Capsol Technologies (CAPSL) Q4 2024 earnings summary

Executive summary

• Achieved 2.75x year-over-year revenue growth to NOK 94.2 million, with first profitable quarter in Q4 2024 and initial licensing revenue booked.

• Mature project pipeline grew 45% year-over-year to 17.2 million tons annual CO2 capture capacity, representing over EUR 200 million revenue potential for projects reaching FID in 2025-2027.

• Technology validated by major industry leaders, including Stockholm Exergi, Holcim, SUEZ, Microsoft, and Frontier, with significant government funding secured.

• Opened a new R&D center in Stavanger and launched collaborative projects with leading research institutions to enhance HPC chemistry and drive recurring revenue.

• Fully funded business plan with NOK 64.5 million cash at year-end 2024 and committed engineering work.

Financial highlights

• Full-year 2024 revenue reached NOK 94.2 million, up 2.75x from 2023; Q4 revenue was NOK 36.1 million, up from NOK 15.6 million in Q4 2023.

• Achieved first profitable quarter in Q4 2024, with pre-tax profit of NOK 3.2 million and operating profit of NOK 4.6 million.

• Full-year pre-tax loss narrowed to NOK 32.8 million from NOK 43.4 million in 2023.

• Cash and cash equivalents at year-end were NOK 64.5 million, with Q4 cash outflow of NOK 1.5 million and NOK 3.1 million invested in CapsolGo.

• Basic and diluted EPS was NOK 0.05 in Q4 2024 and NOK -0.54 for the year.

Outlook and guidance

• Over 80% of the mature project pipeline could reach FID in the next three years, with EUR 200+ million revenue potential.

• Most FIDs in the portfolio are expected next year, as projects require further engineering work; typical lead time from feasibility to FID is 12-24 months.

• Targeting 5–10% long-term market share in carbon capture technology licensing, EUR 10–15 per ton in licensing revenue, and 40–60% pre-tax margin.

• Fully booked CapsolGo capacity for 2025, supporting acceleration of license agreements and FIDs.

• Focused on expanding engineering capacity, reinvesting revenue for market leadership by 2026, and leveraging strong positioning in Europe and North America.