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Next Hydrogen Reports Q1 2025 Financial Results
MISSISSAUGA, Ontario, May 15, 2025 (GLOBE NEWSWIRE) -- Next Hydrogen Solutions Inc. (the “...
About this update from Next Hydrogen Solutions Inc
[{"type":"text","content":"Next Hydrogen Reports Q1 2025 Financial Results\n\n\n\n MISSISSAUGA, Ontario, May 15, 2025 (GLOBE NEWSWIRE) -- Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen”) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, is pleased to report its financial results for the three-month period ended March 31, 2025.\n \n\n “The value proposition offered by our unique water electrolyzers is clear and well supported by over 40,000 hours of data. This has resulted in partnerships with blue chip industry partners such as Casale, GE Vernova and Pratt & Whitney,” said Raveel Afzaal, President & CEO. “The focus for 2025 is to (1) scale up our product line up to 8MW, (2) demonstrate a strong execution pathway for large volume manufacturing, and (3) show further and significant growth in our sales backlog. We are executing well on all three of these goals which should unlock long-term funding solutions for Next Hydrogen.”\n \n\n\n Q1 2025 Financial Highlights\n \n\n\n\n Cash balance was $1.5M as of March 31, 2025, compared to $3.5M as of December 31, 2024.\n \n\n Revenue for the three-month period ended March 31, 2025 was $0.3M compared to $0.6M in the same period of the prior year.\n \n\n Net loss and comprehensive loss for the three-month period ended March 31, 2025 was $3M compared to $3.4M in the same period of the prior year.\n \n\n\n\n Management is proud to highlight several recent milestones that demonstrate significant recent progress:\n \n\n\n In April 2025, Next Hydrogen received a $5M working capital debt facility from the Export Development Canada (“EDC”), of which approximately $3M has been received in cash and the remaining $2M is expected later in the year. Next Hydrogen intends to use the funds for its scale up and general corporate purposes.\n \n\n Next Hydrogen has achieved over 40,000 hours of data on its test platform driving the significant improvement in cell performance achieved to date.\n \n\n In March 2025, Next Hydrogen partnered with a leading hydrogen production system manufacturer with an existing gigawatt scale manufacturing facility to accelerate the scale-up and commercialization of its water electrolysis technology. This partnership provides Next Hydrogen with world-leading manufacturing capacity and competiti...