AutoStore: Q2 2023 financial results

Second quarter 2023 highlights

(All comparisons to corresponding period in 2022)

• All time high revenue of USD 176 million, up 18% compared to the first quarter of 2023, and up 6% compared to the corresponding period last year
• Gross profit of USD 119 million, up 27% from USD 94 million
• Strong gross margin of 68%, up by 11 pp.
• Adjusted EBITDA[1] of USD 87 million, up 25% from USD 70 million
• Returning to historical and industry leading adjusted EBITDA¹ margin of 50%, up 8 pp.
• Quarterly order intake[2] of USD 137 million brought the order backlog[3] to USD 452 million
• Simplified free cash flow¹ was USD 74 million, up from USD 59 million, equating to a cash flow conversion rate of 85% (86%)

[1] Please refer to APM section for further explanations and details on APM measures on page 25 of the second quarter 2023 financial report.

[2] Order intake is defined as value of projects where a distribution partner has received a purchase order or verbal confirmation that a specific installation will be ordered.

[3] Order backlog is defined as the total value of order intake not yet shipped and for which revenue has not yet been recognized.

Full year 2023 guidance

• Reaffirming revenue of USD 700 to 750 million

(Nedre Vats, 17 August 2023): AutoStore Holdings Ltd. (AutoStore, OSE:AUTO), a robot technology company that invented and continues to pioneer cube storage automation, today announced financial results for the quarter ending June 30, 2023.

“AutoStore grew revenue to USD 176 million, up 6% and achieved a gross margin of 68%, an increase of 11 pp. year-over-year. Adjusted EBITDA margin increased to 50%, versus 42.0% in the prior year quarter. This represents the third consecutive quarter of margin improvement, which demonstrates the strength and profitability of AutoStore and a return to our historical and industry leading margin levels, said Mats Hovland Vikse, CEO.”

Key financials

Second quarter of 2023 operational results

Reported revenue for the second quarter of 2023 totaled USD 176 million, representing growth of 6% compared to the corresponding quarter in 2022. The year over year revenue increase was attributable to continued robust growth in EMEA and  APAC, which grew by 29% and 15%, respectively.

Gross profit amounted to USD 119 million (94). Gross margin increased to 68% from 57% in the corresponding period last year. Gross margin improved by 11 pp. from the second quarter of 2022, primarily driven by strategic pricing actions continuing to take effect. Adjusted EBITDA¹ amounted to USD 87 million (70). Adjusted EBITDA margin¹ improved to 50%, up compared to 42% in the corresponding period last year. Adjusted EBITDA margin¹ improved by 8 pp. compared to the second quarter of 2022.  

“While the short term general market outlook remains uncertain, AutoStore’s order backlog of USD 452 million provides us with good visibility for the remainder of 2023. Our geographic revenue diversification and broad exposure to various end-markets and warehouse types reinforce our confidence in our growth opportunities. We reaffirm our 2023 revenue guidance of USD 700-750 million, indicating a growth rate of 20-30% for the year, continued Vikse.

About AutoStore | www.autostoresystem.com 

AutoStore™, founded in 1996, is a technology company that develops order-fulfillment solutions to help businesses achieve efficiency gains within the storage and retrieval of goods. The company offers both hardware and software capabilities and the AutoStore technology is interoperable with other third-party solutions.

AutoStore is global, with ~1,250 Systems in 50 countries. All sales are distributed, designed, installed, and serviced by a network of qualified system integrators referred to as "partners".

AutoStore was founded in Nedre Vats, on the west coast of Norway. The company has offices in Norway, the U.S., UK, Germany, France, Spain, Italy, Austria, South Korea, Japan, Australia, and Singapore, as well as assembly facilities in Poland.