AutoStore (AUTO) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $165.8 million, up 92.9% year-over-year, with strong order intake and record backlog, reflecting successful execution of strategic priorities and a resilient business model.

• Gross margin remained high at 73%, and adjusted EBITDA margin improved to 44%, highlighting robust profitability and operational efficiency.

• Strategic focus on customer-centricity, innovation, and expanding AI/software capabilities increased addressable market and deepened customer relationships.

• Geopolitical and macroeconomic uncertainties persist, but operational discipline and supply chain resilience support continued performance.

• Multiple new products and platforms, including CubeVerse and AutoStore Intelligence, were launched to enhance technology leadership.

Financial highlights

• Revenue was $165.8 million in Q1 2026, up 92.9% year-over-year, with order intake at $179.4 million and order backlog at a record $571 million.

• Gross margin stood at 73%, and adjusted EBITDA margin was 44%, both showing significant year-over-year improvement.

• Operating cash flow conversion was 82%, with net debt reduced to $136 million and a net debt ratio of 0.5x.

• Profit after tax was $40.5 million, a turnaround from a loss of $2.7 million in Q1 2025.

• Cash balance at quarter-end was $84 million, with total liquidity of $411 million including undrawn credit facilities.

Outlook and guidance

• Gross margin is expected to remain above 70% for the year, despite input cost pressures, particularly from aluminum.

• Continued investment in commercial and product capabilities to drive growth and maintain leadership in an under-penetrated market.

• Order backlog now includes projects scheduled for 2027 shipment, supporting long-term visibility.

• Uncertainty in global trade and geopolitics may limit near-term visibility, but the pipeline and backlog remain strong.

• No significant price increases or surcharges planned for customers based on current visibility.