Norway’s Aker Carbon Capture announced a narrowed net loss of 35.2 million Norwegian kroner ($3.4 million) for the fourth quarter, compared to a loss of NOK42.69 million in the same period last year. The company’s revenue surged to NOK572.8 million, more than doubling from NOK239.3 million.
The rise in revenue can be attributed to the progress made in ongoing projects. However, Aker Carbon Capture stated that high commercial and tender activity, entry into the North American market, and research and development efforts have weighed on earnings.
The order backlog by the end of the quarter reached NOK2.6 billion, rising significantly from NOK1.3 billion.
Chief Executive Egil Fagerland expressed confidence in the company’s prospects, stating, “Aker Carbon Capture is experiencing an acceleration in market activity and strong interest in our growing range of modular carbon capture facilities.” Fagerland added that the company plans to enhance its operations in the United States and Northern Europe to capitalize on the significant growth opportunities ahead.
Aker Carbon Capture concluded the quarter with a net cash position of NOK1.1 billion. However, it anticipates that the cash position will dip below NOK1.0 billion in the next quarter due to the progress of major projects.
The company expects operating costs and capital expenditure to remain around 2023 levels.
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