Next Hydrogen earns $100,000 in Q3 2025

Mr. Raveel Afzaal reports NEXT HYDROGEN REPORTS Q3 2025 FINANCIAL RESULTS Next Hydrogen Solutions Inc. has released its financial results for the third quarter ended Sept. 30, 2025. "Last week, we announced a transformative financing following the successful commissioning of our electrolyzer at the largest on-site hydrogen fuelling station in Ontario. We view this as a testament to our proprietary electrolyzer technology for cost-effective clean hydrogen production," said Raveel Afzaal, president and chief executive officer of Next Hydrogen. "This financing, once closed, is expected to fully fund us to cash flow 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 Sept. 30, 2025, was $2.3-million and $100,000, respectively, compared with $100,000 and ($3.9-million), 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 Sept. 30, 2025, was $2.9-million and $5.8-million, respectively, compared with $1.2-million and $11.2-million, respectively, in the same period of the prior year. Cash balance was $900,000 as of Sept. 30, 2025, compared with $3.6-million as of Dec. 31, 2024. Management is proud to highlight several recent milestones in the quarter ended Sept. 30, 2025, that demonstrate significant recent progress: In November, 2025, Next Hydrogen announced a non-brokered private placement of common shares at 45 cents per share, for gross proceeds of $20-million to $30-million, led by Smoothwater Capital Corp. 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 Nov. 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 kilograms 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 $500,000. 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 $1-million under its $5-million working capital debt facility with Export Development Canada. To date, $4-million 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 or on SEDAR+. In addition, to better understand our achievements from 2024 and the outlook for 2025, please refer to the chief executive officer letter included in the 2024 year-end MD&A (management's discussion and analysis). About Next Hydrogen Solutions Inc. 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. We seek Safe Harbor.