(Bloomberg) -- Shares in OX2 AB fell the most since listing three years ago after the Swedish wind firm reported its first ever quarterly loss. 

The company lost more than a fifth of its market value in early trading on Thursday. It posted an operating loss of 110 million kronor ($10.3 million) while analysts had expected a profit of 57 million kronor. 

OX2 develops and sells wind and solar farms, and its performance relies on a continuous divestment of projects that are sometimes years away from being built. It’s therefore not unusual for some quarters to over-perform and others to be worse than expected. 

Results will see less fluctuations once the company has more projects in construction, Chief Executive Officer Paul Stormoen said in an interview. He still expects operating profit to increase this year compared with 2023. 

“I’m not thrilled and happy with that, but we are here for the long term and intend to work our way back up to a different share price level,” he said. “It’s been three years of high fluctuations, but still a strong yearly performance.”

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To support that view, Stormoen highlighted OX2’s ongoing sales of permitted projects of about 2 gigawatts, with about 1.2 gigawatts in due diligence or already signed for. That gives him a lot of visibility almost five months into the year, Stormoen said. 

“We just need to continue to work with educating the market, be open and transparent on where we are,” he said.

Shares pared losses somewhat to trade down 14% at 10:40 a.m. in Stockholm. 

--With assistance from Jonas Ekblom.

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