SeaTwirl (STW) Q3 2026 earnings summary

Executive summary

• Q3 priorities shifted to VERTI-GO commercialization and getting the 200 kW turbine into service; installation of the 1 MW S2x turbine was postponed indefinitely.

• VERTI-GO passed its Basic Design milestone; the design submission was sent to the EU in late September.

• A 20 MW Australian demonstration proposal and a transfer of more than SEK 38M in remaining project support strengthened the development program.

Financial highlights

• Q3 net sales were SEK 0M, unchanged YoY; capitalized own work was SEK 2.3M vs SEK 0.4M, and other operating income was SEK 2.2M, mainly recognized EU grants.

• Q3 operating loss was SEK 16.3M vs SEK 4.2M; net loss was SEK 14.9M vs SEK 4.2M, with development costs and S2-related impairments weighing on results.

• Q3 cash flow was negative SEK 7.2M vs negative SEK 5.0M; operating cash flow was negative SEK 4.8M, and cash at quarter-end was SEK 66.4M vs SEK 30.8M.

• 9M net sales were SEK 0.8M; net loss was SEK 24.1M vs SEK 13.5M YoY, and EPS was negative SEK 4.02 vs negative SEK 2.26.

Outlook and guidance

• The stated priority is to qualify the 200 kW turbine and secure its first installation as soon as possible, targeting initial revenue and operating experience.

• VERTI-GO will continue development toward manufacturing, installation and operation of a 2 MW turbine; funding and industrial execution remain important to progress.

• S2x construction and installation are deferred while resources are prioritized toward VERTI-GO; its design remains in the product portfolio.