Shape Robotics, a leading robotics company based in Copenhagen, has announced a significant change in its accounting principles. The company has transitioned from following the Danish Financial Statements Act (DFSA) and IAS 34 for interim reports to compliance with the International Financial Reporting Standards (IFRS).
This change has resulted in the re-auditing of Shape Robotics’ financial statements for the year ending on December 31, 2022, and the incorporation of comparative data from December 31, 2021. The transition to IFRS aligns the company with global reporting standards and positions it for future growth and expansion.
The impact of the Danish Financial Statements Act on Shape Robotics’ financial statements for the fiscal years 2021 and 2022 is presented as an appendix to the company’s interim report. This provides transparency and ensures that stakeholders have a comprehensive understanding of the financial performance during the transition period.
Shape Robotics’ financial highlights for the period from January to September 2023 demonstrate impressive growth. The company reported a revenue of MDKK 84.7, a substantial increase from MDKK 36.4 in the previous year. The contribution margin amounted to MDKK 24.6, with a contribution margin percentage of 29%. Adjusted EBITDA (before non-recurring costs) reached MDKK 1.4, representing a significant improvement compared to the previous year.
Upon reviewing the company’s performance, management expressed confidence in achieving the projected targets for the year. Shape Robotics aims for a revenue ranging from DKK 145-155 million and an adjusted EBITDA of DKK 4-6 million for 2023. The strong and well-documented pipeline, including distribution agreements with expected minimum purchase orders, supports this optimism.
The transition to IFRS and the positive financial performance indicate the company’s readiness for the up-listing process on the Nasdaq Main Market Copenhagen. Shape Robotics anticipates non-recurring costs associated with this process and is actively engaging with its certified advisor, Grant Thornton, to navigate the listing successfully.
As Shape Robotics continues to innovate and disrupt the robotics industry, it remains committed to transparency, accountability, and sustainable growth. By aligning with international accounting principles, the company further solidifies its position as a global leader in robotics technology.
FAQ
What accounting principles did Shape Robotics transition from?
Shape Robotics transitioned from following the Danish Financial Statements Act (DFSA) and IAS 34 for interim reports.
What accounting principles is Shape Robotics now compliant with?
Shape Robotics is now compliant with the International Financial Reporting Standards (IFRS).
What are the financial highlights of Shape Robotics for January-September 2023?
Shape Robotics reported a revenue of MDKK 84.7, a contribution margin of MDKK 24.6, and an adjusted EBITDA of MDKK 1.4 for January-September 2023.
What are the projected targets for Shape Robotics in 2023?
Shape Robotics aims for a revenue ranging from DKK 145-155 million and an adjusted EBITDA of DKK 4-6 million for 2023.
What process is Shape Robotics currently undergoing?
Shape Robotics is undergoing the process of up-listing the company on the Nasdaq Main Market Copenhagen, which may involve non-recurring costs.