Sweden-based diesel outboard manufacturer OXE Marine reported net turnover of SEK$15.5 million ($1.6 million) for its fiscal second quarter, down sharply from SEK$61 million ($6.3 million) in the year-ago period. EBITDA for the quarter was SEK$-18.1 million ($-1.9 million), and the company posted a consolidated net loss of SEK$27 million ($2.8 million).
Gross margin improved to 40% from 37% year-over-year, which the company attributed to product mix and engineering services adding value to engine sales.
CEO Paul Frick attributed the results to delays in U.S. government projects and continued uncertainty related to tariffs and the geopolitical environment, which he said extended customer decision-making timelines — conditions, he noted, that have also been reported by other marine manufacturers this quarter.
“We remain firmly focused on execution, improving performance and driving the company toward profitability,” Frick said in a statement.
Despite the softer sales environment, OXE Marine highlighted several commercial milestones during the quarter. The company signed an OEM agreement with Damen Compact Crafts, part of the Damen Shipyards Group, under which OXE outboards will be standard across relevant vessels in Damen’s HDPE workboat range. Also, Tideman Boats selected OXE225 engines to power a new fleet of Caribbean support vessels for a Dutch government authority.
Shortly after the quarter closed, GM Marine placed an order covering engineering services, components and a study of OXE’s patented lower-leg drive, introducing engineering services as a new revenue stream for the company.
