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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