on NXT Energy Solutions, Inc. (isin : CA62948Q1072)
NXT Energy Solutions Announces Second Quarter 2024 Results
NXT Energy Solutions Inc. released its financial and operating results for Q2-24, ending June 30, 2024. The company highlighted the upcoming Southeast Asia SFD® Survey anticipated for Q3-24. Debentures worth US$2.0 million were issued to MCAPM LP, and cash holdings were $2.43 million at the end of the quarter.
The net working capital improved to ($1.24) million from ($1.86) million at the end of 2023. However, the company recorded an SFD®-related revenue of approximately $0.60 million for YTD 2024, with no revenue for Q2-24. NXT posted a net loss of $3.01 million for Q2-24 and $4.80 million YTD 2024.
Cash flow used in operating activities dropped to $0.67 million for Q2-24, compared to $1.01 million in Q2-23. General and administrative expenses increased by 2% for Q2-24 and 10% for YTD 2024 compared to the respective periods in 2023. The company also reduced its office space by about 31% and extended the lease until 2030.
R. E.
Copyright © 2024 FinanzWire, all reproduction and representation rights reserved.
Disclaimer: although drawn from the best sources, the information and analyzes disseminated by FinanzWire are provided for informational purposes only and in no way constitute an incentive to take a position on the financial markets.
Click here to consult the press release on which this article is based
See all NXT Energy Solutions, Inc. news