Minesto (MINEST) Q2 2025 earnings summary

Executive summary

• Dragon 12 tidal energy system achieved a 25% production increase at Vestmannasund after tether extension, supporting commercial-scale deployment and providing strong performance data for upcoming projects.

• SEK 25 million grant secured for a microgrid project consortium in the Faroe Islands, supporting product development, market expansion, and strong partnerships.

• Organizational restructuring consolidated operations in Gothenburg, reducing fixed costs by up to 35% and increasing efficiency for site development and early-phase investments.

• Broadened market presence to eleven geographic markets, with multiple MoUs and ongoing site development.

• Significant brand exposure achieved, with over 500 million views in the quarter, aided by global marketing collaborations 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 sales were SEK 0 thousand, compared to SEK 75 thousand in the same period last year.

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

Outlook and guidance

• Focus on commercial build-out of upgraded Dragon 12 systems and further market establishment, especially in the Faroe Islands and other identified global sites.

• Ongoing dialogues with multiple project investors and partners, with ambitions to manage two additional projects in parallel to the Faroe Islands.

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

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

• Expectation to prove cost competitiveness against offshore wind and solar PV as scale increases, especially in unique markets like the Faroe Islands.