New Risk • Jul 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk 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 (kr33m net loss in 2 years). Share price has been volatile over the past 3 months (9.7% average weekly change). Market cap is less than US$100m (kr179.2m market cap, or US$18.4m). 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 Risk 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). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (kr234.8m market cap, or US$25.0m). Recent Insider Transactions • May 11
Independent Chairman of the Board recently bought kr2.5m worth of stock On the 8th of May, Jonas Wikstrom bought around 10m shares on-market at roughly kr0.24 per share. This transaction amounted to 48% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jonas' only on-market trade for the last 12 months. 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 Breakeven Date Change • Apr 24 The analyst covering OXE Marine previously expected the company to break even in 2028. New forecast suggests losses will reduce by 40% per year to 2027. The company is expected to make a profit of kr4.00m in 2028. Average annual earnings growth of 98% is required to achieve expected profit on schedule.
Reported Earnings • Apr 02
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: kr0.089 loss per share (improved from kr0.29 loss in FY 2024). Revenue: kr184.1m (up 5.9% from FY 2024). Net loss: kr61.6m (loss narrowed 37% from FY 2024). Revenue missed analyst estimates by 9.8%. Earnings per share (EPS) exceeded analyst estimates by 20%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Machinery industry in Sweden. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. 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 Reported Earnings • Mar 02
Full year 2025 earnings released: kr0.089 loss per share (vs kr0.29 loss in FY 2024) Full year 2025 results: kr0.089 loss per share (improved from kr0.29 loss in FY 2024). Revenue: kr184.6m (up 6.3% from FY 2024). Net loss: kr61.6m (loss narrowed 37% from FY 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Machinery industry in Sweden. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Breakeven Date Change • Jan 01
Forecast to breakeven in 2028 The analyst covering OXE Marine expects the company to break even for the first time. New forecast suggests the company will make a profit of kr4.00m in 2028. Average annual earnings growth of 55% is required to achieve expected profit on schedule. Price Target Changed • Oct 29
Price target decreased by 12% to kr0.60 Down from kr0.68, the current price target is provided by 1 analyst. New target price is 40% above last closing price of kr0.43. Stock is up 13% over the past year. The company is forecast to post a net loss per share of kr0.10 next year compared to a net loss per share of kr0.29 last year. New Risk • Oct 28
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: kr67m Forecast net loss in 3 years: kr2.5m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr64m). Currently unprofitable and not forecast to become profitable over next 3 years (kr2.5m net loss in 3 years). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (kr292.5m market cap, or US$31.3m). Reported Earnings • Oct 26
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: kr43.0m (down 5.6% from 3Q 2024). Net loss: kr16.8m (loss widened 13% from 3Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in Sweden. 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 Price Target Changed • Jul 30
Price target increased by 9.7% to kr0.68 Up from kr0.62, the current price target is provided by 1 analyst. New target price is 10% above last closing price of kr0.62. Stock is up 40% over the past year. The company is forecast to post a net loss per share of kr0.10 next year compared to a net loss per share of kr0.29 last year. Reported Earnings • Jul 27
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: kr61.6m (up 36% from 2Q 2024). Net loss: kr9.58m (loss narrowed 52% from 2Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Sweden. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. New Risk • Jun 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. 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 (-kr65m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr24m net loss in 2 years). Market cap is less than US$100m (kr227.3m market cap, or US$23.7m). New Risk • May 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr65m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-kr65m free cash flow). Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr24m net loss in 2 years). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (kr227.3m market cap, or US$23.5m). 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 Reported Earnings • Apr 12
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: kr0.27 loss per share (improved from kr0.38 loss in FY 2023). Revenue: kr173.8m (down 8.7% from FY 2023). Net loss: kr97.9m (loss narrowed 16% from FY 2023). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 190%. 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 Sweden. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. 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 New Risk • Mar 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 107% 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 (15% average weekly change). Shareholders have been substantially diluted in the past year (107% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr56m). Currently unprofitable and not forecast to become profitable over next 3 years (kr7.0m net loss in 3 years). Market cap is less than US$100m (kr235.6m market cap, or US$23.3m). Reported Earnings • Mar 02
Full year 2024 earnings released: kr0.29 loss per share (vs kr0.38 loss in FY 2023) Full year 2024 results: kr0.29 loss per share (improved from kr0.38 loss in FY 2023). Revenue: kr173.8m (down 8.7% from FY 2023). Net loss: kr97.9m (loss narrowed 16% from FY 2023). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Machinery industry in Sweden. 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 46% per year, which means it is significantly lagging earnings. Board Change • Mar 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Director Martin Polo was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Jan 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr110.0m (US$9.86m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-kr54m). Market cap is less than US$10m (kr110.0m market cap, or US$9.86m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr36m net loss in 2 years). Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Major Estimate Revision • Dec 11
Consensus EPS estimates upgraded to kr0.10 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from kr187.0m to kr181.0m. 2024 losses expected to reduce from -kr0.20 to -kr0.10 per share. Machinery industry in Sweden expected to see average net income growth of 25% next year. Consensus price target down from kr1.00 to kr0.86. Share price rose 9.0% to kr0.40 over the past week. Reported Earnings • Oct 26
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 Sweden. 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 42% per year, which means it is performing significantly worse than earnings. New Risk • Jul 29
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). Negative equity (-kr37m). Earnings have declined by 5.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Market cap is less than US$100m (kr167.8m 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 Sweden. 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 40% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • May 10
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr235.0m to kr203.0m. Forecast losses increased from -kr0.20 to -kr0.30 per share. Machinery industry in Sweden expected to see average net income growth of 18% next year. Consensus price target down from kr1.50 to kr1.20. Share price fell 14% to kr0.58 over the past week. 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). Negative equity (-kr16m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr46m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Market cap is less than US$100m (kr228.0m market cap, or US$21.1m). Reported Earnings • Apr 22
Full year 2023 earnings: EPS and revenues miss analyst expectations 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 missed analyst estimates by 7.1%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Machinery industry in Sweden. 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. Major Estimate Revision • Mar 07
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr264.0m to kr235.0m. Forecast losses increased from -kr0.10 to -kr0.20 per share. Machinery industry in Sweden expected to see average net income growth of 6.2% next year. Consensus price target down from kr1.90 to kr1.50. Share price fell 24% to kr0.65 over the past week. Price Target Changed • Mar 05
Price target decreased by 21% to kr1.50 Down from kr1.90, the current price target is provided by 1 analyst. New target price is 105% above last closing price of kr0.73. Stock is down 51% over the past year. The company is forecast to post a net loss per share of kr0.20 next year compared to a net loss per share of kr0.38 last year. New Risk • Mar 04
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr52m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr52m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr27m net loss in 3 years). Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Market cap is less than US$100m (kr244.0m market cap, or US$23.5m). 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 3.1% growth forecast for the Machinery industry in Sweden. 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). 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 (kr324.2m market cap, or US$31.1m). Major Estimate Revision • Nov 03
Consensus estimates of losses per share improve by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from kr192.0m to kr204.0m. EPS estimate increased from -kr0.40 per share to -kr0.30 per share. Machinery industry in Sweden expected to see average net income growth of 9.8% next year. Consensus price target up from kr1.70 to kr1.90. Share price rose 6.0% to kr1.25 over the past week. Price Target Changed • Nov 01
Price target increased by 12% to kr1.90 Up from kr1.70, the current price target is provided by 1 analyst. New target price is 51% above last closing price of kr1.26. Stock is down 18% over the past year. The company is forecast to post a net loss per share of kr0.30 next year compared to a net loss per share of kr0.44 last year. New Risk • Oct 29
New major risk - Negative shareholders equity The company has negative equity. Total equity: -kr668k 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 (-kr51m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-kr668k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr39m net loss in 2 years). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (kr372.5m market cap, or US$33.4m). 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 2.7% growth forecast for the Machinery industry in Sweden. 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 11% 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 (15% 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 (kr304.1m 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 2.8% growth forecast for the Machinery industry in Sweden. New Risk • Jun 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. 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 (-kr54m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr52m net loss in 2 years). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (kr336.0m market cap, or US$31.4m). 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: EPS exceeds analyst expectations while revenues lag behind 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 missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 69%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Machinery industry in Sweden. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 03
Chief Executive Officer recently bought kr123k worth of stock On the 24th of February, Anders Berg bought around 80k shares on-market at roughly kr1.53 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 kr1.0m worth in shares. Reported Earnings • Feb 25
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). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. 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. Price Target Changed • Nov 16
Price target increased to kr2.60 Up from kr1.90, the current price target is provided by 1 analyst. New target price is 69% above last closing price of kr1.54. Stock is down 29% over the past year. The company is forecast to post a net loss per share of kr0.32 next year compared to a net loss per share of kr0.36 last year. 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 3.1% growth forecast for the Machinery industry in Sweden. Reported Earnings • Jul 22
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 Sweden. Recent Insider Transactions • May 06
CEO & Director recently bought kr298k worth of stock On the 2nd of May, Anders Berg bought around 146k shares on-market at roughly kr2.04 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 kr1.8m worth in shares. Buying Opportunity • May 03
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 7.6%. The fair value is estimated to be kr2.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 91%. Revenue is forecast to grow by 207% in 2 years. Earnings is forecast to grow by 92% in the next 2 years. Reported Earnings • May 03
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: kr31.4m (up 212% from 1Q 2021). Net loss: kr23.5m (loss narrowed 1.2% from 1Q 2021). Revenue missed analyst estimates by 30%. Over the next year, revenue is forecast to grow 86%, compared to a 16% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. 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 Price Target Changed • Apr 27
Price target increased to kr2.80 Up from kr1.90, the current price target is provided by 1 analyst. New target price is 35% above last closing price of kr2.07. Stock is down 11% over the past year. The company is forecast to post a net loss per share of kr0.25 next year compared to a net loss per share of kr0.36 last year. 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: Revenues miss analyst expectations 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. Revenue missed analyst estimates by 30%. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 30
CEO & Director recently bought kr89k worth of stock On the 25th of March, Anders Berg bought around 40k shares on-market at roughly kr2.22 per share. In the last 3 months, they made an even bigger purchase worth kr93k. Anders has been a buyer over the last 12 months, purchasing a net total of kr1.5m worth in shares. Major Estimate Revision • Feb 23
Consensus revenue estimates fall by 31% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from kr305.0m to kr210.0m. Forecast losses increased from -kr0.19 to -kr0.25 per share. Machinery industry in Sweden expected to see average net income growth of 17% next year. Consensus price target up from kr1.90 to kr2.80. Share price rose 9.0% to kr2.25 over the past week. 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. 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 18% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jan 11
Independent Chairman of the Board recently bought kr93k worth of stock On the 7th of January, Anders Berg bought around 40k shares on-market at roughly kr2.33 per share. In the last 3 months, they made an even bigger purchase worth kr558k. Anders has been a buyer over the last 12 months, purchasing a net total of kr1.7m worth in shares. Recent Insider Transactions • Dec 31
Independent Chairman of the Board recently bought kr558k worth of stock On the 28th of December, Anders Berg bought around 244k shares on-market at roughly kr2.29 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 kr1.4m worth in shares. 
