Norcod (NCOD) Q1 2025 earnings summary

Executive summary

• Revenues reached 193 MNOK in Q1-25, a 63% increase year-over-year, driven by higher harvest volumes and improved market positioning.

• Operating loss narrowed to 43 MNOK, reflecting a 43% improvement in EBIT margin compared to Q1-24.

• Harvested 3,929 tons WFE, up 42% from Q1-24, with 86.6% of volume rated as superior quality.

• Secured approximately 300 MNOK in funding through increased debt and private placement to support growth plans.

Financial highlights

• Operating revenue: 193 MNOK (Q1-25) vs. 118 MNOK (Q1-24), up 63%.

• Operating expenses: 247 MNOK, up from 166 MNOK in Q1-24, mainly due to higher harvest volume.

• Production cost per kg WFE: 44.0 NOK, up from 39.8 NOK in Q1-24, but below the 2024 average.

• Net loss: 50 MNOK, improved from 55 MNOK in Q1-24.

• Available funds at quarter-end: 174 MNOK, up from 143 MNOK in Q1-24.

Outlook and guidance

• Targeting annual production capacity of up to 25,000 tonnes WFE by 2030.

• On track to harvest approximately 8,000 tonnes in 2025.

• Favourable market conditions and strong sales price trends expected to support profitability.

• Continued focus on cost optimisation and operational efficiency.