Second quarter, April 1 - June 30
Group
- Operating revenue amounted to SEK 9,346K (6,174K).
- Net sales amounted to SEK 7,955K (4,680K)
- Operating profit (EBIT) amounted to SEK -584K (-2,787K).
- Net income amounted to SEK -682K (-2,971K).
- Earnings per share after tax amounted to SEK -0.02 (SEK 0.10).
- Number of shares as of June 31, 2025, amounted to 31,084,638 (31,084,638).
First half year, January 1 - June 30
Group
- Operating revenue amounted to SEK 17,171K (14,876K).
- Net sales amounted to SEK 14,652K (11,504K)
- Operating profit (EBIT) amounted to SEK -860K (-2 531K).
- Net income amounted to SEK -1,175K (-2,820K).
- Earnings per share after tax amounted to SEK -0.04 (SEK- 0.09).
- Cash flow from operating activities amounted to SEK -3,981K (-1,893K).
Material events during the period
Klimator receives expanded order from Mesta AS - strengthening winter maintenance in Norway with smart technology worth approximately SEK 1.5 million. The order includes expanded deliveries and implementation of Klimator's decision support software Road Status Information (RSI) to six additional operating areas as well as over 100 IoT-based road weather stations, which together will be used to streamline winter maintenance on several new road sections and contract areas in Norway.
Klimator wins additional contract and new customer in Norway. The agreement, which extends over five years, initially covers Klimator's products Road Status Information, IoT Road Weather Sensors and Water Sensors with a total contract value of approximately SEK 1.2 million, of which deliveries for the upcoming winter amount to approximately SEK 0.5 million.
Klimator's cloud-based platform, Road Condition Data (RCD), is now commercially available across Europe via Bosch L.OS - a service platform for connected fleet logistics. The integrated service Dynamic Routing Information: Road Weather (DRI:WR) provides automatic access to high-resolution road weather information and enables smarter route planning and increased operational efficiency for logistics fleets. The non-exclusive partnership was initiated and communicated in the fourth quarter of 2024, and the future revenue potential is not yet quantified.
The Board of Directors of Klimator AB (publ) ("Klimator" or the "Company") has, with the authorization from the Annual General Meeting on May 20, 2025, resolved on a directed new share issue of 3,032,546 shares ("Tranche 1"). Tranche 1 has been directed to a group of investors, including Mesta A/S and Måns Flodberg. The Board of Directors has also resolved, subject to the subsequent approval of an Extraordinary General Meeting, on a directed new share issue of 943,666 shares to employees and board members of the Company ("Tranche 2" together the "Directed New Share Issue"). In total, Klimator will receive approximately SEK 9.5 million before deduction for transaction-related costs in connection with the Directed New Share Issue. The subscription price in the Directed New Share Issue of SEK 2.40 corresponds to a premium of approximately 2.2 percent to the volume-weighted average price of the Company's share on Nasdaq First North Growth Market on June 24, 2025.
Shareholders of Klimator AB are invited to an extraordinary general meeting to be held on July 15.
Material events after the end of the period
On July 15, 2025, an extraordinary general meeting of Klimator AB ("Klimator" or the "Company") was held with the purpose of retrospectively approving the board of directors' decision regarding a directed issue of shares, which was announced via press release on June 25, 2025. The general meeting resolved to approve the board of directors' decision in its entirety.
Klimator wins new contract with new customer in Norway with focus on Dynamic Salting. The agreement, which extends over five years, initially includes Klimator's new products for Dynamic Salting together with established products such as Road Status Information, IoT Road Weather Sensors and Water Sensors with a total contract value of approximately SEK 1.3 million, of which deliveries for the upcoming winter are approximately SEK 0.6 million.
Comment from the CEO
Klimator holds a truly unique position in the market through our ability to base our analyses and forecasts on the local climate. We let factors such as topography, proximity to water, and elevation differences form the foundation for calculating the actual outcome on the ground. This enables us to predict when, where, and how roads will become slippery - with a precision few can match. This capability is the foundation of our core products and drives our growth, where high-quality revenues from Road Status Information and IoT road weather stations create a stable and scalable business.
We are pleased to note that the turn around we have driven over the past two years is now starting to show in the numbers. The quarter, which is normally weaker due to seasonal variations, improved significantly - driven by existing customers placing hardware orders earlier, expanding with additional contracts, and by a steady increase in recurring software revenues.
The company's total revenue increased by 51% to MSEK 9,346 (MSEK 6,174) for the second quarter of 2025. Net sales for Q2 2025 amounted to MSEK 7,955, an increase of 70% compared to 2024. We also achieved a significant profit improvement of MSEK 2,300 for the period. Revenue and earnings growth are driven by high-quality revenues from long-term customers, not by public funding or capitalization of work in progress.
During the past quarter, we have also strengthened Klimator's forward trajectory in continuing to lead the digital and automated transformation of winter road maintenance. Through the recently completed investment round - in which both long-term external shareholders and Klimator Board and management participated - we have secured approximately MSEK 9.5 to accelerate our business.
This capital enables the scaling and commercialization of our most innovative solutions, with Klimator Dynamic Salting and Adaptive Salting at the forefront. These technologies allow winter operations to be adapted in real time to current and forecasted road conditions - with clear effects on traffic safety, cost efficiency, and environmental impact.
Opportunities are substantial, as the industry is in the start of a transformation where digitalization, data, and AI are rapidly shifting decision-making from reactive to proactive. Here, Klimator has a unique position thanks to our combination of road climatology research, multiple data sources processed with AI, and proven system solutions. Our vision is clear: to become the preferred partner for national road authorities, contractors, and municipalities that want to streamline, automate, and future-proof their winter operations.
Going forward, we focus on turning our technological advantage into strong and profitable growth through high-quality revenues. We will achieve this through more strategic partnerships, expanded presence in key markets, and a strong focus on recurring revenues - with the ability to deliver value to customers, society, and shareholders.
Even though Klimator is already leading the industry's development, we recognize that we are operating in the beginning of a broader global transformation. This both inspires us and gives us confidence as we look toward a very exciting future.
Going forward, our focus is on transforming our technological advantage into strong and profitable growth with high-quality revenues. This will be achieved by combining innovation with commercial strength, with the goal of creating long-term value for customers, society, and shareholders.
We will achieve this by:
- Building more strategic partnerships with distributors and expanding our presence in key markets
- Increasing the share of recurring revenues through Dynamic Salting and Adaptive Salting
- Ensuring strong delivery capacity and quality
Even though Klimator is already leading the industry's development, we recognize that we are operating in the beginning of a broader global transformation. This both inspires us and gives us confidence as we look toward a very exciting future.
Emil Danielsson, CEO
Klimator AB
About Klimator
History
Klimator is a Swedish software company that was founded in 2001 by Torbjörn Gustafsson and Jörgen Bogren. The founders have over 30 years of research experience in applied road climatology at the University of Gothenburg. Klimator's technology is based on years of academic research into road weather conditions. In 2020, the company acquired HedeDanmark's connected sensors (IoT) business to expand and strengthen Klimator's product portfolio.
Business areas
To serve the market segments and customer groups addressed, Klimator's activities are organized into two distinct business areas:
- 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. Klimator's software results in significant cost savings for an industry with annual revenues of around SEK 3 billion in Sweden alone. More efficient wintertime road maintenance also brings major environmental benefits, such as lower salt usage, lower fuel consumption, and less wear and tear on roads.
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 Klimator's IoT platform, where customers can avail themselves of a number of different services. For the customer, it's a simple and easy introduction to a more modern, digital way to work.
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 Klimator's unique classification model for the road network are used in tandem to process this data and deliver detailed real-time information and predictive forecasts about road weather conditions. This information can be applied in a number of different areas in the automotive industry, including intelligent Advanced Driver Assistance Systems (ADAS) and complex systems for autonomous vehicles (AD).
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. Klimator's forecasts facilitate decision-making, planning, and follow-up and Ilitate more efficient use of resources, which results in significant cost savings and a lessened impact on the environment.
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.
Klimator's IoT Road Weather Stations provides real-time information on how weather impacts local road conditions. This data will empower operators to make informed decisions on the appropriate treatments necessary. The data is easily accessible from the Road Status Information (RSI) platform. The data comes in the form of an API so can also be fed into other weather monitoring and forecasting systems if necessary.
Financial overview
Consolidated financial statements
The Interim Report relates to the group, where the parent company, Klimator AB, owns 100 percent of the shares of Klimator Danmark DK ApS (hereinafter collectively referred to as the "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 Swedish Accounting Standards Board (BFN).
Income
Revenues
The company's total revenue increases by 51% to 9,346 thousand SEK (6,174 thousand SEK) for the second quarter of 2025. The increase is mainly attributable to the large delivery of hardware, but also due to a stable increase in recurring software license revenue.
The company's revenue consists of license revenue within the Winter Maintenance business area regarding the Road Status Information service and revenue from IoT sensors. Revenue also consists of project revenue within the Automotive business area that the company receives in connection with Proof-of-Concept and innovation projects with vehicle manufacturers and subcontractors to the automotive industry regarding the products Road Condition Data (RCD) and AHEAD.
For the second quarter of 2025, net revenue amounts to 7,955 thousand SEK, which is an increase of 70% compared to 2025.
The company's net revenue comes mainly from Winter Maintenance, which includes the sensor business. Revenue is normally accrued over a year or over the winter season as the business model is usually a subscription. The company normally charges an initial fee in addition to this. Invoicing and payment are usually made in advance.
The company capitalizes costs related to certain product development.
During the second quarter of 2025, the company has capitalized costs of SEK 195 thousand (170).Capitalized developmental work and proprietary fixed assets
Other operating income
The company receives research and development support from authorities such as the EU and Vinnova from time to time, which is reported under the item other operating income. Other income is down 10% compared to the previous year from 1,324 thousand SEK to 1,196 thousand SEK.
Costs
Direct costs
Direct costs of sales mainly refer to costs for data traffic and server capacity as well as hardware costs for sales of sensors and AHEAD systems.
During the second quarter of 2025, direct costs amounted to 3,070 thousand SEK (1,689 thousand SEK), where the increase is attributable to increased hardware deliveries.
Other external costs
The item for other external costs mainly includes premises rent, IT services, marketing, travel and consultancy fees.
During the second quarter of 2025, other external costs amounted to 1,724 thousand SEK, which is a decrease of 6% compared to the previous year (1,831 thousand SEK).
Compensation and benefits
The company's organization at the end of the second quarter includes a total of 16 employees, active in corporate management, sales, business development, administration, product development and project management.
For the second quarter of 2025, personnel costs amount to 4,824 TSEK (5,157), which is a decrease of 6.5% compared to the same period in 2024.
Depreciation and amortization
The company is amortizing goodwill attributable to OmniKlima (merged subsidiary) and the asset acquisition of the Danish operations, as well as capitalized development costs with a depreciation period of five years.
For the second quarter of 2025, the company's depreciation amounted to 276 thousand SEK (275 thousand SEK).
Other items
Intangible assets
The company's intangible assets at the end of the second quarter amounted to 3,015 thousand SEK and consist of capitalized development expenses of 2,362 thousand SEK, patents of 578 thousand SEK and goodwill of 75 thousand SEK
The acquisition value of an internally developed fixed asset consists of all directly attributable expenses.
Intangible assets are amortized on a straight-line basis over the assets' estimated useful life, which is reassessed at each balance sheet date. The useful life is currently estimated at five years for all intangible assets.
Cash and cash equivalents
At the end of the second quarter, the company had cash and cash equivalents of 2,859 thousand SEK. In addition, the company has an unused overdraft facility of 1,700 thousand SEK. In July, the company carried out a directed new share issue that provided approximately 9,000 thousand SEK in cash and cash equivalents.
Cash flow
Cash flow from operating activities for January-June 2025 amounted to -3,981 TSEK (-1,893 TSEK).
Interest-bearing long-term debt
The company has a long-term debt of 1828 thousand SEK in the form of a loan from Almi Företagspartner. The company had two loans previously, one of which is now fully paid.
Through corona-related support, the company has received a repayment of 5,196 thousand SEK from the Swedish Tax Agency in August 2023. In August 2024, the Swedish Tax Agency decided that the support should be amortized over 36 months, with the first installment of 797 thousand SEK being made in February 2025. The long-term portion is 2,960 thousand SEK.
Interest-bearing short-term liabilities
The company has a short-term debt from Almi Företagspartner amounting to 600 thousand SEK.
The short-term portion of the corona support is 1,619 thousand SEK.
Equity
The parent company's equity amounted to 4,373 thousand SEK as of June 30, 2025. The group's equity amounted to -483 thousand SEK as of June 30, 2025. Through the new share issue in July, the group's equity increased by approximately 9,000 thousand SEK.
Equity ratio
The parent company's equity ratio amounted to 25 percent at the end of the second quarter. The group's equity ratio amounted to -3.3 percent at the end of the second quarter.
Stock-based incentive plans
At the extraordinary general meeting on November 30, 2023, it was decided to implement a long-term incentive program of series 2023-2026:1, through a directed issue and transfer of a maximum of 960,000 warrants to employees and key personnel in management positions in the company, and an incentive program of series 2023-2026:2, through a directed issue and transfer of a maximum of 240,000 warrants to board members in the company. If fully exercised, the number of shares may increase by 1,200 000 shares in 2026.
Convertible notes and new share issue
No activities during the fourth quarter.
Number of shares in the company
The number of outstanding shares in Klimator was 31,084,638 at the end of the second quarter of 2025, which is equivalent to the second quarter of 2024.
The average number of shares in the second quarter of 2025 was 31,084,638 shares. In the second quarter of 2024, these amounted to 29,954,695 shares.
For the first half of 2025, the average number of shares is
31,084,638 compared to 29,389,723 during the first half of
2024.
Profit per share
Profit per share for the first quarter 2025 amounted to SEK -0.02 (-0,10).
Auditor's review
This Interim Report has not been reviewed by the company's auditor.
Date of upcoming reports
Quarterly report Q3 2025 - 14 Nov 2025
Quarterly report Q4 2025 - 27 Feb 2026
For further information contact:
Emil Danielsson
CEO, Klimator AB
Phone: +46 (0)70-421 04 00
E-post: emil.danielsson@klimator.se
Partner Fondkommission AB (Phone +46 (0)31-761 22 30, www.partnerfk.se) is the company's Certified Adviser on the Nasdaq First North Growth Market.
For further information
Emil Danielsson, CEO of Klimator AB
E-mail: emil.danielsson@klimator.se
Phone: +46 (0) 70 421 04 00
Partner Fondkommission AB (phone 0046 31 761 22 30, www.partnerfk.se) is the company's Certified Adviser on Nasdaq First North Growth Market.
About Klimator
Klimator AB is a publicly listed software company with over 30 years of research in applied road climatology. Klimator has two innovations - the data platform Road Condition Data (RCD), providing predictive high precision road weather information, and the sensor fusion solution AHEAD providing real- time detective road weather information. With these innovations, Klimator provides precise and reliable road weather information to the winter maintenance and the automotive industries creating safer roads and enabling scalable autonomous driving (AD) and intelligent driver support systems (ADAS). In 2020, Klimator acquired HedeDanmark's business operations within connected sensors to broaden and strengthen Klimator's product portfolio.
