NXT Energy Solutions Inc. announced the Company's financial and operating results for the quarter ended June 30, 2024. All dollar amounts herein are in Canadian Dollars unless otherwise identified.
Financial and Operating Highlights
Key financial and operational highlights during the second quarter of 2024 are summarized below:
NXT announced the Southeast Asia SFD® Survey, which is planned to be flown in Q3-24;
the debentures issued to MCAPM LP were finalized for a total of US$2.0 million (approximately CDN$2.7 million);
cash and short-term investments at June 30, 2024 was approximately $2.43 million;
net working capital was approximately ($1.24) million at June 30, 2024 versus approximately ($1.86) million at December 31, 2023, and ($2.64) million at March 31, 2024;
the Company recorded SFD®-related revenues of approximately $0.60 million YTD 2024, $nil for Q2-24;
a net loss of $3.01 million was recorded for Q2-24, including stock-based compensation expense ("SBCE"), amortization expense and remeasurement loss, all totaling approximately $1.53 million;
a net loss of $4.80 million was recorded for YTD 2024, including SBCE, amortization expense and remeasurement loss all totaling approximately $2.02 million;
net loss per common share for Q2-24 was $0.04 per share, basic and diluted;
net loss per common share for YTD 2024 was $0.06 per share basic and diluted;
cash flow used in operating activities was approximately $0.67 million during Q2-24, compared to $1.01 million used in Q2-23;
cash flow used in operating activities was approximately $1.26 million during YTD 2024, compared to $2.41 million used in YTD 2023;
NXT surrendered approximately 3,207 square feet or approximately 31% of its office space to its landlord, and extended its lease on the reduced space until September 30, 2030;
general and administrative ("G&A") expenses increased by approximately $0.02 million (2%) in Q2-24 as compared to Q2-23; and
G&A expenses increased by approximately $0.18 million (10%) in YTD 2024 as compared to YTD 2023.
Key financial and operational highlights occurring subsequent to Q2-24 are summarized below:
NXT received an advance payment for its upcoming Southeast Asia SFD® survey.
Summary highlights of NXT's second quarter 2024 financial statements (with comparative figures to 2023) are noted below. All selected and referenced financial information noted below should be read in conjunction with the Company's June 30, 2024 unaudited condensed interim consolidated financial statements, the related Management's Discussion and Analysis ("MD&A").
