Green Minerals
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Green Minerals (GEM) investor relations material

Green Minerals Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Feb, 2026

Executive summary

  • Net loss for H2 2025 was slightly over NOK 2 million, a significant improvement from NOK 10,876,000 in H2 2024; full-year loss was around NOK 4 million, reflecting a 75% reduction in spending.

  • Underlying EBITDA for H2 2025 was negative NOK 1.5 million, with further cost reductions expected to exceed the previously announced 80% cut by H2 2026.

  • Strategic review launched in December 2025 to maximize shareholder value, with ongoing discussions but no certainty on outcomes.

  • Bitcoin Treasury Strategy adopted as a hedge against fiat debasement and to support long-term capital needs.

  • Continued delays in Norway's first licensing round due to political uncertainty, with other jurisdictions advancing deep-sea mining.

Financial highlights

  • H2 2025 revenues were NOK 6,000, with operating expenses of NOK 2,057,000 and EBITDA of NOK -2,057,000.

  • Net loss for H2 2025 was NOK -2,754,000, a significant improvement from NOK -10,876,000 in H2 2024; full-year loss was NOK 4 million, down 75%.

  • Cash flow from operating activities in H2 2025 was NOK -3,270,000; cash and cash equivalents at period end were NOK 4,177,000.

  • Equity ratio stood at 75% at the end of H2 2025.

  • Bitcoin treasury strategy resulted in a NOK 0.75 million loss as of December 31, 2025.

Outlook and guidance

  • Further cost reductions expected, aiming for a cost base even lower than the 80% cut already achieved.

  • Company maintains a multi-year runway and expects to keep the real option value alive for at least five years.

  • Optionality secured through runway extension and maintaining competency while reducing capacity.

  • First cruise for exploration expected in Q4 2025/Q1 2026, pending license awards.

  • Strategic review ongoing, with no promises on timing or outcome.

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Frequently asked questions

Green Minerals AS is a Norwegian company focused on the exploration and mining of marine minerals on the Norwegian Continental Shelf. It provides offshore mining services, specializing in the extraction of deep-sea minerals and rare earth elements essential for industries involved in electrification and digitization. The company's primary activities include securing licenses for seabed mineral exploration and production, as well as developing systems for sustainable marine mining. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.

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