Next Hydrogen Reports Q3 2025 Financial Results
MISSISSAUGA, Ontario, Nov. 14, 2025 (GLOBE NEWSWIRE) — 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, 2025.
“Last week, we announced a transformative financing following the successful commissioning of our electrolyzer at the largest onsite hydrogen fueling station in Ontario. We view this as a testament to our proprietary electrolyzer technology for cost-effective clean hydrogen production,” said Raveel Afzaal, President & CEO of Next Hydrogen. “This financing, once closed, is expected to fully fund us to cashflow positive while enabling us to scale our existing product line and launch our larger product line. We will execute on a capital light strategy in partnership with leading Canadian and global companies.”
Q3 2025 Financial Highlights
- Revenues and Net Income (Loss) for the three-month period ended September 30, 2025 was $2.3M and $0.1M respectively, compared to $0.1M and ($3.9M) respectively, in the same period of the prior year. This represents a profitable quarter driven primarily by increased revenues from a development contract nearing completion.
- Revenue and Net Loss for the nine-month period ended September 30, 2025 was $2.9M and $5.8M respectively, compared to $1.2M and $11.2M respectively, in the same period of the prior year.
- Cash balance was $0.9M as of September 30, 2025, compared to $3.6M as of December 31, 2024.
Management is proud to highlight several recent milestones in the quarter ended September 30, 2025 that demonstrate significant recent progress:
- In November 2025, Next Hydrogen announced a non-brokered private placement of common shares at $0.45 per share, for gross proceeds of $20–30 million, led by Smoothwater Capital Corporation. This financing positions the Company to accelerate commercialization of its proprietary electrolyzer NH-150 which is already in commercial operations, advance development of its larger NH-500 model, and execute a capital-light growth strategy toward achieving cash-flow positivity. The placement is expected to close on or about November 28, 2025, or on such other date(s) as the Company may determine, subject to receipt of all required regulatory and other approvals, including that of the TSX Venture Exchange.
- In July 2025, Next Hydrogen announced the successful commencement of operation of its revolutionary electrolyzer for clean hydrogen fueling at a major distribution centre. This achievement signifies the inauguration of Ontario’s largest onsite clean hydrogen generation and fueling station, designed to produce up to 650 kg of hydrogen per day to support fuel cell forklifts.
- In July 2025, Next Hydrogen entered into a loan agreement with certain existing directors and officers of the Company providing for the advance of an unsecured loan in the amount of $0.5M. These loans helped the Company bridge its finances, retain its talented team, and continue operations while evaluating long term financial and strategic solutions.
- In July 2025, Next Hydrogen drew an additional $1M under its $5M working capital debt facility with Export Development Canada. To date, $4M of the facility has been drawn to support company operations.
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 nexthydrogen.com or on SEDAR+ at www.sedarplus.ca.
In addition, to better understand our achievements from 2024 and the outlook for 2025, please refer to the CEO letter included in the 2024 year-end MD&A.
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 40 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 industrial and transportation sectors.
Contact Information
Raveel Afzaal, President and Chief Executive Officer
Next Hydrogen Solutions Inc.
Email: rafzaal@nexthydrogen.com
Phone: 647-961-6620
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; cell efficiency targets; expected order sizes for the product line; customer relationships and customer terms for testing of products at a customer site; the ability of the Corporation to optimize energy efficiencies; the Corporation’s available resources to double its growing backlog; uncertainty with respect to the timing of any contemplated transactions or partnerships, or whether such contemplated transactions or partnerships will be completed at all; whether 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.
