NXT Energy Solutions Announces 2021 Year-End Financial Results
31 Março 2022 - 10:36PM
NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTC
QB: NSFDF) today announced the Company's financial and operating
results for the year ended December 31, 2021. All dollar amounts
herein are in Canadian Dollars unless otherwise identified.
Financial and Operating
Highlights
Key financial and operational highlights
include:
- the Company completed the 2021
advisory services and funding of $50,000 from the National Research
Council of Canada Industrial Research Assistance Program ("NRC
IRAP") to support the research and development of the SFD®
technology for geothermal applications;
- NXT announced that its patent
application in India has been officially granted by the Office of
the Controller General of Patents, Designs and Trade Marks;
- cash and short-term investments at
December 31, 2021 were $2.81 million;
- Net working capital was $2.82
million at December 31, 2021;
- the Company recorded SFD® related
revenue of $3.13 million for YE-21 and nil for Q4-21;
- a net loss of $1.57 million was
recorded for Q4-21, including stock based compensation expense
("SBCE") and amortization expense of $0.53 million;
- a net loss of $3.12 million was
recorded for YE-21, including SBCE and amortization expense of
$2.06 million;
- net loss per common share for Q4-21
was $0.02 basic and $0.02 diluted;
- net loss per common share for YE-21
was $0.05 basic and $0.05 diluted;
- cash flow provided (used) by
operating activities was $0.08 during Q4-21 and ($1.03) million
YE-21;
- general and administrative
("G&A") expenses increased by $0.05 million (6%) as compared to
Q4-20, due primarily to the ending of the Canada Emergency Wage
Subsidy ("CEWS"), the Canada Emergency Rent Subsidy ("CERS")
programs;
- G&A for YE-21 as compared to
YE-20 decreased by $0.15 million (5%) due to lower professional
fees, recognition of the CERS and business development offset by
the ending of the CEWS and higher SBCE;
- the Company received US$0.20
million of payments on outstanding accounts receivable during
February 2022;
- the Company extended its aircraft
lease until April 2024; and
- the Company received notice that
its Brazilian Patent Application has been allowed, bringing the
total number of countries in which NXT holds patents to 46.
Message to Shareholders
George Liszicasz, President, and CEO of NXT,
commented, "With $3.13 million of revenue, 2021 showed modest
initial results of our business development efforts. We
were pleased that energy exploration veteran Gerry Sheehan join our
Board of Directors, and that NXT received advisory services
and funding from NRC IRAP which supported the research and
development of the SFD® technology for geothermal
applications.
NXT had a very busy start
to 2022 pursuing a number of strategic opportunities
which gives me great confidence that our collective efforts
will materialize into future success, both short-term and
long-term. Contract opportunities substantially progressed
throughout the winter in our core regions of focus in Africa,
Asia and South America and we are witnessing an increased level of
business development activity with our customers. NXT
remains highly confident in the approach we have taken to realize
near term opportunities with National Oil Companies, which have a
long term strategic approach to the development of
reserves.
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 full year and
fourth 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 full year 2021 audited consolidated Annual Financial
Statements, the related Management's Discussion and Analysis
("MD&A") and Annual Information Form.
(All in Canadian $) |
|
|
|
|
|
Q4-21 |
Q4-20 |
|
2021 |
|
|
2020 |
|
Operating results: |
|
|
|
|
SFD® related revenues |
$ |
(10,123 |
) |
$ |
- |
|
$ |
3,134,250 |
|
$ |
136,566 |
|
SFD® related costs, net |
|
273,431 |
|
|
306,686 |
|
|
1,224,168 |
|
|
1,111,070 |
|
General & administrative expenses |
|
841,577 |
|
|
791,816 |
|
|
3,189,857 |
|
|
3,341,010 |
|
Amortization and other expenses, net |
|
448,456 |
|
|
554,945 |
|
|
1,844,024 |
|
|
1,712,714 |
|
|
|
1,563,464 |
|
|
1,653,447 |
|
|
6,258,049 |
|
|
6,164,794 |
|
Net
(loss) income and comprehensive loss) income |
$ |
(1,573,587 |
) |
$ |
(1,653,447 |
) |
$ |
(3,123,799 |
) |
$ |
(6,028,228 |
) |
|
|
|
|
|
Income (loss) per common share – basic |
$ |
(0.02 |
) |
$ |
(0.03 |
) |
$ |
(0.05 |
) |
$ |
(0.09 |
) |
Income (loss) per common share – diluted |
$ |
(0.02 |
) |
$ |
(0.03 |
) |
$ |
(0.05 |
) |
$ |
(0.09 |
) |
|
|
|
|
|
Number of common shares outstanding as at end of the period |
|
65,250,170 |
|
|
64,437,790 |
|
|
65,250,170 |
|
|
64,437,790 |
|
Weighted average number of common shares outstanding for the
period: |
|
|
|
|
Basic |
|
64,658,380 |
|
|
64,409,170 |
|
|
64,658,380 |
|
|
64,409,170 |
|
Diluted |
|
64,658,380 |
|
|
64,409,170 |
|
|
64,658,380 |
|
|
64,409,170 |
|
|
|
|
|
|
Cash provided by (used in): |
|
|
|
|
Operating activities |
$ |
75,610 |
|
$ |
(891,021 |
) |
$ |
(1,033,173 |
) |
$ |
(3,407,101 |
) |
Financing activities |
|
(66,289 |
) |
|
(28,383 |
) |
|
875,428 |
|
|
(173,616 |
) |
Investing activities |
|
(186,245 |
) |
|
1,049,241 |
|
|
(274,049 |
) |
|
3,436,691 |
|
Effect of foreign rate changes on cash |
|
(2,175 |
) |
|
(87,067 |
) |
|
(497 |
) |
|
(24,073 |
) |
Net cash inflow (outflow) |
|
(179,099 |
) |
|
42,771 |
|
|
(432,291 |
) |
|
(168,099 |
) |
Cash and cash equivalents, beginning of the period |
|
2,436,954 |
|
|
2,647,375 |
|
|
2,690,146 |
|
|
2,858,245 |
|
Cash and cash equivalents, end of the period |
|
2,257,855 |
|
|
2,690,146 |
|
|
2,257,855 |
|
|
2,690,146 |
|
|
|
|
|
|
Cash and cash equivalents |
|
2,257,855 |
|
|
2,690,146 |
|
|
2,257,855 |
|
|
2,690,146 |
|
Short-term investments |
|
550,000 |
|
|
341,261 |
|
|
550,000 |
|
|
341,261 |
|
Total cash and short-term investments |
|
2,807,855 |
|
|
3,031,407 |
|
|
2,807,855 |
|
|
3,031,407 |
|
|
|
|
|
|
Net working capital balance |
|
2,816,482 |
|
|
2,818,452 |
|
|
2,816,482 |
|
|
2,818,452 |
|
NXT's 2021 fourth
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: |
Monday, April 4, 2022 |
Time: |
4:30 p.m. Eastern Time (2:30 p.m. Mountain Time) |
North American Participants Call: |
1-(800)-806-5484 |
Participant Pass Code |
1575216# |
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 hydrocarbon and
geothermal 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 |
+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, 2021, which has
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 year ended December 31, 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 audited consolidated financial
statements and notes for the year ended December 31, 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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