Otovo’s forth quarter results for 2023 are released today. Here are the highlights:
- Revenues held strong
- IFRS revenues up 14% to NOK 233m (vs. 205m) including gain from portfolio sale
- Revenues generated flat (-1%) to NOK 278m (282m)
- Significant cost reduction program
- NOK 80-100m annual opex reductions (14%-18% of Q3 23 annualized OPEX) expected from Q2 2024
- 65 staff let go by creating a leaner and simpler organization, increasingly based in Madrid
- Significant reductions in SG&A across the Group
- Completed sale of NOK/SEK portfolio
- Sales behind previous performance, but closing the gap to comparables
- 1,641 net sales, down 10% (1,826)
- 1,946 installations, down 12% (2,205)
- Unit economics show strength
- Gross Margins Generated expanded to 26% (20%), the highest on record
- Average ticket size NOK 125k, up 4%, showing resilience in a market where solar costs are falling
- Battery attachment rate step change to 35% (26%)
- Subscription share at 33% (27%)
Please find attached the quarterly report. The presentation will be held by Andreas Thorsheim (CEO) and Petter Ulset (CFO) on webcast at 09:00 February 8th.