NXT Energy Solutions (SFD) Q2 2024 earnings summary

Executive summary

• Announced plans for a Southeast Asia SFDⓇ Survey to be conducted in Q3-24.

• Finalized US$2.0 million debenture financing, boosting liquidity.

• Surrendered 31% of office space and extended lease to 2030, reducing overhead.

Financial highlights

• SFDⓇ-related revenues were $0.60 million YTD 2024, with $0 in Q2-24.

• Net loss of $3.01 million in Q2-24, compared to $1.71 million in Q2-23.

• Net loss per share was $0.04 for Q2-24 and $0.06 YTD 2024, both basic and diluted.

• Cash and short-term investments at June 30, 2024 totaled $2.43 million.

• Cash flow used in operating activities was $0.67 million in Q2-24, down from $1.01 million in Q2-23.

Outlook and guidance

• Received advance payment for the upcoming Southeast Asia SFDⓇ survey.

• Forward-looking statements highlight risks and uncertainties regarding survey timing and execution.