In 2019 we demonstrated the appeal of our boiler and the market’s interest in solutions like ours, designed to meet the challenges of energy transition. We received 381 orders in 2019, nearly double our initial target, and recognized revenue from our first boiler sales.
It was a particularly eventful year for BOOSTHEAT, marked by our successful IPO on Euronext, which gave us the funding we need to pursue and step up our development.
In 2019, we produced our first boilers using a more industrial approach, reaching a major milestone in optimizing our manufacturing processes. We also carried out our first installations for customers, a key stage of the process that will show how our product stands up to the complexities of individual homes. Customer feedback will provide inspiration for further improving our solution, including integrating more advanced connectivity into our boiler.
As 2020 began, it brought with it an unexpected and unprecedented crisis. Given the uncertainty about the duration, extent and impact of the COVID-19 pandemic, we have decided to suspend our medium-term guidance announced at the time of our IPO. We will announce revised guidance as soon as we are able to do so. We remain determined to maintain our trajectory towards profitability, which involves both reducing expenditure and increasing revenue. We will prove to the market that we can manage these two aspects of our business.
Our ambitions and our mission remain intact: to speed up ecological transition through energy-efficient and affordable solutions.
CEO and co-founder of BOOSTHEAT