NXT Energy Solutions Announces Q1 2024 Financial Results

NXT Energy Solutions Inc. disclosed its financial and operational results for the first quarter of 2024. The highlight includes the completion of the Turkish SFD® Survey and a partnership with Abu Dhabi-based Qamia for sales in the UAE. Financial outcomes reveal NXT recorded about $0.60 million from SFD®-related revenues. The period saw an extension of aircraft lease, transformation into a capital lease, and finalized debentures worth US$1.87 million. However, the quarter closed with a net loss of $1.79 million, attributing to increased general and administrative expenses.

The company reported a net working capital deficit, increasing operational costs, and an ongoing net loss. Compared to the same quarter last year, cash flow from operating activities declined slightly, while financing activities decreased. Notably, NXT Energy adjusted its office space and extended its property lease until 2030.