Bergen Carbon Solutions (BCS) Q3 2025 earnings summary

Executive summary

• Achieved a technological breakthrough with a stable, repeatable process for high-quality carbon powder and CNT production, enabling industrialization and commercialization readiness.

• Maintained a lean, competent organization, strengthened by new technical expertise, a battery lab, and an international Advisory Board.

• Focused on local, sustainable carbon production using CO2-consuming technology, aligning with global supply chain resilience and sustainability trends.

• Emphasized cost discipline and strategic partnerships, with promising results in advanced battery applications, especially Lithium-Sulfur chemistries.

• Positioned to address geopolitical tensions and EU initiatives by offering local, sustainable carbon for batteries.

Financial highlights

• Net loss for Q3 2025 was NOK 9.6 million, improved from NOK 16.4 million in Q3 2024; adjusted net loss was NOK 9.1 million due to a NOK 0.5 million non-cash one-off.

• Cash burn for Q3 2025 was NOK 7.0 million, down 52% year-to-date compared to 2024.

• Cash and cash equivalents at period end were NOK 140.9 million, compared to NOK 173.5 million a year earlier.

• Equity at period end was NOK 150.5 million, with total assets of NOK 168.0 million.

• Received NOK 30 million Innovation Norway grant and NOK 4.8 million in Skattefunn grants.

Outlook and guidance

• Entering an industrial development phase, scaling CNT production for internal and external validation, and expanding into new products and chemistries.

• NOK 30 million Innovation Norway grant over three years supports accelerated development, product portfolio expansion, and de-risking.

• Well positioned to benefit from EU industrial policies and growing demand for sustainable battery materials, especially in defense and niche markets.

• Minimal additional CAPEX required for current strategy execution.