Minesto (MINEST) Q4 2025 earnings summary

Executive summary

• Raised SEK 99 million (SEK 82.8 million net) via rights issue in Q4 2025; repaid SEK 22 million convertible loan, resulting in positive cash flow of SEK 37.4 million for H2 and SEK 33 million for the year.

• Ended 2025 with SEK 67.5 million cash, supporting operations into 2026.

• Achieved record global exposure for tidal energy technology, with over 500 million impressions from campaigns and international events.

• Shifted organizational focus from R&D to commercial activities, including sales and business development.

• Engaged in active commercial dialogues in over 20 markets, focusing on MoUs, feasibility studies, and expanding the project pipeline in 17 markets.

Financial highlights

• Operating income for 2025 was SEK 27,077 thousand, down from SEK 33,035 thousand year-over-year.

• Net sales were SEK 0 thousand (SEK 75 thousand in 2024); income mainly from capitalised development work.

• Operating loss for 2025 was SEK -34,659 thousand, improved from SEK -37,345 thousand in 2024.

• Cash flow for the year was SEK 33,006 thousand (SEK 19,436 thousand in 2024); cash and cash equivalents at year-end were SEK 67,573 thousand.

• Completed LTI program from 2021 with a cost of SEK 150,000 in social security expenses.

Outlook and guidance

• Focus on achieving commercial breakthroughs and generating substantial sales in 2026.

• Ongoing construction of microgrid in Vestmanna; other projects depend on permitting and financial closure.

• Targeting increased soft funding and customer financing, with decisions on further financing expected by summer/autumn 2026.

• Strong commercial pipeline with focus on converting global interest into contracts.

• Ongoing expansion into new markets, including Iceland, Taiwan, South Korea, and Canada.