Otovo - Q3 2026 results: Field Services revenue up 70% and adjusted EBITDA positive from September
Oslo, 12 November 2026 - Otovo ASA ("Otovo" or the "Company", OSE: OTOVO) today reports results for the third quarter of 2026. In the quarter Otovo completed the final phase of its transformation into an AI-enabled energy services platform. Field Services revenue grew 70% from the previous quarter, adjusted operating expenses fell 26%, demonstrating the scalability in the business model, and the Company reached positive adjusted EBITDA in September, which is expected to scale further from here.
Q3 2026 highlights - Strong growth in Field Services: Revenue up 70% from Q2 2026 to USD 5.6 million, driven by organic growth, higher technician utilization and the first-time consolidation of SST. - AI-led cost reduction: Adjusted operating expenses down 26% from Q2 2026 to USD 5.6 million, as Endurance® takes over dispatch, scheduling, customer service and back-office work previously handled by third-party software and manual processes. - Milestone reached: Adjusted EBITDA positive from September 2026. Q3 adjusted EBITDA was USD -3.2 million, an improvement of USD 1.2 million from Q2 2026 - Strong momentum into Q4: 4,049 service work orders in October, up 29% from September, at an average of USD 760 per work order and an estimated gross margin of 52%. - 2027 target: Revenue of approximately USD 120 million and adjusted EBITDA of approximately USD 36 million, based on 14,200 monthly service orders at $700 per order and 50% gross margin.
"Our transformation into an AI-enabled energy services platform is now complete and this quarter demonstrates the power of Otovo's new business model," said William J. (John) Berger, CEO of Otovo. "Field Services revenue grew 70% in the quarter, and Endurance is lowering our cost base, with adjusted operating expenses down 26% from Q2 2026. In September we delivered an adjusted EBITDA positive month. Our focus now is on sustaining this momentum as we add technicians and continue lowering costs."
Outlook - Field Services growth into Q4: Field Services entered the fourth quarter with strong momentum. In October, Otovo completed 4,049 service work orders, up 29% from September, at an average of USD 760 per work order and an estimated gross margin of 52%. This gives estimated Field Services revenue of USD 3.1 million for October alone, compared with USD 5.6 million for the whole of Q3. - Opex to decline further: Operating expenses are expected to fall further in Q4 2026. Endurance® enables further reductions in payroll and office costs, and the SaaS contract terminations booked in Q3 take effect as more contracts roll off. - Growth without added SG&A: Additional work orders do not add SG&A. EnduranceTM runs dispatch, scheduling, quoting and customer service, so the back-office cost base stays flat as technicians and work orders are added. At October's price and margin, every additional 1,000 work orders per month adds approximately USD 4.7 million of annual EBITDA. - 2027 target: Revenue of approximately USD 120 million and adjusted EBITDA of approximately USD 36 million, an adjusted EBITDA margin of approximately 30%. The target is based on an average of 14,200 service work orders per month at USD 700 per work order and a 50% gross margin, and adjusted SG&A of USD 1.75-2.15 million per month. It covers Field Services only.
Otovo appoints Yaniv Avni as Chief Operating Officer to scale global service operations We are also announcing the appointment of Yaniv Avni as Chief Operating Officer. Avni joins Otovo from SolarEdge Technologies, where he most recently served as Global Vice President of Service.
Avni brings more than 20 years of experience building and leading global customer service and operations teams across the telecom and solar industries. At SolarEdge, he spent more than seven years as Global VP of Service, where he led service strategy and execution worldwide, managing support for a fleet of more than 10 gigawatts and over 3 million systems globally. He was personally responsible for large-scale solar project implementations across Europe, the U.S., Israel, Taiwan, Japan, Thailand, Australia and other markets, working closely with major solar EPCs and partners on both project implementation and post-sales operations and maintenance coverage. Avni also led the design and development of SolarEdge's service AI platform for enhanced customer experience and cost effectiveness at scale which strongly aligns with Otovo's strategy and plans.
"Yaniv has spent his career solving exactly the kind of operational challenges that define our business, keeping complex, distributed solar and energy systems running reliably at massive scale," said William J. (John) Berger, CEO of Otovo. "His background managing service for millions of systems worldwide, and the relationships he has built across the industry's leading equipment manufacturers and installation partners, make him an ideal fit as we continue to grow Otovo's service platform and deepen our partnerships across the solar ecosystem."
Presentation Otovo will present the results on 12 November 2026 at 16:30 CET. CEO William J. (John) Berger and CFO Jennifer Santoscoy will present, followed by a Q&A session. The presentation will be webcast at https://investor.otovo.com/earnings-call.
For further information, please contact: Otovo Investor Relations - ir@otovo.com U.S. media: Matt Dallas, ICR - +1 917-363-1333 - matt.dallas@icrinc.com
About Otovo Otovo is an AI-enabled platform for behind-the-meter energy services, serving more than 55,000 customers across the United States and Europe. Otovo combines equipment monitoring, rapid repairs, dependable power supply and grid participation in one service. Endurance®, Otovo's AI platform, monitors installed equipment, manages service from problem detection to resolution and coordinates repairs around the clock. Further information is available at www.otovo.com.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements regarding the company's expectations, plans, objectives, strategy, future operations, business performance, financial condition, prospects, growth opportunities, market position, anticipated benefits of transactions or initiatives, and other statements that are not historical facts. Forward-looking statements may be identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," and similar expressions.
These forward-looking statements are based on current expectations, assumptions, estimates, and projections and are subject to risks, uncertainties, and other factors, many of which are beyond the company's control, that could cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, market conditions, regulatory developments, competitive pressures, customer demand, supply chain constraints, macroeconomic conditions, execution risks, and other risks described in the Company's public filings or other disclosures, if applicable.
The company undertakes no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, or otherwise, except as required by applicable law. Readers should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.
Disclosure Requirement This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements of section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Eleanor Gilbane, general counsel, at the time and date stated above in this announcement.