Highlights:
(1) Strong quarter in sales, installations, revenue and margin, showing ability to shift focus to quality and more profitable sales in a high pressure environment:
• 2,398 sales versus 1,183 same quarter last year, up 2.0x
• 1,745 installations versus 864 same quarter last year, up 2.0x
• NOKm 194 revenue generated versus NOKm 64 same quarter last year, up 3.0x
• NOKm 42 gross profit generated versus NOKm 10 same quarter last year, up 4.1x
(2) Business health up, manifesting itself in all major metrics: improving ticket size, gross margins, and subscriptions as share of revenues. In Q2 Otovo also had three countries with positive margin on an EBITDA generated basis.
(3) European momentum, solar markets are booming, and Europe is set for a decade of high activity. Otovo is on track for continental leadership with ongoing scaling in Germany, Portugal, UK and Austria. Three more markets to be added in the second half of 2022, as planned.
(4) Strong outlook, with solid pipeline and confidence in ability to deliver more than NOKm 500 Revenue generated in second half, and expecting gradually easing supply chain conditions.
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– I’m proud of all Otovistas for having defied a really difficult period and come out with more than twice as many installations as a year ago. Our marketplace model is now proven, and with smoother terrain ahead I think we are going to keep crushing the numbers, says Andreas Thorsheim, CEO
With an increased installer ecosystem and more capacity than ever, Otovo grew installations 20% sequentially from Q1 and 102i% from the same quarter last year. The value of the installations was up 200%, as ticket sizes grew due to a combination of bigger systems, more batteries, and higher markups.
– We made a conscious choice to optimize for what we can deliver in the second half, and we filled the pipeline with bigger and more valuable systems, with more batteries and a higher subscription share, Thorsheim comments.
Otovo discloses that three of its markets were profitable in the period. Norway, Spain and Italy were all positive on the basis of EBITDA generated. The volumes and profitability of sold units indicate those levels will be sustained. Otovo will bring more markets above zero gradually, while entering and scaling in new markets leveraging our proven playbook.
Consistent sales have built a solid pipeline, and with improving throughput Otovo expects to deliver projects worth more than half a billion NOK in the second half of 2022.
– Europe needs more clean power fast and Otovo has an ability to deliver at speed and at scale across the continent. This is the time where we really step up, says Thorsheim.
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Please find attached the quarterly report and the quarterly presentation that Andreas Thorsheim (CEO) and Petter Ulset (CFO), will provide at the webcast at 09:00 July 14th, that can be obtained through the following link: https://my.demio.com/ref/rJKNPxIzhbBBvTcO
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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.
Metrics used in this notice are defined in the attached financial report.
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About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the roof, and batteries in the home. Otovo is a marketplace that organises hundreds of local, high quality and qualified energy installers. The company uses its proprietary technology to analyse 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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