Welcome to Zaptec's Q1 2022 report. My name is Peter Bardenfleth-Hansen, and I'm the new CEO for Zaptec. Before we get started, I just wanted to have a very quick comment that this quarter has been obviously a geopolitical one with lots of tensions and it has been one where global component shortage has been dominating most of the world. However, Zaptec has performed rock solid through this quarter, and the numbers that we will present today will definitely be showing that fantastic amazing travel that we've been able to achieve despite these adversities. We'll dive straight into it. Before we do that, I just wanna say that if you have any comments, any questions, you can write them in the chat, and we'll be answering those in the Q&A after the presentation.
As just alluded, we have now had an accumulative sale of 110,000 charging stations sold. We've done this through 6 sales companies. More to come in the next couple of quarters. We've increased our order intake with a record high 164%. Our export share has also risen up to now 68%. Our employee platform has also increased more than almost 20% since Q4, and there are over 4,000 parking spaces that are now ready to be taken on Pro chargers in the near future. Our highlights for Q1 2022, as just alluded, strong purchase orders, registration of NOK 193 million, which is up 164%. This is a record high number of order intake. Our revenue growth of 81% despite temporary component shortage, our export share of 68% and a really strong gross margin of 46%, adjusted EBITDA of NOK 9.1 million, and we are maintaining our trajectory towards our previously announced strong growth projections. Very importantly, I'd like to say that we've made significant investments into our agile organization.
Yes. My name is Kurt Østrem, CFO in Zaptec. Go through some key numbers. As mentioned, the revenue was NOK 132 million in the Q1 . This is up from NOK 73 million in the Q1 last year, and this is increase for 81%. The export share was 68%, up from 39%, and the gross margin was 46.2%, up from 33.3% in the Q1 last year. The operating expenses was NOK 51.9 million, up from NOK 18.4 million. I have to say that the operating expenses is at the same level as the Q4 last year, and is as planned. The adjusted EBITDA was NOK 9.1 million, up from NOK 5.5 million in the Q1 last year.
This gives an EBITDA margin of 6.9% compared to 7.6% last year. If you look at the quarterly revenue, you will see that the Q4 last year was record high with NOK 193 million. This was due to the fact that in addition to the sales in the Q4 , we also emptied the backlog from the Q3 . If you look at the Q1 this year, the backlog is now NOK 60 million, and this is the same order intake as the revenue in the Q4 , a record high. If we had managed to deliver this backlog, this will give us an extra gross margin and EBITDA for NOK 28 million, and we will then have an EBITDA margin of 19% in the Q1 . This is very strong. The available liquidity at the end of the Q1 was NOK 313 million.
EV markets in Scandinavia and Switzerland have seen a decrease of 25% in Q1 2022. However, that has to be seen in the light of an increase year-on-year of 10% comparatively to Q1 2021. We're also seeing EV markets in U.K. and Germany having reductions, not quite as high as Scandinavia and Switzerland, but of 17%, but it's still a 22% increase on Q1 2021. International expansion is going very strongly for Zaptec. Our export share has now risen to 68%, which is almost 30% higher than Q1 2021. Our largest export markets remain Sweden, Denmark, Switzerland, and Iceland.
We managed to prepare a total of 1,470 car parks with the Zaptec Pro chargers during the Q1 . This is up from 844 car park installation at the same quarter last year. When we talk about car parks, we talk about public parking, company parking, residential building parking and so on. There are several parking possibilities in each car park, where typically 20% is equipped with a Zaptec Pro charger when they do the installation. As the EV demand increases, the car park owner can add multiple Zaptec Pro chargers to the same car park several months or years later. That means that we are building a backlog of Zaptec Pro chargers because this is the only charger who fits into the system. We have already installed more than 11,000 car parks, and as you can see, several more coming on every day. Then we have secured a future revenue from the Zaptec Pro chargers that we have already secured several hundred thousand Zaptec Pro chargers in the year to come.
Market developments. These are a couple of examples of latest Q1 developments. There have naturally been more, but these are ones that we have highlighted. Toyota Norway announced to become an official supplier of Zaptec Go in connection with the launch of their new electric or first electric car, the Toyota bZ4X. We signed an agreement with Eways in the Swedish market, and both of the companies believe, of course, in the strong collaboration between and the strengthening positions in the markets. Eways was founded in 2015 and has 85 employees and manages over 16,000 charge points, so a very strong partner for us. Zaptec Go home charger was awarded the 2022 Red Dot Design Award for Best Product Design, something that I'm certainly very proud of.
The production in the Q1 was lower than planned due to the component shortage. That led to a backlog, and we estimate to deliver this backlog during the Q2 and also into the Q3 , as we expect a very high sales growth also in the Q2 . The component sourcing continues to be challenging, but measures are taken both technically by redesign our chargers and on supply chain to prevent further production delays. The production capacity is very high, and we're secure that we will reach our growth targets for 2022.
Our outlook. As mentioned, regardless of the temporary delays in the EV deliveries, the EV market continues to grow, backed by global commitments toward sustainable energy and a shift toward e-mobility. Production started last week of April, and Zaptec remains to maintain this very strong trajectory toward previously announced growth projections. Target EBITDA margin will be in the range of 15%-20% for 2022. We are now ready to take on some Q&As, so we will try and answer all your questions.
The first question is, how did Charge365 user numbers evolve? We have a very nice development of the Charge365. High growth in users and installation, but unfortunately, we are still only offering this product in Norway. We are now very close to go into other markets, but still it's only Norwegian market. I don't know. I don't have the exact number for the Q1 just now. The gross margin is still very high. What is the key driver, and what should we expect going forward? As we told you in the last quarter presentation in the Q4, it was extraordinarily high in the Q4 , and we said that we will reduce the price and take down the gross margin in the Q1 , and so we have done. We reduced the price at the end of February, so we believe that the gross margin for the Q2 will be lower than in Q1 . We're still aiming to get a gross margin above 40% as a total for 2022.
We have questions in relation to our market expansions, European-wise and globally. Now Zaptec has ambitions of becoming a global company, and those ambitions we will and are following very strongly. We will naturally be seeking to open the European markets first. There are another 3-4 market establishments in near future, but we'll also be looking at a U.S. expansion in the near future. Some have asked in relation to Asia, that is exactly also one of the areas where we will be looking. Now we will be selling our products through our distribution channels as we've done in Europe. When we find the markets are strong enough, we will be establishing those as core markets for Zaptec.
Yes. About the production, I think I don't see the question. Okay. No, I can. Oh, the geographic expansion, as Peter mentioned, we're going into Netherlands, Austria, Italy this spring, and we have also established in U.S., for further expansion. Back to the production is back. We start the production today, actually. But for how many weeks have you secured components for production, and have you good visibility of coming components deliveries? We have now secured the stock of components in a very high number, so we have a very good visibility the next months, when it comes to production, and we plan for very high production from today. As you know, the situation in the world is very uncertain. Things can happen, so I cannot say that we have secured the production for the whole year yet, because we do not have all the components in stock. We are working very hard to secure the production, and we will believe the signal and what we know, we believe that we will manage to get the target, production target for 2022.
A follow-on to the question in relation to our market expansions, and in particular with our recent openings in U.K. and Germany, we are building up the teams there, and the setup in both locations will be coming in to start giving yield towards the end of this year.
A question about the revenue guidance, and do you think that NOK 1 billion is still reachable? Our guidance is the same as it had been, that we say that we should have at least 70% annual growth every year. We had also said previously that we are aiming for NOK 1 billion this year. Of course, we are somewhat behind when it comes to deliveries, as you know, as we have the backlog, but we have orders and plans for production to deliver NOK 1 billion, so I think it depends on the production if we're gonna deliver this number. But we are still trying to make up for what we lost in the Q1 .
Yeah. Just to reiterate what's been said by Kurt Østrem, production has started. As we sit and stand here and talk today, production is ongoing. We have a question as to how far we are with our team in the U.S. We have not hired a country manager at this stage, but we are actively looking to find the right team to go into that very important market.
The last question about the production is that, yes, we have started, and yes, we ramp up very quickly, because this is not a new production. This is a experienced team with Westcontrol who have done this before. We go back in full production from day one, is the plan. Could you please update us when expect the first sales in U.K. and Germany? We started sales in December and January. We have sales in U.K. and Germany, but we are focused on building up a strong team in both countries, building up a installer network across the countries. We have not the big sales number yet, but we have sales every week from both country.
Another question about the growth rate in Norway compared to outside Norway. To that, I can tell you that the growth outside Norway is stronger. We have a very strong sales, especially in Switzerland, but also in Sweden, Denmark. One of the reasons that it's a bit lower in Norway is that we have prioritized countries outside Norway when it comes to delivery. This is not order intake, it's invoiced and delivered chargers. We have a positive development also in Norway, but we have prioritized to deliver some more outside Norway. The last one. Yes. How much revenue was from NovaVolt? Are you considering breaking up the report into segments? Yes. We are looking into do this in the future. I cannot give you the number today. That's something we will look into in the future to show you more detail about the segments and how we do it in each country.
Yeah. We can allude that the revenue from NovaVolt is very, very strong and is following the trajectory of growth for the Zaptec Group, perhaps even higher than the average Zaptec Group.
Yes. It's higher.
Yeah.
It's very high numbers in system. Yes. Was that the last question? One more. When will we get the date for listing on the Oslo Stock Exchange main list? I cannot give you a date yet, but we are working towards to get that listing in the Q4 , but we have to come back with a date when we are in a bit more prepared. Yes. How have you been able to grow purchase orders intake 30% from last quarter while EV registration are down 25% from last quarter in your main markets? I'm trying to understand the underlying dynamic, and it's mainly driven by market share gain and some significant time delays between EV registration and charger installation. Could it be in the Pro business? Just have to say that we are very pleased with order intake. We have expanded geographically. We have more people both abroad and in Norway, and we have a very strong product range. When the installer get to know our product, they keep on buying our product. We have just taken market share that we have this strong growth despite of this low number in EV registration.
Yeah. I'd like to sort of add a comment there that one still has to have an eye on the fact that the EV registrations, despite down 25% on the last quarter, is still considerably up on 2021. Yes, there is always delays in relation to the registration numbers and so forth, but as Kurt was saying, we are strengthening our market gain day on day. Our teams are growing, and so naturally, so will our intake be. There's no doubt that we will be able to continue our trajectory. These are not just happy numbers, if you like, or anything like that, nor will we see that the Q2 or Q3 or Q4 will have reduced intake because you have a lot of registrations or a lot of sales in Q1. It's definitely important to note that the trajectory of EV adoption in the market in general, both in Europe but globally as well, is something that will continue to grow year-on-year for the next foreseeable future.
Yes. If there is a delay between registration and sales of charger installation, that would be the same each quarter, so this is comparable. Are your financial guidance for 2022 still standing, or did you skip the guidance for that year due to component shortages? As I said, we stand by the guidance. We are a bit behind when it comes to delivery, but we are in line in order intake. We still believe that we should manage to ramp up the production and reach our goals for 2022.
It's also not wrong to communicate that through Q1, we've had several days where we've set record sales on 24-hour cycles.
Yes.
Well, if those were the last questions, I don't know if we have any more coming in.
No. Looks like that.
There we go. Excellent.
Yeah.
We would like to thank you guys, and if you have questions and so forth, you're always welcome to write to us. Thank you.
Thank you.