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Bergen Carbon Solutions
Bergen Carbon Solutions (BCS) investor relations material
Bergen Carbon Solutions Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved stable, repeatable production of high-quality carbon nanotube (CNT) powder using proprietary CO2-consuming electrolysis technology, enabling further development and external partnerships.
Transitioned from process exploration to a stable technology platform, supporting predictable production and validation with global partners.
Strengthened organization with experienced battery lab staff, new technical hires, and an international advisory board to enhance strategic and commercial capabilities.
Maintained strong cost control, significantly reducing burn rate and extending financial runway.
Focused on scaling up test volumes, external validation, and progressing toward commercialization in 2026.
Financial highlights
Q4 2025 net loss was NOK 5.1 million, improved from NOK 9.9 million in Q4 2024; adjusted net loss was NOK 4.4 million due to one-offs.
Annual net loss for 2025 reduced by 36% year-over-year; annual cash burn rate down 48%.
Cash and cash equivalents at year-end were NOK 137 million, down from NOK 170 million at end 2024.
Received NOK 30 million grant from Innovation Norway to support the next development phase.
CapEx requirements remain limited due to strong cost control and sufficient hardware investments.
Outlook and guidance
2026 will focus on scaling test volumes, external validation, and process optimization with global industrial partners.
Plans to intensify engagement with international partners in battery cell manufacturing and technical collaboration.
Continued strict cost control and efficient resource allocation to support ongoing technology development.
Confident that 2026 will bring significant advancements, though commercial breakthrough timing remains uncertain.
Strategy execution requires minimal additional CAPEX.
How do Li-S results shape niche market strategy?
Criteria for selecting industrial partners
Geopolitical trends impact on BCS strategy
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Next Bergen Carbon Solutions earnings date
Q1 20267 May, 2026
Bergen Carbon Solutions
Next Bergen Carbon Solutions earnings date
Q1 20267 May, 2026
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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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