Q3 2022

Quarterly highlights

  • Another quarter of records in sales, installations, revenue and margin:
    • 2,740 sales versus 1,470 same quarter last year, up 1.9x
    • 1,970 installations versus 1,086 same quarter last year, up 1.8x
    • NOKm 175 in revenues, versus NOKm 86 from Q3 2021, up 2x
    • Increase even stronger when accounting for contribution from subscriptions with NOKm 235 in revenues generated
    • NOKm 53 gross profit generated versus NOKm 14 same quarter last year, up 3.9x
  • Breakthrough quarter for subscriptions, with portfolio reaching NOKm 227, and selling more than NOKm 150 worth of subscription projects
  • Pan-european position established: Otovo successfully launched in Portugal, UK and Austria, having now sold projects in 10 European countries. Netherlands, Belgium and Switzerland announced as next three markets to be added in 2022
  • Inflation: Hardware and labor costs are increasing, but Otovo is able to increase markup and margins in all countries
  • Easing frictions in supply chain to have effect in Q4 and increasingly in 2023
  • Strong outlook, reiterating guiding of NOKm 500 revenue generated in second half of 2022