Ocean Sun (OSUN) Q3 2025 earnings summary

Executive summary

• Floating solar technology is nearing completion in the Maldives and Brazil, targeting island and nearshore markets, with new MoUs signed for India and Ukraine.

• Active dialogues and partnerships in Indonesia, India, Ukraine, Brazil, and the Philippines to expand the project pipeline, with ongoing engagement in industry expos.

• Pilot projects in Spain and Albania demonstrated operational reliability and performance.

• Technology adoption in the aquaculture sector with new projects in Norway and Chile.

• New website launched, increasing stakeholder engagement and visibility.

Financial highlights

• Q3 income of NOK 2.4 million, including NOK 300,000 in license revenue, while Q3 2025 revenue was NOK 283,000, primarily from license revenue via partner Alotta.

• Other income in Q3 2025 included research grants from Innovation Norway, Research Council of Norway, EIC, and Nopef.

• Net loss before tax for Q3 2025 was NOK -6.47 million; quarterly result at -NOK 6.5 million.

• Cash and cash equivalents at 30.09.2025 were NOK 11.9 million, down from NOK 29.6 million at year-end 2024.

• Equity at 30.09.2025 was NOK 12.5 million, with an equity ratio of 71%.

Outlook and guidance

• Maldives project (2 MWp) nearing commissioning, expected to serve as a key reference for resort and island applications.

• Pipeline of 28 MWp across 12 projects expected to close within a year, with all meeting maturity and feasibility criteria.

• Ongoing focus on tier two opportunities, completion of key backlog projects, and expansion into new markets including India, Ukraine, and Indonesia.

• Expects considerable revenue from future projects, dependent on project size.