Highlights: [1] ANOTHER QUARTER OF RECORDS in sales, installations, revenue and margin: 2,740 sales versus 1,470 same quarter last year, up 1.9x 1,970 installations versus 1,086 same quarter last year, up 1.8x NOKm 170 in revenues, versus NOKm 88 from Q3 2021, up 1.9x Increase even stronger when accounting for contribution from subscriptions, with NOKm 235 in revenues generated NOKm 53 gross profit generated versus NOKm 14 same quarter last year, up 3.9x [2] BREAKTHROUGH QUARTER FOR SUBSCRIPTIONS, portfolio reaching NOKm 227 in accumulated contracted subscription revenues, and selling more than NOKm 150 worth of subscription projects in a single quarter [3] PAN-EUROPEAN POSITION ESTABLISHED:Otovo successfully launched inPortugal ,UK andAustria , having now sold projects in 10 European countries.Netherlands ,Belgium andSwitzerland announced as next three markets to be added in 2022 [4] RESISTING INFLATION: Hardware and labor costs are increasing, butOtovo is able to increase markup and margins in 10/10 countries [5] EASING FRICTIONS in supply chain to have effect in Q4 and increasingly in 2023 [6] STRONG OUTLOOK, reiterating guiding of NOKm 500+ revenue generated for the second half of 2022. Confident in continued >100% growth into 2023, implying NOKm 660 in revenue generated first half of 2023. *** - This has been a strategically significant quarter forOtovo : First, we are progressing well in our entry into six new markets. Second, we have reached real scale on the subscription portfolio. That really excites me, saysAndreas Thorsheim , founder and CEO ofOtovo . - One in three customers chose to rent rather than buy direct this quarter. This proves that the no-upfront investment alternative resonates well with the market, and enables even more Europeans to purchase solar for their homes, he adds.Otovo entered into three new markets the previous quarter, and will solidify its unique pan-European position with a total of six new market entries by the end of the year. With hardware and labor costs increasing,Otovo has also successfully been able to increase markup and enabled a growth in margins. Finally, the frictions experienced in the supply chain this past year are now easing on four main parameters, access to labor, panels, inverters and batteries.Otovo expects to see the effects of this in Q4 2022 and in Q1 2023. - The outlook is good.Otovo is robust in face of macroeconomic challenges and the supply chain issues for solar energy seem to be easing in coming months. We are confident in our ability to maintain a 100 percent growth rate in the coming years, and look forward to helpingEurope transition to a cleaner energy future through solar, says Thorsheim. *** Please find attached the quarterly report and the quarterly presentation thatAndreas Thorsheim (CEO) and Petter Ulset (CFO) will provide at the webcast at 09:00October 18th , that can be obtained through the following link: https://my.demio.com/ref/LShmUvAthqN50sUk *** Disclosure Regulation This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Metrics used in this notice are defined in the attached financial report. *** AboutOtovo : For homeowners,Otovo is the easiest way to get solar panels on the roof, and batteries in the home.Otovo is a marketplace that organizes hundreds of local, high quality and qualified energy installers. The company uses its proprietary technology to analyze the potential of any home and finds the best price and installer for customers based on an automatic bidding process between available installers. Follow us on investor.otovo.com for reports, financial calendar, contact details and more.
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