NEXT-ChemX Reports No Revenue and Increased Net Losses in Q1 2025

NEXT-ChemX Corporation reported its financial results for the first quarter of 2025, revealing a continued lack of revenue and an increase in net losses. The company recorded no revenues for the quarter ending March 31, 2025, consistent with the same period in 2024. Operating expenses decreased to $414,762 from $519,581 year-over-year, primarily due to reduced salaries and employee benefits, which fell from $237,609 to $174,000. The net loss for the quarter was $465,926, a slight improvement from the $556,408 loss reported in the first quarter of 2024.

The company’s total assets decreased to $3,175,554 as of March 31, 2025, down from $3,254,934 at the end of 2024. This decline was attributed to a reduction in cash reserves, which fell to $612 from $62,547, and a decrease in property and equipment. Total liabilities increased to $6,543,276, compared to $6,156,730 at the end of the previous fiscal year, largely due to an increase in accounts payable and accrued liabilities, which rose from $3,119,281 to $3,329,257.

Strategically, NEXT-ChemX has focused on the development of its Ion-Targeting Continuous-Flow Direct Extraction Technology (iTDE Technology). The company is in the process of constructing two pilot plant systems aimed at demonstrating the scalability and commercial viability of this technology for lithium extraction from brines and other applications. The first pilot plant is nearing completion, with plans to conduct extraction tests using brine samples from Clontarf Energy plc, a UK-based company. The company has also engaged with an Indian firm to enhance the efficiency of its extraction process.

As of March 31, 2025, NEXT-ChemX had an accumulated deficit of $8,792,362, up from $8,326,436 at the end of 2024. The company continues to rely on funding from related parties and has indicated that it may need to raise additional capital to support its operations and technology development. Management has expressed concerns about the company's ability to continue as a going concern, emphasizing the need for timely financing to meet operational costs and pursue its commercialization plans.

Looking ahead, NEXT-ChemX aims to complete its pilot plants and begin commercial testing of its iTDE Technology. The company anticipates that successful trials will lead to increased interest from potential customers and facilitate the next phase of its marketing strategy. However, the ongoing need for funding and the uncertainty surrounding its financial position remain significant challenges for the company as it seeks to establish itself in the competitive extraction technology market.