Otovo (OTOVO) Q2 2025 earnings summary

Executive summary

• Q2 revenue reached NOK 151.6m, up 22% sequentially; order intake rose 15% QoQ to NOK 178m and backlog increased 13% to NOK 221m.

• Customer numbers rose 9% QoQ and installed homes increased 29%, supported by a new hybrid sales model with stronger lead conversion.

• Cost reductions, including a 39% YoY decline in personnel costs, improved operating leverage.

• European residential solar markets showed signs of stabilization, with battery demand supporting the medium-term outlook.

Financial highlights

• Q2 revenue was NOK 151.6m, up 22% QoQ and down 26% YoY.

• Gross profit was NOK 36.3m; gross margin was 23.9%, down 0.7 percentage points sequentially and up from 18.8% YoY.

• EBITDA loss narrowed to NOK 58m from NOK 65m in Q1; operating loss was NOK 65.9m.

• Personnel costs fell 39% YoY to NOK 43.9m; a NOK 24m favorable currency effect was non-cash.

Outlook and guidance

• Management expects order intake and revenue growth to continue in H2 2025, with rising order intake pointing to Q3 revenue above Q2.

• Recurring service contracts are planned for autumn, initially targeting more than 30,000 installed systems; limited investment needs are expected.

• Priorities include sales growth, cost discipline, cash preservation and operational leverage; battery demand supports the medium-term outlook.