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Founded in Calgary, Canada, NXT Energy Solutions Inc. (NSFDF) is a technology company that has developed the stress field detection (SFD®) geophysical survey technology. SFD® is a reservoir-scale gravitational detection method used for rapid identification and ranking of prospect-level leads in exploration efforts. This airborne geophysical tool provides information on areas suitable for fluid entrapment in sedimentary basins. The technology has been successfully used worldwide, including in various geological settings onshore and offshore. NXT Energy Solutions has collaborated with multiple countries and published technical publications endorsing the efficacy of the SFD® technology.
NXT Energy Solutions Inc. (TSX: SFD; OTCQB: NSFDF) reported financial results for Q4 and YE-2022 on March 31, 2023. The company experienced a net loss of $1.47 million in Q4-22 and $6.73 million for the full year, with no revenues from SFD® services. Cash at year-end was $0.26 million, while net working capital stood at $(1.68) million. A private placement on January 25, 2023, raised approximately $1.66 million. General and administrative expenses rose by 17% year-over-year to $3.74 million. NXT's financial statements are available on SEDAR and EDGAR.
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