Interim Report April – June 2025
25 juli, 07:00
Second Quarter 2025
- Consolidated Net turnover amounted to SEK 61.2 m (SEK 45.4 m).
- Consolidated Gross Profit amounted to SEK 22.4 m (SEK 14.4 m) with a gross margin of 37% (32%).
- Consolidated EBITDA amounted to SEK -0.7 m (SEK –11.3 m).
- The consolidated result for the quarter amounted to SEK -9.6 m (SEK -20.0 m).
- Consolidated EPS and Diluted EPS amounted to SEK -0.01 (SEK -0.06).
January - June 2025
- Consolidated Net turnover amounted to SEK 112.4 m (SEK 84.5 m).
- Consolidated Gross Profit amounted to SEK 39.3 m (SEK 25.1 m) with a gross margin of 35% (30%).
- Consolidated EBITDA amounted to SEK -6.0 m (SEK –30.2 m).
- The consolidated result for the quarter amounted to SEK -20.8 m (SEK -53.3 m).
- Consolidated EPS and Diluted EPS amounted to SEK -0.03 (SEK -0.16).
Significant events during the second quarter
- No significant events during the quarter
Significant events during the first half of the year
- OXE Marine receives the largest order in the company’s history of USD 6.6 m to supply a United States Governmental agency.
- OXE Marine AB changes Certified Adviser to Redeye AB.
Significant events after the reporting period
- No significant events after the quarter
Comments from CEO
Strong growth in Propulsion
“OXE achieved record Propulsion sales for a second quarter in a row, amounting to SEK 48 m, 43% up relative to the same quarter of the previous year. Gross margin also strengthened and amounted to 37%, with the highest ever gross profit for a quarter. EBITDA amounted to SEK -0.7 m for the quarter. We have consistently improved on an operating profit level and will continue focus on achieving profitability all the way down to the bottom line.”
It was a solid quarter for OXE Marine, with strong demand for OXE’s products coming both from new customers as well as repeat orders from fleet customers. Total sales amounted to SEK 61.2 m (SEK 45.4 m), a growth of 35% quarter on quarter.
At an operating profit level, overall profitability moved in the right direction, with EBITDA amounting to SEK -0.7 m (SEK -11.3 m). The improvement is as a result of growth in sales, stronger gross margin and keeping operating costs within the targeted level.
Business Performance
During the quarter, sales of propulsion reached SEK 48.6 m (SEK 34.1 m), representing a 43% increase compared to the same quarter of the previous year. Sales of Parts & Accessories (P&A) amounted to SEK 12.6 m (SEK 11.3 m), representing a 12% increase compared to the same quarter of the previous year.
Gross margin for the quarter improved to 37% (32%), a clear increase compared to the latest quarters. We are therefore pleased to see the consistent margin improvement in the underlying business. The improvement in margin is driven by a greater proportion of direct to OEM sales, a reduction in warranty costs and were negatively impacted by the USD/EUR forex exchange rate.
Operating expenses (OPEX) for the quarter amounted to SEK 23.1 m (SEK 26.5 m). We were pleased with this improvement which is below our targeted maximum of SEK 25 m a quarter. The reduction is a combination of a stronger SEK/USD as well as a reflection of underlying efforts to enhance profitability through disciplined cost control across the board.
Cash flow from operating activities before changes in working capital was SEK -1.9 m (SEK -15.3 m) showing a significant improvement in the ability of the business to generate cash. The quarter closed with SEK 4.2 m (SEK 8.6 m) in cash, however overall working capital remained relatively stable. The lower cash balance is because of large movements in working capital balances, which is a byproduct of the overall growth in business. Accounts receivable was relatively higher at SEK 52.7 m (SEK 36.1 m) while accounts payable was lower at SEK 27.4 (SEK 43.7) – both changes putting downward pressure on cash flow from working capital. At the end of the quarter, the company still had sufficient head room to continue to drawdown on the working capital facility in the US. Also subsequent to quarter end there have been collections on the accounts receivable balance to improve overall cashflow. Cash flow attributable to changes in working capital amounted to SEK -8.6 m (SEK 5.3).
US Tariffs
The tariffs in the US may have an impact on the business and at the date of writing this report, the outcome of the tariff negotiations are not clear. Management continues to follow the developments in tariff changes and will attempt to mitigate the risks as much as possible. In the long term, final tariff levels will be factored into the pricing of US sold products. In the short term, the tariff uncertainty may affect deliveries to the US as our approach is not to ship product internally to our US subsidiary until there is more certainty around tariff levels.
Looking Ahead
Our two focus areas continue to be achieving profitability and growing sales, where the current quarter has shown significant improvements in both areas. We start Q3 by expanding our facility in Ängelholm, including warehouse capacity and a new training facility to host the OXE Academy for our growing customer base and dealer network. This expansion is needed and supports the underlying growth of the business.
And finally, I would like to thank the hard-working team at OXE for another quarter with solid improvements.
- Paul Frick, CEO
The Interim report is available for download at: https://www.oxemarine.com/investors/financial-reports
For further information, please contact:
Paul Frick, CEO, OXE Marine AB, paul.frick@oxemarine.com, +46 (0) 703 25 06 20
Jonas Wikström, Chairman of the Board, OXE Marine AB jonas.wikstrom@oxemarine.com, +46 (0) 70 753 65 66
About OXE Marine
OXE Marine AB (publ) is the company behind the world’s first high performance diesel outboard. The company’s unique and patented solutions for high torque transmission between powerhead and lower leg has led to a global high demand for the company’s outboards. Enabling improved performance and fuel efficiency in an outboard, OXE Marine redefines possibilities in the marine sector.
OXE Marine AB (publ) is listed on the NASDAQ First North Growth Market (STO: OXE). Redeye AB is the Company’s Certified Adviser.
This information is information that OXE Marine is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-07-25 07:00 CEST.
Attachments
OXE Marine AB Q2 2025 Interim Report
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Interim Report April – June 2025
25 juli, 07:00
Second Quarter 2025
- Consolidated Net turnover amounted to SEK 61.2 m (SEK 45.4 m).
- Consolidated Gross Profit amounted to SEK 22.4 m (SEK 14.4 m) with a gross margin of 37% (32%).
- Consolidated EBITDA amounted to SEK -0.7 m (SEK –11.3 m).
- The consolidated result for the quarter amounted to SEK -9.6 m (SEK -20.0 m).
- Consolidated EPS and Diluted EPS amounted to SEK -0.01 (SEK -0.06).
January - June 2025
- Consolidated Net turnover amounted to SEK 112.4 m (SEK 84.5 m).
- Consolidated Gross Profit amounted to SEK 39.3 m (SEK 25.1 m) with a gross margin of 35% (30%).
- Consolidated EBITDA amounted to SEK -6.0 m (SEK –30.2 m).
- The consolidated result for the quarter amounted to SEK -20.8 m (SEK -53.3 m).
- Consolidated EPS and Diluted EPS amounted to SEK -0.03 (SEK -0.16).
Significant events during the second quarter
- No significant events during the quarter
Significant events during the first half of the year
- OXE Marine receives the largest order in the company’s history of USD 6.6 m to supply a United States Governmental agency.
- OXE Marine AB changes Certified Adviser to Redeye AB.
Significant events after the reporting period
- No significant events after the quarter
Comments from CEO
Strong growth in Propulsion
“OXE achieved record Propulsion sales for a second quarter in a row, amounting to SEK 48 m, 43% up relative to the same quarter of the previous year. Gross margin also strengthened and amounted to 37%, with the highest ever gross profit for a quarter. EBITDA amounted to SEK -0.7 m for the quarter. We have consistently improved on an operating profit level and will continue focus on achieving profitability all the way down to the bottom line.”
It was a solid quarter for OXE Marine, with strong demand for OXE’s products coming both from new customers as well as repeat orders from fleet customers. Total sales amounted to SEK 61.2 m (SEK 45.4 m), a growth of 35% quarter on quarter.
At an operating profit level, overall profitability moved in the right direction, with EBITDA amounting to SEK -0.7 m (SEK -11.3 m). The improvement is as a result of growth in sales, stronger gross margin and keeping operating costs within the targeted level.
Business Performance
During the quarter, sales of propulsion reached SEK 48.6 m (SEK 34.1 m), representing a 43% increase compared to the same quarter of the previous year. Sales of Parts & Accessories (P&A) amounted to SEK 12.6 m (SEK 11.3 m), representing a 12% increase compared to the same quarter of the previous year.
Gross margin for the quarter improved to 37% (32%), a clear increase compared to the latest quarters. We are therefore pleased to see the consistent margin improvement in the underlying business. The improvement in margin is driven by a greater proportion of direct to OEM sales, a reduction in warranty costs and were negatively impacted by the USD/EUR forex exchange rate.
Operating expenses (OPEX) for the quarter amounted to SEK 23.1 m (SEK 26.5 m). We were pleased with this improvement which is below our targeted maximum of SEK 25 m a quarter. The reduction is a combination of a stronger SEK/USD as well as a reflection of underlying efforts to enhance profitability through disciplined cost control across the board.
Cash flow from operating activities before changes in working capital was SEK -1.9 m (SEK -15.3 m) showing a significant improvement in the ability of the business to generate cash. The quarter closed with SEK 4.2 m (SEK 8.6 m) in cash, however overall working capital remained relatively stable. The lower cash balance is because of large movements in working capital balances, which is a byproduct of the overall growth in business. Accounts receivable was relatively higher at SEK 52.7 m (SEK 36.1 m) while accounts payable was lower at SEK 27.4 (SEK 43.7) – both changes putting downward pressure on cash flow from working capital. At the end of the quarter, the company still had sufficient head room to continue to drawdown on the working capital facility in the US. Also subsequent to quarter end there have been collections on the accounts receivable balance to improve overall cashflow. Cash flow attributable to changes in working capital amounted to SEK -8.6 m (SEK 5.3).
US Tariffs
The tariffs in the US may have an impact on the business and at the date of writing this report, the outcome of the tariff negotiations are not clear. Management continues to follow the developments in tariff changes and will attempt to mitigate the risks as much as possible. In the long term, final tariff levels will be factored into the pricing of US sold products. In the short term, the tariff uncertainty may affect deliveries to the US as our approach is not to ship product internally to our US subsidiary until there is more certainty around tariff levels.
Looking Ahead
Our two focus areas continue to be achieving profitability and growing sales, where the current quarter has shown significant improvements in both areas. We start Q3 by expanding our facility in Ängelholm, including warehouse capacity and a new training facility to host the OXE Academy for our growing customer base and dealer network. This expansion is needed and supports the underlying growth of the business.
And finally, I would like to thank the hard-working team at OXE for another quarter with solid improvements.
- Paul Frick, CEO
The Interim report is available for download at: https://www.oxemarine.com/investors/financial-reports
For further information, please contact:
Paul Frick, CEO, OXE Marine AB, paul.frick@oxemarine.com, +46 (0) 703 25 06 20
Jonas Wikström, Chairman of the Board, OXE Marine AB jonas.wikstrom@oxemarine.com, +46 (0) 70 753 65 66
About OXE Marine
OXE Marine AB (publ) is the company behind the world’s first high performance diesel outboard. The company’s unique and patented solutions for high torque transmission between powerhead and lower leg has led to a global high demand for the company’s outboards. Enabling improved performance and fuel efficiency in an outboard, OXE Marine redefines possibilities in the marine sector.
OXE Marine AB (publ) is listed on the NASDAQ First North Growth Market (STO: OXE). Redeye AB is the Company’s Certified Adviser.
This information is information that OXE Marine is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-07-25 07:00 CEST.
Attachments
OXE Marine AB Q2 2025 Interim Report
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