AutoStore: Q4 2022 financial results

16 Feb 2023 06:00 CET

Fourth quarter 2022 highlights

(All comparisons to corresponding period in 2021)

· Revenue of USD 148 million, up 58% from USD 93 million
· Gross profit of USD 90 million, up from USD 62 million
· Gross margin of 61%, down from 66% in Q4 2021, however 650 bps of sequential
improvement from Q3 2022
· Adjusted EBITDA[1] of USD 59 million, up 44% from USD 41 million
· Adjusted EBITDA[1] margin of 40%, down from 44% in Q4 2021, however 280 bps
sequential improvement from Q3 2022
· Quarterly order intake[2] of USD 153 million brought the order backlog[3] to
USD 476 million
· Simplified free cash flow[1] was USD 45 million, up from USD 30 million,
equating to a cash flow conversion rate of 77% (73%)

Full year 2022 highlights

· Revenue of USD 584 million, up 78%
· Adjusted EBITDA1 of USD 238 million, up 50%

Full year 2023 guidance

· Revenue of USD 700 to 750 million

[1] Please refer to APM section for further explanations and details on APM
measures on page 28 of the third quarter 2022 financial report.

[2] Order intake is defined as value of projects where a distribution partner
has received a purchase order or verbal confirmation that a specific
installation will be ordered.

[3] Order backlog is defined as the total value of order intake not yet shipped
and for which revenue has not yet been recognized.

[4] Interest-bearing liabilities and lease liabilities less cash and cash
equivalents.

(Nedre Vats, 16 February 2023): AutoStore Holdings Ltd. (AutoStore, OSE:AUTO), a
robot technology company that invented and continues to pioneer cube storage
automation, today announced financial results for the quarter ending December
31, 2022.

"AutoStore grew revenue by 58% year-on-year and achieved an adjusted EBITDA
margin of 40% in the fourth quarter of 2022, representing substantial margin
improvement of 280 bps since the last quarter. This demonstrates the continued
strength of the business in a challenging macroeconomic environment and ability
to drive margins sequentially higher toward historical levels, as we are seeing
the results of strategic pricing actions and expect to continue to drive
improvements in coming quarters. The AutoStore team had another outstanding
year, generating revenue of USD 584 million, up 78% from 2021, and thereby
achieving our ambitious growth goal for the year. Adjusted EBITDA amounted to
USD 238 million - up 50% from 2021. A robust quarterly order intake of USD 153
million brought the order backlog to USD 476 million at year-end, leaving us
well-positioned for a successful 2023," said Mats Hovland Vikse, CEO.

Key financials

Fourth quarter 2022 operational results

Reported revenue for the fourth quarter of 2022 totaled USD 148 million,
representing growth of 58% compared to the corresponding quarter in 2021. The
year-on-year revenue increase was attributable to continued robust growth in all
regions, particularly the APAC region and NAM which grew by 200% and 113%,
respectively. Adjusted EBITDA[1] amounted to USD 59 million (41). Adjusted
EBITDA margin[1] was 40%, down compared to 44% in the corresponding period last
year, primarily attributable to continued cost inflation of aluminum and key
components due to global supply chain challenges. Adjusted EBITDA margin[1
]improved by 280 bps compared to the third quarter of 2022 asstrategic pricing
actions started to take effect.

"As we expected and communicated in November, we saw a significant lift in
margins in the fourth quarter as we saw the benefits of our strategic pricing
actions together with more favorable aluminum grid costs. We expect margins to
trend higher and back toward historical levels over the course of 2023. The full
margin impact will be seen as our projects with more favorable cost and pricing
levels move from backlog to realized revenue," said Bent Skisaker, CFO.

Balance sheet and cash flow

AutoStore generated simplified free cash flow of USD 45 million in the fourth
quarter of 2022, up from USD 30 million, equating to a cash flow conversion rate
of 77% (73%). As of December 31, 2022, AutoStore had cash and cash equivalents
of USD 175 million and debt[4] of USD 459 million, resulting in net debt of USD
284 million.

2023 Guidance

"Our updated revenue guidance for 2023 is USD 700-750 million, indicating a
growth rate of 20-30% for the year. In the medium term, we are positioned to
grow revenues by two to three times the broader warehouse automation market
given our strong competitive position and growing market reach. Assuming current
market growth estimates, this implies a CAGR for AutoStore of approximately
40%," Hovland Vikse concluded.

Conference call and webcast information

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

AutoStore will also host an earnings call and Q&A session at 16:00 CEST (audio
only). The fourth quarter 2022 presentation will be used during the earnings
call.

Participants are requested to dial in and register 5 to 10 minutes in advance.

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 Q4 Results 2022
(autostoresystem.com) (https://www.autostoresystem.com/reports-presentations/q4
-results-2022#webcast), and can also be streamed at
https://channel.royalcast.com/landingpage/hegnarmedia/20230216_5/ (https://eur02
.
safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Fland
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ngpage%2Fhegnarmedia%2F20230216_5%2F&data=05%7C01%7Chiva.flaskjer%40autostoresys
t
em.com%7C2de7ee789145407d005908db05246191%7C67e37c48b2514faebf510c732630cd82%7C0
%
7C0%7C638109426040879969%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2l
u
MzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=mQCMfGe8RPtTRwd%2Fd%2BK
3
i4yfWE5aPFr%2F9469dY%2FN2Ao%3D&reserved=0).

ENDS

For further information, please contact:

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

hiva.flaskjer@autostoresystem.com

Hansine Korslien Lyngøy, VP Communications, +47 482 48 642

hansine.lyngoy@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 +1,150 Systems in 49 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, in 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 production facilities
in Koszalin, Poland.

More information:
Access the news on Oslo Bors NewsWeb site

582574_AutoStore_Q4_2022_Report.pdf
582574_AUTO_Q4_Press_release_vf.pdf
582574_AutoStore_Q4_2022_Presentation.pdf