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2022-08-18

AutoStore AS: AutoStore: Second quarter 2022 financial results

(Nedre Vats, 18 August 2022): AutoStore Holdings Ltd. (AutoStore, OSE:AUTO)  today announced its second quarter 2022 financial results

  • Reported revenue of USD 165.6 million in the second quarter of 2022, up  93.6% from the corresponding quarter last year (85.5)
  • Adjusted EBITDA margin of 42.0% (50.0%)
  • The order intake ended at USD 161.3 million and order backlog was USD 477.6 million, supporting the revenue guidance of USD 550-600 million for the full year and the initiation of revenue ambitions of USD 700-800 million in 2023

"AutoStore delivered another strong quarter with a revenue growth of 93.6% and an adjusted EBITDA margin of 42.0%. We had a solid order intake of USD 161.3 million, partly impacted by prevailing market conditions and the transitional effect of shorter lead times as customers place orders closer to delivery. Meanwhile, our order backlog increased to USD 477.6 million, up 66.1% year-over-year. AutoStore's lean business model has proven resilient in volatile and uncertain times, and our focus on standardized modular solutions and unique go-to-market strategy have facilitated consistent growth in revenue, robust margins and high cash conversion. We have also implemented a number of measures in response to the current global macro situation and specific supply chain challenges. In combination with AutoStore's resilient business model, these efforts secured positive results in this quarter and provide a strong platform for continued growth," says Karl Johan Lier, Chief Executive Officer of AutoStore.

AutoStore reported revenue in the second quarter of USD 165.6 million (85.5), representing growth of 93.6% from the corresponding quarter of 2021. Adjusted EBITDA* amounted to USD 69.5 million (42.7), with the adjustments comprising a reduction in the provision for social security tax on management options attributable to the reduced share price during the period, as well as an adjustment in respect of Ocado litigation costs. The corresponding adjusted EBITDA margin was 42.0% (50.0%), and reported EBIT was USD 72.3 million (9.3).

"Mitigating actions have already been taken to address margin pressure, including a price increase and a temporary aluminum surcharge which are expected to lift margins back towards historical levels. The full impact of the measures will be seen in 2023 when projects with more favorable cost and pricing levels move from backlog to realized revenue, " Lier continues.

Autostore continues to benefit from a huge, underpenetrated market with high and increasing expected demand for fast cubic storage. The order intake in the quarter ended at USD 161.3 million, bringing the order backlog to USD 477.6 million.

"The order backlog emphasizes AutoStore's strong ongoing underlying growth powered by solid demand across regions, end markets and warehouse categories, and confirms our 2022 revenue guidance of USD 550-600 million. Together with our strong project pipeline, the backlog justifies an early 2023 revenue estimate of USD 700-800 million. A medium-term growth rate of approximately 40% remains realistic, subject to continued market growth of around 15%," Lier concludes.

AutoStore will present the second quarter 2022 financial results at Høyres Hus, Oslo, Norway, and via a live webcast at 08:00 CEST. The presentation will be hosted by Karl Johan Lier, CEO, Bent Skisaker, CFO, and Mats Hovland Vikse, CRO. The presentation will be followed by a Q&A.

In addition, AutoStore will host an earnings call and Q&A at 16:00 CEST. Audio only. Participant are encouraged to dial in 5 to 10 minutes in advance for registrations. The Q2 2022 presenation will be used during the earnings call. 

To participant via conference call, please dial-in 5 to 10 minutes in advance for registration.

Participants dial-in numbers:

PIN code for all countries: 366151

NO: +47-21-956342

SE: +46-4-0682-0620

DK: +45 78768490

UK: +44-203-7696819

US: +1 646-787-0157

The presentation will be broadcast live at https://www.autostoresystem.com/reports-presentations/q2-and-half-year-results -2022 (https://www.autostoresystem.com/reports-presentations/q2-and-half-year-results%20-2022) and can also be streamed at https://channel.royalcast.com/landingpage/hegnarmedia/20220818_1/ (https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Flandingpage%2Fhegnarmedia%2F20220818_1%2F&data=05%7C01%7Chiva.ghiri%40autostoresystem.com%7Cf51bd92233f74a2fd16b08da74554286%7C67e37c48b2514faebf510c732630cd82%7C0%7C0%7C637950206785249544%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=yqYYHl4UjbTR%2Bbi614HmP4q%2Bam%2FSuEtmAkejGONETPY%3D&reserved=0)

*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the second quarter 2022 financial report from page 27.

ENDS

For further information, please contact:

Hiva Ghiri, VP Investor Relations, +47 958 66 790

hiva.ghiri@autostoresystem.com

About AutoStore

AutoStore, founded in 1996, is a robot technology company that invented, and continues to pioneer, Cube Storage Automation - the densest product/inventory storage solution in existence. The company's focus is to marry software and hardware with human abilities to create the future of warehousing. AutoStore is global, with more than 950 systems installed in +40 countries over a wide range of industries. All sales are designed, installed, and serviced by a network of qualified system integrators - which AutoStore calls 'partners'. The company's headquarters is in Nedre Vats (Norway), with offices also in Oslo (Norway), in the U.S., UK, Germany, Austria, France, Spain, Italy, Korea, Japan, and Singapore. Learn more at www.autostoresystem.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.  This stock exchange announcement was published by Hiva Ghiri, IRO, AutoStore Holdings Ltd., on 18 August 2022 at 06:00 CET.

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