Ocean GeoLoop: Results for the first half of 2026
(Verdal, 3 September 2026) Ocean GeoLoop ASA (Ocean GeoLoop, OSE: OCEAN) today reports revenues for the first half of 2026 of NOK 93.1 million, compared with NOK 106.8 million in the same period in 2025. The first half of the year was a period of transformation, with the launch of the industrial and data centre cooling business COOL AS, a phased scale-down of the carbon capture business in Captured AS, an improved reported operating result in Energi Teknikk AS and cash and cash equivalents of NOK 38.3 million at the end of the period.
“Ocean GeoLoop has undergone a transformation during the first half of the year. The cornerstone of this transformation is the launch of COOL. Built on technology invented by our founder Hans Gude Gudesen, COOL targets industrial and data-centre cooling, an existing market of approximately USD 24 billion. Access to electricity is a bottleneck for growth. COOL works to solve this bottleneck by replacing electrically powered cooling with a thermodynamic-driven solution,” says Viggo Iversen, Chief Executive Officer of Ocean GeoLoop ASA.
Ocean GeoLoop reported revenue and operating income in the first half of 2026 of NOK 93.1 million, down from NOK 106.8 million in the same period last year, with Energi Teknikk AS as the main revenue contributor at NOK 91.5 million. The Group reported a negative EBITDA of NOK 23.0 million, compared with a negative EBITDA of NOK 24.3 million in the same period last year. The Company had cash and cash equivalents of NOK 38.3 million at the end of the period.
The Company completed a capital raise during the period. In May, a private placement was successfully completed, raising gross proceeds of NOK 36.0 million. The NOK 11.0 million of bridge financing provided by related parties in January, together with accrued interest, was converted into shares on the same terms. A subsequent offering raising a further NOK 0.4 million was completed in June and registered in July, after the end of the reporting period. The net proceeds are applied towards working capital, general corporate purposes and the development of the Company’s new business line, COOL.
At Energi Teknikk AS, the proposed changes to the Resource Rent Taxation caused material customer uncertainty all through the first half of the year and, consequently, held back customers’ willingness to conclude new projects. Hence, the order backlog has been reduced, ending the period below the level required to support current activity. The NOK 40.3 million of contracts signed in August represents an initial step in rebuilding the order backlog.
The order backlog amounted to approximately NOK 82 million at 30 June 2026. Reported operating profit nonetheless improved to NOK 0.8 million, from a loss of NOK 5.7 million a year earlier. The result includes a reversal of NOK 2.1 million of provisions made in earlier periods on projects that have since been completed.
However, liquidity at Energi Teknikk is currently strained, and dialogue with customers, the suppliers concerned and the bank is ongoing. Invoicing and collecting work already completed is the clearest short-term priority, alongside rebuilding the backlog. During the first half of 2026 Energi Teknikk AS obtained an additional NOK 10 million bank facility, increasing its total facilities from NOK 8 million to NOK 18 million. The new facility is temporary. Ocean GeoLoop ASA has guaranteed its pro rata share of the new facility, corresponding to NOK 6.7 million based on its 67 per cent ownership.
Subsequent to the period, a new Board of Directors was elected at an Extraordinary General Meeting on 15 July 2026, comprising Kristian G. Lundkvist (Chair), Linn-Cecilie Linnemann and Eivind Tvedt. The Board has also initiated a CEO succession process, following the incumbent CEO's decision to step down.
Captured AS entered into a binding agreement for the sale of all its shares in Ocean TuniCell AS to Lifecare ASA, as announced on 31 August 2026.
“We are grateful for the confidence our investors have placed in us, and going forward, we will further strengthen capital discipline across the Group, while maintaining momentum in the Company’s strategic priorities during this transition,” says Kristian G. Lundkvist, Chair of the Board of Ocean GeoLoop ASA.
The Ocean GeoLoop half year report for the first half of 2026 is enclosed.
ENDS For further information, please contact: Kristian G. Lundkvist, Chair of the Board, Ocean GeoLoop ASA, cell: +47 977 77 177 Viggo Iversen, CEO, Ocean GeoLoop ASA, cell: +47 47 45 66 01 Iver Christian Baatvik, CFO, Ocean GeoLoop ASA, cell + 971 585 323317
About Ocean GeoLoop | www.oceangeoloop.no Ocean GeoLoop ASA uses nature’s own way to solve the challenges of our time in a circular way. The Group is organised around COOL, which develops energy-efficient cooling solutions for AI data centres and industrial applications, and Energi Teknikk AS, a full-service provider of equipment and services for small hydropower plants. Captured, which developed the GeoLoop carbon capture technology, is being scaled down. Ocean GeoLoop is listed on Euronext Growth Oslo under the ticker OCEAN.
Visit Ocean GeoLoop on LinkedIn/OceanGeoLoop.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (“MAR”) and is subject to the disclosure requirements pursuant to MAR article 17, Euronext Growth Oslo Rule Book – Part II, section 3.9 and section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Viggo Iversen, CEO of Ocean GeoLoop ASA, on 3 September 2026 at 07:00 CEST.