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Otovo (OTOVO) investor relations material
Otovo Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 15% year-over-year and 22% sequential growth in order intake, with a 9% increase in customer numbers, reflecting strong sales momentum and improved sales execution.
Revenue rose 22% year-over-year to NOK 152m in Q2 2025, with installations up 29% and backlog up 13% sequentially.
Implemented a new sales strategy focused on solar panels, batteries, and a service product, gaining market share in a challenging European market.
Significant cost reductions, including a 39% year-over-year drop in personnel expenses, improved scalability and operational leverage.
Strategic restructuring, including divestment of the subscription portfolio, reduced non-current assets and liabilities and improved profitability metrics.
Financial highlights
Revenue for Q2 2025 was NOK 152m, up 22% year-over-year and 21% sequentially.
Gross profit reached NOK 36m, with a gross margin of 23.9%, up 5.1 points year-over-year.
EBITDA loss narrowed to NOK -58m from NOK -65m in Q1 2025; operating loss narrowed to NOK 65.9m, a 30% improvement year-over-year.
Payroll costs reduced by 39% year-over-year to NOK 43.9m due to headcount reduction.
Cash at quarter-end: NOK 131m, up from NOK 75m in Q1 2025.
Outlook and guidance
Medium-term outlook is positive, driven by battery demand and market stabilization in residential Europe.
Management expects continued growth in order intake and revenues in H2 2025, supported by operational streamlining.
Focus remains on cost discipline, cash preservation, and leveraging structural improvements for margin-accretive growth.
Short-term demand triggers include heatwaves and blackouts, supporting continued growth.
Focus on growing order intake, expanding ticket sizes, and maintaining operational leverage to close the gap to profitability.
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