Climeon (CLIME) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 reached SEK 18.8 million, mainly from HeatPower 300 deliveries; four systems delivered to HD Hyundai Heavy Industries and two commissioned at NEO Group in Lithuania.

• A targeted new share issue raised approximately SEK 50 million, strengthening liquidity for ongoing commercialization and deliveries.

• Cost-saving measures, including staff reductions and expense cuts, are being implemented to align with the company's current phase.

• Management changes include a new interim CFO and COO, with the CEO also taking on the Energy and Industry business area.

Financial highlights

• Q3 order intake was SEK 0.0 million (28.5), with net sales of SEK 18.8 million (3.9) year-over-year.

• Operating loss for Q3 was SEK -26.0 million (-31.6), and loss after financial items was SEK -28.2 million (-37.7).

• Earnings per share for Q3 were SEK -0.11 (-0.15); cash flow from operating activities after working capital was SEK -27.9 million (-16.3).

• For Jan–Sep, net sales were SEK 32.9 million (5.0), operating loss SEK -74.5 million (-77.5), and loss after financial items SEK -77.0 million (-99.7).

• Cash and cash equivalents at period end were SEK 5.1 million (77.5), with total including restricted funds at SEK 13.9 million.

Outlook and guidance

• Significant and growing interest in HeatPower 300 from global shipping and industrial customers, with ongoing discussions in Asia and Europe.

• Remaining HeatPower 300 systems for Maersk/HD Hyundai to be delivered by year-end, with installations and commissioning in 2025.

• Cost-saving measures are expected to have full effect in 2025, supporting the path to profitability.