OXE Marine (OXE) Q2 2025 earnings summary

Executive summary

• Net turnover for Q2 2025 rose 35% year-over-year to SEK 61.2m, with record Propulsion sales and improved gross margin to 37%.

• EBITDA improved to SEK -0.7m from SEK -11.3m year-over-year; net loss narrowed to SEK -9.6m from SEK -20.0m.

• Year-to-date net turnover reached SEK 112.4m, up from SEK 84.5m, with gross margin at 35%.

• No significant events occurred during Q2; the first half saw the largest order in company history (USD 6.6m) from a US government agency.

Financial highlights

• Q2 gross profit was SEK 22.4m (up from SEK 14.4m), and EBITDA was SEK -0.7m (improved from SEK -11.3m).

• Net loss for Q2 was SEK -9.6m, with EPS at SEK -0.01 (improved from SEK -0.06).

• Cash on hand at quarter-end was SEK 4.2m, down from SEK 44.3m at year-end, mainly due to working capital movements.

• Total assets at June 30, 2025, were SEK 280.9m, with equity at SEK 166.0m.

• Cash flow from operating activities for Q2 was SEK -10.4m, impacted by increased accounts receivable and lower payables.

Outlook and guidance

• Focus remains on achieving profitability and sales growth, with continued margin improvements and cost control.

• Facility expansion in Ängelholm, including a new training center, is underway to support business growth.

• Management is monitoring US tariff developments, which may impact short-term deliveries and pricing.