Minesto (MINEST) Q3 2024 earnings summary

Executive summary

• Focused on advancing the Hestfjord Dragon Farm, a pioneering 10 MW tidal energy array in the North Atlantic, following successful Dragon 12 installations and increased investor interest.

• Strengthened commercial activities, including investor meetings, public funding applications, and collaboration with EY as strategic advisor.

Financial highlights

• Total operating income for Jan–Sep 2024 was SEK 19,320 thousand, down from SEK 34,791 thousand year-over-year; net sales were SEK 75 thousand versus SEK 390 thousand.

• Operating loss widened to SEK -32,884 thousand from SEK -18,735 thousand; net loss for the period was SEK -32,731 thousand compared to SEK -16,635 thousand.

• Cash flow for the period was SEK 39,418 thousand, up from SEK 24,724 thousand; cash and cash equivalents at period end were SEK 54,790 thousand, down from SEK 60,078 thousand.

• Grants accrued totaled SEK 716 thousand, a significant decrease from SEK 25,849 thousand in the prior year.

• Equity at period end was SEK 571,836 thousand, up from SEK 533,164 thousand year-over-year.

Outlook and guidance

• Preparing for major industry events and continuing to position technology globally, with a focus on securing investment and public funding for the Hestfjord project.

• Emphasizing the need for innovative solutions to meet global climate goals, highlighting Minesto's unique technology.