Interim report 1H, 2023

Company Announcement no. 30-23
Copenhagen, August 25, 2023

This announcement is a summary and should be read in conjunction with Shape Robotics’ interim report for 1H 2023, published on August 25, 2023. The interim report will be available on the company’s website.

Financial highlights Q2, 2023 (Apr-Jun)

• The Company has realized a revenue of MDKK 36.8 (Q2 2022 MDKK 8.5)
• Contribution Margin amounts to MDKK 10.5 (Q2 2022 MDKK 3.1)
• Contribution Margin in % YTD amounts to 29% (Q2 2022 37%)
• EBITDA bf. non-recurring costs is MDKK 0.3 (Q2 2022 -2.6)

Financial highlights 1H, 2023 (Jan-Jun)

• The Company has realized a revenue of MDKK 55.8 (1H 2023 MDKK 15.6)
• Contribution Margin amounts to MDKK 16.5 (1H 2022 MDKK 5.7)
• Contribution Margin in % YTD amounts to 30% (1H 2022 37%)
• EBITDA bf. non-recurring costs is MDKK -2 (1H 2022 -4.6)

Management’s review

The second quarter results stem from our initial deliveries within the framework agreement with Network One Distribution (N.O.D) and a significant order from CG&GC, both in Romania. During this quarter, the group achieved a revenue of nearly DKK 37 million, marking it as the second most financially robust quarter in terms of revenue. This corresponds to the second-best month in terms of financial performance, given that most deliveries occurred in June. This characteristic is mirrored in our balance sheet, with elevated trade receivables at the quarter's conclusion. June 2023's accomplishments were only surpassed by those of December 2022.

In Q2, the EBITDA before non-recurring costs exhibits a favorable amount of DKK 260 thousand. This financial portrayal aligns with our anticipatory expenditures, intricately linked to a business model currently structured to align with our strategic guidance and positioned for further growth.

The group's pipeline is abundant with promising opportunities. Our framework agreement with N.O.D, averaging approximately DKK 40 million in sales per quarter, stands as a testament to this.

We maintain confident forecasts from both new and established distributors, foresee potential tender opportunities from our new subsidiary in the Republic of Moldova, and note our entry into Poland – a venture that could potentially encompass an acquisition, establishing a strong foundation in a nation with nearly 40 million inhabitants heavily investing in educational technology. Given these factors, the management and Board of Directors hold strong confidence in achieving our guided financial objectives for 2023 and anticipate continued growth into 2024.

Outlook 2023

• The Company expects the full year revenue 2023 to be in the range of MDKK 145 to 155 with an EBITDA of MDKK +4 to +6 (bf. non-recurring costs).

Non-recurring costs are related to one-off costs related to the process of up-listing the company on Nasdaq Main Market Copenhagen.

Sign up for the live presentation and Q&A
HC Andersen Capital; August 28, 11:00 here
Stokk.io; August 29, 15:00 here

Additional information and investor relations
André Fehrn, CEO Shape Robotics A/S
Tlf.  (+45) 2444 8556
Email: [email protected]
www.shaperobotics.com

Certified advisor contact
Grant Thornton