Ocean-GeoLoop (OCEAN) Q4 2024 earnings summary

Executive summary

• Achieved significant progress in commercializing proprietary carbon capture technology, with industry-leading efficiency and energy use verified by SINTEF and strong pilot results at NorFraKalk and Yara.

• Strategic focus on European lime and cement industries, targeting rapid market scaling and partnerships with major players like Chevron New Energies, NorFraKalk, and Yara.

• Expanded R&D and piloting capabilities, including a modern Trondheim R&D center and industrial pilot plant at Skogn, supporting customer adaptation and technology validation.

• Initiated large-scale CCUS projects in Norway, aiming to contribute to the Grenland region's ambition to become the world's first climate-positive industrial region by 2040.

• Maintained a strong financial position, with a solid liquidity reserve and no interest-bearing debt, despite operating losses due to ongoing technology development.

Financial highlights

• Group revenue reached NOK 235.7 million in 2024, up from NOK 172.9 million in 2023, mainly from construction and service contracts via Energi Teknikk.

• Operating loss was NOK 58.0 million, compared to NOK 47.4 million in 2023, reflecting continued R&D investment.

• Net loss for the group was NOK 48.4 million (2023: NOK 49.4 million); parent company net loss was NOK 32.6 million.

• Negative cash flow from operations was NOK 21.8 million; liquidity reserve at year-end was NOK 65.3 million.

• Equity ratio declined to 62% (2023: 77%) due to increased investments and operating losses.

Outlook and guidance

• Focused on commercializing carbon capture projects with NorFraKalk and Yara to demonstrate TRL 9 technology and enable rapid scaling.

• Plans to further develop the e-Loop embedded electricity generation technology to lower CCUS project costs and increase market attractiveness.

• Strategic partnerships and supply chain enhancements position the company for growth in the European and global carbon capture markets.

• Market outlook remains positive, driven by EU and US climate targets and increasing demand for decarbonization solutions.