Universal Robots announced its financial results for the fourth quarter of 2023 and the full year. The company’s Q4 revenue reached USD 103 million, a 21% increase compared to the same period in 2022, marking its highest revenue quarter to date. However, the annual revenue for 2023 was USD 304 million, showing a 7% decline from 2022.
Kim Povlsen, President of Universal Robots, commented on the performance, acknowledging the challenging economic and business environment faced by many of their core customers, particularly in the first half of 2023. Despite these challenges, the company observed growth in specific segments and accounts, notably in palletizing and within their Original Equipment Manufacturer (OEM) channel. Povlsen emphasized that the company concluded 2023 on a positive note and is poised for further growth in 2024.
A significant contributor to Universal Robots’ performance in 2023 was the launch of new heavy payload cobots. The UR20, introduced earlier in the year, was particularly successful in palletizing and welding applications, selling 1.200 units. In November 2023, the company expanded its product line with the UR30, unveiled at the iREX trade show in Japan. These new models, especially the UR20 and UR30, accounted for 30% of the company’s revenue in the fourth quarter.
Povlsen highlighted the company’s focus on innovation and its impact on the market. He mentioned the rapid production increase for the UR20 to meet demand, with over 1200 units produced in the fourth quarter. The company has also started shipping the UR30. Povlsen stressed that Universal Robots’ success hinges not only on its hardware innovations but also on its software capabilities and ease of use, which provide value to their partners and end customers.