Norway · Delayed Price · Currency is NOK Ocean Sun AS Earnings Call Transcripts
Fiscal Year 2025
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Q4 saw the launch of a landmark floating solar project, boosting revenue and market recognition. The pipeline grew to 36 MWp, and a private placement strengthened the cash position. Strategic alternatives are being explored to unlock further growth.
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Floating solar projects near completion in the Maldives, with expansion in Indonesia, India, Ukraine, and Brazil. Q3 income reached NOK 2.4 million, with a cash position of NOK 11.9 million. Maldives project will supply 90% of a resort's power needs.
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Maldives project nears completion, driving 90% renewable energy use at a resort. Revenue for H1 2025 was NOK 3.8 million with a net loss of NOK 9.8 million, and new projects are advancing in India, Brazil, and Ukraine.
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Q1 saw a NOK 5 million net loss on NOK 1.5 million operating income, with a strong cash position of NOK 24.3 million. Major project milestones include a 2MW Maldives installation and growing pipelines in Taiwan, India, and China.
Fiscal Year 2024
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Revenue grew 14% to NOK 19.1 million in 2024, with sales revenue up 140% year-over-year. Net loss was NOK 16.9 million, but adjusted results improved by NOK 3.9 million. Project pipeline stands at 34 MWp, with break-even at 30 MWp annually.
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Q3 saw resilient project execution across six countries, NOK 2.6M in revenue, and a NOK 31.7M cash position. Expansion in Brazil and a robust pipeline position the company to surpass break-even, with strong R&D support and proven system durability in extreme weather.
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Revenue more than doubled year-over-year to NOK 10 million in H1 2024, with a negative net result of NOK 6.7 million. Key milestones include a major license agreement, new product launches, and a robust project pipeline that could enable break-even if fully realized.