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%. Those are software-grade margins on a hardware business. That’s the part nobody talks about.

AutoStore now operates more than 1,950 systems across 60 countries, with 44,000 robots in the field moving 2.5 billion products a year. Puma, Gucci, Best Buy, HelloFresh, Asda, Kroger — mid-to-large retail and fulfilment, with 55% of Q1 revenue coming from existing customers expanding their installs. A hardware company that behaves like 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 the rare Nordic deeptech name that’s already at scale, already profitable, already public, and now monetising AI on top of 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.