SeaTwirl (STW) Q4 2025 earnings summary

Executive summary

• Secured €15 million EU funding for the Verti-Go project, marking the largest milestone in company history and enabling full-scale demonstration of floating wind turbine technology with a 2 MW turbine through 2029.

• Launched a new two-bladed turbine design, reducing infrastructure needs and operational costs, and entered strategic partnerships in Canada and Chile to expand market reach.

• Retired and wrote off the S1 prototype after over a decade of service, focusing resources on future development.

Financial highlights

• Received €5.6 million as the first installment of the EU grant, representing 75% of the allocated project budget for the year.

• Net sales for the year were SEK 43,424 (0), with an operating loss of SEK -31,539,978 (-20,572,780) year-over-year.

• Cash flow for the year was SEK 39,620,342 (-28,290,204), and cash at year-end was SEK 85,918,588 (46,298,246).

• Equity at year-end was SEK 99,667,403 (130,290,863), with a net loss of SEK -30,747,029 (-18,396,135) for the year.

• A write-down of SEK 10,258,258 was recorded for the S1 prototype in Q4.

Outlook and guidance

• Focus for 2026 is on delivering the Verti-Go project, further developing the product offering, and converting partnerships into commercial opportunities.

• The company is strengthening its team to support upcoming development phases and project execution.