OXE MARINE AB - CMMCF STOCK NEWS

OXE Marine AB released its Q4 2022 Interim Report on February 24, 2023, revealing significant challenges. Consolidated net turnover was SEK 32.2 million with a gross profit of SEK 3.4 million and a gross margin of only 11%. The company's EBITDA was SEK -31.1 million, leading to a total loss of SEK 45.7 million for the quarter. Over the full year, net turnover reached SEK 148.4 million, but the company faced operational issues resulting in higher warranty costs. Notably, they raised SEK 70 million through a share issue and launched the OXE Hybrid 450 at the Miami Boat Show.

OXE Marine AB has achieved a significant milestone as its diesel-powered outboard engine, developed in collaboration with JET-TECH, was nominated for Innovation of the Year at the Miami International Boat Show on February 23, 2023. The OXE300 model is the world's most powerful outboard featuring water jet propulsion, thanks to its proprietary power transmission system. This groundbreaking technology allows for high torque handling without power loss. The innovation not only enhances fuel efficiency but also offers environmental benefits by eliminating traditional propellers, making it easier to maneuver in shallow waters.

OXE Marine AB has unveiled the OXE Hybrid 450, the world's first hybrid diesel outboard engine in higher power classes, at the Miami International Boat Show on February 15, 2023. This innovative engine combines diesel power with a 400-volt electric motor and lithium-ion battery system to achieve lower fuel consumption and reduced carbon dioxide emissions. The OXE Hybrid 450, with a total power of 450 horsepower, allows for emission-free operation in sensitive environmental areas. Field tests with Nimbus Group will commence this spring, with series production slated for the second half of 2023.

On December 13, 2022, OXE Marine AB held an extraordinary general meeting that approved a share capital increase of SEK 29,984.62 through the issuance of 1,000,000 new shares to Alpraaz AB, owned by board member Christian von Koenigsegg. This decision finalized the directed share issue initially announced on November 20, 2022. All resolutions were aligned with prior proposals accessible on the company's website.

OXE Marine AB has successfully completed a directed share issue, raising SEK 70 million to bolster working capital and support growth initiatives. The share issue attracted full subscription, with SEK 68.575 million allocated under a previous mandate and SEK 1.425 million directed to a company owned by board member Christian von Koenigsegg, pending approval. Shares were issued at SEK 1.425 per share, a 0.5% premium over the 30-day average price. Post-issue, total shares will increase to 304,068,067.

OXE Marine AB announced a directed issue of SEK 70 million to enhance working capital and support growth initiatives. The share issue comprises 49,122,807 shares priced at SEK 1.425 per share, representing a 0.5% premium over the 30-day average price. Irrevocable subscription undertakings for the full amount have been secured. CEO Anders Berg expressed gratitude for the support from both existing and new investors.

OXE Marine AB released its Q3 2022 Interim Report, detailing consolidated net turnover of SEK 39.1 million, reflecting a 49% increase year-over-year. However, the company reported a consolidated net loss of SEK 20.1 million for the quarter, and SEK -64.2 million for January to September, with EBITDA at SEK -10.7 million and SEK -37.1 million respectively. Despite supply chain issues and a challenging market environment, OXE Marine noted a significant increase in customer orders and improvements in gross margins, achieving 26% in Q3.

OXE Marine AB conducted sea trials demonstrating that its OXE300 diesel outboard consumes 50% less fuel than equivalent gasoline outboards. Conducted in early October in Öresund waters, tests included a dual OXE300 installation on a 12-meter tender. When run on biodiesel (HVO100), carbon dioxide emissions were reduced by 92%. CEO Anders Berg highlighted the significant advantages of the diesel outboards in fuel efficiency. The OXE300 will be showcased at the Fort Lauderdale International Boat Show starting today.

OXE Marine AB (OTCQX: CMMCF) has agreed to acquire 100% of Diesel Outboards and Outdoor Network Manufacturing's US distribution and manufacturing business for USD 10.8 million. This transaction will strengthen OXE's position in the US market, allowing direct access to customers and enhancing revenue streams. Following the acquisition, Martin Polo will join OXE's Board as a representative of the selling entity. Additionally, CEO Magnus Grönborg is stepping down, with Anders Berg appointed as acting CEO. The deal is expected to close by January 31, 2022.