Sweden's Minesto Reports Total Revenue of SEK 11.27 Million for H1 2026

en.Wedoany.com Reported - Swedish tidal energy company Minesto AB has released its interim report for the first half of 2026. During the period, the company validated power generation performance in long-term operation, enhanced customer service capabilities, and saw customer engagement multiply. CEO Dr. Martin Edlund stated that the company is more convinced than ever that tidal energy is moving from promise to reality.

From April to June 2026, Minesto AB's Annual General Meeting elected Philippe Kavafyan as a new board member. With over 30 years of experience in the international energy sector, including leadership roles in wind power and offshore projects, Philippe Kavafyan will support the company's continued growth and expansion with his strategic expertise, global network, and insights.

Regarding subsequent events, in August Minesto announced that the Dragon 4 power plant, equipped with a new power take-off (PTO) system, set a summer electricity generation record in Vestmannasund, Faroe Islands. The system improves energy production throughout the tidal flow cycle, enhancing production efficiency while reducing system costs. The company had previously achieved months of stable power generation in Vestmanna, feeding electricity into the national grid, with generated output safely exceeding the energy yield required for successful financial modeling of tidal project investments.

During the period, the company implemented organizational changes to enhance the commercial readiness of its service offerings. On-site installation and operations are managed through customer delivery projects (such as the Vestmanna site project), relying on Minesto's proprietary validation methods and processes, and are primarily delivered by external and local resources; technical development related to operational methods and tools has been integrated into product development led by Chief Technology Officer Bernt Erik Westre.

The global communications campaign "The Faroe Islands Space Program," featuring Minesto Dragons, won a Grand Prix at the 2026 Cannes Lions International Festival of Creativity, recognized as the world's most outstanding B2B creative campaign of the year. Minesto won the award together with SKF. The campaign has generated over 800 million impressions to date, bringing significant global attention to Dragon technology.

In terms of financial data, total operating revenue for the first half of 2026 was SEK 11.27 million (SEK 122.34 million in the corresponding period last year), primarily derived from capitalized development work; net sales were SEK 0 (SEK 0 in the corresponding period last year). Operating loss was SEK -15.44 million (SEK -205.02 million in the corresponding period last year), with the loss mainly attributable to business development and administrative costs related to technology development. Personnel costs of SEK 11.27 million (SEK 122.33 million in the corresponding period last year) were capitalized as development work during the period.

At the end of the period, intangible assets stood at SEK 588.46 million (SEK 5,621.12 million in the corresponding period last year), of which capitalized development costs were SEK 569.741 million (SEK 5,445.77 million in the corresponding period last year) and capitalized patent costs were SEK 18.719 million (SEK 175.35 million in the corresponding period last year). Grants of SEK 3.623 million (SEK 7.23 million in the corresponding period last year) were recognized during the period, offset against the acquisition value of capitalized development costs. Cash flow for the period was SEK -29.33 million (SEK -44.19 million in the corresponding period last year), with cash and cash equivalents at the end of the period of SEK 38.449 million (SEK 302.41 million in the corresponding period last year); equity at the end of the period was SEK 615.36 million (SEK 5,626.56 million in the corresponding period last year), divided into 260,111,612 shares (205,911,488 shares in the corresponding period last year), with a loss for the period of SEK -15.012 million (SEK -217.69 million in the corresponding period last year).

In his comments on the results, Dr. Martin Edlund stated that the record power generation at the Vestmanna site confirms the performance and reliability of the units in long-term operation, with generated output safely exceeding the energy yield required for successful financial modeling of tidal project investments, which is critical to ongoing commercial dialogues. The company has developed unique expertise spanning tidal resource analysis, site development, system installation, and operating power plants in harsh marine environments, and is increasingly engaging with customers, governments, and investors as a technology provider and pioneer partner for the first tidal energy projects in specific markets. He emphasized that the transition to sustainable energy systems requires new renewable energy sources and new ways of generating power, and tidal energy is one of them.