Aankondiging • Sep 10
Circa Group AS Announces Resignation of Lars P. Sperre as Director Director Lars P. Sperre has informed Circa Group AS that he has accepted a new full-time role which requires him to resign from the director role with the company. Circa Group AS will continue with the remaining board consisting of six directors, which is in accordance with the company’s article of association and will not engage in a replacement process for the time being. Reported Earnings • Aug 23
Second quarter 2024 earnings released: €0.02 loss per share (vs €0.009 loss in 2Q 2023) Second quarter 2024 results: €0.02 loss per share (further deteriorated from €0.009 loss in 2Q 2023). Net loss: €2.08m (loss widened 97% from 2Q 2023). New Risk • Jul 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr95.2m (US$8.68m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€29m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (kr95.2m market cap, or US$8.68m). Minor Risk Revenue is less than US$5m (€1.6m revenue, or US$1.8m). Aankondiging • May 29
Circa Group AS Approves the Election of Simon Powell as A Board Member Circa Group AS at its AGM, held on May 28, 2024, approved the election of Simon Powell as a board member for a two year period. Reported Earnings • May 17
First quarter 2024 earnings released: €0.02 loss per share (vs €0.013 loss in 1Q 2023) First quarter 2024 results: €0.02 loss per share (further deteriorated from €0.013 loss in 1Q 2023). Net loss: €1.94m (loss widened 21% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 62% per year, which means it is performing significantly worse than earnings. Aankondiging • Apr 20
Circa Group as Announces Appointment of Erik Berger as Interim CFO, Effective on April 22, 2024 Circa Group AS has hired Erik Berger starting as interim CFO following CFO Tone Leivestad's decision to resign in March. Erik Berger will join Circa on 22 April 2024 and will be based in the Oslo corporate office. Erik Berger comes with a senior background and is experienced in finance, raising capital, business strategy and performance. Erik's career has spanned various countries and sectors, including oil and gas and renewables. He has an MBA from French business school Ecole de Management Lyon. Reported Earnings • Feb 16
Full year 2023 earnings released: €0.05 loss per share (vs €0.049 loss in FY 2022) Full year 2023 results: €0.05 loss per share. Net loss: €5.83m (loss narrowed 2.5% from FY 2022). New Risk • Feb 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€27m free cash flow). Earnings have declined by 21% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Revenue is less than US$5m (€1.8m revenue, or US$2.0m). Market cap is less than US$100m (kr274.0m market cap, or US$26.0m). Aankondiging • Nov 24
Circa Group AS Announces Chief Executive Officer Changes, Effective 1 January 2024 Circa Group AS announced the appointment of Bertel Karlstedt as the company's next Chief Executive Officer (CEO), effective 1 January 2024. Bertel joins Circa from Valmet Technologies Oy and Circa's industrial partner for the Furacell technology and the ReSolute project. This experience gives Bertel a unique head start and insight into ReSolute and Circa's longer-term strategic vision. Bertel Karlstedt brings 35 years of experience from a successful industrial career where he was responsible for businesses exceeding EUR1bn turnover. In his current role, he is assisting Valmet in the transition to the next generation of leaders, having been the President of Valmet's EUR 1 billion global Pulp and Energy business from 2015 to 2022. Before Valmet, Bertel was CEO of Nordkalk Oyj for almost 10 years. He was CEO of Metso Paper and President of Valmet-Rauma & Metso Paper's Paper Making business, with units across the globe and significant production in China. Bertel Karlstedt succeeds Tony Duncan, the Co-founder of Circa who has served as CEO since 2006. Under Tony's leadership, Circa has developed from an innovativeAustralian patented prototype company into a well-established, Euronext Growth listed, renewable chemicals company. New Risk • Nov 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€27m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€27m free cash flow). Earnings have declined by 21% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Revenue is less than US$5m (€1.8m revenue, or US$2.0m). Market cap is less than US$100m (kr426.2m market cap, or US$38.4m). Reported Earnings • Nov 12
Third quarter 2023 earnings released: €0.01 loss per share (vs €0.013 loss in 3Q 2022) Third quarter 2023 results: €0.01 loss per share. Net loss: €1.61m (flat on 3Q 2022). Recent Insider Transactions • Sep 05
VP Product Development recently bought kr408k worth of stock On the 1st of September, Alessandro Napoli bought around 100k shares on-market at roughly kr4.08 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr855k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 27
Director recently bought kr258k worth of stock On the 24th of August, Martin Laudenbach bought around 60k shares on-market at roughly kr4.29 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr447k more in shares than they have sold in the last 12 months. New Risk • Aug 18
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (€4.1m net loss next year). Share price has been volatile over the past 3 months (9.6% average weekly change). Revenue is less than US$5m (€1.7m revenue, or US$1.8m). Market cap is less than US$100m (kr467.6m market cap, or US$44.0m). Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: €1.05m (loss narrowed 48% from 2Q 2022). Aankondiging • Jul 07
Circa Group AS Applies for Patent for Two New Solvents for Co2 Capture Process Circa Group AS has applied for patents for two new solvents for CO2 capture processes. As both the interest and the urgency to capture and transform carbon dioxide (CO2) emissions increases, Circa has developed two new CO2 solvents from its platform molecule, levoglucosenone (LGO). The two new solvents named Furatech:1 and Furatech:2 are the product of 12 months of development and testing across a range of new LGO-based molecules within Circa's R&D team. The Furatech products have been designed to be used in several current CO2 capture processes and discussions are underway about further optimisation with engineering partners. With the ReSolute plant commissioning planned for mid-2024, further testing and trialling of Furatech:1 and Furatech:2 will continue in parallel. New Risk • Jul 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (€5.3m net loss next year). Share price has been volatile over the past 3 months (8.3% average weekly change). Revenue is less than US$5m (€1.2m revenue, or US$1.3m). Market cap is less than US$100m (kr468.9m market cap, or US$43.5m). Aankondiging • May 10
Circa Group AS Announces Management Changes As part of the continuous process to strengthen the organisation for the ongoing industrialisation and growth of Circa, the board of directors announced that Dr. Steve Döring has been appointed as the next CEO of Circa Group AS. The engagement of Dr. Döring is part of a succession plan following Tony Duncan's enormous efforts in the CEO role for Circa in over a decade. Tony Duncan will continue in the CEO role up to the transition with Dr. Döring which is scheduled to take place early in Fourth Quarter 2023. Dr. Döring succeeds Tony Duncan who is co-founder of Circa and has been serving as CEO since 2006. During his time as CEO, Circa has developed from an Australian development initiative into a well-established, Euronext Growth listed, renewable chemicals company with a well-known brand internationally and strong growth ambitions. Following the hand-over of the CEO role, Circa will propose to the shareholders to elect Tony Duncan to the board of directors of Circa to continue his engagement for the development of the company. Reported Earnings • Apr 23
Full year 2022 earnings released: €0.049 loss per share (vs €0.058 loss in FY 2021) Full year 2022 results: €0.049 loss per share (improved from €0.058 loss in FY 2021). Net loss: €5.97m (loss narrowed 15% from FY 2021). Revenue is forecast to grow 158% p.a. on average during the next 2 years, compared to a 1.5% decline forecast for the Chemicals industry in Norway. Recent Insider Transactions • Feb 23
Chief Financial Officer recently bought kr123k worth of stock On the 22nd of February, Tone Leivestad bought around 20k shares on-market at roughly kr6.16 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Tone's only on-market trade for the last 12 months. Reported Earnings • Feb 17
Full year 2022 earnings released: €0.049 loss per share (vs €0.058 loss in FY 2021) Full year 2022 results: €0.049 loss per share (improved from €0.058 loss in FY 2021). Net loss: €5.97m (loss narrowed 15% from FY 2021). Revenue is forecast to grow 158% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Norway are expected to remain flat. Recent Insider Transactions • Nov 23
Global Head of Manufacturing recently bought kr66k worth of stock On the 21st of November, Philipp Morgenthaler bought around 10k shares on-market at roughly kr6.60 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr146k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 19
Third quarter 2022 earnings released: €0.013 loss per share (vs €0.013 loss in 3Q 2021) Third quarter 2022 results: €0.013 loss per share (in line with 3Q 2021). Net loss: €1.60m (flat on 3Q 2021). Revenue is forecast to grow 131% p.a. on average during the next 2 years, compared to a 3.1% decline forecast for the Chemicals industry in Norway. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Martin Laudenbach was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 25
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: €2.02m (loss widened 31% from 2Q 2021). Over the next year, revenue is forecast to grow 27%, compared to a 154% growth forecast for the Chemicals industry in Norway. Recent Insider Transactions • Jul 05
Global Head of Manufacturing recently bought kr80k worth of stock On the 4th of July, Philipp Morgenthaler bought around 10k shares on-market at roughly kr7.98 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr289k more in shares than they have sold in the last 12 months. Recent Insider Transactions Derivative • Jul 03
Co-Founder exercised options to buy kr1.5m worth of stock. On the 30th of June, Anthony Duncan exercised options to buy 200k shares at a strike price of around kr0.98, costing a total of kr195k. This transaction amounted to 3.1% of their direct individual holding at the time of the trade. Since December 2021, Anthony has owned 6.48m shares directly. Company insiders have collectively bought kr404k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • May 25
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: €0.009 loss per share. Net loss: €1.05m (loss narrowed 69% from 1Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 100%. Over the next year, revenue is forecast to grow 15%, compared to a 57% growth forecast for the industry in Norway. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Trond Stangeby was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Oct 22
Chief Financial Officer recently bought kr209k worth of stock On the 21st of October, Tone Leivestad bought around 20k shares on-market at roughly kr10.47 per share. This was the largest purchase by an insider in the last 3 months. This was Tone's only on-market trade for the last 12 months. Executive Departure • Sep 01
Chief Financial Officer Peter Gome has left the company On the 1st of September, Peter Gome's tenure as Chief Financial Officer ended. As of June 2021, Peter still personally held 1.33m shares (kr23m worth at the time). Peter is the only executive to leave the company over the last 12 months.