AutoStore (AUTO) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered strong sequential and year-over-year growth, with revenue up 29.3% sequentially and 9.0% year-over-year to $179.7 million, and order intake up 27.5% sequentially and 35.1% year-over-year to $194.2 million, driving a record backlog of $557 million.

• Full-year 2025 revenue was $538.6 million, down 10.4% from 2024, reflecting a challenging start due to macroeconomic volatility and longer customer decision cycles, but improved performance in the latter half.

• Strategic focus on customer proximity, product innovation, cost-efficiency, and expansion of recurring revenue streams drove operational improvements and set a foundation for future growth.

• 150 new customers were added in 2025, with existing customers accounting for about 60% of revenues, highlighting the strength of the Land and Expand model.

• Eleven new products and features were launched in 2025, including CarouselAI, AutoCase, Flexbins, and ASaaS contracts, expanding the addressable market and recurring revenue.

Financial highlights

• Q4 revenue: $179.7 million (+29.3% QoQ, +9.0% YoY); full-year revenue: $538.6 million (-10.4% YoY).

• Q4 gross margin: 73.7% (up 0.7 p.p. YoY); full-year gross margin: 72.4% (down 0.7 p.p. YoY); excluding B1 Robot write-down: 74.0%.

• Q4 adjusted EBITDA: $77.9 million (margin 43.3%); full-year adjusted EBITDA: $228.1 million (margin 42.3%).

• Q4 order intake: $194.2 million; closing backlog: $557 million (up 22% YoY).

• Q4 cash conversion: 84%; full-year: 76%.

Outlook and guidance

• Entering 2026 in a stronger position with a record-high pipeline and robust order backlog, but market uncertainty and cautious customer investment persist.

• Continued investment in growth initiatives, innovation, and commercial expansion, with a focus on recurring revenue and customer relationships.

• No specific margin guidance, but high profitability expected to continue.

• North America accounted for 24% of 2025 revenue; potential U.S. tariffs expected to have moderate direct impact.

• Strategic focus on high-throughput segment and deeper customer engagement to drive future growth.