Monitor the start of the second African SFD survey (mobilization began Aug 2, 2026) and the South Asia survey for revenue recognition in Q3-Q4 2026. The $1.29M overdue receivable collection is critical for liquidity. The company's cash runway is tight given $1.72M in cash against negative operating cash flow - watch for any equity or debt financing announcement.
Price Chart
Executive Summary
NXT Energy Solutions reported a net loss of $2.56M for Q2-2026 with zero SFD-related revenue, compared to $1.66M in revenue and a $6.98M net loss in Q2-2025. Cash and short-term investments fell to $1.72M from $3.92M at year-end 2025. The company's going concern uncertainty persists, though it has secured new contracts in Africa and South Asia with mobilization expected in Q3-2026. The massive revenue decline from $14.12M in H1-2025 to $0.11M in H1-2026 reflects the lumpy nature of survey contracts, but the cash burn rate and lack of current revenue generation are concerning for near-term liquidity.
Key Facts
- Q2-2026 SFD-related revenue was $0 vs $1.66M in Q2-2025
- Net loss of $2.56M in Q2-2026 vs $6.98M loss in Q2-2025 (improvement due to absence of convertible debenture remeasurement losses)
- Cash and short-term investments fell to $1.72M at June 30, 2026 from $3.92M at Dec 31, 2025
- Going concern uncertainty reiterated - cash not sufficient for obligations and planned operations for one year
- All convertible debentures converted by Jan 5, 2026 - no debt overhang but also no more convertible financing available
- Net working capital decreased 60% to $2.09M from $5.26M at year-end 2025
- Operating cash flow was negative $0.15M in Q2-2026 and negative $1.92M YTD 2026
- $1.29M of accounts receivable is overdue 91-180 days from one customer on a payment plan
- Company received $346,500 mobilization deposit for second African SFD survey expected to commence Q3-2026
- New CEO Gerry Sheehan appointed during Q2-2026
Financial Impact
Revenue collapsed from $14.12M (H1-2025) to $0.11M (H1-2026). Cash burn of $2.2M in H1-2026. Net loss of $4.97M YTD 2026 vs net income of $0.70M YTD 2025.
Risk Factors
- Going concern risk - cash may not last 12 months without new contracts or financing
- Customer concentration - 100% of H1-2026 revenue from one customer, and $1.29M receivable overdue from same customer
- Lumpy revenue model makes quarterly comparisons meaningless and creates cash flow volatility
- Material weaknesses in internal controls over financial reporting remain unremediated
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001654954-26-007430 |
| Document: nxt_ex992.htm | 0001654954-26-007430 |
| Document: nxt_ex993.htm | 0001654954-26-007430 |
| Document: nxt_ex994.htm | 0001654954-26-007430 |
| Document: nxt_6k.htm | 0001654954-26-007430 |
| Document: 0001654954-26-007430-index-headers.html | 0001654954-26-007430 |
| Document: 0001654954-26-007430-index.html | 0001654954-26-007430 |
| Document: 0001654954-26-007430.txt | 0001654954-26-007430 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 13d ago | 6-K | $0.2500 | awaiting T+20 | — | $0.2800 (+12.00%) |
Aug 10, 2026 11w ago | 6-K | $0.2700 $0.2800 | ▼ −3.70% | ▼ −4.76% | $0.2800 (−3.70%) |
May 6, 2026 24w ago | 6-K | $0.3100 $0.2800 | ▼ −9.68% | ▼ −12.81% | $0.2800 (−9.68%) |
Apr 20, 2026 27w ago | 6-K | $0.3100 $0.3500 | ▲ +12.90% | ▲ +8.70% | $0.2800 (−9.68%) |
Apr 8, 2026 28w ago | 6-K | $0.2400 $0.3100 | ▲ +29.17% | ▲ +21.60% | $0.2800 (+16.67%) |
Apr 7, 2026 29w ago | 6-K | $0.2400 $0.2800 | ▲ +16.67% | ▲ +8.12% | $0.2800 (+16.67%) |
US Market Status
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