OXE Marine’s consolidated net turnover amounted to SEK 17.4 million in the first quarter of 2026, down from SEK 50.5 million.
The company’s gross profit was to SEK 5.9 million, down from SEK 16.9 million, with a gross margin of 34%.
EBITDA amounted to SEK –16.1 million compared to SEK –5.2 million in the same period in 2025.
“The first quarter of 2026 was as expected a weak quarter, with continued delays in key governmental projects — particularly in the US — impacting our sales and overall financial performance,” explained company CEO Paul Frick.
Key governmental customers
However he said that there is some new business, gained through projects initiated with key governmental customers both in the US and in markets outside of the US.
During the quarter, OXE Marine secured SEK 60 million in new equity financing, prior to the conversion of shareholder loans amounting to SEK 19.2 million and a share issue will provide equity injection to support the company’s balance sheet, enabling it to continue executing on priorities.
Also during the quarter, the 2026 model of the OXE 300 was launched, with improved features including a split flywheel cover, enhanced trolling mode and enhanced cooling capacity for the engine to operate in extreme climates and waters.
Opportunities in new markets
In addition, OXE Connect – a telematic gateway which enables live remote monitoring and diagnostics of the OXE engines in real time, GPS location and other benefits – was rolled out.
In his report, the CEO also pointed out that opportunities in new markets are being unlocked with additions to the sales team.
“While these opportunities will take time to convert, they represent an important step towards a more diversified and balanced market exposure going forward,” he said.
“Going into Q2, we have seen an increase in enquiries.”
