Bergen Carbon Solutions (BCS) Q3 2026 earnings summary

Executive summary

• Development is focused on documenting BCS CNT performance in battery applications and translating partner feedback into product development; industrial testing has expanded and feedback is encouraging.

• Cash and cash equivalents were NOK 110.3 million at Q3 end; management cited a constant burn rate and minimal additional CAPEX under current plans.

Financial highlights

• Q3 revenue was NOK 113k; operating expenses were NOK 8.6 million versus NOK 11.1 million in Q3 2025, and operating loss was NOK 8.5 million versus NOK 11.1 million.

• Q3 net loss was NOK 7.3 million versus NOK 9.6 million; adjusted net loss was NOK 6.9 million, excluding NOK 0.4 million of non-cash one-offs, versus NOK 9.1 million adjusted in Q3 2025.

• YTD operating expenses were NOK 31.0 million, operating loss NOK 30.9 million and net loss NOK 27.1 million.

• Q3 net cash change was negative NOK 11.8 million; period-end cash was NOK 110.3 million versus NOK 140.9 million a year earlier.

Outlook and guidance

• Focus remains on converting test results and partner feedback into product development and application-specific documentation, including larger-cell testing.

• Current strategy execution is expected to require minimal additional CAPEX, with a constant burn rate and extended financial runway.

• NOK 2.5 million in SkatteFUNN grant funding was expected in Q4 2026; cash excludes future grants from Innovation Norway and other institutions.