SeaTwirl (STW) Q4 2024 earnings summary

Executive summary

• Focused on transforming into a stronger organization, reducing costs, and commercializing technology during a challenging year for floating wind power due to high interest rates and supply chain issues.

• Secured several MoUs with international partners, including Verlume, SCPM (Sumitomo), and Serica Energy, to advance electrification and market expansion.

• Increased customer engagement, with more inbound interest and strengthened relationships in key markets such as the North Sea, Japan, and Southeast Asia.

Financial highlights

• Q4 net sales were SEK 0 (Q4 2023: SEK 51,620); operating loss was SEK -3,753,503 (Q4 2023: SEK -5,603,693).

• Full-year net sales were SEK 0 (2023: SEK 51,620); operating loss SEK -20,572,780 (2023: SEK -18,930,769).

• Cash flow for the year was SEK -28,290,204 (2023: SEK 51,591,496); cash at year-end SEK 46,298,246 (2023: SEK 74,588,450).

• Equity at year-end was SEK 130,290,863 (2023: SEK 147,676,642); net result for the year SEK -18,396,135 (2023: SEK -17,030,628).

• Negative results attributed to development and commercialization costs, including personnel expenses.

Outlook and guidance

• Positioned to capitalize on small-scale floating wind opportunities, especially for offshore oil and gas electrification.

• Continued focus on Norway, Scotland, Southern Europe, and Asia for market expansion in 2025.

• Plans to present a new, lighter, and more cost-effective turbine version in 2025.