Highlights:

[1] 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 170 in revenues, versus NOKm 88 from Q3 2021, up 1.9x
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

[2] BREAKTHROUGH QUARTER FOR SUBSCRIPTIONS, portfolio reaching NOKm 227 in
accumulated contracted subscription revenues, and selling more than NOKm 150
worth of subscription projects in a single quarter 

[3] 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	

[4] RESISTING INFLATION: Hardware and labor costs are increasing, but Otovo is
able to increase markup and margins in 10/10 countries

[5] EASING FRICTIONS in supply chain to have effect in Q4 and increasingly in
2023

[6] STRONG OUTLOOK, reiterating guiding of NOKm 500+ revenue generated for the
second half of 2022. Confident in continued >100% growth into 2023, implying
NOKm 660 in revenue generated first half of 2023.  

***

- This has been a strategically significant quarter for Otovo: First, we are
progressing well in our entry into six new markets. Second, we have reached real
scale on the subscription portfolio. That really excites me, says Andreas
Thorsheim, founder and CEO of Otovo.

- One in three customers chose to rent rather than buy direct this quarter. This
proves that the no-upfront investment alternative resonates well with the
market, and enables even more Europeans to purchase solar for their homes, he
adds. 

Otovo entered into three new markets the previous quarter, and will solidify its
unique pan-European position with a total of six new market entries by the end
of the year. With hardware and labor costs increasing, Otovo has also
successfully been able to increase markup and enabled a growth in margins.
Finally, the frictions experienced in the supply chain this past year are now
easing on four main parameters, access to labor, panels, inverters and
batteries. Otovo expects to see the effects of this in Q4 2022 and in Q1 2023. 

- The outlook is good. Otovo is robust in face of macroeconomic challenges and
the supply chain issues for solar energy seem to be easing in coming months. We
are confident in our ability to maintain a 100 percent growth rate in the coming
years, and look forward to helping Europe transition to a cleaner energy future
through solar, says Thorsheim.


***


Please find attached the quarterly report and the quarterly presentation that
Andreas Thorsheim (CEO) and Petter Ulset (CFO) will provide at the webcast at
09:00 October 18th, that can be obtained through the following link:
https://my.demio.com/ref/LShmUvAthqN50sUk


***


Disclosure Regulation

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


Metrics used in this notice are defined in the attached financial report.


***


About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the
roof, and batteries in the home. Otovo is a marketplace that organizes hundreds
of local, high quality and qualified energy installers. The company uses its
proprietary technology to analyze the potential of any home and finds the best
price and installer for customers based on an automatic bidding process between
available installers.

Follow us on investor.otovo.com for reports, financial calendar, contact details
and more.

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