Next Hydrogen Solutions Inc., a designer and manufacturer of hydrogen electrolyzers, is pleased to report its financial results for the second quarter ended June 30, 2021.
We achieved significant milestones in the second quarter which position us to become a leading provider of green hydrogen solutions globally, said Raveel Afzaal, President and CEO of Next Hydrogen. We successfully closed an oversubscribed private placement for gross proceeds of $55.5 million and subsequently began trading on the TSXV under the symbol NXH. The net proceeds from this offering will enable us to accelerate our product development roadmap in order to bring clean, renewable power to the planet.
We also made substantial additions to our technical leadership team and Board of Directors, which better positions us to lead in the rapidly growing hydrogen economy. Finally, we entered into an agreement with Hyundai Motor Company and Kia Corporation to jointly develop an advanced alkaline water electrolysis system to produce green hydrogen economically. Next Hydrogen continues to explore strategic partnerships that would allow us to accelerate our growth plans and help decarbonize our planet through strong collaboration.
Q2 2021 Financial Highlights
Revenue was $59,123 for the three-month period, compared to $NIL in the prior year, supported by the Companys acquisition of CleanFuel Systems Inc. during the quarter
Net loss was $14.4 million for the three-month period, compared to a loss of $1.1 million in the prior year, due to non-cash expenses, including listing expenses, totaling $11 million
Adjusted EBITDA was a loss of $2.2 million for the three-month period, compared to a loss of $0.9 million in the prior year, as the Company had the capital to significantly accelerate on its growth plans
Cash balance was $52.8 million as of June 30, 2021, compared to $1.1 million as of December 31, 2020
Management is also proud to highlight a number of recent milestones that demonstrate significant progress over the past year:
Next Hydrogen entered into an agreement with Hyundai Motor Company and Kia Corporation to jointly develop an alkaline water electrolysis system and its related stack for the purpose of generating green hydrogen economically and to explore new business opportunities and technological applications.
The Company acquired the assets of CleanFuel Systems Inc., a hydrogen system integration and service company focused on delivering energy solutions through system design, component integration and development, and engineering solutions. This acquisition helped expand the scope of after-market service support and positions the company to be a solution provider to its customers.
Next Hydrogen continues to explore strategic partnerships that would allow it to accelerate its growth plans and become a global player.
Next Hydrogen successfully completed $64.5M in gross equity financings over the past year, which fully funds the Company to commercialization.
The Company has seen significant growth in its employee and contractor base, which has expanded from 13 to 35 during 2021, and recently complemented its technology and product development leadership with the hire of three exceptional VP's, who have fulfilled its end-to-end capabilities from product development to manufacturing and after market support.
Next Hydrogen added four independent members to its Board of Directors from Schneider Electric's Global Sustainability Business Division, Ballard Power Systems, Google, and Exchange Income Fund.
The Company successfully listed its shares on the TSX Venture Exchange.
