Ocean Sun (OSUN) Q1 2025 earnings summary

Executive summary

• Installation underway for a 2MW floating solar project in the Maldives, with additional feasibility studies and installations progressing in Taiwan, Qatar, Greece, and Brazil.

• Management team restructuring completed, including the appointment of a new CCO and CPO, enhancing commercial strategy and technology development.

• Project pipeline is expanding, with several MoUs signed in India and active engagement in China, Greece, and Brazil.

• High interest in floating solar technology observed at Intersolar, indicating strong market momentum.

• New modeling confirms system resilience to five-meter wave heights, enabling deployment in more exposed coastal areas.

Financial highlights

• Q1 2025 operating income was NOK 1.5 million, primarily from contribution projects and research grants.

• Operating expenses totaled NOK 7.0 million, with an operating result loss of NOK 5.5 million, compared to a NOK 3.0 million loss in Q1 2024.

• Net result for the quarter was a loss of approximately NOK 5 million, in line with expectations and moderate cost levels.

• Cash and cash equivalents at quarter-end were NOK 24.3 million, including NOK 0.8 million restricted cash.

Outlook and guidance

• Maldives project expected to complete in July, with further project announcements anticipated in Taiwan and Qatar.

• Pipeline of 28 MWp across 14 projects expected to close within a year, targeting mature markets and favorable sea-state conditions.

• Continued focus on expanding the project pipeline, especially in India and China.

• Management considers the cash position sound for current outlooks and continues to monitor liquidity closely.

• Anticipation of increased activity and growth in the next few quarters.