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Bergen Carbon Solutions (BCS) investor relations material

Bergen Carbon Solutions Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary20 Aug, 2025

Executive summary

  • Completed a year of transformation, shifting focus to technology development for battery applications, organizational efficiency, and strategic partnerships, with a 35% reduction in headcount and enhanced technical competencies.

  • Advanced in-house battery lab and testing capabilities, accelerating technology development, reducing reliance on external partners, and enabling rapid iteration.

  • Developed unique CNT and graphite products with promising results in LFP and Li-S battery chemistries, outperforming fossil-based references.

  • Secured technology cooperation and commercial development agreements with key industry players, including local and global battery manufacturers and distributors.

  • Strengthened patent strategy and focused on process optimization, product customization, and attracting top talent.

Financial highlights

  • Cash burn reduced by 48% year-over-year in H1 2025, with a quarterly burn rate of NOK 12.1 million and H1 cash burn of NOK 21.8 million.

  • Net loss for H1 2025 was NOK 26 million, down from NOK 37.8 million in H1 2024; Q2 2025 net loss was NOK 12.7 million.

  • Cash and cash equivalents at period end were NOK 147.9 million, with equity at NOK 159.6 million and an equity ratio of 82%.

  • Operating expenses for Q2 2025 were NOK 14.3 million, down from NOK 19.9 million in Q2 2024.

  • Total revenue and other income was NOK 0.0 million in Q2 and H1 2025.

Outlook and guidance

  • Focus remains on maturing technology, securing strategic partners, and engaging new customers, with minimal revenue expected in 2025.

  • Extended financial runway and sufficient capital to deliver on current strategy; all financing options considered for future expansion.

  • Minimal additional CAPEX required for current strategy execution; focus on operational efficiency and soft funding opportunities.

  • Market for LFP and Li-S batteries in Europe projected to reach NOK 20 billion by 2033.

  • Regulatory trends and local production incentives expected to favor sustainable, local battery materials.

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Frequently asked questions

Bergen Carbon Solutions develops and manufactures carbon nanofibers using carbon dioxide and hydropower. The company’s proprietary, wet spinning technology converts carbon dioxide, a greenhouse gas, into high-quality, electrically and thermally conductive fibers. Bergen Carbon Solutions products for applications such as lightweighting of composites, batteries, and components for fuel cells. It serves the Oil & Gas, Medical and Battery markets. The company is based in Bergen, Norway.

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