Next Hydrogen Solutions Inc. Reports Q4 2025 and Fiscal 2025 Financial Results and Provides an Update on Strategic Initiatives

Rhea-AI Summary

Next Hydrogen Solutions (OTC:NXHSF) reported fiscal 2025 revenue of $3.4M (from $1.4M in 2024) and a narrowed net loss of $7.7M (2024: $14.6M). Cash rose to $18.5M following a $20.7M private placement in December 2025.

The company began commercial operation of its NH150 0.75 MW electrolyzer in August 2025, announced March 2026 contracts of approximately $3.75M, and appointed Anson Sinanan as VP, Stack Engineering effective April 1, 2026.

Positive

• Revenue +142% YoY to $3.4M
• Net loss narrowed to $7.7M
• Cash balance increased to $18.5M
• Closed $20.7M private placement in Dec 2025
• Awarded $3.75M of March 2026 contracts
• NH150 commercial operation since Aug 2025

Negative

• Company remains unprofitable with $7.7M net loss
• Significant ownership concentration: Smoothwater holds ~48.1%
• Limited public share liquidity noted as a stock-price headwind

MISSISSAUGA, Ontario, March 31, 2026 (GLOBE NEWSWIRE) -- Next Hydrogen Solutions Inc. (“Next Hydrogen”) (TSXV:NXH), a leading Canadian designer and manufacturer of hydrogen electrolyzers, reports its financial results for the fourth quarter and full year ended December 31, 2025.

2025 Financial Highlights

• Revenue for the year ended December 31, 2025 was $3.4 million, compared to $1.4 million in the prior year. The increase was primarily attributable to the completion of a development contract during fiscal 2025.
• Net loss and comprehensive loss for the year ended December 31, 2025 was $7.7 million, down from $14.6 million in 2024, driven by higher revenues and lower relative operating expenses as a result of cost management initiatives implemented in fiscal 2025.
• Cash balance increased significantly to $18.5 million at December 31, 2025, from $3.6 million at December 31, 2024, primarily due to the private placement financing completed in December 2025.
  
  

Update on Strategic Initiatives

"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 marketing our electrolyzers in Canada, the United States and around the world,” said Raveel Afzaal, President & CEO of Next Hydrogen. “At the same time, our ongoing R&D is focused on improving the efficiency of our systems and reducing manufacturing costs. We are also working with partners to engineer and build multi-modular and industrial scale solutions suitable for large scale projects.”

"Green hydrogen enables distributed, resilient energy which can be produced, using renewable or excess grid power, stored and deployed close to where it is needed, or added to pipelines to help to decarbonize natural gas. Canada has long been home to some of the world's deepest hydrogen expertise. As others in the global industry have stepped back in the last few years, we see exciting opportunities for Next Hydrogen to capitalize on current market trends."

Stephen J. Griggs, Executive Chair of Next Hydrogen and CEO of Toronto-based Smoothwater Capital Corporation, the largest shareholder of Next Hydrogen, added, “Smoothwater is pleased to have invested in Next Hydrogen and now holds over 48% of the company. We started working with the board and management in January to focus the business on delivering for our current customers and potential clients, while carefully adding talent to the team. Significant progress has been made in the first 3 months of working together.”

Mr. Griggs continued, “Next Hydrogen is commercializing our NH150 electrolyzer across a range of applications including distribution centres, cold storage facilities and distributed hydrogen uses such as fuel cell trucks and buses where its ability to integrate directly with renewables and excess grid electrical sources provides meaningful performance advantages. Having demonstrated commercial viability at the unit level, we are now advancing multi-modular configurations to address large scale industrial hydrogen demand.”

Mr. Griggs added, “Our global strategy includes partnering with companies with global manufacturing expertise, forming strategic joint ventures to access international markets and considering various M&A opportunities to expand our product line and to provide customers with more of the solutions they need. While the global hydrogen market slowed in the last few years, we are seeing signs of growth and interest from a number of potential customers and joint venture partners. The war in Iran has made it clear to many countries that energy security is essential and that hydrogen-based alternatives can play an important part in improving it. Hydrogen also has a growing use in defence applications such as long-range low heat signature drones and in nuclear applications. We have had several recent incoming approaches and are in early-stage discussions with various parties about significant projects requiring electrolyzers such as ours. The opportunities for hydrogen go far beyond helping to decarbonize our world.” 

“Corporately, we know that there is a lack of liquidity in our common shares, contributing to our disappointing share price. As we build revenues, cash flow and a global order book for our leading-edge technology, we expect investor interest in our company to improve,” continued Mr. Griggs.

New and Highly Experienced Technology Leadership

Next Hydrogen is pleased to announce the appointment of Anson Sinanan as Vice-President, Stack Engineering effective April 1, 2026. In this role, Mr. Sinanan will be responsible for the engineering and scientific design, as well as the research and development, of Next Hydrogen’s electrolyzer technology and solutions. Mr. Sinanan has had a lengthy career of over 25 years in the Canadian electrolyzer industry most recently serving as Director, Electrolyzer Technology of Accelera by Cummins (formerly Hydrogenics). Mr. Sinanan holds a M.A.Sc., Materials Engineering and Bachelor of Applied Science, Materials Engineering from the University of Toronto and is a Project Management Professional (PMP).

Mr. Griggs noted, “Anson brings years of experience not just in core engineering and design, but in bringing electrolyzers to market and successfully installing them at customer sites. We are thrilled to have him join Next Hydrogen as we focus on commercializing our products and generating meaningful revenue.”

As a part of this leadership change, Michael Stemp, Chief Technology Officer, and Jim Hinatsu, Chief Product Officer - the technology founders of Next Hydrogen - have been retained as technology consultants to Next Hydrogen. “The company and shareholders thank Mike and Jim for their technology vision and years of leadership that has resulted in our industry leading electrolyzer design. “

Mr. Griggs said, “We are delighted to welcome Anson as our new technology leader. Anson has worked closely with Mike and Jim in the past and is very familiar with our electrolyzer design and approach. He will hit the ground running and play a meaningful part in our success going forward.”

Recent Milestones

Several recent milestones demonstrate the significant recent 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. This award further validates the technical differentiation of the Company's electrolyzer platform and its suitability for some of the most demanding 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 fourth quarter and fiscal 2025 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

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; 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.

FAQ

What were Next Hydrogen (NXHSF) fiscal 2025 revenue and net loss figures?

The company reported $3.4 million revenue and a net loss of $7.7 million for fiscal 2025. According to the company, revenue rose from $1.4 million in 2024 and the loss narrowed from $14.6 million year-over-year.

How did Next Hydrogen (NXHSF) strengthen its balance sheet at year-end 2025?

Next Hydrogen increased cash to $18.5 million at December 31, 2025. According to the company, this improvement primarily resulted from a $20.7 million non-brokered private placement completed in December 2025.

What is the significance of the NH150 electrolyzer for Next Hydrogen (NXHSF)?

The NH150 0.75 MW module entered commercial operation in August 2025 at a major retailer distribution centre. According to the company, this demonstrates unit-level commercial viability and supports advancement to multi-modular industrial solutions.

What recent contracts did Next Hydrogen (NXHSF) announce in March 2026?

Next Hydrogen announced two March 2026 contracts totalling approximately $3.75 million for a customized electrolyzer solution for a nuclear fusion application. According to the company, the awards validate technical suitability for demanding environments.

How might the December 2025 private placement affect NXHSF shareholders?

The private placement raised $20.7 million, improving liquidity but diluting existing holders. According to the company, conversions and the financing led Smoothwater to hold roughly 48.1% ownership after the offering.