OXE Marine (OXE) Q3 2026 earnings summary

Executive summary

• Q3 revenue SEK 32.2m, down 25% YoY; gross margin rose to 59% from 30%, and EBITDA reached break-even at SEK 0m.

• Parts & Accessories growth and engineering services supported profitability despite lower sales; propulsion revenue improved versus H1 combined.

• 9M revenue was SEK 65.0m, EBITDA SEK -34.3m, and net loss SEK -61.4m, reflecting a weak first half.

Financial highlights

• Q3 gross profit increased to SEK 18.9m from SEK 12.8m YoY; gross margin was 59% versus 30%.

• Q3 operating expenses were SEK -18.9m versus SEK -22.7m; net loss narrowed to SEK -8.6m from SEK -16.8m.

• 9M gross profit was SEK 30.5m versus SEK 51.9m; gross margin was 47% versus 34%, while net loss widened to SEK -61.4m from SEK -37.7m.

• Q3 operating cash flow was SEK -5.8m versus SEK 5.3m; cash at quarter-end was SEK 6.6m versus SEK 17.9m at year-end 2025.

Outlook and guidance

• Priorities are converting the pipeline into propulsion deliveries, growing Parts & Accessories, and controlling costs; Q3 profitability is not yet a trend.

• The 59% Q3 gross margin was described as above a normalized level; management aims for profitability increasingly supported by core business.

• Several strategic projects remain in evaluation, alongside customer support for early-stage fleet introductions of diesel outboards.