Raven Industries has enjoyed record quarterly revenue from its ag technology solutions, while overcoming supply chain constraints, thanks to improved market conditions.
Net sales for the Applied Technology division in the first quarter of fiscal 2022 were US$54.9 million, increasing $12.9 million or 30.6% vs. the first quarter of the prior year.
The division’s performance was the highest quarterly revenue ever. The year-over-year sales growth was driven by increased sales in the OEM and aftermarket channels, both domestically and internationally, with substantial growth in Europe.
Demand and order activity for the division’s ag technology products continues to accelerate as Applied Technology is capitalising on the first robust ag market in several years. The division also finished the first quarter with a record backlog as it positions itself for strong revenue growth.
In Raven Autonomy, the Company made significant progress on executing on its strategy in the first quarter of the year. Since launching pre-orders for OMNiDRIVE (formerly known as AutoCart), Applied Technology has secured 36 orders of the advanced Driverless Ag Technology solution and is on track to achieve its limited release goal of 75 units in fiscal 2022. In addition, the Company expects to release an OMNiDRIVE system compatible with Case IH Magnum and New Holland tractors this northern Autumn, ahead of the targeted date.
For OMNiPOWER (formerly known as Dot), the Company currently expects to sell out its current manufacturing capacity in the fiscal year. To meet future demand, Applied Technology is planning with a strategic partner to significantly expand production capacity for OMNiPOWER. The Company also purchased the intellectual property (IP) and patent portfolio of Jaybridge Robotics, an early mover in the development of autonomous ag technology. The Company’s ownership of this IP, related to path-planning, obstacle detection and multi-machine control systems, accelerates the development of Raven’s Driverless Ag Technology.
The momentum around Raven Autonomy continues to expand as the division hits key milestones and showcases the capabilities of its industry leading technology. Demand for autonomous ag solutions is strong and growing.
