Announcement • 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: €7.97m (US$8.67m) 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 (22% average weekly change). Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (€7.97m market cap, or US$8.67m). Minor Risk Revenue is less than US$5m (€1.6m revenue, or US$1.8m). Board Change • Jun 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. 8 non-independent directors. Director Simon Powell was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • 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). Announcement • 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 German stocks, typically moving 7.5% 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 (7.5% average weekly change). Revenue is less than US$5m (€1.8m revenue, or US$2.0m). Market cap is less than US$100m (€24.2m market cap, or US$26.0m). Announcement • 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. Reported Earnings • Nov 11
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). New Risk • Aug 20
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 (7.9% average weekly change). Revenue is less than US$5m (€1.7m revenue, or US$1.8m). Market cap is less than US$100m (€40.4m market cap, or US$43.9m). Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: €1.05m (loss narrowed 48% from 2Q 2022). 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 German stocks, typically moving 6.9% 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 (6.9% average weekly change). Revenue is less than US$5m (€1.2m revenue, or US$1.3m). Market cap is less than US$100m (€39.3m market cap, or US$43.0m). Announcement • 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. Announcement • 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 1.7% growth forecast for the Chemicals industry in Germany. 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, compared to a 1.5% growth forecast for the Chemicals industry in Germany. 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, while revenues in the Chemicals industry in Germany are expected to remain flat. 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 2.4% growth forecast for the Chemicals industry in Germany. Announcement • Jul 07
Circa Group AS Announces Board Appointments The general assembly of Circa Group AS was held on 2 June 2022 and two new members were elected to the board of directors: Mr. Martin Laudenbach and Ms Elise Fahlén. Martin Laudenbach has extensive experience in the international chemical industry from serving in senior positions at BASF and Solvay. He currently works as a professional advisor and holds various director positions including in the Polish chemical group CIECH S.A. Elise Fahlén has a strong background in venture capital and private equity investments and is currently employed as an Investment Manager at the venture capital investment branch of the H&M Group in Stockholm. She also holds director positions among others in the Swedish stock listed investment company First Venture Sweden AB. The Circa Group board of directors consists of the following board members: Lars Sperre (chair); Gregory Court; Elise Fahlén; James Alan Henneberry; Martin Laudenbach; Rune Sollie; Trond Stangeby. Reported Earnings • May 25
First quarter 2022 earnings released First quarter 2022 results: €0.009 loss per share. Net loss: €1.05m (loss narrowed 69% from 1Q 2021). Over the next year, revenue is forecast to grow 15%, compared to a 6.4% growth forecast for the industry in Germany. 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. 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 (€2.2m worth at the time). Peter is the only executive to leave the company over the last 12 months. 
