Shape Robotics announces Year-end interim report for 2020
Company Announcement No. 20 - 2021
Copenhagen, February 17th, 2021
This announcement is a summary and should be read in conjunction with Shape Robotics’ Year end interim report, 2020 published on 17 February 2021. The Year-end report for 2020 will be available on the company’s website and on this link.
Financial highlights in 2020
The results from the financial year 2020, are in line with the expectations communicated in company announcement no. 19, 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%).
“We used the lock-down in 2020 to optimize our operations to increase gross margin on Fable EDU and launched a new product, Fable Connect, to help homebound students return to school. This means that Shape Robotics is now active both in the EdTech and Welfare Tech markets. We see a high growth potential for our products in both markets in the coming years. Considering the difficult market situation in 2020, it is positive that the Company has been able to achieve 75% of the same turnover as it did in 2019, increased its gross profit in % and introduced a new high-potential product to the market” says CEO, David Johan Christensen.
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.
- 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, Annual Report 2020 and 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 more than 7000 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. More than 130 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.
David Johan Christensen, CEO Shape Robotics A/S
Tel. (+45) 2685 0903
André Fehrn, CFO Shape Robotics A/S
Tlf. (+45) 2444 8556
Rugmarken 18, 3520 Farum, Denmark
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