Capsol Technologies (CAPSL) Q3 2025 earnings summary

Executive summary

• Achieved NOK 19 million in Q3 2025 revenues, with a 12-month total of NOK 97 million, driven by engineering studies and CapsolGoⓇ demonstration campaigns.

• Expanded into new sectors including lime, metals processing, and waste management, with new campaigns and strong commercial activity in U.S. gas turbines and European cement.

• Mature project pipeline represents 21.9 million tons annual capture capacity and NOK 3.1 billion in revenue potential, nearly triple the size from two years ago.

• Deepened strategic partnerships with Munters, Everllence, and Siemens Energy, and initiated collaboration with TerraStora and Saipem for CO2 storage and project execution.

• Secured exclusivity for a U.S. gas turbine project and planned first CapsolGoⓇ campaign in the UK.

Financial highlights

• Q3 2025 revenues reached NOK 19 million, with LTM revenue at NOK 97 million.

• Operating expenses decreased to NOK 34 million from NOK 38 million in Q2.

• Liquidity improved to NOK 78.3 million by Q3 2025, supported by a NOK 30.9 million green loan and EUR 2 million private placement.

• Net loss for Q3 2025 was NOK 16.1 million, and EBITDA for Q4 2025 was NOK -17.9 million.

• Cash position at year-end was NOK 50 million, with an additional NOK 45 million raised in January.

Outlook and guidance

• Expecting ramp-up in PDP and FEED revenues as projects mature, with several projects approaching final investment decisions in 2026–2028.

• CapsolGoⓇ campaigns and strengthened partnerships are expected to drive near-term growth.

• Targeting 4%-6% market share in technology licensing by 2030, with ambitions to reach 5%-10% globally.

• Clear financial targets and cost-saving measures set to support the next stage of growth.