Group

• Operating revenue amounted to SEK 7,825K (8,702K).
• Operating profit amounted to SEK -312K (256K).
• Net income amounted to SEK -493K (-151K).
• Earnings per share after tax amounted to SEK -0.02 (SEK 0.01).
• Cash flow from operating activities amounted to SEK 1,640K (-1,404K).
• Number of shares as of March 31, 2025, amounted to 31,084,638 (28,824,751).

 
Material events during the period
No material events  to report
 
Material events after the end of the period
 
No material events after the period to report
 
Comment from the CEO
Growth and Profitability in Sight
The first quarter of 2025 has been marked by continued geopolitical uncertainty. Trade restrictions, increased tariffs, and an unpredictable situation in the East have created challenges across many industries. At the same time, winter remains constant—a persistent reality that underscores the need for safe and efficient winter road maintenance.
For Klimator, our mission is eternal: to enable safer, more sustainable, and cost-effective solutions, regardless of global circumstances. Our intelligent and high-tech focus on full automation continues to evolve alongside the industry, creating significant value for our customers during the winter season.

Klimator delivered a good first quarter, despite lower sales than last year. The decrease is mainly attributable to lower revenues from public funds (Vinnova), which is in line with the strategy to focus on business in the winter industry and to be more selective with regard to development projects. In terms of net sales, which mainly consist of "Winter Maintenance", we see an increase in recurring revenue, while we have had a shift in hardware deliveries to the second quarter of approximately SEK 2 million. Despite this, we are in line with revenues for the first quarter of 2024. We are also very pleased to be able to report a positive cash flow of SEK 1.6 million for the period.

Winter Maintenance
This quarter has seen an exceptionally high level of activity in winter road maintenance, both among our existing customers and through partnerships with several new players. It is increasingly clear that Klimator is being invited into business discussions centered around future strategies and a strong willingness to implement and improve. The national road maintenance markets have begun to see the tangible effects of our solutions—not just in terms of smarter resource use, but also through improved working environments and enhanced organizational learning.
One of our core strategies is to increase knowledge and competence within the industry to enable better and more informed data-driven decisions. It is especially gratifying to see that nearly 300 people in the winter services sector—from both private and public organizations—are actively participating in our conferences in Sweden and Denmark. These forums have become important hubs for sharing practical solutions and discussing implementation and challenges around common industry problems.

What currently generates the most interest across all markets is dynamic or adaptive salting—a technology where salt spreaders are directly controlled by Klimator’s data and respond in real-time based on actual road conditions. This development clearly signals the next step in the industry's digital transformation, where our solutions play a key role in enabling more efficient, safer, and more sustainable winter roads while reducing reliance on individual expertise.
We are now in our most important period for securing agreements for the upcoming fall and winter, with intense efforts underway to win new contracts and plan for deliveries in winter 2025.

Automotive
In the first quarter, we launched a new API for OEMs and commercial vehicles. The new API introduces expanded opportunities—for example, allowing fleet management systems to integrate Klimator data and paving the way for global scaling while maintaining cost efficiency.

• There is strong internal commitment across several markets to convert ongoing discussions into new commercial agreements.
• We remain focused on maintaining high-cost control as our systems scale across more markets, customers, and users.
• We continue to improve model quality and aim to deliver the industry’s most innovative and reliable automation systems for winter operations.

An exciting spring, summer, and fall lie ahead—and as you know, we’re already looking forward to next winter.
 
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 decreases by 10% to 7,825 thousand SEK (8,702) for the first quarter of 2025. The decrease is mainly attributable to lower revenue from public funds (Vinnova). The company's reduction in revenue from public funds is in line with the strategy to increase focus on business within the winter industry and to be more selective regarding development projects.

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. The company has significantly increased its project revenue for Automotive during the fourth quarter.
For the first quarter of 2025, net revenue amounts to 6,697 thousand SEK, which is in line with the previous year (6,824 thousand SEK). Recurring revenue (ARR) increases while hardware deliveries decrease due to a shift to the second quarter by approximately 2,000 TSEK.

The company's net sales come primarily from Winter Maintenance, which includes the sensor business. The 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.

Capitalized developmental work and proprietary fixed assets
The company capitalizes costs related to certain product development. During the first quarter of 2025, the company has capitalized costs of 105 thousand SEK.

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.
For the first quarter of 2025, other operating income amounts to 1,023 thousand SEK compared to 1,759 thousand SEK in the same period last year, which is a decrease of 41%.

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 first quarter of 2025, direct costs amount to 1,403 thousand SEK (1,370).

Other external costs
The item for other external costs mainly includes premises rent, IT services, marketing, travel and consultancy fees.
During the first quarter of 2025, other external costs amounted to 1,289 thousand SEK, which is a decrease of 23% compared to the previous year (1,680 thousand SEK). The decrease is mainly due to lower consultancy costs in the Danish subsidiary.
 
Compensation and benefits
The company's organization at the end of the fourth quarter includes a total of 17 employees, active in corporate management, sales, business development, administration, product development and project management.
For the first quarter of 2025, personnel costs amount to 5,197 thousand SEK (5,121), which is equivalent 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 first quarter of 2025, the company's depreciation amounted to 248 thousand SEK (275 thousand SEK).

Other items
Intangible assets
The company's intangible assets at the end of the first quarter amounted to 3,048 thousand SEK and consisted of capitalized development costs of 2,315 thousand SEK, patents of 620 thousand SEK and goodwill of 113 thousand SEK
The acquisition value of an internally generated fixed asset consists of all directly attributable expenses.
Intangible assets are amortized on a straight-line basis over the assets' estimated useful lives, which are reassessed at each balance sheet date. Currently, useful lives are estimated to be five years for all intangible assets.

Cash and cash equivalent
At the end of the fourth quarter, the company had cash and cash equivalents of thousand 9,059 thousand SEK. The company also has an unused bank overdraft facility of 1,700 thousand SEK.

Cash flow
Cash flow from operating activities for January-March 2025 amounted to 1,640 thousand SEK (-1,404 thousand SEK).
 
 Interest-bearing long-term debt
The company has a long-term debt of 2,042 thousand SEK in the form of two loans from Almi Företagspartner.
Through corona-related support, the company has received a refund 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 2,870 thousand SEK.

Interest-bearing short-term loan
The company has a short-term debt from Almi Företagspartner amounting to 756 thousand SEK.
The short-term portion of the corona support is 1,619 thousand SEK.

Equity
The parent company's equity amounted to 5,536 thousand SEK as of March 31, 2025. The group's equity amounted to 386 thousand SEK as of March 31, 2025.
 
Equity ratio
The parent company's equity ratio was 28.5 percent at the end of the first quarter. The group's equity ratio was 1.9 percent at the end of the first 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 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 first quarter of 2025, which is an increase of 2,259,887 shares compared to the first quarter of 2024. The average number of shares during the first quarter of 2025 was 31,084,638 shares. In the first quarter of 2024, this amounted to 28,824,751 shares.

Profit per share
Profit per share for the first quarter 2025 amounted to SEK -0.01 (0,02).

Auditor’s review
This Interim Report has not been reviewed by the company’s auditor.

Date of upcoming reports
Quarterly report Q2 2025 – 29 Aug 2025
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.