OXE Marine (OXE) Q4 2024 earnings summary

Executive summary

• Net turnover for Q4 2024 was SEK 43.6m, down 30% year-over-year, mainly due to a large one-time P&A order in Q4 2023; full-year net turnover was SEK 173.8m, down 8% year-over-year.

• Gross margin improved to 27% in Q4 (23% prior year) and 32% for the full year (20% prior year), driven by direct sales and a growing installed base.

• EBITDA for Q4 was SEK -16.9m (SEK -12.8m prior year); full-year EBITDA improved to SEK -52.7m from SEK -78m.

• Net loss for Q4 was SEK -29.8m (SEK -18.5m prior year); full-year net loss narrowed to SEK -97.9m from SEK -116.4m.

• Comprehensive recapitalization completed: SEK 78m rights issue and SEK 243m debt restructuring, eliminating all interest-bearing debt and moving to a net cash position.

Financial highlights

• Propulsion sales in Q4 grew 30% year-over-year to SEK 35.3m; full-year propulsion sales up 6% to SEK 124.7m.

• Parts & Accessories sales in Q4 fell 77% year-over-year to SEK 8.2m due to a large prior-year order; full-year P&A sales down 32% to SEK 49.0m.

• Cash on hand at year-end was SEK 44.3m, up from SEK 28.7m prior year.

• Total assets at year-end were SEK 310.9m (SEK 339.3m prior year); equity increased to SEK 190.9m (SEK 13.4m prior year) after recapitalization.

Outlook and guidance

• Entering 2025 with a strong financial position and momentum following refinancing.

• Largest order in company history (USD 6.6m) received in January 2025 from a US governmental agency; significant order backlog for 2025 delivery.