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Bergen Carbon Solutions (BCS) investor relations material

Bergen Carbon Solutions Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary7 Nov, 2025

Executive summary

  • Achieved a technological breakthrough with a stable, repeatable process for high-quality carbon powder and CNT production, enabling industrialization and commercialization readiness.

  • Maintained a lean, competent organization, strengthened by new technical expertise, a battery lab, and an international Advisory Board.

  • Focused on local, sustainable carbon production using CO2-consuming technology, aligning with global supply chain resilience and sustainability trends.

  • Emphasized cost discipline and strategic partnerships, with promising results in advanced battery applications, especially Lithium-Sulfur chemistries.

  • Positioned to address geopolitical tensions and EU initiatives by offering local, sustainable carbon for batteries.

Financial highlights

  • Net loss for Q3 2025 was NOK 9.6 million, improved from NOK 16.4 million in Q3 2024; adjusted net loss was NOK 9.1 million due to a NOK 0.5 million non-cash one-off.

  • Cash burn for Q3 2025 was NOK 7.0 million, down 52% year-to-date compared to 2024.

  • Cash and cash equivalents at period end were NOK 140.9 million, compared to NOK 173.5 million a year earlier.

  • Equity at period end was NOK 150.5 million, with total assets of NOK 168.0 million.

  • Received NOK 30 million Innovation Norway grant and NOK 4.8 million in Skattefunn grants.

Outlook and guidance

  • Entering an industrial development phase, scaling CNT production for internal and external validation, and expanding into new products and chemistries.

  • NOK 30 million Innovation Norway grant over three years supports accelerated development, product portfolio expansion, and de-risking.

  • Well positioned to benefit from EU industrial policies and growing demand for sustainable battery materials, especially in defense and niche markets.

  • Minimal additional CAPEX required for current strategy execution.

Detail Li-S battery test results
Elaborate on H1 2026 product testing plans
What is the projected cash runway
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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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