AutoStore: Q1 2024 financial results

25 Apr 2024 06:00 CEST

First quarter 2024 highlights

(All comparisons to corresponding period in 2023)

· Strong order intake of USD 183.0 million, up 11.4% YoY and up 11.7% QoQ
· Driven largely by positive development in high throughput and MFC segments
· Revenue of USD 138.1 million, -7.4% YoY, with lower shipments of large high
throughput projects in line with expectations
· Gross margin of 72.7%, driven by favorable product mix and price
· Stable adj. EBITDA margin of 45.7% (45.8%)

(Nedre Vats, 25 April 2024): 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 31 March
2024.

"AutoStore continues to perform well. In the first quarter of 2024, we were
pleased to generate USD 183 million of new orders, a 12% increase, and the third
consecutive quarter with sequential improvement in order intake, said CEO Mats
Hovland Vikse.

The growth in order intake was particularly driven by large high throughput
systems. Market activity was high in the consumer goods sector, in addition to
third-party logistics and automotive.

Key financials

USD million 2024 2023 ? in %
Revenue          138.1          149.2 -7.4 %
Gross profit          100.5          100.1 0.4 %
Gross margin 72.7% 67.1 % 5.6 pp.
EBIT            46.2           45.0 2.7 %
Adjusted EBITDA            63.2           68.3 -7.5 %
Adjusted EBITDA margin (%) 45.7 % 45.8 % -0.1 pp.
Adjusted EBIT            56.3           64.0 -12.0 %
Adjusted EBIT margin (%) 40.8 % 42.9 % -2.1 pp.
Simplified free cash flow            48.7            57.7 -15.6 %
Cash flow conversion (%) 77.0 % 84.4 % -7.4 pp.
Order intake          183.0          164.3 11.4 %

Revenue for the fourth quarter of 2023 totaled USD 138 million, down 7% compared
to the corresponding quarter in 2023, as expected, driven by the timing of
installation of projects in the backlog, particularly related to high throughput
systems.

Gross profit amounted to USD 101 million (100). Gross margin increased to 73%
from 67% in the corresponding period last year, driven by favorable product mix,
price optimization and favorable sourcing of raw material. Adjusted EBITDA
amounted to USD 63 million (68). Adjusted EBITDA margin remained strong at 46%
(46%).

"The solid start of the year has led to an expansion of our backlog to USD 492
million which, combined with our healthy pipeline and rich roadmap for product
development, puts us in a very good position for continued growth," said Mats
Hovland Vikse.

Alternative performance measures used in this release are described and
presented in the section Alternative Performance Measures in the quarterly
update.

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 ~1,450 Systems in 54 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.

More information:
Access the news on Oslo Bors NewsWeb site

616705_AutoStore_Q1_2024_Report.pdf
616705_AutoStore_Q1_2024_Presentation.pdf
616705_AutoStore_Q1_2024_Press_release.pdf