Next Hydrogen Reports Q4 and Fiscal 2021 Financial Results

April 4, 2022

MISSISSAUGA, April 4, 2022 (GLOBENEWSWIRE) – Next Hydrogen Solutions Inc. (the “Company” or “Next Hydrogen”) (TSXV:NXH, OTC:NXHSF), a designer and manufacturer of hydrogen electrolyzers, is pleased to report its financial results for the fourth quarter and full year ended December 31, 2021.

“After demonstrating our unique electrolyzers with 15 nm3/hr and 60nm3/hr (0.4MW) pilot projects, we are now well capitalized to scale up our technology to deliver large scale hydrogen generation solutions to our customers,” said Raveel Afzaal, President and CEO of Next Hydrogen. “With a strong foundation and strong strategic partnerships in place, we are poised to execute quickly on our core objectives.”


2021 Financial Highlights

  • Revenue for the three-month period ended December 31, 2021 was $41,069 compared to $NIL in the prior year. Revenue for the full year 2021 was $177,589 compared to $1,775 during the previous full year. All of this revenue was service revenue acquired as part of the Company’s acquisition of Clean Fuel Systems Inc. (“CFS”) on April 1, 2021.
  • Net loss for the three-month period ended December 31, 2021 was $4.6 million, compared to a loss of $2.6 million in the three-month period ended December 31, 2020. Net loss for the full year 2021 was $25 million compared to a loss of $6.9 million in fiscal 2020.
  • Adjusted EBITDA for the three-month period was a loss of $2.9 million compared to a loss of $0.8 million in the prior year. Adjusted EBITDA for the full year 2021 was a loss of $9.6 million compared to a loss of $3.6 million in fiscal 2020.
  • Cash balance was $39.2 million as of December 31, 2021, compared to $1.1 million at December 31, 2020.

Management is also proud to highlight a number of recent developments that demonstrate progress during the year:

  • Next Hydrogen entered into an agreement with Hyundai Motor Company and Kia Corporation to jointly develop an alkaline water electrolysis system and its related stack for the purpose of generating green hydrogen economically and to explore new business opportunities and technological applications.
  • The Company was selected by Black & Veatch, a global engineering, procurement, consulting and construction company, to participate in their IgniteX Climate Tech Accelerator program. 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.
  • The Company acquired the assets of CleanFuel Systems Inc., a hydrogen system integration and service company focused on delivering energy solutions through system design, component integration and development, and engineering solutions. This acquisition helped expand the scope of after-market service support and positions the company to be a turn-key solution provider to its customers.
  • Next Hydrogen joined a coalition of 40 partners that will work together 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 Company opened a new 27,000 square foot facility in Mississauga, Ontario that will provide capacity for product assembly, testing, product development and engineering, and leadership functions across the Company.
  • Next Hydrogen successfully completed $61.5M in gross equity financings over the past year, which is expected to fully fund the Company to commercialization.
  • The Company has seen significant growth in its employee and contractor base, which has expanded from 13 to 47 during 2021, and recently complemented its technology and product development leadership with the hire of three exceptional VP’s, who have fulfilled its end-to-end capabilities from product development to manufacturing and aftermarket support.
  • Next Hydrogen added four independent members to its Board of Directors from Prologis, Ballard Power Systems, Google, and Exchange Income Fund.
  • The Company successfully listed its shares on the TSX Venture Exchange under the symbol “NXH” and cross listed on the OTCQB under the symbol “NXHSF”.

For a more detailed discussion of Next Hydrogen’s fourth quarter and full year results, please see the Company’s audited consolidated 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, taxes, depreciation and amortization (“EBITDA”), adjusted for share-based compensation, change in fair value of deferred share units, 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.