Climeon CLIME B

First North | Energy | Waste heat recovery and energy technology

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Full analysis: 6 Apr 2026 Latest news check: 15 Jul 2026

General analysis — not personal advice.

NEUTRAL 7/10

Confidence

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.

The completed raise changes the setup by strengthening near-term liquidity and reducing immediate refinancing risk, but it also signals that further dilution remains possible if commercialization does not accelerate. The stance is therefore upgraded from NEUTRAL to NEUTRAL pending the Q1 report and clearer evidence of orders/deliveries and cash burn trajectory.

Market sentiment 4/10 ↑

Trend: Improving

Sentiment improves slightly as the delivery and verified savings strengthen credibility and reference cases, but the market remains cautious given historically weak sales and longer-term share price weakness.

Risk assessment 8/10

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

Recent changes

▲ 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

23 Oct 2026

Catalysts

◐

Sep 2026

SMM 2026: showcasing marine ORC/HeatPower 300 Medium

○

Q4 2026

Maritime install/certification 2026 Medium

◌

2026

Marine demand normalization in H2 2026 Medium

Horizon:

Bull case

Q1 report may show clear impact from cost cuts - Order/installation updates from Asian shipyards could drive momentum - Low valuation can trigger outsized upside on positive news

Bear case

Delayed annual report increases uncertainty (e.g., going concern) - Near-term funding need may lead to dilutive equity raise - Continued low revenue and weak order intake can pressure the stock

Signal rationale (informational)

Recent news

Since 2026-06-30, Climeon released its Q2 report (2026-07-14) with order intake of 0.0 MSEK, net sales of 0.4 MSEK and EBIT of -21.8 MSEK. The company highlights (i) the first HeatPower 300 delivery to Jiangsu New Yangzi Shipbuilding (China) and (ii) that the NEO GROUP (Lithuania) reference site has reached two years of commercial operation with high availability (~99%). It also notes geopolitical disruption (incl. the closed Strait of Hormuz) temporarily slowing marine investment decisions, with expectations of normalization in H2 2026.

Price & valuation

Last close

SEK 2.44

2026-08-11

1 week

-2.4 %

3 months

-14.4 %

12 months

-38.7 %

From 52w high

-42.2 %

From 52w low

+22.6 %

Exchange

First North

Type

Energy

Sector

Waste heat recovery and energy technology