Next Hydrogen Reports Q4 2024 and Fiscal 2024 Financial Results

Hamilton Spectator

24-04-2025

MISSISSAUGA, Ontario, April 24, 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 fourth quarter and full year ended December 31, 2024.
'Next Hydrogen demonstrated best commercially available cell performance with best-in-class operating range, delivered its second-generation system to a customer site after an extended Factory Acceptance Test, secured a strategically important Green Ammonia project in partnership with GE and Casale, entered the aviation fuels vertical in partnership with Pratt & Whitney and secured funding support from Export Development Canada and existing investors,' said Raveel Afzaal, President & CEO. 'With proven technology advantage and globally competitive gigawatt scale manufacturing capacity available through partnering with a leading hydrogen production system manufacturer, our objective is to drive a significant growth in our sales backlog in strategic verticals in 2025.'
2024 Financial Highlights
Management is proud to highlight several recent milestones that demonstrate significant recent progress:
For a more detailed discussion of Next Hydrogen's fourth quarter and fiscal 2024 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:
[e-mail]
Phone: [phone]
www.nexthydrogen.com
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.