NXT Energy Solutions Announces First Quarter 2026 Results

About this update from Nxt Energy Solutions Inc.

CALGARY, AB / ACCESS Newswire / May 14, 2026 / NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX:SFD)(OTCQB:NSFDF) today announced financial and operating results for the quarter ended March 31, 2026. Dollar amounts are in Canadian Dollars, unless otherwise identified. With the appointment of Mr. Gerry Sheehan as CEO, NXT is embarking upon the third major stage in the company's evolution. The first was the development and demonstration of the efficacy of stress field detection, under inventor and former CEO George Liscicasz, resulting in patents in 47 countries. The second was a critical stage of contract and revenue growth, under Mr. Bruce G. Wilcox. The third, under Mr. Sheehan, will expand services, resources, geographies and clients for NXT. Gerry Sheehan, CEO of NXT, commented, "NXT has entered 2026 on a sound commercial and financial footing. On the commercial side we received the mobilization fee for the next African SFD® survey and on April 8, 2026, we announced a new contract in South Asia (the "South Asia SFD® Survey") allowing us to significantly increase our geographic diversity. We anticipate commencing the upcoming African SFD® Survey during Q2-26. The key financial milestone achieved in Q1-26 was the final conversion of the remaining convertible debentures. As a result, all the US$6,172,000 of convertible debentures previously issued have been converted into common shares, leaving NXT with $2.02 million of cash and $3.93 million of net working capital. In addition, $1.54 million of accounts receivable were collected after March 31, 2026. Our revenue and profitability decreased significantly between Q1-26 and Q1-25 because of the different phases of the contracts we were engaged in each of the respective quarters. During Q1-25, NXT was in the acquisition phase of the 2025 African SFD® survey, which involved active flight operations and triggers large-scale revenue recognition. During Q1-26, the company was primarily engaged in the interpretation phase of the AL-Haj SFD® Survey in Pakistan. During this phase, the focus shifted from survey acquisition to data analysis, resulting in much lower immediate revenue recognition." Key financial and operational highlights during the first quarter of 2026 are summarized below: Subsequent to March 31, 2026: Summary highlights of NXT's first quarter 2...

View stock analysis, news, and events for Nxt Energy Solutions Inc.