Fourth quarter and 2024 highlights
(All comparisons to corresponding period in 2023)
. Revenue of USD 164.8 million, +14.3% QoQ and -6.5% YoY
. FY2024 revenue USD 601.4 million, above guided range of $575-600m
. Gross margin of 73.0%
. Adj. EBITDA margin of 46.7%
. Order intake of USD 143.8 million, on par QoQ and -12.3% YoY
(Nedre Vats, February 20, 2025): AutoStore Holdings Ltd. (AutoStore, OSE:AUTO),
a robot technology company that invented and continues to pioneer cube storage
automation, today released its quarterly update for the quarter ending December
31, 2024.
"We delivered a strong end of the year, taking full year revenue to USD 601.4
million, slightly above the high end of our guidance range of USD 575-600
million. The market remains challenging, but despite a revenue decline for the
full year, we gained market share. With our strong business model and winning
customer value proposition, we maintained our high levels of profitability. In
2024, our gross margin was at a record high at 73.1% and our adjusted EBITDA
margin was 47.0%", said CEO Mats Hovland Vikse.
In the fourth quarter, revenue came in at USD 164.8 million (176.3). Gross
profit amounted to USD 120.3 million (120.7), with gross margin increasing to
73.0% (68.5%). Adjusted EBITDA amounted to USD 77.0 million (84.4) with adjusted
EBITDA margin landing at 46.7% (47.9%), reflecting our continued investment in
growth initiatives.
Order intake came in at USD 143.8 million, on par sequentially, taking our
backlog to USD 457.5 million, +2.4% compared to fourth quarter 2023.
"Innovation is the driving force behind our business. By proactively leveraging
data and customer insights, we continually develop new product innovations and
features that help our customers solve different and more complex problems. Join
us on March 4th for our next bi-annual product announcement, where we'll unveil
a new set of AutoStore products, innovations, and enhancements", said CEO Mats
Hovland Vikse.
Key financials
Fourth quarter
USD million 2024 2023 ? in %
Revenue 164.8 176.3 -6.5%
Gross profit 120.3 120.7 -0.3%
Gross margin 73.0% 68.5% 4.5 p.p.
EBIT 59.7 63.1 -5.3%
Adjusted EBITDA1 77.0 84.4 -8.8%
Adjusted EBITDA margin1 (%) 46.7% 47.9% -1.2 p.p.
Adjusted EBIT1 66.6 78.2 -14.8%
Adjusted EBIT margin1 (%) 40.4% 44.3% -3.9 p.p.
Cash flow conversion1 81.8% 84.1% -2.4 p.p.
Order intake 143.8 163.9 -12.3%
1 Alternative performance measures used in this release are described and
presented in the section Alternative Performance Measures in the quarterly
update.
For further information, please contact:
Nili Eslah, Investor Relations Manager, AutoStore AS Telephone: +47 456 62 664 I
nili.eslah@autostoresystem.com
Hiva Flåskjer, SVP Investor Relations, AutoStore AS Telephone: +47 958 66 790 I
hiva.flaskjer@autostoresystem.com
About AutoStore | www.autostoresystem.com
AutoStoreT, founded in 1996, is a technology company that develops order
-fulfillment solutions to help businesses achieve efficiency gains within the
storage and retrieval of goods. The company offers both hardware and software
capabilities and the AutoStore technology is interoperable with other third
-party solutions.
AutoStore is global, with ~1,650 Systems in 58 countries. All sales are
distributed, designed, installed, and serviced by a network of qualified system
integrators referred to as "partners". AutoStore was founded in Nedre Vats, on
the west coast of Norway. The company has offices in Norway, the U.S., UK,
Germany, France, Spain, Italy, Austria, South Korea, Japan, Australia, and
Singapore, as well as assembly facilities in Poland and Thailand.