Bergen Carbon Solutions (BCS) Q2 2026 earnings summary

Executive summary

• Focus shifted from process maturity to product development and performance of BCS CNT for battery applications, with promising results and ongoing sample testing with industrial partners in Europe and Asia.

• Achieved a key patent milestone with notification of intention to grant for CO2 separation and purification technology, strengthening intellectual property position.

• Maintained a strong financial position with disciplined cost control, low burn rate, and extended financial runway.

• Engaged in strategic partnerships and development programs, including initiatives for a Nordic battery value chain targeting the defense sector.

Financial highlights

• Net loss for Q2 2026 was NOK 9.9 million, improved from NOK 12.7 million in Q2 2025; H1 2026 net loss was NOK 19.7 million, down from NOK 26.0 million in H1 2025.

• Adjusted net loss for Q2 2026 was NOK 8.7 million, reflecting NOK 1.2 million in one-off items.

• Cash and cash equivalents at end of Q2 2026 were NOK 122.1 million, compared to NOK 147.9 million a year earlier.

• No revenue was recognized in H1 2026, nor is any anticipated for the remainder of the year.

• Equity ratio remained high at 82% at the end of Q2 2026.

Outlook and guidance

• Focus will remain on product development, technical engagement with partners, and further product documentation and external testing.

• Additional capital will be required for future scaling and growth; current liquidity is sufficient for near-term plans.

• Expects more third-party test results during the next half year, with ongoing qualification rounds for pouch cell batteries.

• Commercial opportunities depend on continued qualification, market development, and meeting customer requirements.

• Current strategy execution requires minimal additional CAPEX, supporting a lean organization.