Otovo (OTOVO) Q3 2025 earnings summary

Executive summary

• Announced and completed a strategic combination between Otovo (Europe) and Onvi/Onvis (U.S.), forming a transatlantic AI-driven home energy service and financing platform at a 60/40 exchange ratio.

• John Berger, founder of Sunnova, appointed CEO, with Andreas Thorsheim as Chief Product Officer.

• NOK 45 million capital raise at NOK 1.00/share committed to support growth, expansion, and technology development.

• The new entity targets the underserved market for long-term service and maintenance of home energy assets, focusing on over 30 million homeowners in the U.S. and Europe.

• Strategic shift to a pan-European leasing and service platform, aiming to reduce fixed costs and expand reach.

Financial highlights

• Q3 2025 revenue was NOK 149.8–150 million, flat sequentially and down 11% year-over-year.

• Gross profit reached NOK 35.3 million, up 7% year-over-year, with a gross margin of 23.5%.

• EBITDA was negative NOK 60 million, with payroll costs significantly reduced year-over-year.

• Cash and cash equivalents at quarter-end: NOK 56 million, with NOK 29 million in receivables.

• Announced capital raise of NOK 45–80 million, with NOK 45 million already committed at NOK 1 per share.

Outlook and guidance

• Positive operating cash flow targeted for Q2 2026, excluding one-time expenses.

• Cost-cutting program completed in October, with NOK 110–120 million in annual savings expected from Q1 2026.

• Ambition to grow from 15,000 subscription customers at Q3 2025 to 65,000 in 2026 and 200,000 in 2027, with a long-term target of 250,000 by 2028.