Otovo Q4 2024: Costs cut, portfolio sold, and sales growth in focus

24 Feb 2025 07:00 CET

Otovo Q4 2024 Results

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(1) Cost cuts completed
Cut 111 FTEs in Q4, bringing total headcount reduction to 208 since Q1 24
(-53%), and reduced Opex below NOKm 100. As a result, EBITDA losses were cut by
two thirds.

(2) Leasing portfolio sold
The European subscription portfolio was sold for EUR 50m+55m in one-off and
continuous sale agreements respectively, freeing up NOK 155m in cash immediately
and repaying debt. (1)

(3) Solidity for 2025-26
Lower costs, strengthened liquidity and improved cash flow structure in the
subscription segment.

(4) Battery sales record
Batteries included in 65% of customer contracts, a new record high and a new
growth vector.

– The effects of our cost cuts are coming through. Operating losses have been
cut by two thirds in a year and will continue to narrow when sales increase,
says Andreas Thorsheim, CEO of Otovo.


KEY FIGURES
* EBITDA NOKm -34, improved NOKm 80 sequentially from Q3-24 (NOKm -114) and
losses cut by two thirds from the same quarter last year (NOKm -93). Operational
expenses came in at NOKm 97, sequentially down from NOKm 157 in Q3-24 and 46%
down from the same quarter last year (NOKm 180).
* NOKm 183m cash on hand at end of quarter, strengthened by an estimated NOKm
155m from the portfolio sale announced on 24 October and signed on 21 February
2024. Combined with the cost improvements, cash runway is solid.
* Unit sales were 1,477 including organic and purchased projects, sequentially
up 11.5% from Q3-24, down 10% from Q4-24. Excluding inorganic, sales were down
36% year over year. Battery sales grew to be included in 65% of customer
contracts and emerges as a new growth vector. Unit installations followed the
same pattern as sales as installation times are shortening in all markets.

– We have now done two out of three things on our improvement plan. We have cut
costs and turned the subscription business from investing to harvesting. The
third is a strong boost in sales, that we see happening through much stronger
battery markets, our upgraded sales teams and a macro trend of consumers’
returning to energy saving products, says Thorsheim.

Reference is made to the 21 February 2025 announcement of Otovo’s sale of the
European subscription portfolio to Swiss Life. Link:
https://live.euronext.com/en/listview/company-press-release/245093#CompanyPressR
elease-12629975

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Please find attached the quarterly report and quarterly presentation that
Andreas Thorsheim (CEO) and Petter Ulset (CFO), will provide at the webcast at
09:00 on 24 February that can be obtained through the following link:
https://investorweb.no/ir-channel/OTOVO/event/d83530fd-e854-4764-a5b8-7bf0753433
ff


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Disclosure Regulation

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Metrics used in this notice are defined in the attached financial report.


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About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the
roof, and batteries in the home. Otovo is a marketplace that organizes hundreds
of local, high quality and qualified energy installers. The company uses its
proprietary technology to analyze the potential of any home and finds the best
price and installer for customers based on an automatic bidding process between
available installers.

Follow us on investor.otovo.com for reports, financial calendar, contact details
and more.

More information:
Access the news on Oslo Bors NewsWeb site

639492_Otovo - Q4 2024 Presentation.pdf
639492_Otovo - Q4 2024 Report.pdf