Business
NXT Energy Solutions Announces 2023 Year-End Results and Investor Conference Call
CALGARY, AB / ACCESSWIRE / March 27, 2024 / NXT Energy Solutions Inc. ("NXT" or the "Company") (...
About this update from Nxt Energy Solutions Inc.
[{"type":"text","content":"NXT Energy Solutions Announces 2023 Year-End Results and Investor Conference CallCALGARY, AB / ACCESSWIRE / March 27, 2024 / NXT Energy Solutions Inc. (\"NXT\" or the \"Company\") (TSX:SFD)(OTCQB:NSFDF) today announced the Company's financial and operating results for the quarter and year ended December 31, 2023 as well as significant subsequent events. All dollar amounts herein are in Canadian Dollars unless otherwise identified.Financial and Operating HighlightsKey financial and operational highlights are summarized below:during the fourth quarter, the Company commenced the Turkish SFD® Survey for an independent oil and gas exploration company in Türkiye;the Company recorded SFD®-related revenues of approximately $2.15 million;cash at December 31, 2023 was approximately $0.40 million;net working capital was approximately ($1.86) million at December 31, 2023 versus approximately ($3.47) million at September 30, 2023;a net loss of $0.43 million was recorded for Q4-23, including stock-based compensation expense (\"SBCE\") and amortization expense of approximately $0.50 million;a net loss of approximately $5.45 million was recorded for YE-23, including SBCE and amortization expense of approximately $1.97 million;net loss per common share for Q4-23 was $0.01 per share (basic and diluted);net loss per common share for YE-23 was $0.07 per share (basic and diluted);cash flow used in operating activities was approximately $1.47 million during Q4-23 and $4.83 million in the 2023 financial year; anda total of US$1.15 million (CDN$1.58 million) of cash was received from the convertible debentures that were previously announced on November 9, 2023 (the \"Debentures\");general and administrative (\"G&A\") expenses decreased by approximately $0.04 million (5%) in Q4-23 as compared to Q4-22 and G&A expenses decreased by approximately $0.32 million (8%) in YE-23 as compared to YE-22.Key financial and operational highlights occurring subsequent to December 31, 2023 are summarized below:NXT completed the Turkish SFD® Survey, delivered the final results thereof to its Turkish customers and completed the integration of SFD® data with such customers' existing geological and geophysical data;The Debentures were finalized for a total of US$1.87 million (CDN$2.54 million). US$0.72 million (approximately CDN$0.97 millio...