NXT Energy Solutions Announces 2021 Year-End Financial Results

Source: www.gulfoilandgas.com 3/31/2022, Location: North America

NXT Energy Solutions Inc. announced the Company's financial and operating results for the year ended December 31, 2021. All dollar amounts herein are in Canadian Dollars unless otherwise identified.

Financial and Operating Highlights

Key financial and operational highlights include:
• the Company completed the 2021 advisory services and funding of $50,000 from the National Research Council of Canada Industrial Research Assistance Program ("NRC IRAP") to support the research and development of the SFD® technology for geothermal applications;
• NXT announced that its patent application in India has been officially granted by the Office of the Controller General of Patents, Designs and Trade Marks;
• cash and short-term investments at December 31, 2021 were $2.81 million;
• Net working capital was $2.82 million at December 31, 2021;
• the Company recorded SFD® related revenue of $3.13 million for YE-21 and nil for Q4-21;
• a net loss of $1.57 million was recorded for Q4-21, including stock based compensation expense ("SBCE") and amortization expense of $0.53 million;
• a net loss of $3.12 million was recorded for YE-21, including SBCE and amortization expense of $2.06 million;
• net loss per common share for Q4-21 was $0.02 basic and $0.02 diluted;
• net loss per common share for YE-21 was $0.05 basic and $0.05 diluted;
• cash flow provided (used) by operating activities was $0.08 during Q4-21 and ($1.03) million YE-21;
• general and administrative ("G&A") expenses increased by $0.05 million (6%) as compared to Q4-20, due primarily to the ending of the Canada Emergency Wage Subsidy ("CEWS"), the Canada Emergency Rent Subsidy ("CERS") programs;
• G&A for YE-21 as compared to YE-20 decreased by $0.15 million (5%) due to lower professional fees, recognition of the CERS and business development offset by the ending of the CEWS and higher SBCE;
• the Company received US$0.20 million of payments on outstanding accounts receivable during February 2022;
• the Company extended its aircraft lease until April 2024; and
• the Company received notice that its Brazilian Patent Application has been allowed, bringing the total number of countries in which NXT holds patents to 46.

Message to Shareholders
George Liszicasz, President, and CEO of NXT, commented, "With $3.13 million of revenue, 2021 showed modest initial results of our business development efforts. We were pleased that energy exploration veteran Gerry Sheehan join our Board of Directors, and that NXT received advisory services and funding from NRC IRAP which supported the research and development of the SFD® technology for geothermal applications.

NXT had a very busy start to 2022 pursuing a number of strategic opportunities which gives me great confidence that our collective efforts will materialize into future success, both short-term and long-term. Contract opportunities substantially progressed throughout the winter in our core regions of focus in Africa, Asia and South America and we are witnessing an increased level of business development activity with our customers. NXT remains highly confident in the approach we have taken to realize near term opportunities with National Oil Companies, which have a long term strategic approach to the development of reserves.

On behalf of our Board of Directors and the entire team at NXT, I want to thank all of our shareholders for their continued support."

Summary highlights of NXT's 2021 full year and fourth quarter financial statements (with comparative figures to 2020) are noted below. All selected and referenced financial information noted below should be read in conjunction with the Company's full year 2021 audited consolidated Annual Financial Statements, the related Management's Discussion and Analysis ("MD&A") and Annual Information Form.

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