Capsol Technologies (CAPSL) Q2 2026 earnings summary

Executive summary

• U.S. market opportunity is advancing with about 150 gas turbine leads under assessment and a commercial-scale project in pre-FEED, targeting surging data center power demand and validating an expanded business model.

• European commercial traction continues, especially in cement and BECCS, with strategic investment from Holcim, new demonstration campaigns, and blue-chip customer validation.

• Business model is evolving to capture more value per project through recurring revenue streams, broader project participation, and capital efficiency.

• Cost discipline, decisive cash preservation, and NOK 45 million in new financing have strengthened financial flexibility.

• Expectation of higher utilization and reduced costs to narrow the gap to operational break-even in H2 2026.

Financial highlights

• H1 2026 gross profit was NOK 7.1 million, down from NOK 23 million year-over-year, reflecting lower market activity.

• Operating income for H1 2026 was NOK 13.4 million, compared to NOK 41.3 million in H1 2025.

• EBITDA for H1 2026 was negative NOK 33.4 million, compared to negative NOK 24.6 million in H1 2025; sequential improvement from negative NOK 18 million in Q1 to negative NOK 15 million in Q2.

• Net loss for H1 2026 was NOK 46 million, compared to NOK 38.2 million in H1 2025.

• Ended H1 2026 with NOK 21 million in cash and NOK 27 million undrawn revolving credit facility, totaling NOK 48 million in available liquidity.

Outlook and guidance

• Two CapsolGo units are expected to operate for most of H2 2026, with higher utilization and increased engineering activity anticipated.

• Personnel expenses projected to decline further as cost measures take full effect.

• Combination of higher gross profit and lower costs expected to materially narrow the gap to operational break-even, but not a profitability forecast.

• Cash burn projected to drop to NOK 5–15 million per quarter in H2, depending on activity levels.

• Increased requests for engineering studies signal early signs of market recovery.