Huddly AS - Q1 2025: Revenue growth of 37 % - strategic review ended

15 May 2025 07:00 CEST

Oslo, 15 May 2025: Huddly reported a revenue of NOK 45 million in Q1 2025 vs.
NOK 33 million in Q1 2024, an increase of 37 %. Growth is driven by Channel
sales, which increased by 55 % YoY. The Company maintained a solid gross margin
of 53 %, an increase from 48 % in Q1 2024.

Huddly is actively executing its business plan towards 2027, with a strong
emphasis on increasing revenue from Strategic partners. In Q1 2025, the Company
turned a corner, marked by an acceleration in sales to these partners. This
positive trajectory is expected to continue, with substantial growth anticipated
in the coming quarters.

Huddly Crew continues to be an important growth lever, expanding a healthy base
of customers. The multi-camera solution exemplifies how Huddly monetizes on AI
and software innovation. By maintaining a strong gross margin of 53 % in Q1
2025, the Company demonstrates the market appeal of its AI powered product
portfolio, while harvesting the returns from its R&D investments.

Key go-to-market activities include a global rollout of Huddly cameras at
Microsoft locations, the commencement of shipping to end customers for the Shure
IntelliMix room kits in May 2025, and the upcoming launch of the new C1 videobar
in collaboration with Lenovo and Microsoft.

The Company initiated a strategic review following interest from a global
industrial player, aimed at evaluating the Company’s long-term direction and
partnerships. As communicated in February 2025, the company expected to conclude
the process in Q2 2025.

The introduction of tariffs in the US from April 2025 led to significantly
increased market uncertainty in the AV industry. The changed market environment
has led to deferred decision-making and has effectively closed the M&A window
for the time being. The Board will therefore end the strategic review process
now but remains open to revisiting strategic opportunities should conditions
change materially.

While a transaction is not anticipated in the near term, Huddly has through the
process created and strengthened relations with global industrial players.

The Company is executing according to its business plan, and its AI-based
technology and products are recognized as being best-in-class. The Board is
confident that the significant commercial progress since last year has further
strengthened Huddly's position and potential to create significant shareholder
value.

The Q1 2025 presentation will be held on Zoom by CEO Rósa Stensen and CFO
Abhijit Banik on May 15 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 Q1 2025 presentation and Q&A:
https://us06web.zoom.us/webinar/register/WN_x35NYd3ZRiSSn1AMHmJJEQ

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-q1-and-q-
and-a-2025/

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

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

646409_Huddly AS - Q1 2025 - Report.pdf
646409_Huddly AS - Q1 2025 - Presentation.pdf