Otovo delivers record-breaking growth in all markets and exceeds guided targets in the third quarter:
• Revenue up 192% YoY to NOK 88m
• Sold project value up 325% YoY to NOK 134m (1470 units)
• Pipeline value up 270% YoY to NOK 152m
• Gross profit up 149% YoY to NOK 15m (17.5% margin)
• Batteries at 48% attachment rate of sales in Italy
• First battery sale in Spain, roll-out in most markets in ‘22
• Holu, the investment in Brazil, showing promising growth
• Germany on-track for Q4 launch
• Records broken, stepping up a level: 750 sold projects in September, equivalent to 9,000 sales per year pace
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Breaking records and exceeding targets
Otovo delivers another strong quarter, with record sales and installation speed. The growth in revenues and sales come from all markets, both compared with Q3 20 and Q2 21. Margins are trending upwards in all markets, increasing from 16.1% in Q2 21 to 17.5% in Q3 21 on an aggregate level.
In addition, 48% of sales in Italy included batteries, which demonstrates a very strong foundation for future growth and profitability.
“We are very pleased with the sales and installation figures for the third quarter of 2021. Sales are up 2.5x year-on-year in the quarter, from 584 to 1,470 units sold. We saw daily, weekly and monthly sales records shattered repeatedly in all our markets, and the quarter as a whole was our best to date. In September alone we sold 750 systems, equating to a speed of 9,000 sales per year. In terms of installations, we delivered more than ever, showing Otovo’s ability to scale according to plan”, said CEO Andreas Thorsheim of Otovo.
“Poland and Italy are delivering very strong quarters, even before they end their full year of operation. In Germany, our General Manager Christian Rahn is in place and is on track building a strong team in time for launch. We will launch before the end of the year, making it our third major country launch in the span of 12 months”, Thorsheim added.
“This quarter adds to our confidence in continued sales growth into 2022, and has added visibility on the prospects of sustaining a 100 percent growth rate next year”, he added.
“Otovo experiences increasing consumer demand for our solar energy services. It is obvious that more homeowners realize that installing solar panels on the roof of their house reduces not only the energy bills considerably but also the environmental footprint. Installing solar panels is a win-win for the wallet and the environment, and we believe that this trend will continue in line with the increasing prices of conventional energy sources”, said Thorsheim.
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Please find attached the quarterly report and the quarterly presentation that Andreas Thorsheim (CEO), Lars Ekeland (Acting CFO), and Fabio Stefanini (GM Italy) will provide at the webcast hosted by Arctic Securities at 09:00 28 October on the following link: https://lnkd.in/eHkcTsiC
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Disclosure Regulation
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the roof. 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.
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