Bergen Carbon Solutions (BCS) Q3 2024 earnings summary

Executive summary

• Focused on technology development, process optimization, and product customization for the battery industry, with documented precision and repeatability in carbon production from CO2.

• Signed several partnership agreements, including LOIs with Morrow Batteries and Beyonder, and extended MOU with TKG Huchems, strengthening both local and Asian battery value chains.

• Organization reshaped to align with new strategy, onboarding new expertise and appointing a board member as acting CTO, while reducing headcount and increasing technical competence.

• Maintained strong cost control, reducing burn rate and supporting ongoing development.

Financial highlights

• Q3 2024 net loss was NOK 16.4 million, improved from NOK 20.3 million in Q3 2023; adjusted net loss was NOK 12.0 million, excluding NOK 4.4 million in one-off costs (NOK 4.0 million non-cash).

• Cash and cash equivalents at period end were NOK 173.5 million, down from NOK 239.1 million a year earlier.

• Reduced cash burn to NOK 17.9 million in Q3 2024 due to disciplined cost control.

• Equity at period end was NOK 195.8 million, with total assets of NOK 217.7 million.

• Limited further CapEx investments expected, with Q3 2024 investments totaling NOK 1.2 million, mainly for the new battery lab.

Outlook and guidance

• Continued focus on technology and product development, process optimization, and securing technology development agreements.

• Well financed to continue development, leveraging additional funding sources such as Skattefunn and Innovation Norway.

• Actively pursuing new strategic partnerships and strengthening industrial relations in the European battery value chain.

• EU policy developments and funding initiatives present new opportunities for growth and financing.

• Confident in meeting industry requirements but no specific timing forecast provided.