Norwegian carbon capture technology developer Capsol Technologies reported a 70% year-over-year decline in gross profit for the first half of 2026, as commercial activity remained subdued despite progress in cost reductions and U.S. project leads.
The company’s H1 2026 gross profit totaled NOK 7 million, down from NOK 23 million in the same period of 2025. Quarterly figures showed a modest rebound, with Q2 2026 gross profit reaching NOK 5 million, up from NOK 2 million in Q1. EBITDA losses narrowed to NOK 15 million in Q2 from NOK 18 million in the prior quarter, while operating cash flow remained negative at NOK 36.5 million for the six-month period.
Capsol ended June with NOK 48 million in liquidity, including NOK 21 million in cash and an undrawn NOK 27 million revolving credit facility. The company completed a NOK 45 million capital raise in January and reduced total liabilities by over NOK 30 million through debt refinancing in May. Management also reported a 26% reduction in the total cost base, falling from NOK 49 million in H1 2025 to NOK 36 million in H1 2026, driven by a 24% decline in personnel expenses and a 30% drop in other operating costs.
The company highlighted approximately 150 U.S. gas turbine leads under assessment, primarily near existing CO₂ infrastructure such as Class VI storage sites and pipeline networks. Capsol’s technology is designed to unlock an estimated 15% additional capacity from existing peaking gas turbines while capturing carbon dioxide, avoiding standard parasitic load penalties. A final investment decision for an exclusive U.S. utility project is targeted for Q1 2028, with deployment expected within 2–4 years.
Capsol’s European project pipeline includes 31 engineering studies and pre-FEEDs, 11 demonstration campaigns completed or ongoing, and more than 40 potential future final investment decisions, though no current FIDs were reported. The company is evaluating commercial models for U.S. projects, including build-own-operate and build-transfer-agreement frameworks.
Shares of Capsol fell 4.81% to $4.55, extending a 43% decline over the past year. The stock has traded within a 52-week range of $3.85 to $8.50.
