NewHydrogen's Losses Widen Amid Zero Revenue, Cash Dwindles

TL;DR

**NEWH is burning cash with no revenue, making it a highly speculative bet on future financing and technology commercialization.**

AI Summary

NewHydrogen, Inc. (NEWH) reported no revenue for the nine months ended September 30, 2025, consistent with the prior year. The company experienced a net loss of $1,581,894 for the nine months ended September 30, 2025, an increase from the $1,347,183 net loss in the same period of 2024. Operating expenses rose to $1,582,324 for the nine months ended September 30, 2025, up from $1,351,578 in 2024, driven by increases in selling and marketing, general and administrative, and research and development expenses. Cash decreased significantly from $2,104,521 at December 31, 2024, to $1,306,271 at September 30, 2025. The company raised $615,445 through common shares issued via an equity financing agreement, which partially offset the $1,413,695 net cash used in operating activities. NewHydrogen continues to operate with an accumulated deficit of $179,524,441 as of September 30, 2025, and management acknowledges a going concern risk, relying on future funding from existing and new investors.

Why It Matters

NewHydrogen's continued lack of revenue and increasing net losses are critical for investors, signaling a high-risk, pre-revenue stage company heavily reliant on external financing. The significant cash burn and accumulated deficit of $179.5 million raise serious questions about long-term viability and competitive positioning in the burgeoning green hydrogen sector. Employees face uncertainty given the going concern warning, while potential customers have no products to evaluate. The broader market should view this as a cautionary tale for early-stage, capital-intensive technology companies without clear paths to commercialization, especially when competing against well-funded industry giants.

Risk Assessment

Risk Level: high — NewHydrogen has an accumulated deficit of $179,524,441 as of September 30, 2025, and reported zero revenue for the nine months ended September 30, 2025. The company explicitly states a 'Going Concern' risk, indicating its ability to continue operations is dependent on achieving profitable operations and receiving additional cash infusions, with no assurance of future financing availability or satisfactory terms.

Analyst Insight

Investors should avoid NewHydrogen (NEWH) given its pre-revenue status, significant accumulated deficit of $179.5 million, and explicit going concern warning. Only highly speculative investors with a high-risk tolerance should consider a small position, acknowledging the high probability of further dilution or potential bankruptcy if additional financing is not secured.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

$(1,581,894)

eps

N/A

gross Margin

N/A

cash Position

$1,306,271

revenue Growth

0.0%

Revenue Breakdown

Key Numbers

• $0 — Revenue (No revenue reported for nine months ended Sept 30, 2025 or 2024, indicating pre-commercial stage.)
• $(1,581,894) — Net Loss (Increased from $(1,347,183) in 2024, showing widening losses.)
• $1,306,271 — Cash, End of Period (Decreased from $2,104,521 at Dec 31, 2024, indicating significant cash burn.)
• $(179,524,441) — Accumulated Deficit (Grew from $(177,942,547) at Dec 31, 2024, highlighting substantial historical losses.)
• $1,413,695 — Net Cash Used in Operating Activities (Increased from $1,189,145 in 2024, showing higher operational cash outflow.)
• $615,445 — Cash Provided by Financing Activities (New financing secured in 2025, crucial for liquidity but also a source of dilution.)
• 730,648,728 — Common Shares Outstanding (Increased from 704,599,512 at Dec 31, 2024, indicating shareholder dilution.)
• $1,056,271 — Cash in Excess of FDIC Limits (Represents uninsured cash balance, posing a concentration risk.)
• 9 months — Working Capital Coverage (Management believes current working capital covers operating expenses for the next nine months.)
• 3,446,113 — Series C Convertible Preferred Stock Redeemable Value (Significant liability that could convert to common stock, causing further dilution.)

Key Players & Entities

• NewHydrogen, Inc. (company) — registrant
• GHS Investments, LLC (company) — equity financing agreement partner
• SEC (regulator) — Securities and Exchange Commission
• $1,581,894 (dollar_amount) — net loss for nine months ended Sept 30, 2025
• $1,306,271 (dollar_amount) — cash balance as of Sept 30, 2025
• $179,524,441 (dollar_amount) — accumulated deficit as of Sept 30, 2025
• $615,445 (dollar_amount) — cash provided by financing activities
• $1,413,695 (dollar_amount) — net cash used in operating activities
• 759,218,392 (dollar_amount) — common stock shares outstanding as of Nov 10, 2025
• Nevada (company) — state of incorporation

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company faces substantial going concern risk due to significant net losses of $1,581,894 for the nine months ended September 30, 2025, and an accumulated deficit of $179,524,441. Management relies on future funding from investors, with no assurance of availability or satisfactory terms.
• Cash Burn and Liquidity [high — financial]: Cash decreased from $2,104,521 at December 31, 2024, to $1,306,271 at September 30, 2025. Net cash used in operating activities was $1,413,695 for the nine months ended September 30, 2025, indicating a significant burn rate.
• Dilution from Equity Financing [medium — financial]: The company raised $615,445 through common shares issued via an equity financing agreement. While this provides liquidity, it also leads to substantial dilution for existing stockholders, as evidenced by the increase in common shares outstanding.
• Increasing Operating Expenses [medium — operational]: Operating expenses rose to $1,582,324 for the nine months ended September 30, 2025, up from $1,351,578 in the same period of 2024. This increase was driven by higher selling and marketing, general and administrative, and research and development costs.
• Convertible Preferred Stock Liability [medium — financial]: The Series C Convertible Preferred Stock has a redeemable value of $3,446,113. This represents a significant liability that could convert to common stock, potentially causing further dilution.

Industry Context

NewHydrogen operates in the hydrogen production sector, a field with significant growth potential driven by decarbonization efforts. However, it faces intense competition from established energy companies and numerous startups also vying for market share and technological advancements. The industry is capital-intensive and subject to evolving regulatory landscapes and technological breakthroughs.

Regulatory Implications

As a company in the energy sector, NewHydrogen may be subject to environmental regulations and compliance standards related to hydrogen production and storage. Changes in government policies, subsidies, or carbon pricing mechanisms could significantly impact its future operations and market viability.

What Investors Should Do

1. Monitor future financing rounds closely.
2. Evaluate the progress of R&D and commercialization efforts.
3. Assess the company's cash burn rate and runway.

Key Dates

• 2025-09-30: Nine months ended September 30, 2025 — Reported no revenue, a net loss of $1,581,894, and cash decreased to $1,306,271, highlighting continued pre-commercial operations and cash burn.
• 2024-12-31: As of December 31, 2024 — Company had $2,104,521 in cash and an accumulated deficit of $177,942,547.

Glossary

Accumulated Deficit

The total net losses of a company since its inception that have not been offset by net income. (NewHydrogen has a substantial accumulated deficit of $179,524,441 as of September 30, 2025, indicating significant historical unprofitability.)

Going Concern

An accounting assumption that a company will continue to operate for the foreseeable future. (Management acknowledges a going concern risk, relying on future financing to meet obligations, which is a critical indicator for investors.)

Equity Financing Agreement

An agreement where a company sells its stock to investors to raise capital. (NewHydrogen raised $615,445 through such an agreement, which is crucial for liquidity but also leads to dilution.)

Working Capital

The difference between a company's current assets and current liabilities, indicating its short-term financial health. (Management believes current working capital is sufficient for the next nine months, but this is contingent on continued operations and funding.)

Convertible Preferred Stock

A class of preferred stock that can be converted into a specified number of common stock shares. (The Series C Convertible Preferred Stock represents a significant liability ($3,446,113) that could convert, impacting the equity structure.)

Year-Over-Year Comparison

For the nine months ended September 30, 2025, NewHydrogen reported no revenue, mirroring the prior year's performance. However, the net loss widened to $1,581,894 from $1,347,183 in the same period of 2024, driven by increased operating expenses across R&D, G&A, and S&M. Cash reserves significantly declined from $2,104,521 at year-end 2024 to $1,306,271, while net cash used in operations increased, underscoring a heightened burn rate. The company has secured new equity financing, which has partially offset the cash outflow but also led to increased share count.

Key Financial Figures

• $100,000 — t value of the Company's shares exceeds $100,000 per day over any 20 consecutive trade d
• $200,000 — et value of the Company's shares exceed $200,000 per day over any 20 consecutive trade d
• $5,000,000 — on the current market cap of less than $5,000,000 and average trading stock volume of les
• $5,000 — erage trading stock volume of less than $5,000 per day. As of September 30, 2025, 100,

Filing Documents

• form10-q.htm (10-Q) — 786KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001493152-25-021527.txt ( ) — 4595KB
• newh-20250930.xsd (EX-101.SCH) — 31KB
• newh-20250930_cal.xml (EX-101.CAL) — 39KB
• newh-20250930_def.xml (EX-101.DEF) — 126KB
• newh-20250930_lab.xml (EX-101.LAB) — 315KB
• newh-20250930_pre.xml (EX-101.PRE) — 255KB
• form10-q_htm.xml (XML) — 713KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION ITEM 1

FINANCIAL STATEMENTS (Unaudited)

FINANCIAL STATEMENTS (Unaudited) 1 Condensed Balance Sheets 1 Condensed Statements of Operations 2 Condensed Statement of Shareholders' Deficit 3 Condensed Statements of Cash Flows 4 Notes to the Condensed Financial Statements 5 ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 15 ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 18 ITEM 4

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 18

: OTHER INFORMATION

PART II: OTHER INFORMATION ITEM 1

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 19 ITEM 1A

RISK FACTORS

RISK FACTORS 19 ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 19 ITEM 3 DEFAULTS UPON SENIOR SECURITIES 19 ITEM 4 MINE SAFETY DISCLOSURES 19 ITEM 5 OTHER INFORMATION 19 ITEM 6 EXHIBITS 20

SIGNATURES

SIGNATURES 21 i PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS NEWHYDROGEN, INC. CONDENSED BALANCE SHEETS Nine Months Ended Year Ended September 30, 2025 December 31, 2024 (Unaudited) ASSETS CURRENT ASSETS Cash $ 1,306,271 $ 2,104,521 Prepaid expenses, other 19,176 5,761 TOTAL CURRENT ASSETS 1,325,447 2,110,282 PROPERTY AND EQUIPMENT Machinery and equipment 37,225 37,225 Less accumulated depreciation ( 36,922 ) ( 36,727 ) NET PROPERTY AND EQUIPMENT 303 498 OTHER ASSETS Patents, net of amortization of $ 29,468 and $ 24,935 respectively 15,868 18,135 Deposit 770 770 TOTAL OTHER ASSETS 16,638 18,905 TOTAL ASSETS $ 1,342,388 $ 2,129,685 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and other payable $ 7,285 $ 7,975 TOTAL CURRENT LIABILITIES 7,285 7,975 COMMITMENTS AND CONTINGENCIES (See Note 9) - - Series C Convertible Preferred Stock, 34,461 and 34,853 shares outstanding, respectively, redeemable value of $ 3,446,113 and $ 3,485,313 , respectively 3,446,113 3,485,313 SHAREHOLDERS' EQUITY (DEFICIT) Preferred stock, $ 0.0001 par value; 10,000,000 authorized shares - - Common stock, $ 0.0001 par value; 3,000,000,000 authorized shares 730,648,728 and 704,599,512 shares issued and outstanding, respectively 73,065 70,460 Additional paid in capital 177,340,366 176,508,484 Accumulated deficit ( 179,524,441 ) ( 177,942,547 ) TOTAL SHAREHOLDERS' EQUITY (DEFICIT) ( 2,111,010 ) ( 1,363,603 ) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,342,388 $ 2,129,685 The accompanying notes are an integral part of these unaudited condensed financial statements. 1 NEWHYDROGEN, INC. Condensed (Unaudited) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 REVENUE $ - $ - $ - $ - OPERATING EXPENSES Selling and marketing expenses 9

NOTES TO FINANCIAL STATEMENTS – UNAUDITED

NOTES TO FINANCIAL STATEMENTS – UNAUDITED FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 1. Basis of Presentation BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. For further information refer to the financial statements and footnotes thereto included in the Company's Form 10-K for December 31, 2024. Going Concern The accompanying financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values. The financial statements do not include any adjustment that might result from the outcome of this uncertainty. The ability of the Company to continue as a going concern and appropriateness of using the going concern basis is dependent upon, among other things, achieving a level of profitable operations and receiving additional cash infusions. During the nine months ended September 30, 2025, the Company obtained funds from the issuance of common shares through our equity financing agreement with GHS Investments, LLC ("GHS") . Management believes

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