Ocean Sun (OSUN) Q2 2025 earnings summary

Executive summary

• Maldives project nearing completion, featuring the first OS70 floating solar ring and a 2 MWp system with 3 MWh battery, enabling 90% renewable energy use at a resort.

• Installed 13 projects in 7 countries totaling 4.2 MWp, with new systems in Norway and Chile, and a major demonstrator in Albania.

• Signed MOU for a potential 25 MWp project in Ukraine, with funding likely from reconstruction and development sources.

• Focus remains on tier two opportunities, with momentum in India, Caribbean, Brazil, and other key regions.

• Strategic direction for H2 2025 includes scaling deployments, enhancing technology, and strengthening project execution.

Financial highlights

• Revenue for H1 2025 was NOK 3.8 million, down from NOK 10.0 million in H1 2024.

• Net loss for H1 2025 totaled NOK 9.8 million, impacted by negative working cash flow and a deposit for a new office lease.

• Net cash flow for H1 2025 was NOK -12.3 million, with cash and cash equivalents at NOK 17.2 million at quarter end.

• Equity ratio stood at 76% with no interest-bearing debt as of June 30, 2025.

• Net financial income for H1 2025 was NOK 1.0 million, mainly from interest income.

Outlook and guidance

• Anticipates completion of the Maldives project in Q3 and testing of an autonomous cleaning robot in Q4.

• Entering H2 2025 with a robust pipeline, clear strategy, and enhanced organizational capabilities.

• Near-term pipeline exceeds 30 MWp across 12 projects, with potential for materialization within 12 months.

• Extended pipeline includes several GWp, with important maturation and new market opportunities.

• Positive pipeline developments and operational improvements support plans to raise new funds for expansion.