Bergen Carbon Solutions (BCS) Q1 2026 earnings summary

Executive summary

• Achieved stable, repeatable production processes and transitioned to external testing with industrial partners and research institutions, expanding the partner portfolio.

• Advanced CO2-consuming technology converts captured CO2 into conductive carbon powders for battery applications, supporting sustainability and local value chains.

• Commissioned a second electrolysis scale cell, doubling testing capacity and accelerating development and industrialisation.

• Battery lab and external partners report promising results in both conventional and next-generation battery chemistries, including Li-Sulfur, with third-party verification.

• Maintained a lean cost base and received initial funding from Innovation Norway, enhancing financial flexibility.

Financial highlights

• Net loss for Q1 2026 was NOK 9.8 million, improved from NOK 13.3 million in Q1 2025.

• Adjusted net loss was NOK 8.4 million, excluding NOK 1.4 million in one-off costs.

• Net cash burn for the quarter was NOK 3.0 million, aided by NOK 10.3 million in grants from Innovation Norway.

• Cash and cash equivalents at period end were NOK 133.7 million.

• Total assets stood at NOK 159.2 million, with equity at NOK 136.7 million and an equity ratio of 84%.

Outlook and guidance

• Focus remains on battery sector applications, with no immediate plans to diversify into other markets.

• Increased production capacity will accelerate product development and external testing.

• Ongoing development and testing with global partners, especially in Asia and Europe, and continued engagement with research institutes.

• Anticipates continued low CapEx and disciplined financial management, extending financial runway.