2026 Q1 Financial Highlights
Revenue for the three months ended March 31, 2026 was $300,883, compared to $331,864 for the same period in the prior year. Revenue consisted entirely of service revenue under ongoing service and maintenance agreements.
Net loss and comprehensive loss for the three months ended March 31, 2026 was $2,795,411, compared to $2,940,412 in the prior year period. The improvement was driven by lower relative operating expenses as a result of cost management initiatives implemented in Q1 2026.
Cash balance was $14.9 million as at March 31, 2026, compared to $18.5 million as at December 31, 2025. The decrease primarily reflects operating cash outflows during the quarter.
Update on Strategic Initiatives
Raveel Afzaal, President & CEO of Next Hydrogen said, "Our first commercial-scale NH150 0.75 MW electrolyzer module has been successfully operating since August 2025 at a Toronto area distribution centre of a major Canadian retailer using fuel cell powered forklifts. We are now focused on commercializing our NH150 electrolyzer across a range of applications including distribution centres, cold storage facilities, military applications and distributed hydrogen uses such as long-haul fuel cell trucks and fuel cell buses where its ability to integrate directly with renewables and excess grid electrical sources provides meaningful performance advantages. Onsite hydrogen production also offers customers meaningful cost advantages relative to delivered hydrogen by avoiding transportation and handling costs associated with trucked-in supply. Having demonstrated commercial viability at the unit level, we are now advancing multi-modular configurations to address large-scale industrial hydrogen demand."
Recent Milestones
Several recent milestones demonstrate the significant progress by ...
