AutoStore: Q3 2024 financial results

07 Nov 2024 06:00 CET

Third quarter 2024 highlights

(All comparisons to corresponding period in 2023)

.          Order intake of USD 143.9 million, -5.1% YoY and on par QoQ

.          Revenue of USD 144.2 million, slightly ahead of expectations
communicated at recent Capital Markets Day

.          2024 revenue guidance remains unchanged at USD 575-600 million

.          Gross margin of 73.5%, +5.3 p.p. YoY and on par QoQ

.          Consistent high adj. EBITDA margin of 46.8%, -0.6 p.p. YoY

(Nedre Vats, November 7, 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 September
30, 2024.

In the third quarter, order intake came in at USD 143.9 million, down 5.1%
compared to the same period last year and on par QoQ. Revenue was USD 144.2
million (144.7).

"The financial results for the quarter were in line with what we communicated at
our recent Capital Markets Day.", said CEO Mats Hovland Vikse.

The third quarter results follows a Capital Market Day held by AutoStore on
September 18, 2024.

"Warehouse automation is still in its infancy with less than 20% of warehouses
being automated on a global basis. AutoStore is uniquely positioned to play a
leading role as secular megatrends drive transition to more automation.", said
CEO Mats Hovland Vikse.

Key financials

Third quarter
USD million 2024 2023 ? in % YoY
Revenue 144.2 144.7 -0.3%
Gross profit 106.0 98.8 7.3%
Gross margin 73.5% 68.2% 5.3 p.p.
EBIT 54.0 61.7 -12.5%
Adjusted EBITDA 67.5 68.6 -1.6%
Adjusted EBITDA margin (%) 46.8% 47.4% -0.6 p.p.
Adjusted EBIT 59.1 62.3 -5.2%
Adjusted EBIT margin (%) 40.9% 43.1% -2.2 p.p.
Simplified free cash flow 55.6 54.4 2.2%
Cash flow conversion 82.4% 79.3% 3.1 p.p.
Order intake 143.9 151.7 -5.1%

Gross profit amounted to USD 106.0 million (98.8). Gross margin increased to
73.5% from 68.2% in the corresponding period last year, driven by the strength
of our standardized product product range, and further supported by price
optimization, favorable sourcing of raw materials and product mix. Adjusted
EBITDA amounted to USD 67.5 million (68.6). Adjusted EBITDA margin remained
strong at 46.8% (47.4%), supported by high sustainable gross margin as the
company continues to invest in the business.

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

For further information, please contact: Hiva Flåskjer, SVP Investor Relations,

AutoStore AS Telephone: +47 958 66 790 I hiva.flaskjer@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 ~1,600 Systems in 57 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 and Thailand.

More information:
Access the news on Oslo Bors NewsWeb site

631462_AutoStore_Q3_2024_Report.pdf
631462_AutoStore_Q3_2024_Presentation.pdf
631462_AutoStore_Q3_2024_Press_Release.pdf