Nordic Unmanned ASA

Report Publication Announcement • Jun 6, 2023

Nordic Unmanned ASA publishes Q1 2023 financial report.

Nordic Unmanned ASA publishes Q1 2023 financial report.

6.6.2023 08:00:00 CEST | Nordic Unmanned | Additional regulated information

required to be disclosed under the laws of a member state

Nordic Unmanned ASA publishes Q1 2023 financial report.

Q1 at a glance:

* Consolidated Group Revenue was EUR 2.2m in Q1-2023, compared to EUR 2.5m in

Q1-2022.

* Flight Services reports revenues in Q1-2023 of EUR 1.0 million (including

resale of OEM products). Q1 is usually a low season, with only limited

lightweight drone deployments and some site preparation activities.

Throughout Q2, the Flight Services business is ramping up towards three

simultaneous fixed-wing deployments.

* AirRobot reports revenue in Q1-2023 of EUR 1.0 million. The organization

is fully focused on the production and testing of products for the German

Army (Mikado II) and Heimdal (EO/IR) sensors for Lockheed Martin Indago 4

UAS (for UK MOD).

* DroneMatrix reports revenue in Q1 2023 of EUR 0.2 million.

* Q1-2023 EBITDA for the Consolidated Group was negative EUR 3.6 million,

compared to negative EUR 1.9 million for the same period last year. This is

related to a lower activity level and higher recognized personnel costs

compared to last year.

"Nordic Unmanned has three operational units with valuable propositions to our

customers and we are excited to start quarters of important deliveries, both of

our products and our flight services. Our operational focus is now streamlining

operations, simplifying processes, cash preservation and delivering on existing

backlog, while leveraging our strong market position", says CEO Arne Roland.

Roland adds, "On March 27 we announced a review of strategic alternatives aimed

at evaluating certain options, including partnerships, in order to improve our

balance sheet and creating a stronger foundation for the future. The strategic

review is ongoing, and we will revert to the market with company updates as

appropriate."

Please see enclosed Q1 2023 financial report.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Arne Roland, CEO, +47 911 94 667, ir@nordicunmanned.com

* Knut Stålen, Interim CFO, Nordic Unmanned, +47 920 43 458,

ir@nordicunmanned.com

ABOUT NORDIC UNMANNED

Nordic Unmanned is a leading provider of high-end drone and data capture

products and flight services. Its NUTech business unit is an Original Equipment

Manufacturer (OEM) for the drone and sensor product lines AirRobot, DroneMatrix,

and Staaker, serving primarily defense, security, and productivity improvement

markets. The Nordun business unit holds industry-leading expertise as an

operator of rotary and fixed-wing drone systems, providing pollution monitoring,

fishery control, surveillance, and logistics services. Clients include coast

guards, intelligence services, and government agencies.

Nordic Unmanned has one of the world's most comprehensive permits to fly beyond

visual line of sight (BVLOS), through its EASA-approved Light UAS operator

Certificate (LUC). The company is ISO 9001-2015 and ISO 14001:2015 certified for

the operation, maintenance, and sales of unmanned systems and sensor technology.

Founded in Norway in 2014, Nordic Unmanned has offices in Sandnes (NO), Molde

(NO), Odense (DK), Cranfield (UK), Hasselt (BE), Arnsberg (GER), and Baltimore

(US).

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

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847587/2416/3353/Download%20announcement

%20as%20PDF.pdf

Nordic Unmanned ASA Q1 2023 Report.pdf -

https://kommunikasjon.ntb.no/ir-files/17847587/2416/3352/Nordic%20Unmanned%20ASA

%20Q1%202023%20Report.pdf