Climeon AB (CLIME.B) AI Stock Analysis

• Market Cap: kr122.60M
• Dividend Yield: N/A
• Average Volume (3M): 32.67K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.62
• Revenue Growth: -36.89%
• EPS Growth: 33.50%
• Country: SE
• Employees: 35
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): -0.96
• Shares Outstanding: 50,682,560
• 10 Day Avg. Volume: 44,539
• 30 Day Avg. Volume: 32,671
• PEG Ratio: 0.07
• Price to Book (P/B): 0.72
• Price to Sales (P/S): 10.82
• P/FCF Ratio: -3.32
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): kr71.00M

• Rating: 43 Neutral
• Price Target: kr2.00 ▼(-45.05% Downside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is driven primarily by weak financial performance (persistent losses, deteriorating 2025 revenue/margins, and ongoing negative operating/free cash flow), partially offset by low leverage. Technicals also weigh on the score due to a clear downtrend and negative momentum. Valuation provides limited support because the negative P/E reflects unprofitable operations and no dividend yield is available.

Positive Factors

Low Financial Leverage

A conservative capital structure and effectively no debt in 2025 reduce refinancing and interest rate risk, giving management flexibility to fund operations or absorb project timing variability. Over 2–6 months this limits solvency pressure while losses persist.

Durable Product Offering

Climeon’s core modular technology targets structural markets—industrial waste‑heat recovery and low‑temperature geothermal—where long-lived assets and project economics drive multi‑year demand. Modular systems support repeatable deployments and service revenue potential.

Evidence of Market Traction (2024)

A 2024 revenue rebound demonstrates the company can win projects and recover sales momentum, indicating product-market fit potential. If sustained, this supports scaling and improved unit economics even though profitability needs improvement.

Negative Factors

Persistent Multi‑Year Losses

Sustained net losses and negative operating profit erode equity and limit reinvestment capacity. Over months this heightens dependence on external funding, constrains strategic investments, and increases risk that growth initiatives cannot be executed at scale.

Revenue Volatility and Margin Deterioration

Project-driven revenue swings and a sharp 2025 decline plus a deeply negative gross margin indicate fragile unit economics. Persistent volatility undermines forecasting, hampers operating leverage, and makes multi‑period profitability harder to achieve.

Consistent Negative Cash Flow

Chronic negative operating and free cash flow imply ongoing cash burn and recurring financing needs. Even with low debt, the company risks equity dilution or funding gaps, reducing runway and constraining investments in sales, R&D, or scaling operations.

Climeon AB Business Overview & Revenue Model

Company Description

Climeon AB is a Swedish company specializing in renewable energy solutions, primarily focusing on converting low-temperature waste heat into clean electricity. Operating in the sectors of energy and environmental technology, Climeon offers innovative products and services that promote sustainability and energy efficiency. Their flagship product, the Climeon Heat Power system, allows industries such as shipping and manufacturing to harness waste heat, thereby reducing carbon emissions and energy costs.

How the Company Makes Money

Climeon AB generates revenue primarily through the sale and installation of its Heat Power systems, which are tailored for various industrial applications. The company earns money by charging customers for the technology itself, as well as for ongoing maintenance and support services. Additionally, Climeon may benefit from performance-based contracts where revenue is tied to the amount of electricity generated from its systems. The company also engages in partnerships with other firms in the energy sector, including collaborations with shipping companies, which can enhance its market reach and provide additional revenue opportunities through joint ventures or shared projects. As more industries seek to reduce their carbon footprint, Climeon stands to gain from the increasing demand for sustainable energy solutions, further bolstering its revenue streams.

Climeon AB Financial Statement Overview

Summary

Overall fundamentals are weak: the income statement reflects persistent multi-year losses, volatile revenue with a sharp decline in 2025, and materially worsened margins including a deeply negative gross margin. Cash flow is consistently negative (ongoing cash burn), implying continued funding needs. The main offset is a relatively conservative balance sheet with low/near-zero debt, but equity erosion from sustained losses remains a key risk.

Income Statement

Profitability is consistently weak: the company has reported sizable net losses every year (2020–2025), with negative operating profit throughout. Revenue is volatile and has deteriorated recently, falling sharply in 2025 versus 2024, and margins weakened materially in 2025 with a deeply negative gross margin. While revenue did rebound in 2024, the business has not translated sales into sustainable gross profit or earnings, keeping overall income statement quality very low.

Balance Sheet

Leverage appears conservative, with low debt relative to equity historically and effectively no debt in 2025, which reduces financial risk. However, equity has trended down from 2020 to 2025, consistent with ongoing losses, and returns to shareholders remain strongly negative across all periods. Overall, the balance sheet is not highly leveraged, but the erosion of equity and persistent losses are notable concerns.

Cash Flow

Cash generation is weak: operating cash flow is negative in every year shown (2020–2025), and free cash flow is also consistently negative, indicating ongoing cash burn. Free cash flow did improve versus the prior year in 2025, but it remains meaningfully negative and the multi-year pattern suggests continued funding needs. The cash flow profile is therefore fragile despite some year-to-year fluctuations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	13.38M	42.59M	6.19M	13.93M	28.77M
Gross Profit	-121.20M	-9.21M	-6.41M	10.62M	3.99M
EBITDA	-80.06M	-56.62M	-108.33M	-88.52M	-74.11M
Net Income	-143.06M	-103.79M	-135.77M	-125.89M	-107.25M
Balance Sheet
Total Assets	233.16M	323.01M	423.97M	488.24M	545.79M
Cash, Cash Equivalents and Short-Term Investments	21.78M	26.34M	77.55M	139.34M	151.98M
Total Debt	0.00	6.39M	22.49M	62.84M	102.57M
Total Liabilities	32.87M	34.91M	100.13M	123.06M	193.43M
Stockholders Equity	200.29M	288.11M	323.84M	365.19M	352.36M
Cash Flow
Free Cash Flow	-43.56M	-114.15M	-114.89M	-108.90M	-170.14M
Operating Cash Flow	-43.25M	-83.37M	-90.04M	-70.71M	-126.40M
Investing Cash Flow	-13.16M	-30.53M	-22.44M	-37.13M	-42.54M
Financing Cash Flow	51.86M	62.69M	50.73M	95.19M	21.65M

Climeon AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.64
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CLIME.B, the sentiment is Negative. The current price of 3.64 is above the 20-day moving average (MA) of 2.27, above the 50-day MA of 2.77, and above the 200-day MA of 3.53, indicating a bearish trend. The MACD of -0.17 indicates Negative momentum. The RSI at 38.23 is Neutral, neither overbought nor oversold. The STOCH value of 79.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CLIME.B.

Climeon AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
ORRON	49 Neutral	kr2.18B	-4.53	-9.16%	―	-3.20%	-2418.83%
DLAB	47 Neutral	kr43.04M	-5.32	-109.03%	―	-4.02%	6.77%
CLIME.B	43 Neutral	kr122.60M	-1.01	-47.34%	―	-36.89%	33.50%
MINEST	42 Neutral	kr169.07M	-4.23	-5.97%	―	-100.00%	31.68%