Otovo AS

05/05/2022 | Press release | Distributed by Public on 05/04/2022 23:10

Otovo Q1 results: Revenues up 260% YoY, on track for pan-European #1 position

Otovo Q1 results: Revenues up 260% YoY, on track for pan-European #1 position

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05 May 2022 07:00 CEST

Company Name

OTOVO AS

ISN

NO0010809783

Market

Euronext Growth

Symbol

OTOVO

Highlights:

(1) Record quarter in sales, installations, revenues and gross profit
• 2,541 sales versus 815 same quarter last year, up 3.1x
• 1,459 installations versus 663 same quarter last year, up 2.2x
• NOKm 135.3 revenue generated versus NOKm 37.6 same quarter last year, up 3.6x
• NOKm 26.3 gross profit generated versus NOKm 5.7 same quarter last year, up
4.6x

(2) Business health up
• 1 in 4 of all Otovo's sales in the quarter included a battery. Germany (85%)
and Italy (69%) are the two strongest battery markets. Battery offer introduced
in France, Poland and Sweden since last reporting
• 23% of sold projects were on a subscription model, vs. 18% of the projects
installed

(3) Country launches on track
• German operations well-established, with strong demand. Best first quarter
sales after launch of any country so far. Impact to be seen in P&L from Q3
• Portugal, UK and Austria to be launched in the next few months. General
managers hired for Portugal (Manuel Pina, Uber) and UK (to be disclosed) with a
strong candidate pool for Austria

(4) Outgrowing growth plan
• Sales, installations, revenue and gross profits all growing at more than 200%
YoY, well ahead of the long term growth plan of 100% annual growth until 2025
• This has been accomplished against a backdrop of supply chain turmoil, which
continues to be a concern going forward, risk being highest on hardware
bottlenecks
• Otovo continues to expand the supply side of the market place by recruiting
installers quickly and adding capacity with existing installers
• Pipeline of 3,591 projects equivalent to NOKm 442 in revenue value is strong
and manageable

***

- This winter, Europe's governments and people have doubled down on ambitions to
transition to local energy and to move away from imported gas. Solar energy has
been called upon to step up, as is visible in the European Commission's RePower
EU plan, in which commissioners called for "millions more photovoltaic panels on
the roofs of our homes, businesses, and farms". Otovo is ready to do its share
answering the call to action, says Otovo CEO Andreas Thorsheim

Facing skyrocketing power prices and increased energy insecurity, homeowners
have turned to solar power. Demand growth is close to vertical. This is good for
solar and excellent for Otovo's growth ambitions.

- With covid hitting production centers in Asia, global supply chains will be
bottlenecked once again. There are high risks that local hardware bottlenecks
will appear at times. Otovo is committed to do whatever it takes to keep moving.
Fighting chaos remains the soundtrack of our times, Thorsheim comments

- We are selling at a >10,000 project yearly run rate, backed up by a pipeline
3,591 projects strong. Our battery attachment rate is 25 percent and certain to
grow in quarters to come. And finally, our unique pan-European subscription
business is set to take off. Yes, we are on track to succeeding in building the
first truly pan-European distributed energy player, adds Thorsheim

***

Please find attached the quarterly report and the quarterly presentation that
Andreas Thorsheim (CEO), Petter Ulset (CFO), and Pål Hauff Hvattum (CBO) will
provide at the webcast at 09:00 May 5th, that can be obtained through the
following link: https://my.demio.com/ref/cR1rkuRYh1wRSOr1

***

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.

***

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.

Follow us on investor.otovo.com for reports, financial calendar, contact details
and more.

More information:
Access the news on Oslo Bors NewsWeb site

561150_Otovo - Q1 2022 Presentation.pdf
561150_Otovo - Q1 2022 Report.pdf

Source

Otovo AS

Provider

Oslo Børs Newspoint