Bergen Carbon Solutions (BCS) Q2 2025 earnings summary

Executive summary

• Shifted strategy to focus exclusively on technology development for the battery market, moving away from broad carbon production and completing a year of transformation with organizational efficiency and strategic partnerships.

• Advanced in-house battery lab and testing capabilities, accelerating technology development, reducing reliance on external partners, and enabling faster test cycles.

• Developed unique CNT and graphite products with promising results in LFP and Li-S battery chemistries, with BCS materials outperforming fossil-based references.

• Secured technology cooperation agreements, commercial development agreements, and letters of support from key industry players.

• Achieved significant organizational changes, including a 35% reduction in headcount, increasing development speed and attracting top talent.

Financial highlights

• Achieved a 48% reduction in cash burn year-over-year, with H1 2025 cash burn at NOK 21.8 million and Q2 2025 net loss at NOK 12.7 million.

• Cash and cash equivalents at period end were NOK 147.9 million, with equity at NOK 159.6 million and no debt.

• Operating expenses for Q2 2025 were NOK 14.3 million, down from NOK 19.9 million in Q2 2024.

• Basic and diluted EPS for H1 2025 at NOK -0.62, improved from NOK -0.90 in H1 2024.

• Total assets at NOK 180.7 million as of Q2 2025.

Outlook and guidance

• Focus remains on maturing technology, securing strategic partners, and extending financial runway with minimal additional CAPEX required.

• Minimal revenue expected in 2025 as technology development continues.

• Sufficient capital and liquidity to deliver on current strategy; all financing options considered for future expansion.

• Expects growing demand for sustainable, locally produced battery materials due to regulatory and market trends.

• Market for LFP and Li-S batteries in Europe projected to reach NOK 20 billion by 2033.