Minesto AB (MINEST) AI Stock Analysis

• Market Cap: kr175.06M
• Dividend Yield: N/A
• Average Volume (3M): 2.66M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.47
• Revenue Growth: -100.00%
• EPS Growth: 31.68%
• Country: SE
• Employees: 48
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): -0.03
• Shares Outstanding: 260,111,600
• 10 Day Avg. Volume: 7,072,954
• 30 Day Avg. Volume: 2,663,807
• PEG Ratio: 0.40
• Price to Book (P/B): 0.25
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -10.92
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: kr0.65 ▼(-9.01% Downside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

Overall score is driven down by weak financial performance (revenue collapse, ongoing losses, and negative operating/free cash flow). Technicals also remain unfavorable with price below key longer-term moving averages and negative MACD. A low-debt balance sheet is a mitigating positive but not enough to offset the lack of earnings power and cash generation.

Positive Factors

Low Leverage / Strong Equity Base

A very low debt load and sizable equity (roughly SEK 523m–630m 2023–2025) provide lasting solvency and optionality. This reduces refinancing risk, supports funding of R&D or deployments, and gives management flexibility to pursue strategic projects without immediate liquidity pressure.

Proprietary Technology (Deep Green)

Ownership of the Deep Green tidal system is a durable competitive advantage in a niche renewable segment. Proprietary hardware and know-how create high barriers to entry, support long-term contracts with utilities, and enable differentiated revenue opportunities from deployments and services.

Diversified Non-Commodity Revenue Streams

A revenue mix that combines product sales, services, grants and project financing lowers dependence on single cash flows. Government support and industry partnerships can provide structural funding, enable pilot-to-commercial scale transitions, and improve long-term project pipeline visibility.

Negative Factors

Revenue Collapse

A near-complete revenue collapse is a structural red flag: it implies the core commercial rollout stalled or projects ended. Sustained recovery will require proving repeatable deployments and contract wins; absent that, revenue volatility undermines planning, scaling and investor confidence.

Consistent Negative Cash Flow

Persistent negative operating and free cash flow means the company burns cash to sustain operations and development. Over months this forces reliance on external financing or grants, risking dilution, higher cost of capital, and constraints on scaling installations or commercial rollouts.

Ongoing Net Losses / Negative ROE

Sustained net losses and materially negative ROE erode shareholder value despite a large equity base. Over time this reduces ability to self-fund expansion, may impede attracting strategic partners, and raises the bar for the business to prove durable margins and profitable unit economics.

Minesto AB Business Overview & Revenue Model

Company Description

Minesto AB (publ), together with its subsidiaries, operates as a marine energy developer in Sweden, Wales, Northern Ireland, and Taiwan. Its Deep Green technology produces electricity from slow tidal streams and ocean currents through a turbine. The company was founded in 2007 and is headquartered in Gothenburg, Sweden.

How the Company Makes Money

Minesto generates revenue primarily through the sale of its Deep Green technology and related services. The company's revenue model includes the development and deployment of its tidal energy systems in various markets, where it enters into contracts with utility companies and energy developers. Key revenue streams include the sale of energy generated by its installations, project financing, government grants, and partnerships with other renewable energy firms. Significant partnerships with industry players and governmental support for renewable energy projects also contribute to Minesto's earnings, allowing for sustained growth and expansion in new markets.

Minesto AB Financial Statement Overview

Summary

Income statement and cash flow are very weak: revenue has fallen sharply to near-zero by 2025 with ongoing negative EBIT/EBITDA and net losses, and operating/free cash flow are negative in recent years (continued cash burn). The balance sheet is a relative strength with very low leverage and sizable equity, but persistent negative ROE indicates losses are eroding value.

Income Statement

The company is still in a loss-making phase with consistently negative EBIT/EBITDA and net income across the period. Revenue has deteriorated sharply—declining from ~40m (2020–2022) to near-zero by 2025, including a -100% revenue growth rate in 2025, which indicates a major disruption or reset in the revenue base. While reported gross profit is positive in several years, profitability is not translating to operating or bottom-line earnings, keeping overall income statement quality weak.

Balance Sheet

Leverage appears very low with total debt steady at 0.5m and a near-zero debt-to-equity ratio each year, which reduces solvency risk. Equity remains sizable (roughly 523m–630m in 2023–2025), supporting the asset base. The key weakness is persistent negative return on equity (around -3% to -19% historically), reflecting ongoing losses and value erosion despite a conservatively levered balance sheet.

Cash Flow

Cash generation is volatile and predominantly negative: operating cash flow is negative in 2021–2025 and free cash flow is deeply negative in most years, signaling continued cash burn. 2020 stands out as a strong year with positive operating and free cash flow, but that performance did not persist. Recent free cash flow remains negative (though less negative in 2025 vs. 2024), indicating some improvement in burn rate, but overall cash flow strength is still weak.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.23M	0.00	75.00K	391.00K	42.82M	38.76M
Gross Profit	1.07M	-252.00K	25.71M	41.78M	85.64M	77.53M
EBITDA	-33.31M	-38.52M	-35.79M	-26.78M	-22.21M	-18.58M
Net Income	-34.73M	-36.63M	-36.10M	-27.12M	-84.44M	-14.93M
Balance Sheet
Total Assets	597.81M	652.60M	586.19M	552.14M	486.18M	559.50M
Cash, Cash Equivalents and Short-Term Investments	30.24M	67.57M	34.89M	15.16M	34.58M	150.89M
Total Debt	500.00K	500.00K	500.00K	500.00K	500.00K	500.00K
Total Liabilities	35.16M	22.24M	17.54M	29.40M	32.83M	21.75M
Stockholders Equity	562.66M	630.36M	568.65M	522.75M	453.34M	537.75M
Cash Flow
Free Cash Flow	-18.97M	-14.18M	-62.54M	-116.74M	-116.77M	-94.87M
Operating Cash Flow	-18.64M	-14.18M	-10.22M	-16.20M	-36.58M	-20.41M
Investing Cash Flow	-42.95M	-29.50M	-52.29M	-100.54M	-80.18M	-74.45M
Financing Cash Flow	15.94M	76.68M	81.95M	96.73M	0.00	140.26M

Minesto AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.71
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MINEST, the sentiment is Neutral. The current price of 0.71 is above the 20-day moving average (MA) of 0.58, above the 50-day MA of 0.64, and below the 200-day MA of 2.06, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 60.16 is Neutral, neither overbought nor oversold. The STOCH value of 81.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:MINEST.

Minesto AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
ORRON	49 Neutral	kr1.98B	-4.53	-9.16%	―	-3.20%	-2418.83%
CLIME.B	43 Neutral	kr113.84M	-1.01	-47.34%	―	-36.89%	33.50%
MINEST	42 Neutral	kr175.06M	-4.23	-5.97%	―	-100.00%	31.68%