Third quarter
Group
- Operating income amounted to
SEK 5,720K (SEK 4,018K ) -
Operating profit amounted to
SEK -4,565K (SEK -7,109K ) -
Net profit after income taxes amounted to
SEK -4,560K (SEK -7,357K ) -
Net profit per share after income taxes amounted to
SEK -0.15 (SEK -0.47 )
(Amounts within parentheses refer to the corresponding figures for the same period the prior year)
The first nine months
Group
- Operating revenue amounted to
SEK 18,571K (13,543K). -
Operating profit amounted to
SEK -16,189K (-21,671K). -
Net income amounted to
SEK -16,659K (-22,013K). -
Earnings per share after tax amounted to
SEK -0.58 (SEK -1.42 ). -
Cash flow from operating activities amounted to
SEK -12,591K (-17,922K). -
Number of shares as of
June 30, 2023 , amounted to 28,824,751 (15,508,084).
Material events during the first nine months
- In January,
Klimator becomes one of eight participants in MobilityXlab Batch 10. The program means thatKlimator will work on creating future mobility solutions together with MobilityXlab's industry partners CEVT,Ericsson , Polestar,Veoneer ,Volvo Cars ,Volvo Group , and Zenseact.
-
In January,
Klimator receives an order for the AHEAD sensor technology from a leading Japanese vehicle manufacturer. The order comes from an existing customer who now wants to continue the collaboration withKlimator after a successful evaluation project. The purpose of the contract is to integrate the technology into the vehicle manufacturer's development vehicles for motion control and driver assistance functions. The order value amounts to the equivalent of approximatelySEK 800K .
- In March, the company carried out a directed rights issue of
SEK 5,800K to a new strategic investor.
-
In April,
Klimator launches a camera function on its IoT Road Weather Stations. The product has been developed at the company's development department inOdense, Denmark , whereKlimator has its foremost experts in IoT solutions.
-
In April, Kelių Priežiūra and
Klimator sign a partnership agreement for dynamic winter road maintenance concepts towards the Baltic countries. The agreement includes services and products fromKlimator 's product portfolio such as Road Status Information (RSI) in combination with the IoT based road weather stations.
-
In April,
Klimator signs an agreement with another municipality inDenmark on smart winter road maintenance. The total order value for a three-year period is approx.SEK 850K .
-
In April,
Mitsubishi Electric Automotive America (MEAA) unveils its 2023 flagship and demonstration vehicle, which includes the latest technology innovations. One of these isKlimator 's solutions for predictive and detective information about road weather conditions.
-
In May,
Klimator signed a contract with one of the largest municipalities inDenmark for a complete set of road weather stations and monitoring software for making call-out decisions on roads and bicycle lanes. The total order value for the first year is approx.SEK 600K .
-
In May, the board approved a cost reduction program of
SEK 8-9 million on an annual basis due to the slower-than-expected development of the "Automotive" sector market. The company considers "Automotive" to remain an important market forKlimator AB , but revenue from this market will be generated further down the line. The board also decided on a change of CEO, appointingEmil Danielsson , previously in charge of the winter road maintenance business area, as the new CEO.
Klimator signs a five-year agreement with one ofNorway 's leading contractors within the winter maintenance industry. The deal is initially worthSEK 1.1 million and includes delivery ofKlimator 's decision support platform Road Status Information (RSI) and the Nordics' leading IoT-based road weather station.
Material events after the end of the period
Klimator announces a new project with a major supplier to the automotive industry with a focus on utilizing relevant solutions, such asKlimator 's proactive and unique Road Condition Data, RCD, a solution that provides adverse road weather hazards and evaluates these combined abilities.
Klimator , a leading provider of innovative solutions for combating road ice during the winter season, is pleased to announce the appointment ofSören Pedersen as Head of Winter Maintenance atKlimator . With his extensive history within the company and substantial experience in the field, Søren is a natural successor toEmil Danielsson , who became the CEO ofKlimator in May.
- Presis Vegdrift,
Norway 's third largest player in winter road maintenance, has chosenKlimator 's solutions with a five-year contract worth 1 MSEK over five years. The deliveries includeKlimator 's advanced decision support system Road Status Information (RSI) and the leading IoT-based road weather station in the Nordic region.
- From the fall of 2023,
Klimator , together withVolvo Cars through FFI's (Fordonsstrategisk forskning och Innovation) Accelerate Swedish partnership program, will work with the detection of hazardous road weather conditions with a long-term goal of increasing the safety of passenger cars in difficult weather situations. The aim is to useKlimator 's existing knowledge and product AHEAD with existing sensors to detect hazardous road weather conditions proactively.Klimator 's project share is approximatelySEK 1,200 KSEK over a period of 12 months.
Klimator will perform a proof-of-value project through the CampX byVolvo Group startup innovation hub in the US during Q4 2023, focusing onKlimator's road weather information solution. The project has been granted financing of approximately 200 KSEK through the programFFI Accelerate Startup Partnership . The overall goal is to provide the driver with local weather hazards to improve driver experience and enable safer routing. The information will be visualized in a map throughKlimator's predictive cloud-based solution Road Condition Data, RCD, which enables the driver to get information before they reach the critical location.
- In
November 16 , the company calls for an extra ordinary general meeting to decide about an incentive program for employees and member of the board.
Comment from the CEO
Reduced costs and higher revenues are the results in Q3 of the plan developed in May, where
Winter Maintenance.
Automotive
A cooler spring has been replaced by a red-hot autumn with great interest in
In conclusion, I can state that
CEO
About
History
Business areas
To serve the market segments and customer groups addressed,
- Business Area Winter Maintenance
Business Area Automotive
In the Winter Maintenance business area, the company offers a web-based software application, Road Status Information (RSI), based on the company's Road Condition Data (RCD) platform. The software is customized for the needs winter contractors face when making critical decisions about when and how to implement specific measures and how much salt or sand to lay down.
The company's IoT sensors give contractors, municipalities, and other organizations the ability to measure road surface temperature, air temperature, air humidity, rainfall, ground moisture, groundwater level, water level, and hydraulic flow in real-timI. With the help of sensors, data is collected and stored in
The company focuses on IoT sensors connected to winter road maintenance but offers other sensors as a service to existing customers.
After establishing the Automotive business area late in 2019, the company carried out a number of successful Proof of Concept (PoC) and developmental projects with leading European and Japanese vehicle manufacturers and suppliers. There are several highly attractive areas of application for the company's data platform (RCD) and sensor technology (AHEAD) within the automotive industry with respect to:
- improved driver information
- improved use of Advanced Driver Assistance Systems (ADAS)
- safe and scalable Autonomous Driving technology (AD)
Product portfolio
Road Condition Data (RCD) is a cloud-based Data-as-a-Service platform (DaaS) that aggregates data from a number of different sources. Advanced climate models and
Based on RCD, Road Status Information (RSI) is a digital Software-as-a-Service (SaaS) application that provides detailed forecasts for roads, bike paths, and pedestrian walkways. These high-resolution forecasts are used by transportation agencies and winter road contractors to make critical decisions about when, where, and how to implement snow removal and de-icing measures.
AHEAD is a sensor technology that analyzes road conditions and friction in front of a moving vehicle in real-time. The technology is the result of more than ten years of research and development into road condition classification. AHEAD gives vehicle system information about prevailing road conditions, which improves the functionality and utility of Advanced Driver Assistance Systems and Autonomous Driving technology.
Financial overview
Consolidated financial statements
The Interim Report relates to the group, where the parent company,
Accounting principles
The Interim Report has been prepared in accordance with the Annual Accounts Act ("Årsredovisningslagen") and the BFNAR 2012:1 Annual accounts and group accounting ("K3") general guidance from the
Income
Revenues
The company's total turnover increases by 42% to
The company's revenues primarily consist of licensing income for the Road Status Information service in the Winter Maintenance business area and income via IoT sensors.
The revenues also include project income from the Automotive business area regarding Proof-of-Concept and innovation projects with vehicle manufacturers, in relation to the company's products Road Condition Data (RCD) and AHEAD.
In the third quarter of 2023, net revenues amounted to
The company's revenues from Winter Maintenance, now also including the sensor business, are normally accrued evenly throughout the year since the business model typically entails a one-year subscription. In addition to this, the company normally charges a start-up fee. Invoices and payments are often sent or received in advance.
Capitalized developmental work and proprietary fixed assets
The company capitalizes expenses attributable to the mapping of new geographic areas in its data platform.
The company has a significant cost for the use of servers and data traffic. During the beginning of 2023, development work was initiated to make this more efficient, with the aim of reducing the company's running costs.
In the third quarter of 2023, the company capitalized
Other operating income
The company occasionally receives research and development grants from authorities such as the EU and Vinnova that are reported as Other operating income.
In the third quarter of 2023, Other operating income amounted to
Costs
Direct costs
Cost of sales primarily refers to data traffic, server capacity, and hardware costs associated with the sale of sensors and AHEAD systems.
In the third quarter of 2023, direct costs amounted to
Other external costs
Other external costs primarily include rental costs for the premises, IT services, marketing, travel and consulting fees.
In the third quarter of 2023, other external costs amounted to
Compensation and benefits
At the end of the third quarter, the company employed 23 individuals in business management, sales/business development, administration, and product development/project management.
In the third quarter of 2023, compensation and benefits amounted to
Depreciation and amortization
The company amortizes the goodwill from the acquisition of the Danish business and OmniKlima (merged subsidiary) as well as capitalized development expenses over a period of 5 years.
In the third quarter of 2023, the company's depreciation and amortization amounted to
Other items
Intangible assets
At the end of the third quarter, the company's intangible fixed assets amounted to
The acquisition cost of an internally developed fixed asset includes all directly related expenses.
Intangible fixed assets are linearly depreciated over the estimated useful life of the asset, which is reassessed on each balance sheet date. Currently, the useful life is estimated at five years for all intangible fixed assets.
Cash and cash equivalents
At the end of the third quarter, the company had cash and cash equivalents of
The company also has an unused bank overdraft facility of
Cash flow
For the first nine months, cash flow from operating activities amounted to
Interest-bearing long-term debt
The company's liabilities amounted to
Interest-bearing short-term debt
The short-term portion of the loan from Almi Företagspartner amounts to
The company has received a Covid-19 related support by a temporary return of paid taxes from the tax authorities of approximately
Equity
As of
Equity ratio
At the end of the third quarter, the mother company equity ratio was 23 percent and the group equity ratio was -4,8 percent.
Stock-based incentive plans
At the AGM on
Convertible notes and new share issue
No events during the period except for the repayment of convertible bonds.
Number of shares in the company
At the end of the third quarter 2023,
During the third quarter 2023 the average number of shares amounted to 28,824,751. During the third quarter of 2022, the average number of shares amounted to 14,877,173 shares.
Profit per share
Profit per share for the third quarter amounted to
Auditor's review
This Interim Report has not been reviewed by the company's auditor.
Next report
The next report is the company's interim report Q4, which will be published on
For further information contact:
CEO,
Phone: +46 (0)70-421 04 00
E-post: emil.danielsson@klimator.se
For further information
E-mail: emil.danielsson@klimator.se
Phone: +46 (0) 70 421 04 00
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