KLIMATOR AB First quarter,
Group
- Operating revenue amounted to
SEK 8,702K SEK (SEK 7,520K ). - Operating profit amounted to
SEK 256K (SEK -5,567K ). - Net income amounted to
SEK 151K (SEK -5,826K ). - Earnings per share after tax amounted to
SEK 0.01 (SEK -0.2 ). - Cash flow from operating activities amounted to
SEK -1,404K (SEK -6,425K ). - Number of shares as of
March 31, 2024 , amounted to 28,824,751 (28,824,751).
Material events during the first three months
- In January Klimator initiates a project aiming to improve energy prediction for electric vehicles by including road weather information.
The project is carried out together with a global player within heavy transport. The value of the order isSEK 984K , of whichSEK 738K is financed through FFI. The project extends over 9 months, starting in mid-December. The project aims to improve the energy consumption forecast for heavy electric vehicles by including road weather information fromKlimator .
The initiative for the project has a background in investments in battery electric and fuel cell-powered vehicles.
- In
March Klimator AB has applied for and been granted a loan ofSEK 3 million from Almi Företagspartner.
- In March Klimators wins its first major airport agreement based on the AHEAD technology. The delivery, which is expected to take place in Q3, will be delivered to one of the largest airports in
Europe . The agreement is signed by the partnerSARSYS ASFT and includes two separate AHEAD systems with a total value of approximatelyEUR 50,000
Material events after the end of the period
AiDEN Auto AiDEN Auto creators of the first white label and bi-directional connected services hub powered by the Android Automotive Operating System (AAOS) andKlimator , world-leading experts in road weather intelligence, will be showcasing a new collaboration during theConnected Vehicle Systems Alliance (COVESA) All Member Meeting inGothenburg ,April 16 – 18. The Demonstration will includeKlimator weather alerts in multiple AiDEN-enabled passenger and commercial vehicles.
- In May Epoke, a leading equipment manufacturer of the winter industry in
Europe andNorth America , has launched the world's first product for salt spreaders, called dynamic dosage, which means that the spreaders are controlled directly throughKlimator 's AI-based road weather application, Road Status Information (RSI).
Comment from the CEO
Continued focus on increased revenues and cost control, intensive sales activities and great interest in
At the time of writing this CEO's statement, we are twelve months into the journey of creating a profitable business. So where are we according to our internal plan established the end of
The past. It is with continued pride that I can state that we continue to grow despite a reduced organization that also continues to deliver with a high quality with a high level of customer satisfaction. Transformations rarely happen because of technology – it's people who contribute to the change. During the first quarter of 2024,
Present. Over the past year,
While we are at the forefront of innovations based on real-time prediction of slippery conditions, we continue to focus on smart prioritization, balancing customers' current and future needs and how we improve our products and offerings. During the year, the Road Condition Data platform has undergone a major change to cope with future upscaling, primarily in Automotive but also in Winter Maintenance. Road Status Information celebrates ten years in 2024 as a product and has also received several improvements during the year that have been very well received by the market. The development of IoT stations continues to continuously add new types of capabilities as the market's needs grow.
Future. Our most exciting development is now taking place in the Klimator AHEAD technology, a computer vision product that is a combination of optical sensors and a camera that can "see" what type of slippery road is IN FRONT of the vehicle. Great opportunities await here in Automotive when the car can "see" the slippery road in front of the car and in Winter Maintenance to control the salt spreader in real time. The latest addition to the agreement also means that airports are a very interesting segment for future business.
Reversing a negative trend is intensive work that is based on smart decisions that take place in real time. It is challenging – but at the same time a very stimulating job where all employees contribute with their unique knowledge. We are a smaller company – but have a strong brand and a particularly unique domain knowledge. A knowledge that creates opportunities both in the present and in the future.
Emil Danielsson,CEO
About
History
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
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,
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 15.7 % 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. The company has increased its project income substantially for Automotive during the first quarter.
In the first quarter of 2024, 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 or for the winter season. 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.
In the first quarter of 2024, 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 first quarter of 2024, 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 first quarter of 2024, 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 first quarter of 2024, other external costs amounted to
Compensation and benefits
At the end of the first quarter, the company employed 17 individuals in business management, sales/business development, administration, and product development/project management.
In the first quarter of 2024, 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 first quarter of 2024, the company’s depreciation and amortization amounted to
Other items
Intangible assets
At the end of the first 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 first quarter, the company had cash and cash equivalents 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 first quarter, the mother company equity ratio was 27 percent, and the group equity ratio was -1.8 percent.
Stock-based incentive plans
At the extraordinary general meeting on
Convertible notes and new share issue
No events during the period.
Number of shares in the company
At the end of the first quarter 2024,
During the first quarter 2024 the average number of shares amounted to 28,824,751. During the first quarter of 2023, the average number of shares amounted to 22,166,418 shares.
Profit per share
Profit per share for the first quarter 2024 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 Q2, which will be published on
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