SeaTwirl (STW) Q2 2024 earnings summary

Executive summary

• Finalized conceptual design of S3, a 6 MW floating wind turbine, targeting electrification of oil and gas platforms and enabling entry into larger projects.

• Maintained focus on technology maturation, strategic partnerships, and customer relations to drive revenue generation.

• Three turbine models now conceptually developed, broadening project opportunities and market reach.

• Positive market developments in key regions (Norway, France, Korea, Japan) with increased auctions and investments in floating wind.

• Launched new website and visual profile to clarify value proposition and enhance stakeholder communication.

Financial highlights

• Net sales remained at SEK 0 (SEK 0 in Q2 2023); operating loss widened to SEK -7.1 million (Q2 2023: SEK -4.5 million).

• Net loss for Q2 was SEK -6.5 million (Q2 2023: SEK -4.5 million); for the first half, SEK -11.3 million (H1 2023: SEK -8.9 million).

• Cash flow for the quarter was SEK -7.6 million (Q2 2023: SEK 9.5 million); cash and cash equivalents at period end were SEK 56.0 million (Q2 2023: SEK 80.3 million).

• Equity at period end was SEK 136.9 million; equity ratio remained high at 90.4%.

• Capitalized development costs reached SEK 91.6 million (Q2 2023: SEK 86.7 million).

Outlook and guidance

• Focus shifts from development to commercialization, aiming to generate revenue from concrete projects in the coming quarters.

• Anticipates leveraging recent technology and customer relationship advances to drive income.