- NXT Energy Solutions announced its financial and operating results for the quarter ended June 30, 2021
- The company recorded survey revenue of $3.14 million in Q2-21 and YTD 2021
- Cash flow used in operating activities was $0.15 million for YTD 2021
- The company received $1,000,000 from the Business Development Bank of Canada
- General and administrative expenses decreased by 16 per cent
- G&A for YTD-2021 decreased by $0.22 million as compared to YTD-2020
- NXT’s proprietary SFD® survey system can be used both to remotely identify traps and reservoirs with exploration potential
- NXT Energy Solutions Inc is a Canadian company that offers geophysical service to the upstream oil and gas industry
- NXT Energy Solutions Inc. (SFD) opened trading at C$0.425 per share
NXT Energy Solutions announced its financial and operating results for the quarter ended June 30, 2021.
Q2 financial and operating highlights
Key financial and operational highlights for Q2-21 are summarized below:
- The company recorded survey revenue of $3.14 million in Q2-21 and YTD 2021
- Net income per common share for Q2-21 was $0.02 basic and $0.02 diluted, including stock-based compensation and amortization expense of $0.50 million
- Cash flow provided by operating activities was $0.73 million during Q2-21
- Net income per common share for YTD 2021 was $0.00 basic and $0.00 diluted, including stock-based compensation and amortization expense of $0.96 million
- Cash flow used in operating activities was $0.15 million for YTD 2021
- Cash and short-term investments at June 30, 2021, were $3.78 million
- The company acquired the rights to use the SFD® technology to explore for geothermal resources
- The company received $1,000,000 from the Business Development Bank of Canada’s Highly Affected Sectors Credit Availability Program (the HASCAP Loan)
- General and administrative expenses decreased by $0.13 million (16 per cent) as compared to Q2-20, due primarily to the receipt of a higher Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy (CERS) and lower professional fees
- G&A for YTD-2021 as compared to YTD-2020 decreased by $0.22 million (12 per cent), mostly due to receiving the CERS in 2021, decreased professional fees, and no business development travel due to the COVID-19 pandemic.
Key financial and operational highlights occurring subsequent to Q2-21 are summarized below:
- On July 1, 2021 energy exploration veteran, Gerry Sheehan, joined the Board of Directors
- The company began receiving advisory services and funding of up to $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 Energy Solutions Inc is a Canadian company that offers geophysical services to the upstream oil and gas industry using its gravity-based Stress Field Detection (SFD) remote-sensing survey system.
NXT Energy Solutions Inc. (SFD) opened trading at C$0.425 per share.
