Bergen Carbon Solutions (BCS) Q3 2024 earnings summary

Executive summary

• Focused on technology development, process optimization, and product customization to accelerate battery industry applications.

• Signed new and extended partnership agreements, including LOIs with Morrow and Beyonder, and MOU with TKG Huchems, strengthening local and Asian battery value chains.

• Reshaped organization to align with strategy, onboarding new expertise and appointing a board member as acting CTO.

• Maintained strong cost control, reducing burn rate and supporting ongoing technology development.

• Developed and implemented electrolyte recycling process enabling over 95% recycling and cost savings.

Financial highlights

• Q3 2024 net loss was NOK 16.4 million, improved from NOK 20.3 million in Q3 2023; adjusted net loss NOK 12.0 million, excluding NOK 4.4 million in one-offs.

• Cash and cash equivalents at period end were NOK 173.5 million, down from NOK 239.1 million a year earlier.

• Reduced cash burn rate to NOK 17.9 million in Q3 2024 due to cost control and restructuring.

• Equity at period end was NOK 195.8 million; total assets NOK 217.7 million.

• No debt and strong equity ratio of 90% at quarter end.

Outlook and guidance

• Continued focus on technology and product development, process optimization, and securing new partnerships.

• Well financed for ongoing development with minimal additional CAPEX required.

• Leveraging additional funding sources, including Skattefunn and Innovation Norway.

• Not dependent on European battery industry or public grants; global customer base and favorable geopolitical trends support growth.

• EU policy developments and funding initiatives present new opportunities for strategic partnerships and financing.