OXE Marine (OXE) Q2 2024 earnings summary

Executive summary

• Net turnover for Q2 2024 was SEK 45.4m, down 2% year-over-year; gross margin improved to 32% from 0% last year.

• EBITDA loss narrowed to SEK -11.3m from SEK -27.8m; net loss for the quarter was SEK -20.0m, improved from SEK -43.9m.

• Significant US orders received, including a USD 3.3m contract with a US boat builder and USD 1.5m from a US government agency.

• Inventory reduction strategy generated SEK 11.4m in cash; production shifted to build-to-order.

Financial highlights

• H1 2024 net turnover was SEK 84.5m, up from SEK 79.1m year-over-year; gross margin rose to 30% from 10%.

• EBITDA for H1 2024 was SEK -30.2m, improved from SEK -45.2m; net loss was SEK -53.3m, better than SEK -71.5m last year.

• Cash on hand at quarter-end was SEK 8.6m, down from SEK 28.7m at end of 2023.

• Total assets at 30 June 2024 were SEK 298.4m, down from SEK 339.3m at year-end.

• Total equity was SEK -36.8m, compared to SEK 13.4m at year-end; parent company equity at SEK 8.1m, near statutory minimum.

Outlook and guidance

• Management sees robust demand in commercial and governmental segments, with growing US presence and new contracts supporting stability.

• Focus remains on cost control, inventory management, and expanding the dealer and OEM network.