Minesto (MINEST) Q1 2026 earnings summary

Executive summary

• Achieved progress in market and technology development, focusing on partnerships and expanding into new markets including Iceland and Taiwan.

• Continued successful operation and data collection from Dragon 4 in the Faroe Islands and completed a robust test cycle for Dragon 12.

• Cost reduction measures implemented in 2025 are positively impacting cash flow.

Financial highlights

• Total operating income for Q1 2026 was SEK 5,619 thousand, mainly from capitalised development work, compared to SEK 6,298 thousand in Q1 2025.

• Net sales remained at SEK 0 for the period.

• Operating loss reduced to SEK -7,065 thousand from SEK -10,697 thousand year-over-year.

• Net loss for the period was SEK -6,886 thousand, improved from SEK -10,843 thousand in Q1 2025.

• Cash and cash equivalents at period end were SEK 50,081 thousand, up from SEK 10,334 thousand a year earlier.

Outlook and guidance

• Actively pursuing partnerships in up to twenty markets, with a focus on supporting local site developers and utility partners.

• Market development strategy leverages favorable policy and resource conditions for renewables.

• Macro-economic volatility and energy security concerns are accelerating market opportunities.