Minesto publishes Half-Year Report 2023

CEO Dr Martin Edlund:” With the second quarter, we further accelerate our focus on driving large-scale, project-based sales of tidal energy arrays, where reference installations of our smaller power plant Dragon 4 are the key to long term business.”

Significant events April-June 2023

At the end of May, Minesto initiated the installation of the first megawatt-unit, Dragon 12 (1.2 MW). The first phase of the offshore installation of Dragon 12 was successfully completed in Vestmanna, Faroe Islands. The 3.4 km main subsea cable was laid on the seabed, from the onshore grid connection point to the offshore installation node.  

At the beginning of June, the company announced the appointment of a new CFO (Chief Financial Officer), Gustav Kvibling. Minesto also expanded its Executive Team from four to seven members, to meet the requirements of the growing activities.

The Group in summary 1 January-30 June 2023

Total operating income amounted to SEK 25 016 thousand (23 502 thousand) and mainly included capitalised development work of SEK 22 549 thousand (21 929 thousand).

Operating loss was SEK –13 271 thousand (–10 405 thousand). The negative result is largely attributable to business development and administration related to technology development and includes costs such as personnel and consultants.

Earnings per share were SEK –0.07 (–0.06). The corresponding earnings per share including dilution of outstanding warrants were SEK –0.06 (–0.06).

At the end of the reporting period, the intangible assets amounted to SEK 430 677 thousand (345 463 thousand), of which capitalised development costs amounted to SEK 415 009 thousand (330 820 thousand), and patent expenses of SEK 15 668 thousand (14 643 thousand).

Grants of SEK 23 206 thousand (32 937) were accrued during the reporting period, of which SEK 21 615 thousand (31 490 thousand) reduced the acquisition value of the capitalised development costs. During the period, payments of SEK 40 533 thou­sand (27 146 thousand) were received from public funding schemes.

Cash flow amounted to SEK 50 997 thousand (–51 483 thousand).

At the end of the reporting period, equity amounted to SEK 540 099 thousand (530 069 thousand).

The Half-Year Report is available to download at Minesto’s website:

www.minesto.com/investor/investor-information