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:
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.