Sales decrease, profit increases for OXE Marine as the company reports its latest financial results with the last quarter showing an improvement in gross margin and EBITDA the best operating result in the company’s history.
Total sales for the quarter were SEK 45.6m, a decrease of 4% on the same period in 2023 with gross profit of SEK 18.1m (SEK 17m) and a gross margin of 40% (36%).
Propulsion sales amounted to SEK 30.3m (SEK 35.8m) a decrease of 15% relative to the same quarter of 2023.
Sales from parts and accessories were SEK 15.3m (SEK 11.7m), a growth of 31% and parts and accessories contributed 34% (25%) of total revenue.
Gross margin
Gross margin was 40% (36%) during the quarter. EBITDA was SEK -5.7 m (SEK -10.2m).
During the quarter, the company received additional orders from a US boat builder with the net result being a total order value of US$5.9m.
The engines are based on the OXE200 platform and modified to be used for an inboard application and due to the order, the company is no longer accepting orders for the OXE150-200 range, as the small block engine is effectively sold out.
Other highlights for the period include the delivery of several OXE Jet-Tech units to end users.
The product is a high-powered outboard that currently represents a small portion of propulsion sales for OXE Marine and marks the company’s entry into a new marine segment.
During the quarter, the company focused on refinancing and recapitalisation discussions with relevant parties and believes refinancing is on track.
The company is continuing with its build-to-order strategy, reducing inventory levels and increasing production of small block engines.
