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Next Hydrogen Solutions Inc
Symbol NXH
Shares Issued 22,888,436
Close 2022-11-08 C$ 1.45
Market Cap C$ 33,188,232
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Next Hydrogen Solutions loses $3.9-million in Q3 2022

2022-11-09 10:18 ET - News Release

Mr. Raveel Afzaal reports

NEXT HYDROGEN REPORTS Q3 2022 FINANCIAL RESULTS

Next Hydrogen Solutions Inc. has released its financial results for the third quarter ended Sept. 30, 2022.

"We are very pleased to have delivered a proof of concept electrolyzer to Hyundai Motor Company, which helped to further validate the superior performance of our unique cell design architecture compared to conventional alkaline electrolyzers," said Raveel Afzaal, president and chief executive officer of Next Hydrogen. "Further, we recently commissioned our factory acceptance test, which enables us to test commercially sized systems. Coupled with our previously commissioned lab, bench scale and pilot scale assets, these assets are expected to provide significant momentum and acceleration towards our goal of delivering innovative and reliable systems to our customers."

Q3 2022 financial highlights

  • Revenue was $74,457 and $160,078 for the three-month and nine-month period, compared with $77,397 and $136,520, respectively, in the previous year.
  • Net loss was $3.9-million and $11-million for the three-month and nine-month period, compared with a loss of $3.8-million and $20.4-million, respectively, in the previous year.
  • Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was a loss of $3.4-million and $8.5-million for the three-month and nine-month period, compared with a loss of $2.7-million and $6.6-million, respectively, in the previous year.
  • Cash balance was $25.8-million as of Sept. 30, 2022, compared with $30.3-million as of June 30, 2022.

Management is also proud to highlight a number of recent developments that demonstrate significant recent progress:

  • Next Hydrogen successfully completed the build of a proof of concept electrolyzer using its unique design for Hyundai Motor Company. The pilot test demonstrated the ability to operate at significantly higher current densities and temperature compared with traditional alkaline electrolyzers, which provides a pathway to cost-effective green hydrogen production. The unit was tested using the newly commissioned test infrastructure and delivered to Hyundai Motor Company.
  • The company commissioned its factory acceptance test equipment in October, 2022, which allows Next Hydrogen to test commercial size systems prior to field demonstrations. This builds on the capability provided by bench scale and pilot scale test stands commissioned during Q2 and Q3. The company commenced producing hydrogen from its systems in April, 2022, and has now progressed to 24/7 operation of its assets in its facility. The addition of these test stands significantly accelerates the company's ability to deliver reliable and innovative electrolyzers to its customers.
  • Next Hydrogen was ranked first amongst publicly traded companies as the fastest-growing sustainable company in Canada by Corporate Knights, a Canadian media and research company committed to advancing a sustainable economy.
  • The company signed a memorandum of understanding with Black & Veatch, a global engineering, procurement, consulting and construction company, to develop a complete, large-scale and integrated multimegawatt green hydrogen solution and identify areas of deeper collaboration and specific global opportunities. Next Hydrogen's unique hydrogen technology expertise, and its Black & Veatch's vast customer network and engineering leadership, will offer an integrated hydrogen solution to clients worldwide.
  • Next Hydrogen joined a coalition of 40 partners that will work together, through the New York State Energy Research and Development Authority, to become one of at least four regional clean hydrogen hubs designated through the U.S. federal Clean Hydrogen Hubs program included in the federal 2021 bipartisan Infrastructure Investment and Jobs Act to advance a vision that enables a long-term sustainable clean hydrogen industry in the U.S. Northeast. The coalition will be competitively positioned to advance a vision that enables a long-term sustainable clean hydrogen industry in the Northeast region and to develop a proposal in response to the United States Department of Energy (DOE) funding opportunity announcement with $8-billion in funding available.

For a more detailed discussion of Next Hydrogen's third quarter results, please see the company's financial statements and management's discussion and analysis, which are available on the company's website or on SEDAR.

About Next Hydrogen Solutions Inc.

Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen's unique cell design architecture supported by 39 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors.

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