NXT Energy Solutions Business Summary

NXT Energy Solutions Inc. (NSFDF) operates as a specialized geophysical services provider, generating revenue primarily through high-margin service contracts and data licensing. The company utilizes its proprietary, airborne Stress Field Detection (SFD®) technology—a remote-sensing system based on quantum-scale sensors—to identify subsurface stress anomalies indicative of fluid entrapment. Its business model is segmented into hydrocarbon exploration, geothermal resource identification, and mineral system detection, following the December 2025 acquisition of full global rights for all subsurface applications. NXT typically engages with national and independent oil companies through multi-million dollar survey projects that include data acquisition, interpretation, and recommendation phases. In the competitive landscape, NXT faces pressure from traditional seismic and geophysical firms such as TGS ASA, MIND Technology, and Recon Technology. However, NXT occupies a distinct niche as a non-invasive, cost-effective precursor to traditional seismic, positioning itself as a risk-reduction tool for early-stage exploration in frontier basins. Originally founded by the late George Liszicasz, the company is currently led by Bruce G. Wilcox, who assumed the role of CEO in June 2023 following a distinguished career as a partner and Chairman of the Management Committee at Cumberland Associates LLC. The executive team is bolstered by Eugene Woychyshyn, Vice President of Finance and CFO, a Chartered Professional Accountant with over 25 years of international leadership experience across North America and Asia. The board is chaired by Charles Selby, a professional engineer and lawyer with extensive experience in energy-sector securities and international transactions. A notable institutional presence is maintained by Mork Capital (led by Michael P. Mork), which serves as a strategic investor and major shareholder, holding approximately 28% of the company’s outstanding common shares as of early 2026. This leadership group is focused on a 'Frequency, Adjacency, and Repeatability' strategy to scale the commercial application of SFD® technology globally.