim financial statements and notes for the three and nine months ended September 30, 2023, are available through the Internet in the Investor Relations section of or under NXT's SEDAR profile at .

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