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.

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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. 
on 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. \