OXE Marine AB (publ) Interim report 1 April to 30 June 2020

|Aug 25|magazine7 min read

STOCKHOLM, Aug. 25, 2020 /PRNewswire/ -- INTERIM REPORT 1 april - 30  juni 2020

Second quarter (April - June 2020

  • Net turnover of SEK 21.8m (SEK 24.2m)               
  • Gross Profit of SEK 1.7m (SEK 0.3m) or gross margin of 8% (1%)            
  • Operating Loss/EBIT of SEK -12.2m (SEK -19.4m)             
  • Result for the period of SEK -14.3m (SEK -22.5m)              
  • Order book grew by 6% organically to EUR 5.4 m or SEK 57 m (EUR 5.1 m or SEK 56 m as at end of Q1 2020)

First half of 2020 (January - June 2020)

  • Year to date net turnover of SEK 32.1m (SEK 27.7m)            
  • Gross Profit of SEK 4.1m (SEK -10.4m) or gross margin of 13% (-37%)           
  • Operating Loss/EBIT of SEK -29.8m (SEK -46.6m)       
  • Result for the period of SEK -33.8m (SEK -55.6m).            
  • YTD the order book has grown 33% organically to 5.4 MEUR or 57 MSEK at the end of Q2 2020 (EUR 4.1m or SEK 43 m as at end of Q4 2019)

Significant events during the Second quarter        

  • PanLink, headquarted in Malmö, Sweden selected as the production partner for the OXE300.           
  • Outdoor Network Manufacturing in the USA selected as the new manufacturing partner for the 125hp to 200hp series.               
  • OXE Marine delivered the first OXE300 units to a customer.

Significant events after the reporting period         

  • 22 July: Following the successful collaboration with the BMW Group of marinizing their 3 litre, 6 cylinder bi-turbo engine for use in the OXE300s, OXE Marine AB and BMW agreed to co-brand the OXE300.            
  • 22 July: OXE Marine AB entered into a Preliminary Development Agreement (PDA) with the BMW Group to carry out a preliminary study of its 2.0 litre, 4 cylinder turbo diesel engine for marine application - to power the Company's next generation of OXE200 series.         
  • 18 August: First commercial order from the US Coast Guard following testing and validation.            
  • 21 August: Successfully concluded certification run for EPA and IMO emission test.

Certified Adviser

FNCA Sweden AB is Certified Adviser for OXE Marine AB (publ). Contact details to FNCA Sweden AB: tel. +46 8 528 00 399, e-mail [email protected].

OXE Marine AB (publ) is obligated to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on August 25th 2020 at 07.30 CET.

OXE Marine AB (publ) (NASDAQ STO: OXE, OTCQB: CMMCF) has, after several years of development, constructed the OXE Diesel, the world's first diesel outboard engine in the high-power segment. The Company's unique patented engine-to-propulsion power transmission solutions have led to high demand for the Company's engines worldwide.

For further information, please contact:
Myron Mahendra
CEO
[email protected]
+46-76-347-59-82

Andrs Berg
Chairman
[email protected]
+46-70-358-91-55

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OXE Marine AB (publ) Interim report 1 April to 30 June 2020

https://news.cision.com/oxe-marine-ab/i/front-eng--q2-2020-interim-report-eng-v5-1,c2814632

FRONT ENG- Q2 2020 INTERIM REPORT eng V5-1

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SOURCE OXE Marine AB