Second Quarter 2023
- Consolidated Net turnover amounted to
SEK 46.3 m (SEK 45.7 m).
- Consolidated Gross Profit amounted to
SEK 0.1 m (SEK 9.7 m) with a gross margin of 0% (21%).
- Consolidated EBITDA amounted to
SEK -27.8 m (SEK -8.9 m).
- The consolidated result for the quarter amounted to
SEK -43.9 m (SEK -20.6 m).
- Consolidated EPS and Diluted EPS amounted to
SEK -0.14 (SEK -0.08 ).
January -
- Consolidated Net turnover amounted to
SEK 79.1 m (SEK 77.1 m).
- Consolidated Gross Profit amounted to
SEK 8.3 m (SEK 18.7 m) with a gross margin of 10% (24%).
- Consolidated EBITDA amounted to
SEK -45.2 m (SEK -21.8 m).
- The consolidated result for the quarter amounted to
SEK -71.5 m (SEK -44.1 m).
- Consolidated EPS and Diluted EPS amounted to
SEK -0.23 (SEK -0.18 ).
Significant events during the second quarter
- OXE Marine receives orders worth
SEK12M (USD1.1M ) fromUnited States Defense Logistics Agency .
- OXE Marine expands in
South America by appointing new distributors inBrazil andColombia .
- OXE Marine appointed
Paul Frick as new CEO.
- OXE Marine introduced the OXE configurator, that allows the customers to customize their OXE Diesel Outboard.
Significant events during the first half of the year
- OXE Marine receives orders worth
SEK12M (USD1.1M ) fromUnited States Defense Logistics Agency .
- OXE Marine presented a new concept outboard OXE hybrid 450, the world’s first diesel electric hybrid outboard.
- OXE Marine's water jet engine was nominated for innovation of the year at the
Miami international boat show.
- OXE Marine expands in
South America by appointing new distributors inBrazil andColombia .
- OXE Marine expand their footprint in
Asia by appointingCreation Co., Ltd as dealers forJapan .
- OXE Marine appointed
Paul Frick as new CEO.
- OXE Marine introduced the OXE configurator, that allows the customers to customize their OXE Diesel Outboard.
Significant events after the reporting period
- OXE Marine expands in
North America by appointing new distributor inMexico .
A word from the CEO
Foundations for growth
“There is a lot to be proud of in the second quarter, the highest sales recorded in a quarter in the history of OXE Marine and receiving orders from the
The orders received from the
Total sales amounted to
Parts & Accessories contributed 22% (16%) of total revenue in the second quarter with
During the quarter Management carried out an assessment of inventory to ensure inventory is held at fair value and to account for older engine model numbers and older part revision numbers. These adjustments impacted gross margin by
To continuously manage the various product upgrades and versions on the market of both the OXE200 and OXE300 family of engines, we launched a refurbishment (“refurb”) program during the quarter where we systematically remanufacture older engine models that have not been used or used engines requiring upgrades to be sold back into the market. These refurb engines will be sold back into the market at a lower price and with limited warranty and are ideal for demo applications or as spare engines.
The number one challenge we have ahead of us is to build our service and support network as quickly as the demand for the product increases, so that we can deliver on our commitment to offering a reliable solution to demanding users. We have stepped up the intensity in dealer education and training, developing digital tools for knowledge sharing, as well as growing our technical team in all corners of the world, with one objective – to better serve and support our customer base and the end users.
While our focus is undoubtedly on the current product range, we keep an eye on the future by continuing to develop both the water jet and hybrid concept through effective partnerships. There are several water jet applications now on the water in beta testing. The results are very promising, with no to little power loss on the beta testing which is carried out on vessels that have been powered by propellors and switched to jets. In addition to these initiatives, OXE continues to carry out product development projects including our ability to offer a greater variety of steering and control systems to our end users and will benefit all OXE product ranges.
On a personal note, I am very pleased to be appointed the CEO of OXE Marine, one of the most exciting companies in the marine sector. I would like to thank my colleagues for the support received in the first two months. I am again reminded of how many talented people we have and how much has already been achieved in our organisation of only 44 people. We enter Q3 with the mindset of making constant improvements that will make a difference to our customers and end users.
© Modular Finance, source