Ocean Sun (OSUN) Q2 2026 earnings summary

Executive summary

• Completed an oversubscribed share issue, raising NOK 20 million, primarily supported by existing shareholders, strengthening the balance sheet, eliminating interest-bearing debt as of 30 June 2026, and extending the financial runway by several quarters.

• Sharpened strategic focus on two growth engines: resort projects and a capital-light utility-scale licensing model, targeting global floating solar opportunities in island resorts and large-scale FPV markets.

• Initiated construction of the first project in Brazil (Rio One), advanced partnerships in Southeast Asia, India, and the Maldives, with multiple MOUs signed and NOK 2.1 million in EU funding secured for the Isla Bonita demonstrator project.

• Piloted next-generation floating solar platform in Norway, now tender-compliant and positioned for large tenders in Southeast Asia, Brazil, and India.

Financial highlights

• Operating income for H1 2026 was NOK 4.0 million, mainly from research grants, up from NOK 3.8 million in H1 2025.

• Operating loss for H1 2026 was NOK 10.3 million, with a net result after tax of -NOK 10.2 million.

• Ended the quarter with NOK 21.1 million in cash and equivalents as of 30 June 2026.

• Equity ratio stood at 84% with no interest-bearing debt.

Outlook and guidance

• Focused on converting MOUs and commercial negotiations into recurring revenues and cash flow, with key milestones being follow-on resort projects and securing large-scale utility partners.

• Emphasis on executing the active resort pipeline, expanding delivery capacity, and developing next-generation FPV platform for utility markets.

• Strategic emphasis on balancing commercial activity with a capital-light operating model.