AutoStore (AUTO) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $139.0 million, up 3.7% sequentially but down 3.6% year-over-year, with stable order intake and strong gross margin recovery after a prior inventory write-down.

• Over half of revenues came from existing customers, with about 50 new customers added, supporting a land and expand strategy.

• Seven new products and features were launched, including AutoCase and FlexBins, and a strategic partnership with Veloq was established to enhance grocery automation offerings.

• The business serves 1,850 unique customers across 63 countries, focusing on innovation and operational efficiency.

• Europe remained the largest region, accounting for over 70% of revenues, while North America showed positive momentum and contributed about 25% of 2024 revenue.

Financial highlights

• Q3 2025 revenue was $139.0 million, up 3.7% sequentially, with gross margin at 73.1% and adjusted EBITDA margin at 47.1%.

• Order intake reached $152.4 million, stable sequentially and up 5.9% year-over-year; backlog increased to $543 million, up 3% sequentially and 13% year-over-year.

• Operating cash flow was $73.4 million, significantly higher than the prior year, supporting robust liquidity of $498 million.

• Adjusted EBIT was $53.8 million, and profit after tax was $32.2 million, up from $31.1 million last year.

• Inventory reduced from $94 million to $90 million sequentially, reflecting strong inventory control.

Outlook and guidance

• No formal forward guidance provided due to ongoing market uncertainty, but leading indicators and pipeline activity show positive trends, especially in Europe and the U.S.

• Market conditions show gradual recovery, especially in apparel and sport, with resilient demand in industrial, healthcare, and 3PL segments.

• Backlog conversion has improved, driven by customers advancing their plans, but normalization depends on further market stabilization.

• The company is positioned for long-term value creation, focusing on innovation and commercial execution.