Ocean-GeoLoop (OCEAN) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenues reached NOK 151.3 million, up from NOK 118.3 million year-over-year, driven by international market scaling and strong interest from the lime and cement industries.

• The company is prioritizing the European lime industry, targeting a 25 million tonne CO2 market, with technology validated by a feasibility study with NorFraKalk.

Financial highlights

• Revenues for the first nine months of 2024 totaled NOK 151.3 million, up from NOK 118.3 million in the same period last year.

• Negative EBITDA of NOK 28.2 million, compared to negative NOK 13.9 million year-over-year, reflecting increased investment in commercialization and technology.

• Cash and cash equivalents stood at NOK 70.1 million at period end.

Outlook and guidance

• Continued focus on scaling in the European lime industry, leveraging technology advantages in energy efficiency and integration.

• Ongoing commercial interest and partnership development, with further collaboration stages planned.