Minesto AB (MINEST) AI Stock Analysis

• Market Cap: kr171.41M
• Dividend Yield: N/A
• Average Volume (3M): 2.66M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.31
• 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: 47 Neutral
• Price Target: kr0.65 ▼(-8.59% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is held down primarily by deteriorated financial performance (near-zero recent revenue, ongoing losses, and negative free cash flow) and weak valuation support (negative P/E, no dividend). Technicals provide a partial offset via improving short-term momentum, but overbought signals and a weak long-term trend limit the upside.

Positive Factors

Low Leverage & Strong Equity

A very low debt burden and a sizable equity base materially reduce near-term solvency risk and provide a capital cushion for multi-year R&D and project development cycles. This balance-sheet strength supports pursuing long-duration demonstration projects and absorbing delays without immediate refinancing pressure.

Differentiated Technology & Business Model

Minesto's proprietary 'Deep Green' subsea kite targets low-velocity tidal and ocean currents that many other technologies cannot exploit. A focused technology niche plus multiple monetization options (equipment sales, project development, licensing and grants) creates durable strategic optionality for commercialization and partner models.

Improving Burn Rate

A demonstrable reduction in negative free cash flow is a durable operational improvement: it lengthens runway and reduces near-term financing frequency. If sustained, lower burn improves chances of completing demonstrations, securing PPA/project financing, and moving from grant reliance toward commercial revenues over the medium term.

Negative Factors

Revenue Collapse

A collapse to near-zero revenue is a fundamental structural risk: without recurring equipment or project revenues the company cannot validate its commercial model, demonstrate unit economics, or scale. Prolonged revenue absence forces continued grant dependence and undermines partner confidence and project finance prospects.

Persistent Negative Cash Generation

Sustained negative operating and free cash flow means ongoing cash burn that requires frequent external funding. This weakens long-term self-sufficiency, risks equity dilution or higher-cost financing, and constrains the company's ability to fund deployments, warranties, and the scale-up capital expenditures needed for commercialization.

Ongoing Losses and Negative ROE

Consistent losses and negative ROE indicate the business has yet to convert technology progress into profitable operations. Over time this erodes shareholder value, hinders attracting strategic investors or partners, and signals that current operating models and cost structures have not achieved sustainable margins.

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’s revenues, when generated, are primarily expected to come from commercializing its marine energy technology through project and technology delivery rather than from selling mass-market consumer products. Key revenue streams include: (1) Sale and delivery of power plant systems and related components/services: income from supplying its marine power plant units (e.g., subsea wing/kite, tether, foundation, generator system, control systems) and associated engineering, installation support, commissioning, and maintenance services to project owners/operators. (2) Project development and power sales (where applicable): revenue may be generated if Minesto (alone or with partners) develops, owns, or co-owns tidal/current power projects and sells electricity under power purchase agreements or into the grid/market; whether and to what extent this is used depends on the specific project structure. (3) Licensing/royalties (if used): potential revenue from licensing its technology and receiving license fees and/or royalties from third parties deploying the system; if such arrangements exist, they would complement direct equipment and service sales. (4) Grants and other public funding: the company has historically relied on external funding (e.g., innovation/energy-related grants) to support development and demonstration activities; when recognized as income, these can contribute to reported revenue/other operating income depending on accounting treatment. Significant earnings drivers typically include successful demonstration performance, conversion of demonstration sites into commercial arrays, securing project financing and permits, grid connection progress, and partnerships with utilities, developers, suppliers, and host jurisdictions. Specific counterparties, contract terms, and the relative contribution of each stream are null.

Minesto AB Financial Statement Overview

Summary

Overall financial quality is weak: revenue has collapsed to near-zero and losses persist, with ongoing negative operating/free cash flow indicating continued burn and funding needs. The key offset is a conservatively levered balance sheet with minimal debt and sizable equity, reducing near-term solvency risk.

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MINEST, the sentiment is Negative. The current price of 0.71 is above the 20-day moving average (MA) of 0.66, above the 50-day MA of 0.64, and below the 200-day MA of 1.95, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 49.05 is Neutral, neither overbought nor oversold. The STOCH value of 14.31 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	kr2.17B	-4.53	-9.16%	―	-3.20%	-2418.83%
MINEST	47 Neutral	kr171.41M	-4.23	-5.97%	―	-100.00%	31.68%
CLIME.B	43 Neutral	kr126.48M	-1.01	-47.34%	―	-36.89%	33.50%