Bergen Carbon Solutions (BCS) investor relations material

Executive summary

• Achieved stable, repeatable production processes for CO2-based carbon materials, with samples sent to leading industrial partners and academia for external validation and expanding the partner portfolio.

• Commissioned a second electrolysis scale cell, doubling testing capacity and accelerating development, with ongoing collaborations and process improvements.

• Internal and external battery tests, especially in Li-Sulfur and high C-rate chemistries, showed promising results, with third-party and academic confirmation of superior performance.

• Maintained a lean cost base and strong financial position, supported by Innovation Norway funding and disciplined cost management.

• Benefited from favorable European policy trends supporting local, sustainable battery materials and supply chain localization.

Financial highlights

• Cash and cash equivalents at period end were NOK 133.7 million, with a net cash burn of NOK 3.0 million in Q1 2026.

• Operating loss for Q1 2026 was NOK -11.2 million, improved from NOK -15.2 million in Q1 2025; net loss before tax was NOK -9.8 million.

• Adjusted net loss for the quarter was NOK 8.4 million, excluding NOK 1.4 million in one-off costs.

• Total assets stood at NOK 159.2 million, with equity at NOK 136.7 million and an equity ratio of 84%.

• Received NOK 10.3 million from Innovation Norway as the first installment of a three-year grant, with further payments tied to project milestones.

Outlook and guidance

• Plans to maintain a low cash burn rate and minimal CapEx requirements, extending financial runway.

• Focus on process improvements, enhanced carbon material quality, and increased production capacity to accelerate product development and external testing.

• Continued engagement with partners and research institutes to support technical advancement and commercialization.

• Ongoing cost control and efficient resource allocation to support future growth.

• No immediate plans to diversify beyond the battery sector.