Minesto (MINEST) investor relations material

Executive summary

• Achieved a 25% increase in Dragon 12 production and power performance after upgrades, validating technology for commercial deployment and supporting commercial-scale ambitions.

• Secured a $25 million (25 MSEK) grant for a microgrid project in the Faroe Islands, forming a consortium with Capture Energy, SEV, and consultants.

• Completed organizational restructuring, reducing fixed costs by 30–35% and consolidating operations in Gothenburg to increase efficiency.

• Broadened market presence to eleven geographic markets, engaging with large renewable project developers and enhancing grid impact analysis tools.

• Achieved significant brand exposure through global marketing initiatives and participation in major international events.

Financial highlights

• Operating income for Jan–Jun 2025 was SEK 12,234 thousand, mainly from capitalized development work, down from SEK 13,549 thousand year-over-year.

• Net loss for the period was SEK -21,769 thousand, compared to SEK -23,143 thousand year-over-year.

• Cash and cash equivalents at period end were SEK 30,241 thousand, down from SEK 76,051 thousand year-over-year.

• Operating loss improved to SEK -20,502 thousand from SEK -23,268 thousand year-over-year.

• Net sales were SEK 0 thousand, compared to SEK 75 thousand in the same period last year.

Outlook and guidance

• Focused on commercializing upgraded Dragon Class systems and expanding into new markets, with ongoing build and design supported by the Swedish Energy Agency.

• Positioned for commercial project delivery with a leaner organization and reduced fixed costs.

• Ongoing preparations for microgrid deployment and further Dragon-class platform upgrades.

• Plans to manage two additional projects in parallel with the Faroe Islands, targeting both microgrid and larger array installations.