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OXE Marine Q1 2024: First impression - Redeye

Redeye was hoping for higher top-line growth. But Q1 is historically a slow quarter, and we don’t know how much of OXE Marines order backlog to the US Government and Philippine Coast Guard was delivered in Q1. Gross margins were better than expected and Opex were in line. We will probably lower our near-term forecast somewhat as we haven’t seen enough in terms of new orders announced.

Redeye was hoping for higher top-line growth. But Q1 is historically a slow quarter, and we don’t know how much of OXE Marines order backlog to the US Government and Philippine Coast Guard was delivered in Q1. Gross margins were better than expected and Opex were in line. We will probably lower our near-term forecast somewhat as we haven’t seen enough in terms of new orders announced.
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