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Universal Robots Reports Record Q3 Revenue

UR KimPovlsen400x275

October 28, 2021

Universal Robots has released its Q3 2021 results, reporting record revenue of $78 million, up 46% compared to Q3 2020, and 31% up from its pre-pandemic Q3 2019 revenue.

The company said it has sold more than 50,000 of its collaborative robots, or cobots, since commercializing the robots in 2008. The cobots are being used across a range of industrial markets, primarily in manufacturing. UR President Kim Povlsen, who took over the reins in March 2021, said the Q3 results are a strong indication of growth to come.

“We are seeing strong and growing demand for our robots as awareness of the technology spreads across industry,” said Povlsen. “Almost everywhere we operate we see the manufacturing sector facing considerable challenges – such as workforce shortages and supply chain disruption – which can be tackled through the use of collaborative automation. Post-pandemic, we also see businesses more open to questioning the way they work, looking for opportunities to make their businesses more resilient and improve the working lives of staff.”

Universal has developed a platform model for its technology, similar to what is being used by smart phone manufacturers. Working with about 300 independent companies, it spurred the development of a large range of components and applications for use across industry, including sectors previously unautomated by cobots, such as welding and sanding.

Povlsen added the company is on course for further growth. “Despite the success we have already seen, the game-changing potential of collaborative automation means Universal Robots is on a trajectory of rapid growth,” he said. “We are expanding our already large network of distributors and certified systems integrators and recruiting more staff across 22 locations. We currently have over 70 open positions, so it is a really exciting time for the company.”

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