Q3 Results 2022

AutoStore today announced its third quarter 2022 financial results.

• Revenue of USD 147 million, up 74% from USD 85 million
• Adjusted EBITDA  of USD 55 million, up 30% from USD 42 million
• Adjusted EBITDA1 margin of 37%, down from 50%
• Gross profit of USD 80 million, up from USD 56 million
• Gross margin of 54%, down from 66%
• A quarterly order intake  of USD 155 million brought the order backlog  to USD 470 million
• Simplified free cash flow1 was USD 48 million, up from USD 35 million, equating to a cash flow conversion rate of 88% (84%)

Reaffirming 2022 and 2023 guidance

• Full-year 2022 revenue expected to be USD 550-600 million
• Full-year 2023 revenue expected to be USD 700-800 million

Comments from the CEO

“AutoStore grew revenue by 74% year-on-year and achieved an adjusted EBITDA margin of 37% in the third quarter of 2022, demonstrating the strength of our business in volatile and uncertain times. Our focus on operational execution and flexibility in navigating supply chain challenges has enabled us to cut manufacturing lead times by approximately 40% since the start of the year. Even with shorter lead times, a robust order intake of USD 155 million during the quarter brought our order backlog to USD 470 million,” says Karl Johan Lier, CEO.

“Our standardized modular product offering coupled with our unique go-to-market strategy facilitates our rapid growth and high margins. Additionally, in response to rising cost pressures, we have implemented pricing actions that will start to take effect towards the end of this year and into 2023.”

“The robust order intake of USD 155 million and strong order backlog give us the confidence to reaffirm our full-year revenue guidance for 2022 and 2023, respectively. Our long-term growth ambitions are unchanged, and we are determined to continue to further enhance our strong product offering, achieve efficiency gains and add new product capabilities, such as our multi-temperature zone grid, allowing us to take market share,” concludes Lier.

AutoStore Holdings Ltd (AutoStore: OSE:AUTO) invites investors, analysts and journalists to join the presentation of the third quarter 2022 on Thursday 10 November 2022 at 08:00 CET.

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Reporting day program (CET):

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06:00 - Announcement of the third quarter 2022 financial results. All material will be made available on newsweb.no and www.autostoresystem.com.

‍08:00 - Presentation at Haakon VII Gate 2, Oslo. The presentation will be hosted by Karl Johan Lier, CEO, Bent Skisaker, CFO, and Mats Hovland Vikse, CRO. The presentation will be followed by a Q&A.

The presentation will be broadcasted live at Q3 Results 2022 (autostoresystem.com), and can also be streamed at https://channel.royalcast.com/landingpage/hegnarmedia/20221110_1/

‍16:00 - Earnings call and Q&A. Audio only. Participants are encouraged to dial-in 5 to 10 minutes in advance for registration.

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Participants dial-in numbers:

PIN Code for all countries: 366151
NO: +47-21-956342
SE: +46-4-0682-0620
DK: +45 78768490
UK: +44-203-7696819
US: +1 646-787-0157

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For further information, please contact:  

Hiva Flåskjer, VP Investor Relations, AutoStore AS Telephone : +47 958 66 790 I hiva.flaskjer@autostoresystem.com