NXT Energy Solutions Announces Third Quarter 2021 Results
15 Novembro 2021 - 08:43PM
NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC
QB: NSFDF) today announced the Company's financial and operating
results for the quarter ended September 30, 2021. All dollar
amounts herein are in Canadian Dollars unless otherwise
identified.
Q3 Financial and Operating
Highlights
Key financial and operational highlights for
Q3-21 are summarized below:
- On July 1, 2021 energy exploration veteran, Gerry Sheehan,
joined the Board;
- The Company began receiving advisory services and funding of up
to $50,000 from the National Research Council of Canada Industrial
Research Assistance Program to support the research and development
of the SFD® technology for geothermal applications;
- Cash and short-term investments at September 30, 2021 were
$2.80 million;
- Working capital was $4.03 million at September 30, 2021;
- The Company received US$0.75 million of payments on outstanding
accounts receivable during October 2021;
- The Company recorded no survey revenue in Q3-21 and $3.14
million YTD 2021;
- A net loss of $1.43 million was recorded for Q3-21, including
stock based compensation and amortization expense of $0.58
million;
- A net loss of $1.55 million was recorded for YTD 2021,
including stock based compensation and amortization expense of
$1.51 million;
- Net loss per common share for Q3-21 was $0.02 basic and $0.02
diluted;
- Net loss per common share for YTD 2021 was $0.02 basic and
$0.02 diluted;
- Cash flow used by operating activities was $1.07 million during
Q3-21 and $1.23 YTD 2021;
- General and administrative expenses increased by $0.02 million
(3%) compared to Q3-20, due primarily to the receipt of a higher
Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy,
and an increase in salaries and stock based compensation costs;
and
- General and administrative expenses for YTD-2021 compared to
YTD-2020 decreased by $0.20 million (8%), mostly due to receiving
the Canada Emergency Rent Subsidy in 2021, decreased professional
fees, and minimal business development travel due to the COVID-19
pandemic.
Message to
Shareholders George
Liszicasz, President and CEO of NXT, commented, “Although no
survey revenues were recorded in the third quarter, hydrocarbon
SFD® survey opportunities continue to progress within our core
areas of focus in Africa, Mexico, Asia, and in South America.
Additionally, we continue to have productive dialogue
with multiple geothermal companies about providing SFD-GT
services. As global economic activity accelerates towards and
beyond pre-pandemic levels of consumption, the demand for both
conventional and renewable energy sources is expected to
increase. Due to this rising demand, and our unique,
environmentally-friendly SFD® survey exploration tool, we are
optimistic about the prospects for new surveys, and will remain
focussed on contract execution in order to deliver value to our
shareholders. On behalf of our Board of Directors and the
entire team at NXT, I want to thank all of our shareholders for
their continued support.”
Summary highlights of NXT's 2021 third quarter
financial statements (with comparative figures to 2020) are noted
below. All selected and referenced financial information
noted below should be read in conjunction with the Company's third
quarter 2021 unaudited condensed consolidated interim Financial
Statements, the related Management's Discussion and Analysis
("MD&A").
(All in Canadian $)
|
Q3-21 |
|
Q3-20 |
|
2021 YTD |
|
2020 YTD |
|
Operating results: |
|
|
|
|
Survey revenues |
$ |
- |
|
$ |
- |
|
$ |
3,144,373 |
|
$ |
136,566 |
|
Survey
costs, net |
|
303,426 |
|
|
257,269 |
|
|
950,737 |
|
|
804,384 |
|
General
& administrative expenses |
|
765,120 |
|
|
743,024 |
|
|
2,348,280 |
|
|
2,549,195 |
|
Amortization |
|
445,345 |
|
|
445,123 |
|
|
1,331,340 |
|
|
1,335,684 |
|
Other Expenses |
|
(79,449 |
) |
|
42,405 |
|
|
64,228 |
|
|
(177,915 |
) |
|
|
(1,434,442 |
) |
|
(1,487,821 |
) |
|
(1,550,212 |
) |
|
(4,374,782 |
) |
Net loss |
$(1,434,442 |
) |
$(1,487,821 |
) |
$(1,550,212 |
) |
$(4,374,782 |
) |
|
|
|
|
|
Loss per common share: |
|
|
|
|
Basic |
$(0.02 |
) |
$(0.02 |
) |
$(0.02 |
) |
$(0.07 |
) |
Diluted |
$(0.02 |
) |
$(0.02 |
) |
$(0.02 |
) |
$(0.07 |
) |
|
|
|
|
|
Common
shares outstanding as at end of the period |
|
64,829,554 |
|
|
64,406,891 |
|
|
64,829,554 |
|
|
64,406,891 |
|
Weighted
average of common shares outstanding for the period: |
|
|
|
|
Basic |
|
64,661,410 |
|
|
64,406,891 |
|
|
64,554,049 |
|
|
64,406,891 |
|
Diluted |
|
64,661,410 |
|
|
64,406,891 |
|
|
64,554,049 |
|
|
64,406,891 |
|
|
|
|
|
|
Cash provided by (used in): |
|
|
|
|
Operating
activities |
$(1,072,280 |
) |
$(829,149 |
) |
$(1,226,036 |
) |
$(2,525,930 |
) |
Financing
activities |
|
16,529 |
|
|
- |
|
|
1,052,754 |
|
|
(42,515 |
) |
Investing
activities |
|
(102,448 |
) |
|
1,523,724 |
|
|
(87,804 |
) |
|
2,387,450 |
|
Effect of
foreign rate changes on cash |
|
86,160 |
|
|
7,438 |
|
|
7,892 |
|
|
(29,875 |
) |
Net source (use) of cash |
|
(1,072,039 |
) |
|
702,013 |
|
|
(253,194 |
) |
|
(210,870 |
) |
Cash and cash equivalents, beginning of the period |
|
3,508,991 |
|
|
1,945,362 |
|
|
2,690,146 |
|
|
2,858,245 |
|
Cash and cash equivalents, end of the period |
|
2,436,952 |
|
|
2,647,375 |
|
|
2,436,952 |
|
|
2,647,375 |
|
|
|
|
|
|
Cash and
cash equivalents |
|
2,436,952 |
|
|
2,647,375 |
|
|
2,436,952 |
|
|
2,647,375 |
|
Short-term investments |
|
363,769 |
|
|
1,408,509 |
|
|
363,769 |
|
|
1,408,509 |
|
Total cash and short-term investments |
|
2,800,721 |
|
|
4,055,884 |
|
|
2,800,721 |
|
|
4,055,884 |
|
NXT's 2021 third quarter financial and operating
results have been filed in Canada on SEDAR at www.sedar.com, and
will soon be available in the USA on EDGAR at www.sec.gov/edgar, as
well as on NXT's website at www.nxtenergy.com.
Details of the conference call are as
follows:
Date: |
Tuesday, November 16, 2021 |
Time: |
4:30 p.m. Eastern Time (2:30 p.m. Mountain Time) |
North American Participants Call: |
1-800-806-5484 |
Local dial-in numbers |
416-340-2217 |
International dial-in numbers |
https://www.confsolutions.ca/ILT?oss=7P1R8008065484 |
Participant Pass Code |
9976703# |
About NXT Energy Solutions
Inc.
NXT Energy Solutions Inc. is a Calgary-based
technology company whose proprietary SFD® survey system utilizes
quantum-scale sensors to detect gravity field perturbations in an
airborne survey method which can be used both onshore and offshore
to remotely identify traps and reservoirs with exploration
potential. The SFD® survey system enables our clients to focus
their exploration decisions concerning land commitments, data
acquisition expenditures and prospect prioritization on areas with
the greatest potential. SFD® is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc. NXT Energy
Solutions Inc. provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.
Contact Information
For investor and media inquiries please contact:
Eugene Woychyshyn |
George
Liszicasz |
Vice President of Finance &
CFO |
President & CEO |
302, 3320 – 17th AVE SW |
302, 3320 – 17th AVE SW |
Calgary, AB, T3E 0B4 |
Calgary, AB, T3E 0B4 |
+1 403 206 0805 |
+1 403 206 0800 |
nxt_info@nxtenergy.com |
nxt_info@nxtenergy.com |
www.nxtenergy.com |
www.nxtenergy.com |
Forward-Looking Statements
Certain information provided in this press
release may constitute forward-looking information within the
meaning of applicable securities laws. Forward-looking
information typically contains statements with words such as
"anticipate", "believe", "estimate", "will", "expect", "plan",
"schedule", "intend", "propose" or similar words suggesting future
outcomes or an outlook. Forward-looking information in this
press release includes, but is not limited to, information
regarding: business negotiations, opportunities, discussions,
including the timing thereof and business strategies.
Although the Company believes that the expectations and assumptions
on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will
prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks, including those related to the novel coronavirus
(2019-nCoV/COVID-19), and the potentially negative effects thereof
on the Company's workforce, its supply chain or demand for its
products. Additional risk factors facing the Company are
described in its most recent Annual Information Form for the year
ended December 31, 2020 and MD&A for the three and nine month
periods ended September 30, 2021, which have been filed
electronically by means of the System for Electronic Document
Analysis and Retrieval (SEDAR) located at www.sedar.com. The
forward-looking statements contained in this press release are made
as of the date hereof, and except as may be required by applicable
securities laws, the Company assumes no obligation to update
publicly or revise any forward-looking statements made herein or
otherwise, whether as a result of new information, future events or
otherwise.
Non-GAAP Measures
This news release contains disclosure respecting
non-GAAP performance measures including net working capital which
does not have a standardized meaning prescribed by US GAAP and may
not be comparable to similar measures presented by other
entities. This measure is included to enhance the overall
understanding of NXT’s ability to assess liquidity at a point in
time. Readers are urged to review the section entitled
"Non-GAAP Measures” in NXTs MD&A for the three and nine month
periods ended September 30, 2021 which is available under NXT's
profile on SEDAR at www.sedar.com, for a further discussion of such
non-GAAP measures. The financial information accompanying this news
release was prepared in accordance with US GAAP unless otherwise
noted. Management's discussion and analysis of financial
results and the unaudited condensed consolidated interim financial
statements and notes for the three months ended September 30, 2021,
are available through the Internet in the Investor Relations
section of www.nxtenergy.com or under NXT's SEDAR profile at
www.sedar.com.
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