Ocean Sun (OSUN) Q1 2026 earnings summary

Executive summary

• Floating solar technology achieved 1 GWh production, saving 250,000 liters of diesel and reducing 770 tons of CO2 emissions in the Maldives, with strong interest from resort markets due to high diesel prices and energy security concerns.

• Q1 2026 focused on advancing floating solar technology, expanding the project pipeline in multiple countries, and validating performance through operational projects like Soneva Secret and Banja.

• Strategic review process ongoing to address strained cash position and explore alternatives, with no conclusion reached yet.

• Public funding of NOK 8 million awarded for a multi-year research project to enhance technology resilience.

Financial highlights

• Q1 2026 operating income was NOK 2.1 million, mainly from research grants, with a net loss of NOK 6.4 million.

• Cash and cash equivalents at quarter-end were NOK 6.7 million, down from NOK 15.8 million at year-end 2025.

• Negative cash flow from operations was NOK 9.1 million, with an equity ratio of 64% and no interest-bearing debt.

Outlook and guidance

• Market opportunity estimated at $600 million in the Maldives and $500 million globally for turnkey projects.

• Pipeline of 31 MWp across 10 projects expected to close within a year, with increased activity anticipated in the Maldives and other resort areas.

• Construction of the Brazil demonstration system scheduled for Q3 2026, with further expansion potential in South America.