AutoStore

AutoStore listed on Oslo Børs in October 2021 at a $12.4B valuation, Norway’s biggest IPO in two decades. The stock has had a rough three years since, as has every robotics name on every exchange. Beneath that, the business is growing fast again.

Q1 2026: revenue $165.8M (+92.9% YoY), order intake $179.4M (+27% YoY), order backlog $570.6M. Gross margin 72.7%, adjusted EBITDA margin 44%, cash conversion 81.9%. Few hardware businesses print software-grade margins. AutoStore does, and the coverage rarely mentions it.

The company now operates more than 1,950 systems across 60 countries, with 44,000 robots in the field moving 2.5 billion products a year. The customer list runs through mid-to-large retail and fulfilment: Puma, Gucci, Best Buy, HelloFresh, Asda, Kroger. Existing customers expanding their installs drove 55% of Q1 revenue, expansion behaviour you would normally expect from enterprise SaaS.

The October 2025 launch of CubeVerse (a unified cloud and data platform) and AutoStore Intelligence (an embedded AI layer that uses proprietary models for performance optimisation and predictive maintenance) matters because it converts every deployed system into a recurring software customer. TIME picked the 2025 robotics portfolio as one of its Best Inventions.

For the directory, AutoStore is a rarity in Nordic deeptech: public, profitable, at scale, and now monetising AI on an installed base most competitors can’t match. The 2021 IPO valuation looks more defensible in 2026 than it has at any point since the listing.