GOTHENBURG, Sweden,
Significant events April-
During second quarter,
The Dragon 12 installed in Vestmannasund met a major production performance milestone: the longer tether enabled a 25% increase of power performance. This strengthened the company's path toward commercial-scale deployment of its unique tidal kite technology.
In June,
A
A total of 9,906,055 warrants of series TO4 were exercised, corresponding to approximately 89.0 percent of all outstanding warrants. Guarantee commitments amounted to 1,221,727 shares, which corresponded to approximately 11.0 percent of the outstanding TO4 warrants. The subscription price was
During spring,
After the end of the period
A reorganization was completed, resulting in readiness to deliver commercial projects and reduced fixed costs. There are several ingredients in the reshaping of the organization, including relocation geographically, management team set-up and product development focus. The completed reorganization has resulted in a reduction of fixed costs by approximately 35%.
The Group in summary 1 January-
- Total operating income for the period amounted to
SEK 12,234 thousand (13,549) and mainly consist of capitalised development work. Net sales amounted toSEK 0 thousand (75). - Operating loss for the period amounted to
SEK -20,502 thousand (-23,268). The negative result is largely attributable to business development and administration related to technology development. During the period personnel costs ofSEK 12,233 thousand (13,452) has been capitalised as development work. - At the end of the period, the intangible fixed assets amounted to
SEK 562,112 thousand (519,460), of which capitalised development costsSEK 544,577 thousand (502,733) and capitalised patent expensesSEK 17,535 thousand (16,727). - Grants of
SEK 723 thousand (414) were accounted for during the period, of whichSEK 723 thousand (406) has reduced the acquisition value of the capitalised development costs. - Cash flow for the period amounted to
SEK -4,419 thousand (60,670). At the end of the period, cash and cash equivalents amounted toSEK 30,241 thousand (76,051). - At the end of the period, equity amounted to
SEK 562,656 thousand (581,462) divided into 205,911,488 shares (194,116,040), of which loss for the period amounted toSEK 21,769 thousand (-23,143). - The Half-Year Report is available to download at
Minesto's website: www.minesto.com/investor/investor-information
CEO comment:
"Strengthening the position as the leading pioneer in Ocean Renewable Energy.
During the second quarter,
Electricity production and testing continues to keep demonstrating our unique offer to the world, and to push performance and robustness even further. We are in a position of strength with demonstrated product taking us to the first commercial array build out.
We are involved in planning and preparations to upgrade the Vestmanna test site to include a complete microgrid solution. Together with microgrid technology provider Capture Energy, Faroese utility company Sev, and
We have further broadened our market interface with ongoing site identification and development work now covering eleven separate geographic markets. Our go-to-market strategy is based on teaming up with strong local energy project developers and renewable energy entrepreneurs. We have established relationships in these eleven markets and entered into MoUs with partners in most, with different levels of progress and likelihood of breakthrough.
Our process to support our partners with competence and tools needed to create "dragon farms" is in full use. A structured site development project plan has been validated and a framework for feasibility analysis is in place. We are set up to broaden market probing, as well as to manage in-depth site development work at selected sites.
A comprehensive data room for the Hestfjord investment case is available for ongoing commercial dialogues, and a second data room for the
The vital work of increasing global awareness of our unique products, as well as the Minesto brand, has reached new record intensity in the second quarter of 2025. In the second quarter, the exposure in public media channels exceeded 500 million views in total, which is extraordinary for a new industrial brand.
- Most significant is the campaign "Faroe Islands Space Program" together with SKF, focusing on
Minesto's Dragon Technology and our opportunity to harness "moon energy", making the most of the Earth's resources in a sustainable approach. - Feature in internationally-broadcasted documentary "Engineering Tomorrow", as well as broad media coverage in well-known channels such as BILD, SVT and tech magazines.
- Successful participation and presentations at World Expo Osaka 2025,
Japan , as part of the official Swedish delegation, led by HM The King and as a member of Team Sweden for the Nordic Energy Days. - Engagement and recognition at the
United Nations Ocean Conference held inNice, France in June, amongst a handful of selected Swedish tech companies in the blue economy. - Participation in EU Business Hub Smart Energy Week in
Seoul, South Korea , invited by EU as one of the European companies to be promoted and showcased. - Continued engagement in global climate change forums, taking part in a pre-COP at
World Economic Forum inGeneva, Switzerland , gearing up forUnited Nations' upcoming climate meetingCOP30 inBrazil .
We have set up a loan of 22 MSEK in April and keep the door open for different financial solutions to fuel the commercial roll-out.
An organizational restructuring has been completed, resulting in a strong, lean, and focused organization to capture the opportunities that lie ahead. Our fixed costs have been reduced by more than 30% and the organization has been concentrated to Göteborg,
As the leading pioneer in Ocean Renewable Energy,
Martin Edlund, CEO
For additional information, please contact
Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58
ir@minesto.com
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The following files are available for download:
Half-Year Report 2025 |
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