HEATPOWER 300 SUCCESSFULLY INSTALLED AT CUSTOMER SITE – CONTINUED EXPANSION OF GLOBAL PARTNERSHIPS
During the quarter, successful Factory Acceptance Tests (FAT) were conducted for
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JANUARY - MARCH
- Order intake amounted to
SEK 0.4 million (0.2) - Net sales amounted to
SEK 13.3 million (0.5) - Order backlog amounted to
SEK 41.8 million (80.5) - Operating profit amounted to
SEK -23.7 million (-22.9), including non-recurring items ofSEK -11.2 (-17.4) million. - Profit/loss after financial items amounted to
SEK -21.6 million (-36.9) - Earnings per share, before and after dilution, amounted to
SEK -0.10 (-0.17) - Cash flow from operating activities after changes in working capital amounted to
SEK -28.4 million (-24.2) - Total cash and cash equivalents amounted to
SEK 38.4 million (77.5). In addition, restricted cash amounted to11.8 million SEK for guarantees related to future customer deliveries in 2024. Thus, total cash and cash equivalents, including restricted funds, amounted to50.2 million SEK . During April, customer payments totaling approximately12.0 million SEK were received, strengthening liquidity after the end of the quarter.
IMPORTANT EVENTS DURING THE PERIOD
Climeon 's first HeatPower 300 units successfully passed final testing and acceptance tests (FAT) prior to installation and commissioning at NEO Group's industrial facility inLithuania . In the presence of the customer, UAB Termolink, functionality and safety tests, performance tests, and compliance with applicable legal and certification requirements were conducted.Climeon andBaseload Capital reached an agreement regardingClimeon 's ownership inBaseload Capital Holding AB and unused HeatPower 150 modules. According to the agreement, the order for HeatPower 150 placed by Baseload Power Taiwan was canceled. The agreement, expected to be finalized in 2024, has no liquidity impact onClimeon , apart from a potential future exercise of a purchase option thatClimeon holds for its remaining shares inBaseload Capital Holding AB .Climeon 's intention is to gradually divest its entire ownership inBaseload Capital .
POST CLOSING EVENTS
Climeon has signed sales partner agreements withWorld Ocean Co Ltd and Franman for the South Korean and Greek maritime markets, respectively.
A WORD FROM OUR CEO:
HEATPOWER 300 SUCCESSFULLY INSTALLED AT CUSTOMER SITE: CONTINUED EXPANSION OF GLOBAL PARTNERSHIPS
The year has started with a strong emphasis on fulfilling the contracts
The six HeatPower 300 units, which are to be delivered to
The two HeatPower 300 units in retrofit configuration for existing vessels that we sold in December will be delivered by
For all units sold, we have not only ensured performance but also ensured the reliability of deliveries from our subcontractors. We have obtained all necessary certifications and have met requirements and expectations set by our customers, authorities, and certification bodies for our systems.
Parallel to our deliveries and existing customer commitments, our marketing and sales activities continue with unabated strength. In the maritime sector, we see that an increasing number of large container projects are currently taking place at various shipyards in
In the energy and industrial sectors, alongside our ongoing deliveries to
Regarding our financial development, we continue to maintain strict cost control and closely monitor our cash flow. We incurred some additional costs during the last quarter of 2023 and the first quarter of this year, including to meet the peak workload that arose when we were finalizing all detailed production documentation. We have now phased out these additional costs as we have started production.
For all shareholders holding subscription warrants, I would like to remind you that they entitle you to a 30 percent discount on the share price at the end of May. The subscription period runs from
At our annual general meeting in Kista on
With market trends strongly favoring our innovative approach to waste heat recovery technology, we anticipate substantial progress ahead and hope to have your continued support as we move towards a promising future.
For full report, please see attached file below.
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