Minesto (MINEST) Q3 2026 earnings summary

Executive summary

• 9M 2026 operating costs fell and operating and net losses narrowed; commercial priorities include first arrays in Ireland and the Faroe Islands, plus microgrid opportunities.

• Euro Dragon Farm was selected for EUR 20.2m in EU Innovation Fund support for a planned 10 MW Irish array; a proposed SEK 130m rights issue would fund commercial rollout.

Financial highlights

• 9M total operating income was SEK 16.311m versus SEK 17.046m; net sales were nil in both periods.

• Operating costs were SEK 39.6m versus SEK 45.2m, down ~12%; operating loss narrowed to SEK 23.326m from SEK 28.158m.

• Period loss improved to SEK 22.811m from SEK 30.138m; financial items were positive SEK 0.5m versus negative SEK 2.0m.

• Cash and cash equivalents were SEK 29.937m at period-end versus SEK 26.422m a year earlier; period cash flow was negative SEK 37.803m.

Outlook and guidance

• First significant commercial revenues are expected this winter; microgrid sales, leases or collaborative projects could generate revenue, with hardware, technology and services as the primary model.

• Hestfjord financial close depends on partner discussions; 2027 array deployment is aggressive, though a single-unit installation is considered feasible.

• Customized array hardware lead time is estimated at 12–18 months from design freeze to offshore integration; parallel Ireland and Hestfjord work could shorten timing.

• Rights-issue proceeds are intended to advance Hestfjord and Euro Dragon Farm, support microgrid market entry and technology scale-up, and provide working capital.