Universal Robots reports strong Q4 revenue but 2023 fall

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Universal Robots, the Danish collaborative robot (cobot) company, has reported Q4 revenue of $103m, up 21% on Q4 2022. The quarter was the company’s largest revenue quarter to date. 2023 annual revenue was $304m, down 7% on 2022.

The company’s President, Kim Povlsen, said: “2023 was characterised by a difficult economic and business environment for many of our core customers with global industrial activity slowing in the first half of the year.

"Nevertheless, we saw growth in our focus accounts and key segments, including palletising, and in our strategically important OEM channel. We ended the year strong and enter 2024 with a great foundation for further growth.”

Newest cobots helping to drive growth

In 2023 Universal Robots experienced strong demand for the first of its heavy payload cobots, the UR20, particularly for palletising and welding applications. In November it launched the second model in the new series of cobots, the UR30, which will open new automation possibilities for its customers. Together the UR20 and UR30 represented 30% of Q4 revenue.

“We have increased momentum in the delivery of impactful innovation to the market,” said Povlsen. “We are already shipping UR30s and have ramped up production in the fourth quarter to more than 1200 units to meet sustained demand for the UR20.

"Ultimately though, our success depends on our strength as a platform. It will be our continued software excellence and ease of use, on top of our hardware innovation, that creates value for our partners and end customers.”