AutoStore Holdings Ltd (STU:1IG) Q4 2025 Earnings Call Highlights: Strong Sequential Growth …

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Thu, February 12, 2026 at 10:00 PM GMT+9 3 min read

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**Q4 Revenue:** $180 million, up 29% sequentially and 9% year over year.

**Q4 Order Intake:** $194 million, up 27% sequentially and 35% year over year.

**Q4 Gross Margin:** 74%.

**Q4 Adjusted EBITDA Margin:** 43%.

**Full Year Revenue:** $539 million, down 10% compared to 2024.

**Full Year Gross Margin:** 72%.

**Full Year Adjusted EBITDA Margin:** 42%.

**Full Year Order Intake:** $638 million.

**Q4 Cash Conversion:** 84%.

**Net Debt:** $180 million as of December 31st.

**Liquidity Headroom:** $372 million, including $90 million in cash.

**Customer Base:** 1,300 customers with nearly 2,000 systems across 65 countries.

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Release Date: February 12, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Revenues grew 29% sequentially and 9% year over year in Q4 2025, reaching $180 million.

Order intake increased 27% sequentially and 35% year over year, totaling $194 million.

Maintained strong gross margins at 74% and an adjusted EBITDA margin of 43% in Q4.

Added 150 new customers in 2025, with existing customers accounting for 60% of revenues, highlighting the success of the land and expand model.

Released 11 new products in 2025, including AutoCase, Carousel AI, and Flexpins, which have received positive customer feedback and expanded market opportunities.

Negative Points

Full-year 2025 revenues decreased by 10% compared to 2024, ending at $539 million.

Despite strong Q4 performance, the market environment remains uncertain, making it difficult to predict 2026 outcomes.

Adjusted EBITDA margin decreased compared to the previous quarter, reflecting increased investment in growth initiatives.

High tax outflow of $48.4 million in Q4, primarily due to the timing of tax payments.

Increased receivables in Q4 affected free cash flow, reflecting a large volume of sales booked in December.

Q & A Highlights

Q: Can you clarify the FX impact on orders and revenue? A: Yes, constant currency revenue growth was around 4%, and order intake growth was about 14%. - Paul Harrison, CFO

Q: How was the order growth distributed geographically, and what about high throughput versus standard segments? A: The US accounted for more than 30% of orders, Europe over 60%, with the rest in APAC and Latin America. We made progress in high throughput projects in both order intake and revenue. - Mats Vikse, CEO

Q: How should we think about order book to revenue conversion for 2026? A: The Q4 conversion was 33%, which is closer to our long-term average. However, high throughput projects in Q4 may not repeat, but our order backlog quality remains strong. - Paul Harrison, CFO

Story Continues  

Q: Are you seeing any demand impact from price hikes or supply chain constraints? A: No significant impact from shortages or price hikes. Customers are investing in automation for long-term operational improvements. - Mats Vikse, CEO

Q: What are the biggest areas of investment for long-term growth? A: We’re focusing on building customer relationships and enhancing product offerings. This includes new product releases and expanding into new markets. - Mats Vikse, CEO

Q: How are rising aluminum prices affecting costs, and what about competitive dynamics? A: We have a lag effect due to forward planning and competitive sourcing. We’re not immune to price changes, but maintain high win rates and competitive positioning. - Paul Harrison, CFO & Mats Vikse, CEO

Q: Is the current cost base representative for future quarters? A: We will remain agile with our cost base, focusing on opportunities to accelerate growth while maintaining high profitability. - Paul Harrison, CFO

Q: What is the best capital allocation strategy for the future? A: Our priority is supporting growth, both organic and inorganic. We also consider returning cash to shareholders, balancing these elements. - Paul Harrison, CFO

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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