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% year-over-year to $179.7 million, and order intake up 27.5% sequentially and 35.1% year-over-year to $194.2 million, driven by improved backlog conversion and operational efficiency.

• 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 actions included sharpened commercial focus, resource reallocation, cost-efficiency, and a customer-centric go-to-market model, resulting in 150 new customers and 11 new product launches in 2025.

• The U.S. accounted for over 24% of 2025 revenue and over 30% of Q4 order intake, with Europe and APAC also contributing strongly.

• Recurring revenue streams expanded through ASaaS contracts and product innovation, with 60% of revenue from existing customers.

Financial highlights

• Q4 revenue reached $179.7 million, gross margin was 73.7%, and adjusted EBITDA margin was 43.3%.

• Order intake for Q4 was $194.2 million, with a closing backlog at a record $557 million, up 22% year-over-year.

• Cash conversion in Q4 was 84%, and for the year, order intake totaled $638.2 million with a 76% cash conversion rate.

• Net debt at year-end was $180 million, with liquidity headroom of $372 million and a year-end cash balance of $90.1 million.

• Full-year adjusted EBITDA was $228.1 million (margin 42.3%), and full-year EBIT was $140.1 million, down 37% year-over-year.

Outlook and guidance

• Entering 2026 in a stronger position, but market uncertainty and cautious customer investment persist; too early to predict 2026 performance.

• High Throughput projects from Q4 are expected to convert over 2026, with longer project durations than Standard Segment.

• Continued investment in innovation, recurring revenue, and commercial initiatives to drive long-term growth while maintaining high profitability.

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