Ocean-GeoLoop (OCEAN) Q4 2025 earnings summary

Executive summary

• Revenue declined to NOK 204.9 million in 2025 from NOK 235.7 million in 2024, reflecting a challenging carbon capture market and strategic refocus toward industrial cooling.

• Operating loss widened to NOK -141.6 million (2024: NOK -58.0 million), impacted by NOK 67.3 million in write-downs and impairments.

• Net loss was NOK -137.2 million (2024: NOK -48.4 million), mainly due to impairments on subsidiaries and carbon capture assets.

• Strategic shift in early 2026 prioritized industrial cooling as the main growth area, with carbon capture activities scaled back and preserved for selective opportunities.

• Equity raise of NOK 36 million fully subscribed in May 2026, with a controlling shareholder pre-committed to support the transaction.

Financial highlights

• Group revenue: NOK 204.9 million (2024: NOK 235.7 million).

• Operating result: NOK -141.6 million (2024: NOK -58.0 million), including NOK 67.3 million in write-downs.

• Net result: NOK -137.2 million (2024: NOK -48.4 million).

• Year-end cash: NOK 20.6 million (2024: NOK 65.3 million).

• Total assets: NOK 181.7 million (2024: NOK 304.5 million).

Outlook and guidance

• 2026 strategy focuses on industrial cooling, capital discipline, and preserving carbon capture IP.

• Execution depends on cost control, technical progress, partner engagement, and successful equity raise.