The carbon capture technology developer Aker Carbon Capture ASA (OTCMKTS: AKCCF) announced on Monday its third-quarter earnings results for 2022. The company showed a continued revenue growth that is on an accelerating trajectory.
It came at NOK203.6 million ($19.64 million) with a net loss of NOK51.6 million ($5 million) compared to revenue of NOK100.8 million ($12.12 million) and a net loss of NOK54.4 million ($6.7 million) for Q3 2021 or an year ago.
Relevant: Aker Carbon Capture Q2 2022 Results Show Net Loss Improved
The net loss continues to narrow slightly quarter over quarter and the revenue keeps growing amid ongoing projects progress.
The cash position is robust at NOK 1.4 billion ($135 million), equity remained strong at NOK 0.9 billion ($86.9 million), and the order backlog closed at NOK 1.5 billion ($145 million).
According to the Aker Carbon Capture announcement, revenues were mainly driven by progress on the Brevik CCS, Twence Just Catch CCU and FEED projects.
Relevant: Widening Net Loss From Aker Carbon Capture Q1 2022 Earnings Results
Continued expenses related to R&D projects, digitization projects, tenders, business development and sales activities are denting on positive contribution from ongoing construction and FEED projects. Operating expenses for the next six month are also expected to remain steady.
The improved revenue and net loss numbers are a good signal the company is making progress in generating future positive results. Continued on time delivery of carbon capture projects and signing new sites are some of the things markets are looking for as an indication of progress and leadership performance.