AutoStore Holdings posted a steep drop in second-quarter profit, hit by restructuring charges and a one-off inventory write-down after scrapping its B1 Robot line. Profit after tax fell to $11.3 million from $44.7 million a year earlier.
Revenue for the three months to June 30 came in at $133.9 million, down 13% from the same period last year but showing a sharp 56% rebound from the first quarter of 2025. Gross profit slipped to $92.2 million from $113 million, with gross margin narrowing to 68.8% from 73.3%. Without the $8.5 million B1 Robot write-down, margins would have been 75.2%.
Operating profit (EBIT) came in at $27.9 million, less than half of last year’s $62.6 million. On an adjusted basis, EBIT dropped to $53.7 million from $67.7 million, while adjusted EBITDA fell to $63.7 million from $75.1 million, with margins dipping slightly to 47.6%.
Despite weaker earnings, the company saw a 6.3% increase in order intake to $150.3 million, helped by favorable currency movements. Its order backlog grew 10.5% year-on-year to $529.2 million. Cash generation also improved, with operating cash flow rising to $25.7 million from $16.3 million, while cash reserves climbed to $299.7 million from $269.3 million.
The quarter’s results were weighed down by $9.1 million in employee-related expenses and $1.4 million in legal and consultancy fees tied to a transformation program aimed at saving about $10 million annually.
AutoStore also expanded its subscription-based AutoStore-as-a-Service business, adding $6.9 million in new contracts that will bring in revenue over time. After the quarter ended, the company secured commitments for $500 million in new bank facilities to refinance debt in September 2025.
The results show a company in transition—absorbing short-term pain from restructuring while aiming to streamline operations and tap into recurring subscription revenues for future growth.