Otovo’s second quarter results for 2023 are released today. Here are the highlights:
- (1) All time high installation pace
- 3,214 installations versus 1,745 same quarter last year, up 84%
- 2,215 unit sales versus 2,398 same quarter last year, down 8%, sequentially up 13% from Q1, accelerating the pickup from the previous quarter.
- IFRS Revenues up 2x versus last year, helped by higher ticket sizes
- Gross margin at 21%; Gross margin generated at 24%
- (2) Strong quarter for subscription portfolio
- Substantial capital deployed: NOK 133m Subscription SPV Capex versus NOK 31m same quarter last year, up 4.3x
- Strong uptick in IRR, at 12.4% for projects installed this quarter v.s. 9.7% same quarter last year
- (3) Opex and efficiency improving as business scales
- Created a shared service center in Madrid, reducing cost, improving flexibility and enhancing access to international talent
- Reduced 50 FTEs in mature markets and lowered need of ~50 FTEs in new markets, taking down our country operating costs
- (4) Set up for high speeds and improved profitability into 2024
- 2H of 2023 expected to look similar on installations as 1H with expected improvement in sales.
Please find attached the quarterly report. The presentation will be held by Andreas Thorsheim (CEO) and Petter Ulset (CFO) on webcast at 09:00 July 13th.