Climeon, the Swedish clean-technology company focused on converting low-temperature heat into electricity, has reported a steep decline in second-quarter sales, with order intake remaining at zero. The results, released on 18 July 2026, highlight the persistent difficulties the firm is experiencing in securing new contracts within the geothermal and industrial heat recovery sectors.
For the three months ended 30 June 2026, net sales fell to approximately SEK 1.2 million, a sharp drop from SEK 5.8 million in the same period last year. The company also posted an operating loss of around SEK 32 million, compared with a loss of SEK 27 million in Q2 2025. Management attributed the weak performance to delayed customer decisions and slower-than-expected project financing in key markets.
The absence of new orders for a second consecutive quarter raises questions about Climeon's near-term revenue outlook. The firm's order book now stands at just SEK 0.7 million, down from SEK 5.1 million at the end of March 2026. Shares in Climeon, which is listed on the Nasdaq First North Growth Market, have fallen by around 15% this year, reflecting investor unease over the company's growth trajectory.
For UK investors with exposure to clean-energy exchange-traded funds or alternative energy-focused portfolios, Climeon's struggles serve as a cautionary tale about the volatility in early-stage geothermal technology. The sector remains capital-intensive, and project deployment timelines have often slipped due to regulatory hurdles and financing gaps. Analysts at several Nordic brokerages have recently downgraded their price targets, citing a lack of visibility on revenue recovery.
Climeon has said it is pursuing a strategic review of its operations, including potential partnerships or asset sales, to preserve cash. However, with cash reserves of approximately SEK 45 million as of 30 June, the company may need to secure additional funding within the next 12 months if order intake does not improve. A decision on the strategic review is expected in the coming months.