Climeon CLIME B

First North | Energy | Waste heat recovery and energy technology
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Updated: 2 Sep 2026 Base analysis: 6 Apr 2026

The news check keeps the assessment current.

General analysis — not personal advice.

NEUTRAL Clear

Wait/reassess post-raise: keep only small exposure until Q1 (May 5) shows improving revenue/order momentum and burn rate; avoid adding before clearer commercial traction.

Successful deployments and trade show participation strengthen references but still lack concrete order intake, supporting the continued review stance.

Market sentiment Negative ↑
Trend: Improving

Sentiment improves slightly as deliveries and verified savings strengthen credibility and reference cases, yet the market remains cautious given historically weak sales and continued longer-term share price decline.

Risk assessment High
Dilution: High Low cash and high burn rate
Jurisdiction: Low Sweden/EU and established markets
Execution: High History of weak sales and losses
Cash flow: 6 mo

NEUTRAL is the call. Negative is the market mood. High risk means a lot can go wrong.

Latest change
  • 30 Jun 2026 — ▲ The sentiment trend changes from stable to improving, with a small increase in sentiment score (3→4). However, the move is not large enough to qualify as a significant sentiment change (>2).

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About the company

Climeon develops and sells HeatPower systems that convert low-temperature waste heat into electricity, mainly for maritime and industrial applications. The company is in commercialization but remains unprofitable with high cash burn and elevated financing risk.

Sector: Waste heat recovery and energy technology
Type: Energy
Next report (Q3)
23 Oct 2026
Catalysts
○
Q4 2026
Marine installation/certification 2026 Medium
◌
2026
Normalization of marine demand in H2 2026 Medium
◌
2027
Delivery linked to China order Medium
Bull case

Successful retrofit installations and a new sales head may convert into orders during 2027.

Bear case

Zero order intake in Q2 and continued high burn rate keep dilution risk elevated.

Why this signal

Successful deployments and trade show participation strengthen references but still lack concrete order intake, supporting the continued review stance.

Recent news
  • Climeon has completed deployment of an additional HeatPower 300 system on a container vessel and launched a white paper on ORC technology in shipping. The company participated at SMM 2026 in Hamburg with a new Head of Marine Sales.

Key figures

Revenue
H1 2026
SEK 6.9M
Net income
H1 2026
SEK -45.6M
Cash
as_of
SEK 11.9M
Shares outstanding
latest
RAW 63.0M
EPS
H1 2026
SEK -0.72
Exchange
First North
Type
Energy
Sector
Waste heat recovery and energy technology
Climeon CLIME B
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.