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Vow Green Metals (VGM) investor relations material
Vow Green Metals H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
First shipment of product delivered for customer qualification, marking a key commercial milestone.
Construction and installation at the Hønefoss facility progressed, with all pyrolysis reactors installed and mechanical completion of major installations in December 2024.
Vardar increased its stake in the Hønefoss project to 33%, and additional bridge financing was secured in early 2025.
Announced the Eiktyr project, a 30,000-ton facility as part of a green industry cluster in Orkland, with feasibility and pre-study completed.
Zoning plan for Viken Park project approved, with appeal processing expected by end of Q2 2025.
Financial highlights
EBITDA loss of NOK 17.7 million for H2 2024, compared to NOK 14.5 million loss in H2 2023; full-year EBITDA loss of NOK 31.6 million.
Net loss for H2 2024 was NOK 24.2 million, compared to NOK 16.4 million in H2 2023; full-year net loss of NOK 39.9 million.
Total assets as of 31 December 2024 were NOK 436.4 million, up from NOK 183.2 million at year-end 2023.
Cash and cash equivalents stood at NOK 70.5 million at year-end 2024.
Total equity stood at NOK 188.0 million, representing an equity ratio of 43%.
Outlook and guidance
Targeting 200,000 tons of biocarbon production capacity, with over 80,000 tons matured in the project portfolio.
Planned final investment decisions for Viken Park and Eiktyr projects in 2025.
Regulatory and macroeconomic trends, including the EU Green Deal and rising EU ETS prices, are expected to drive demand for sustainable metals and biocarbon.
Ongoing efforts to secure long-term financing and bridge loans to support project development and liquidity.
Processing of Viken Park zoning appeal expected to complete by end of Q2 2025.
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