NXT Energy Solutions (SFD) Q1 2026 earnings summary

Executive summary

• Appointed Gerry Sheehan as CEO, marking a new phase focused on expanding services, resources, and geographic reach.

• Entered 2026 with a strong commercial and financial position, securing new contracts in Africa and South Asia.

• Completed data interpretation for the AL-Haj SFDⓇ Survey and received a mobilization fee for an upcoming African survey.

Financial highlights

• SFDⓇ-related revenues were $0.11 million in Q1-26, down from $12.46 million in Q1-25 due to contract phase differences.

• Net loss for Q1-26 was $2.42 million, compared to net income of $7.68 million in Q1-25.

• Net loss per share was $0.02 (basic and diluted) in Q1-26, versus net income per share of $0.10 (basic) and $0.08 (diluted) in Q1-25.

• Cash and short-term investments at March 31, 2026, were $2.02 million; net working capital was $3.93 million.

• Cash flow used by operating activities was $1.76 million in Q1-26, compared to $1.47 million provided in Q1-25.

Outlook and guidance

• Anticipates commencing the upcoming African SFDⓇ Survey in Q2-26.

• New contract in South Asia expected to increase geographic diversity and scale survey activities.