Following significant investments in product maturity, a new and focused market strategy, and building a strong commercial organization, Blue Ocean Robotics enters the next planned phase of the strategy, which is Profitable Growth. As a natural part of this phase, the company will continue the commercial investment, and simultaneously create a leaner and more focused organization.
During the last 12 months, Blue Ocean Robotics has made significant investments in increasing the technical maturity of the products. Additionally, significant investments have been made to establish a comparatively stronger value proposition based on the combined product, and service offering to customers. Furthermore, investments have been made to execute a focused Go-to-Market strategy (moving from distribution sales to direct sales), predominantly centered on direct sales to the US, and building up a nationwide US commercial team.
The launch of the GoBe Robot is progressing as planned. Customers have confirmed the excellent product performance and a more accentuated need for GoBe than ever before. The commercial pipeline for both UVD Robots and GoBe Robots is building up as expected. The establishment of the commercial team for direct sales and the typical sales cycle of the UVD robot is an expected process of 12-18 months, and rapid commercial execution is naturally essential. The UV-C market continues to be very attractive and with double digit annual growth.
With the verified technical stability and performance of the robots, and the clear and focused market plan, Blue Ocean Robotics enters the next planned phase of the Simpler, Stronger and Closer strategy, which is Profitable Growth. The target is to become profitable within the coming 12-18 months. As a natural part of this phase, the company will continue the commercial investment, and simultaneously create a leaner and more focused organization. Unfortunately, this may also entail a reduction of employees.
The Board of Directors and management fully support the continued execution of the strategy and planned focusing of the business and organization, and there is a continued full support and confidence in the successful development of Blue Ocean Robotics.
“Based on the maturity of the robots and service offerings paired with our focused market strategy, there are pronounced expectations that the path to profitability becomes as short as possible. The goal we have set is to be profitable within 12-18 months, and as a result of that objective, we will continue our commercial investment, and also create a leaner and more focused Blue Ocean Robotics,” says Janus Pagh, CEO at Blue Ocean Robotics.