Ocean Sun (OSUN) Q4 2024 earnings summary

Executive summary

• Focus on becoming the world-leading technology supplier for floating solar systems, emphasizing low Capex, high efficiency, and seaworthiness.

• Ongoing global project developments and expansion into new markets, including installations in the Philippines, Norway, Albania, Brazil, and the Maldives, with partnerships and EU-funded innovation projects.

• Continued alignment with new strategy, including leadership changes and project development.

• Awarded NOK 4 million R&D funding for module fixation and a 250 kWp demo system in Brazil, with construction expected in early 2026.

• Delivered two prefeasibility studies supporting future contracts.

Financial highlights

• Full year 2024 preliminary revenue reached NOK 19.1 million, up 14% year-over-year; sales revenue increased 140% year-over-year.

• Q4 2024 revenue was NOK 1.9 million, up from NOK 1.2 million in Q4 2023; YTD 2024 revenue reached NOK 7.6 million.

• Net loss for the year was NOK 16.9 million, including NOK 4.9 million in non-recurring costs and NOK 3.1 million in Q4 severance expenses.

• Adjusted for non-recurring costs, the result improved by NOK 3.9 million compared to 2023.

• Year-end cash position was NOK 29.6 million, with an equity ratio of 76% and no interest-bearing debt.

Outlook and guidance

• Project pipeline of 34 MWp across 13 projects, with a backlog of 6.3 MWp and 3.8 MWp installed globally.

• Backlog includes Maldives (2 MWp, Q2 2025), two in Greece (4 MWp, one for Q3 2025), and Brazil demo (250 kWp, Q4 2025/early 2026).

• Break-even requires approximately 30 MWp installed annually, which aligns with the current pipeline.

• Maldives project delayed due to resort readiness, now expected to complete in Q2 2025.