SeaTwirl (STW) Q3 2025 earnings summary

Executive summary

• Secured €15 million in EU Horizon Europe funding for the Verti-Go project to demonstrate a 2MW floating wind turbine, marking a major milestone in technology validation and commercialization.

• Reduced operating losses in Q3 2025 compared to Q3 2024, reflecting cost-saving initiatives and organizational restructuring.

• Strengthened international partnerships, notably with Sumitomo in Japan and Aks Wind in Canada, and increased presence at key industry events.

Financial highlights

• Net sales remained at SEK 0 for Q3 2025 and the nine-month period; operating loss for Q3 was SEK -4,190,344, an improvement from SEK -4,969,227 in Q3 2024.

• Cash flow for Q3 was SEK -4,968,032, with cash and cash equivalents at SEK 30,817,196 at period end, down from SEK 49,250,374 a year earlier.

• Equity at period end was SEK 117,233,172.

Outlook and guidance

• Verti-Go project starts October 2025, running through 2029, expected to drive further technical and commercial progress.

• Anticipates increased interest from strategic and industrial partners due to strengthened financial and technical foundation.

• Plans to nearly double engineering team in Q4 2025 to support project delivery and organizational robustness.