Tillkännagivande • Jun 16
Next Hydrogen Solutions Inc. Appoints Jeff Hauswrith as Director Next Hydrogen Solutions Inc. at the annual general of shareholders held on June 15, 2026 elected Jeff Hauswrith as director. New Risk • Jun 10
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$70k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (202% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Significant insider selling over the past 3 months (CA$70k sold). Revenue is less than US$5m (CA$3.4m revenue, or US$2.4m). Market cap is less than US$100m (CA$38.1m market cap, or US$27.3m). Reported Earnings • May 26
First quarter 2026 earnings released: CA$0.04 loss per share (vs CA$0.13 loss in 1Q 2025) First quarter 2026 results: CA$0.04 loss per share (improved from CA$0.13 loss in 1Q 2025). Revenue: CA$300.9k (down 9.3% from 1Q 2025). Net loss: CA$2.80m (loss narrowed 4.9% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 02
Full year 2025 earnings released: CA$0.31 loss per share (vs CA$0.64 loss in FY 2024) Full year 2025 results: CA$0.31 loss per share (improved from CA$0.64 loss in FY 2024). Revenue: CA$3.42m (up 151% from FY 2024). Net loss: CA$7.65m (loss narrowed 48% from FY 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 01
Next Hydrogen Solutions Inc., Annual General Meeting, Jun 15, 2026 Next Hydrogen Solutions Inc., Annual General Meeting, Jun 15, 2026. New Risk • Feb 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 21% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-CA$6.9m). Shareholders have been substantially diluted in the past year (203% increase in shares outstanding). Minor Risks Revenue is less than US$5m (CA$3.0m revenue, or US$2.2m). Market cap is less than US$100m (CA$52.0m market cap, or US$38.3m). Recent Insider Transactions Derivative • Dec 22
Independent Director exercised options to buy CA$678k worth of stock. On the 17th of December, Allan MacKenzie exercised options to buy 1m shares at a strike price of around CA$0.45, costing a total of CA$500k. This transaction amounted to 55% of their direct individual holding at the time of the trade. Since June 2025, Allan's direct individual holding has increased from 315.80k shares to 3.13m. Company insiders have collectively bought CA$365k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Dec 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 203% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$6.9m). Shareholders have been substantially diluted in the past year (203% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (18% average weekly change). Significant insider selling over the past 3 months (CA$142k sold). Revenue is less than US$5m (CA$3.0m revenue, or US$2.2m). Market cap is less than US$100m (CA$42.3m market cap, or US$30.6m). Tillkännagivande • Dec 18
Next Hydrogen Solutions Inc. announced that it has received CAD 19.045616 million in funding from Smoothwater Capital Corporation and other investors. On December 17, 2025, the Next Hydrogen Solutions Inc closed the transaction by issuing 42,323,590 common share at an issue price of CAD 0.45 for the proceeds of CAD 19,045,615.5. No finder’s fees or commissions will be paid in connection with the Offering. A consulting fee of CAD 50,000 was paid to Paul Currie by the issuance of 111,111 Common Shares at the Offering Price on closing of the Offering for prior consulting and advisory services. Smoothwater Capital Corporation subscribed for 33,333,334 Common Shares under the Offering representing 47.9% of the issued and outstanding Common Shares. Allan Mackenzie, Adarsh Mehta and Raveel Afzaal subscribed for 1,111,111 Common Shares, 1,000,040 Common Shares and 22,222 Common Shares, respectively, under the Offering. New Risk • Nov 30
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$36k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Negative equity (-CA$6.9m). Minor Risks Share price has been volatile over the past 3 months (19% average weekly change). Significant insider selling over the past 3 months (CA$36k sold). Revenue is less than US$5m (CA$3.0m revenue, or US$2.2m). Market cap is less than US$100m (CA$14.8m market cap, or US$10.6m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: CA$0.004 (vs CA$0.17 loss in 3Q 2024) Third quarter 2025 results: EPS: CA$0.004 (up from CA$0.17 loss in 3Q 2024). Revenue: CA$2.29m (up CA$2.17m from 3Q 2024). Net income: CA$87.5k (up CA$4.01m from 3Q 2024). Profit margin: 3.8% (up from net loss in 3Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Tillkännagivande • Nov 08
Next Hydrogen Solutions Inc. announced that it expects to receive CAD 30 million in funding from Smoothwater Capital Corporation Next Hydrogen Solutions Inc announced a non-brokered private placement of minimum of 44,444,444 common shares at a price of CAD 0.45 per share with minimum gross proceeds of CAD 19,999,999.8 and maximum 66,666,666 shares at an issue price CAD 0.45 per share for gross proceeds of CAD 29,999,999.7 on November 7, 2025. The Offering 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 (the “TSXV”). No finder’s fee or commissions will be paid in connection with the Offering. Consulting fees of CAD 50,000 will be paid by the Corporation in common shares at the Offering Price on closing. All securities issued in connection with Offering will be subject to a hold period of four months and one day from the date the private placement closes in accordance with applicable securities laws. As part of the regulatory approval from the TSXV, the Offering may be subject to disinterested shareholder approval. Pursuant to TSXV policies, the creation of a new “Control Person” – defined as any person that holds or is one of a combination of persons that holds as sufficient number of any of the securities of a company as to affect materially the control of that company, or that holds more than 20% of the outstanding voting shares of a company – requires shareholder approval, excluding votes from the Control Person and any affiliates. In connection therewith, it is expected that the Company will enter into investor rights agreements with lead investors in the Offering. The private placement is being led by Toronto based Smoothwater Capital Corporation (“Smoothwater”) which has a proven track record of investing its private capital in Canadian companies and successfully growing them into sustainable businesses on behalf of all stakeholders. Following closing of the Offering, investor is expected to be the largest shareholder of Next Hydrogen and Stephen Griggs, CEO of , is expected to join the Company as Executive Chair of the Board. Reported Earnings • Aug 17
Second quarter 2025 earnings released: CA$0.13 loss per share (vs CA$0.17 loss in 2Q 2024) Second quarter 2025 results: CA$0.13 loss per share (improved from CA$0.17 loss in 2Q 2024). Net loss: CA$2.92m (loss narrowed 25% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 25
Next Hydrogen Solutions Inc. announced that it has received CAD 0.53 million in funding Next Hydrogen Solutions Inc. announced that it has entered into a loan agreement with certain existing directors and officers to issue unsecured convertible loan in the principal amount of CAD 530,000 for gross proceeds of CAD 530,000 on July 23, 2025. The lenders consist of Allan MacKenzie, Anthony Guglielmin, Adarsh Mehta, Jens Peter Clausen, Susan Uthayakumar, Walter Howard, Raveel Afzaal, and Rohan Advani. Each lender is an insider of the company. The loan bears interest at the rate of 5% per annum. The loan shall mature on the date that is one year from the advance of the loan. The advance of the loan is expected to take place on July 23, 2025, immediately prior to the advance of a CAD 1,000,000 loan from an arm’s length commercial lender. In consideration of the advance of the loan by the lenders, the company shall, subject to the approval of the TSX Venture Exchange in accordance with the policies of the TSXV, issue to the lenders, an aggregate of 214,140 common shares of the company at a deemed price of CAD 0.495 per share as bonus shares, representing approximately 20% of the principal amount of the loan, subject to adjustment in accordance with the policies of the TSXV. In addition, subject to the approval of the TSXV in accordance with the policies of the TSXV, the loan may be converted into common shares at the option of the company, in whole or in part, on the earlier of the maturity date or the closing of an offering of equity securities of the company. In conjunction with the advance of the loan, the company will also pay a set-up fee of CAD 20,000 to the lenders. New Risk • May 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$12.6m (US$9.12m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$12m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-CA$4.3m). Revenue is less than US$1m (CA$1.1m revenue, or US$809k). Market cap is less than US$10m (CA$12.6m market cap, or US$9.12m). Reported Earnings • May 16
First quarter 2025 earnings released: CA$0.13 loss per share (vs CA$0.15 loss in 1Q 2024) First quarter 2025 results: CA$0.13 loss per share (improved from CA$0.15 loss in 1Q 2024). Revenue: CA$331.9k (down 42% from 1Q 2024). Net loss: CA$2.94m (loss narrowed 14% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • May 07
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$11m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Negative equity (-CA$1.4m). Earnings have declined by 2.0% per year over the past 5 years. Revenue is less than US$1m (CA$1.4m revenue, or US$989k). Minor Risk Market cap is less than US$100m (CA$16.9m market cap, or US$12.3m). Tillkännagivande • Mar 25
Next Hydrogen Solutions Inc., Annual General Meeting, Jun 04, 2025 Next Hydrogen Solutions Inc., Annual General Meeting, Jun 04, 2025. Tillkännagivande • Mar 03
Next Hydrogen Solutions Inc. Announces Appointment of Adarsh Mehta to Board of Directors Next Hydrogen Solutions Inc. announced the appointment of Adarsh Mehta to the Company’s board of directors (the “Board”). Ms. Mehta will fill the vacancy on the Board resulting from the resignation of Mr. Matthew Fairlie, who resigned from the Board effective January 15, 2025. Ms. Mehta is VP of Business Development for Jenner Renewable Consulting. For the past 22 years Ms. Mehta has played a pivotal role in the growth of renewable energy, leading technical reviews, due diligence, and development for over 2,500 megawatts of wind and solar energy projects across North and South America. She served on the Board of Directors of the Canadian Wind Energy Association (CanWEA) from 2008 to 2015, becoming Chairperson in 2011, where she was instrumental in advancing Canada’s wind energy sector. Tillkännagivande • Jan 13
Next Hydrogen Announces Resignation of Matthew Fairlie from the Board of Directors, Effective January 15, 2025 Next Hydrogen Solutions Inc. announced that it has accepted the resignation of Matthew Fairlie from the Board of Directors of the Company effective January 15, 2025. Tillkännagivande • Dec 14
Next Hydrogen Solutions Inc. announced that it has received CAD 2.725 million in funding On December 13, 2024, Next Hydrogen Solutions Inc., closed the transaction. The company issued d 2,725 Debentures for aggregate gross proceeds to the Company of CAD 2,725,000. MacKenzie, a control person and director of the Company, has subscribed for CAD 500,000 principal amount of Debentures in the Offering, Guglielmin, a director and an insider of the Company, has subscribed for CAD 50,000 principal amount of Debentures in the Offering. Reported Earnings • Nov 17
Third quarter 2024 earnings released: CA$0.17 loss per share (vs CA$0.10 loss in 3Q 2023) Third quarter 2024 results: CA$0.17 loss per share (further deteriorated from CA$0.10 loss in 3Q 2023). Revenue: CA$120.4k (up 125% from 3Q 2023). Net loss: CA$3.92m (loss widened 68% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Tillkännagivande • Nov 12
Next Hydrogen Solutions Inc. announced that it expects to receive CAD 3 million in funding Next Hydrogen Solutions Inc. announced a private placement to issue
unsecured convertible debentures consisting of up to principal amount of CAD 3,000,000 for proceeds of CAD 3,000,000 on November 12, 2024. The Debentures shall bear interest at a rate of 10.0% per annum from the date of issue, calculated and paid in cash on a semi -annual basis. The holders of the Debentures may elect to convert the principal and all accrued, but unpaid interest under the Debenture into that amount of common shares of the Company (“Common Shares”), computed on the basis of the outstanding principal and all accrued, but unpaid interest under the Debenture divided by CAD 1.00 per Common Share. The closing of the Offering is expected to take place on November 29, 2024, or such other date(s) as the Company may determine. The Debentures will be direct, unsecured, subordinated obligations of the Company and will rank equally and rateably with all other existing and future unsecured indebtedness of Next Hydrogen to the extent subordinated on the same terms. This proposed private placement is subject to receipt of all required regulatory approvals, including that of the TSX Venture Exchange (“TSXV”). There can be no assurance that the Offering will be completed as proposed or at all. The Debentures shall mature on the earlier of the following to occur:
(i) 24 months from the date of issuance; (ii) on (x) a sale, merger, arrangement, amalgamation, business combination, or other transaction or series of transactions which results in a person other than the shareholders of the Company immediately prior to such transaction holding more than 50% of the votes attributable to the shares of the surviving issuer or acquiring corporation; or (y) the sale, lease, transfer, exclusive license, or other disposition of all of substantially all of the assets of the Company, unless such sale, lease, transfer, license or disposition is to a wholly-owned subsidiary of the Company; or (iii) on any demand for payment as a result of an event of default under the terms of the Debenture. Tillkännagivande • Oct 17
Next Hydrogen Solutions Inc. Completes Extended durability Test of its GEN2 Electrolysis Cells Next Hydrogen Solutions Inc. announce that it has successfully completed an extended durability test of its GEN2 electrolysis cells used in the efficient production of green hydrogen. The GEN2 cells will now be deployed in Next Hydrogen electrolysers at customer sites for commercial operation. Next Hydrogen previously reported that it has achieved leading efficiency of its GEN2 cells in October of 2023. The GEN2 cell performance of lower than 1.9 V per cell at 1 amp/cm2 and at 70oC exceeds reported US Department of Energy (DOE) technical targets status for energy efficiency, while maintaining a 2 times higher peak operating point . Further, a turn-down of 10% demonstrated best-in-class performance and an optimal solution for direct connection to renewables to produce green hydrogen. Equally important is the cell performance durability, and widely accepted testing protocols have been applied to confirm minimal degradation under intermittent operation as required for renewable energy supplied systems. Furthermore, 3,000 hours of cyclic testing have recently been successfully surpassed, providing the confidence to commercially deploy. The GEN2 cells will be applied to Next Hydrogen's modular product line in sizes of 0.75MW, 1.5MW and 2.25MW and offer the best commercially available performance features. Tillkännagivande • Sep 12
Next Hydrogen Solutions Inc. Completes Extended Factory Acceptance Test of its Second Generation Electrolyzer Module Next Hydrogen Solutions Inc. announced that it has successfully completed an extended factory acceptance test of its second generation electrolyzer module. This product line will be commissioned at a customer site in the coming months. The second-generation product line is a design simplification of its first-generation product line resulting in a 40% cost improvement through part count reduction. The development of the second-generation product line was partially funded by Sustainable Development Technology Canada (SDTC). This modular product line is available in sizes of 0.75MW, 1.5MW and 2.25MW and offers best commercially available performance features including a turn-down ratio of 10% for direct connection to renewables. Price Target Changed • Aug 16
Price target decreased by 33% to CA$0.50 Down from CA$0.75, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of CA$0.49. Stock is down 35% over the past year. The company posted a net loss per share of CA$0.52 last year. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Director Tony Guglielmin was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jun 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.3m (US$9.65m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$14m free cash flow). Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m (CA$705k revenue, or US$512k). Market cap is less than US$10m (CA$13.3m market cap, or US$9.65m). Tillkännagivande • Jun 08
Next Hydrogen Solutions Inc. Elects Susan Uthayakumar as Director Next Hydrogen Solutions Inc. at its Annual General and Special Meeting of Shareholders held on June 05, 2024, elected Susan Uthayakumar as director of the Corporation. New Risk • Jun 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$14m free cash flow). Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m (CA$705k revenue, or US$515k). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (CA$14.9m market cap, or US$10.9m). Tillkännagivande • Mar 23
Next Hydrogen Solutions Inc., Annual General Meeting, Jun 05, 2024 Next Hydrogen Solutions Inc., Annual General Meeting, Jun 05, 2024. Tillkännagivande • Nov 24
Next Hydrogen Solutions Inc. Appoints Robert Campbell as Chief Commercial Officer Next Hydrogen Solutions Inc. appointed Mr. Rob Campbell as Chief Commercial Officer (CCO). Mr. Campbell brings a distinguished career in senior leadership roles in the global clean technology sector with a focus on hydrogen, fuel cells and solar industries. Prior to joining Next Hydrogen, Mr. Campbell served as CEO of First Hydrogen Corp’s Energy division, Chief Commercial Officer of Ballard Power which is a leader in the fuel cell industry, President and CEO of SoloPower Systems Inc. as well as Vice President at Hydrogenics (acquired by Cummins). He gained a Bachelor of Science degree in Engineering from Queen's University and an MBA in Finance and Marketing from York University'sSchulich School of Business. As CCO, Mr. Campbell’s main responsibilities include executing on the company’s carefully crafted go-to market strategy focused on introducing products into strategic market applications, growing commercial partnerships, while overseeing the Business Development and Product Development teams. Reported Earnings • Nov 18
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: CA$0.10 loss per share (improved from CA$0.17 loss in 3Q 2022). Net loss: CA$2.33m (loss narrowed 40% from 3Q 2022). Revenue missed analyst estimates by 47%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 55% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Machinery industry in Canada. Tillkännagivande • Oct 31
Next Hydrogen Solutions Inc. Achieves Energy Efficiency Targets for its New GEN2 Water Electrolysers Next Hydrogen Solutions Inc. reported that it has met its energy efficiency targets for its new second generation "GEN2" water electrolyser technology. Next Hydrogen is launching its next generation GEN2 large-scale, low-cost green hydrogen production systems. A key performance aspect is the ability to maintain good energy efficiency at high hydrogen production rates. Next Hydrogen has achieved its target cell performance of 1.90 V/cell at 1 A/cm2 and 70oC. This exceeds recently reported US Department of Energy (DOE) technical targets status for energy efficiency, while maintaining a 2 times higher peak operating point. Notably, Next Hydrogen's 2024 targets also exceed DOE 2026 targets: Next Hydrogen's GEN3 cell development program includes collaboration with the National Research Council of Canada (NRC). The NRC is supporting the project through its ongoing Materials for Clean Fuels Challenge program, and a team of researchers led by Dr. Sharon Chen has been working with Next Hydrogen at the NRC's Energy, Mining and Environment Research Centre's new Advanced Materials Research Facility in Mississauga, Ontario. New Risk • Oct 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$14m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. Revenue is less than US$1m (CA$726k revenue, or US$530k). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$14m net loss next year). Market cap is less than US$100m (CA$27.5m market cap, or US$20.1m). New Risk • Aug 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$14m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$14m free cash flow). Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. Revenue is less than US$1m (CA$726k revenue, or US$536k). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$14m net loss next year). Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (CA$17.2m market cap, or US$12.7m). Reported Earnings • Aug 17
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: CA$0.13 loss per share (improved from CA$0.15 loss in 2Q 2022). Net loss: CA$2.94m (loss narrowed 14% from 2Q 2022). Revenue missed analyst estimates by 54%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Revenue is forecast to grow 58% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Machinery industry in Canada. New Risk • Jul 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 4.0% per year for the foreseeable future. Revenue is less than US$1m (CA$725k revenue, or US$548k). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$13m net loss next year). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (CA$22.4m market cap, or US$17.0m). Tillkännagivande • Jul 14
Next Hydrogen Corporation Announces the Resignation of Mike Pyle from the Board of Directors Next Hydrogen Corporation announces that it has accepted the resignation of Mike Pyle from the Board of Directors of the Company. Tillkännagivande • Jun 08
Next Hydrogen Solutions Inc Appoints Susan Uthayakumar as Director Next Hydrogen Solutions Inc. announced the results of the annual general meeting of shareholders held on June 6, 2023, approved appointment of Susan Uthayakumar as director. Board Change • May 31
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Mike Pyle was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Dec 01
Next Hydrogen Solutions Inc. Appoints Rohan Advani as Chief Financial Officer, Effective December 12, 2022 Next Hydrogen Solutions Inc. announced that Rohan Advani will be joining the company as Chief Financial Officer, effective December 12, 2022. Rohan will be replacing Kasia Malz who is leaving the Company to pursue other interests. To ensure continuity, Ms. Malz will remain with the Company until January 2, 2023, and will continue in an advisory role thereafter to ensure a seamless transition. Mr. Advani comes to Next Hydrogen with significant financial and leadership experience in the manufacturing industry, previously serving at Magna International and Ecolab along with Canadian Tire and KPMG. Rohan was most recently the Finance Department Leader at Magna International, where he led the financial operations for a $500M division. Mr. Advani is a CPA and has a Bachelor of Business Administration from the University of Toronto. Price Target Changed • Nov 23
Price target decreased to CA$3.25 Down from CA$4.25, the current price target is an average from 2 analysts. New target price is 129% above last closing price of CA$1.42. Stock is down 74% over the past year. The company is forecast to post a net loss per share of CA$0.63 next year compared to a net loss per share of CA$1.28 last year. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Mike Pyle was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from CA$6.45m to CA$4.35m. EPS estimate unchanged from -CA$0.67 per share at last update. Machinery industry in Canada expected to see average net income growth of 25% next year. Consensus price target of CA$4.00 unchanged from last update. Share price rose 25% to CA$2.04 over the past week. Recent Insider Transactions • Jun 23
Independent Chairman of the Board recently bought CA$93k worth of stock On the 20th of June, Allan MacKenzie bought around 54k shares on-market at roughly CA$1.71 per share. In the last 3 months, they made an even bigger purchase worth CA$130k. Allan has been a buyer over the last 12 months, purchasing a net total of CA$349k worth in shares. Tillkännagivande • Jun 23
Next Hydrogen Solutions Inc. Elects Susan Uthayakumar as Director Next Hydrogen Solutions Inc. announced that at the annual general and special meeting of shareholders held on June 21, 2022 elected Susan Uthayakumar as director of the Corporation. Recent Insider Transactions • Jun 08
Independent Chairman of the Board recently bought CA$130k worth of stock On the 2nd of June, Allan MacKenzie bought around 66k shares on-market at roughly CA$1.96 per share. This was the largest purchase by an insider in the last 3 months. Allan has been a buyer over the last 12 months, purchasing a net total of CA$147k worth in shares. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Mike Pyle was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Apr 09
Next Hydrogen Solutions Inc., Annual General Meeting, Jun 21, 2022 Next Hydrogen Solutions Inc., Annual General Meeting, Jun 21, 2022. Reported Earnings • Apr 06
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: CA$1.28 loss per share (down from CA$0.77 loss in FY 2020). Net loss: CA$25.0m (loss widened 265% from FY 2020). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 3,879%, compared to a 169% growth forecast for the industry in Canada. Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Mike Pyle was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. 