PHOTO COURTESY OXE MARINESweden-based diesel outboard manufacturer Oxe Marine last week announced financial results for the first half and second quarter of 2023.
Total sales for the second quarter were SEK$46.3 million ($4.5 million) on a consolidated basis, the company’s highest revenue quarter ever. Propulsion sales, reported on a consolidated basis, were SEK$36.2 million ($3.5 million) for the second quarter.
Parts and accessories amounted to 22% of total revenue during the quarter with SEK$10 million ($952,045) in sales.
Notably, gross margin in the second quarter was 0% after one-off adjustments that include scrapping obsolete inventory and parts, writing down old models and a refurbishment program for the OXE 300 outboard.
“There is a lot to be proud of in the second quarter, the highest sales recorded in a quarter in the history of OXE Marine and receiving orders from the United States Defense Logistics Agency,” CEO Paul Frick said in a statement. “Despite achieving these milestones, we have our sights on the journey ahead, where our focus is on expanding and solidifying our service and support network, with one objective — to better serve and support our customer base and the end user.”
The company did not provide guidance for the remainder of 2023.
