Next Hydrogen Reports Q3 2022 Financial Results

November 9, 2022

MISSISSAUGA, November 9, 2022 (GLOBENEWSWIRE) – Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen“) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of electrolyzers, is pleased to report its financial results for the third quarter ended September 30, 2022.

“We are very pleased to have delivered a proof of concept electrolyzer to Hyundai Motor Company, which helped to further validate the superior performance of our unique cell design architecture compared to conventional alkaline electrolyzers,” said Raveel Afzaal, President and CEO of Next Hydrogen. “Further, we recently commissioned our factory acceptance test, which enables us to test commercially sized systems. Coupled with our previously commissioned lab, bench scale, and pilot scale assets, these assets are expected to provide significant momentum and acceleration towards our goal of delivering innovative and reliable systems to our customers.”

Q3 2022 Financial Highlights


  • Revenue was $74,457 and $160,078, for the three-month and nine-month period, compared to $77,397 and $136,520, respectively, in the previous year
  • Net loss was $3.9 million and $11 million, for the three-month and nine-month period, compared to a loss of $3.8 million and $20.4 million, respectively, in the previous year
  • Adjusted EBITDA was a loss of $3.4 million and $8.5 million, for the three-month and nine-month period, compared to a loss of $2.7 million and $6.6 million, respectively, in the previous year
  • Cash balance was $25.8 million as of September 30, 2022, compared to $30.3 million as of June 30, 2022

Management is also proud to highlight a number of recent developments that demonstrate significant recent progress:

  • Next Hydrogen successfully completed the build of a proof of concept electrolyzer using its unique design for Hyundai Motor Company. The pilot test demonstrated the ability to operate at significantly higher current densities and temperature compared to traditional alkaline electrolyzers, which provides a pathway to cost-effective green hydrogen production. The unit was tested using the newly commissioned test infrastructure and delivered to Hyundai Motor Company.
  • The Company commissioned its factory acceptance test equipment in October 2022, which allows Next Hydrogen to test commercial size systems prior to field demonstrations. This builds on the capability provided by bench scale and pilot scale test stands commissioned during Q2 and Q3. The Company commenced producing hydrogen from its systems in April 2022 and has now progressed to 24/7 operation of its assets in its facility. The addition of these test stands significantly accelerates the Company’s ability to deliver reliable and innovative electrolyzers to its customers.
  • Next Hydrogen was ranked first amongst publicly traded companies as the fastest-growing sustainable company in Canada by Corporate Knights, a Canadian media and research company committed to advancing a sustainable economy.
  • The Company signed a memorandum of understanding with Black & Veatch, a global engineering, procurement, consulting and construction company, to develop a complete, large-scale, and integrated multi-megawatt green hydrogen solution and identify areas of deeper collaboration and specific global opportunities. Next Hydrogen’s unique hydrogen technology expertise and Black & Veatch’s vast customer network and engineering leadership will offer an integrated hydrogen solution to clients worldwide.
  • Next Hydrogen joined a coalition of 40 partners that will work together, through the New York State Energy Research and Development Authority, to become one of at least four regional clean hydrogen hubs designated through the US federal Clean Hydrogen Hubs program included in the federal 2021 bipartisan Infrastructure Investment and Jobs Act to advance a vision that enables a long-term sustainable clean hydrogen industry in the US Northeast. The coalition will be competitively positioned to advance a vision that enables a long-term sustainable clean hydrogen industry in the Northeast region and to develop a proposal in response to the United States Department of Energy (DOE) Funding Opportunity Announcement with $8 billion in funding available.

For a more detailed discussion of Next Hydrogen’s third quarter results, please see the Company’s financial statements and management’s discussion and analysis, which are available on the Company’s website at or on SEDAR at

About Next Hydrogen

Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source.  Next Hydrogen’s unique cell design architecture supported by 39 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale.  Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors.

Non-IFRS Financial Measures

The following financial measure does not have any standardized meaning under IFRS and may not be comparable to similar measures employed by other companies:

Adjusted EBITDA is calculated as net income before interest, income taxes, depreciation and amortization (“EBITDA”), adjusted for share-based compensation, unrealized gain (loss) on foreign exchange, transaction costs and other unusual and non-recurring items.

Management believes that this financial measure is useful for investors and other readers, when used in conjunction with other IFRS financial measures, as it is a measure used internally by management to evaluate performance.  However, this financial measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of financial performance prepared in accordance with IFRS.

Contact Information

Raveel Afzaal, President and Chief Executive Officer
Next Hydrogen Solutions Inc.

Cautionary Statements
This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.