Yahoo Finance

GOTHENBURG, Sweden, April 30, 2025 /PRNewswire/ --

CEO Dr Martin Edlund: 'Record public exposure and solid progress'

Significant events January-March 2025

In February, Minesto welcomes Faroese stakeholders, authorities as well as the public to a seminar at the Nordic House in Torshavn. CEO Martin Edlund presented the company's vision for a sustainable energy system in the Faroe Islands, a 200MW buildout roadmap. There was a strong stakeholder engagement towards Minesto's first tidal energy Dragon farm in Hestfjord, Faroe Islands.

An independent technical review of Minesto´s Dragon-class technology initiated in autumn 2024 is completed by DNV – a world leader in technology assessments and certifications in the energy & maritime sectors, incl. renewable energy solutions. The successfully completed review strengthens Minesto's buildout investment case.

Minesto is selected to participate in GIA (Global Innovation Accelerator). The Global Innovations Accelerator Programme is initiated and funded by the Swedish Energy Agency, and run together with partner Business Sweden. Minesto's focus will be on strengthening business development in Asia.

Minesto is selected by renowned bearing manufacturer SKF to be part of a large-scale international marketing brand campaign. The campaign 'The Faroe Islands Space Program – a space program that never leaves earth' highlights Minesto's innovative and lightweight yet powerful tidal energy kites; and the opportunity to harness 'moon energy', making the most of the Earth's resources in a sustainable approach.

After the end of the period

After the end of the period, a total of 9,906,055 warrants of series TO4 were exercised, corresponding to approximately 89.0 percent of all outstanding warrants. Guarantee commitments amounted to 1,221,727 shares, which corresponded to approximately 11.0 percent of the outstanding TO4 warrants. As a result, the warrants were exercised in full, reaching 100 percent, and the subscription price was SEK 1.54. The Board of Directors resolved on a directed issue of 1,221,727 new shares (the "Directed Issue") to the external investor Philip Ohlsson (the "Guarantor"). Through the exercise of the TO4 series warrants, Minesto receives approximately SEK 17.1 million before issuance costs. Furthermore, the Board resolved on a set-off issue of 667,666 new shares to the Guarantor as payment for the guarantee compensation.

The Group in summary 1 January-31 March 2025

• Total operating income for the period amounted to SEK 6,298 thousand (6,791) and mainly consist of capitalised development work.

• Operating loss for the period amounted to SEK 10,697 thousand (–11,794). The negative result is largely attributable to business development and administration related to technology development. During the period, personnel costs of SEK 6,298 thousand (6,712) has been capitalised as development work.

• At the end of the period, the intangible assets amounted to SEK 553,664 thousand (508,537), of which capitalised development costs amounted to SEK 536,192 thousand (492,016), and capitalised patent expenses of SEK 17,471 thousand (16,520).

• Grants of SEK 246 thousand (439) were accounted for during the period, of which SEK 246 thousand (425) has reduced the acquisition value of the capitalised development costs.

• At the end of the period, cash flow amounted to SEK -24,317 thousand (-1,844). At the end of the period, cash and cash equivalents amounted to SEK 10,334 thousand (13,595).

• At the end of the period, equity amounted to SEK 557,716 thousand (511,171) divided into 194,116,040 shares (160,732,694), of which loss for the period amounted to SEK 10 843 thousand (–11,574).