Barclays PLC Earnings - Q3 2025 Analysis & Highlights
Bergen Carbon Solutions AS (BCS.NO) Q3 2025 earnings call highlighted technical progress in carbon powder production, cost control, and strategic positioning within the battery materials market, emphasizing sustainability and local value chains. The company also discussed the Innovation Norway grant and its implications for product development and commercialization.
Key Financial Results
Burn rate has been reduced by 50% compared to the same time last year.
The net cash burn for the last quarter was NOK 7 million, with expectations to maintain this level going forward.
CapEx requirements are very limited.
The company has a solid cash position of NOK 140 million.
Received a NOK 30 million grant from Innovation Norway.
Year-to-date cash burn is down 52%.
Business Segment Results
The company is focused on developing a stable process platform for predictable production of carbon nanotubes (CNT).
The focus is on adapting the process window to produce a consistent and well-defined carbon powder.
The company's technology is called Molten Salt Carbon Capture Electrolysis Technology (MSCC-ET).
Capital Allocation
The NOK 30 million grant from Innovation Norway will be used over three years to expand the carbon powder portfolio.
The grant will also increase the development speed towards additional opportunities.
Industry Trends and Dynamics
Global battery demand is increasing dramatically.
New battery technologies are a prerequisite for the energy transition.
EU is pushing for stronger autonomy in battery production with large financial stimulation packages.
New regulations are being implemented on traceability and sourcing of strategic battery materials.
Stricter control over critical raw materials is being implemented.
Export bans, new trade tariffs, and increased geopolitical uncertainty are factors increasing competitiveness for local suppliers of critical materials.
Competitive Landscape
The company is focused on niche markets where performance, sustainability, and supply chain resilience are highly valued.
The company considers itself a world leader in Molten Salt Carbon Capture Electrolysis Technology (MSCC-ET).
The company acknowledges that competing head-on with conventional Chinese CNT on price is not a good strategy.
Macroeconomic Environment
Global trade tensions and new EU industrial initiatives underline the importance of local, sustainable carbon production.
Geopolitical aspects are increasingly important.
Growth Opportunities and Strategies
The company aims to produce larger volumes of CNT for internal and external testing.
The company is expanding into other conductive carbon flakes or graphene-like powders.
The company is developing sustainable carbon materials for better batteries.
The company is focused on developing carbon solutions for the battery industry, including next-generation lithium-sulfur batteries.
The company is building on a solid process platform, expanding into new products and chemistries, and preparing for the next step of commercialization.
The company is exploring applications in the defense industry.
The company is leveraging electrolyzers to convert captured CO2 emissions into conductive carbon powders for advanced battery applications.
Financial Guidance and Outlook
The Innovation Norway project enables faster expansion towards an extended carbon powder portfolio.
The company expects to maintain a cash burn of around NOK 7 million per quarter going forward.
The company has a solid cash position of NOK 140 million, providing the runway needed to execute its strategy.
