Second quarter
Group
- Operating income amounted to
SEK 5,331K (SEK 3,931K ) -
Operating profit amounted to
SEK -6,057K (SEK -8,510K ) -
Net profit after income taxes amounted to
SEK -6,273K (SEK -8,524K ) -
Net profit per share after income taxes amounted to
SEK -0.22 (SEK -0.60 )
(Amounts within parentheses refer to the corresponding figures for the same period the prior year)
The first half-year
Group
- Operating revenue amounted to
SEK 12,851K (9,525K). -
Operating profit amounted to
SEK -11,624K (-14,562K). -
Net income amounted to
SEK -12,099K (-14,656K). -
Earnings per share after tax amounted to
SEK -0.42 (SEK -1.02 ). -
Cash flow from operating activities amounted to
SEK -13,485K (-10,251K). -
Number of shares as of
June 30, 2023 , amounted toSEK 28,824,751 (14,246,262).
Material events during the first six 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.
-
In May,
Klimator signs a five-year agreement with one ofNorway 's leading entrepreneurs in the winter industry. The deal is initially valued atSEK 1.1 million and includes the delivery ofKlimator 's decision support system Road Status Information (RSI), along with the Nordic region's leading IoT-based road weather station.
Material events after the end of the period
Nothing to report after the end of the period
Comment from the CEO
Market growth with more customers and business, introduction of new products for winter road maintenance, and launch of a cost-saving program. These are the main headlines for this second quarterly report.
Through new business agreements,
Although
It's also gratifying to observe the progress in the Automotive business area, where primarily Mitsubishi Electric Automotive Americas showcases the appearance and functionality of future road slipperiness safety systems. High-resolution road condition forecasts play an important role here, in combination with the vehicle's own sensor and measured data. Driver assistance with a high level of automation to prevent accidents related to slipperiness is becoming an increasingly prioritized issue for the automotive industry and for leading organizations like Clepa and EuroNcap. Here
Beyond the continual improvement of our software and climate forecasting models, we've launched a range of new products in Q2. Primarily within the Winter Maintenance business area, where the demand for new automation functionalities is growing. The development of our IoT-based technology for
In May, the
As the newly appointed CEO, I am immensely proud and honored to lead
In conclusion, I can ascertain 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 36% 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 second 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 second 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 second 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 second 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 second quarter of 2023, other external costs amounted to
Compensation and benefits
At the end of the second quarter, the company employed 27 individuals in business management, sales/business development, administration, and product development/project management.
In the second 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 second quarter of 2023, the company's depreciation and amortization amounted to
Other items
Intangible assets
At the end of the second 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 second quarter, the company had cash and cash equivalents of
The company also has an unused bank overdraft facility of
Cash flow
For the first half year, cash flow from operating activities amounted to
Interest-bearing long-term debt
The company's liabilities amounted to
The company has an unused bank overdraft facility of
Interest-bearing short-term debt
The short-term portion of the loan from Almi Företagspartner amounts to
In
In connection with the company's rights issue in
Equity
As of
Equity ratio
At the end of the second quarter, the group's equity ratio was 22 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 second quarter 2023,
During the second quarter 2023 the average number of shares amounted to 28,824,751. During the second quarter of 2022, the average number of shares amounted to 14,246,262 shares.
Profit per share
Profit per share for the second 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 Q3, which will be published on
For more information:
CEO,
Phone: +46 (0)70-421 04 00
E-mail: emil.danielsson@klimator.se
https://news.cision.com/klimator/r/klimator-ab--publ--interim-report-2--april---june-2023,c3822341
https://mb.cision.com/Main/19815/3822341/2246502.pdf
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