Swedish renewable energy developer OX2 reported a net loss of SEK 163 million for the second quarter of 2024, compared to a net profit of SEK 245 million for the same period last year.
For the first half of the year, the company also experienced a downturn, recording an operating loss of SEK 206 million, reversing a profit of SEK 207 million a year prior, according to its financial report released on Thursday.
Despite the adverse financial results, Chief Executive Paul Stormoen confirmed that the company remains optimistic about its full-year performance. “We retain our forecast for improved full-year operating income in 2024, despite increased uncertainty in the forecast,” Stormoen stated. He added that the company expects the majority of this year's earnings to be realized in the fourth quarter. OX2 is currently involved in several sales processes totaling nearly 2 gigawatts, with a significant portion still undergoing due diligence.
The company's total portfolio grew to 47,375 megawatts by the end of June, up from 44,828 megawatts a year earlier.
This increase was largely driven by the addition of 633 megawatts of solar power and 435 megawatts of assets to the company's management portfolio. Projects under development now amount to 33,073 megawatts.
