Next Hydrogen Solutions Multiplies Revenue and Commercializes Its Electrolyzer in Toronto

Next Hydrogen Solutions Inc. released financial results for the fiscal year ended December 31, 2025. The Canadian company reported revenue of $2.4 million (3.4 million CAD), compared to $1.0 million (1.4 million CAD) in 2024, with the increase attributed to the completion of a development contract. As public support for renewable hydrogen intensifies — the European Commission recently approved €6 billion in state aid for renewable hydrogen in Italy — the company aims to capitalize on what it describes as growing market opportunities. The net loss narrowed to $5.5 million (7.7 million CAD), from $10.5 million (14.6 million CAD) in 2024.

Cash Position Strengthened by December 2025 Private Placement

The company's cash balance rose to $13.3 million (18.5 million CAD) at December 31, 2025, from $2.6 million (3.6 million CAD) a year earlier. The improvement stemmed primarily from a private placement completed in December 2025. The company, listed on the TSX Venture Exchange (TSXV) under the symbol NXH, says it contained operating expenses through cost management initiatives implemented during the year. Smoothwater Capital Corporation, led by Stephen J. Griggs, now holds more than 48% of Next Hydrogen's capital, according to the company. In a parallel development, drilling at 3,655 meters confirmed significant white hydrogen reserves in the Moselle region, broadening the sector's supply outlook.

The company's NH150 0.75-megawatt (MW) electrolyzer, its first commercial-scale module, has been operational since August 2025 at a distribution center of a major Canadian retailer in the Toronto area. The installation powers forklifts running on fuel cells. Raveel Afzaal, President and CEO of Next Hydrogen, says commercialization now targets Canada, the United States, and international markets.

Industrial Applications and Multi-Modular Development

The company says it is developing multi-modular configurations to address large-scale demand, notably for distribution centers, cold storage facilities, and hydrogen-powered transport such as trucks and buses running on fuel cells. According to Mr. Afzaal, the NH150 technology offers performance advantages through its direct integration with renewable energy sources or surplus grid electricity. Ongoing research and development also aims to improve system efficiency and reduce manufacturing costs, the company says.

Stephen J. Griggs, Executive Chair of Next Hydrogen, says the company's global strategy relies on partnerships with companies having international manufacturing expertise and on forming joint ventures to access foreign markets. He also mentions the review of merger and acquisition opportunities. Mr. Griggs indicates that several recent incoming approaches have led to preliminary discussions on significant projects requiring electrolyzers.

Vice-President Appointment for Stack Engineering

Next Hydrogen announced the appointment of Anson Sinanan as Vice-President, Stack Engineering — the electrode assembly at the core of an electrolyzer — effective April 1, 2026. In this role, Mr. Sinanan will oversee the technical and scientific design and the research and development of the company's electrolyzer technologies. Management says it aims to selectively build out its teams to meet the needs of current and potential customers. Mr. Griggs notes that significant progress has been made in the three months since he began working with the board and management.