Minesto AB (publ)

MINEST.ST

Renewable Utilities · Utilities

Price

kr 1.72

-0.06 (-3.38%)

Market Cap

kr 361.6M

Exchange

Stockholm Stock Exchange

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Share count rising — dilution

+46.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 143.7M (2021) → 209.9M (2025)

Winston Score History

The full picture

Minesto is a Swedish clean energy company that generates electricity from ocean currents and tidal streams. Its core product is the Deep Green system — an underwater kite-like device that flies through slow-moving water to produce power. The company targets remote coastal communities, island grids, and utility operators looking for predictable renewable energy sources.

Minesto earns revenue primarily through project development, grants, and early-stage commercial deployments rather than large-scale product sales. It operates mainly in Europe, with active projects in the Faroe Islands and Wales, and holds patents on its Deep Green technology that give it a degree of intellectual property protection in a niche with very few direct competitors. The company is pre-profit and burns cash heavily, as shown by its deeply negative operating margin, so its main risk is whether it can scale commercial deployments fast enough to reach financial sustainability before needing significant additional funding.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-100.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+41.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

Research and development spending

Insider Activity

20.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~11 months

kr 39M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Minesto AB (publ) has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

N/A

Data not available

Profit after running costs

Operating Margin

N/A

Data not available

Return on the money invested

ROCE

-5.5%

Weak — -5.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-100.0%

Shrinking sales (-100.0% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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