AutoStore: Q1 2023 financial results

27 Apr 2023 06:00 CEST

First quarter 2023 highlights

(All comparisons to corresponding period in 2022)

· Revenue of USD 149 million, up 21% from USD 123 million
· Gross profit of USD 100 million, up from USD 77 million
· Gross margin of 67%, up from 63% in Q1 2022, and by a total of 1,280 bps
since Q3 2022
· Adjusted EBITDA[1] of USD 68 million, up 26% from USD 54 million
· Adjusted EBITDA[1] margin of 46%, up from 44% in Q1 2022,  and by 580 bps
sequentially from Q4 2022
· Quarterly order intake[2 ]of USD 164 million brought the order backlog[3 ]to
USD 489 million
· Simplified free cash flow[1] was USD 58 million, up from USD 41 million,
equating to a cash flow conversion rate of 84% (76%)

Full year 2023 guidance

· Revenue of USD 700 to 750 million

(Nedre Vats, 27 April 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 March 31,
2023.

"AutoStore grew revenue by 21% YoY to USD 149 million and achieved a gross
margin of 67%, up 630 bps versus the previous quarter. This represents the
second consecutive quarter of substantial margin improvement. These metrics
demonstrate the continued strength of the business, including the ability to
drive margins through strategic pricing actions. Order intake of USD 164 million
brought the backlog to USD 489 million at quarter end, illustrating the strong
demand for AutoStore and the value we generate for our customers - even in a
challenging market. We reiterate our 2023 revenue guidance of USD 700-750
million, indicating a growth rate of 20-30% for the year", said Mats Hovland
Vikse, CEO.

Key financials

First quarter 2023 operational results

Reported revenue for the first quarter of 2023 totaled USD 149 million,
representing growth of 21% compared to the corresponding quarter in 2022. The
year-on-year revenue increase was attributable to continued robust growth in all
regions; APAC and NAM regions both grew by 46%.

Gross profit amounted to USD 100 million (77). Gross margin increased to 67%
from 63% in the corresponding period last year. Gross margin improved by 630 bps
from the fourth quarter of 2022, primarily driven by strategic pricing actions
continuing to take effect. Adjusted EBITDA[1] amounted to USD 68 million (54).
Adjusted EBITDA margin[1] improved to 46%, up compared to 44% in the
corresponding period last year. Adjusted EBITDA margin[1 ]improved by 580 bps
compared to the fourth quarter of 2022.

Bent Skisaker, CFO, added, "As we expected and have communicated the last few
quarters, we saw a significant lift in gross margins in the first quarter as we
continued to see the benefits of our strategic pricing actions together with
more favorable aluminum grid costs. We expect adjusted EBITDA margin to trend
higher and back toward historical levels over the course of 2023."

1) Please refer to APM section for further explanations and details on APM
measures on page 24 of the first quarter 2023 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.

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 ~1,200 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, 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.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation article 7 and is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock
exchange announcement was published by Hiva Flåskjer, VP Investor Relations, at
the date and time set.

More information:
Access the news on Oslo Bors NewsWeb site

588679_AutoStore_Q1_2023_Report.pdf
588679_AutoStore_Q1_2023_Presentation.pdf
588679_AutoStore_Q1_2023_Press_release.pdf