Ocean-GeoLoop (OCEAN) Q2 2024 earnings summary

Executive summary

• Focused on scaling carbon capture technology in the European lime industry, targeting a 25 million tonne CO2 market.

• Achieved >90% carbon capture rates and 95% product gas purity in pilot studies with NorFraKalk.

• Building organizational capacity and partnerships to accelerate commercialization and market penetration.

Financial highlights

• Revenue and operating income for 1H 2024 reached NOK 105.0 million, up from NOK 83.2 million in 1H 2023.

• EBITDA was NOK -14.6 million (1H 2023: -6.4 million); net loss for the period was NOK -22.2 million (1H 2023: -18.1 million).

• Cash balance at period end was NOK 80.8 million, down from NOK 133.8 million a year earlier.

• Equity at 30 June 2024 stood at NOK 214.7 million.

Outlook and guidance

• Plans to deliver a 10,000-tonne demo unit to NorFraKalk and a carbon capture plant to Yara Norge.

• Aims to standardize and modularize products for rapid scaling in the European lime industry.

• Feasibility study for NorFraKalk pilot plant at 60% progress, targeting EPC start in 2025.