General Oceans (GENO) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was NOK 327 million, a 5% decrease year-over-year, mainly due to FX headwinds, but gross margin improved to 67% from 62%.

• Adjusted EBITDA/EBITA was NOK 59 million (18% margin), slightly down from 19% in Q1 2025, with order backlog at NOK 546 million.

• The company completed a successful IPO on Oslo Bors in March 2026, raising NOK 500 million in primary proceeds and repaid all group debt in April.

• Acquired MRV, a U.S.-based ARGO float supplier, in April 2026 for USD 18 million, expanding the Robotics segment and U.S. presence.

• Robotics segment grew significantly, offsetting Sensors decline; defense sector demand remains strong.

Financial highlights

• Revenue declined from NOK 345 million in Q1 2025 to NOK 327 million in Q1 2026, mainly due to weaker USD and GBP.

• Gross profit was NOK 220 million, with gross margin up to 67% from 62% year-over-year.

• Adjusted EBITDA/EBITA margin was 18%, down from 19% but within guidance.

• Cash at quarter-end was NOK 840 million, boosted by IPO proceeds; backlog NOK 546 million, with NOK 509 million to be delivered in 2026.

• Dividend of NOK 20 million paid in Q1.

Outlook and guidance

• Full-year 2026 revenue guidance maintained at NOK 1.5 billion, with medium-term target of NOK 2.8 billion including M&A.

• Gross margin expected to remain at current levels in Q2; visibility beyond that is limited.

• Organic growth is compensating for FX headwinds; underlying growth remains solid.

• Defense and energy sector demand for AUVs and ROVs expected to drive future growth.

• Focus areas include M&A, new markets, defense contractor connections, and AI-driven development.