Welcome to our dedicated page for Nxt Energy news (Ticker: NSFDF), a resource for investors and traders seeking the latest updates and insights on Nxt Energy stock.
NXT Energy Solutions Inc. (NSFDF) is a leader in airborne geophysical survey technology, specializing in proprietary SFD® systems that transform hydrocarbon and geothermal exploration. This page serves as the definitive source for company developments, offering investors and industry professionals timely updates on strategic initiatives and technological breakthroughs.
Access comprehensive coverage of NSFDF's operational milestones, including SFD® survey deployments, partnership announcements, and financial performance. Our curated news feed delivers essential insights into how the company's quantum sensor technology reduces exploration risks while optimizing land assessment strategies across diverse geological regions.
Key updates include advancements in gravitational detection methodologies, global project expansions, and analyses of the SFD® system's role in modern energy exploration. All content is rigorously verified to ensure alignment with regulatory standards and investor information needs.
Bookmark this resource for direct access to NSFDF's latest press releases and expert analyses. Regularly updated content provides stakeholders with the critical data required to monitor this innovator's progress in reshaping subsurface exploration efficiency.
NXT Energy Solutions (NSFDF) has released its financial results for the year ended December 31, 2024. The company reported a significant decline in revenue, with SFD®-related revenues dropping to $0.64 million in 2024 from $2.15 million in 2023. The company recorded a net loss of $9.08 million for the year.
Key operational highlights include new SFD® survey contracts in Africa, Southeast Asia, and Pakistan, with the African survey completed in January 2025. The company secured financing through convertible debentures totaling US$2.9 million from MCAPM, LP and Ataraxia Capital.
Financial position shows cash and short-term investments of $0.73 million and negative working capital of $6.68 million as of December 31, 2024. General and administrative expenses increased by 16% year-over-year. The company has extended its aircraft lease and reduced office space by 31%.
NXT Energy Solutions (TSX:SFD)(OTCQB:NSFDF) has announced several operational updates. The company has completed SFD® data acquisition over 14 flight days for an African oil and gas exploration company through their partner Synergy, with interpretation recommendations expected in Q2 2025.
The company's Cessna 560 Ultra aircraft is undergoing scheduled maintenance in preparation for two upcoming SFD® surveys: one in Southeast Asia planned for April 2025 with recommendations due in May 2025, and another in Pakistan through AL-Haj Enterprises expected to commence in Q3 2025 with recommendations in Q4.
CEO Bruce G. Wilcox anticipates significant positive financial impact from these surveys for Q1 and full-year 2025. The company plans to release its Q4 and full-year 2024 financial results during the week of March 24, 2025, and Q1 2025 results in the first half of May 2025.
NXT Energy Solutions announced changes to its Board of Directors. John Tilson, a substantial long-term shareholder who served on the Board since 2015, has retired. His son, Jeffrey S. Tilson, has been appointed as his replacement. Jeffrey brings 23 years of experience as an Investment Advisor and currently manages JST Investment Consulting Inc., a Registered Investment Advisor firm. He holds Bachelor of Science degrees in Finance and Information Systems E-Commerce from California State University-Long Beach. Both Jeffrey and his wife maintain significant shareholdings in NXT, and Jeffrey serves as a trustee for the Tilson Family Trust.
NXT Energy Solutions has been named a finalist for the Energy Transition Award - Upstream category at the Annual Platts Global Energy Awards. This recognition follows their recent win of 'Best Exploration Technology' at the 2024 Gulf Energy Information Excellence Awards. The Platts Global Energy Awards acknowledge corporate and individual innovation, leadership, and performance across 19 categories in the energy and chemicals value chain. Winners will be announced at a gala in Manhattan on December 12, 2024.
NXT Energy Solutions has completed the final tranche of a planned private placement of US$900,000 convertible debentures to Ataraxia Capital, with the final amount being US$400,000. The debentures bear 10% annual interest, are payable in two years, and are convertible to common shares at US$0.24 per share. Ataraxia now owns US$2.3 million in debentures, potentially representing 14.7% of outstanding shares upon conversion. The proceeds will support working capital needs for upcoming SFD® surveys in Africa and Southeast Asia, along with administrative and business development activities.
NXT Energy Solutions reported its Q3 2024 financial results, showing a net loss of $1.48 million for the quarter and $6.28 million year-to-date. The company secured several new contracts, including a repeat SFD® survey in Africa and a geothermal survey in Alberta. Cash and short-term investments stood at $0.94 million, with negative working capital of $2.94 million. Revenue was $0.60 million YTD 2024, with no revenue in Q3. General and administrative expenses increased by 19% compared to Q3-23. Post-quarter, NXT secured a new survey contract and received US$500,000 of a US$900,000 convertible debenture from Ataraxia.
NXT Energy Solutions has secured a contract to conduct an SFD® survey for AL-Haj Enterprises Private (AEPL) in the Northern Suleiman Fold Belt region. The data acquisition phase is scheduled to begin in Q2 2025, with interpretations and recommendations expected to be delivered in Q3 2025. AEPL's CEO Taj Muhammad Afridi highlighted their pioneering role in introducing SFD® technology to this emerging petroleum basin, while NXT's CEO Bruce G. Wilcox expressed enthusiasm about returning to South Asia for another survey project.
NXT Energy Solutions has received the first US$500,000 tranche of a planned US$900,000 convertible debenture from Ataraxia Capital. The debentures carry a 10% annual interest rate, payable quarterly, with a two-year maturity. They are convertible into common shares at US$0.24 per share or into voting preferred shares. Ataraxia currently holds US$1.4M in previous debentures and could own up to 14.7% of outstanding shares after full conversion. The proceeds will support working capital needs for upcoming SFD® surveys in Africa and Southeast Asia, with operations expected to commence in Q4 2024.
NXT Energy Solutions Inc. (TSX:SFD)(OTCQB:NSFDF) has announced that its CEO, Bruce G. Wilcox, will be presenting at the 17th Annual LD Micro Main Event. The presentation is scheduled for Tuesday, October 29, 2024, at 9:00 am PDT/12:00 pm EDT at the Luxe Sunset Boulevard Hotel.
Interested parties can register to watch the presentation virtually at https://me24.sequireevents.com/. For those wishing to schedule a one-on-one meeting with the Company at the conference, please contact registration@ldmicro.com.
For further information, investors and media can contact Eugene Woychyshyn, Vice President of Finance & CFO, or Michael Baker, Investor Relations, at NXT Energy Solutions.
NXT Energy Solutions Inc. (TSX:SFD)(OTCQB:NSFDF) has been awarded the 'Best Exploration Technology' at the 2024 Gulf Energy Information Excellence Awards in Houston on October 9, 2024. The award recognizes NXT's Stress Field Detection (SFD®) technology for its innovative contribution to the energy industry.
CEO Bruce G. Wilcox expressed pride in the achievement, noting that NXT won over formidable competitors like SLB and Aramco Americas. The company was among 29 winners out of approximately 500 nominees, placing them in the 94th percentile.
The Gulf Energy Information Excellence Awards, which combines several respected industry awards, celebrates technological advancements and leadership in the energy sector, focusing on innovations that enhance safety, efficiency, and sustainability in hydrocarbon exploration and production.
