NXT Energy Solutions Releases 2024 Financial Results

NXT Energy Solutions Inc., based in Calgary, has disclosed its financial and operational outcomes for the year ending December 31, 2024. Notable achievements include completing SFD® surveys in Africa and Turkey, and upcoming projects in Southeast Asia and Pakistan. The company's strategic direction remains focused on penetration in these regions.

Key financial figures show that SFD®-related revenues decreased to $0.64 million from $2.15 million the previous year. The company reported a net loss of $9.08 million, with increased general and administrative expenses by 16% YoY. Cash reserves stood at $0.73 million by year-end, while net working capital resulted in a deficit of $6.68 million.

NXT aims for more regional market expansion in 2025, anticipating positive financial impacts from its surveys in Africa and Asia. The company's technological methodologies continue to receive industry recognition, winning accolades like the Best Exploration Technology award in 2024.