Oxe Marine achieved its highest propulsion sales in the first quarter of 2025 with a turnover of SEK 50.5m – an increase of 29% on the same period in 2024 (SEK 39.2m).
Gross profit was SEK 16.9m (SEK 10.7m) with a gross margin of 34% (27%) and EBITDA was SEK -5.2m (SEK -18.9m).
“OXE achieved the highest ever propulsion sales in a quarter as well as highest ever total sales for the first quarter,” explained Paul Frick, CEO.
“It was also the best operating result for a quarter in the company’s history which is a positive signal that things are moving in the right direction.”
But he warned that despite the improvement, OXE is not fully satisfied with the result and remains focused on achieving profitability.
Key events during the year included OXE receiving the largest order in the company’s history – that of US $6.6m to supply a US Governmental agency.
OXE achieved the highest ever propulsion sales in a quarter
Paul Frick
OXE’s wholly owned subsidiary in the US, OXE Marine inc, also achieved profitability.
During the quarter, propulsion sales reached SEK 41.5m (SEK 25.1m) – a 65% increase compared to the same quarter in 2024.
Sales of parts and accessories decreased to SEK 9m (SEK 14.2m).
The improvement in margin to 34% was due to a a greater proportion of direct to OEM sales and a reduction in warranty costs.
Since the beginning of the year, capital has been allocated to strengthen inventory levels in order to improve operational, to gear up for growth as well as reducing freight costs.
Tariff impact
And Paul warned that US tariffs – the 10% blanket tariff on EU imports to the US – will have an impact on the business in the long term.
“In the short term, we have moved as much finished goods as possible to the US ahead of the anticipated larger tariff increases and having a US facility is certainly advantageous under these circumstances,” he explained.
“The inboard business in the US is largely unaffected as the engines are assembled in the US and the majority of components are already physically located in the US.
“The outboard business is what is mostly impacted, being assembled in Poland and will be factored into future business quoted in the US as far as possible.”
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