Highlights:

(1) Big step up in sales, pipeline, and installations:
• Accelerating sales volume: 2,066 sold projects in Q4, up 223% YoY, an annual
run-rate of ~8,000 projects
• Pipeline value at end of the quarter: The order book value going into 2022 is
NOK 280m, up 7.2X from the same period last year, driven by NOK 230m in Q4 sales
• Record installations volume: 1,209 installations in Q4 up 96% YoY, an annual
run-rate of ~5,000 projects


***


(2) Growth in revenue, gross profit, and customer value creation:
• Revenue generated up 173% YoY to NOK 109m, pro forma assuming EDEA was fully
owned throughout Q4 21.
• Revenue generated per sold project up 22% QoQ to NOK ~111k, driven by
subscriptions, batteries, larger systems, and higher prices
• Gross profit generated up 195% YoY to NOK 21.5m (19.9% profit margin), pro
forma assuming EDEA was fully owned for the whole of Q4 21
• Subscription share of booked installations in the quarter 21% (NOK 18.6m
deployed)
• Cash position of NOK 224m out of Q4 21, up NOK 17m from NOK 207m in Q3 21


***


(3) New countries, batteries, and subscriptions strengthen growth and
profitability further:
• Batteries at 12% attachment rate of sales for the group in Q4, driven by Italy
(~60%), Germany (~60%)
• Battery expanded to more countries in Q1 21
• Germany with the fastest and best country launch ever


***