Next Hydrogen Reports Q2 2023 Financial Results

By August 15, 2023 4   min read  (631 words)

August 15, 2023 |

Next Hydrogen Reports Q2 2023 Financial Results

MISSISSAUGA, Ontario– Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen“), a designer and manufacturer of electrolyzers, is pleased to report its financial results for the second quarter ended June 30, 2023.“The focus for 2023 is to (1) launch our second-generation product line with better energy efficiency, lower cost and improved reliability, (2) Demonstration our second-generation electrolyzer in a market application, and (3) demonstrate market traction for our product line with our strategic partners,” said Raveel Afzaal, President and CEO of Next Hydrogen. “We are achieving excellent results for our second-generation product line in our pilot scale facility. Further, we have on-boarded six industry partners this which gives us confidence in our go-to market strategy. This along with our balance sheet strength puts us in an excellent position to achieve our 2023 objectives.”

Q2 2023 Financial Highlights

  • Cash balance was $15.9 million as of June 30, 2023, compared to $19.4 million as of March 31, 2023
  • Revenue was $45,526 and $89,695 for the three-month period and six-month period, compared to $44,826 and $85,621, respectively, in the previous year
  • Net loss and comprehensive loss was $2.9 million and $6.3 million for the three-month period and six- month period, compared to a loss of $3.4 million and $7.08 million respectively in the previous year

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

  • Next Hydrogen will be receiving advisory services and up to $750,000 in research and development funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) toward the development and demonstration of the Company’s next generation products. This will further help the Company accelerate its product roadmap and its mission of driving large scale adoption of green hydrogen solutions to decarbonize the global economy.
  • The Company has been awarded $5.1 million from Sustainable Development Technology Canada (SDTC) towards the development and demonstration of the Company’s next generation electrolysis technology. The SDTC project, with a budget of over $12 million will run to early 2025, resulting in the launch of a second-generation product line with cost and performance improvements and a third- generation larger scale product line with further cost and performance improvements. With the launch of these products, Next Hydrogen will be well positioned to support the needs of its customers for both near term market demonstrations and commercial large scale green hydrogen systems. The payment for the first milestone was received in Q1 2023.
  • Further, Next Hydrogen has secured six blue chip industry partners and received letters of commitment totaling $1.5M as a combination of cash and in-kind contributions towards its product development roadmap. These partners include end users, suppliers and channel partners to ensure strong product market fit and positions the company for high quality revenue generation opportunities.
  • The Company was the recipient of the Innovation in Hydrogen Technology Award at the Canadian Hydrogen Convention in Edmonton, Alberta in April 2023. This is the largest hydrogen event in North America with over 1000 conference delegates.

For a more detailed discussion of Next Hydrogen’s first quarter results, please see the Company’s financial statements and management’s discussion and analysis, which are available on the Company’s website at or on SEDAR at

About Next Hydrogen

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 40 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.

Contact Information

Raveel Afzaal, President and Chief Executive Officer
Next Hydrogen Solutions Inc.
Email: [email protected]
Phone: 647-961-6620



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