AutoStore (AUTO) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $192.1 million, up 43.4% year-over-year and 15.9% sequentially, driven by strategic progress and commercial momentum.

• Order intake reached a record $218 million, up 45% year-over-year, with order backlog at $596 million, up 12.6% year-over-year.

• Gross margin improved to 72.2% in Q2, with adjusted EBITDA margin at 44.9% and cash conversion at 84%.

• Announced a global framework agreement with Amazon and launched a $75 million share buyback program.

• Expanded product portfolio with 14 new launches in 12 months, leveraging AI and software to enhance customer value and recurring revenue streams.

Financial highlights

• Q2 revenue: $192.1 million (up 43.4% YoY); H1 revenue: $357.8 million (up 62.8% YoY).

• Order intake: $218 million (up 45% YoY); order backlog: $596 million (up 12.6% YoY).

• Gross margin: 72.2% in Q2, up 3.4 percentage points YoY; adjusted EBITDA margin: 44.9%.

• Net debt reduced by $46 million to $90 million, with a net debt ratio of 0.3x.

• Liquidity remains strong at $454 million, including $104 million in cash and a $350 million undrawn credit facility.

Outlook and guidance

• Full-year 2026 revenue guidance set at around $700 million, implying 30% year-over-year growth.

• Margins expected to moderate slightly in H2 due to increased investment in commercial, product, and technology capabilities, but gross margin is expected to remain above 70% for the full year.

• Guidance reflects prudence given the project-based nature of the business and strong H1 performance.