Climeon CLIME B
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The news check keeps the assessment current.
General analysis — not personal advice.
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 lower losses bolster credibility but absence of order intake supports continued review stance.
Sentiment remains cautiously positive on technical delivery capability and cost control but is tempered by concern over the lack of new orders.
NEUTRAL is the call. Negative is the market mood. High risk means a lot can go wrong.
Latest change
- 5 Nov 2026 — Report shows improved cash post-emission driven by lower losses and confirmed delivery capability.
The full analysis is open. Follow the company free for the full change history — and email next time the picture changes.
Show all changes (4) — follow the company freeAbout 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.
Bull case
Successful installations and new Head of Marine Sales could convert into orders during 2027.
Bear case
Zero order intake in the first nine months and shrinking order book maintain dilution risk.
Why this signal
Successful deployments and lower losses bolster credibility but absence of order intake supports continued review stance.
Recent news
Q3 report showed zero order intake for the quarter and year-to-date but operating loss narrowed to –19.5 MSEK and cash strengthened to 47.7 MSEK after the 50 MSEK rights issue. FAT approval for the second HeatPower 300 system to NovaAlgoma in China confirms delivery capability.