Otovo’s first quarter results for 2024 are released today. Here are the highlights:
- Residential solar market has been slower than expected in first months of 2024
- Consumer macroeconomic conditions remain challenging
- Electricity prices including taxes down from highs, but above traditional averages
- All-time-high margins
- Gross Margin expanded to 21% and Gross Margin Generated to 28% demonstrating pricing power of platform
- Cost cut program expanded
- Headcount reductions are on on track and revised upward
- Cost improvements are on track for Q3 target and revised upward
- Italy, France and Austria with the most favourable outlook in the next few quarters
- Continued moderate growth in sold units expected in next quarter
- Expecting installation speed on par with or above previous quarters
- After successful sale of Scandinavian assets, now moving on to Continental euro portfolio
- Process initiated and expected to take 1-2 quarters
- Recent transactions in Europe signal investor interest
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 2nd.