OXE Marine AB (publ)
Second Quarter 2026
- Consolidated Net turnover amounted to SEK 15.5 m (SEK 61.2 m).
- Consolidated Gross Profit amounted to SEK 6.3 m (SEK 22.8 m) with a gross margin of 40% (37%).
- Consolidated EBITDA amounted to SEK -18.1 m (SEK -0.7 m).
- The consolidated result for the quarter amounted to SEK -27.0 m (SEK -9.6 m).
- Consolidated EPS and Diluted EPS amounted to SEK -0.03 (SEK -0.01).
January - June 2026
- Consolidated Net turnover amounted to SEK 32.9 m (SEK 112.4 m).
- Consolidated Gross Profit amounted to SEK 12.1 m (SEK 39.7 m) with a gross margin of 37% (35%).
- Consolidated EBITDA amounted to SEK -34.2 m (SEK -6.0 m).
- The consolidated result for the quarter amounted to SEK -52.5 m (SEK -20.8 m).
- Consolidated EPS and Diluted EPS amounted to SEK -0.07 (SEK -0.03).
Significant events during the second quarter
- OXE Marine signs OEM agreement with Damen Compact Crafts - first vessel on display at Seawork 2026.
- OXE Marine and Tideman Boats to deliver Dutch government Caribbean support craft programme.
Significant events during the first half of the year
- OXE Marine successfully raises SEK 60.0 million through directed share issues which are proposed by the Board and the largest shareholder respectively
- OXE Marine signs OEM agreement with Damen Compact Crafts - first vessel on display at Seawork 2026.
- OXE Marine and Tideman Boats to deliver Dutch government Caribbean support craft programme.
Significant events after the reporting period
- OXE Marine receives order for study, engineering services and components for GM Marine.
Comments from CEO
Continued headwinds, encouraging commercial progress on key projects
The second quarter of 2026 reflected continued weakness in the marine market, a trend seen across the industry. During the quarter, we strengthened our position in the commercial and governmental segments with Tideman Boats' selection of OXE225 engines for Dutch government support craft operating in the Caribbean, as well as the announcement of the OEM agreement with Damen Compact Crafts, part of the Damen Shipyards Group.
Financial performance
Net turnover amounted to SEK 15.5 m (SEK 61.2 m), while EBITDA was SEK -17.3 m (SEK -0.7 m). This reflected the softer demand environment highlighted in our Q1 report, as delays in U.S. governmental projects and continued uncertainty related to tariffs and the geopolitical environment extended customer decision-making timelines. Similar market conditions have also been reported by several other marine manufacturers during the quarter.
Gross profit improved to 40% (37%), with a combination of product mix and engineering services adding value to the engine sales process. We maintained disciplined cost control during the quarter. Operating expenses amounted to SEK -23.5 m (SEK -22.1 m), below the SEK25m target. The slight increase is mainly as a result of our continued investment in our expanded sales organisation.
Progress in commercial and governmental applications
Despite the challenging market, we achieved several important commercial milestones. We signed an OEM agreement with Damen Compact Crafts, part of the Damen Shipyards Group and one of the largest shipyards in Europe, under which OXE outboards will become the standard propulsion solution across relevant vessels in its HDPE workboat range. The boat had its debut at Seawork and was well received.
Tideman Boats also selected twin OXE225 engines to power a new fleet of Caribbean Support Craft for a Dutch Government Authority. This marks another important step in OXE's continued expansion within the governmental segment and builds on our long-standing partnership with Tideman.
Engineering services and GM Marine
Shortly after the end of the quarter, GM Marine placed an order worth approximately USD 0.7 million as part of a total USD 1.0 million project covering engineering services, components and a study of our patented lower-leg drive. This introduces Engineering Services as a new revenue stream while validating our long-term technology roadmap with GM Marine, exploring the possibilities of alternate power solutions to be paired with the OXE lower leg drive.
Financing
The SEK 60 million directed share issue was approved at the Annual General Meeting on 24 April 2026. Part of the proceeds was used to repay shareholder loans totalling SEK 19.2 million, strengthening the Company's balance sheet and financial position and injecting approximately SEK 40.8 million in cash.
OXE Connect gaining traction
We also continued the rollout of OXE Connect during the quarter. More customers are signing up to the platform, and feedback on the functionality has been very positive, particularly from fleet customers. This reinforces our view that connected services can become an increasingly important part of the OXE offering, supporting customers with improved visibility, operational insight and fleet management capabilities.
Operations
While it has no doubt been a slow quarter, sales wise, the organisation has been very productive when it comes to supporting customers with new installations. Our full focus has been on supporting our customers. Several of the installations are on high profile customers where they are in the beginning phase of introducing OXE diesel outboards into their fleets. During the quarter, the P&A team increased delivery performance and cleared the order backlog.
Looking Ahead
Going into the third quarter, we continue to see an increase in enquiries as well as evaluation of reference new installations, and while it will take time for this pipeline to convert into revenue, these wins represent an important step towards a diversified and balanced customer base.
I would like to thank our team for their continued dedication to giving full focus to servicing our customers. We remain firmly focused on execution, improving performance, and driving the company toward profitability.
- 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 Nordic Growth 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 2026-07-24 07:00 CEST.
