NXT Energy Solutions Inc 6-K, filed May 9, 2025
NXT Energy Solutions Inc. (NSFDF)
About this 6-K
NXT Energy Solutions Inc filed this 6-K on May 9, 2025.
UNITED STATES
SECURITIES AND EXCHANGECOMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATEISSUER PURSUANT TO RULE13a-16 OR 15d-16
UNDER THESECURITIES EXCHANGEACT OF 1934
For the month of May 2025
Commission File Number: 000-24027
| NXT Energy Solutions Inc. |
| (Translation of registrant's name into English) |
Suite 302
3320 - 17th Avenue SW
Calgary, Alberta, Canada, T3E0B4
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: __
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): __
The Issuer is filing material documents not previously filed.
Exhibit List:
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| NXT Energy Solutions Inc. |
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| (Registrant) |
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| Date: May 8, 2025 | /s/ Eugene Woychyshyn |
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| Eugene Woychyshyn |
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| Vice President of Finance & CFO |
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EXHIBIT 99.1
NXT Energy Solutions Announces First Quarter
2025 Results and Investor Conference Call
CALGARY, AB, May 8, 2025 – NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD; OTCQB: NSFDF) today announced the Company's financial and operating results for the quarter ended March 31, 2025 . All dollar amounts herein are in Canadian Dollars, unless otherwise identified.
Bruce G. Wilcox, CEO of NXT, commented, “Our SFD® surveys are reflected in positive first quarter financial results. We have booked surveys for the remainder of 2025 and are working on contract bookings for the first and second quarter of 2026 reflecting increased interest in using SFD® to enhance exploration achieving greater effectiveness and associated reductions of time and expense. We look forward to the impact of these activities upon future financials, and continue forward on our efforts to deliver meaningful shareholder value through strong fundamentals. ”
Key financial and operational highlights during the first quarter of 2025 are summarized below:
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| · | the Company completed data acquisition of the SFD® survey flown for its Strategic Alliance Partner, Synergy E&P Limited (“Synergy”); |
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| · | the Company recorded SFD®-related revenues of approximately $12.46 million for Q1-25 versus $0.60 million for Q1-24; |
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| · | a net income of $7.68 million was recorded for Q1-25, including stock-based compensation expenses(“SBCE”), amortization expenses and remeasurement gain, all totaling approximately $1.35 million. This compares favourably to a net loss of $1.79 million recorded for Q1-24, including SBCE and amortization expenses totaling approximately $0.49 million; |
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| · | net income per share for Q1-25 was $0.10 per share (basic) and $0.08 per share (diluted), as compared to a net loss per common share for Q1-24 of $0.02 per share (basic) and $0.02 per share (diluted); |
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| · | cash flow provided by operating activities was approximately $1.47 million during Q1-25, compared to $0.59 million used by operating activities in Q1-24; |
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| · | cash and short-term investments as at March 31, 2025 were approximately $2.03 million; |
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| · | net working capital was approximately $0.61 million as at March 31, 2025, versus approximately negative $6.68 million at December 31, 2024; and |
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| · | general and administrative expenses increased by approximately $0.09 million (9%) in Q1-25 as compared to Q1-24. |
After March 31, 2025, the Company entered into a new contract with Synergy to provide an SFD® survey for an oil and gas exploration company in Africa to begin in the third quarter of 2025. We express our gratitude to our strategic partner, Dr. Daere Akobo, CEO of Synergy, for his leadership and mentoring.
Summary highlights of NXT's first quarter 2025 financial statements (with comparative figures to 2024) are noted below. All selected and referenced financial information noted below should be read in conjunction with the Company's March 31, 2025 unaudited condensed consolidated interim financial statements and related Management's Discussion and Analysis ("MD&A).
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| (All in Canadian $) |
| Q1-25 |
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| Q1-24 |
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| Operating results: |
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| SFD®-related revenues |
| $ | 12,464,071 |
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| $ | 602,072 |
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| SFD®-related costs, net |
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| 2,331,830 |
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| 730,520 |
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| General & administrative expenses |
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| 1,108,367 |
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| 1,021,306 |
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| Amortization |
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| 476,897 |
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| 440,564 |
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| Interest, foreign exchange, remeasurement loss, and other expenses |
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| 862,459 |
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| 196,282 |
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| Net income (loss) |
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| 7,684,518 |
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| (1,786,600 | ) |
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| Income (loss) per common share: |
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| Basic |
| $ | 0.10 |
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| $ | (0.02 | ) |
| Diluted |
| $ | 0.08 |
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| $ | (0.02 | ) |
| Common shares outstanding as at end of the period |
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| 79,455,385 |
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| 78,121,746 |
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| Basic average of common shares outstanding |
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| 79,074,967 |
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| 78,085,304 |
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| Diluted average of common shares outstanding |
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| 115,859,346 |
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| 78,085,304 |
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| Cash provided by (used in): |
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| Operating activities |
| $ | 1,474,971 |
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| $ | (593,766 | ) |
| Financing activities |
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| (147,223 | ) |
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| 741,783 |
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| Investing activities |
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| (245,133 | ) |
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| (24,102 | ) |
| Effect of foreign rate changes on cash |
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| 4,347 |
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| 6,994 |
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| Net cash inflow |
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| 1,086,962 |
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| 130,909 |
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| Cash and cash equivalents, beginning of the period |
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| 730,395 |
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| 401,713 |
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| Cash and cash equivalents, end of the period |
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| 1,817,357 |
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| 532,622 |
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| Total cash and short-term investments |
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| 2,033,186 |
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| 532,622 |
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| Net working capital balance |
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| 612,458 |
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| (2,635,446 | ) |
NXT's first quarter 2025 financial and operating results have been filed in Canada on SEDAR+ at www.sedarplus.ca, and will soon be available in the USA on EDGAR at www.sec.gov/edgar, as well as on NXT's website at www.nxtenergy.com.
Investor Conference Call:
| Date:
| Wednesday May 14, 2025
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| Time:
| 4:30 p.m. Eastern Time (2:30 p.m. Mountain Time)
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| Participants call:
| 1-800-806-5484
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| Conference ID:
| 5496298# |
About NXT Energy Solutions Inc.
NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary airborne SFD® survey system, applied in numerous basins around the world, uses the principles of quantum mechanics to infer stress anomalies of exploration interest. The method can be used both onshore and offshore to remotely identify areas conducive to fluid entrapment in order to recommend areas with commercial hydrocarbon and/or geothermal potential. The SFD® survey system enables our clients to focus their exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
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Contact Information
For investor and media inquiries please contact:
Michael Baker
Investor Relations
302, 3320 – 17th AVE SW
Calgary, AB, T3E 0B4
+1 403 264 7020
nxt_info@nxtenergy.com
www.nxtenergy.com
Forward-Looking Statements
Certain information provided in this press release may constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “estimate”, “will”, “expect”, “plan”, “schedule”, “intend”, “propose” or similar words suggesting future outcomes or an outlook. Forward-looking information in this press release includes, but is not limited to, information regarding: the timing of the booking of SFD® surveys for 2025 and 2026., the positive financial impact of SFD® surveys in 2025 and 2026, and NXT's new business growth strategy of generating diversified revenue. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Additional risk factors facing the Company are described in its most recent Annual Information Form for the year ended December 31, 2024 and MD&A for the three months ended March 31, 2025, which have been filed electronically by means of the System for Electronic Document Analysis and Retrieval (“SEDAR+”) located at www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Non-GAAP Measures
This news release contains disclosure respecting non-GAAP performance measures including net working capital which does not have a standardized meaning prescribed by US GAAP and may not be comparable to similar measures presented by other entities. This measure is included to enhance the overall understanding of NXT’s ability to assess liquidity at a point in time. Readers are urged to review the section entitled “Non-GAAP Measures” in NXT’s MD&A for the three months ended March 31, 2025 which is available under NXT’s profile on SEDAR+ at www.sedarplus.ca, for a further discussion of such non-GAAP measures. The financial information accompanying this news release was prepared in accordance with US GAAP, unless otherwise noted. The MD&A and the unaudited condensed consolidated interim financial statements and notes for the three months ended March 31, 2025, are available in the Investor Relations section of www.nxtenergy.com, or under NXT's SEDAR+ profile at www.sedarplus.ca.
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