NXT Energy Solutions Announces 2023 Year-End Results and Investor Conference Call

NXT Energy Solutions Inc. revealed its financial and operational achievements for the year and final quarter ending December 31, 2023. The Calgary-based firm reported SFD®-related revenues of approximately $2.15 million during the last quarter, with a net loss of $5.45 million for the year, which included expenses for stock-based compensation and amortization. Despite challenges, NXT saw an improvement in its net working capital, moving from around ($3.47) million in Q3 to approximately ($1.86) million by year-end.

Subsequent to the close of the year, the company successfully completed the Turkish SFD® Survey and delivered comprehensive results to its clients in Türkiye. Furthermore, NXT entered into a strategic sales agency agreement with Abu Dhabi-based HULOOLQ LTD. ("Qamia"), aiming to explore the United Arab Emirates’ market for its SFD® solutions. This, along with an extension of its aircraft lease agreement, signifies NXT's ongoing efforts to grow and diversify its operations.

Interim CEO Bruce G. Wilcox expressed optimism about the company's recent strategic initiatives, aiming to bolster revenues and shareholder value. He highlighted the importance of 2023 as a potential turning point for NXT, underlining notable achievements such as the partnership with Synergy E&P Technologies Limited and the first SFD® survey contract in Türkiye.

The financial review detailed in the press release also highlighted operational costs, general and administrative expenses, and net losses per share for both the fourth quarter and the entire year. NXT Energy Solutions scheduled an investor conference call for April 2, 2024, to further discuss these results and additional business developments.