Universal Robots, the Danish collaborative robot (cobot) company, has reported Q4 revenue of $85 million, bringing 2022 annual revenue to $326 million, up 5% on 2021 – on a constant currency basis, growth over the year was 12%.
Kim Andreasen, Universal Robot’s chief financial officer, said: “We are proud to have continued to grow our business despite facing a difficult macroeconomic environment in 2022. We focused on those things we are able to control, and we overcame supply chain challenges to report our highest annual revenue to date.”
The demand for automation in Europe slowed in 2022 following the start of the war in Ukraine. Universal Robots’ results have also been impacted by the change in exchange rates, which created an additional headwind to growth.
Despite the change in global markets, overall demand for automation is predicted to continue to grow in 2023 and beyond, driven by growing labour shortages and changing workplace expectations.
Universal Robots has taken steps in 2022 to meet this growing demand. The company’s president, Kim Povlsen, said: “We invested last year in building ‘world-class’ expertise in welding, palletising and machine tending. We have also been working with our ecosystem partners to make automation easier for our customers than ever before. 2022 has been an important year for the company overall. We started construction on new headquarters, reached our 1,000-employee milestone and launched a groundbreaking new cobot.”