June 8 (SeeNews) - Denmark's EdTech company Shape Robotics said on Thursday that it has expanded its agreement with Romanian electronics and IT distributor Network One Distribution (NOD) to include orders worth 30 million euro ($32.1 million) over the next 18 months.
The orders will be carried out throughout 2023 and 2024, with initial deliveries expected to amount to 3 million euro in June, Shape Robotics said in a press release.
As a result of the order volume increase, Shape Robotics positively adjusted its revenue projection for 2023 by DKK 15 million ($2.1 million/2 million euro) to between DKK 144 million and 155 million.
Also, the Danish company increased its 2023 projection of earnings before interest, tax, depreciation, and amortisation (EBITDA) to between DKK 4 million and 6 million from a previous DKK 3 to 5 million.
"[...] the framework agreement with NOD and our final revenue stemming from it will depend on how much we deliver in 2023," said Shape Robotics' CEO, André Fehrn.
The two companies announced they had established a three-year partnership in December last year.
Shape Robotics derives its revenue comes primarily from Romania, the U.S., Australia, Poland, Benelux and Denmark. In 2022, the company expanded its growth strategy to include 19 Eastern and Central European countries.
NOD was established in 2002. The company owns seven brands and has had 3,200 partners as of now.