OXE Marine reported break-even EBITDA for the third quarter of 2026 as gross margin nearly doubled, despite a 25% fall in quarterly turnover.
Net turnover for July to September was SEK 32.2 million, down from SEK 42.8 million a year earlier. Gross profit increased to SEK 18.9 million from SEK 12.8 million, lifting gross margin to 59% from 30%.
EBITDA improved to break even from a SEK 9.9 million loss, while the quarterly net loss narrowed to SEK 8.6 million from SEK 16.8 million.
Chief executive Paul Frick said the result was supported by a more favourable sales mix, including higher parts and accessories revenue and income from engineering services.
Propulsion sales
“The third quarter of 2026 showed improved profitability, with EBITDA at break-even of SEK 0m and a gross margin of 59%,” he said.
“We are pleased with the progress, which was supported by a favourable sales mix.”
Propulsion sales were SEK 17.9 million, compared with SEK 34.8 million a year earlier, but exceeded the first and second quarters of 2026 combined.
Parts and accessories revenue rose 34% to SEK 10.2 million and represented 32% of turnover. Engineering services contributed SEK 4.1 million, mainly from work for GM Marine.
Operating expenses fell to SEK 18.9 million from SEK 22.7 million, however, OXE says the 59% gross margin should not be regarded as a normalised level.
Propulsion deliveries
For the first nine months, turnover declined to SEK 65 million from SEK 154 million. EBITDA was a SEK 34.3 million loss, compared with SEK 16.4 million, while the net loss widened to SEK 61.4 million from SEK 37.7 million. Cash at the end of September was SEK 6.6 million.
During 2026, OXE raised SEK 60 million through directed share issues, signed an OEM agreement with Damen Compact Crafts and joined Tideman Boats on a Dutch government Caribbean support craft programme.
Frick added: “We are encouraged by the quarter, but one quarter does not make a trend.”
And he said the priorities are converting the sales pipeline into propulsion deliveries, growing parts and accessories revenue and maintaining cost control.
