Minesto AB (publ) MINEST
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The news check keeps the assessment current.
General analysis — not personal advice.
Existing position may be maintained pending clearer commercial signals.
Positive operational progress is weighed against pre-revenue status and limited cash, motivating a neutral review signal.
The market reacts positively to technical validation and production records but concern over cash flow remains.
NEUTRAL is the call. Neutral is the market mood. High risk means a lot can go wrong.
Latest change
- 21 Aug 2026 — ▼ Cash fell more than 40 % reflecting higher burn during the period.
The full analysis is open. Follow the company free for the full change history — and email next time the picture changes.
Show all changes (3) — follow the company freeAbout the company
Minesto develops underwater kites that generate electricity from tidal and ocean currents. The company is in the verification phase with its Dragon technology in the Faroe Islands and has no commercial revenues yet.
Bull case
Record production from Dragon 4 and increased customer dialogue strengthen technical credibility.
Bear case
Zero revenue and low cash imply continued need for external financing.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| Dragon 12 production data | Weaker long-term data → delays in commercial contracts and higher financing needs. | Stronger long-term data → faster LCOE validation and higher chance of first array order. |
| Hestfjord project financing | Delayed financing decision → continued cash burn and higher dilution risk. | Completed financing agreement → clear path to first commercial revenues. |
Why this signal
Positive operational progress is weighed against pre-revenue status and limited cash, motivating a neutral review signal.
Recent news
The half-year report published on 20 August 2026 showed record production from Dragon 4 and a reduced loss. The company simultaneously implemented organisational changes to strengthen commercial readiness. CEO Martin Edlund presented the company at Aktiedagen Stockholm on 15 September 2026 with the recording published the following day.