Announcement • Apr 25
Otovo ASA Announces Board Changes Otovo ASA announced that Tor Øystein Repstad will resign. The nomination committee recommends that he be replaced by Zvi Lando. Samuel Gürtl is no longer employed by the Company and will consequently resign as employee represented board member. Reported Earnings • Mar 05
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: kr0.80 loss per share. Revenue: kr582.4m (down 6.5% from FY 2024). Net loss: kr425.0m (loss widened 14% from FY 2024). Revenue missed analyst estimates by 25%. Earnings per share (EPS) exceeded analyst estimates by 81%. Recent Insider Transactions • Jan 16
Chairman recently bought kr610k worth of stock On the 14th of January, Lars Torjussen bought around 468k shares on-market at roughly kr1.31 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Lars' only on-market trade for the last 12 months. New Risk • Jan 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 89% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (89% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr165m net loss next year). Market cap is less than US$100m (kr596.3m market cap, or US$59.3m). Announcement • Dec 09
Otovo ASA (OB:OTOVO) completed the acquisition of Onvis, Inc. from John Berger and others. Otovo ASA (OB:OTOVO) entered into a combination agreement to acquire Onvis, Inc. from John Berger and others for NOK 160 million on November 6, 2025. Upon completion, OTOVO ASA will issue consideration loan notes in a total nominal amount of up to NOK 235,000,000to all shareholders of Onvis as of the date of the Closing, which is expected to occur on or around 5 December 2025. The Consideration Loan Notes shall be settled by way of set-off against issuance of up to 235,000,000 new shares issued at a price of NOK 1.00 per share. The combined entity remains listed on Euronext Oslo Stock Exchange as Otovo under the OTOVO ticker. Under the Combination Agreement, Otovo USA will contribute 100% of its shares to Otovo in exchange for newly issued shares in Otovo, and following completion, Onvis will operate as “Otovo USA”, a wholly owned subsidiary of Otovo, forming the Company’s platform for US activities, with the agreed ownership ratio being 60/40 (Otovo/Onvis) on a pre-money basis. In connection with the combination, the parties contemplate to carry out a private placement of new shares at NOK 1.00 per share to raise gross proceeds of NOK 45-80 million. Following completion of the combination, John Berger will assume the role of Chief Executive Officer of the combined company, while Lars Erik Torjussen will continue as Chair of the Board. Andreas Thorsheim, current Chief Executive Officer of Otovo, will remain in the company as Chief Product Officer.
The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders, approval of offer by target shareholders and third party approval needed.
Otovo ASA (OB:OTOVO) completed the acquisition of Onvis, Inc. from John Berger and others on December 8, 2025. New Risk • Dec 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr165m net loss next year). Market cap is less than US$100m (kr241.7m market cap, or US$23.8m). Announcement • Dec 05
Otovo ASA Announces Board and Committee Election Otovo ASA held an extraordinary general meeting on December 5, 2025. George Coyle was elected as a new board member. After the election, the board of directors consists of Lars Erik Torjussen as chairperson, Tor Øystein Repstad, Mette Rokne Hanestad, Aina Lemoen Lunde, and George Coyle as board members,Samuel Gürtl, and Nanna Petersen as employee representatives. Davis Clouse was elected as a new member of the nomination committee. After the election, the nomination committee consists of Atle Knudsen as chair, Ingunn Andersen Randa, Marie Strannegård, and David Clouse as members. Reported Earnings • Nov 09
Third quarter 2025 earnings released: kr0.42 loss per share (vs kr0.43 loss in 3Q 2024) Third quarter 2025 results: kr0.42 loss per share (improved from kr0.43 loss in 3Q 2024). Revenue: kr155.0m (up 12% from 3Q 2024). Net loss: kr117.0m (loss narrowed 2.9% from 3Q 2024). Revenue is forecast to grow 57% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Electrical industry in Europe. Announcement • Nov 07
Otovo ASA (OB:OTOVO) entered into a combination agreement to acquire Onvis, Inc. from John Berger and others. Otovo ASA (OB:OTOVO) entered into a combination agreement to acquire Onvis, Inc. from John Berger and others on November 6, 2025. The combined entity remains listed on Euronext Oslo Stock Exchange as Otovo under the OTOVO ticker. Under the Combination Agreement, Otovo USA will contribute 100% of its shares to Otovo in exchange for newly issued shares in Otovo, and following completion, Onvis will operate as “Otovo USA”, a wholly owned subsidiary of Otovo, forming the Company’s platform for US activities, with the agreed ownership ratio being 60/40 (Otovo/Onvis) on a pre-money basis. In connection with the combination, the parties contemplate to carry out a private placement of new shares at NOK 1.00 per share to raise gross proceeds of NOK 45-80 million. Following completion of the combination, John Berger will assume the role of Chief Executive Officer of the combined company, while Lars Erik Torjussen will continue as Chair of the Board. Andreas Thorsheim, current Chief Executive Officer of Otovo, will remain in the company as Chief Product Officer.
The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders, approval of offer by target shareholders and third party approval needed.
Fearnley Securities AS acted as financial advisor for Otovo ASA. Advokatfirmaet Thommessen AS acted as legal advisor for Otovo ASA. Advokatfirmaet Schjødt As acted as legal advisor for Onvis, Inc. Baker Botts L.L.P. acted as legal advisor for Onvis, Inc. New Risk • Sep 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr415m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr184m net loss next year). Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (kr392.3m market cap, or US$39.8m). Announcement • Sep 01
Otovo ASA, Annual General Meeting, Apr 20, 2026 Otovo ASA, Annual General Meeting, Apr 20, 2026. Reported Earnings • Jul 13
Second quarter 2025 earnings released: kr0.15 loss per share (vs kr0.39 loss in 2Q 2024) Second quarter 2025 results: kr0.15 loss per share (improved from kr0.39 loss in 2Q 2024). Revenue: kr156.9m (down 6.9% from 2Q 2024). Net loss: kr40.8m (loss narrowed 63% from 2Q 2024). Revenue is forecast to grow 49% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. New Risk • Jul 11
New major risk - Revenue and earnings growth Earnings have declined by 34% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr491m free cash flow). Earnings have declined by 34% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (kr184m net loss next year). Market cap is less than US$100m (kr503.0m market cap, or US$49.6m). Announcement • Jul 08
Otovo Asa Announces Board Appointments Otovo ASA at the the Extraordinary General Meeting held on 4 July 2025 elected following to the board of directors: Nanna Petersen (employee representative); Samuel Gürtl (employee representative). Announcement • May 15
Otovo ASA Approves Appointment of Nomination Committee Otovo ASA approved the proposal from the nomination committee, the general meeting resolved as follows: The company's nomination committee shall hereafter consist of: Atle Knudsen (chair), Ingunn Andersen Randa (medlem),
Marie Strannegård (medlem). Reported Earnings • Apr 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: kr1.34 loss per share (improved from kr2.43 loss in FY 2023). Revenue: kr622.7m (down 38% from FY 2023). Net loss: kr374.5m (loss narrowed 2.7% from FY 2023). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 5.1%. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Employee Representative Director Nico Schwab was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
Full year 2024 earnings released: kr1.34 loss per share (vs kr2.43 loss in FY 2023) Full year 2024 results: kr1.34 loss per share (improved from kr2.43 loss in FY 2023). Revenue: kr657.0m (down 35% from FY 2023). Net loss: kr374.5m (loss narrowed 2.7% from FY 2023). Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Announcement • Jan 23
Otovo ASA to Report Fiscal Year 2024 Final Results on Apr 24, 2025 Otovo ASA announced that they will report fiscal year 2024 final results at 12:00 PM, Central European Standard Time on Apr 24, 2025 Recent Insider Transactions • Jan 11
Co-Founder & CEO recently bought kr101k worth of stock On the 9th of January, Andreas Thorsheim bought around 110k shares on-market at roughly kr0.92 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Andreas' only on-market trade for the last 12 months. Announcement • Jan 05
Otovo ASA (OB:OTOVO) commences an Equity Buyback Plan for NOK 0.28 million worth of its shares, under the authorization approved on April 17, 2024. Otovo ASA (OB:OTOVO) commences share repurchases on December 20, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 17, 2024. As per the mandate, the company is authorized to repurchase up to NOK 0.28 million worth of its shares. The minimum price that may be paid per share shall be NOK 0.1 and maximum price that may be paid per share shall be NOK 10. The purpose of the repurchase program is to fulfill employee incentive programs. The repurchased shares will be cancelled. The repurchase program is valid till the next Annual General Meeting to be held in 2025, but in no event later than June 30, 2025. Announcement • Dec 23
Otovo ASA, Annual General Meeting, May 15, 2025 Otovo ASA, Annual General Meeting, May 15, 2025. Major Estimate Revision • Dec 03
Consensus EPS estimates upgraded to kr1.28 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from kr680.0m to kr671.2m. 2024 losses expected to reduce from -kr1.43 to -kr1.28 per share. Electrical industry in Norway expected to see average net income growth of 23% next year. Consensus price target of kr2.20 unchanged from last update. Share price rose 6.3% to kr1.02 over the past week. Major Estimate Revision • Nov 24
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr671.2m to kr680.0m. Forecast EPS reduced from -kr1.28 to -kr1.43 per share. Electrical industry in Norway expected to see average net income growth of 22% next year. Consensus price target of kr2.20 unchanged from last update. Share price fell 8.1% to kr1.03 over the past week. Price Target Changed • Nov 15
Price target increased by 10% to kr2.20 Up from kr2.00, the current price target is an average from 2 analysts. New target price is 97% above last closing price of kr1.12. Stock is down 69% over the past year. The company is forecast to post a net loss per share of kr1.28 next year compared to a net loss per share of kr2.43 last year. Major Estimate Revision • Nov 14
Consensus EPS estimates upgraded to kr1.28 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from kr680.0m to kr671.2m. 2024 losses expected to reduce from -kr1.43 to -kr1.28 per share. Electrical industry in Norway expected to see average net income growth of 21% next year. Consensus price target of kr1.97 unchanged from last update. Share price rose 4.1% to kr1.18 over the past week. Reported Earnings • Oct 25
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: kr0.43 loss per share (improved from kr0.81 loss in 3Q 2023). Revenue: kr152.6m (down 35% from 3Q 2023). Net loss: kr120.5m (flat on 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 62% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 21
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: kr0.39 loss per share. Revenue: kr182.6m (down 41% from 2Q 2023). Net loss: kr110.5m (loss widened 24% from 2Q 2023). Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) also surpassed analyst estimates by 9.2%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electrical industry in Europe. Announcement • Jun 25
Otovo ASA Announces Change of New Employee Representatives to the Board of Directors, Effective July 1, 2024 Otovo ASA announced that on 21 June 2024, the employees of the Otovo Group elected Mr. Nico Schwab as new employee representatives at the board of directors of Otovo ASA with a term of office of one year starting 1 July 2024. Mr. Schwab is a German citizen working as customer manager in the Group’s European Operations Centre in Madrid, and he will replace Matteo Ciprandi who will leave the Group and therefore end his term on the same date. Announcement • Jun 13
Otovo ASA Announces Executive Changes Otovo is making changes to its executive management team. Otovo is creating three new senior management roles that consolidate the functions of sales, operations and field operations across the group. At the same time the four regional Managing Directorships are discontinued, leading to a leaner and sharper organization. After completing a phase of geographic expansion, this reorganization underlines Otovo’s focus shifting to sales and operational excellence, led by strong functional leaders. The General Managers responsible for Otovo’s 13 markets will report to the Chief Revenue Officer, while the European Operations Center in Madrid will fall under the Chief Operating Officer’s remit. The Chief Field Operations Officer will enhance the interactions between digital platform and the physical presence on the ground in key markets. These changes are in line with the cost reduction program implemented in the last six months, and continues the transformation of Otovo towards a platform that can address customers anywhere in Europe from a joint and flexible, low-cost operational base. The new management structure will be as follows from 12 June: Chief Executive Officer, Andreas Thorsheim, Chief Financial Officer, Petter Ulset, Chief Product Officer, Simen F. Jørgensen, Chief Marketing Officer, Sasha Berson, Chief Field Operations Officer, Paulina Ackermann (new), Chief Operating Officer, Jean Rosado (new), and Chief Revenue Officer, Fabio Stefanini (new). As of June 12, 2024, Inigo Amoribieta will leave Otovo. Amoribieta has been the General Manager for Spain, and since 2022 Managing Director for Spain, UK and Portugal. New Risk • May 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr621m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr621m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (87% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr328m net loss in 2 years). Market cap is less than US$100m (kr407.7m market cap, or US$37.6m). Major Estimate Revision • May 09
Consensus revenue estimates decrease by 13%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from kr865.9m to kr756.4m. EPS estimate increased from -kr1.63 to -kr1.44 per share. Electrical industry in Norway expected to see average net income growth of 21% next year. Consensus price target of kr2.43 unchanged from last update. Share price rose 18% to kr1.50 over the past week. New Risk • May 05
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -kr621m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (87% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr621m). Currently unprofitable and not forecast to become profitable over next 2 years (kr298m net loss in 2 years). Market cap is less than US$100m (kr390.8m market cap, or US$36.0m). Reported Earnings • May 05
First quarter 2024 earnings: Revenues and EPS in line with analyst expectations First quarter 2024 results: kr0.31 loss per share. Revenue: kr167.5m (down 39% from 1Q 2023). Net loss: kr86.8m (loss widened 57% from 1Q 2023). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Electrical industry in Europe. Major Estimate Revision • Apr 28
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -kr1.41 to -kr1.63 per share. Revenue forecast of kr854.2m unchanged since last update. Electrical industry in Norway expected to see average net income growth of 19% next year. Consensus price target of kr3.03 unchanged from last update. Share price fell 5.6% to kr1.32 over the past week. New Risk • Apr 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (87% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr402m net loss in 2 years). Market cap is less than US$100m (kr370.0m market cap, or US$33.6m). Board Change • Mar 26
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jacob Wall was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: kr2.43 loss per share. Revenue: kr1.01b (up 59% from FY 2022). Net loss: kr384.8m (loss widened 24% from FY 2022). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 37%. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Electrical industry in Europe. New Risk • Mar 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Shareholders have been substantially diluted in the past year (87% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr365.5m market cap, or US$34.2m). Major Estimate Revision • Feb 16
Consensus revenue estimates fall by 26% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr1.25b to kr923.7m. Forecast losses increased from -kr1.35 to -kr1.41 per share. Electrical industry in Norway expected to see average net income growth of 16% next year. Consensus price target down from kr3.98 to kr3.03. Share price was steady at kr2.09 over the past week. Breakeven Date Change • Feb 11
Forecast to breakeven in 2026 The 4 analysts covering Otovo expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 12% per year to 2025. The company is expected to make a profit of kr251.0m in 2026. Average annual earnings growth of 44% is required to achieve expected profit on schedule. Reported Earnings • Feb 09
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: kr2.70 loss per share (further deteriorated from kr2.47 loss in FY 2022). Revenue: kr1.09b (up 71% from FY 2022). Net loss: kr384.8m (loss widened 24% from FY 2022). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 37%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has fallen by 56% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Feb 08
Consensus EPS estimates upgraded to kr1.96 loss, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from kr1.12b to kr1.11b. 2023 losses expected to reduce from -kr2.22 to -kr1.96 per share. Electrical industry in Norway expected to see average net income growth of 13% next year. Consensus price target down from kr5.77 to kr3.98. Share price rose 3.3% to kr2.70 over the past week. Announcement • Jan 10
Otovo ASA has completed a Follow-on Equity Offering in the amount of NOK 60.03 million. Otovo ASA has completed a Follow-on Equity Offering in the amount of NOK 60.03 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 17,400,000
Price\Range: NOK 3.45
Transaction Features: Rights Offering New Risk • Dec 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 104% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (104% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr232m net loss in 2 years). Market cap is less than US$100m (kr967.4m market cap, or US$88.4m). Announcement • Nov 17
Forte PV S.à.r.l completed the acquisition of European Distributed Energy Assets AS and European Distributed Energy Assets AB from Otovo ASA (OB:OTOVO). Forte PV S.à.r.l entered into a share purchase agreement to acquire European Distributed Energy Assets AS and European Distributed Energy Assets AB from Otovo ASA (OB:OTOVO) for approximately NOK 400 million on October 6, 2023. The total consideration paid by the buyer at closing is approximately NOK 230 million. The proportion of EDEA MidCo AS’s debt that is attributable to EDEA AS and EDEA AB is NOK 153 million. As part of the transaction NOK 13.6 million will be withheld pending finalization of the financial license requirement for EDEA AS. Additionally, NOK 7.3 million will be held in an escrow account in Otovo’s name related to indemnities under the Share Purchase Agreement. Following closing of the transaction, EDEA NO and EDEA SE will hold the ownership to all subscription assets originated by Otovo in Norway and Sweden until 31 August 2023, and be entitled to all cash flows pursuant to such assets. Furthermore, the parties have entered into an agreement where Otovo shall continue to enter into new subscription agreements on behalf of EDEA NO and EDEA SE on a continuous basis until 31 December 2024. Closing is expected to occur in Q4 2023. SpareBank 1 Markets and DNB Markets are acting as financial advisors and Wikborg Rein is acting as legal advisor to Otovo in connection with the transaction.
Forte PV S.à.r.l completed the acquisition of European Distributed Energy Assets AS and European Distributed Energy Assets AB from Otovo ASA (OB:OTOVO) on November 15, 2023. Announcement • Nov 11
Otovo ASA has filed a Follow-on Equity Offering in the amount of NOK 449.999998 million. Otovo ASA has filed a Follow-on Equity Offering in the amount of NOK 449.999998 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 130,434,782
Price\Range: NOK 3.45
Transaction Features: Rights Offering Breakeven Date Change • Nov 01
No longer forecast to breakeven The 3 analysts covering Otovo no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr67.8m in 2025. New consensus forecast suggests the company will make a loss of kr33.8m in 2025. Reported Earnings • Oct 30
Third quarter 2023 earnings: Revenues miss analyst expectations Third quarter 2023 results: Revenue: kr248.9m (up 39% from 3Q 2022). Net loss: kr120.6m (loss widened 53% from 3Q 2022). Revenue missed analyst estimates by 9.7%. Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Electrical industry in Europe. Reported Earnings • Oct 30
Third quarter 2023 earnings: Revenues miss analyst expectations Third quarter 2023 results: Revenue: kr248.9m (up 39% from 3Q 2022). Net loss: kr120.6m (loss widened 53% from 3Q 2022). Revenue missed analyst estimates by 9.7%. Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Electrical industry in Europe. Major Estimate Revision • Oct 30
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr1.17b to kr1.09b. Losses expected to increase from kr2.14 per share to kr2.42. Electrical industry in Norway expected to see average net income growth of 11% next year. Consensus price target down from kr16.75 to kr14.75. Share price fell 45% to kr3.39 over the past week. Breakeven Date Change • Oct 27
No longer forecast to breakeven The 3 analysts covering Otovo no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr67.8m in 2025. New consensus forecast suggests the company will make a loss of kr72.8m in 2025. Price Target Changed • Oct 25
Price target decreased by 12% to kr14.75 Down from kr16.75, the current price target is an average from 4 analysts. New target price is 136% above last closing price of kr6.24. Stock is down 68% over the past year. The company is forecast to post a net loss per share of kr2.25 next year compared to a net loss per share of kr2.47 last year. New Risk • Oct 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr556m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr94m net loss in 2 years). Share price has been volatile over the past 3 months (7.4% average weekly change). Shareholders have been diluted in the past year (9.4% increase in shares outstanding). Market cap is less than US$100m (kr974.4m market cap, or US$88.9m). New Risk • Oct 09
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr319m Forecast net loss in 2 years: kr31m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr556m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr31m net loss in 2 years). Shareholders have been diluted in the past year (9.4% increase in shares outstanding). Market cap is less than US$100m (kr977.4m market cap, or US$90.6m). Announcement • Sep 12
Otovo ASA Appoints Sacha Berson as CMO Sacha Berson comes onboard Otovo ASA as Chief Marketing Officer. Berson joins Otovo from Rain, the Los Angeles-based fintech startup, where he served as CEO for Europe. With over two decades of experience in his arsenal, Berson has an impressive career that includes positions as Managing Director of Digital Banking at Barclays; Executive Director for Customer, Data, and Strategy at The Very Group; EMEA Chief Marketing Officer at Groupon, and Senior Director of Mobile Marketing and Geographic Expansion at eBay. In addition, Berson has been a management consultant with Bain & Company, worked in private equity at Templeton, and in investment banking at Credit Suisse. He holds an MBA from Harvard Business School. Sacha will be tasked with strengthening Otovo’s sales performance through enhanced marketing now that have turned into a continent-wide residential solar and battery player. With excellent General Managers in each of countries,company is now building the core organization to support continued growth and consolidation as a leading pan-European player, says Thorsheim. Berson will start his work today, on 11 September 2023. He will be part of Otovo’s Executive Management team and also be responsible for Otovo’s Marketing, Partnerships, Brand and Communications functions across all 13 markets. Berson will be based in Madrid and report directly to the CEO. Board Change • Aug 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Employee Representative Director Zoe Wyon was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 14
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: kr0.60 loss per share (further deteriorated from kr0.42 loss in 2Q 2022). Revenue: kr307.4m (up 101% from 2Q 2022). Net loss: kr89.0m (loss widened 57% from 2Q 2022). Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Revenue is forecast to grow 51% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Breakeven Date Change • Jul 14 The 3 analysts covering Otovo previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 7.5% per year to 2024. The company is expected to make a profit of kr27.7m in 2025.
Price Target Changed • Jul 12
Price target decreased by 9.5% to kr16.75 Down from kr18.50, the current price target is an average from 4 analysts. New target price is 48% above last closing price of kr11.28. Stock is down 47% over the past year. The company is forecast to post a net loss per share of kr2.58 next year compared to a net loss per share of kr2.47 last year. Announcement • Jun 24
Otovo ASA Appoints New Employee Representatives to the Board of Directors On 23 June 2023 the employees of the Otovo Group elected Zoë Wyon, a Swedish citizen working in product development, based in Oslo; and Matteo Ciprandi, an Italian citizen working in international sales, based in Milan, as new employee representatives at the board of directors of Otovo ASA with a term of office of two years starting 1 July 2023. The two will replace Julie Orzechowski and Alejandro Diaz who will end their term on the same date. Breakeven Date Change • Jun 21
Forecast to breakeven in 2025 The 4 analysts covering Otovo expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 6.2% per year to 2024. The company is expected to make a profit of kr20.7m in 2025. Average annual earnings growth of 48% is required to achieve expected profit on schedule. Reported Earnings • May 05
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: kr0.40 loss per share (improved from kr0.64 loss in 1Q 2022). Revenue: kr281.2m (up 151% from 1Q 2022). Net loss: kr55.1m (loss narrowed 29% from 1Q 2022). Revenue exceeded analyst estimates by 39%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Revenue is forecast to grow 49% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Price Target Changed • May 03
Price target decreased by 12% to kr19.67 Down from kr22.33, the current price target is an average from 3 analysts. New target price is 74% above last closing price of kr11.30. Stock is down 56% over the past year. The company is forecast to post a net loss per share of kr2.40 next year compared to a net loss per share of kr2.47 last year. Reported Earnings • Mar 27
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: kr2.47 loss per share (further deteriorated from kr1.64 loss in FY 2021). Revenue: kr637.5m (up 124% from FY 2021). Net loss: kr309.5m (loss widened 101% from FY 2021). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 9.8%. Revenue is forecast to grow 49% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Electrical industry in Europe. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. 
