Huddly AS – Q4 2024: Strong revenue growth and improved margins – Huddly delivers on the new business plan

19 Feb 2025 07:00 CET

Oslo, 19 February 2025: Huddly turned a corner in Q4 2024 with strong
improvement in financial performance. Through disciplined execution of the new
business plan, Huddly reignited sales growth, improved gross margin and
profitability, and strengthened the company’s financial position.

Sales revenues of NOK 51 million in Q4 2024 represent an increase of 97 %
compared to Q3 2024. The improvement reflects the accelerated adoption of Huddly
Crew multi-camera systems and strong Channel sales.

The gross margin was 59 % in Q4 2024, the best gross margin since Q2 2020,
driven by the unique Huddly Crew software innovation.

The operational efficiency also improved due to the higher gross margin and
strict cost control, reducing EBITDA loss from NOK 25 million in Q3 2024 to NOK
7 million in Q4 2024.

The financial position was improved through a successful capital raise of NOK
130 million in gross proceeds in the period, securing the company funding to
execute on the new business plan until cash flow break even. A subsequent repair
offering of up to NOK 25 million in gross proceeds is planned in March 2025.

The period was marked by several important milestones for Huddly, building a
foundation for future growth.

In October 2024, Huddly signed Shure as a new Strategic partner, a
world-renowned brand recognized for its expertise and quality within audio
technology. The combination offers customers unmatched audio and video to their
hybrid meetings, through a series of complete solutions for small to large
rooms. The agreement is expected to lead to significant yearly revenues for
Huddly. The first joint offering, four Shure IntelliMix branded meeting room
kits covering all room sizes, was announced 28 January 2025.

Sales of Huddly Crew accelerated substantially throughout 2024, with 150 kits
sold in Q3 and 545 kits in Q4. This adoption and roll-out of Huddly Crew at
scale is a significant market validation. Huddly landed several larger contracts
for enterprise-wide Crew deployment in the period.

Huddly revealed information about the product road map in Q4 2024. The first new
product is a new videobar C1, offering a complete video and audio solution to
the market. The product was first introduced and demonstrated live at ISE in
February 2025 and is planned to be launched in the second half of 2025.

Furthermore, in January 2025, Microsoft certified Huddly Crew as a multi-camera
solution for up to five cameras, thereby increasing the total addressable market
for the product. This is tangible proof that Huddly is defining new standards
for video meetings in alignment with Microsoft’s vision.

The Q4 2024 presentation will be held on Zoom by CEO Rósa Stensen and CFO
Abhijit Banik on February 19 at 08:00 CET. A Q&A will follow directly after the
presentation. Questions may be submitted in advance to ir@huddly.com or live
during the session.

Register through the following link to access the Q4 2024 presentation and Q&A:
https://us06web.zoom.us/webinar/register/WN_TNvD0ZT_Ryqm6LnAKenwgA

A recorded version of the presentation and the Q&A session will be made
available at:
https://www.huddly.com/investor-relations/investor-news/huddly-webcast-q4-and-q-
and-a-2024/

For more information, please contact:

Abhijit Banik, CFO
Mobile: +47 408 30 964
E-mail: abi.banik@huddly.com

The information above is subject to the disclosure requirements in accordance
with the EU Market Abuse Regulation. This stock exchange notice was published by
CFO Abhijit Banik at 07:00 CEST on 19 February, 2025.

About Huddly AS
Disruptive innovation is our heartbeat at Huddly. We're committed to pushing
technology and challenging the status quo in to empower human collaboration.
Combining our industry-leading expertise in artificial intelligence, software,
hardware, and UX, we craft intelligent camera systems that enable inclusive and
productive teamwork. Huddly cameras are designed to provide high-quality,
AI-powered video meetings on major platforms, including Microsoft Teams, Zoom,
and Google Meet. With upgradable software, durable hardware, and engaging user
experiences, they are the ideal choice for organizations seeking a future-proof,
scalable, and sustainable solution. Founded in 2013, Huddly is headquartered in
Oslo, Norway, with presence in the US and EMEA and distribution globally.

More information:
Access the news on Oslo Bors NewsWeb site

639111_Huddly AS - Q4 2024 - Report.pdf
639111_Huddly AS - Q4 2024 - Presentation.pdf