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 and major new contracts are weighed against continued pre-revenue status and limited cash, motivating a neutral review signal.
The market reacts positively to technical validation, record service time and the large EU grant seen as the company's most important commercial milestone to date.
NEUTRAL is the call. Positive is the market mood. High risk means a lot can go wrong.
Latest change
- 30 Oct 2026 — Report shows continued zero revenue but reduced loss and record Dragon 4 runtime, confirming technical validation.
The full analysis is open. Follow the company free for the full change history — and email next time the picture changes.
Show all changes (4) — 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
The EU grant and Chile agreement strengthen the ability to scale up to commercial array projects.
Bear case
Zero revenue and low cash mean continued need for external financing before revenues can be generated.
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 and major new contracts are weighed against continued pre-revenue status and limited cash, motivating a neutral review signal.
Recent news
Minesto receives EU STEP Seal for the Euro Dragon Farm project in Ireland. The company intends to carry out a rights issue of approximately SEK 130 million with 60 % secured. GAP process for the EUR 20.2 million EU grant is ongoing and expected to be completed in Q1 2027.