Annual Report 2020 – increase in contribution margin and revenue in line with expectations

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Company Announcement No. 22-2021
Copenhagen, March 24, 2021

This announcement is a summary and should be read in conjunction with Shape Robotics’ Annual Report 2020 published on 24 March 2021. The Annual Report for 2020 will be available on the company’s website and on this link.

Results from the financial year 2020 was previously announced on 17 February 2021 with the Year-end interim report. 

Financial highlights in 2020

  • The Company has realized a revenue of MDKK 6.0 in net sales for the financial year 2020 (8.1).
  • Gross Operating Profit (Contribution Margin) for the year was MDKK 2.4 (2.8).
  • The Gross Operating in % remains high and was 40% for 2020 (35%).

Business highlights in 2020

  • Shape Robotics was successfully listed on Nasdaq First North Growth Market Denmark on June 25, 2020, making it possible for anyone to have a share in a “Made in Denmark” company that develops robot technology to help students learn and and connect remotely.
  • The company realized strong sales and order indications before the first lockdown and in the summer when restrictions were eased by governments on the company’s main markets.
  • Shape Robotics handled the decrease in demand for hands-on learning products during the pandemic situation by extending the product portfolio with the launch of Fable Connect. A small tele-robot, controlled by a smartphone, developed in collaboration with the pediatric cancer department at Rigshospitalet in Denmark.
  • The sale of Fable Connect and subscriptions started in August 2020, and up until December 2020, 130 x Fable Connect were sold, 110 x PRO licenses are active, equivalent to turnover for Fable Connect TDKK 220 and additional ARR from subscriptions of TDKK 77.
  • In November 2020 the Company hired Steen V. Lund as the new CCO. The new CCO has a solid commercial background in the educational robotics market from previous leading positions in some of the major brands in the industry of educational technology. Furthermore, during the autumn 2020, the Company welcomed the former minister of Education, Merete Riisager, as a board observer, with the intention of nominating Merete Riisager as a new board member at the forthcoming annual general meeting.

Outlook 2021

  • The Company’s strategy is to continue to expand its international sales channels, optimize its operations, and introduce new products and services.
  • The Company expects the full year revenue 2021 to be in the range of MDKK 14.0 – 17.0

Long-term financial targets

  • Average revenue growth rate of more than 80% per annum between 2021 to 2023 
  • Target Revenue of MDKK 55 in 2023 
  • Cash Flow positive for the full year 2023

Financial calendar, upcoming

  • March 24, Summon to Annual General Meeting
  • April 27, Annual General Meeting

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About Shape Robotics A/S
Shape Robotics is a Danish robotics company with a strong position in the global educational technology (”EdTech”) market. The Company has developed Fable, a unique modular robot that makes it easy and fun for students to build and program their own robots. Since the launch of Fable in 2017 thousands of robots have been sold and shipped to schools around the world.

Shape Robotics helps educational institutions provide excellent teaching that will prepare students for a fast-changing future where digital technologies, artificial intelligence, and automation are transforming life and work. Fable is a modular robot that students can build in seconds. The robot system is robust, can withstand everyday usage in classrooms and can be used to solve demanding tasks. Students code Fable depending on their experience - from simple block programming to coding in the advanced Python language. Comprehensive teaching materials have been developed in collaboration with professional educators. Therefore, Shape Robotics provides complete teaching solutions for educational institutions from the 3rd grade to high-school and vocational schools.

In 2020 Shape Robotics launched a new telepresence robotics system called Fable Connect. The system enables schools to get homebound students back in the classroom using the robot as a communication device. The product broadens the company’s offering and has been well received by the Danish Schools. Hundreds of Fable Connect robots are now being used at schools and hospitals, mainly by children with long-term health issues. The market for Fable Connect is expected to grow and become an important product for the company in the years to come.

Further Information
David Johan Christensen, CEO Shape Robotics A/S
Tel. (+45) 2685 0903

Investor relations
André Fehrn, CFO Shape Robotics A/S
(+45) 2444 8556

Rugmarken 18, 3520 Farum, Denmark

CVR-nr. 38322656

Certified advisor contact
Västra Hamnen Corporate Finance AB
Christer Nilsson
(+46) 733 968 404
Jungmansgatan 12, 211 11 Malmö, Sweden
Bredgade 30, 1260 Copenhagen, Denmark


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