Otovo 2025 Shareholder Letter

12 Dec 2025 08:00 CET

Dear Shareholders,

We are building a customer-obsessed, AI-driven home services company that
delivers maximum service at a minimal cost. We started with power because
technology for homes and businesses is changing quickly and global demand for
electricity is surging, accelerated by AI adoption. From day one our standard
has been simple: respond quickly, fix it right, and keep the lights on-Your
Power, Backed by Ours.

In liberalized and regulated markets across the U.S. and Europe, millions of
customers have invested in solar, batteries, or generators, yet when equipment
fails they still face slow repairs, finger-pointing, and no single number to
call. The need is large and rising; more than 33 million asset-owning households
fit our target profile, and willingness to pay for reliability is clear.
Commercial adds an even larger footprint of sites on top of those homes,
multiplying the scope of the opportunity. We exist to be the single accountable
partner those customers can call.

We set a higher bar with time-based Service Level Agreements that guarantee
response inside 48, 24, or 12 hours. Reliability becomes a membership, not a
hope. We pair those commitments with proactive monitoring, remote
troubleshooting, and rapid dispatch so customers experience less downtime and
more peace of mind-one partner, one bill, clear accountability.

In liberalized markets, our model unites retail energy, service, and grid
trading in a single relationship. Retail energy is our front door-competitive,
predictable power that reduces churn and anchors a durable contract with the
household. Service is the heart-we maintain and repair solar, storage, and
generators so outcomes are clear and responsibility sits with us. Trading is the
upside-by networking home assets into a virtual power plant, we monetize
capacity and ancillary services in local markets without loading heavy assets
onto our balance sheet. Together these engines reinforce each other to improve
acquisition, retention, and monetization while keeping the experience simple for
the customer.

As we scale, every additional member makes the system faster and less expensive
to serve. Data from monitoring, remote fixes, and field visits sharpens our
models; sharper triage and scheduling cut miles and minutes, reducing cost per
fix while raising quality. This is how density converts growth into guaranteed
response times, higher uptime, and lower net bills-maximum service at a minimal
cost.

You as a shareholder should expect the company to make a profit rather quickly
after we achieve enough customer density and overall scale to create enough
operating leverage of our fixed costs. From there we will need to constantly
lower pricing to consumers to be competitive. We will use em bodied AI to
further our vision of building a network that can serve homes and businesses
with maximum service at a minimal cost.

Our platform links technicians, trucks, and installed devices as one responsive
network. AI agents triage and route the right crew in real time; live service
tracking closes the loop with customers; and routing optimization increases
first-time-fix rates while shrinking travel time. As knowledge compounds, a
specialized technician LLM will guide diagnostics and workflows in the field,
and in time em bodied AI-humanoid service assistants working alongside our
teams-will extend that expertise to the point of service, com pressing both time
to resolution and cost to serve. At commercial scale, this same network lets us
serve large business customers and partners across many sites and surge capacity
to respond to storms and other emergencies more quickly. AI enables us to serve
customers faster and with less hassle while lowering our costs.

Our near-, mid-, and long-term roadmap is straightforward. Today, AI lowers
costs, predicts failures, and enables guaranteed response for reliable power
service. Tomorrow, the technician LLM trained on real service data improves
diagnostics and consistency in the field. Over time, embodied AI brings
immediate on-site assistance for complex issues, scaling high-quality service
nationally and internationally. The same logic that once took a single-category
retailer to the "everything store" now applies to services: AI (and ultimately
em bodied AI) will take us from energy partner to everything service partner.

We will expand aggressively-acquiring customers through both organic and
inorganic means. Power is the entry wedge because need is acute and willingness
to pay for resilience is proven. That same demand for resilience is pushing
power to be distributed across homes and businesses; a distributed grid, in
turn, requires rapid, cost-effective service delivered at the edge. This is an
ideal environment for an AI-driven home services network. From there we extend
the same operating system to EV charging, HVAC, and water heating, and into
adjacent commercial settings where the pain points are identical-downtime,
unpredictability, and poor accountability. Throughout, the model remains
capital-light, policy-agnostic, and software-led: we turn installed assets into
grid-responsive resources, keep every home and business on a single, simple
bill, and let automation do more of the work with every passing month.

What will not change is our posture toward the customer. "Customer-obsessed"
means we answer when something goes wrong, show up when we say we will, leave
systems performing better than we found them, and steadily lower the friction
customers feel in every interaction. Because our system is software-led and
compounding, those gains accrue to customers as reliability and lower net
bills-and to shareholders as stronger margins and lower churn.

Looking ahead, our measure is simple: maximum service at a minimal cost. As our
scale and density grow, we will serve large business customers and partners
across many locations and surge capacity to respond to storms and other
emergencies faster. AI will make that service quicker and with less hassle while
lowering our costs, and our network of technicians, trucks, and connected
devices will turn that precision into real uptime-earning the right to serve
more of the home and business each year across every market we enter.

Sincerely,
William J. (John) Berger
CEO, Otovo


***

For further information, please contact:
William J. (John) Berger, Chief Executive Officer
Email: john.berger@otovo.ai

Andreas Thorsheim, Chief Product Officer
Email: andreas.thorsheim@otovo.com

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