(1) Revenue Growth: Revenues rose 22% to NOK 152m, driven by the improved order intake from Q1. Pipeline at quarter-end remained solid at NOK 221m, signaling continued installation momentum into 2H. Gross margin remained stable at 24%, confirming healthy underlying unit economics.
(2) Sales Momentum Continues: Order intake increased by 15% to NOK 178m from Q1. The new customer intake expanded 9% to 1,535 during the quarter. Increases in order intake value were partially helped by a weakening NOK. Enhanced sales strategies drove increased sales, reflecting resilience in a challenging market.
(3) Positive Cash Flow: Cash expanding from NOK 75m to NOK 154m including receivables from SLAM during the quarter after completing seminal portfolio transaction and improved cash flow from operating activities.
(4) Improved Cost Efficiency: Significant cost reductions achieved in personnel expenses (down 39% YoY), reflecting improved operational efficiency. Otovo remains confident in achieving further cost optimizations even with growing volumes, supporting improved future operating cash flows.
(5) Stable Short-term Market with Positive Long-term Outlook: The European residential solar market is stable after multiple quarters of contraction. Anticipated interest rate reductions, ongoing cost and technology advancements in the hardware space, and supportive regulatory measures underpin robust market expansion towards 2030.
KEY FIGURES (change QoQ)
Order intake: NOK 178m (+15%)
Revenue: NOK 152m (+22%)
Backlog: NOK 221m (+13%)
Gross profit: NOK 36m (+18%)
Gross margin: 23.9% (-0.7%p)
EBITDA: NOK -58m (+7m)
Andreas Thorsheim, CEO, remarks on the quarter:
- We're energized by our continued growth in sales. Otovo is taking market share in a European market that has been struggling. Now we believe we are leading the way in its recovery.
The company has shown the ability to grow consecutively in a slow market. Otovo will now continue to roll out the new sales approach, while the cost structure that was reset last year will allow the company to continue to grow with limited incremental cost.
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Please find attached the quarterly report and quarterly presentation. Andreas Thorsheim (CEO) and Petter Ulset (CFO) will present the material at a webcast at 09:00 CET on 11 July, that can be viewed through the following link: https://investorweb.no/ir-channel/OTOVO/event/19970356-5ef9-4e9c-a83c-0ca96f8fdaa9
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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 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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