AutoStore Due Diligence

Run due diligence on AutoStore: check compliance and get alerts when suppliers change.

Norway · www.autostoresystem.com · 20 vendors

AutoStore is a Norwegian company that develops and manufactures automated storage and retrieval systems (AS/RS). Its cube-based goods-to-person (GTP) technology utilizes robots and intelligent software to maximize warehouse storage density, accelerate order fulfillment, and improve operational efficiency for various industries globally.

Resilience scores

Technology vendors

Services catalogue

2 services in catalogue across 2 categories; runs on 20 sub-vendors.

Insights

Last updated 2026-08-01 · revision 1

20 direct vendors, 228 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

12 in-scope frameworks identified; showing 3.

EU Machinery Regulation — No public evidence

Evidence: https://www.autostoresystem.com/system, https://www.autostoresystem.com/system/robot-r5, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1230, https://www.autostoresystem.com/company

Norwegian Personal Data Act — No public evidence

Evidence: https://lovdata.no/dokument/NL/lov/2018-06-15-38, https://www.datatilsynet.no/en/, https://www.autostoresystem.com/company

CSRD (source) — Evidence found

Evidence: https://www.autostoresystem.com/esg, https://www.autostoresystem.com/hubfs/10%20Website/Investor%20relations/2025%20Documents/Annual%20and%20Special%20General%20Meetings%202025/Annual%20Report%202025.pdf, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2464

Financials

Three-year financials

Financial Resilience Score: 7/10

AutoStore demonstrates strong underlying financial resilience despite two consecutive years of revenue decline. The business exhibits industry-leading profitability with gross margins of 72-74% and Adjusted EBITDA margins above 42%, reflecting an asset-light, IP-heavy model where hardware assembly is outsourced to partners in Poland and Thailand. Cash generation remains robust with operating cash flow of USD 94m in 2025 despite lower revenue, and cash flow conversion of 75-84% of Adjusted EBITDA. The balance sheet strengthened materially in 2025 with equity growing to USD 1.53B (+19.3%) and non-current interest-bearing debt reduced from USD 418.4M to USD 210.6M through a refinancing that replaced legacy Facility B with a USD 150M term loan and USD 350M RCF maturing November 2030. The order backlog grew 21.8% YoY to USD 557M, providing forward revenue visibility, and Q4 2025 revenue growth of 9.0% YoY suggests stabilization. Key concerns include the very large intangible/goodwill balance of USD 1,564M (78% of total assets) from the 2019 THL acquisition, which creates impairment risk in a structural downturn. Cash balance fell sharply from USD 296M to USD 90M in 2025 due to debt repayment, though ~USD 282M remains available under the undrawn RCF. The Ocado litigation is now closed following the final USD 64.8M payment in H1 2025.

Key strengths: Industry-leading gross margins of 72-74% and Adjusted EBITDA margins above 42%, Strong cash generation with 75-84% conversion of Adjusted EBITDA, Order backlog of USD 557M at end-2025 (+21.8% YoY) provides revenue visibility, Balance sheet strengthened with equity/total assets ratio ~77%, Asset-light partner-based manufacturing and distribution model, Debt materially reduced through 2025 refinancing extending maturity to 2030, Emerging recurring revenue via AutoStore-as-a-Service (USD 34.4M TCV signed 2025), Installed base of ~1,950 systems across 65+ countries

Risk factors: Two consecutive years of revenue decline (-6.9% in 2024, -10.4% in 2025), Very large goodwill/intangibles of USD 1,564M (78% of total assets) with impairment risk, Cash balance fell from USD 296M to USD 90M in 2025, Germany revenue declined 26% YoY in 2025 signaling European capex softness, Customer concentration risk via indirect exposure through partner network, US tariff exposure with manufacturing in Poland and Thailand serving 24% NAM revenue, PE overhang from THL and SoftBank ownership since 2021 IPO, Sensitivity to e-commerce, retail, and 3PL capex cycles

Revenue by geography

Revenue by product/service

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