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NXT Energy reports Q1 2026 loss as revenue drops during survey interpretation phase, plans expansion under new CEO.

Company Fundamentals
14 May 2026
Accesswire
View Source
Neutral
pluang ai news

NXT Energy Solutions announced a net loss of CAD 2.42 million for Q1 2026, a sharp decline from a CAD 7.68 million profit in Q1 2025, due to lower revenue recognition during the survey interpretation phase versus active survey acquisition in the prior year. The company completed data interpretation for the AL-Haj survey and secured a mobilization fee for an upcoming African survey, signaling ongoing operations and geographic expansion. All convertible debentures were converted to shares, strengthening the balance sheet with CAD 2.02 million cash and CAD 3.93 million net working capital. Under new CEO Gerry Sheehan, NXT aims to expand services and client base, including a new contract in South Asia, positioning for growth in global oil and gas exploration markets.

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