Huddly AS – Consolidated Fourth quarter report 2020

Another record quarter for Huddly in Q4 2020.

Huddly reported revenues of 112.0 mNOK in Q4 2020, up 67 % compared to Q4 2019. EBIT increased to 32.4 mNOK, from 14.7 mNOK in Q4 2019. The gross margin was 55% for the quarter.

Crestron and Google continued to be strong partners and Huddly commenced sales to the new partner Shure. With Huddly ONE, Huddly has partnered with Bang & Olufsen.

Cash and cash equivalents closed at 126,371 TNOK at year end 2020, an increase from 53,985 TNOK at year end 2019. Group equity amounted to 216,307 TNOK at year end 2020 versus 116,831 TNOK at year end 2019. The equity ratio was 72 % at year end 2020, an increase from 64 % at year end 2019. The group had no long-term interest-bearing debt at year end 2020.

With our leading engineering and design, we are well positioned to take continued part in the fast growing Unified Communication and Collaboration market.

Outlook:

Huddly forecasts revenue to be in the range from 500 MNOK to 600 MNOK in FY 2021. The COVID-19 pandemic, causing many closed offices globally, has impacted the sales opportunities into the enterprise office market in the start of 2021. Huddly sees signs of improvements in this vertical and believe sales opportunities into the enterprise market will increase going forward, especially in second half of 2020. Huddly forecasts gross margin percentage to be around 50% in FY 2021 and costs to increase as Huddly accelerates investments in products, go-to-market and support functions to accommodate for long term growth.

See the enclosed presentation and report for further information.

For more information, please contact: Stein Jacob Frisch, Investor Relations, Huddly AS, mob: +47 91 61 09 11, email: huddly@lillebyfrisch.no

About Huddly AS:

Huddly is a technology company that creates tools for team collaboration. Based in Oslo, Norway, we combine expertise across the fields of design, hardware, software, and artificial intelligence. The company’s smart cameras are designed to make it easier and better for people to communicate with each other. Huddly’s solutions with industry-leading partners enable high-quality video experiences on all major collaboration platforms.