Aker Carbon Capture Shows Strong Growth in Q3
Norway's Aker Carbon Capture has reported significant progress and growth in its third-quarter results, with a narrowing net loss and soaring revenue. Despite facing challenges such as high sales and tender activity, the company's revenue more than doubled compared to the same period last year, reaching NOK439.6 million ($39.6 million) from NOK203.6 million. This surge in revenue was primarily driven by project advancements.
The order backlog also saw a significant increase, standing at NOK3.0 billion at the end of the quarter, up from NOK1.5 billion. As Aker Carbon Capture continues to convert opportunities into projects and experience accelerated market activity, the company is strengthening its project execution capacities and expanding its team in the U.S.
Chief Executive Egil Fagerland expressed confidence in meeting market demand for space-efficient modular carbon capture units. He emphasized the high levels of commercial activity on both sides of the Atlantic, which have resulted in a steady growth of the company's pipeline.
Aker Carbon Capture concluded the quarter with a net cash position of NOK1.32 billion and expects it to trend to around NOK1.0 billion by year-end. Operating costs and capital expenditure are anticipated to remain stable over the next six to 12 months.
Overall, Aker Carbon Capture's Q3 results demonstrate its strong growth trajectory and position in the market.
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