NXT Energy Solutions (SFD) Q3 2024 earnings summary

Executive summary

• Entered contracts for SFD® surveys in Africa and Alberta, and received advance payment for Southeast Asia survey.

• Awarded new SFD® survey in Pakistan and received industry recognition for technology.

Financial highlights

• SFD®-related revenues were $0.60 million YTD 2024, with no revenue in Q3-24.

• Net loss of $1.48 million in Q3-24 and $6.28 million YTD 2024; Q3-24 net loss per share was $0.02.

• Cash and short-term investments at September 30, 2024 were $0.94 million; net working capital was negative $2.94 million.

• Cash used in operating activities was $1.32 million in Q3-24 and $2.58 million YTD 2024.

• General and administrative expenses increased 19% in Q3-24 year-over-year and 13% YTD.

Capital allocation and financing

• Announced receipt of US$900,000 in convertible debentures from Ataraxia, with US$500,000 received as of November 1, 2024.