Capsol Technologies (CAPSL) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached NOK 19 million, with a 12-month total of NOK 97 million, driven by engineering studies and demonstration campaigns.

• Mature project pipeline stands at 21.9 million tons annual capture capacity, representing NOK 3.1 billion in revenue potential and nearly triple the size from two years ago.

• Expanded into new sectors including lime, metals processing, and waste management, with new campaigns in cement and collaborations with Holcim and Schwenk.

• Strategic partnerships with Munters and Everllence were deepened to enhance technology integration and market reach.

• Liquidity strengthened to NOK 78.3 million, supported by a NOK 30.9 million green loan facility and a EUR 2 million private placement from Munters.

Financial highlights

• Q3 2025 revenue was NOK 19 million, mainly from engineering studies and CapsolGoⓇ campaigns.

• Last twelve months (LTM) revenue reached NOK 97 million.

• Operating expenses decreased to NOK 34 million from NOK 38 million in Q2.

• Liquidity improved to NOK 78.3 million by end of Q3, up from NOK 67.5 million in Q2.

• Net loss for Q3 2025 was NOK 16.1 million, compared to NOK 5.9 million in Q3 2024.

Outlook and guidance

• CapsolGoⓇ campaigns and PDP/FEED revenues are expected to drive near-term growth, with several projects approaching final investment decisions in 2026–2028.

• Project pipeline and market activity indicate continued growth, especially in Europe and North America.

• Targeting 4%-6% market share in technology licensing by 2030, with ambitions to reach 5%-10% globally.

• License fee target is EUR 10–15 per tonne installed capacity, with EUR 2+ per tonne recurring service fee and 40–60% pre-tax profit margin.