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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.
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Q3 2025 earnings summary11 Nov, 2025

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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Frequently asked questions

Capsol Technologies ASA is a Norwegian company specializing in carbon capture technologies designed to accelerate the global transition to net-zero emissions. The company provides post-combustion carbon capture systems that integrate heat recovery, offering solutions that are both energy-efficient and scalable. Capsol's technology is applicable across industries such as cement, biomass, energy-from-waste, and gas turbines. The company licenses its technologies either directly or through industrial partners worldwide. Key offerings include the CapsolEoP system for carbon capture and heat recovery, and the CapsolGT technology, which focuses on capturing emissions from gas turbines. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.

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