Business
NXT Energy Solutions Announces First Quarter 2025 Results and Investor Conference Call
CALGARY, AB / ACCESS Newswire / May 8, 2025 / NXT Energy Solutions Inc. ("NXT" or the "Company...
About this update from Nxt Energy Solutions Inc.
[{"type":"text","content":"NXT Energy Solutions Announces First Quarter 2025 Results and Investor Conference CallCALGARY, AB / ACCESS Newswire / May 8, 2025 / NXT Energy Solutions Inc. (\"NXT\" or the \"Company\") (TSX:SFD)(OTCQB:NSFDF) today announced the Company's financial and operating results for the quarter ended March 31, 2025 . All dollar amounts herein are in Canadian Dollars, unless otherwise identified.Bruce G. Wilcox, CEO of NXT, commented, \"Our SFD® surveys are reflected in positive first quarter financial results. We have booked surveys for the remainder of 2025 and are working on contract bookings for the first and second quarter of 2026 reflecting increased interest in using SFD® to enhance exploration achieving greater effectiveness and associated reductions of time and expense. We look forward to the impact of these activities upon future financials, and continue forward on our efforts to deliver meaningful shareholder value through strong fundamentals. \"Key financial and operational highlights during the first quarter of 2025 are summarized below:the Company completed data acquisition of the SFD® survey flown for its Strategic Alliance Partner, Synergy E&P Limited (\"Synergy\");the Company recorded SFD®-related revenues of approximately $12.46 million for Q1-25 versus $0.60 million for Q1-24;a net income of $7.68 million was recorded for Q1-25, including stock-based compensation expenses(\"SBCE\"), amortization expenses and remeasurement gain, all totaling approximately $1.35 million. This compares favourably to a net loss of $1.79 million recorded for Q1-24, including SBCE and amortization expenses totaling approximately $0.49 million;net income per share for Q1-25 was $0.10 per share (basic) and $0.08 per share (diluted), as compared to a net loss per common share for Q1-24 of $0.02 per share (basic) and $0.02 per share (diluted);cash flow provided by operating activities was approximately $1.47 million during Q1-25, compared to $0.59 million used by operating activities in Q1-24;cash and short-term investments as at March 31, 2025 were approximately $2.03 million;net working capital was approximately $0.61 million as at March 31, 2025, versus approximately negative $6.68 million at December 31, 2024; andgeneral and administrative expenses increased by approximately $0.09 million (9%) in Q1-25 as compared to ...