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NXT Energy Solutions Announces Third Quarter 2020 Results

NXT Energy Solutions

iCrowdNewswire   Nov 17, 2020  12:12 PM ET

NXT Energy Solutions Inc. announced the Company’s financial and operating results for the quarter ended September 30, 2020. All dollar amounts herein are in Canadian Dollars.

Q3 Financial and Operating Highlights

Key financial and operational highlights for the third quarter include:

Message to Shareholders

George Liszicasz, President, and CEO of NXT, commented, “Although no survey revenues were recorded in Q3, contract opportunities remain in discussion in our core areas of interest in Africa, North and South America, and South-East Asia. We remain highly confident in the approach we have taken to realize near term opportunities with National Oil Companies that have a long term strategic approach to the development of reserves. Given uncertain times, patience is required to reach definitive agreements.

I am pleased to update you on the progress of our new algorithms that assist in the interpretation of SFD® data in a manner that can be integrated more effectively with conventional seismic data interpretation. Over the last quarter we have prototyped mathematical data transformation routines to enhance the quality and repeatability of SFD® data. While the methods need final formalization and field testing, NXT expects that the eventual application of these transformations will allow the extraction of additional important information to increase the reliability of interpretation and to increase the overall efficiency of operations. These methods are also expected to provide the first steps towards algorithmic interpretation and to significantly increase the value that SFD® provides in the hydrocarbon exploration cycle.  

I am also pleased to announce that we extended our MOU with BGP Inc., a subsidiary of China National Petroleum Corporation, for an additional two years to further explore opportunities for NXT and BGP Inc. to work together. NXT’s forward strategy is to secure SFD® contracts with BGP and its affiliates.”

Summary highlights of NXT’s 2020 third quarter financial statements (with comparative figures to 2019) are noted below. All selected and referenced financial information noted below should be read in conjunction with the Company’s third quarter 2020 unaudited condensed consolidated interim financial statements and the related management’s discussion and analysis (“MD&A”).

(All in Canadian $)        
  Q3-20 Q3-19 2020 YTD 2019 YTD
Operating results:        
Survey revenues $                     –   $ 1,021,532   $       136,566   $ 11,976,149  
Survey expenses   253,118     512,599     787,034     2,302,712  
General & administrative expenses   707,640     881,716     2,484,621     2,570,866  
Stock based compensation expense   35,384     64,983     64,574     72,533  
Amortization and other expenses, net   506,244     336,607     1,114,803     1,481,843  
    1,502,456     1,795,905     4,451,032     6,427,954  
Net (loss) income and comprehensive (loss) income $ (1,502,456 ) $ (774,373 ) $ (4,314,466 ) $ 5,548,195  
Income (loss) per common share – basic $ (0.02 ) $ (0.01 ) $ (0.07 ) $ 0.08  
Income (loss) per common share – diluted $ (0.02 ) $ (0.01 ) $ (0.07 ) $ 0.08  
Number of common shares outstanding as at end of the period   64,406,891     68,573,558     64,406,891     68,573,558  
Weighted average number of common shares outstanding for the period:        
Basic   64,406,891     68,573,558     64,406,891     68,573,558  
Diluted   64,406,891     68,573,558     64,406,891     73,431,574  
Cash provided by (used in):        
Operating activities $ (829,150 ) $ 3,947,524   $ (2,525,930 ) $ 2,679,914  
Financing activities       (10,735 )   (42,515 )   (31,666 )
Investing activities   1,523,724     (2,531,163 )   2,387,450     (431,163 )
Effect of foreign rate changes on cash   7,438     103,688     (29,875 )   109,048  
Net cash inflow (outflow)   702,013     1,509,314     (210,870 )   2,326,133  
Cash and cash equivalents, beginning of the period   1,945,362     1,156,351     2,858,245     339,532  
Cash and cash equivalents, end of the period   2,647,375     2,665,665     2,647,375     2,665,665  
Cash and cash equivalents   2,647,375     2,665,665     2,647,375     2,665,665  
Short-term investments   1,408,509     4,059,721     1,408,509     4,059,721  
Total cash and short-term investments   4,055,884     6,725,386     4,055,884     6,725,386  
Net working capital balance   3,991,065     9,894,580     3,991,065     9,894,580  

NXT’s 2020 third quarter financial and operating results have been filed in Canada on SEDAR at, and will soon be available in the USA on EDGAR at, as well as on NXT’s website at

Details of the conference call to discuss the 2020 third quarter financial and operating results are as follows:

Date: Tuesday, November 17, 2020
Time: 4:30 p.m. Eastern Time (2:30 p.m. Mountain Time)
North American Participants Call: 1-855-783-0506
Participant Pass Code 7683696

About NXT Energy Solutions Inc.

NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify traps and reservoirs with exploration potential. The SFD® survey system enables our clients to focus their hydrocarbon 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.

Contact Information

For investor and media inquiries please contact:

Eugene Woychyshyn Mr. George Liszicasz        
VP Finance & CFO President & CEO
+1-403-206-0805 +1-403-206-0800

Contact Information:

Eugene Woychyshyn
VP Finance & CFO

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