Nordic Unmanned ASA

Capital/Financing Update • Mar 27, 2023

Nordic Unmanned announces review of strategic alternatives, updates on financing and reiterates FY outlook

Nordic Unmanned announces review of strategic alternatives, updates on financing and reiterates FY outlook

27.3.2023 23:18:07 CEST | Nordic Unmanned | Inside information

Nordic Unmanned ASA (the "Company") has engaged Pareto Securities AS to advise

on and evaluate certain strategic options, including partnerships, in order to

support the next growth phase of the Company and unlock shareholder value.

Nordic Unmanned's Nordun drone flight services, as well as its technology

businesses, AirRobot GmbH (military-grade lightweight drone systems) and

DroneMatrix NV (drone-in-a-box solutions), are currently European leaders in

their categories and set to experience significant growth in the years ahead. No

further public comments regarding the review will be made until it has been

completed, or the Company determines that disclosure is required or appropriate.

There is no certainty whether (or when) any transaction, initiative or event

will materialize.

Agreement with SR-Bank on new financing facility

The Company has today signed a financing package from SpareBank 1 SR-Bank ASA

("SR-Bank") of up to EUR 16 million (the "New Financing"). The new financing

facility includes i) a EUR 12.4 million term loan facility for the refinancing

of the existing EUR 9.6 million term loan facility of the Company, to inter

alia, finance new equipment to be used in multi-site campaigns for EMSA under

the OP/46 and OP/5 contracts, and for general corporate purposes, ii) a renewal

of the existing EUR 3 million working capital facility, and iii) a EUR 0.6

million facility covering the Company's need for contractual performance

guarantees related to its operations. The new financing facility is partially

guaranteed by Export Finance Norway (Eksfin). The initial drawdown on the new

financing facility is expected within Q1 2023 and remains subject to precedent

documentation and customary conditions. The new financing facility is provided

under the condition that the Company will raise EUR 13 million through disposal

of assets and/or equity issue by year end 2023.

Full year revenue guidance reiterated

The Company is reiterating its guidance of revenue to exceed EUR 30 million for

the full year 2023. The Nordun drone flight service business is expected to

generate revenues of EUR 12-16 million in 2023 (EUR 9.7 million in 2022),

AirRobot EUR 10-12 million (EUR 2.6 million), DroneMatrix EUR 1-2 million (EUR

0.4 million) and other businesses (incl. Ecoxy) EUR 4-5 million (EUR 4.0

million).

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

* Nils Johan Holte, Chair of the Board, +47 930 43 872

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 and

DroneMatrix, 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 AS9100 certified for

operating, maintaining, selling, developing, developing, and producing 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

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