Mr. Stephen Griggs reports

NEXT HYDROGEN SOLUTIONS INC. REPORTS Q2 2026 FINANCIAL RESULTS AND ANNOUNCES APPOINT OF JOCELYNE MOYER AS PRESIDENT AND CEO

Next Hydrogen Solutions Inc. has released its financial results for the second quarter ended June 30, 2026, and has appointed its president and chief executive officer and as a director as of Sept. 1, 2026.

2026 Q2 financial highlights

• Revenue was $878,738 for the three months ended June 30, 2026, and $1,179,621 for the six months ended June 30, 2026, compared with $247,652 and $606,516 for the same periods in the prior year. The increase was driven by revenue recognition on significant development contracts.
• Net loss and comprehensive loss was $2,928,747 for the three months ended June 30, 2026, and $5,724,158 for the six months ended June 30, 2026, substantially consistent with $2,920,012 and $5,860,424 for the same periods in the prior year.
• Cash balance was $12,170,278 as at June 30, 2026, compared with $18,516,086 as at Dec. 31, 2025. The decrease primarily reflects operating cash outflows and capital expenditures during the period.

Appointment of president and chief executive officer

The board of directors is pleased to announce the appointment of Jocelyne Moyer as the president and chief executive officer of Next Hydrogen and its subsidiaries and a director of the company effective Sept. 1, 2026. As previously announced, Raveel Afzaal, will transition from the CEO role and leave the board as of Aug. 31, 2026.

Ms. Moyer holds a bachelor of engineering and management in mechanical engineering from McMaster University and a master of business administration from Harvard Business School. She began her career in front line plant and operations management and in supply chain optimization with major companies including Maple Leaf Foods and PepsiCo. She also worked from 2016 to 2022 at Bain & Company advising senior executive teams of industry leading companies on critical strategic issues. Ms. Moyer joined Heliolytics in 2022 as director of strategy and operations and became general manager in 2023, shortly before its acquisition by Zeitview. She held progressively senior roles at Zeitview, leaving as senior vice-president, strategy and operations, in May, 2026.

"On behalf of the board, we are delighted to welcome Jocelyne to Next Hydrogen. Her background as an engineer, and her years in business focusing on strategy and operations, will be of great value as we build on our commercially deployed flagship system, grow our base of industrial partners and strengthen our financial position to support our next phase of growth," said Stephen J. Griggs, executive chair. "Jocelyne will be working closely with me as executive chair and Paul Currie, vice-chair, as we focus the business on the commercialization of our core system and explore and execute on strategic initiatives in the coming months."

"I'm honoured to join Next Hydrogen at such a pivotal point in its growth," said Joycelyne Moyer, incoming president and chief executive officer. "This team has done the hard work of proving out a strong flagship system, and I'm looking forward to building on that foundation together -- deepening our industrial partnerships, sharpening our commercial approach in the markets where we're best positioned to win and putting the operational discipline in place to scale with confidence. I look forward to working closely with Stephen, Paul and the whole team to deliver on that next chapter."

Recent business milestones

Several recent milestones demonstrate the significant progress by Next Hydrogen:

• In June, 2026, Next Hydrogen announced a collaboration agreement with Fusion Fuel Cycles Inc. (FFC), to demonstrate purpose-built electrolyzers for the fusion industry. The collaboration builds on the two contracts awarded by FFC to Next Hydrogen in March, 2026. Under these contracts, Next Hydrogen will engineer and deliver an electrolyzer for the extraction of tritium -- the fuel of fusion -- from heavy water, to be integrated into FFC's overall fusion fueling system. The collaboration represents an important step in advancing Next Hydrogen's technology for specialized fusion applications and deepening its engagement with FFC.
• In March, 2026, Next Hydrogen was awarded two contracts with a combined value of approximately $3.75-million to demonstrate the company's 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 45 cents 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 Corp., which became the largest shareholder with approximately 48.1-per-cent ownership. Stephen Griggs, CEO of Smoothwater, joined the company as executive chair of the board.

For a more detailed overview of Next Hydrogen's second quarter 2026 results, please refer to Next Hydrogen's financial statements and management's discussion and analysis, which are available at the Next Hydrogen website or on SEDAR+.

About Next Hydrogen Solutions Inc.

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.

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