NEXT-ChemX Corporation has reported its financial performance for the fiscal year ending December 31, 2024, revealing a net loss of $1.81 million, a decrease from the $2.51 million loss recorded in the previous year. The company did not generate any revenue during this period, maintaining a consistent trend from the previous year. Operating expenses decreased by approximately 18% to $1.73 million, down from $2.13 million in 2023, primarily due to reduced salary burdens and a shift in development operations from the U.S. to India, which allowed for cost savings.
The company has faced significant challenges, including a working capital deficit of $3.87 million and an accumulated deficit of $8.33 million as of December 31, 2024. The total liabilities increased to $6.16 million, up from $3.93 million in the previous year, largely due to the issuance of $1.59 million in Series “F” convertible promissory notes. The company has been operating under financial constraints, relying heavily on loans from shareholders and deferring payments to employees and consultants.
Strategically, NEXT-ChemX has focused on the commercialization of its proprietary ion-targeting membrane extraction technology (iTDE Technology), particularly for lithium extraction from natural brines and geothermal sources. The company has made progress in developing its Controlled Pilot System (CPiTDE), which is expected to be operational by the third quarter of 2025. Additionally, a partnership with Clontarf Energy plc has been established to explore lithium extraction opportunities in Bolivia, with the partnership currently moving through the qualification process with local authorities.
Operationally, the company has shifted its development focus to India, where it is conducting pilot testing and system design. As of December 31, 2024, NEXT-ChemX employed five full-time staff and several consultants, with plans to expand its workforce as the pilot plant progresses. The company has also engaged in research collaborations, including a grant awarded to the Birla Institute of Technology and Science in Goa for the development of next-generation energy technologies.
Looking ahead, NEXT-ChemX aims to secure additional funding to support its operations and complete the pilot plant. The management has indicated that the company will need to raise at least $1.1 million to sustain operations through fiscal year 2025. However, the ongoing financial challenges and the need to restructure existing debt present significant hurdles. The company remains optimistic about its technology's potential and is focused on achieving commercial viability in the near future.
About NEXT-ChemX Corporation.
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