Third Quarter 2023
- Consolidated Net turnover amounted to
SEK 47.5 m (SEK 39.1 m). - Consolidated Gross Profit amounted to
SEK 17.0 m (SEK 10.1 m) with a gross margin of 36% (26%). - Consolidated EBITDA amounted to
SEK -10.2 m (SEK -8.0 m). - The consolidated result for the quarter amounted to
SEK -17.6 m (SEK -20.1 m). - Consolidated EPS and Diluted EPS amounted to
SEK -0.06 (SEK -0.08 ).
January -
- Consolidated Net turnover amounted to
SEK 126.6 m (SEK 116.3 m). - Consolidated Gross Profit amounted to
SEK 25.3 m (SEK 28.7 m) with a gross margin of 20% (25%). - Consolidated EBITDA amounted to
SEK -55.4 m (SEK -29.8 m). - The consolidated result for the period amounted to
SEK -89.0 m (SEK -64.2 m). - Consolidated EPS and Diluted EPS amounted to
SEK -0.29 (SEK -0.26 ).
Significant events during the third quarter
- OXE Marine receives orders worth
SEK 63 m (USD 5.8 m) to supply aUnited States Governmental Agency . - OXE Marine received an order from its exclusive distributor in
the Philippines of approximatelySEK 9 m (EUR 0.9 m) as a result of an award from the Philippines Coast Guard. - OXE Marine and
Punch Torino announced a collaboration. - OXE Marine expands in
North America by appointing new distributor inMexico .
Significant events during the first half of the year
- OXE Marine receives orders worth
SEK12M (USD1.1M ) from United States DLA. - OXE Marine presented a new concept outboard OXE hybrid 450, the world’s first diesel electric hybrid outboard.
- OXE Marine's water jet engine was nominated for innovation of the year at the
Miami international boat show. - OXE Marine expands in
South America by appointing new distributors inBrazil andColombia . - OXE Marine expand their footprint in
Asia by appointingCreation Co., Ltd as dealers forJapan . - OXE Marine appointed
Paul Frick as new CEO. - OXE Marine introduced the OXE configurator, that allows the customers to customize their OXE Diesel Outboard.
Significant events after the reporting period
- OXE Marine announced a collaboration with control system manufacturer Uflex.
A word from the CEO
A MILESTONE QUARTER
“The two large milestones achieved during the quarter is an accumulation of hard work over several years finally paying off. Greater visibility in the delivery pipeline brings stability to our business as well as giving us momentum to pursue new opportunities. Our full focus is on delivering on our commitments to customers.”
Most notably there where two large milestone orders to governmental end users received during the quarter. Individually, each order is significant. The
During the quarter we recognized revenue of approximately 20% of the order to supply a
Financially it was also a milestone quarter with the highest ever gross margin achieved of 36%. The higher margin was attributable to the following factors: milestone orders consisting of engines and P&A, price increases coming into full effect and a larger proportion of P&A sales. This is an encouraging development, as it means that this has been the best performance in the underlying business during a quarter. While a large portion of the margin improvement is attributable to the milestone orders received, which includes engines and sufficient P&A to support the lifecycle of the product, excluding these orders there was still a general improvement in the underlying margin of the business.
Total sales amounted to
Parts & Accessories contributed 25% (24%) of total revenue during the third quarter with sales amounting to
Costs were kept under control during the quarter and one of the main reasons has been the decrease in personnel costs of
Following the launch of the “refurb program” mentioned in Q2, we sold the first remanufactured engines in Q3. These engines were quality checked in
We announced a collaboration with
Finally, when analysing our own EBITDA performance (refer EBITDA excluding forex movements and one-off adjustments below) we can see that there is an improvement in the operating performance of the business. This is encouraging as we continue to work towards achieving profitability and this is a goal that resonates with the entire company who understands the importance of achieving this milestone. Once again, I would like to thank the dedication of my colleagues who remain extremely productive and hard working.
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