New Risk • Jul 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr60m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr60m free cash flow). Shares are highly illiquid. Earnings have declined by 0.4% per year over the past 5 years. Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risks Revenue is less than US$5m (kr22m revenue, or US$2.3m). Market cap is less than US$100m (kr165.8m market cap, or US$17.2m). Reported Earnings • Jul 15
Second quarter 2026 earnings released: kr0.36 loss per share (vs kr0.52 loss in 2Q 2025) Second quarter 2026 results: kr0.36 loss per share. Revenue: kr2.62m (down 40% from 2Q 2025). Net loss: kr21.9m (loss widened 7.8% from 2Q 2025). Announcement • Oct 29
Climeon AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 28.865612 million. Climeon AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 28.865612 million.
Security Name: Class B Shares
Security Type: Common Stock
Securities Offered: 8,489,886
Price\Range: SEK 3.4
Transaction Features: Subsequent Direct Listing Announcement • May 09
Climeon AB (publ), Annual General Meeting, Jun 10, 2025 Climeon AB (publ), Annual General Meeting, Jun 10, 2025, at 14:00 W. Europe Standard Time. Location: at the companys premises, at torshamnsgatan 44, kista, Sweden Announcement • Apr 16
Global Carbon Pricing Framework Approved for the Maritime Industry Climeon AB (publ) announced that The International Maritime Organization (IMO), the UN agency responsible for regulating international shipping, approved a new global framework for carbon pricing and greenhouse gas fuel standards on April 12, 2025, during its 83rd Marine Environment Protection Committee (MEPC 83) session. The framework, known as the IMO Net-Zero Framework, marks a pivotal moment for the maritime industry—and one that Climeon views as a significant milestone in the global transition toward climate-aligned shipping. As the first global emissions pricing mechanism of its kind, this decision sets a precedent for how international regulation can accelerate the shift toward more energy-efficient and lower-emission operations across the global fleet. The newly adopted measures will introduce emissions-based fees for vessels exceeding defined CO2 thresholds, along with progressive requirements to reduce the greenhouse gas intensity of marine fuels. These initiatives are part of the IMO’s 2023 GHG strategy, which outlines a pathway to achieving net-zero emissions from international shipping by around 2050. The introduction of global carbon pricing sends a clear economic signal to the maritime sector—reinforcing the importance of onboard energy efficiency and performance as critical levers for compliance and cost control. In this context, Climeon’s HeatPower technology offers a proven, ready-to-deploy waste heat recovery solution that allows vessels to generate clean electricity from the engines’ cooling water. By reducing fuel consumption and lowering emissions, the technology helps shipowners meet emerging regulatory requirements—while improving overall energy efficiency. The proposed amendments to MARPOL Annex VI, which formalize both the carbon pricing mechanism and the greenhouse gas fuel standard, are scheduled for formal adoption in October 2025, with entry into force expected in 2027, following the IMO’s standard 16-month implementation timeline. While the overall framework has been agreed, specific pricing levels, emissions thresholds, and implementation details are still under development, and will continue to be refined through ongoing negotiations. As with many international regulatory processes involving a broad base of member states, timelines and details may evolve. However, the direction is clear—and the momentum behind market-based decarbonization measures continues to grow. Revenue generated through the emissions pricing scheme will fund the newly established IMO Net-Zero Fund, aimed at supporting innovation, infrastructure, and equitable climate action across the maritime sector. Climeon sees this development not only as a turning point for sustainable shipping, but also as a key moment for the growing relevance of onboard energy efficiency technologies. With emissions now linked directly to the cost of operations, demand for scalable, fuel-saving solutions is expected to rise. As the regulatory landscape shifts from ambition to enforcement, Climeon is well-positioned to support the maritime industry in achieving both compliance and long-term decarbonization goals. Reported Earnings • Nov 05
Third quarter 2024 earnings released: kr0.11 loss per share (vs kr0.40 loss in 3Q 2023) Third quarter 2024 results: kr0.11 loss per share (improved from kr0.40 loss in 3Q 2023). Revenue: kr22.2m (up 310% from 3Q 2023). Net loss: kr28.3m (loss narrowed 25% from 3Q 2023). Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical industry in the United Kingdom. New Risk • Aug 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 3.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (171% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr110m). Revenue is less than US$5m (kr29m revenue, or US$2.7m). Market cap is less than US$100m (kr170.9m market cap, or US$16.3m). Reported Earnings • Jul 14
Second quarter 2024 earnings released: kr0.12 loss per share (vs kr0.12 loss in 2Q 2023) Second quarter 2024 results: kr0.12 loss per share (further deteriorated from kr0.12 loss in 2Q 2023). Revenue: kr3.40m (up 16% from 2Q 2023). Net loss: kr27.1m (loss widened 8.2% from 2Q 2023). Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electrical industry in the United Kingdom. Board Change • Jul 11
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Founder & Director Thomas Ostrom is the most experienced director on the board, commencing their role in 2011. Independent Chairman Hakan Osvald was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Recent Insider Transactions • May 24
Founder & Director recently bought kr81k worth of stock On the 22nd of May, Thomas Ostrom bought around 100k shares on-market at roughly kr0.81 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Thomas' only on-market trade for the last 12 months. Reported Earnings • May 07
First quarter 2024 earnings released: kr0.10 loss per share (vs kr0.39 loss in 1Q 2023) First quarter 2024 results: kr0.10 loss per share (improved from kr0.39 loss in 1Q 2023). Revenue: kr16.2m (up 343% from 1Q 2023). Net loss: kr21.6m (loss narrowed 42% from 1Q 2023). Reported Earnings • Apr 19
Full year 2023 earnings released: kr1.26 loss per share (vs kr1.46 loss in FY 2022) Full year 2023 results: kr1.26 loss per share. Net loss: kr135.8m (loss widened 7.8% from FY 2022). Announcement • Apr 12
Climeon AB (publ), Annual General Meeting, May 15, 2024 Climeon AB (publ), Annual General Meeting, May 15, 2024, at 15:00 Central European Standard Time. Location: Kista Gates premises at Torshamnsgatan 44 in Kista Kista Sweden Agenda: To consider Appointment of chairman for the meeting; to consider Drafting and approval of voting register; to consider Approval of the agenda proposed by the Board; to consider Appointment of attester; and to transact such other business matters. New Risk • Nov 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 120% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr112m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 8.1% per year over the past 5 years. Shareholders have been substantially diluted in the past year (120% increase in shares outstanding). Minor Risks Revenue is less than US$5m (kr24m revenue, or US$2.3m). Market cap is less than US$100m (kr205.0m market cap, or US$19.6m). New Risk • Nov 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr97.4m (US$8.90m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr112m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 8.1% per year over the past 5 years. Market cap is less than US$10m (kr97.4m market cap, or US$8.90m). Minor Risk Revenue is less than US$5m (kr24m revenue, or US$2.2m). Reported Earnings • Oct 30
Third quarter 2023 earnings released Third quarter 2023 results: Net loss: kr37.8m (loss widened 63% from 3Q 2022). Announcement • Oct 27
Climeon AB (publ) to Report Q4, 2023 Results on Feb 06, 2024 Climeon AB (publ) announced that they will report Q4, 2023 results on Feb 06, 2024 New Risk • Jul 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr117m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 8.8% per year over the past 5 years. Minor Risks Revenue is less than US$5m (kr21m revenue, or US$2.0m). Market cap is less than US$100m (kr390.9m market cap, or US$37.1m). Reported Earnings • Jul 20
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: kr25.1m (loss narrowed 19% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 21
Full year 2022 earnings released: kr1.46 loss per share (vs kr1.93 loss in FY 2021) Full year 2022 results: kr1.46 loss per share. Net loss: kr125.9m (loss widened 17% from FY 2021). Board Change • Nov 17
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Founder & Director Thomas Ostrom is the most experienced director on the board, commencing their role in 2011. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
Third quarter 2022 earnings released Third quarter 2022 results: Net loss: kr23.2m (loss narrowed 35% from 3Q 2021). Revenue is forecast to grow 53% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Electrical industry in the United Kingdom. Reported Earnings • Jul 19
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: kr30.8m (loss narrowed 36% from 2Q 2021). Over the next year, revenue is forecast to grow 365%, compared to a 90% growth forecast for the industry in the United Kingdom. Board Change • Jun 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. Founder & Director Thomas Ostrom is the most experienced director on the board, commencing their role in 2011. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 05
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr4.08m (down 82% from 1Q 2021). Net loss: kr33.0m (down 360% from profit in 1Q 2021). Over the next year, revenue is forecast to grow 165%, compared to a 198% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 52% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 21
Full year 2021 earnings released: kr1.93 loss per share (vs kr2.76 loss in FY 2020) Full year 2021 results: kr1.93 loss per share (up from kr2.76 loss in FY 2020). Revenue: kr57.7m (down 28% from FY 2020). Net loss: kr107.2m (loss narrowed 23% from FY 2020). Over the next year, revenue is forecast to grow 60%, compared to a 203% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Mar 01
Forecast to breakeven in 2023 The analyst covering Climeon expects the company to break even for the first time. New forecast suggests losses will reduce by 23% to 2022. The company is expected to make a profit of kr75.1m in 2023. Average annual earnings growth of 95% is required to achieve expected profit on schedule. Breakeven Date Change • Feb 12
No longer forecast to breakeven The analyst covering Climeon no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr75.1m in 2023. New forecast suggests the company will make a loss of kr110.0m in 2024. Reported Earnings • Feb 11
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: kr1.93 loss per share (up from kr2.76 loss in FY 2020). Revenue: kr57.7m (down 28% from FY 2020). Net loss: kr107.2m (loss narrowed 23% from FY 2020). Revenue missed analyst estimates by 71%. Over the next year, revenue is forecast to grow 641%, compared to a 239% growth forecast for the industry in the United Kingdom. Breakeven Date Change • Feb 11
Forecast to breakeven in 2023 The analyst covering Climeon expects the company to break even for the first time. New forecast suggests the company will make a profit of kr75.1m in 2023. Average annual earnings growth of 95% is required to achieve expected profit on schedule. Reported Earnings • Nov 13
Third quarter 2021 earnings released The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: kr10.8m (down 50% from 3Q 2020). Net loss: kr35.3m (loss widened 9.0% from 3Q 2020). Executive Departure • Oct 07
Chief Financial Officer Christina Kassberg has left the company On the 30th of September, Christina Kassberg's tenure as Chief Financial Officer ended after 1.3 years in the role. We don't have any record of a personal shareholding under Christina's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 1.33 years, which is considered inexperienced in the Simply Wall St Risk Model. Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The analyst covering Climeon expects the company to break even for the first time. New forecast suggests the company will make a profit of kr75.1m in 2023. Average annual earnings growth of 81% is required to achieve expected profit on schedule. Board Change • Sep 13
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Therese Lundstedt is the most experienced director on the board, commencing their role in 2017. Independent Director Anders Lindberg was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Board Change • Sep 08
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Therese Lundstedt is the most experienced director on the board, commencing their role in 2017. Independent Director Anders Lindberg was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Board Change • Sep 07
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Therese Lundstedt is the most experienced director on the board, commencing their role in 2017. Independent Director Anders Lindberg was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Executive Departure • Sep 03
Director Charlotte Strand has left the company On the 30th of August, Charlotte Strand's tenure as Director ended after 1.3 years in the role. We don't have any record of a personal shareholding under Charlotte's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.25 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Jul 20
Second quarter 2021 earnings released: kr0.89 loss per share (vs kr0.74 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: kr18.4m (down 24% from 2Q 2020). Net loss: kr48.4m (loss widened 32% from 2Q 2020). Reported Earnings • Apr 24
Full year 2020 earnings released: kr2.76 loss per share (vs kr2.30 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: kr80.0m (down 44% from FY 2019). Net loss: kr139.8m (loss widened 26% from FY 2019). Reported Earnings • Feb 04
Full year 2020 earnings released: kr2.83 loss per share (vs kr2.30 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: kr82.1m (down 43% from FY 2019). Net loss: kr139.8m (loss widened 26% from FY 2019). Analyst Estimate Surprise Post Earnings • Feb 04
Revenue misses expectations Revenue missed analyst estimates by 26%. Over the next year, revenue is forecast to grow 298%, compared to a 141% growth forecast for the Electrical industry in the United Kingdom. Is New 90 Day High Low • Jan 21
New 90-day high: kr56.93 The company is up 22% from its price of kr46.70 on 23 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 58% over the same period. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue misses expectations Revenue missed analyst estimates by 45%. Over the next year, revenue is forecast to grow 190%, compared to a 42% growth forecast for the Electrical industry in the United Kingdom. Is New 90 Day High Low • Oct 29
New 90-day low: kr41.82 The company is down 27% from its price of kr57.40 on 30 July 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 25% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: kr50.45 The company is down 5.0% from its price of kr53.33 on 14 July 2020. The British market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 10.0% over the same period. 
