Universal Robots, the Danish collaborative robot (cobot) company, has announced impressive financial results for Q4, with revenue reaching $103 million, marking a remarkable 21% increase compared to Q4 2022. This quarter represents the company’s largest revenue quarter to date. However, the annual revenue for 2023 stood at $304 million, reflecting a 7% decline compared to 2022.
Kim Povlsen, the company’s President, acknowledged the challenging economic and business environment faced by many core customers in 2023, with global industrial activity slowing down in the first half of the year. Despite these challenges, Universal Robots witnessed growth in focus accounts and key segments, particularly in palletising and the strategically important OEM channel. Povlsen expressed optimism, highlighting the strong finish to 2023 and the promising foundation for further growth in 2024.
A significant contributor to Universal Robots’ growth in 2023 was the introduction of its newest cobots, particularly the UR20, designed for heavy payload applications such as palletising and welding. The UR20 experienced robust demand throughout the year. In November, the company launched the UR30, the second model in the new series of cobots, which is expected to unlock new automation possibilities for customers. Together, the UR20 and UR30 accounted for 30% of Q4 revenue.
Povlsen emphasized the company’s momentum in delivering impactful innovation to the market, with the UR30 already in production and shipments underway. The company ramped up production in the fourth quarter to meet the sustained demand for the UR20. Povlsen highlighted the importance of Universal Robots’ platform strength, underscoring the significance of software excellence and ease of use in creating value for partners and end customers.
Universal Robots’ ability to navigate challenging economic conditions while achieving record revenue in Q4 underscores its resilience and commitment to innovation. As the company enters 2024, it remains focused on leveraging its platform strengths to drive further growth and meet the evolving needs of its customers in the dynamic automation landscape.