Capsol Technologies (CAPSL) Q1 2026 earnings summary

Executive summary

• Commercial momentum continues with ongoing U.S. pre-FEED project, Dyckerhoff demonstration campaign launch, and construction start at Stockholm Exergi BECCS project, positioning at the intersection of rising U.S. power demand and European decarbonization.

• Multi-project approach with European cement manufacturers is maturing, with increased customer inquiries, though decision-making remains slow.

• U.S. utilities and data centers show growing interest in scalable, low-carbon power solutions.

Financial highlights

• Q1 2026 operating revenue was NOK 5.9m, down from NOK 24.9m in Q1 2025 and NOK 10.1m in Q4 2025.

• EBITDA was NOK -18.3m in Q1 2026, compared to NOK -8.9m in Q1 2025 and NOK -17.9m in Q4 2025.

• Operating expenses reduced by 44% year-over-year and 37% quarter-over-quarter.

• Cash and cash equivalents increased to NOK 64.6m at March 31, 2026, up from NOK 58.5m a year earlier, bolstered by NOK 45m equity raise.

• Personnel expenses decreased due to temporary layoffs, with further impact expected in Q2 and full effect in Q3.

Outlook and guidance

• U.S. project on track, with FEED phase scheduled for Q4 2026 and operations targeted for 2030.

• Anticipates increased revenue visibility in Q2 and Q3 from ongoing demonstration campaigns.

• Cement sector outlook is strengthening, supported by validation from leading producers and a multi-project approach.

• Stockholm Exergi project progressing as planned, with start-up targeted for 2028.

• Continued focus on cost discipline and financial flexibility to navigate slower market environment.