Minesto (MINEST) Q3 2025 earnings summary

Executive summary

• Raised SEK 99 million through a rights issue, reducing fixed costs by 35% and strengthening the financial position.

• Completed a major reorganization and expanded multidisciplinary sales and commercial teams to accelerate global market entry and project development.

• Fenney/Fenja Capital converted SEK 22.2 million in loans to equity as part of the rights issue.

• Focused on accelerating commercial progress, expanding cross-functional sales team, and targeting global markets including Indonesia, Taiwan, Wales, Canada, Japan, South Korea, and the Faroe Islands.

• Ongoing development of the Vestmanna microgrid system, with the first phase expected operational in spring 2026.

Financial highlights

• Rights issue provided SEK 99 million in gross proceeds, with 41.3% subscribed and 23.7% covered by guarantees.

• Loan conversion of SEK 22.2 million improved the balance sheet.

• Operating income for Jan–Sep 2025 was SEK 17,046 thousand, down from SEK 19,320 thousand year-over-year.

• Operating loss improved to SEK -28,158 thousand from SEK -32,884 thousand year-over-year; net loss was SEK -30,138 thousand, compared to SEK -32,731 thousand.

• Cash and cash equivalents at period end were SEK 26,422 thousand.

Outlook and guidance

• Focus on accelerating commercial roll-out and leveraging new funding to strengthen the commercial offer.

• Expect to share more technical and production data in 2026.

• Confident in achieving sales breakthroughs and commercial deployments, with focus on microgrids and large arrays.

• Anticipate easier future capital raising as commercial milestones are met.

• Expansion of the Vestmanna test site into a microgrid system to address non-grid and global commercial needs.