Bergen Carbon Solutions (BCS) Q1 2025 earnings summary

Executive summary

• Accelerated development of CCU technology for sustainable carbon materials, with in-house testing capabilities and a threefold increase in testing efficiency.

• Technology converts CO2 into valuable carbon allotropes (CNT, synthetic graphite, graphene, carbon black) for battery chemistries, with promising results in LFP and Li-S applications.

• Maintained strong financial discipline, achieving a 53% reduction in cash burn and a lean organizational structure.

• Strategic focus on technology development, product customization, and securing industrial technology agreements.

• Recognized for innovation with the "Spesialprisen" award and increased industry visibility.

Financial highlights

• Q1 2025 cash burn reduced by 53% year-over-year to NOK 9.7 million.

• Cash and cash equivalents at period end: NOK 160 million, down from NOK 212.5 million in Q1 2024.

• Operating loss for Q1 2025 was NOK 15.2 million, improved from NOK 22.8 million in Q1 2024.

• Net loss before tax improved to NOK 13.3 million from NOK 20.0 million year-over-year; adjusted net loss was NOK 12.5 million, excluding NOK 0.8 million in non-cash one-off costs.

• Equity at period end: NOK 171.8 million; total assets: NOK 194.2 million.

Outlook and guidance

• Focus remains on qualifying electrolysis process, product customization, and producing battery-grade carbon products.

• Strategic partnerships and new customer engagements to be pursued in 2025.

• No timeline for commercialization; options include licensing, partnerships, joint ventures, or own production.

• Well financed to continue technology development and market entry plans, with minimal additional CAPEX required.

• Ongoing discussions with European and Asian battery companies and CO2 emitters, but no new binding offtake or LOI agreements this quarter.