Ocean Sun (OSUN) Q3 2024 earnings summary

Executive summary

• Floating solar system installations expanded to new markets, including a first-of-its-kind project in the Maldives and a resilient installation in the Philippines that withstood Typhoon Kristine.

• Eleven projects are active across six countries, with 3.8 MW installed, 6.3 MW in backlog, and a 36 MW pipeline.

• Q3 2024 focused on executing a new growth strategy, expanding the project pipeline, and strengthening the organization with new leadership appointments.

• Secured NOK 4 million in R&D funding for a 250 kWp demo system in Brazil and new module fixation design.

• New COO and CPO onboarded; CCO resigned with recruitment underway.

Financial highlights

• Q3 revenue reached NOK 2.6 million, mainly from membrane material sales and pre-feasibility studies.

• Net result for the quarter was negative NOK 5 million.

• Year-to-date net loss reached NOK 11.7 million, down from NOK 14.4 million in the same period last year.

• Cash and cash equivalents stood at NOK 31.7 million as of 30 September 2024.

• Cash flow from operations was negative NOK 5.6 million in Q3 2024.

Outlook and guidance

• Brazil identified as a major growth market, with a 250 kWp demo system and R&D funding secured for 2024.

• Backlog includes Maldives (2 MWp, Q1 2025), Greece (4 MWp, mid-2025), and Brazil (250 kWp, H2 2025).

• Pipeline totals 36 MWp across 14 projects, all expected to close within a year.

• Expansion potential at Magat in the Philippines remains strong due to robust system performance.

• Current project pipeline is expected to bring the company past break-even.