Universal Robots’ Q3 results reflect a slowing economy

Universal Robots, the Danish collaborative robot (cobot) company, has reported Q3 revenue of USD 73 million. In headline terms this is down 5% on its Q3 2021 revenue. There has been a significant change in exchange rates since Q3 of 2021, which has been a headwind to growth. On a constant currency basis, growth in Q3 versus Q3 of 2021 was 3% and growth through the first nine months of 2022 was 17%.

“Global uncertainty is challenging for companies, but a slower market also provides an opportunity to focus on those things we can control and to refine our strategy to reflect growing technological capabilities” said Chief Financial Officer of Universal Robots, Kim Andreasen.

Earlier this month the International Federation of Robotics said the number of global industrial robot installations is expected to grow more slowly in 2022 than in 2021, but that overall demand for robots remains high. “We have certainly seen our growth slow down this quarter” said Andreasen “but our overall outlook is good.”

Building expertise around key segments

Cobot technology is becoming more advanced yet easier to use as a result of the collaboration between Universal Robots and its ecosystem partners. As the range of applications available is already impressive, the company has focused in Q3 on building in-house expertise around three top segments – welding, palletizing and machine tending. As Andreasen explains “We are creating new ways to support businesses with those areas of work where we see the greatest potential for cobot deployment. We have just appointed global leaders for those three key segments. They will lead world-class Centers of Excellence to create further momentum for these important areas for our customers and partners.”

Universal Robots has recently started taking orders for its new 20 kg cobot. The UR20, which features a 1750 mm reach and entirely new joint design for high performance, will be deployed by businesses in 2023.