AutoStore Announces Solid Financial Results for 2019

NEDRE VATS, Norway, July 02, 2020 (GLOBE NEWSWIRE) -- AutoStore, the Norwegian robot technology company, reported revenues^*) of USD 195 million in 2019, up 36% from 2018 (USD 144 million), and an adjusted EBITDA^*) of USD 108 million (USD 75 million) following continued strong demand for automated warehouse solutions. The outlook remains strong, despite short-term Covid-19 impact.  

“2019 was a solid year for AutoStore, with continued high growth across markets, a strong pipeline and continued investments in robotics innovation,” says Karl Johan Lier, CEO of AutoStore. “The underlying trend with ever-increasing consumer demands for omnichannel solutions, speed, e-commerce and online grocery shopping brings AutoStore in the sweet spot to provide innovative warehousing solutions for the world's leading retailers and brands.”.

The company reported revenues of USD 195 million in 2019, up from USD 144 million in 2018, and an adjusted EBITDA of USD 108 million. At the end of 2019, AutoStore had sold a cumulative total of 418 installations, of which 104 installations were sold in 2019. AutoStore installations are sold in over 30 different countries.

“Our financial performance continues to be strong with a record number of robotic systems deployed, solid profitability, unparalleled cash conversion and a return on capital employed that provides high financial flexibility going forward for further expansion and growth. While we see some short-term project postponements following Covid-19, AutoStore has witnessed a significant acceleration of online consumer ordering, which will require even more automation in the future – and we reiterate the strong outlook,” Lier continues. 

During 2019, AutoStore opened several sales offices, including in Japan, complementing their regional presence in Germany, France, the United Kingdom and the United States, with the main office in Nedre Vats, and a growing presence in  Oslo, Norway. The company has delivered its AutoStore solution to warehouses across the globe for customers including Siemens, Puma, Best Buy, Medline and Boozt.com, while Norwegian customers include Komplett.no and XXL.

In December 2019, AutoStore was awarded first place in the European Business Awards, one of the world’s largest cross-industry business competitions. AutoStore has also been recognized as one of Europe’s 100 digital champions, a list compiled by the Financial Times and Google. The Financial Times in March 2020 again called attention to AutoStore as one of Europe’s most exciting and successful companies.

“Creativity, innovation and competitiveness for our customers are the core of everything we do, but at times we forget to celebrate what we have achieved. While we highly appreciate industry acknowledgements, I know I am speaking on behalf of the entire team when I say we remain focused on what is ahead of us,” says Lier.

In addition to large-scale robotic systems for warehouses, AutoStore also develops solutions for compact retail micro-fulfilment centers in residential areas.

“We are at the beginning of a revolution within shopping and logistics, which will be very exciting to us as a company. If the customer does not receive their products immediately, they will go elsewhere, or simply buy a different product. To be able to compete, retailers and brands must operate more efficiently. They must be available through an increasing number of sales channels and the products must be more or less instantly deliverable. AutoStore is perfectly positioned to provide the technology and solutions for this micro-fulfilment trend,” Lier concludes.

^*) All financial figures are AutoStore Group full year consolidated figures in USD. “Adjusted EBITDA” is EBITDA adjusted for non-recurring cost.

For further information, please contact:

Karl Johan Lier, CEO, +47 907 95 334
Bent Skisaker, CFO, +47 468 21 693

About AutoStore | www.autostoresystem.com
AutoStore, founded in 1996, is a robot technology company that invented, and continues to pioneer, Cube Storage Automation – the densest product/inventory storage solution in existence. The company’s focus is to marry software and hardware with human abilities to create the future of warehousing. AutoStore is global, with about 500 systems installed in 30 countries over a wide range of industries. All systems are designed, installed and serviced by a network of qualified system integrators – which AutoStore calls ‘partners’. The company’s headquarters is in Nedre Vats (Norway), with offices also in Oslo (Norway), in the U.S., UK, Germany, France and Japan.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d466802f-ba23-4a9e-a0c0-7df3324431a6.