STEADYNasdaq HelsinkiUtilities - Independent Power ProducersIFRS · EUR

Steady Energy Oyj

Steady Energy Oyj is a Finnish nuclear technology company spun out from the VTT Technical Research Centre of Finland, focused on commercializing small modular reactor (SMR) technology specifically engineered for low-temperature heat generation. Its core product is the LDR-50, a dedicated water-cooled heating reactor intended to replace fossil fuels in municipal district heating networks and industrial heat applications. Headquartered in Espoo, Finland, the company operates as a pre-revenue technology developer preparing for commercial deployment across Northern and Central Europe.

Kysy yhtiöstä
Liikevaihto0,3milj. EUR
+54,3 %v/v
Liikevoitto (EBIT)−9,9milj. EUR
−192,5 %v/v
EBIT-marginaali−3 678,8%
−1 738,3 %-yks.v/v
Nettotulos−9,7milj. EUR
−196,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2024–2025

−10,0−7,5−5,0−2,50,02,5milj. EUR2024: 0,18 milj. EUR2024: EBIT −3,4 milj. EUR20242025: 0,27 milj. EUR2025: EBIT −9,9 milj. EUR20250,27−9,9
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Steady Energy Oyj

Liiketoiminta

Osuus liikevaihdosta
LDR-50 Reactor Systems & EPC60 %

Design, licensing, and turnkey engineering and construction of 50 MWth district heating nuclear reactors

Heat-as-a-Service (HaaS) & Heat Production30 %

Long-term baseload heat off-take agreements selling thermal energy directly to local grids

Lifecycle & Engineering Services10 %

Nuclear safety consulting, maintenance, refueling support, and operational services

Asiakkaat

Steady Energy targets municipal district heating operators and energy utilities seeking zero-carbon baseload heat to replace fossil-fuel and biomass boilers. The company also addresses industrial steam and heat consumers requiring stable, decarbonized, and price-predictable thermal energy. Customer engagement relies on early Technical Studies and Contracts (TSCs) leading to EPC or Heat-as-a-Service arrangements.

Municipal District Heating Utilities

Urban heating grid operators seeking baseload fossil-free heat to achieve net-zero targets

Industrial Process Heat Consumers

Industrial facilities requiring stable, long-term, decarbonized low-temperature thermal energy

Regional Energy Utilities

Energy producers evaluating SMR units under EPC contracts or joint ownership structures

Strategia

Steady Energy's strategic priority is advancing the LDR-50 reactor through regulatory licensing, pilot testing, and first commercial deployment. The roadmap targets securing initial commercial Technical Studies and Contracts (TSCs), receiving a Finnish Decision-in-Principle (DiP), and commencing pilot plant operations. The long-term commercial strategy utilizes both turnkey EPC contracts and Heat-as-a-Service models to capture stable recurring cash flows.

Pilot Plant Construction and TestingLyhyt aikaväli

Validates core design, safety features, and operating economics prior to commercial rollout

Regulatory Licensing and Decision-in-PrincipleKeskipitkä aikaväli

Secures essential government and nuclear safety authority approvals required to build

Commercial First-of-a-Kind (FOAK) Plant DeploymentPitkä aikaväli

Proves the commercial viability of nuclear district heating and drives series production

Maantiede

Steady Energy is based in Espoo, Finland, with core development, testing, and initial commercialization concentrated in the domestic market. The company has designated Finland, Sweden, Poland, and the Czech Republic as priority expansion markets due to extensive district heating infrastructure. International expansion depends on local nuclear regulatory frameworks and the pace of district heating decarbonization across Europe.

Riskit

As a pre-revenue venture, Steady Energy faces severe liquidity and capital-raising risks, with annual cash burn projected at EUR 35-40 million during 2027-2028. Technological, regulatory, and construction execution risks are high given First-of-a-Kind (FOAK) reactor costs estimated between EUR 200-360 million. Furthermore, commercialization depends on public acceptance, complex nuclear licensing approvals, and competing low-carbon heat technologies.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Development Phase Liquidity & Financing Risk1Nuclear Licensing and Permitting Delays2FOAK Capital Expenditure and Execution Overruns3
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Development Phase Liquidity & Financing RiskVaikutus: KriittinenTodennäköisyys: Korkea

    Pre-revenue operations consume EUR 35-40 million annually, requiring continuous equity and grant inflows

    Kohdistuu: Entire operating runway and ability to meet ongoing financial obligations

  2. Nuclear Licensing and Permitting DelaysVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Commercial deployment requires government DiP and regulatory construction licenses from safety authorities

    KohdistuuPostponed plant constructionDelayed customer deliveryIncreased overhead costs
  3. FOAK Capital Expenditure and Execution OverrunsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    First commercial plant estimated to require EUR 200-360 million in capex with risk of engineering delays

    KohdistuuProject return marginsCustomer adoption timelineCorporate solvency
Kysy Clarifolta: Steady Energy Oyj

Kirjanpito

Harkinnanvaraiset erät
R&D Cost Capitalisation vs. Expensing

Distinguishing pure nuclear research from development assets dictates operating loss magnitude and asset base

Vaikutus: Directly influences reported operating profit/loss and intangible asset valuation

Deferred Tax Asset Recognition

Substantial accumulated pre-revenue tax losses may not be recognised due to uncertainty of future taxable income

Vaikutus: Off-balance sheet unrecognized tax assets; potential restriction or forfeiture upon ownership changes

Going Concern and Liquidity Disclosures

Dependent on future financing rounds to meet projected annual cash outflows of EUR 35-40 million

Vaikutus: Requires detailed note disclosures and liquidity risk assessments in interim and annual reports

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Päivitetty: 24.10.2026