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Next Hydrogen Solutions Inc
(NXH)
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Rating:42Neutral
Price Target:
C$0.36
▼(-21.11% Downside)
Action:Reiterated
Date:09/17/26
The score is primarily weighed down by weak financial performance—very low gross margin, heavy losses, and sustained cash burn—despite improving revenue growth. Technicals add additional pressure as the price remains below all key moving averages with negative MACD and sub-50 RSI. Valuation provides limited support because the company is loss-making (negative P/E) and no dividend yield is available.
Positive Factors
Improving Revenue
Revenue growth indicates that the company is making progress commercializing its electrolyzer equipment and related solutions. If this momentum persists, a larger installed base could improve scale, customer credibility, and future operating leverage, although profitability has not yet followed.
Negative Factors
Severe Unprofitability
Very low gross margin and substantial net losses show that current sales do not yet cover the economic cost of delivering the business. Persistent unprofitability can restrict reinvestment, weaken financial resilience, and make growth less valuable unless pricing, mix, or operating leverage improves.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Revenue
Revenue growth indicates that the company is making progress commercializing its electrolyzer equipment and related solutions. If this momentum persists, a larger installed base could improve scale, customer credibility, and future operating leverage, although profitability has not yet followed.
Read all positive factors
Next Hydrogen Solutions Inc (NXH) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$29.22M
Dividend YieldN/A
Average Volume (3M)17.09K
Price to Earnings (P/E)―
Beta (1Y)-0.95
Revenue Growth374.59%
EPS Growth74.40%
CountryCA
Employees60
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-0.14
Shares Outstanding67,942,270
10 Day Avg. Volume17,352
30 Day Avg. Volume17,091
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.13
Price to Sales (P/S)4.01
P/FCF Ratio-1.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Next Hydrogen Solutions Inc Business Overview & Revenue Model
Company Description
Next Hydrogen Solutions Inc. develops, produces, and markets advanced electrolysis systems that convert water and electricity into clean hydrogen for energy applications. The company provides commercial-scale technologies designed to aid the decar...
How the Company Makes Money
Next Hydrogen Solutions Inc. makes money primarily by selling hydrogen-production equipment and related solutions based on its water electrolysis technology. Key revenue streams include: (1) product/system sales of electrolyzer units or electrolyz...
Next Hydrogen Solutions Inc Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
42
Neutral
Cash Flow
15
Very Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.99M | 3.42M | 1.36M | 951.91K | 721.59K | 177.59K |
| Gross Profit | 255.28K | 766.78K | -334.35K | -288.79K | -712.06K | 95.35K |
| EBITDA | -5.76M | -6.71M | -13.46M | -10.91M | -13.32M | -25.98M |
| Net Income | -7.52M | -7.65M | -14.60M | -12.01M | -14.28M | -25.01M |
Balance Sheet | ||||||
| Total Assets | 24.37M | 28.97M | 15.46M | 25.44M | 33.73M | 48.06M |
| Cash, Cash Equivalents and Short-Term Investments | 12.17M | 18.52M | 3.59M | 10.91M | 22.08M | 39.20M |
| Total Debt | 9.54M | 8.34M | 4.68M | 1.83M | 2.04M | 2.24M |
| Total Liabilities | 17.47M | 16.63M | 16.83M | 12.84M | 9.82M | 10.26M |
| Stockholders Equity | 6.90M | 12.08M | -1.37M | 12.61M | 23.91M | 37.79M |
Cash Flow | ||||||
| Free Cash Flow | -9.45M | -8.78M | -10.69M | -10.75M | -16.67M | -13.67M |
| Operating Cash Flow | -8.96M | -7.29M | -10.00M | -8.22M | -12.64M | -12.55M |
| Investing Cash Flow | -500.84K | -1.49M | -678.04K | -2.53M | -4.04M | -1.55M |
| Financing Cash Flow | 19.86M | 23.72M | 3.35M | -425.68K | -440.47K | 52.21M |
Next Hydrogen Solutions Inc Technical Analysis
Negative
0.45
Price Trends
0.46
Negative
0.50
Negative
0.54
Negative
Market Momentum
-0.01
Positive
47.89
Neutral
53.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NXH, the sentiment is Negative. The current price of 0.45 is below the 20-day moving average (MA) of 0.45, below the 50-day MA of 0.46, and below the 200-day MA of 0.54, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 47.89 is Neutral, neither overbought nor oversold. The STOCH value of 53.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NXH.
Next Hydrogen Solutions Inc Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | C$385.73M | -23.41 | -7.22% | 3.13% | -14.82% | 86.51% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | C$2.66B | 55.68 | 2.66% | ― | 13.75% | ― | |
50 Neutral | C$1.06B | -8.47 | -13.16% | ― | 45.07% | 73.98% | |
50 Neutral | C$45.27M | -4.07 | 112.32% | ― | 11.62% | 16.81% | |
47 Neutral | C$13.67M | -15.29 | -5.66% | ― | -8.43% | -233.47% | |
42 Neutral | C$29.22M | -3.10 | -138.91% | ― | 374.59% | 74.40% |
* General Sector Average
TSE:NXH
Next Hydrogen Solutions Inc
0.43
-0.02
-4.44%
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Next Hydrogen Solutions Inc Corporate Events
Business Operations and Strategy
Next Hydrogen Advances 10 MW BC Fueling Project as Province Builds Out Hydrogen Transport Network
Positive
Aug 18, 2026
Next Hydrogen Solutions Inc., a Canadian designer and manufacturer of advanced water electrolysers for green hydrogen production, is leveraging its proprietary high-current-density technology to serve infrastructure-scale energy and industrial mar...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Next Hydrogen Lifts Revenue, Names New CEO as Fusion Contracts Advance
Positive
Aug 18, 2026
Next Hydrogen reported second-quarter 2026 revenue of $878,738, up sharply year-over-year on significant development contracts, with first-half revenue reaching $1.18 million, while net losses remained broadly in line with the prior year and cash ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.