Norwegian floating solar company widens first quarter loss

Business & Finance

May 17, 2023, by Amir Garanovic

Norwegian floating solar developer Ocean Sun has reported a wider net loss in the first quarter of 2023, when compared to the same period a year earlier, with a slight increase in income.

Ocean Sun’s net loss amounted to NOK 5.9 million ($553,000) during the quarter, which is an increase from NOK 4.8 million ($449,000) filed for the same period in 2022.

Total operating income for Ocean Sun in the first quarter of 2023 amounted to NOK 2.1 million ($197,000), which is an increase from NOK 1.7 million ($159,000) recorded in the same period a year ago.

The income is related to recognized contribution from research grants, Ocean Sun said, revenues from BOOST and Skattefunn projects in addition to grants from Innovation Norway (Green Platform).

Ocean Sun noted that the numbers for the first quarter of 2023 include NOK 900,000 ($84,000) in non-recurring cost for expenses related to the settled patent infringement case.

Accounts receivables include NOK 600,000 ($56,000) related to materials purchased on behalf of customer. Other receivables primarily relate to accrued revenue from R&D projects, the company said.

By March 31, 2023, the cash and cash equivalents of Ocean Sun amounted to NOK 56.9 million ($47.2 million), of which NOK 800,000 ($75,000) was restricted cash.

The equity ratio was 86.3% and the company had no interest-bearing debt. As such, Ocean Sun said it is well capitalized with available liquidity to support current operations and future growth.