Shape Robotics - Interim report Q3

Company Announcement no. 36-23
Copenhagen, November 14, 2023

This announcement is a summary and should be read in conjunction with Shape Robotics’ interim report for January – September 203 (Q3 interim report), published on November 14, 2023. The interim report will be available on the company’s website.

Change in accounting principles

The presented financial statements, ending on September 30, 2023, mark the Group's first compliance with IFRS. Up to and including June 30, 2023, the Group followed the Danish Financial Statements Act (DFSA) and IAS 34 for interim reports. As of September 30, 2023, the Group has transitioned to IFRS and the annual reports for the year ending on December 31, 2022 has been re-audited according to IFRS along with the comparative data for December 31, 2021. The opening statement of the financial position was prepared as of January 1, 2021. The Group will complete its transition to IFRS when publishing the annual report for 2023. The impact of the Danish Financial Statements Act (DFSA) on financial statements for the fiscal years 2021 and 2022, as well as the comparative quarterly interim figures as of September 30, 2022, when transitioned to IFRS, is presented as an appendix to the interim report.

Financial highlights Jan-Sep, 2023

• The Company has realized a revenue of MDKK 84.7 (YTD 2022 MDKK 36.4)
• Contribution Margin amounts to MDKK 24.6 (YTD 2022 MDKK 12.4)
• Contribution Margin in % YTD amounts to 29% (YTD 2022 34%)
• Adjusted EBITDA (bf. non-recurring costs) is MDKK 1.4 (YTD 2022 -0.4)

Management’s review

The Q3 2023 revenue, at almost DKK 29 million, is more than DKK 8 million higher than the same period last year. Furthermore, the YTD revenue of DKK 84.6 million has more than doubled compared to the first three quarters of 2022. Adjusted EBITDA for Jan-Sep shows positive DKK 1.4m. With only one quarter remaining in 2023, the management holds high confidence that the target for the current year, with a revenue range of DKK 145-155 million, is achievable. The same applies to the EBITDA guidance, targeting an adjusted EBITDA of DKK 4-6 million. This is due to the seasonality in public subsidies and the sales cycle that Shape Robotics has historically encountered. Moreover, it is primarily because the group's pipeline for the last months of 2023 is strong and well-documented to likely materialize including distribution agreements with expected minimum purchase orders to be placed in the last quarter.                       

Outlook 2023

• The Company expects the full year revenue 2023 to be in the range of MDKK 145 to 155 with an Adjusted 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; November 14, 2023 here

Additional information and investor relations
André Fehrn, CEO Shape Robotics A/S
Email: [email protected]
www.shaperobotics.com

[Company Announcement]

Certified advisor contact
Grant Thornton