Next Hydrogen Solutions Inc. Reports Q1 2026 Financial Results and Provides an Update on Strategic Initiatives
MISSISSAUGA, Ontario, May 26, 2026 (GLOBE NEWSWIRE) -- Next Hydrogen Solutions Inc. (“Next Hydrogen”) (TSXV:NXH), a leading Canadian designer and manufacturer of clean hydrogen electrolyzers, reports its financial results for the first quarter ended March 31, 2026.
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 Next Hydrogen:
- In March 2026, Next Hydrogen was awarded two contracts with a combined value of approximately $3.75 million to demonstrate our advanced electrolyzer technology solution within a highly specialized nuclear fusion application. Under these agreements, Next Hydrogen will deliver a customized electrolyzer system tailored to the stringent performance, reliability and operating parameters required within advanced nuclear environments. Revenue under these contracts is expected to be fully earned by Q1 2027, with the majority earned during 2026. The award further validates the technical differentiation of the Company's electrolyzer platform and its suitability for some of the most demanding industrial applications.
- In December 2025, Next Hydrogen successfully closed a $20.7 million non-brokered private placement of 46,180,309 common shares at $0.45 per share, including $560,527 in debt conversion and $1,125,000 in debenture conversion at the same price per share. The offering was led by an affiliate of Smoothwater Capital Corporation, which became the largest shareholder with approximately 48.1% ownership. Stephen Griggs, CEO of Smoothwater, joined the Company as Executive Chair of the Board.
For a more detailed overview of Next Hydrogen’s first quarter 2026 results, please refer to Next Hydrogen’s financial statements and management’s discussion and analysis, which are available at nexthydrogen.com or on SEDAR+ at www.sedarplus.ca.
About Next Hydrogen
Founded in 2007, Next Hydrogen is a designer and manufacturer of alkaline electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Supported by over 40 patents, Next Hydrogen’s unique cell design architecture enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale.
Contact Information
Raveel Afzaal, President and Chief Executive Officer
rafzaal@nexthydrogen.com
647-961-6620
Stephen J. Griggs, Executive Chair
sgriggs@nexthydrogen.com
416 986 2207
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; uncertainty with respect to the timing of any contemplated transactions, joint ventures or partnerships, or whether such contemplated transactions, joint ventures or partnerships will be completed at all; 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.
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