Minesto (MINEST) Q2 2026 earnings summary

Executive summary

• Operating loss improved by 25% year-over-year to SEK 15.4 million for H1 2026, driven by cost optimization and reduced personnel expenses.

• Achieved record electricity production at the Dragon 4 power plant in the Faroe Islands, confirming technology reliability and commercial viability.

• Enhanced customer offerings and increased international recognition, including a major B2B campaign award.

• Cash and cash equivalents at the end of June stood at SEK 38.4 million, supporting ongoing operational and commercial priorities.

• Strategic focus on securing first major commercial orders and strengthening the industrial and ownership base.

Financial highlights

• Operating loss for H1 2026 was SEK 15.4 million, an improvement from SEK 20.5 million in H1 2025.

• Operating income for Jan–Jun 2026 was SEK 11,270 thousand, mainly from capitalised development work.

• Cash and cash equivalents at period end were SEK 38,448 thousand, up from SEK 30,241 thousand year-over-year.

• Investments totaled SEK 14.2 million, focused on technology development and IP.

• Net loss for the period was SEK -15,012 thousand, compared to SEK -21,769 thousand last year.

Outlook and guidance

• Continued disciplined investment in technology and commercial deployment.

• Focus on securing significant commercial orders and expanding into new markets.

• Expectation to strengthen industrial base and move into scaled sales of systems and arrays within 12 months.

• Ongoing commercial dialogues are supported by proven technology and successful grid integration.

• The company is positioned for international expansion and aims to establish tidal energy as a global sector.