AutoStore: First quarter 2022 financial results
(Nedre Vats, 12 May 2022): AutoStore Holdings Ltd. (AutoStore, OSE:AUTO) today announces revenue in the first quarter 2022 of USD 123.1 million, up 91.9% from the corresponding quarter in 2021 (USD 64.1 million), and an adjusted EBITDA of USD 54.2 million (32.3). The company had an order intake of USD 160.6 million, bringing the backlog to USD 487.0 million. AutoStore today hosts the Capital Markets Day 2022 at 14:30 CEST and reiterates the 2022 revenue guidance of USD 550-600 million with expected margin improvements going into 2023.
“AutoStore delivered another strong quarter with a revenue growth of 91.9%, an adjusted EBITDA margin of 44.0%, and a solid order intake of USD 160.6 million, bringing our order backlog to an all-time high of USD 487 million. AutoStore business model has proven to be resilient in volatile and uncertain time and we have the flexibility to navigate temporary supply chain challenges. With the 2021 performance as tailwind on top of our proven expansion strategy, we see significant opportunities for growth acceleration going forward and reiterates our 2022 revenue guidance,“ says Karl Johan Lier, Chief Executive Officer of AutoStore.
AutoStore reported revenue in the first quarter of 2022 of USD 123.1 million (64.1), and a reported EBIT of USD 28.0 million (-25.6), impacted by the Ocado litigation costs. The adjusted EBITDA* was USD 54.2 million (32.3), corresponding to an adjusted EBITDA margin* of 44.0% (50.4%). The order intake in the first quarter was USD 160.6 million (121.5), representing a growth of 32.2%, contributing to a backlog of USD 487.0 million (212.7).
“AutoStore continues to benefit from a huge, underpenetrated market with high expected growth rates for fast cubic storage. The expected growth is driven by development in e-commerce, changes in consumer demand, labor shortages, and pressure on warehouse costs. We made significant progress in the quarter to further penetrate and grow this USD 230 billion addressable market for automated storage and retrieval systems. Our market access in important regions continued and we gained market shares in the attractive markets within Micro-Fulfillment Centers and High Throughput, and further developed our technological leadership,“ Lier says.
AutoStore is in a strong position to leverage global megatrends in the e-commerce and automation industries. Rapid growth, changing consumer demand, the emergence of Micro Fulfilment Centers, and a general need for more sustainable and efficient solutions constitute a strong platform for accelerating growth.
The company today hosts the Capital Markets Day 2022 in London at 13:30 BST/14:30 CEST where the 2022 revenue guidance will be reiterated, with margins excepted to improve going into 2023.
“While the supply chain situation is expected to continue impacting margins in the short-term, the company expects margins to improve towards the end of 2022 and going into 2023 – through the implemented price increase and the temporary aluminum surcharge. The record-high order backlog provides significant revenue visibility and we are confident on our 2022 revenue guidance of USD 550-600 million,“ Lier concludes.
AutoStore will present the first quarter 2022 financial results Thursday 12 May 2022 at 08:00 CEST via a live webcast and conference call.
The presentation will be hosted by Karl Johan Lier, CEO, Bent Skisaker, CFO, and Mats Hovland Vikse, CRO. It will be followed by a Q&A where questions can be submitted via the webcast or conference call.
To participant via conference call, please dial-in 5 to 10 minutes in advance for registration.
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
The presentation will be broadcast live at www.autostoresystem.com/presentation, and can also be streamed at https://channel.royalcast.com/landingpage/hegnarmedia/20220512_1/
At the Capital Markets Day 2022, AutoStore will present the strategy, growth agenda, and financial ambitions. There will also be a demonstration of grids and robots where participants attending in person can experience the modules and robots.
The CMD presentation material, live webcast link and other background material
will be available on our website at the following link:
https://www.autostoresystem.com/investors/capital-markets-day-2022
The presentation of the first quarter financial results, the Board of Director’s report and the condensed presentation for the earnings call are enclosed.
*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the first quarter 2022 financial report from page 29.
ENDS
For further information, please contact:
Bent M. Skisaker, Chief Financial Officer +47 46 82 16 93 [email protected]
Hiva Ghiri, VP Investor Relations, +47 958 66 790 [email protected]
About AutoStore
AutoStore, founded in 1996, is a robot technology company that invented, and continues to pioneer, Cube Storage Automation – the densest storage and order fulfilment solution in existence. The company’s focus is to blend software and hardware with human abilities to create the future of warehousing. AutoStore solutions are appreciated worldwide, with more than 900 systems installed in 45 countries within a wide range of industries. All sales are designed, installed and serviced by a network of qualified system integrators – called “AutoStore Partner”. The company headquarter is in Nedre Vats (Norway), with additional offices in Oslo (Norway), U.S., UK, Germany, Austria, France, Spain, Italy, Japan and Korea.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Hiva Ghiri, IRO, AutoStore Holdings Ltd., on 12 May 2022 at 06:00 CET.