Norway · Delayed Price · Currency is NOK Capsol Technologies ASA Earnings Call Transcripts
Fiscal Year 2026
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H1 2026 saw lower gross profit due to subdued market activity, but decisive cost actions and NOK 45 million in new financing preserved financial flexibility. U.S. and European project pipelines are advancing, with higher utilization and reduced costs expected to narrow the gap to operational break-even in H2.
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Q1 saw continued commercial momentum in U.S. and European decarbonization markets, with cost discipline reducing operating expenses by 44% year-over-year and a strengthened balance sheet through refinancing and equity raise. Key projects in utilities, cement, and BECCS advanced as market validation grew.
Fiscal Year 2025
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Capsol advanced its U.S. gas turbine and European cement projects, strengthened partnerships, and improved liquidity with a NOK 45 million capital raise. Q4 saw lower revenues and EBITDA, but cost reduction and a robust project pipeline position the company for future growth.
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Q3 saw NOK 19 million in revenue and strengthened liquidity, with a mature project pipeline of 21.9 million tons annual capture capacity. Strategic partnerships and new sector entries support growth, while market conditions and policy tailwinds drive long-term optimism.
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Q2 2025 saw 14% revenue growth year-over-year and a 73% increase in the mature project pipeline. Despite temporary softness from delayed client decisions, activity is rebounding, and the company maintains a path to break-even in 2026, supported by strong liquidity and new project wins.
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Q1 2025 saw a 28% revenue increase and a major milestone as Stockholm Exergi selected the company's technology for a landmark BECCS project, validating its market position. The project pipeline grew over 70% year-over-year, with breakeven targeted within 12 months.
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A capital-light licensing model and proprietary solvent technology have driven strong revenue growth, a robust project pipeline, and the first quarterly profit. With major projects like Stockholm Exergi and expanding R&D, the company is well-positioned for further growth and market leadership.
Fiscal Year 2024
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Revenue grew nearly threefold year-over-year, with a 45% increase in project pipeline and first licensing revenue booked in Q4, resulting in the first profitable quarter. Strong commercial traction in cement and biomass, robust cash position, and expanding R&D and partnerships.
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Revenue grew 80% year-over-year to NOK 21.6 million, with a 60% increase in mature project pipeline and strong gross margins around 70%. Fully funded for the next 12 months, the business is expanding globally and expects continued growth in licensing and project awards.
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Revenue grew over 5x year-over-year in H1 2024, driven by CapsolGo campaigns and a doubling of the project pipeline. Strategic investments and uplisting to Oslo Børs position the company for licensing revenue and global expansion, with strong momentum in cement, biomass, and gas turbine sectors.