Bergen Carbon Solutions (BCS) Q4 2025 earnings summary

Executive summary

• Achieved stable, repeatable production of high-quality carbon nanotube (CNT) powder using proprietary CO2-consuming electrolysis technology, enabling further development and external partnerships.

• Transitioned from process exploration to a stable technology platform, supporting predictable production and validation with global partners.

• Strengthened organization with experienced battery lab staff, new technical hires, and an international advisory board to enhance strategic and commercial capabilities.

• Maintained strong cost control, significantly reducing burn rate and extending financial runway.

• Focused on scaling up test volumes, external validation, and progressing toward commercialization in 2026.

Financial highlights

• Q4 2025 net loss was NOK 5.1 million, improved from NOK 9.9 million in Q4 2024; adjusted net loss was NOK 4.4 million due to one-offs.

• Annual net loss for 2025 reduced by 36% year-over-year; annual cash burn rate down 48%.

• Cash and cash equivalents at year-end were NOK 137 million, down from NOK 170 million at end 2024.

• Received NOK 30 million grant from Innovation Norway to support the next development phase.

• CapEx requirements remain limited due to strong cost control and sufficient hardware investments.

Outlook and guidance

• 2026 will focus on scaling test volumes, external validation, and process optimization with global industrial partners.

• Plans to intensify engagement with international partners in battery cell manufacturing and technical collaboration.

• Continued strict cost control and efficient resource allocation to support ongoing technology development.

• Confident that 2026 will bring significant advancements, though commercial breakthrough timing remains uncertain.

• Strategy execution requires minimal additional CAPEX.