SeaTwirl (STW) Q3 2024 earnings summary

Executive summary

• Focus shifted from conceptual development to concrete projects, highlighted by a new MoU with Serica Energy to explore electrification of offshore assets using SeaTwirl's turbines and energy storage.

• Four strategic partnership agreements signed in the past 12 months, including with Oceaneering, Verlume, Sumitomo Corporation Power & Mobility, and Serica Energy.

• Product portfolio now includes three models targeting electrification needs from small subsea equipment to entire oil platforms.

• Priority markets include the North Sea, Japan, Southeast Asia, and the Mediterranean.

Financial highlights

• Net sales for Q3 were SEK 0 (unchanged year-over-year); operating loss was SEK -4,969,227 compared to SEK -4,405,517 in Q3 2023.

• Net loss for Q3 was SEK -4,691,074, compared to SEK -4,405,312 in Q3 2023; nine-month net loss was SEK -15,953,310 versus SEK -13,345,776 year-over-year.

• Cash flow for the period was SEK -6,714,740; cash and cash equivalents at period end were SEK 49,250,375, down from SEK 73,241,863 a year earlier.

• Equity at period end was SEK 132,508,357.

• Capitalized development costs reached SEK 92,780,554 at period end.

Outlook and guidance

• Main focus for the remainder of 2024 and beyond is to secure the first commercial order.

• Continued cost discipline and capital efficiency are emphasized.

• Ongoing efforts to create and expand the market, with attention to regulatory and political drivers.