Otovo AS Class A (DE:89K) has released an update.
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Otovo AS, a solar panel and battery marketplace, reported mixed results for Q2 2024, with revenues increasing sequentially by 9% despite a year-over-year decline of 43%. The company installed 1,827 projects, indicating a 13% sequential growth but a significant 43% drop from the previous year. Otovo is implementing further operational expense reductions to add to the NOK 90m in annual savings from prior efficiency measures, and expresses optimism for sales growth in the latter half of 2024, driven by a multi-hardware strategy and an improved customer acquisition structure.
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