Bergen Carbon Solutions (BCS) Q4 2024 earnings summary

Executive summary

• Transitioned to a pure technology development company focused on CO2-consuming electrolysis and CCU solutions for battery-grade carbon materials, emphasizing sustainability and local production.

• Achieved significant organizational reshaping, reducing headcount by 35% and annual cash burn by 23% over 15 months, increasing efficiency.

• Secured NOK 14 million in SkatteFUNN funding over three years, with additional support from Innovasjon Norge/Innovation Norway.

• Strengthened strategic partnerships and LOIs with Morrow Batteries, Beyonder, TKG Huchems, and expanded collaboration with academic and industry players.

• Commissioned new intermediate-sized electrolysis cell and advanced in-house battery lab, enabling rapid product validation and market feedback.

Financial highlights

• Ended Q4 2024 with cash and cash equivalents of NOK 169.7 million and zero debt.

• Q4 2024 net loss was NOK 9.9 million, with an adjusted net loss of NOK 6.5 million due to NOK 3.4 million in one-offs.

• Operating expenses for Q4 2024 were NOK 11.5 million, down from NOK 17.7 million in Q4 2023.

• Cash burn in Q4 2024 was NOK 3.8 million, with a 36% reduction compared to Q1 2024.

• Equity at year-end 2024 was NOK 184.3 million, with an equity ratio of 90%.

Outlook and guidance

• Focus remains on process optimization, product customization, and achieving consistent, high-quality carbon powder for battery industry specifications.

• Minimal additional CAPEX expected; current setup sufficient for technology platform development.

• Confident in unlocking further technology potential and maintaining reduced cash burn in 2025.

• Targeting suitable funding calls, avoiding standalone EU projects due to scope.

• Global battery market projected to grow up to 30% annually, with strong demand for sustainable, local materials.