Q2 Results 2022

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Introduction

AutoStore today announced its second quarter 2022 financial results.

  • Reported revenue of USD 165.6 million in the second quarter of 2022, up 93.6% from the corresponding quarter last year (85.5)
  • Adjusted EBITDA margin of 42.0% (50.0%)
  • The order intake ended at USD 161.3 million and order backlog was USD 477.6 million, supporting the revenue guidance of USD 550-600 million for the full year and the initiation of revenue ambitions of USD 700-800 million in 2023  

Comments from the CEO

AutoStore continued to grow strongly in the second quarter of 2022, with revenues up 93.6% year-on-year, at USD 165.6 million. The solid second quarter order intake of USD 161.3 million brought the order backlog to USD 477.6 million – up 66.1% year-on-year – supporting revenue guidance of USD 550-600 million for the full year and continued growth in 2023.

Resilient business model

As the war in Ukraine sadly continued to unfold, the first half of 2022 was marked by challenging macro conditions, including economic uncertainty resulting from increased inflation and higher interest rates. AutoStore’s lean business model has proven resilient in volatile and uncertain times, confirming the company’s focus on standardized modular solutions and its unique go-to-market strategy, which has facilitated consistent growth in revenue, robust margins and high cash conversion. We have also implemented a number of measures in response to the current global macro situation and specific supply chain challenges. In combination with AutoStore’s resilient business model, these efforts secured positive results in this quarter and provide a strong platform for continued growth.

Long-term fundamentals remain intact

AutoStore continues to benefit from a huge, underpenetrated market with high and increasing expected demand for fast cubic storage. Although global e-commerce retailers have experienced a slowdown thus far in 2022 compared to the acceleration following the Covid-19 pandemic, AutoStore expects strong growth in the e-commerce and omni-channel sectors in the longer-term. Changes in customer demand, labor shortages, energy efficiency gains and demand for high-density warehousing are all expected to drive adoption of automation, and thus growth for AutoStore. In the first half of the year, the company made progress in further penetrating the USD 230 billion addressable market for automated storage and retrieval systems. Market access continued to expand in important regions, and market share grew in the attractive Micro-Fulfillment Center and High Throughput markets, further highlighting AutoStore’s technological leadership.

On track to meet our growth ambitions for 2022 and 2023

The second quarter order intake was USD 161.3 million, representing stable development compared to the same period last year. The quarterly result reflects prevailing market conditions and the transitional impact of shorter lead times as customers place orders closer to delivery.

The order backlog of USD 477.6 million, up 66.1% year-on-year, emphasizes AutoStore’s strong ongoing underlying growth powered by solid demand across regions, end markets and warehouse categories, and confirms our 2022 revenue guidance of USD 550-600 million. Together with our strong project pipeline, the backlog justifies an early 2023 revenue estimate of USD 700-800 million. A medium-term growth rate of ~40% remains realistic, subject to continued market growth of ~15% p.a. The journey has just begun, and the best is yet to come.”

Documents & Links

Agenda

AutoStore invites investors, analysts, and journalists to join the presentation of the second quarter and first half results for 2022 on Thursday, August 18, 2022, at 08:00 CEST via a live webcast and conference call. The report and presentation will be available at approximately 06:00 (CEST).

Reporting day program (CEST)

06:00 - Announcement of the second quarter and first half 2022 financial results. All material will be made available on newsweb.no and www.autostoresystem.com.

08:00 - Presentation at Høyres Hus, Oslo. The presentation will be hosted by Karl Johan Lier, CEO, Bent Skisaker, CFO, and Mats Hovland Vikse, CRO. The presentation will be followed by a Q&A.

The presentation will be broadcast live below, and you can also click here to watch the webcast.

16:00 Earnings call and Q&A. Audio only. Participants are encouraged to dial-in 5 to 10 minutes in advance for registration.

To participant via conference call, please dial-in 5 to 10 minutes in advance for registration.

Participants dial-in numbers:

PIN code for all countries: 366151
NO: +47-21-956342
SE: +46-4-0682-0620
DK: +45 78768490
UK: +44-203-7696819
US: +1 646-787-0157

Webcast

Investor Relations Contact

Hiva Ghiri

VP Investor Relations
+47 958 66 790hiva.ghiri@autostoresystem.com

Bent Skisaker

Chief Financial Officer
+47 468 21 693bent.skisaker@autostoresystem.com