OXE Marine (OXE) Q1 2026 earnings summary

Executive summary

• Net turnover for Q1 2026 was SEK 17.4m, down 66% year-over-year due to delays in key governmental projects, especially in the US, and a challenging trading environment.

• EBITDA was SEK -16.1m, reflecting softer demand and ongoing project delays, while gross margin remained stable at 34%.

• The company maintained cost control, with operating expenses at SEK -20.9m, and initiated several governmental projects to expand global reach.

• SEK 60m was raised through directed share issues, strengthening the balance sheet and supporting strategic priorities.

Financial highlights

• Net turnover: SEK 17.4m (Q1 2025: SEK 50.5m), a 66% decrease year-over-year.

• Gross profit: SEK 5.9m (Q1 2025: SEK 16.9m); gross margin unchanged at 34%.

• EBITDA: SEK -16.1m (Q1 2025: SEK -5.2m); net loss: SEK -25.4m (Q1 2025: SEK -10.7m).

• Earnings per share: SEK -0.04 (Q1 2025: SEK -0.02).

• Cash on hand at period end: SEK 1.2m (Q1 2025: SEK 17.9m).

Outlook and guidance

• Early test and evaluation projects with governmental customers are expected to yield results in future quarters.

• Increased sales team capacity and new market opportunities are anticipated to drive future growth.

• Q2 has seen an uptick in enquiries, suggesting potential improvement.