OXE Marine AB achieved a gross profit of SEK 14.4m with a gross margin of 32% during the second quarter of 2024.
The consolidated result for the quarter was a loss of SEK 20m – up from SEK -43.9m for 2023.
OXE Marine is currently preparing to draw up a control balance sheet with the board looking to increase available equity in the parent company.
Propulsion sales amounted to SEK 34.1m, down 6% compared to the same quarter of 2023 but Parts and Accessories sales were up 12%, contributing 22% of the company’s total revenue.
During both Q1 and Q2 2024, the company paused production for a month to achieve a balance in inventory.
“At the end of Q2 quarter, there were effectively no available engines for sale as a result of a shift in strategy to reduce inventory balances and run production on a build-to-order basis,” explained CEO Paul Frick.
The recent orders in the US have shown the momentum OXE is gaining.
CEO Paul Frick
“During the first half of the year, we saw a high number of engines commissioned, a positive signal that the time between an engine leaving the factory and being installed on a boat has shortened significantly and adds to the growing number of engines in operation, as well as hours of operation.”
And he explained that the company has focused engineering resources on continuous product development for the past year receiving positive customer feedback on the performance of the product in the field.
Significant events during 2024 have included receiving a purchase order worth US$3.3m from a US boat builder and a purchase order worth US$0.9m from the US Department of State.
In addition, OXE Marine has announced a collaboration with trim and stabilisation systems provider Humphree and signed distributor agreements for Sweden, Finland and Poland.
OXE Marine has also continued the expansion of its dealer and OEM network in the US.
“The recent orders in the US have shown the momentum OXE is gaining in the governmental segment, receiving orders from two different agencies,” said Paul.
“It is encouraging to see the Company broaden its revenue streams with the OXE200 offering as an inboard, which is a good alternative for inboard applications wanting compact engines with a high power to weight ratio.”
