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Capsol Technologies (CAPSL) investor relations material
Capsol Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue reached NOK 19 million, with a 12-month total of NOK 97 million, driven by engineering studies and demonstration campaigns.
Mature project pipeline stands at 21.9 million tons annual capture capacity, representing NOK 3.1 billion in revenue potential and nearly triple the size from two years ago.
Expanded into new sectors including lime, metals processing, and waste management, with new campaigns in cement and collaborations with Holcim and Schwenk.
Strategic partnerships with Munters and Everllence were deepened to enhance technology integration and market reach.
Liquidity strengthened to NOK 78.3 million, supported by a NOK 30.9 million green loan facility and a EUR 2 million private placement from Munters.
Financial highlights
Q3 2025 revenue was NOK 19 million, mainly from engineering studies and CapsolGoⓇ campaigns.
Last twelve months (LTM) revenue reached NOK 97 million.
Operating expenses decreased to NOK 34 million from NOK 38 million in Q2.
Liquidity improved to NOK 78.3 million by end of Q3, up from NOK 67.5 million in Q2.
Net loss for Q3 2025 was NOK 16.1 million, compared to NOK 5.9 million in Q3 2024.
Outlook and guidance
CapsolGoⓇ campaigns and PDP/FEED revenues are expected to drive near-term growth, with several projects approaching final investment decisions in 2026–2028.
Project pipeline and market activity indicate continued growth, especially in Europe and North America.
Targeting 4%-6% market share in technology licensing by 2030, with ambitions to reach 5%-10% globally.
License fee target is EUR 10–15 per tonne installed capacity, with EUR 2+ per tonne recurring service fee and 40–60% pre-tax profit margin.
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