on NXT Energy Solutions, Inc. (isin : CA62948Q1072)
NXT Energy Solutions Reports Third Quarter 2024 Financial Results
NXT Energy Solutions Inc. has released its financial results for the third quarter of 2024, ending September 30, 2024. The company announced key developments, including new contracts and awards. Notably, NXT entered agreements for SFD® surveys in Africa and with Alberta Geothermal Resource Recovery Inc. Despite new ventures, NXT reported a net loss of $1.48 million for Q3-24, with SFD®-related revenues reaching $0.60 million YTD 2024 but nil for the third quarter.
Financial data highlighted a net loss of $6.28 million YTD 2024, with cash and short-term investments amounting to $0.94 million as of September 30. The company’s net working capital stood at ($2.94) million, marking a decline from previous quarters. Operational cash flow used was $1.32 million during Q3-24.
Subsequently, NXT was awarded a project in the Northern Suleiman Fold Belt and received accolades for its exploration technology. Additionally, it secured $900,000 USD from convertible debentures.
R. P.
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