The following is a summary of the NXT Energy Solutions Inc. (NSFDF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• NXT Energy Solutions reported Q4 revenues of approximately CAD 2.15 million, mainly generated from the Turkish SFD survey.

• The firm managed to reduce its negative net working capital from CAD 3.47 million to CAD1.86 million.

• The company scaled down its Q4 net loss to CAD 0.43 million from CAD1.47 million in the same period in the previous year. Year-to-date, the company marked a net loss of approximately CAD5.45 million, a reduction from a net loss of CAD6.73 million in 2022.

Business Progress:

• In 2023, NXT Energy Solutions developed a strategic alliance partnership with Energy EMP Technologies Limited, extended their market footprint to Africa.

• The firm is diversifying its business pipeline through targeted outreach to both National Oil Companies and Independent Oil Companies with multiple draft contracts and proposals in progress.

• Cost reduction measures, such as extending the lease on the aircraft, reducing office space, and negotiating service provider contracts have been implemented. Furthermore, a plan is in place to monetize existing survey data.

More details: NXT ENERGY SOLUTIONS INC IR

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