Huddly AS – Q3 2023: Results in line with guiding – initiating Strategic Review

Huddly reported a total revenue of NOK 58 million in the third quarter of 2023, an increase of 2 % from NOK 57 million in the second quarter of 2023, in line with guiding. Year-to-date revenue was NOK 167 million.

The company increased the gross margin to 48 % in the third quarter of 2023 compared to 34 % in the third quarter of 2022. The YTD gross margin was 50 %.

A strategic review has been initiated by the Board of Directors after receiving interest from a global industrial player. The Board of Directors is assisted by Sansa Advisors in this respect. Furthermore, Pareto Securities has been engaged by the Board of Directors to explore financing options.

“Our AI driven multi-camera technology has been recognized as a game changer both by customers and the global industrial players. In close collaboration with our strategic and channel partners, all our efforts are now directed at bringing our AI solutions to customers that will use it to significantly increase their productivity” says Graham Williams, CEO of Huddly.

Huddly Crew’s game changing capabilities have been well received by channel partners and end-users after the Q3’23 roll-out.

Huddly Crew is inspired by director techniques in movies and live television to create engaging meetings and is set to be Huddly’s main medium to long-term growth driver. Huddly Director, software that edits meetings in real time using AI, is the backbone of the Huddly Crew system. Huddly Director was also made available with Huddly L1 and S1 in Q3, but only as single camera systems.

Outlook: Maintaining 2023 guidance
Huddly maintains the current 2023 guidance, and expects revenue to reach NOK 200-250 million for the full year 2023 with a full year gross margin of approximately 50 %.

Presentation at 08:00 CEST, 9 November, 2023
CEO Graham Williams and CFO Abhijit Banik will present the third quarter results today at 08:00 CEST, available through the following link:

A Q&A will follow directly after the presentation, also attended by Jostein Devold, Chair of the Board. Questions may be submitted live during the session. A recorded version of the presentation and the Q&A session will be made available on the company’s IR website.

For more information, please contact:
Jostein Devold, Chair of the Board
Mobile: +47 908 80 049

Abhijit Banik, CFO
Mobile: +47 408 30 964

The information is such that Huddly AS is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CEST on 9 November 2023.