Huddly Q4 2022 – Record revenue and margin pressure in 2022

Oslo, February 14, 2023: Huddly reports 12% revenue growth to NOK 113 million in the fourth quarter 2022, with revenue for the full year growing by 34% to a record NOK 452 million. The revenue growth was driven by higher sales through strategic partners. Gross Margin was 39% in the quarter, up from 34% in the previous quarter and down from 44% in the same period the year before. The full year Gross Margin was 37%, with the decline from 50% in 2021 explained by increased component prices and changes in customer and product mix. Revenue and Gross Margin for the full year both ended within the guidance ranges indicated by the company.
Huddly continues to strengthen its position as a product innovation leader and made its first deliveries of the ‘Huddly Speaker Framing’ software during the fourth quarter. The company also launched ‘Huddly Crew’, the world’s first multi-camera system with a built in AI director, which will begin shipping in 2023.

“While we report record revenue and see a strong long-term market outlook for collaborative video solutions, we also recognize that a weaker investment sentiment creates a more uncertain market outlook. We are focusing on four main areas going forward in this market. We will continue to lead with technology innovation, strengthen strategic partnerships and channel sales, increase margins and manage costs without jeopardizing our long-term growth opportunities.”

– says CEO Graham Williams in Huddly

Indirect supply issues are expected to affect shipment volumes for Huddly’s products in 2023, and given the reduced visibility and recent Management Changes the Board has decided not to give revenue guidance for 2023 now.
The Q4 2022 presentation will be held live on Zoom by CEO Graham Williams, CFO Ragnar Kjos and Co-Founder & CPO Stein Ove Eriksen today at 08:00 CET. A Q&A will follow directly after the presentation. Questions may be submitted live during the session. Access the Q4 2022 presentation and Q&A through the following link: https://www.huddly.com/investor-relations/investor-news/huddly-webcast-q4-and-q-and-a/
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-q4-and-q-and-a/

For more information, please contact:

Ragnar Kjos, CFO
Mobile: +47 971 14 061
E-mail: ragnar.kjos@huddly.com

About Huddly AS

Huddly is a technology company that creates tools for team collaboration. Based in Oslo, Norway, Huddly combines 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.

Attachments