Otovo’s second quarter results for 2024 are released today. Here are the highlights:
- Continued market headwinds
- Consumer macroeconomic conditions remain challenging
- Outlook in Spain and Nordics remains weak - other markets stable or improving
- Recent rise in gas prices and subsidy changes provide hope for 2H 2024
- Revenues increased sequentially
- Installed units up to 1,827 driving revenues to NOK 169m
- Revenues generated up to NOK 240m
- Multi-hardware strategy paying off
- Half of new customers opting for a battery and corresponding strong development for heat pumps and EV chargers
- Gross Margin expanded to 22% and Gross Margin Generated to 28% demonstrating pricing power of platform
- Initiating further opex reductions
- Current cost program will deliver ~90 million in savings in Q3 on an annual basis
- Ready to initiate additional efficiency measures to align cost with activity levels
- Expecting volume growth in 2H
- Expect to see growth in sales in second half versus first half
- Disciplined marketing investments to continue to improve ROI
- Expecting installation speed on par with previous quarters
- Continental Europe portfolio sales process ongoing
- In concrete discussions with several parties
Please find attached the quarterly report. The presentation will be held by Andreas Thorsheim (CEO) and Petter Ulset (CFO) on webcast at 09:00 August 20th.