NOS Nova (HRGI) Q2 2025 earnings summary

Executive summary

• Initiated an orderly wind-down of operations due to lack of commercial progress and inability to secure required capital or strategic partnerships.

• Focus shifted to realising value from IP, technology, concepts, projects, and other assets after spinning off Barents Blue.

• Workforce reduced from 32 to 15 by June 2025, with further reductions planned by year-end.

Financial highlights

• H1 2025 total income: NOK 1.0 million, operating loss: NOK -30.5 million, net loss: NOK -34.2 million.

• Cash position at 30 June 2025: NOK 29 million, projected to decline to NOK 18 million by year-end.

• No interest-bearing debt; monthly cash burn rate expected to decrease from MNOK 3 to MNOK 2 in Q4.

Outlook and guidance

• Board's focus for the remainder of 2025 is on managing the wind-down, preserving cash, and realising asset value.

• Potential return of paid-in capital to shareholders in Q4 2025, subject to legal and financial conditions.