New Risk • May 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (388% average daily change). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr38m net loss in 2 years). Market cap is less than US$100m (€22.2m market cap, or US$25.9m). Breakeven Date Change • May 20
No longer forecast to breakeven The analyst covering OXE Marine no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr12.0m in 2028. New forecast suggests the company will make a loss of kr23.0m in 2028. Announcement • May 08
OXE Marine AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 60 million. OXE Marine AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 60 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 250,000,000
Price\Range: SEK 0.24
Transaction Features: Subsequent Direct Listing Announcement • Mar 24
OXE Marine AB (publ), Annual General Meeting, Apr 24, 2026 OXE Marine AB (publ), Annual General Meeting, Apr 24, 2026, at 11:00 W. Europe Standard Time. Location: companys office at metallgatan 6, 262 72 angelholm, Sweden Announcement • Mar 23
OXE Marine AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 60 million. OXE Marine AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 60 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 250,000,000
Price\Range: SEK 0.24
Transaction Features: Subsequent Direct Listing Announcement • Oct 24
OXE Marine AB (publ) to Report Q4, 2025 Results on Feb 27, 2026 OXE Marine AB (publ) announced that they will report Q4, 2025 results at 7:00 AM, Central European Standard Time on Feb 27, 2026 Announcement • Apr 29
OXE Marine AB (publ) to Report Q3, 2025 Results on Oct 24, 2025 OXE Marine AB (publ) announced that they will report Q3, 2025 results at 7:00 AM, Central European Standard Time on Oct 24, 2025 Announcement • Apr 28
OXE Marine AB (publ) to Report Q1, 2025 Results on Apr 29, 2025 OXE Marine AB (publ) announced that they will report Q1, 2025 results at 7:00 AM, Central European Standard Time on Apr 29, 2025 Announcement • Apr 02
OXE Marine AB (publ), Annual General Meeting, May 02, 2025 OXE Marine AB (publ), Annual General Meeting, May 02, 2025, at 13:00 W. Europe Standard Time. Location: at hotel erikslund, astorpsvagen 15, 262 96 angelholm Sweden Reported Earnings • Oct 25
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr45.6m (down 4.0% from 3Q 2023). Net loss: kr14.8m (loss narrowed 16% from 3Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 57% per year, which means it is performing significantly worse than earnings. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings have declined by 5.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr45m free cash flow). Share price has been highly volatile over the past 3 months (76% average weekly change). Negative equity (-kr37m). Earnings have declined by 5.2% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Market cap is less than US$100m (€14.3m market cap, or US$15.5m). Reported Earnings • Jul 28
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr45.4m (down 1.9% from 2Q 2023). Net loss: kr20.0m (loss narrowed 55% from 2Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 55% per year, which means it is performing significantly worse than earnings. New Risk • May 03
New major risk - Negative shareholders equity The company has negative equity. Total equity: -kr16m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr45m free cash flow). Share price has been highly volatile over the past 3 months (31% average weekly change). Negative equity (-kr16m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr46m net loss in 2 years). Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Market cap is less than US$100m (€19.6m market cap, or US$21.1m). Reported Earnings • Apr 22
Full year 2023 earnings released: kr0.38 loss per share (vs kr0.43 loss in FY 2022) Full year 2023 results: kr0.38 loss per share. Revenue: kr190.3m (up 28% from FY 2022). Net loss: kr116.4m (loss widened 6.0% from FY 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Machinery industry in Germany. Announcement • Apr 16
OXE Marine AB (publ), Annual General Meeting, May 16, 2024 OXE Marine AB (publ), Annual General Meeting, May 16, 2024, at 13:00 Central European Standard Time. Location: Hotel Erikslund, Åstorpsvägen 15, 262 96 Ängelholm Sweden Sweden Agenda: To consider the Opening of the general meeting; to consider the Election of chairman of the general meeting; to consider the Preparation and approval of the voting list; to consider the Approval of the agenda; to consider the Election of one or two persons to verify the minutes of the meeting; to consider the Determination of whether the meeting was duly convened; to consider the Presentation of the annual report and the auditor’s report as well as the consolidated accounts and the auditor’s report on the consolidated accounts; to consider the Address by the CEO; to Determination of fees to the board of directors and the auditors; to consider the Election of the board of directors and the auditors; and to consider other matters. Reported Earnings • Mar 01
Full year 2023 earnings released: kr0.38 loss per share (vs kr0.44 loss in FY 2022) Full year 2023 results: kr0.38 loss per share. Revenue: kr189.6m (up 27% from FY 2022). Net loss: kr116.4m (loss widened 6.0% from FY 2022). Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Machinery industry in Germany. New Risk • Jan 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr51m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Negative equity (-kr668k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr30m net loss in 2 years). Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Market cap is less than US$100m (€28.6m market cap, or US$31.1m). Reported Earnings • Oct 29
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr47.5m (up 21% from 3Q 2022). Net loss: kr17.6m (loss narrowed 13% from 3Q 2022). Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Oct 27
OXE Marine AB (publ), Annual General Meeting, May 03, 2024 OXE Marine AB (publ), Annual General Meeting, May 03, 2024, at 13:00 Central European Standard Time. New Risk • Jul 31
New major risk - Revenue and earnings growth Earnings have declined by 0.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr52m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 0.2% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (€26.3m market cap, or US$29.0m). Reported Earnings • Jul 29
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr46.2m (up 1.1% from 2Q 2022). Net loss: kr44.0m (loss widened 114% from 2Q 2022). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Machinery industry in Germany. Announcement • May 26
OXE Marine AB (publ) Announces Executive Changes The board of directors of OXE Marine AB (publ) has resolved to appoint Paul Frick as CEO effectively from 29 May 2023 following the resignation of Anders Berg who will stay on for a smooth transition period. Paul Frick was appointed CFO of OXE Marine AB in 2019 and has been Head of Commercial Operations since 2022, including taking on responsibility for sales in the Nordic region. He is a qualified chartered accountant and has held several commercially orientated finance roles in his career. Paul has been a part of the OXE journey over the past four years during which the company has taken significant steps forward. Anders Berg has been the CEO since 2022 and before that Chairman of the Board since 2018. Anders has chosen to resign as CEO to spend more time with his family and pursue other interests. Reported Earnings • Apr 20
Full year 2022 earnings released: kr0.44 loss per share (vs kr0.36 loss in FY 2021) Full year 2022 results: kr0.44 loss per share (further deteriorated from kr0.36 loss in FY 2021). Revenue: kr149.0m (up 33% from FY 2021). Net loss: kr109.9m (loss widened 53% from FY 2021). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Recent Insider Transactions • Mar 05
Chief Executive Officer recently bought €11k worth of stock On the 24th of February, Anders Berg bought around 80k shares on-market at roughly €0.14 per share. This transaction amounted to 4.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Anders has been a buyer over the last 12 months, purchasing a net total of €100k worth in shares. Reported Earnings • Feb 26
Full year 2022 earnings released: kr0.43 loss per share (vs kr0.36 loss in FY 2021) Full year 2022 results: kr0.43 loss per share (further deteriorated from kr0.36 loss in FY 2021). Revenue: kr148.4m (up 33% from FY 2021). Net loss: kr109.9m (loss widened 53% from FY 2021). Announcement • Feb 17
OXE Marine AB (publ) Presents New Concept Outboard Oxe Hybrid 450, the World's First Diesel Electric Hybrid Outboard OXE Marine AB (publ) has developed a concept engine with hybrid drive that combines the diesel drive of OXE Marine's outboards with electric drive and thus offers even lower fuel consumption and carbon dioxide emissions. The OXE Hybrid 450 concept engine is the world's first hybridized diesel outboard in the higher power classes and premiers at the International Boat Show in Miami, opening today. The OXE Hybrid 450 concept engine is based on OXE Marine's fuel-efficient diesel outboard OXE300. By equipping the existing rig with a 400-volt electric motor connected to a lithium-ion battery, additional opportunities for fuel savings are achieved along with the benefits that pure electric operation offers. In combination with HVO100 biodiesel, the OXE Hybrid 450 can contribute to greatly reduced carbon dioxide emissions compared to a traditional gasoline-fueled outboard. Thanks to the fact that the electric motor drives the power transmission directly, it can also be used as a generator to charge the battery during diesel operation. The battery capacity has been dimensioned to enable to quiet and completely emission-free operation when visiting a port, fishing, or while traveling in waters where fossil-fueled boats are not allowed. At the same time, the well-measured capacity, and the ability to charge while underway mean that the battery can be used to power additional, energy-demanding equipment on board. The OXE Hybrid 450 has a total power of 450 horsepower and is the world's first hybrid diesel outboard in the higher power classes. Field tests together with Nimbus Group: The OXE Hybrid 450 has been developed in close cooperation with customers and boat manufacturers. During the spring OXE Marine will, together with the boat manufacturer Nimbus Group, conduct field tests of an OXE Hybrid 450 on a Nimbus T9. The plan is then to start series production in the second half of 2023. The OXE Hybrid 450 will be premiered at the International Boat Show in Miami, which opens now and runs until February 19, 2023. Breakeven Date Change • Nov 16
No longer forecast to breakeven The analyst covering OXE Marine no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr8.00m in 2024. New forecast suggests the company will make a loss of kr25.0m in 2024. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr39.1m (up 49% from 3Q 2021). Net loss: kr20.1m (loss widened 33% from 3Q 2021). Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in Germany. Reported Earnings • Jul 23
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr45.7m (up 110% from 2Q 2021). Net loss: kr20.6m (loss widened 36% from 2Q 2021). Over the next year, revenue is forecast to grow 48%, compared to a 10% growth forecast for the industry in Germany. Reported Earnings • May 03
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr31.4m (up 212% from 1Q 2021). Net loss: kr23.5m (loss narrowed 1.2% from 1Q 2021). Over the next year, revenue is forecast to grow 86%, compared to a 9.7% growth forecast for the industry in Germany. Announcement • May 02
OXE Marine AB (publ) to Report Q4, 2022 Results on Feb 24, 2023 OXE Marine AB (publ) announced that they will report Q4, 2022 results at 7:00 AM, Central European Standard Time on Feb 24, 2023 Breakeven Date Change • Apr 27
Forecast to breakeven in 2024 The analyst covering OXE Marine expects the company to break even for the first time. New forecast suggests losses will reduce by 45% per year to 2023. The company is expected to make a profit of kr45.0m in 2024. Average annual earnings growth of 76% is required to achieve expected profit on schedule. Reported Earnings • Apr 13
Full year 2021 earnings released Full year 2021 results: Revenue: kr0 (down 100% from FY 2020). Net loss: kr71.8m (loss narrowed 16% from FY 2020). Profit margin: (up from net loss in FY 2020). The move to profitability was driven by lower revenue. Breakeven Date Change • Feb 22
Forecast to breakeven in 2024 The analyst covering OXE Marine expects the company to break even for the first time. New forecast suggests losses will reduce by 45% per year to 2023. The company is expected to make a profit of kr45.0m in 2024. Average annual earnings growth of 76% is required to achieve expected profit on schedule. Announcement • Feb 18
OXE Marine AB (publ) Announces CEO Changes On 22 December 2021, OXE Marine AB (publ) agreed to acquire 100% of Diesel Outboard's and Outdoor Network Manufacturing's US distribution and manufacturing business (the "Transaction"). As a result of the completion of the Transaction, Magnus Grönborg decided to step down as CEO and the Board of Directors appointed Anders Berg as acting CEO. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: kr99.8m (up 32% from FY 2020). Net loss: kr71.8m (loss narrowed 16% from FY 2020). Revenue missed analyst estimates by 30%. Over the next year, revenue is forecast to grow 206%, compared to a 11% growth forecast for the industry in Germany. Recent Insider Transactions • Dec 31
Independent Chairman of the Board recently bought €54k worth of stock On the 28th of December, Anders Berg bought around 244k shares on-market at roughly €0.22 per share. This was the largest purchase by an insider in the last 3 months. Anders has been a buyer over the last 12 months, purchasing a net total of €138k worth in shares. Reported Earnings • Oct 30
Third quarter 2021 earnings released The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: kr26.2m (up kr22.8m from 3Q 2020). Net loss: kr15.2m (loss narrowed 44% from 3Q 2020). Recent Insider Transactions • Aug 15
Independent Chairman of the Board recently bought €27k worth of stock On the 6th of August, Anders Berg bought around 115k shares on-market at roughly €0.24 per share. This was the largest purchase by an insider in the last 3 months. Anders has been a buyer over the last 12 months, purchasing a net total of €67k worth in shares. Reported Earnings • Jul 24
Second quarter 2021 earnings released The company reported a poor second quarter result with increased losses and weaker control over costs, although revenues were flat. Second quarter 2021 results: Revenue: kr21.8m (flat on 2Q 2020). Net loss: kr15.1m (loss widened 6.1% from 2Q 2020). Recent Insider Transactions • May 14
Independent Chairman of the Board recently bought €12k worth of stock On the 7th of May, Anders Berg bought around 50k shares on-market at roughly €0.23 per share. In the last 3 months, they made an even bigger purchase worth €28k. Anders has been a buyer over the last 12 months, purchasing a net total of €52k worth in shares. Reported Earnings • May 03
First quarter 2021 earnings released The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: kr10.1m (down 2.1% from 1Q 2020). Net loss: kr23.8m (loss widened 22% from 1Q 2020). Reported Earnings • Mar 29
Full year 2020 earnings released: kr0.49 loss per share (vs kr0.80 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: kr75.5m (down 17% from FY 2019). Net loss: kr85.5m (loss narrowed 16% from FY 2019). Reported Earnings • Feb 21
Full year 2020 earnings released: kr0.52 loss per share (vs kr0.80 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: kr39.7m (down 56% from FY 2019). Net loss: kr85.5m (loss narrowed 16% from FY 2019). Analyst Estimate Surprise Post Earnings • Feb 21
Revenue misses expectations Revenue missed analyst estimates by 67%. Over the next year, revenue is forecast to grow 335%, compared to a 5.0% growth forecast for the Machinery industry in Germany. Announcement • Feb 19
OXE Marine AB (publ) to Report Fiscal Year 2020 Results on Mar 26, 2021 OXE Marine AB (publ) announced that they will report fiscal year 2020 results at 11:00 AM, Central European Standard Time on Mar 26, 2021 Is New 90 Day High Low • Feb 14
New 90-day high: €0.23 The company is up 47% from its price of €0.16 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 10.0% over the same period. Announcement • Feb 10
OXE Marine AB (publ) Appoints Myron Mahendra as EVP Business Development , Sales and Marketing OXE Marine AB (publ) to reorganize its management team by appointing the current CEO Myron Mahendra as EVP Business Development, Sales and Marketing. In addition, the chairman of the board Anders Berg will increase his operational focus on the company by assuming a supportive operational role with the management team. This will significantly strengthen the company's operational abilities, meanwhile adding even more focus on the commercial development. Myron Mahendra will commence a new position as EVP Business Development, Sales and Marketing, allowing him to focus exclusively on the continued global development of the Company's business and utilizing his extensive international network and deep knowledge of the marine industry to further evolve the Company's offering. Announcement • Feb 09
OXE Marine AB (publ) Announces Management Changes OXE Marine AB (publ) has resolved to appoint Magnus Grönborg as CEO and the current CEO Myron Mahendra as EVP Business Development, Sales and Marketing. This will significantly strengthen OXE Marine's operational abilities, meanwhile adding even more focus on the commercial development. Ängelholm-based Magnus Grönborg is currently Senior Vice President Operations at Höganäs AB and has been a board member in the Company since 2019. Magnus Grönborg has more than 20 years' experience of developing production and supply chains in global organizations like Lindab, Swep and Isover and has a solid executive background with notable positions as Group Operations Director at Lindab AB and most recently Senior Vice President Operations at Höganäs AB. Announcement • Feb 05
OXE Marine AB and Outdoor Network Manufacturing Provide Updates on Manufacturing Agreement In-line with the manufacturing agreement between OXE Marine AB and Outdoor Network Manufacturing (ONM), start of assembly of OXE125-200 has been initiated by ONM in Albany (GA, USA). The development of the production set up in the USA has proceeded as planned, in line with the goal to initiate production of OXE125-200 in Albany (GA, USA) early this year. Production set up and initial assembly of units are on-going with support from OXE Marine personnel on site. The first production units from the assembly will undergo rigorous testing to ensure that stringent demands on endurance, reliability, power and control are sustained. OXE Marine AB continue in-house production of OXE Diesel units to meet market demand, ensuring a constant supply of engines to the market. Is New 90 Day High Low • Feb 03
New 90-day high: €0.20 The company is up 36% from its price of €0.15 on 05 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 13% over the same period. Analyst Estimate Surprise Post Earnings • Nov 24
Revenue misses expectations Revenue missed analyst estimates by 91%. Over the next year, revenue is forecast to grow 111%, compared to a 4.6% growth forecast for the Machinery industry in Germany. Announcement • Sep 18
OXE Marine AB (publ) Enters into Cooperation Agreement with Evoy AS OXE Marine AB (publ) (the Company) has entered into a cooperation agreement with Evoy AS, to assess the technical and market viability of a high powered electric outboard using Evoys proprietary electrical propulsion system and the Company’s patented lower leg to deliver a high powered, high torque application. The target is initially a 150 hp equivalent motor and later they will assess larger packs up to 300 hp. Following a successful assessment, both parties will contemplate a deeper cooperation to develop, produce and market the product worldwide. Evoys high output electric propulsion systems should be a great fit towards OXE Marine ABs belt driven lower legs designed for the higher torque from diesel and electric motors - and they are excited to see what it can do. This fits well into Evoys vision of eliminating boating emissions globally, and their goal is to start with the commercial market, like OXE Marine AB. Announcement • Sep 17
OXE Marine AB (publ) Agrees on EUR 2.8 Million Order for 2021 OXE Marine AB (publ) has signed a letter of intent with current Central and South West US distributor Diesel Outboards LLC (part of the Outdoor Network group) (ODN) to expand ODN's distribution territory to also cover South East US. On signing the definitive distribution agreement, ODN will place an order for OXE units to be delivered during 2021 for a value of approx. EUR 2.8 million. Significant order from current distributor and manufacturing partner ODN. The company has signed a letter of intent with current US distributor and manufacturing partner ODN, through its subsidiary Diesel Outboards LLC, to expand ODN's exclusive distribution territory to also cover South East US. On signing the definitive distribution agreement, ODN will place an order for OXE units to be delivered during 2021 for a value of approximately EUR 2.8 million. The decision to appoint ODN as exclusive distributor also for South East US comes after thorough evaluation of viable alternatives and is a consequence of ODN's proven ability to create market demand for the OXE outboards in the US. ODN's expanded territory will i.a. include the state of Florida, which itself representants approximately 25% of the global high powered outboard market. The order to be placed on signing the definitive distribution agreement represents a 50% increase of total OXE order book and further confirms the strategic rationale of relocating production of the OXE200 to the US. 
