MISSISSAUGA, Ontario – Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen“) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of hydrogen electrolyzers, is pleased to report its financial results for the third quarter ended September 30, 2021.
“Moving into our new assembly facility as well as announcing our partnership with Hyundai and Kia marked two significant third quarter milestones in the evolution of Next Hydrogen,” said Raveel Afzaal, President and CEO of Next Hydrogen. “We have relocated inhouse system assembly and consolidated our expanded product development, engineering, manufacturing, operations teams at this facility. This helps accelerate our efforts to become the leading provider of green hydrogen solutions.”
Q3 2021 Financial Highlights
- Revenue was $77,397 for the three-month period, compared to $NIL in the prior year, supported by the Company’s acquisition of CleanFuel Systems Inc. during the previous quarter
- Net loss was $3.8 million for the three-month period, compared to a loss of $1.5 million in the prior year
- Adjusted EBITDA was a loss of $2.9 million compared to a loss of $0.9 million in the prior year, as the Company had the capital to significantly accelerate on its growth plans
- Cash balance was $44.5 million as of September 30, 2021, compared to $1.1 million as of December 31, 2020
Management is also proud to highlight a number of recent developments that demonstrate progress in the quarter:
- Next Hydrogen opened a new 27,000 square foot assembly facility in Mississauga, Ontario. This new facility will provide the Company with an initial 20MW of annual assembly capacity, which can be significantly expanded in a low-cost fashion as the company continues to grow.
- The Company has seen significant growth in its employee and contractor base, which has expanded from 13 to 42 during 2021, and fulfilled its end-to-end capabilities from product development to manufacturing and after market support, which better positions the Company to lead in the rapidly growing hydrogen economy.
- Next Hydrogen commenced trading on the OTCQB and incorporated a US subsidiary in order to support its expansion plans.
- The Company continues to make progress in its work with Hyundai Motor Company and Kia Corporation to jointly develop an alkaline water electrolysis system and its related stack for the purpose of generating green hydrogen economically and to explore new business opportunities and technological applications.
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 38 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.