Mr. Eugene Woychyshyn reports

NXT ENERGY SOLUTIONS ANNOUNCES THIRD QUARTER 2023 RESULTS

NXT Energy Solutions Inc. has released the company's financial and operating results for the three and nine months ended Sept. 30, 2023.

Financial and operating highlights

Key financial and operational highlights are summarized below:

• On Sept. 5, 2023, NXT announced that it has executed a contract to provide an SFD survey to an independent oil and gas exploration company in Turkey.
• The second tranche of the convertible debenture with strategic partner Ataraxia Capital contributed $270,000 of cash.
• Cash at Sept. 30, 2023, was $370,000.
• Net working capital was ($3.47-million) at Sept. 30, 2023.
• The company recorded SFD-related revenues of nil.
• A net loss of $1.70-million was recorded for third quarter 2023, including stock-based compensation expense and amortization expense of $480,000.
• A net loss of $5.03-million was recorded for year-to-date 2023, including SBCE and amortization expense of $1.50-million.
• Net loss per common share for Q3 2023 was two cents, basic, and two cents, diluted.
• Net loss per common share for YTD 2023 was seven cents, basic, and seven cents, diluted.
• Cash flow used in operating activities was $950,000 during Q3 2023 and $3.36-million YTD 2023.
• General and administrative expenses decreased by $120,000 (13 per cent) in Q3 2023 as compared with Q3 2022, and G&A expenses decreased by $280,000 (10 per cent) in YTD 2023 as compared with YTD 2022.

Summary highlights of NXT Energy's third quarter 2023 financial statements (with comparative figures to 2022) are noted herein. All selected and referenced financial information noted should be read in conjunction with the company's third quarter 2023 unaudited condensed consolidated interim financial statements and the related management's discussion and analysis.

NXT Energy's third quarter 2023 financial and operating results have been filed in Canada on SEDAR+ and will soon be available in the United States on EDGAR, as well as on NXT Energy's website.

About NXT Energy Solutions Inc.

NXT Energy is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method, which can be used both onshore and offshore, to remotely identify traps and reservoirs with hydrocarbon and geothermal exploration potential. The SFD survey system enables clients to focus their exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy. NXT Energy provides its clients with an effective and reliable method to reduce time, costs and risks related to exploration.

We seek Safe Harbor.