Nordic Unmanned reports growth and repeats strong outlook

Nordic Unmanned reports growth and repeats strong outlook

20 May 2022 06:30 CEST

20.5.2022 06:30:01 CEST | Nordic Unmanned | Additional regulated information
required to be disclosed under the laws of a member state

Nordic Unmanned today announced first quarter 2022 results demonstrating revenue
growth as well as preparations to execute on a substantial contract backlog, in
accordance with previously communicated plans.

"Our mature verticals, Maritime and Security, continued to grow in the first
quarter, while the Logistics vertical was boosted by the strategically important
contract with Equinor. As previously communicated, we have spent considerable
resources during the quarter preparing for strong expansion during the rest of
2022, and we have already surpassed the Q1 revenues in Q2 as of the 11th of
May," says Knut Roar Wiig, CEO of Nordic Unmanned.

54 percent revenue growth
Revenues in the first quarter amounted to EUR 2.5 million, an increase of 54
percent from the first quarter of last year. EBITDA was negative EUR 1.9
million, compared to negative EUR 0.7 million in the first quarter of last year.
The first quarter tends to be seasonally slower than the following quarters.

Nordic Unmanned has changed accounting standards from NGAAP to IFRS from January
1st, 2022. Please see the attachment for details on the impact of the change.
The change is part of the preparation to uplist the company to the Oslo Stock
Exchange.

At the end of the first quarter, the total contract backlog was EUR 59 million,
roughly double the year-ago level.

The company has a liquidity position of EUR 5.1 million, including cash and
available overdraft and credit lines.

Building organisation and capabilities
Nordic Unmanned continues to expand its organisation and capabilities. The
number of flight hours in the quarter increased by 60 percent compared to the
same quarter last year, and the staff expanded from 123 to 140 during the
quarter.

During the quarter, Nordic Unmanned started operations with the Textron
Aerosonde fixed-wing drones in Europe, increasing the company's ability to
conduct long-range Beyond Visual Line of Sight (BVLOS) surveillance operations
by adding this fixed-wing drone capability.

Adding additional capacity, a third Camcopter system was delivered in the
quarter.

After the end of the quarter, Nordic Unmanned announced the acquisition of a
majority of DroneMatrix of Belgium, offering a fully autonomous AI-powered
Drone-In-A-Box solution.

"Integrating first-class niche players such as DroneMatrix, Ecoxy, AirRobot and
NUAer to the Nordic Unmanned growth platform broadens our offering for a drone
market which is growing strongly, partly due to the changed security situation
in Europe, but also to the general acceptance of unmanned flights as a superior
alternative in several markets," says Mr. Wiig.

Outlook
For 2022, Nordic Unmanned expects revenues to be about EUR 30m, three times the
2021 level. The EBITDA margin is expected to be in the range of 10 to 20
percent. The company works off a strong backlog and is expecting significant
opportunities to materialise throughout the rest of the year.

The first quarter presentation is enclosed. There will be a livestreamed
presentation as well as a Q&A session at 10:00 CET:
https://attendee.gotowebinar.com/register/2724317557702521611

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Knut Roar Wiig, CEO, +47 92 66 66 59, [email protected]
* Trond Østerhus, CFO, +47 95 99 08 79, [email protected]

ABOUT NORDIC UNMANNED

Nordic Unmanned is a global leader in high-end products and services related to
drones and data capture. Through worldwide operational experience and
industry-leading expertise, Nordic Unmanned supports large governmental and
industrial clients in the adaption of unmanned systems and services.

Founded in 2014, the Group has offices in Sandnes, Oslo, Molde, Odense (DK),
Cranfield (UK) and Arnsberg (GER) and has quickly become one of Europe's leading
providers of unmanned systems and services, with operations across the
continent. The Group is ISO 9001-2015 certified for the operation, maintenance,
sale, design, development, and production of unmanned systems and sensor
technology. The production is also AS9100 certified.

For more information visit nordicunmanned.com - http://nordicunmanned.com

ATTACHMENTS

Nordic Unmanned Q1 2022.pdf -
https://kommunikasjon.ntb.no/ir-files/17847587/1463/2004/Nordic%20Unmanned%20Q1%
202022.pdf

More information:
Access the news on Oslo Bors NewsWeb site

562788_en_Nordic Unmanned Q1 2022.pdf

Source

Nordic Unmanned AS

Provider

Oslo Børs Newspoint