AutoStore revenue jumps 43% on North American demand and signs a global supply framework with Amazon

AutoStore, the Norwegian maker of robotic cube storage systems, reported second-quarter 2026 revenue of $192.1 million on August 13, 2026, up 43.4% from $133.9 million a year earlier. Order intake rose 44.7% to $217.6 million, and the company disclosed a global strategic supply agreement with Amazon.

Gross margin widened by 3.4 percentage points to 72.2%. Adjusted EBITDA was $86.2 million, a margin of 44.9%, down 2.7 points from a year earlier. Adjusted EBIT reached $74.5 million, a 38.8% margin, and cash flow conversion improved by 9.7 points to 84.1%. The order backlog stood at $596 million, 13% higher year on year.

AutoStore guided full-year 2026 revenue to around $700 million, which it said would be about 30% above the $539 million reported for 2025. The board authorized a share buyback of up to $75 million.

The Amazon agreement is the headline item, but AutoStore's own presentation sets clear limits on it. The company describes it as a global strategic supply agreement that establishes the framework for future procurement and does not contain any purchase commitments. In other words Amazon can buy AutoStore systems under pre-agreed terms, but is not obliged to buy any.

North America carried the quarter. Of the $192 million in revenue, $141 million came from North America, $40 million from Europe, the Middle East and Africa, and $11 million from Asia-Pacific, according to the investor presentation. That puts North America at about 73% of quarterly revenue.

Chief Executive Mats Hovland Vikse said the first half of 2026 brought strong results and meaningful strategic progress. AutoStore said it has about 2,000 systems and about 92,500 robots installed in 68 countries, serving about 1,350 unique customers, and that it launched 14 new products and features over the past 12 months. Roughly 55% of sales historically go to existing customers, the company said.

The technology is simple to describe. Bins are stacked directly on top of each other inside a grid, with no aisles. Battery-powered robots drive on rails on top of the grid, dig out the bin they need and deliver it to a port where a person or a robot arm picks the item. Removing aisles lets a warehouse store far more goods in the same footprint.

AutoStore sells mainly through integration partners rather than delivering whole sites itself, which explains a gross margin far above system integrators. Symbotic, which builds complete case-handling systems for Walmart, reported a 22.3% gross margin in its quarter to June 27. KION Group's Intelligent Automation Solutions segment reported revenue up 23% but order intake down 40% on July 30. Teradyne's Robotics group, a smaller automation peer, grew 33% to $100 million.

For the global market, an Amazon framework matters even without commitments. Amazon develops much of its warehouse robotics in house, so a supply agreement with an outside storage vendor signals that AutoStore's cube has a place in at least part of Amazon's network. It also gives AutoStore a reference that partners can use with other large retailers.

The risks are concentration and margin. A business that relies on North America for about 73% of revenue is exposed to U.S. capex cycles and tariffs. Adjusted EBITDA margin fell even as gross margin rose, which points to higher operating costs. And the Amazon deal could produce little or no revenue if Amazon chooses not to order.

The next markers are AutoStore's third-quarter report, scheduled for later in 2026, any first order under the Amazon framework, and progress against the $700 million full-year guide.