Otovo’s first quarter results for 2023 are released today. Here are the highlights:
- (1) All time high installation pace:
- 2,832 installations versus 1,459 same quarter last year, up 94%
- 1,962 unit sales versus 2,541 same quarter last year, down 23%, sequentially up 7% from Q4 low
- NOK 281m Total Revenues (IFRS) versus NOK 112m same quarter last year, up 2.5x
- NOK 408m Revenue Generated, versus NOK 135m same quarter last year, up 3.0x
- (2) All business health metrics on the right track
- Batteries, subscription share, ticket size, and gross margin (both generated and IFRS) up from Q1 2022
- (3) Record growth in subscription portfolio
- NOK 96m Subscription SPV Capex versus NOK 19m same quarter last year, up 5.0x
- Strong and stable IRR at 10.5% for projects installed this quarter v.s. 10.0% same quarter last year
- (4) Strong outlook
- NOK 408m of Revenues generated comfortably ahead of pace needed to reach 1H 23 targets
- Adjusting 1H 23 targets upwards - expected to come in above NOK 850m, nearly 30% above previous estimates
Please find attached the quarterly report. The presentation will be held by Andreas Thorsheim (CEO) and Petter Ulset (CFO) on webcast at 09:00 May 4th.