Huddly – Q1 2023: First shipment of Huddly Crew, shaping a new category for intelligent AI camera systems

Huddly shipped its first Huddly Crew to customers, executing on its strategy to define a new category in hybrid collaboration, receiving overwhelming feedback on the intelligent camera system. The multi-camera system has won several prestigious product and design awards.

At the same time, a sharp decline in sales through one of Huddly’s main strategic partners generated a revenue decline to NOK 51 million in the first quarter of 2023 and a gross margin improvement to 46% due to the higher share of high-margin sales through channels. The revenue setback reflects downstream supply chain issues, as the partner who is lacking other parts in their solutions has postponed orders.

“The first shipment of Huddly Crew marks a shift for us, moving from disruptive innovation of intelligent cameras to defining a new category of intelligent camera systems. We will defend our position as a market leader through continued R&D to secure long-term mutually beneficial collaborations with our strategic partners and distribution channels”

– says Graham Williams, CEO of Huddly

Huddly expects to see indications on growth regaining momentum through the third quarter of 2023, with potential effect from the fourth quarter 2023. The Board has decided not to provide any revenue guidance for 2023 until further notice. The management team has revised Huddly’s strategy to adapt to the current market development, and will focus on Technology, Revenue, Gross Margin and Profitability, and has already stabilized costs which the company expects to decline in the second half of the 2023.

To secure the company’s liquidity position the company is finalizing the process of securing a committed loan facility of an aggregated amount of up to NOK 100 million. Of this, NOK 55 million from shareholders and companies associated with Huddly has been committed.

The presentation followed by a Q&A will be held on Zoom by CEO Graham Williams and CFO Abhijit Banik today at 08:00 CET, and can be accessed through the following link:

https://www.huddly.com/investor-relations/investor-news/huddly-webcast-q1-and-q-and-a-2023-registration/

Questions may be submitted in advance or live during the presentation to: ir@huddly.com

A recorded version of the presentation and the Q&A session will be made available at: https://www.huddly.com/investor-relations/investor-news/huddly-webcast-q1-and-q-and-a-2023/

For more information, please contact:

Abhijit Banik, CFO
Mobile: +47 408 30 964
E-mail: abi.banik@huddly.com

About Huddly AS

Disruptive innovation is our heartbeat at Huddly. We're committed to pushing technology and challenging the status quo in to empower human collaboration. Combining our industry-leading expertise in artificial intelligence, software, hardware, and UX, we craft intelligent camera systems that enable inclusive and productive teamwork.
Huddly cameras are designed to provide high-quality, AI-powered video meetings on major platforms, including Microsoft Teams, Zoom, and Google Meet. With upgradable software, durable hardware, and engaging user experiences, they are the ideal choice for organizations seeking a future-proof, scalable, and sustainable solution.
Founded in 2013, Huddly is headquartered in Oslo, Norway, with presence in the US and EMEA and distribution globally.

This information has been submitted pursuant to the Securities Trading Act §5-12 and MAR Article 19 no. 3. The information was submitted for publication at 2023-05-11 07:00 CET by Huddly’s CFO Abhijit Banik.

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