OXE Marine () : Interim report 1 April to 30 June 2020

INTERIM REPORT

1 APRIL TO 30 JUNE 2020

INTERIM REPORT, Q4 2019 OXE MARINE AB (PUBL)

www.oxemarine.com

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OXE MARINE AB (PUBL) 556889-7226

OXE Marine AB (publ)

INTERIM REPORT

Second quarter (April - June 2020)

• Net turnover of SEK 21.8m (SEK 24.2m)
• Gross Profit of SEK 1.7m (SEK 0.3m) or gross margin of 8% (1%)
• Operating Loss/EBIT of SEK -12.2m (SEK -19.4m)
• Result for the period of SEK -14.3m (SEK -22.5m)
• Order book grew by 6% organically to EUR 5.4 m or SEK 57 m (EUR 5.1 m or SEK 56 m as at end of Q1 2020)

First half of 2020 (January - June 2020)

• Year to date net turnover of SEK 32.1m (SEK 27.7m)
• Gross Profit of SEK 4.1m (SEK -10.4m) or gross margin of 13% (-37%)
• Operating Loss/EBIT of SEK -29.8m (SEK -46.6m)
• Result for the period of SEK -33.8m (SEK -55.6m).
• YTD the order book has grown 33%organically to 5.4 MEUR or 57 MSEK at the end of Q2 2020 (EUR 4.1m or SEK 43 m as at end of Q4 2019)

Significant events during the Second quarter

• PanLink, headquarted in Malmö, Sweden selected as the production partner for the OXE300.
• Outdoor Network Manufacturing in the USA selected as the new manufacturing partner for the 125hp to 200hp series.
• OXE Marine delivered the first OXE300 units to a customer.

Significant events after the reporting period

• 22 July: Following the successful collaboration with the BMW Group of marinizing their 3 litre, 6 cylinder bi-turbo engine for use in the OXE300s, OXE Marine AB and BMW agreed to co-brand the OXE300.
• 22 July: OXE Marine AB entered into a Preliminary Development Agreement (PDA) with the BMW Group to carry out a preliminary study of its 2.0 litre, 4 cylinder turbo diesel engine for marine application - to power the Company's next generation of OXE200 series.
• 18 August: First commercial order from the US Coast Guard following testing and validation
• 21 August: Successfully concluded certification run for EPA and IMO emission test.

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Key Figures

2020	2019	2020	2019	2019	2018
Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec	Jan-Dec

Net turnover, KSEK	21 776	24 153	32 065	27 728	91 100	40 578
Gross Margin %	8%	1%	13%	-37%	-4%	-41%
EBITDA, KSEK	-8 354	-16 051	-22 065	-41 292	- 73 676	- 74 367
Net loss for the period, KSEK	-14 265	-22 491	-33 847	-55 555	-101 938	-108 213
Burn Rate, KSEK	-22 453	-26 081	-46 093	-48 016	-101 948	-87 605
Burn Rate excl R&D, KSEK	-12 635	-15 420	-27 727	-27 206	-63 376	-55 376
Order Book Value, KSEK	57 111	n/a	57 111	n/a	43 230	n/a
Earnings per share basic, SEK	-0.09	-0.25	-0.21	-0.92	-0.80	-4.04
Earnings per share diluted, SEK	-0.07	-0.18	-0.17	-0.59	-0.68	-4.04

INTERIM REPORT, Q2 2020 OXE MARINE AB (PUBL)

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OXE MARINE AB (PUBL) 556889-7226

COMMENTS BY THE CEO

Given the background of significant global economic and social disruption due to the COVID-19 crisis, the Company achieved sales amounting to SEK 21.8m for the quarter (SEK 24.1m), whilst being significantly above Q1 sales of SEK 10.2m. Additionally our order book grew organically by 6% (1% after currency translation) relative to Q1 2020. The order value together with year to date sales represents 98% of net turnover of 2019.

The company also took decisive action to conserve its resources through cost savings and stopping production at UFAB, following a strategic decision to relocate assembly of the OXE200 series (see Production section). Subsequent to the reporting period, we have seen a growing interest in our product across most regions. This has given us confidence and are now committed to meeting our growth plans for the second half of 2020 and beyond.

The gross margin for the quarter was 8% and was negatively impacted by a smaller contribution from lower after sales revenues and once-off relocation cost of production activities. As previously communicated, we expect some volatility in margin development in the short term with a general upward trend, particularly from a favourable product mix with the higher margin OXE300 in the second half of 2020.

Our preparation for series production of the OXE300 with our assembly partner, PanLink, with its operations in Poland, is going according to plan. Nevertheless, our aim is to deliver a steady state production initially at lower volumes to ensure a

INTERIM REPORT, Q2 2020 OXE MARINE AB (PUBL)

secure supply of parts whilst monitoring quality before any ramp up of production.

We have also announced that we will be relocating production of the OXE200 series to the US - our assembly partner is Outdoor Network Manufacturing (ONM). Start of production is expected to be January 2021. The Company at present is strategically reducing its inventory of completed units of the OXE200s and we now expect there to be a shortfall before the end of the year. Nevertheless, we are working towards building up an order book before the restart of production of the OXE200 series in the US. As a result, Q3 sales is expected to be subdued.

Trade wars and COVID-19 crisis will continue to remain a significant risk to supply chain and production. We therefore decided to strategically split our production and assembly to different regions, with one in the US (with ONM) to provide for the Americas, one in Europe (with Pan Link) to cater for EMEA territory and one for the Far East (to be decided). In time our objective is to source materials locally and become more efficient and sustainable whilst creating local jobs and securing supply of our products and parts for local governmental and commercial users.

Above: BMW & OXE Co-Branded 300hp

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OXE MARINE AB (PUBL) 556889-7226

We reduced the cash burn rate of the company even further relative to the previous quarter following cost saving activities Management has put in place to navigate the COVID-19 crisis, including a reduction in non-essential R&D activities, temporary salary reduction of the CEO and Senior Management as well as a short-term recruitment freeze.

We have kept ourselves busy with negotiating a number of important transactions which came into fruition after the reporting period:

- We announced that the OXE300 will be co- branded with the BMW group (see image above) to assist with marketing our product.

• We also signed a preliminary development agreement with the BMW group to assess their 4-cylinder two litre diesel engine as a replacement for the outgoing GM engine to power the OXE200 series.
• We signed a distribution agreement with Parsun, the largest Chinese outboard manufacturer, to sell our product into Mainland China - we believe the market to be significant with potential for substantial growth in years to come from governmental and commercial users.
• We received the first formal order from the US Coast Guard, following years of validation and testing - the US represents the largest governmental consumer, with engine demand in our power range expected to be in the thousands - we will continue to work with our US distributors to develop this market segment for our products.
• All required test reports and supplementary documentation for the EPA application

process for the OXE300 have been forwarded and received by EPA for their effective handling towards the issuance of certificate for commercial and recreational use. The application is for EPA and IMO (for US flagged vessels). IMO (for international) and RCD will follow later as it is a separate process by DNV- GL. All this is further validating the OXE300's superior fuel consumption and significant reduction in emission of pollutants compared to gasoline outboard engines.

• The Company's shares began trading on the OTC market platform in the US on 17th August. This will allow US investors to trade in our shares, given the level of interest that has been indicated and due to the fact that over half our revenues emanates from there. This will improve liquidity of share trading and diversify our shareholder base.

The Management and the Board remains confident of the future and our pro-active approach to these volatile times will enable us to continue business and plan to sensibly scale up the business from Q4 2020 onwards.

Myron Mahendra

CEO - OXE Marine AB

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Sales Development (SEKm)

Above: The US Coast Guard with twin OXEs at the July 2018 MACC show in in Baltimore during the test and validation programme

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556889-7226

Production

Due to disruption of the supply chain as a result of COVID-19,the company stopped production at UFAB in Uddevalla in April - only six units were produced in Q2.

The Company took the opportunity to assess assembly opportunities based on regional demand to mitigate trade war issues and the current COVID-

19 crisis. The Company agreed to an assembly agreement with Outdoor Network Manufacturing (ONM) to assemble the OXE200 series in the US. Production will commence in January 2021. The site will be in the South East of the United States.

The Company has selected PanLink as its production partner for the OXE300s. Planning for start of series production, to be based in Gdansk, Poland, is progressing well. PanLink is a leading, international production solutions specialist headquartered in Malmö, Sweden. The initial production phase will be at a low pace to ensure we secure parts supply whilst monitoring quality carefully. The Company will ramp up production once these criteria have been satisfied.

The Company expects to fulfil its final regional assembly facility, which is to be in the Far East, as soon as possible. At present, the Company has chosen Parsun, the largest Chinese outboard manufacturer, to be its distributor for mainland China. It intends to deepen its cooperation with Parsun, which may include assembling the OXE products for the Chinese market, and Asia generally.

Sales and after sales

Sales Revenues for this quarter amounted to SEK 21.8m of which a small portion related to after sales (compared to the previous quarter). This resulted in a lower gross margin. Additionally, gross margin

was also affected by production disruption due to COVID-19. The order book currently stands at approximately SEK 57m which represents a 1% increase from the previous quarter and OXE Marine has received SEK 12m in customer deposits. The order value together with the sales in H1 represents 98% of the net turnover of 2019.

OXE Marine is focused on Governmental projects that will yield stable demand for its product and services as well as with OEMs such as boat builders and other commercial operators worldwide. Subsequent to Q2, the Company entered into an agreement with Parsun to distribute its product into the Mainland China market. There is a huge untapped market with potential for significant growth in the long term especially for governmental and commercial users. The US government has also placed its first commercial order for the OXE200s after years of testing and validation. The US government is by far the largest service worldwide that consumes outboards in our power range - totalled to be in thousands on an annual basis. We continue to work with our distributors to develop this market including sourcing projects, working with OEMs and assisting in completing various studies on diesel outboards by the US authorities.

After Sales continues to develop its training centre in Ängelholm for OXE Marine's distributors and their key customers. The training will ensure that our product is properly used and maintained whilst developing strong relations with our end customers. This is essential to develop quality service and loyalty amongst our customers. With quality training, any potential warranty claims will be limited which in turn will develop confidence in OXE Marine's product. Due to the current COVID-19 travel restrictions, the Company has also devised online training for its customers. OXE Marine continues to recruit more qualified staff in this area as sales continue to ramp up.

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Quarterly Sales Breakdown by Region (SEKm)

Geographical split in Order Book (%)

INTERIM REPORT, Q2 2020 OXE MARINE AB (PUBL)

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Employees

OXE Marine had 32 employees as at 30 June 2020. It continues to recruit high quality staff to meet its corporate objectives.

Above: The co-brandedOXE 300 has a slim lower leg design compared to regular outboards, as a result of the belt propulsion system and raised gearbox allowing for less drag in the water, therefore increasing performance.

OXE MARINE AB (PUBL) 556889-7226

Product development

OXE Marine has commenced pre-series production of OXE300. This will be followed by series production shortly with a gentle ramp up to monitor parts and design quality.

There are also continuous improvements to the current OXE200 - focussing on parts quality, assembly efficiency and cost reduction.

Subsequent to Q2, the company signed a preliminary development agreement with the BMW group to assess their 4-cylinder two litre diesel engine as a replacement for the outgoing GM engine to power the OXE200 series. The key requirement is that the engine produces 200hp at the propeller and 400Nm at the crank whilst meeting all emission regulations. The Company expects the assessment to be positive, after which, the Company will negotiate a supply development agreement with the BMW group. The company will announce start of production of the new OXE200 series once the SDA is completed.

OXE Marine also continues to explore new opportunities, especially with new powerheads as well as hybrid and electric variants.

Corporate Matters

The company has sought new office space as it continues to expand. The main criteria is to seek a modern office accommodation that will provide a highly collaborative work environment for our staff and consultants whist also attracting new talent to the company. It has now agreed to lease a new office in Helsingborg and will move at the end of August 2020.

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Technical Information - OXE300hp

OXE 300

Engine type

Engine Design

Power

Power transmission

Torque

Displacement

Fuel consumption*

BMW B57 Diesel, L6, bi turbo (automotive engine)

Horizontally mounted automotive engine

300 HP at 4200 - 4400 rpm

Belt Propulsion with high torque capabilities

680 Nm

3.0 L

44% less fuel consumption at wide open throttle

79% increased range at wide open throttle

*compared to a gasoline outboard equivalent.

INTERIM REPORT, Q2 2020 OXE MARINE AB (PUBL)

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OXE MARINE AB (PUBL) 556889-7226

SHAREHOLDERS

OXE Marine's top ten shareholders and movement in shares as at 31 July 2020 are as follows:

Name	Holding	%	Change
Per Lindberg	32 303 699	19.6
Arne Andersson	16 060 764	8.6
Tamt AB	13 000 000	7.9
Avanza Pension Försäkringsaktiebolaget	12 789 503	7.8	-
Jonas Wikström	8 100 000	4.9	-
Magnus Linderoth	6 072 466	3.7
CBLDN-Saxo Bank A/S	4 024 337	2.4
Euroclear Bank S.A/N.V, W8-IMY	3 940 150	2.4	-
Sven Sandberg	3 360 000	2.0
Philip Carl Lennart Andén	2 879 196	1.8	-

Source: Euroclear.

Change relative to Q1 Report (30 April 2020)

All information presented is as per Euroclear records without further analysis.

FINANCIALS

Operational and financial review

Second quarter 2020 compared to the second quarter 2019

OXE Marine's income statement for the second quarter 2020 shows a net loss of SEK 14.3 m, against a net loss of SEK 22.5 m in the corresponding period of the previous year. Net turnover was lower at SEK

21.8 m compared to SEK 24.2 m for the corresponding period of the previous year.

OXE Marine achieved a gross profit of SEK 1.7 m in the second quarter of 2020 against a gross profit of SEK 0.3 m in the corresponding period of the previous year. The gross margin amounted to 8% (1%). The gross margin was lower than the preceding quarter due to a lower percentage contribution of aftersales and one off costs relating to the relocation of production.

Operationally, OXE Marine scaled back its cost base with the total burn rate excl. R&D amounting to SEK

12.6 m down SEK 2.8m from Q1 2020, which was SEK 15.4m. Refer to Definitions for further explanation of the calculation of the burn rate.

INTERIM REPORT, Q2 2020 OXE MARINE AB (PUBL)

Assets

Second quarter 2020 compared to the second quarter 2019

As at 30 June 2020, total assets amounted to SEK

1. m (SEK 264.8 m). OXE Marine's non-current assets at the closing date were SEK 162.7 m (SEK

1. m), out of which R&D and patents amounted to SEK 154.4 m (SEK 136.0 m). The increase relates mainly to product development (in particular the 300hp 'Bison' project).

Inventory amounted to SEK 82.8 m relative to SEK

82.9 m in the previous year. The Company at present is running down its inventory of completed units of the OXE200s and we now expect there to be a shortfall before the end of the year.

Accounts Receivables amounted to SEK 49.2 m at the end of the quarter, in comparison to SEK 18.0 m in the comparative period. The increase is mainly as a result of the significant increase in turnover between the fourth quarter 2019 to the second quarter 2020. OXE Marine works with the Swedish Export Agency 'Exportkreditnämnden' ("EKN") to guarantee sales to export markets covered by EKN with approximately 35% of the debtors book covered by guarantees. OXE Marine had cash and cash equivalents of SEK 40.2 m (SEK 15.2 m) at the end of the quarter.

Equity and liabilities

Second quarter 2020 compared to the second quarter 2019

Total equity amounted to SEK 85.0 m (SEK 118.8m). Even though OXE Marine continues to incur losses, it continues to maintain its equity base through equity funding from its shareholders. The non- current liabilities increased to SEK 209.0 m (SEK

112.7 m). This is mainly due to the drawdown of the first and second tranche from the EIB September 2019 and March 2020, respectively, as well as accumulated interest on the corporate bond loan since February 2019. Both the first and second tranches from the EIB, collectively making up EUR 8m are interest free.

Current liabilities increased to SEK 53.9 m (SEK 33.3 m). This is mainly due to an increase in accounts payable as well as advanced payments from customers.

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OXE MARINE AB (PUBL) 556889-7226

Cash flow

Second quarter 2020 compared to the second quarter 2019

Cash flow from operating activities

Cash flow from operating activities for the period was SEK -19.7 m (SEK -22.7 m). The improvement in cash flow from operating activities is mainly related to an improvement in the burn rate as well an increase in trade payables, which had a favourable effect working capital. This was partially offset by a change in inventories amounting to SEK -5.8 m (SEK

13.6 m) and accounts receivable amounting to SEK - 6.3m (SEK -10.0m).

the Corporate Bond in February 2018 - both documents are available on OXE Marine's website. The main risks facing OXE Marine are production risk, technical development risk and financial risk.

Financial calendar

• Q3 2020 interim report due on 24th November 2020 (07h30).

All times indicated above are CET

Cash flow from investing activities

Cash flow from investing activities amounted to SEK -9.7 m (SEK -11.6 m) which mainly related to the OXE300hp 'Bison'

Cash flow from financing activities

Cash flow from financing for the period was SEK 5.0 m (SEK 35.6 m) relating to a loan backed by a EKN guarantee.

Risks and uncertainties

The Risk and uncertainties of OXE Marine's business is explained in detail within the 'Risks and Uncertainties' section of the 2019 Annual Report as well as within the Company Description relating to

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FINANCIAL TARGETS

Average organic		EBITDA margin of		Operational
sales growth > 50%		> 25% by the end		cashflow positive
per year.		of 2024.		no later than 2021.

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OXE MARINE AB (PUBL) 556889-7226

FINANCIAL STATEMENTS FOR THE PERIOD TO 30 JUNE 2020

INCOME STATEMEMT

	2020		2019	2020		2019	2019
(amounts in KSEK)		Apr - Jun	Apr - Jun		Jan - Jun	Jan - Jun		Jan - Dec
Net Turnover		21 776		24 153		32 065		27 727		91 100
Goods for resale		-20 113		-23 891		-27 988		-38 076		-94 723
Other external costs		-5 149		-8 467		-12 957		-13 931		-36 587
Personnel costs		-7 726		-7 112		-15 562		-13 455		-30 325
Depreciation/amortisation and impairment		-3 871		-3 345		-7 743		-6 609		-14 410
Other operating (costs) income		2 859		-734		2 376		-2 303		-3 141
Total operating costs		-34 000		-43 549		-61 874		-74 374		-179 186
Operating Loss		-12 224		-19 396		-29 809		-46 647		-88 086
Other interest income and similar profit/loss items:		-2 041				-4 038		-8 906		-13 852
Interest expenses and similar profit/loss items			-3 096
Loss after financial items		-14 265		-22 492		-33 847		-55 553		-101 938
Pre-tax loss for the period
Net loss for the period		-14 265		-22 492		-33 847		-55 553		-101 938

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OXE MARINE AB (PUBL) 556889-7226

STATEMENT OF FINANCIAL POSITION

(amounts in KSEK)		30 Jun 2020	30 Jun 2019		31 Dec 2019
ASSETS
Non-Current Assets		151 302		132 722		139 830
Capitalised R&D expenses
Patents		3 067		3 296		3 297
	8 324		5 849		6 312
Equipment, tools and installations

Total non-current assets

Currents assets

Inventory

Advance payments to suppliers Accounts receivables

Other receivables

Deferred expenses and accrued income Cash on hand and in bank

162 693	141 867	149 439
82 809	82 915	56 798
8 972	1 674	13 630
49 184	17 988	39 330
2 503	2 021	3 164
1 535	3 079	1 210
40 198	15 243	51 232

Total current assets		185 201		122 920		165 364
TOTAL ASSETS		347 894		264 787		314 803
SHAREHOLDERS' EQUITY AND LIABILITIES
Restricted equity		4 943		3 930		4 943
Share capital
Reserve for development expenditure		103 939		79 184		89 918
Total restricted equity		108 882		83 114		94 861
Non-restricted equity		355 769		310 489		355 769
Share Premium
Retained earnings or losses		-345 805		-219 263		-229 846
Profit/loss for the year		-33 847		-55 553		-101 938
Total non-restricted equity		-23 882		35 673		23 985
TOTAL SHAREHOLDERS' EQUITY		84 999		118 787		118 846
Non-current liabilities		3 362		2 082		3 382
Other provisions
	205 592		110 605		155 702
Liabilities to finance institutions
Total non-current liabilities		208 954		112 687		159 084
Current liabilities		15 847		7 248		4 629
Advance payments from customers
Accounts payable		29 207		17 281		23 554
Current tax liabilities		413		399		413
Other liabilities		1 271		3 666		2 308
Accrued expenses and other deferred income		7 203		4 719		5 969
Total current liabilities		53 941		33 313		36 873
			264 787
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	347 894		314 803

STATEMENT OF CASH FLOWS

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OXE MARINE AB (PUBL) 556889-7226

	2020	2019	2020	2019	2019
(amounts in KSEK)	Apr - Jun	Apr - Jun	Jan - Jun	Jan - Jun	Jan - Dec
Operating Activities
Results before financial items	-12 224	-19 395	-29 809	-46 648	-88 086
Adjustments for items not included in cash flow	-2 292	1 094	4 241	-1 363	9 916
Cash flow from operating activities before changes in
working capital	-14 516	-18 301	-25 568	-48 011	-78 170
Cash flow from changes in working capital
Change in Inventories	-5 759	13 622	-26 011	14 224	28 385
Change in accounts receivable	-6 355	-10 004	-9 854	-4 389	-25 730
Change in other current receivables	4 151	132	4 994	-386	338
Change in Trade payables	5 863	-1 224	5 653	-13 669	-7 396
Change in other current liabilities	-3 131	-6 988	11 415	-9 817	-13 075
Cash flow from operating activities	-19 747	-22 763	-39 371	-62 048	-95 648
Investing Activities
Investments in property, plant and equipment	-3 124	-835	-3 124	-926	-2 474
Investments in intangible fixed assets	-6 648	-10 748	-17 872	-21 113	-34 938
Divestments in intangible fixed assets	0	0	0	0	0
Cash flow from Investing activities	-9 772	-11 583	-20 996	-22 039	-37 412
Financing activities
New share issue	-	90 559	-	90 559	136 851
Option premium	-	-	-	-	151
Change in loans	5 000	-55 190	49 333	3 799	42 320
Cash flow from financing activities	5 000	35 369	49 333	94 358	179 322
Cash flow for the period	-24 519	1 023	-11 034	10 271	46 262
Cash and bank balances at the beginning of the period	64 717	14 220	51 232	4 972	4 972
Cash and bank balances at the end of the period	40 198	15 243	40 198	15 243	51 232

STATEMENT OF CHANGES IN EQUITY

(amount in KSEK)		31 Jun 2020	31 Jun 2019		31 Dec 2019
Opening balance equity (1 Jan)		118 846	83 781		83 781
Loss for the period		-33 847	-55 553		-101 938
Issuance of shares		-	101 500		148 466
Less cost of issuance		-	-10 941		-11 613
Option premium		-	-		150
Closing balance equity		84 999	118 787		118 846

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NOTES

The interim report is unaudited and is drawn up in accordance with the Swedish Annual Accounts Act and BFNAR 2012:1 Annual Reports and consolidated financial statements (K3).

KEY PERFORMANCE INDICATORS

	2020			2019
(amounts in KSEK)		Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar
Net turnover		21 776		10 290		40 107	23 265	24 153	3 575
Gross Profit		1 663		2 415		3 954	2 772	262	-10 611
Gross Margin %		8%		23%		10%	12%	1%	-297%
EBITDA		-8 354		-13 712		- 18 856	- 14 771	- 16 051	- 23 988
Net loss for the period		-14 265		-19 580		-25 537	-20 847	-22 491	-33 063
Cash on hand		40 198		64 717		51 232	38 376	15 243	14 220
Intangible fixed assets		154 369		151 036		143 127	137 098	136 018	128 097
Total Equity		84 999		99 266		118 846	97 941	118 786	50 718
Total Assets		347 894		358 549		314 803	289 211	264 787	259 274
Equity Asset ratio		24%		28%		38%	34%	45%	20%
Total shares outstanding		164 839 521		164 839 521		164 839 521	131 006 184	131 006 184	29 506 173
Average number of		164 839 521		164 839 521		156 288 238	131 006 184	91 533 958	29 506 173
shares
Earnings per share, basic		-0.09		-0.12		-0.16	-0.16	-0.25	-1.12
Diluted earnings per share		-0.07		-0.10		-0.14	-0.11	-0.18	-1.12
Number of employees		32		34		34	31	30	30

		2019	2018	2017
(amounts in KSEK)		Jan-Dec	Jan-Dec	Jan-Dec
Net turnover		91 100	40 578	14 602
Gross Profit		-3 624	-16 730	-11 380
Gross Margin %		-4%	-41%	-78%
EBITDA	-	73 676	- 74 367	- 37 892
Net profit/loss for the period		-101 938	-108 213	-50 979
Cash on hand		51 232	4 972	14 170
Intangible fixed assets		143 127	120 525	92 299
Total Equity		118 846	83 781	137 901
Total Assets		314 803	248 533	182 053
Equity Asset ratio		38%	34%	76%
Total shares outstanding		164 839 521	29 506 173	24 101 617
Average number of shares		126 944 607	26 760 399	18 905 175
Earnings per share basic		-0.80	-4.04	-2.70
Earnings per share diluted		-0.68	-4.04	-2.70
Number of employees		34	27	31

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OXE MARINE AB (PUBL) 556889-7226

Definition of Key Business Ratios

Net turnover

Main operating revenues, invoiced expenses, side income and revenue adjustments.

Gross Profit / Gross Margin %

Total turnover less goods for resale. Gross margin (%) is the calculated gross profit expressed as a percentage of total turnover.

EBITDA

Earnings before interest tax, depreciation and amortisation and after the capitalisation of research and development and patent costs.

Profit/loss after financial items

Profits after financial items and costs, but before taxes.

Burn Rate

The sum of sales costs, general administration costs and research and development costs (expensed and capitalised).

Number of employees

Number of employees at the end of the financial period.

Earnings Per Share, Basic

Net Profit/Loss for the period to average number of shares outstanding.

Diluted Earnings Per Share

Net Profit/Loss for the period to average number of shares and total share warrants outstanding. In the case of diluted losses, this is calculated on a theoretical/mathematical basis.

Order Book

Confirmed customer orders as at 30 June 2020 to be delivered during 2020.

Geographical Regions

EMEA - Europe Middle East and Africa (excluding Russia and former Soviet Union states); APAC - Asia-Pacific Group of Countries; Americas - North, Central and South America; Rest of World - all other countries.

Estimates and judgments

Preparation of financial statements and application of accounting policies, are often based on assessments, estimates and assumptions that are reasonable at the time when the assessment is made. Estimates are based on historical experience and various other factors that are considered to be reasonable under the circumstances. The results of these are used to assess the carrying values of assets and liabilities, which are not otherwise apparent from other sources. The actual outcome may differ from these estimates. Estimates and assumptions are reviewed regularly.

For further information, please contact:

Myron Mahendra, CEO OXE Marine AB, [phone], [e-mail]

Anders Berg, Chairman of the Board of OXE Marine AB, [phone], [e-mail]

Certified Adviser

FNCA Sweden AB is Certified Adviser for OXE Marine AB (publ). Contact details to FNCA Sweden AB: tel. [phone], [e-mail].

OXE Marine AB (publ) is obligated to make this information public pursuant to the EU Market Abuse Regulation. The information was provided by the contacts above to be submitted for publication on August 25th, 2020, 07:30 CET.

OXE Marine AB (publ) has, after several years of development, constructed the OXE Diesel, the world´s first diesel outboard engine in the high-power segment. OXE Diesel has a unique belt driven propulsion system that allows a hydraulic multi-friction gearbox to be mounted. This means that the engine can handle significantly higher loads than a traditional outboard engine. OXE´s OXE diesel has a horizontally mounted engine as opposed to a traditional outboard with a vertically mounted engine.

INTERIM REPORT, Q2 2020 OXE MARINE AB (PUBL)

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All products developed by OXE Marine AB is built on the core value Engineering the Future. The OXE Diesel product line is no exception . Utilizing modern Diesel powerheads from the automotive industry, heavy duty gearbox design and patented belt transmission system provides for robust outboards with inboard features and high torque capacity.

OXE Marine AB (Publ)

Metallgatan 17B, SE-262 72 Ängelholm, Sweden [e-mail], www.oxemarine.com