Capsol reported a narrowing second-quarter loss for 2026 as gross profit climbed to NOK 5 million from NOK 2 million in the first quarter, reflecting a 150% sequential increase. The company’s half-year gross profit, however, declined 69.6% to NOK 7 million from NOK 23 million in the same period of 2025, underscoring weaker overall activity.
The Oslo-based carbon capture specialist posted an EBITDA loss of NOK 15 million in Q2 2026, compared with a loss of NOK 18 million in Q1 2026. Operating cash flow for the first half of the year remained negative at NOK 36.5 million, wider than the NOK 14.4 million outflow in H1 2025. Personnel expenses fell NOK 9 million year-over-year on a cash basis, while headcount is expected to drop from 38 employees and contractors at the start of 2026 to about 24 plus contractors by year-end.
Capsol’s liquidity position stood at NOK 48 million at the end of June, comprising NOK 21 million in cash and an undrawn revolving credit facility of NOK 27 million. The company secured NOK 45 million in equity and debt financing during the first half of 2026. Its current ratio was 1.82, and the gross profit margin over the last twelve months was 48.39%.
The stock fell 4.81% to $4.55, extending a near-43% decline over the past year. The shares have traded between $3.85 and $8.50 over the last 52 weeks, with a market capitalization of $38.44 million. InvestingPro rates the company’s financial health as weak, scoring 1.55 out of 5.
Executives highlighted progress on commercial-scale projects, including an exclusive pre-FEED study with a U.S. utility targeting a Final Investment Decision in Q1 2028. Capsol is also advancing a full-scale BECCS plant for Stockholm Exergi, designed to capture 800,000 tons of CO2 annually, and a demonstration campaign in Germany with Dyckerhoff to liquefy captured CO2 from a cement plant. The company has completed 31 engineering studies and 11 demonstration campaigns to date.
Chief Executive Officer Wendy Lam emphasized the dual benefits of the company’s technology, stating it can both capture CO2 and generate additional power without imposing a power penalty. Chief Financial Officer Bjørn Kristian Røed noted cost alignment with current activity levels and preserved cash conversion amid slower commercial momentum.
