Another quarter of records in sales, installations, revenue and margin:
2,740 sales versus 1,470 same quarter last year, up 1.9x
1,970 installations versus 1,086 same quarter last year, up 1.8x
NOKm 175 in revenues, versus NOKm 86 from Q3 2021, up 2x
Increase even stronger when accounting for contribution from subscriptions with NOKm 235 in revenues generated
NOKm 53 gross profit generated versus NOKm 14 same quarter last year, up 3.9x
Breakthrough quarter for subscriptions, with portfolio reaching NOKm 227, and selling more than NOKm 150 worth of subscription projects
Pan-european position established: Otovo successfully launched in Portugal, UK and Austria, having now sold projects in 10 European countries. Netherlands, Belgium and Switzerland announced as next three markets to be added in 2022
Inflation: Hardware and labor costs are increasing, but Otovo is able to increase markup and margins in all countries
Easing frictions in supply chain to have effect in Q4 and increasingly in 2023
Strong outlook, reiterating guiding of NOKm 500 revenue generated in second half of 2022
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Otovo AS published this content on 18 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2022 06:32:04 UTC.
OTOVO ASA is a Norway-based marketplace for residential energy installations. The Company offers an online platform for designing, pricing and purchasing solar panels to homeowners. When customers insert their address on the site, the system prices and finds an installer for the solar panels in real-time, and the customers may purchase the solar panels online. Otovo is positioned in the residential segment of solar panels. The Company's main activities are marketing, lead generation, sales and planning of installation, follow-up during and after installation, and provision of services as the Otovo App enables the customer to monitor the electricity production. The Companyâs organization consists of the business units products, technology and supply chain, operations, marketing and international business development.
OTOVO ASA 
