Ocean Sun (OSUN) Q4 2025 earnings summary

Executive summary

• Launched the Soneva Secret installation, a world-first 2 MWp floating solar and 3 MWh battery system in the Maldives, expected to replace up to 1 million liters of diesel annually and power a remote island up to 90% of the time.

• Achieved the world's first Type Certificate for a floating solar structure from Bureau Veritas, enhancing credibility for international projects.

• Initiated exploration of strategic alternatives, engaging Fearnley Securities to consider options for unlocking commercial potential.

• Completed a private placement raising NOK 9.9 million at a 78% premium to market price, strengthening the balance sheet and supporting growth.

• Strengthened management with the appointment of a new Chief Product Officer and an experienced engineer to drive technology development.

Financial highlights

• Q4 income was NOK 4.9 million, including NOK 1.7 million in license and service revenue from Soneva Secret.

• Total operating income for 2025 was NOK 3.2 million, down from NOK 4.6 million in 2024.

• Operating loss for Q4 2025 was NOK -4.1 million; full-year operating loss was NOK -21.5 million.

• Net loss after taxes for Q4 2025 was NOK -4.4 million; full-year net loss was NOK -20.7 million.

• Cash and cash equivalents at year-end 2025 were NOK 15.8 million, bolstered by share issue proceeds.

Outlook and guidance

• Pipeline increased to 36 MWp across 13 projects, all expected to close or be completed within 12 months.

• Backlog includes three projects: two in Greece (4 MWp total) and one in Brazil (250 kWp), with installations expected before Q3 2026.

• Growing international interest, especially from island and resort markets in regions like Maldives, Lakshadweep, and the Caribbean.