This quarter has seen Otovo set new records in sales, installations, revenues and gross profit. In addition, Otovo’s battery attachment rate is 25 percent and certain to grow in the quarters to come as Otovo launches its unique pan-European subscription business is set to take off.
Facing skyrocketing power prices and increased energy insecurity, homeowners have turned to solar power, with demand growth now almost vertical. This is good for solar and excellent for Otovo’s growth ambitions; these Q1 results pave the way for the company to pursue its opening offices in London, Lisbon and Innsbruck this summer in order to launch in three more countries. On current trajectory, Otovo’s ambition is to be in 13 countries by the end of the year.
Key figures:
● In Q1 of 2022 Otovo set records in sales, installations, revenues and gross profit
● 2,541 sales, equivalent to more than 10,000 sales on a yearly basis. This figure compared to 815 sales in the same quarter last year.
● Otovo installed 1,459 projects versus 663 same quarter last year, up 2.2x
● Otovo recorded NOKm 135.3 (EUR 14m) revenue generated versus NOKm 37.6 (EUR 4m) same quarter last year, up 3.6x
● In gross profits, the quarter ended with NOKm 26.3 (EUR 2.6m) gross profit generated versus NOKm 5.7 (EUR 0.6m) same quarter last year, up 4.6x
● Pipeline of 3,591 projects equivalent to NOK m 442 in revenue value is strong and manageable
● 1 in 4 of all Otovo’s sales in the quarter included a battery. Germany (85%) and Italy (69%) are the two strongest battery markets. Battery offer was introduced in France, Poland and Sweden since the last reporting
● 23% of sold projects were on a subscription model, versus 18% of the projects installed
Otovo CEO Andreas Thorsheim comments,“Otovo is ready to do its share answering the call to action. When we started Otovo six years ago, the 10,000 sales per year level was something we dreamed about. We are now setting our sights on 100,000 sales per year and building the groundworks for that”.
“Yes, we are on track to succeeding in building the first truly pan-European distributed energy player. With covid hitting production centers in Asia, global supply chains will be bottlenecked once again. There are high risks that local hardware bottlenecks will appear at times. Otovo is committed to do whatever it takes to keep moving. Fighting chaos remains the soundtrack of our times”, Thorsheim adds.
