SeaTwirl (STW) Q1 2025 earnings summary

Executive summary

• Focused on developing floating wind turbines, aiming for leadership in offshore wind innovation.

• Submitted a €15 million Horizon Europe grant application with a consortium of 11 companies and University College Cork.

• Increased industry visibility, with strategic focus on Canada, Norway, Japan, and Thailand.

• Preparing for a major technology launch at Floating Wind Days in Q2 2025.

Financial highlights

• Net sales were SEK 0 (0) and operating loss was SEK -4,399,611 (-4,712,748) compared to the same quarter last year.

• Negative result driven by development and commercialization costs, including personnel.

• Capitalized development costs reached SEK 94,192,617 (89,432,409) at period end.

• Cash flow for the period was SEK -4,861,003 (-11,060,494); cash at period end was SEK 41,437,243 (63,527,956).

• Equity at period end was SEK 126,053,136.

Outlook and guidance

• Q2 expected to be pivotal with technology launch at a major industry event.

• Continued focus on commercial sales and strategic partnerships in key international markets.