Nordic Unmanned ASA

Quarterly Report • Nov 17, 2022

Q3 2022 Report

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Content

Q3 at a glance	3
Letter from the CEO	4
Group financial summary	6
Operational review	9
Outlook	18
Interim unaudited financial statements	26
Notes	31

About Nordic Unmanned

Nordic Unmanned is a global provider of high-end drone and data capture products and services, has operational experience from many countries across several continents and holds industry-leading expertise, Nordic Unmanned supports governmental and industrial clients in the adaption and deployment of unmanned systems and services.

Founded in Norway in 2014, the Group has offices in Sandnes (NO), Molde (NO), Odense (DK), Cranfield (UK), Hasselt (BE), Arnsberg (GER) and Baltimore (US). 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 Group is an Original Equipment Manufacturer (OEM) for the drone product lines Staaker, AirRobot and DroneMatrix, and is also world-leading in the collection of vessel emission data. It is ISO 9001-2015 and AS9100 certified for the operation, maintenance, sale, design, development, and production of unmanned systems and sensor technology.

2

Q3 at a glance

The Group

EUR million	Q3 2022	Q3 2021	YTD 2022	YTD 2021
Revenue	5.5	2.7	12.8	6.7
EBITDA	-1.2	-0.8	-6.2	-2.4
EBITDA margin	-22%	-29%	-49%	-36%

• All-time high revenue of EUR 5.5 million, an increase of 101% compared to the third quarter of 2021.
• Scalability in the Nordic Unmanned platform demonstrated by the significant step towards profitability with a EUR 1.8 million EBITDA improvement from Q2 on a stable cost base.
• Awaiting tender decisions of up to EUR 120 million over the next two months.
• Year-to-date revenue of EUR 12.8 million, 40% higher than full year 2021.
• 1450 flight hours by Nordun, an increase of 179% compared to the third quarter of 2021, and 78% higher than in the second quarter of 2022.
• First payments on contract with the German Bundeswehr, a milestone for NUTech and proving the competitiveness of the portfolio of in-house products.
• The NUGlobal sales and distribution business unit opened an office in Baltimore County, Maryland, which is serving US and Canadian strategic partners, potential governmental and commercial clients as well as aviation authorities.
• Nordic Unmanned and OMNI Helicopters International formed a joint venture (JV) in Brazil to serve Latin America clients.

Letter from the CEO

Revenue generation accelerated during the quarter, more than doubling revenues from the same quarter last year. Top-line growth was supported by a record number of flight hours on multiple contracts and increasing activities across our business units. With revenues of EUR 13 million year to date, Nordic Unmanned is entering a new development phase.

Looking beyond financial achievements, our third quarter operations highlighted the essential role that drones can play in solving complex situations. While much has been made of their military use lately, the benefit to civil society in a wide variety of applications is becoming apparent to both governments and businesses. For instance, drones have become integral to search and rescue operations. So far this year, Nordic Unmanned has been involved in maritime rescue operations involving about 3,000 people across Europe. In short: We help save lives daily.

Over the previous quarters, we have invested in building a platform for further growth through fleet expansion, M&A, product development, reorganisation and training. Our performance in the third quarter illustrates that we are now starting to leverage on these investments.

We grew the topline rapidly without increasing the size of the organisation, and we took decisive action on cost control, leading us substantially closer to breakeven.

This is a trend we aim to continue. We increasingly leverage our assets, organisation and experience to deliver ever-better services to our expanding customer base and make sure we do so in a profitable and sustainable manner. Our current run-rate makes us one of the leading listed pureplay drone companies globally by size of operations.

We are fully committed to making Nordic Unmanned profitable in 2023 on the back of a significantly larger backlog, new contracts and product sales, more efficient operations and continued cost control.

Recent tender activity confirms that our industrial experience provides a competitive edge in today's market, as end user expectations and complexity of scope are increasing. This was demonstrated when we recently received a conditional letter of award for yet another significant framework agreement from the European Maritime Safety Agency (EMSA), with a value of EUR 20.5 million.

Entering the fourth quarter, we will experience lower seasonal operational activities for Nordun. However, we are awaiting decision on potential awards in the next two months amounting to a record EUR 120 million, which we are preparing for. The amount reflects significant demand in the current market, and if awarded some of this scope, it could have a material financial impact already in the first quarter of 2023.

We are convinced the development of unmanned solutions is unstoppable, not only within maritime surveillance, but also in other areas in which we operate, such as logistics, security applications and offshore energy.

Nordic Unmanned will strive to take a leading global role as this development accelerates. Our operational model allows us to be agile with respect to customer needs and market specifics, while we also learn, innovate and build further resilience in our business models.

Highlights from business units

Nordun

Revenue: EUR 4.1 million EBITDA: EUR 0.5 million

• Record-high 1450 flight hours in Q3, an increase of 179% from Q3 2021, and 78% from Q2 2022
• Year to date, exceeded 2500 flight hours with CAMCOPTER® S-100 and 1200 hours with Aerosonde® Fixed Wing systems
• Four European simultaneous BVLOS deployments
• Performed logistics operations for Equinor between installations in the North Sea
• Staaker® Logistics drone conducted flights for a Norwegian hospital

75 % of total revenue

NUTech

EBITDA: Negative EUR 0.4 million

Revenue: EUR 0.6 million

• First payments on the Bundeswehr contract
• Project finance facility of EUR 3.5 million secured from Volksbank Unna
• DroneMatrix started the installation of the first of its drone-in-a-box solutions in the Port of Antwerp-Bruges
• Staaker® Logistics drone completed successful offshore qualification flights

11 % of total revenue

NUMar

Revenue: EUR 0.5 million EBITDA: EUR 0.1 million

• NUAer demonstrated Sulphur Oxide (SOx) emissions monitoring capabilities onboard container vessel in the US
• Completed gas turbine Nitrogen Oxides (NOx) measurement campaign for large Norwegian oil and gas operator
• Performed vessel emissions monitoring campaign in Port of Turku
• Awarded sniffer sale on search and rescue contract

9 % of total revenue

NUGlobal

Revenue: EUR 0.3 million EBITDA: Negative EUR 0.4 million

• Revenue in the quarter mainly related to sale of smaller drones to law enforcement agencies in Norway and Sweden
• High business development activity in the defense market
• Formalisation of worldwide distributor network
• Established office serving the North American market
• Signed initial collaboration agreement with a major railway company in North America for the Staaker® Rail Rover
• Nordic Unmanned and OMNI Helicopters International formed a JV in Brazil to serve South American clients

5 % of total revenue

5

Group financial summary

Continuing revenue record streak

Nordic Unmanned continues its development of generating ever higher revenues. In Q3, the Group revenue ended at EUR 5.5 million, representing a 101% increase from Q3 2021 and a 13% increase from the preceding quarter. Revenue passed the full year 2021 in August, and year to date revenue at the end of the quarter is 40% higher than full year 2021. On a 12-month basis, revenues reached EUR 15 million.

Nordun is the main contributor to the revenue growth in the quarter with EUR 4.1 million, an increase of 83% compared to Q3 2021. EBITDA was EUR 0.5 million, representing a margin of 13%.

NUMar reported revenue of EUR 0.5 million, with a marginally positive EBITDA. Ecoxy is the main revenue contributor with EUR 0.1 million of EBITDA.

NUTech's revenue increased to record high EUR 0.6 million, mainly because of milestone payments in the MIKADO II project with the German Bundeswehr. Project revenue is recognised over time with a conservative margin until the first delivery in Q2 2023. EBITDA was negative EUR 0.4 million for the quarter, reflecting that the products are in the final stage of commercialisation and not yet delivered.

NUGlobal sales in the quarter were EUR 0.3 million and EBITDA was negative EUR 0.4 million. The loss reflects a period of high sales activity and investments in the global distribution network. Revenue for the period was limited and mainly related to reseller activities.

Narrowing losses as the organisation is scaling

EBITDA for the Group was negative EUR 1.2 million, compared to negative EUR 3 million in Q2 2022 and EUR 0.8 million for the same period last year. Year to date EBITDA ended at a loss of EUR 6.2 million compared to a loss of EUR 2.4 million for the same period in 2021.

In Q3 2022, the aggregate EBITDA contribution from the four business units was negative EUR 0.2 million, which represents an EBITDA improvement from operations from last quarter of EUR 1.0 million. Overhead expenses ended at EUR 1.1 million, a EUR 0.6 million decrease from the preceding quarter, reflecting lower costs related to M&A activity and other corporate projects. Salary costs have been kept relatively stable over the last few quarters, despite a significant activity ramp-up.

In the quarter, Nordic Unmanned implemented a new business unit restructuring program that is expected to reduce annual salary and administrative expenses by EUR 2 million. The rationale behind the reorganisation is to leverage the competencies that exists across the Nordic Unmanned Group, following several acquisitions. This includes the pooling of operational, development and sales resources.

Depreciation and amortisation for the quarter amounted to EUR 1.5 million whereof EUR 0.7 million is related to fixed assets (drones), EUR 0.7 million is related to intangible assets including concessions, patents and licenses, and the balance related to right of use, (lease obligations).

The net loss amounted to EUR 2.3 million, a 1.4 million improvement from previous quarter. Net loss year to date amount to EUR 8.6 million.

Liquidity

Nordic Unmanned had cash and committed credit lines of EUR 4.7 million. This include a credit line of EUR 3.5 million to AirRobot for financing the Bundeswehr project, which can partly be used by AirRobot to repay the parent for financing of projects costs related to the AR100-H development and MIKADO II project. The Nordun contract operations has also been working capital intensive as receivables days can be up to 75 days. In the third quarter, receivables towards the largest customer amounted to EUR 3 million at the end of the quarter, reflecting 75% of the full quarter revenue of Nordun.

Nordic Unmanned is, based on the recent so-called OP/5/2022 contract award from EMSA, also considering an adjustment of the drone fleet, in order to optimise for contractual obligations. The net effect of the adjustments can also give a positive liquidity effect.

Financial position

There were no major additions to the balance sheet in the quarter. Total assets amounted to EUR 57.9 million and total equity amounted to EUR 28.6 million, representing a book to equity ratio of 50%.

Current assets amounted to EUR 10.5 million and current liabilities amounted to EUR 15.3 million, including EUR 3.1 million in short-term portion of long-term debt and lease obligations to financial institutions.

Long-term debt and lease obligations, excluding the short-term portion, decreased by EUR 0.7 million to EUR 10.8 million in the quarter.

Cash flow

Cash flow from operating activities was negative EUR 2.3 million for Q3 of 2022.

Cash flow from investing activities was negative EUR 1.5 million in the third quarter of 2022, whereof EUR 0.4 million

was related to purchase and building of drones to be used in awarded operations. EUR 0.4 million was related to a minor acquisition in AirRobot, another EUR 0.5 million was related to intangibles, mainly development of own products and technology.

Cash flow from financing activities was positive EUR 3.2 million for the third

quarter 2022. This includes EUR 1.5 million in net proceeds from issuance of new equity in a subsequent offering. Shortterm interest-bearing debt related to the overdraft facility was increased by EUR 3.4 million. The increase is partially offset by scheduled repayments on our loan facilities with EUR 1.3 million, including 0.6 million in balloon payments in subsidiaries.

Operational review

*Financial results comparisons from the previous year referred to herein are pro-forma and give a good indication of changes in activity and revenue. However, the nature, size and structure of all business units are not comparable, and hence margin comparison gives limited value.

The "Nordun" business unit provide Drone-As-A-Service.

Nordun is the world's first fully integrated BVLOS (Beyond Visual Line of Sight) Drone-As-A-Service pure play airline, incorporating all functions required to operate complex drone missions with advanced platforms and sensors. Nordun serves four markets: Maritime, Defense & Security, Offshore Energy and Rail for both governmental and private enterprise clients.

EUR million	Q3'22	Q3'21	Change	YTD'22	YTD'21	Change
Revenue	4.1	2.2	83 %	8.2	5.0	62 %
EBITDA	0.5	0.2	208 %	-1.4	-0.1
EBITDA margin	13 %	8 %		-17 %	-1 %

Throughout the quarter, Nordun performed work on several contracts with EMSA and achieved a maximum deployment of four simultaneous operations, all with remote support from the central operations centre in Sandnes, Norway. The OP/10 contract was the most significant revenue contributor, with an extensive amount of Camcopter® S-100 based BVLOS (Beyond Visual Line of Sight) operations performed for Spanish and French maritime authorities related to emissions monitoring and maritime surveillance activities. The crew conducted over 90 SAR operations with over 3000 people involved.

The OP/46 contract saw almost a full quarter of deployments for the Finnish and Estonian coast guard, performing maritime surveillance with extended coastal range in the Baltic Sea using the Textron Aerosonde® Fixed Wing platform. These operations, which have been the first for the company using fixed-wing drones, have successfully demonstrated small, unmanned aircraft systems' cost

effectiveness and reliability in multimission campaigns.

The OP/1 and OP/12 contracts activity level was lower than anticipated, with two long-term deployments onboard patrol vessels delayed due to the availability of vessels. Operations related to the OP/1 and OP/12 contracts utilise the Lockheed Martin Indago 3 small unmanned aerial system for maritime missions such as oil spill response and fishery inspection.

The crew achieved new records in flight hours for both the BVLOS (Beyond Visual Line of Sight) systems, with 612 hours for Camcopter® S-100 and 760 hours for Aerosonde® Fixed Wing.

Nordic Unmanned's Light UAS Operator Certificate (LUC) allows the company to self-approve operations in the European Economic Area, replacing national regulations and procedures. Following the latest revision of its LUC, Nordic Unmanned is now approved as the only European drone operator to self-authorise operations with dangerous goods on BVLOS operations.

Camcopter Aerosonde Training Aerosonde

Guarding lives and the environment

Throughout the quarter, the services of Nordun have been critical in guarding human lives.

Operational metrics

Explanation
Search and rescue operations	90+
People involved in search and
rescue operations in 2022 YTD	3000+
General maritime
surveillance missions	175
Vessels overflown	836
Vessel measurements	471
Environmental flights	167
Tonnes CO2 saved	2378

Financial results

Record high revenue in the quarter of EUR 4.1 million, a 24% increase from the preceding quarter and 83% from Q3 2021.

EBITDA was EUR 0.5 million, compared to negative EUR 1 million in the preceding quarter, and EUR 0.2 million in Q3 2021. The profitability improvement is due to several factors, including higher fleet utilisation, increased operational efficiency and improved quality on contract delivery. Increased operational efficiency has also turned the Aerosonde® Fixed Wing-based OP/46 contract into a positive EBITDA contributor. The improvement also comes on the back of training and preparation activities that were expensed in Q2 2022.

The aggregate profitability of the current EMSA framework contracts is going to be below expectations for the full year. However, profitability is expected to increase next year as a result of higher revenue utilisation on the OP/1 and OP/12

Monthly flight hours for CAMCOPTER® and Aerosonde® Fixed Wing

contracts, enhanced fleet utilisation and simultaneous deployments, operational and technical improvements and the

initiation of OP5 contract work (pending final signing).

The technology and development business unit "NUTech"

NUTech is the owner of Nordic Unmanned Group's own product and solutions portfolio, all designed, developed, and produced in European NATO countries. This includes the Staaker product family, developed in Norway, the AirRobot product family developed and produced in Germany under EN9100 and ISO 9001 certifications, and the DroneMatrix product family developed in Belgium, and which will be produced by AirRobot in Germany.

EUR million	Q3'22	Q3'21	Change	YTD'22	YTD'21	Change
Revenue	0.6	0.0		1.4	0.6	114 %
Gross profit	0.4	0.0		1.0	0.6	84 %
Margin	74 %	5 %		76 %	88 %
EBITDA	-0.4	-0.1		-0.6	0.1
EBITDA margin	-61 %	-692 %		-40 %	13 %

AirRobot

AirRobot is a true pioneer in the European drone industry. Since 2005, the company has been a supplier to the German armed forces ("Bundeswehr") of both drone systems and Maintenance, Repair and Overhaul ("MRO") services. AirRobot became part of the Nordic Unmanned Group through an acquisition in the fourth quarter of 2021. The AirRobot product family consists of the AR100-H product line and system and accessories to the Lockheed Martin Indago product line, which includes the AirRobot Heimdal EO/IR payload.

The flagship project is the MIKADO II contract with Bundeswehr for the delivery of 145 AirRobot AR-100H drone systems plus related service (total initial contract value of EUR 12 million). Although the first drones will not be delivered until Q2 2023, the first milestones of the project have been achieved, and payments have been received. Subsequent project milestones include technology qualification, the

production and delivery of the systems. These activities will generate revenue over time in the project.

AirRobot is also performing MRO services related to the existing Bundeswehr fleet of AirRobot drones.

Staaker®

The Norwegian-made multirotor Staaker® family has been part of the Nordic Unmanned product portfolio for several years and is being commercialised with the Staaker® Logistics Drone. It has been used in the successful pilot projects with Equinor, it is offshore-compliant and designed to tolerate tough weather conditions.

The traditional Staaker® drone is also available in three other configurations: Surveillance, Emission Monitoring, and Search and Rescue.

The novel Staaker® Rail Rover, equipped to land, roll and take off from rail is currently being marketed in North America. In October, it performed first

operations for a major railway owner in North America.

DroneMatrix

DroneMatrix, located in Hasselt, Belgium, develops fully autonomous AI-powered Drone-In-A-Box solutions. Its main product is YACOB, a drone that departs remotely out of a docking station and performs preprogrammed or piloted flights. The drone is suitable for continuous surveillance operations, inspection, mapping as well as certain logistics operations.

The acquisition of the 55% shareholding (and right and obligation for 100% by 2025) in DroneMatrix was completed in June 2022 and this was its first full quarter in the Nordic Unmanned family. The company is contracted by Port of Antwerp-Bruges, Belgium to initially install a total of six Drone-In-A-Box systems. During the quarter, the company installed two systems and is expected to install two additional systems in Q4 2022 which will generate revenues in that quarter.

Financial results

The third quarter represents the first full quarter with the Group's three product lines. Revenue ended at EUR 0.6 million, an 71% increase from the second quarter, representing a new phase for the business unit from development to commercialisation, sales, and revenue. The increase is mainly driven by the Bundeswehr project, and maintenance, repair and overhaul (MRO) services from AirRobot.

Gross margin ended at 74% and EBITDA ended negative by EUR 0.4 million. Yearto-date revenue ended at EUR 1.4 million, an increase of 114%, with a gross margin of 76 %, while EBITDA ended negative at EUR 0.6 million, compared to negative EUR 0.1 million in 2021.

NUTech investment in own IP during the quarter was EUR 0.6 million, reduced from EUR 0.8 million in the preceding quarter, as the product portfolio is more mature and ready for the next phase of commercialisation.

NUMar is a maritime Data-As-A-Service (DaaS) business unit and includes subsidiaries Ecoxy and NUAer. Ecoxy offers accredited NOx emission monitoring services, The highly specialised environmental data company has a unique database of more than 1300 unique accredited measurements of NIS/NOR registered vessels and drilling rigs. NUAer offers mobile, maritime SOx and NOx measurement technology. NUMar serves the global maritime market, which includes governmental clients, vessel owners, shipyards, and the maritime service industry.

EUR million	Q3'22	Q3'21	Change	YTD'22	YTD'21	Change
Revenue	0.5	0.0		1.5	0.0
EBITDA	0.1	0.0		0.4	0.0
EBITDA margin	13%	50%		25%	12%

NUAer (Joint Venture)

The mission of NUAer is to support the acceleration of the green transition in the maritime industry through worldleadership control of marine air pollution. NUAer is the result of the JV between Nordic Unmanned and the Finnish company, Aeromon, a Finland-based developer of emission monitoring technology. The JV is strengthening Nordic Unmanned's emission monitoring service offering within the global maritime and energy industry. NUAer is based in Sandnes, Norway.

In the quarter, NUAer has delivered NOx measurements from combustion engines to a large Norwegian oil and gas operator. It also delivered 'data as a service' to Port of Turku, Finland where comparable measurements between mobile measurement technology and the dronebased sniffer were collected as part of proving the robustness and accuracy of the drone measurements. NUAer achieved a larger commercial breakthrough this quarter with an award linked to the CAMCOPTER®, in which NUAer will deliver advanced emissions monitoring technology "as a service".

Ecoxy

Since its foundation in 2003, Ecoxy has focused on ships, yet it can perform accredited emission measurements from all processes where NOx emission is in focus and can add NOx, HC, CO, CO2 and O2 measurement analyses. The measurements are made in accordance with IMO NOx Technical Code / ISO8178 for diesel and gas engines and ISO11042 for gas turbines. The company was acquired by Nordic Unmanned in 2021. Ecoxy has completed almost 1,200 measurement assignments, and has worked with environmental authorities in Norway, Sweden, Denmark, including the Norwegian NOx Fund as well as shipping companies, engine builders and suppliers of emission reduction services.

The company provides data intelligence and services within the Maritime focus area and complements the existing Nordic Unmanned offerings of emission monitoring by drone, to include verification and accreditation, which adds further customer value.

Ecoxy experienced record-high activity for accredited NOx measurements in Scandinavia throughout the quarter, with 21 completed measurements.

Financial results

NUMar increased its revenue by 30% to EUR 0.5 million from Q2. The EBITDA contribution was EUR 0.1 million (13% margin). Year-to-date revenue amounted to EUR 1.5 million, with an EBITDA contribution of EUR 0.4 million (25% margin). The stable growth and financial performance of Ecoxy represent the main source of revenue and EBITDA contribution.

The sales and distribution business unit "NUGlobal"

NUGlobal is the global sales and distribution network of Nordic Unmanned. It markets Nordic Unmanned's own products, solutions, services, and system integration activities. Additionally, the business unit manages the distribution of the Group's products and services in certain geographical markets. The business unit represents important OEM partners such as Lockheed Martin, Textron Systems and Sky Hero. NUGlobal focuses on direct sales of own and 3rd party IP, utilising subsidiaries and the Group's global distribution network.

EUR million	Q3'22	Q3'21	Change	YTD'22	YTD'21	Change
Revenue	0.3	0.4	-34 %	1.7	1.0	81 %
Gross Profit	0.0	0.1	-81 %	0.5	0.3	87 %
Margin	9 %	33 %		31 %	30 %
EBITDA	-0.4	0.0		-0.5	-0.2
EBITDA margin	-143 %	-5 %		-31 %	-18 %

Nordic Unmanned expanded its global sales distribution network in the quarter with the opening of an office in Baltimore, Maryland to be led by industry-veteran Timothy Tenne. The local establishment is an important step in the company's ambition to reach North American customers with own portfolio products as well as developing closer ties to U.S. technology partners.

During the quarter, Memorandum of Understanding agreements were signed with Sphere Drones (AUS), RMUS LCC (US/CAN), HeliSGI (Indonesia) and the Japanese aviation agency, TMC International. Through these partnerships, Nordic Unmanned can offer Staaker®, AirRobot and DroneMatrix products in the United States, Canada, Australia, New Zealand, Indonesia, and Japan. A Luxembourg JV was established in September with OMNI Helicopters

International as 65% shareholder, with the intention to serve South American clients. The JV company, called OMNI Unmanned, will establish a fully owned subsidiary in Rio de Janeiro which will be operated by Brazilian management with support from both ultimate parent companies.

Financial Results

The third quarter ended with revenue of EUR 0.3 million, mainly from reseller activities to law enforcement agencies in Norway and Sweden. The turnover for the period is 34% lower than the same quarter in 2021, the gross margin ended at 9%, with a negative EBITDA of EUR 0.4 million, due to costs related to ahigh volume of tender and marketing activities. Year-todate revenue ended at EUR 1.7 million, representing an 81% growth compared to the first three quarters of 2021. Year-todate gross margin ended at 31%, and the EBITDA contribution was negative EUR 0.5 million.

Business units outlook

Nordun

With record-high revenue and flight hours, the Nordun business unit has additional operational capacity to scale, especially with respect to the utilisation of the fleet.

In November, Nordun received a conditional award letter for the OP/5/2022 contract from EMSA regarding drone services for multipurpose maritime surveillance. The framework contract has a value of EUR 20.5 million, and the contract is expected to commence in Q1 2023. The official signing of the contract is expected to take place in mid-January 2023, subject to Nordun completing an Initial Configuration Test (ICT). Current crew and part of the current fleet will be utilised in the contract, and there will be considerable fleet synergies between OP/5 and the existing OP/46 contract. There will be a financial effect from the contract starting from Q1 2023, and full contract utilisation is expected in 2024.

This represents a significant uplift to the Nordun order backlog over the next four years and potentially higher fleet utilisation. Based on the current backlog, Nordun could double its revenue in 2023 compared to 2022.

High utilisation of the BVLOS fleet is key to improving profitability and return on capital. Better utilisation is expected for the Aerosonde® Fixed Wing and the lightweight drones in 2023.

The total backlog of the Nordun business unit is EUR 40 million, not including the OP/5 framework contract of EUR 20.5 million, which is subject to an initial configuration test (ICT), before final signature.

Going forward, additional contracts with known partners and systems in existing markets is expected to require less investments and fixed costs.

NUTech

AirRobot's Bundeswehr contract will ensure 100% growth for the entire business unit in 2023 compared to 2022, as there will be a full year effect of the contract

However, based on the commercial interest in the Dronematrix Drone-In-A-Box solution and the Staaker® Logistics drone, revenue growth is expected to be even higher.

The total backlog of the NUTech business unit is EUR 15 million.

NUMar

NUMar will continue to develop products and services to strengthen its position as a pure-play Data-As-A-Service business unit.

It will use its proprietary emissions data combined with partner data and opensource data to serve the maritime industry with actionable insights.

Beyond a stable growth contribution from Ecoxy, it is expected that NUAer also will experience higher demand for its services.

The total backlog of the NUMar business unit is EUR 1 million.

NUGlobal

NUGlobal is experiencing strong demand for own- and third-party systems, particularly in the defense and security industries. The counter UAV market is developing, and Nordic Unmanned has

taken a system integrator role in this market. Several commercial opportunities are under consideration. Throughout the remaining weeks of 2022 and early 2023, the team is awaiting potential awards on bids made related to reseller and system integration activities, and several of the opportunities could individually represent significant contributions to revenue and profitability. In 2023, the group expects new sales in the US and South America, as well as from the distribution networks, reaching an even broader audience with its product portfolio.

The total backlog of the NUGlobal business unit is EUR 9 million.

Restructuring and cost saving

Throughout the third quarter, the company implemented the 19organisational1919 changes that were announced in conjunction with the Q2 results on 31 August 2022. This includes a cost saving program of EUR 2 million with effect from Q4 2022 and full effect from Q1 2023. Maritime contract work, as well as systems production and integration for the defense and security industries remain a key area for future growth. The strategic focus within logistics has been sharpened towards the offshore energy segment, where the company experienced a commercial breakthrough in 2022 with the Equinor logistics project. Within infrastructure, the company is focusing on rail, where first revenue was recently generated from a project with a major railway owner in the US. Synergies from previous M&A investments are 19materialising19, particularly with respect to shared engineering capabilities across the Staaker, AirRobot and DroneMatrix teams supported by the systems integration expertise in Sandnes as well as the joint sales capabilities of NUGlobal. The Staaker development office in Fornebu, Oslo will be closed before the end of the year and development will be moved to DroneMatrix.

The 30% decrease in overhead cost from EUR 1.7 million in Q2 2022 to EUR 1.1 million in Q3 2022 reflects less current M&A activities and corporate projects, as well as more efficient overhead corporate functions.

Group outlook

Over the first nine months of 2022, Nordic Unmanned exceeded full year 2021 revenue by 40%. Profitability is improving and is expected to continue to improve through cost control and as operations scale through the new structure.

The contract backlog for the Group is approximately EUR 65 million excluding the EUR 20.5 million OP/5/2022 contract that is subject to a successful ICT.

Nordun's backlog accounts for 62% of the total order backlog for the Group, with the EMSA contracts as the main contributor.

The CRM pipeline of the Group ended at EUR 1.3 billion, with EUR 157 million awaiting client decisions on submitted tenders.

Uplisting to the Oslo Stock Exchange is expected during the first half of 2023.

2023 growth

The current contract backlog is expected to contribute revenues of EUR 25.7 million in 2023. A significant portion of the backlog is coming from framework agreements. With the current high market activity and demand, additional awards are expected, and these would further increase 2023 revenues accordingly.

2023 profitability

Based on the current outlook, Nordic Unmanned expect to be profitable and cash positive from operations in 2023.

The business units

Nordun – a Drone-As-A-Service Airline

Nordun is the world's first fully integrated BVLOS (Beyond Visual Line of Sight) Drone-As-A-Service pure-play business unit, incorporating all functions required to operate complex drone missions with advanced platforms and sensors.

Nordun is the holder of a multiplatform LUC (Light Unmanned UAS Operator Certificate), allowing for operations utilising both large tactical drones and smaller lightweight drones.

The business unit is ISO 9001 certified and has fully integrated maintenance control, operational maintenance, and training departments. In addition, the business unit includes administrative functions such as an HSEQ department, logistics department and commercial resources.

The business unit has a modern fleet of three rotary-wing Schiebel CAMCOPTER® S-100 systems (five air vehicles) and two fixed-wing Textron Aerosonde® systems (five air vehicles), in addition to a fleet of 27 smaller lightweight drones, the vast majority being Lockheed Martin Indago 3 drones. The aggregate fleet value is EUR 21 million.

Investments have been made in building an operational 21organisation that includes trained pilots and technicians. Nordun is headed by the Group COO, Lars Landsnes.

The Operations Control Center (OCC) in Sandnes assists the operational personnel on-site and provides value to clients and own staff by adding enhanced communications capabilities and removing non-operational tasks from the field. The company is working on a project to remotely operate payload operations from the OCC, where pilots could potentially operate several drones simultaneously.

Nordun serves four markets: Maritime, Defense & Security, Offshore Energy and Rail for both government and private enterprise clients.

NUTech – Development and Production of own IP drone systems

NUTech is the portfolio owner of Nordic Unmanned Group's own products, all designed, developed, and produced in European NATO countries. This includes the Staaker product family, developed in Norway, and the AirRobot product family, which is developed and produced in Germany under the EN9100 and ISO 9001 certifications and the Belgian DroneMatrix product family, which will be produced by AirRobot in Germany.

The Staaker product family consist of:

• The Staaker drone, utilised for heavy duty operations such as offshore logistics, rough weather Search and Rescue, emissions monitoring, and general surveillance applications.
• The Staaker Railway Drone, a self-driving data acquisition platform specifically designed for the needs of rail infrastructure owners and operators.

The AirRobot product family consists of:

• The AR100-H, a portable drone for government and military applications. This is a foldable modularised drone, which packs neatly into a custom backpack along with all required sensors, spares, and hand controller. It is specifically designed to be deployed in seconds, allowing for eyes in the sky to spot and track personnel and vehicles.
• Lockheed Martin Indago accessories, currently consisting of the AirRobot Heimdal EO/IR payload, radiac payload, logistical carry-and-drop payload, chargers and soon hand controller.

The DroneMatrix product family consists of:

• The YACOB, Drone-in-a-Box system, a self-contained solution resident on location and commanded remotely. The solution is ideal for perimeter surveillance of ports, industrial sites and other sites in need of enhanced security, where advanced AI will identify, locate and track intruders and assist ground security in efficient intervention.

NUTech currently employs software developers and engineers, manufacturing and administrative resources. The size of the production facility in Germany is 1500m2. Nordic Unmanned has invested EUR 11 million in NUTech, including its own IP and the acquisition of AirRobot and DroneMatrix. NUTech is headed by the Group CTO, Steffan Lindsø.

NUTech will provide products and solutions to Group customers and Nordic Unmanned's global distribution network.

NUMar – Data-As-A-Service

NUMar is a maritime Data-As-A-Service (DaaS) business unit and includes subsidiaries Ecoxy and NUAer.

Ecoxy offers accredited NOx emission monitoring services, NOx predictive emission monitoring systems (PEMS) and EU-ETS Co2 emission verification. The highly specialised environmental data company has a unique database of more than 1300 unique accredited measurements of NIS/NOR registered vessels and drilling rigs.

NUAer offers mobile maritime SOx and NOx measurement technology.

The NUMar team of 6 specialists is headed by the Group CDO, Kristin Alne.

Nordic Unmanned Group has invested EUR 4 million in NUMar, mainly through the acquisition of Ecoxy and investments in the NUAer joint venture.

NUMar serves the maritime market, which includes governmental clients, vessel owners, shipyards, and the maritime service industry.

NUGlobal – Sales and Distribution

NUGlobal is the global sales and distribution network marketing Nordic Unmanned's own products, solutions, and services, as well as managing the distributors and system integration activity. The business unit represents important OEM partners such as Lockheed Martin, Textron Systems and Sky Hero.

NUGlobal uses of Nordic Unmanned established subsidiaries in Norway, UK, Denmark, Germany, Belgium, and the US as local sales representatives and, as a pathway to market.

In addition to the previously signed MOU with Industry Conglomerate Dubai Transport Company in Dubai, covering the GCC and North Africa regions, Nordic Unmanned has recently signed MOUs with the leading North American distributor RMUS, the leading Australian distributor Sphere Drones, the Japanese aviation agency TMC and HeliSGI in Indonesi ato expand the global sales network to the USA, Canada, Australia, New Zealand and IndonesiaJapan.

Nordic Unmanned also very recently entered into the joint venture "OMNI Unmanned", together with OMNI Helicopters Internation which will serve as distributor in South and Latin America.

The Group CRO, Cecilie Drange heads the business. Nordic Unmanned's inventory of products currently amounts to EUR 1.7 million.

NUGlobal will focus on offering customers fit for purpose products and solutions, by direct sales of own and 3rd party IP, utilising subsidiaries and the Group's global distribution network.

Disclaimer – forward looking statement

In addition to historical information, this presentation contains statements relating to our future business, events and/or results. These "forward-looking" statements include certain estimates, assumptions and projections of Nordic Unmanned ASA (the "Company"), based on information currently available to the Company. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements preceded by, followed by or that include the words "estimate, "plan," project," "forecast," "intend," "expect," "predict," "anticipate," "believe," "think," "view," "seek," "target," "goal" or similar expressions; any projections of earnings, revenues, expenses, synergies, margins or other financial items; any statements of the plans, strategies and objectives for future operations, including integration and any potential restructuring plans; any statements concerning proposed new products, services, developments or industry rankings; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing.

Forward-looking statements do not guarantee future performance and involve risks and uncertainties. By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this report. These forward- looking statements are based on the current estimates and projections of the Company. No update or revision will be made to forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies, which are impossible to predict and are beyond Company's control, the Company cannot assure achievement or accomplishment of such expectations, beliefs or projections.

The release, publication or distribution of this report/presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this report/presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This report/presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Nordic Unmanned ASA.

Interim unaudited financial statements

Unaudited Condensed Consolidated statement of profit or loss and other comprehensive income

		Quarters		First nine months
Amounts in EUR	Notes	Q3 2022	Q3 2021	2022	2021
Operating revenue	3,4	5 457 196	2 712 945	12 770 309	6 686 204
Cost of goods sold	4	363 069	435 534	1 878 339	929 452
Personnel expenses	4	3 556 072	1 375 048	9 406 281	4 025 821
Depreciation and amortisation expenses	5,6	1 460 587	446 506	3 794 620	1 071 460
Other operating expenses	4	2 761 288	1 677 679	7 680 821	4 150 284
Total operating expenses		8 141 016	3 934 767	22 760 062	10 177 016
Operating profit (loss)		-2 683 820	-1 221 821	-9 989 753	-3 490 812
Net financial income/	7	-217 431	-18 205	-875 291	150 817
(expense)
Profit (loss) before tax		-2 901 252	-1 240 026	-10 865 043	-3 339 995
Income tax expense		-623 828	-147 504	-2 246 523	-290 456
Profit (loss) for the period		-2 277 423	-1 092 522	-8 618 521	-3 049 538
Allocation of profit or loss:
Profit/loss attributable to non-controlling interests		-56 438	-	-172 276	-
Profit/loss attributable to the parent		-2 220 985	-1 092 522	-8 446 245	-3 049 538

Amounts in EUR	Notes	30 Sept 2022	31 Dec 2021
ASSETS
Non-current assets
Goodwill	6,8	3 422 212	1 747 063
Other intangible assets	6,8	15 253 295	11 812 673
Deferred tax assets		5 058 030	2 879 890
Total intangible assets		23 733 537	16 439 627
Aircraft and spare parts	5	20 407 801	8 978 943
Assets under construction	5	148 355	5 814 778
Fixtures and fittings	5	1 836 154	1 788 938
Right-of-use assets		1 048 635	1 255 568
Total tangible assets		23 440 944	17 838 227
Investment in associated companies		3 003	3 003
Total financial non-current assets	3 003	3 003
Other non-current assets		206 595	-
Total non-current assets		47 384 079	34 280 857
Current assets
Inventory		2 488 393	2 830 111
Trade receivables		2 268 111	435 717
Other short-term receivables		4 836 807	2 318 070
Cash and cash equivalents		693 916	5 594 043
Total current assets		10 287 227	11 177 941
TOTAL ASSETS		57 671 306	45 458 798

Unaudited Condensed Consolidated statement of financial position

Amounts in EUR	Notes	30 Sept 2022	31 Dec 2021
EQUITY AND LIABILITIES
Equity
Equity attributable to equity holders of the parent		27 652 552	26 562 446
Non-controlling interests		731 066	957 576
Total equity		28 383 618	27 520 022
Non-current liabilities
Interest bearing loans and borrowings		10 025 421	6 893 392
Non-current lease liabilities		769 749	923 666
Other non-current liabilities		2 079 834	409 212
Deferred tax liabilities	8	1 114 314	807 477
Total non-current liabilities		13 989 317	9 033 747
Current liabilities
Trade payables		2 427 082	1 166 000
Interest bearing loans and borrowings		7 141 870	3 086 797
Current lease liabilities		369 242	369 242
Public duties payable		718 423	743 818
Other current liabilities		4 641 754	3 539 173
Total current liabilities		15 298 371	8 905 030
Total liabilities		29 287 688	17 938 777
TOTAL EQUITY AND LIABILITIES		57 671 306	45 458 798

Unaudited Condensed Consolidated statement of financial position cont.

Unaudited Consolidated statement of changes in equity

			Non
			registered			Share	Non
	Share	Share	share	Treasury	Retained	holders	Controlling	Total
Amounts in EUR	capital	premium	capital	shares	earnings	Equity	Interests	Equity
At 31 December 2021		2 631 846 33 067 698	-	-213		-9 136 885 26 562 446		957 576 27 520 022
Profit (loss) for the period					-2 602 155	-2 602 155	-54 149	-2 656 304
Issue of share capital	15 826	60 000				75 826		75 826
Share-based payments					113 990	113 990		113 990
Currency translation effects					183 887	183 887	-85	183 802
At 31 March 2022		2 647 672 33 127 698	-		-213 -11 441 163 24 333 993			903 342 25 237 335
Profit (loss) for the period					-3 622 239	-3 622 239	-61 546	-3 683 785
Issue of share capital	356 000	7 083 946				7 439 946		7 439 946
Issue of share capital
(non-Registered)			1 526 565			1 526 565		1 526 565
Share-based payments					113 262	113 262		113 262
Currency translation effects					-7 249	-7 249	-566	-7 814
At 30 June 2022		3 003 672 40 211 644	1 526 565		-213 -14 957 389 29 784 278		841 230	30 625 509
Profit (loss) for the period					-2 220 985	-2 220 985	-56 438	-2 277 423
Issue of share capital	69 890	1 412 514				1 482 404		1 482 404
Issue of share capital			-1 526 565			-1 526 565		-1 526 565
(non-Registered)
Share-based payments					114 072	114 072		114 072
Currency translation effects					-34 378	-34 378		-34 378
At 30 September 2022		3 073 562 41 624 158	-		-213 -17 098 681	27 598 826	784 792	28 383 618

Unaudited Condensed Consolidated statement of cash flows

Amounts in EUR	Quarter	First nine months
Cash flows from operating activities	Q3 2022	2022
Profit or loss before tax	-2 901 251	-10 864 333
Adjustments to reconcile profit before tax to net cash flows:
Net financial income/expense	179 750	495 298
Depreciation and amortisation	1 391 798	3 587 687
Amortisation and impairment of Right-of-use assets	68 789	206 933
Share-based payment expense	-20 952	207 028
Working capital adjustments:
Change in inventory	-78 655	466 796
Changes in trade receivables	180 007	-1 635 354
Changes in trade payables	190 657	1 065 638
Changes in other operating assets and liabilities	-1 295 400	-2 023 637
Net cash flows from operating activities	-2 285 256	-8 493 944
Cash flows from investing activities
Purchase of property, plant and equipment	- 548 111	-7 548 407
Purchase of capitalised intangible assets	- 543 130	-2 729 464
Consideration paid in transactions (net of cash acquired)	- 430 000	-1 563 315
Net cash flow from investing activities	-1 521 240	-11 841 186
Cash flow from financing activities
Proceeds from issuance of equity	1 537 605	9 448 731
Transaction costs on issue of shares	- 55 200	-450 554
Net disbursements overdraft facility	3 397 887	4 337 120
Proceeds from new debt (short / long term)	-	5 409 892
Repayment of debt (short / long term)	- 1 308 272	-2 604 288
Payments of lease liability	- 84 842	-251 110
Interest paid	- 165 123	-448 691
Net cash flows from financing activities	3 322 054	15 441 100
Net increase/(decrease) in cash and cash equivalents	- 484 442	-4 892 756
Cash and cash equivalents at beginning of the period	1 183 850	5 594 033
Net foreign exchange difference	- 5 492	-7 362
Cash and cash equivalents, end of period	693 916	693 916

Notes Note 1 General

Nordic Unmanned ASA is a limited liability company incorporated and domiciled in Norway and whose shares are traded on the Euronext Growth market in Norway. The Group's head office is located at Rådhusgata 3, 4306 Sandnes, Norway.

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

Note 2 Basis of preparation

The Condensed consolidated interim financial statements of Nordic Unmanned ASA and its subsidiaries (collectively, "the Group" or "Nordic Unmanned") for the period ended 30 September 2022 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not include all information required by IFRSs and should be read in conjunction with the Group's 2021 annual financial statements which will be publicly available at www.nordicunmanned.com. The interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim period results are not necessarily indicative of results of operations or cash flows for an annual period. These interim financial statements have not been subject to review or audit by independent auditors. These interim financial statements were authorised for issue by the Company Board of Directors on 17 November 2022.

The interim consolidated financial statements of the Group comprise consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of cash flows, consolidated statement of changes in equity, and related notes. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the IASB and as endorsed by The European Union ("EU").

As part of finalising the IFRS transition, Nordic Unmanned reassessed certain contracts with customers under IFRS and as a result changed the accounting principle of some of these contracts. The comparable financial information has therefore been restated.

The consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. The financial statements are prepared based on the going concern assumption.

Comparative financial information is provided for the preceding period in the Consolidated statement of comprehensive income and Consolidated statement of financial position.

Presentation currency and functional currency

The consolidated financial statements are presented in Euros (EUR), which is also the functional currency of the parent company. The functional currency of the parent company

was changed from NOK to EUR effective from 1 January 2022 as the primary economic environment was determined to be EUR from this date.

For presentation purposes, balance sheet items are translated from functional currency to presentation currency by using exchange rates at the reporting date. Items within total comprehensive income are translated from functional currency to presentation currency by applying average exchange rates for the period. If currency rates are fluctuating significantly, transaction date exchange rates are applied for significant transactions.

Note 3 Revenue

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements, because it typically controls the goods or services before transferring them to the customer.

Revenue from the sale of goods is recognised over-time to the extent the Group's performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. Progress is measured using a cost-to-cost based approach. Other sale of goods is recognised at the point-in-time when control of the asset is transferred to the customer. The determination of over-time versus point-in-time revenue recognition and determining progress requires the use of judgement.

During second quarter, the Group reassessed certain of the contracts, and changed the recognition from over-time to point-in-time for some of these contracts. As a result, the historical numbers have been restated during.

Per area of operation:	Q3 2022	Q3 2021	YTD 2022	YTD 2021
Nordun	4 099 190	2 237 912	8 182 333	5 036 989
NUTech	575 291	15 703	1 387 734	647 387
NUMar	496 530	23 824	1 461 281	32 025
NUGlobal	285 019	431 167	1 741 006	959 346
Overhead	1 166	4 340	3 291	10 457
Eliminations	-	-	-5 336	-
Total	5 457 196	2 712 945	12 770 309	6 686 204

Revenue from services is recognised over-time as the customer simultaneously receives and consumes the benefits provided by the Group's performance as the Group performs.

Per geographic market:	Q3 2022	Q3 2021	YTD 2022	YTD 2021
Norway	974 717	173 153	3 389 470	1 030 655
France	1 083 303	896 024	2 005 876	1 419 040
Spain	1 055 865	866 023	1 201 317	978 880
Germany	740 892	397 946	2 725 108	579 121
Estonia	1 240 998	-	1 260 998	-
Finland	221 143	3 393	827 551	-
Portugal	117 125	180 369	366 245	518 852
Romania	5 227	66 406	17 623	352 824
Lithuania	-	-	14 117	1 179 138
Other	17 926	129 631	962 004	627 694
Total	5 457 196	2 712 946	12 770 309	6 686 204

Note 4 Segment

The Group's operating segments are components of the business for which discrete financial information is reviewed regularly by the Chief Operating Decision Maker (or CODM) to assess performance and make decisions regarding resource allocation. The Group has assessed the CODM to be its Chief Officers team. During the quarter, as part of the strategic update, the CODM have reassessed the Group's operating segments, and as at 30 September 2022, the Group's operating segments are Nordun, NUTech, NUGlobal and NUMar segments. Historical numbers have been allocated to the new operating segments.

These operating segments are regularly reviewed by the Group's CODM for the purpose of allocating resources to the segment and to assess its performance. The key measure used by the CODM in assessing performance and in making resource allocation decisions is EBITDA.

The following tables include the results for the Groups's reportable segments for the periods presented in these consolidated financial statements:

Q3 2022	Nordun	NUTech	NUMar	NUGlobal	Overhead	Eliminations	Total
Revenues	4 099 190	575 291	496 530	285 019	1 166	-	5 457 196
Costs of goods sold	-84 202	148 419	42 389	258 715	-2 251	-	363 070
Personnel Expenses	2 071 797	499 592	294 792	181 462	508 429	-	3 556 072
Other Operating Expenses	1 575 978	279 158	94 304	252 759	559 089	-	2 761 288
EBITDA	535 617	-351 878	65 045	-407 917	-1 064 101	-	-1 223 234
Q3 2021	Nordun	NUTech	NUMar	NUGlobal	Overhead	Eliminations	Total
Revenues	2 237 912	15 703	23 824	431 167	4 340	-	2 712 945
Costs of goods sold	122 071	14 944	4 490	289 739	4 289	-	435 534
Personnel Expenses	929 881	62 790	6 292	86 975	289 110	-	1 375 048
Other Operating Expenses	1 012 145	46 669	1 201	75 230	542 435	-	1 677 679
EBITDA	173 815	-108 699	11 841	-20 778	-831 495	-	-775 316
YTD 2022	Nordun	NUTech	NUMar	NUGlobal	Overhead	Eliminations	Total
Revenues	8 182 333	1 387 734	1 461 281	1 741 006	3 291	-5 336	12 770 309
Costs of goods sold	240 591	339 891	100 130	1 199 187	-1 459	-	1 878 340
Personnel Expenses	5 180 583	1 145 660	712 311	581 648	1 786 079	-	9 406 281
Other Operating Expenses	4 138 364	463 371	279 783	503 434	2 301 205	-5 336	7 680 821
EBITDA	-1 377 205	-561 188	369 057	-543 263	-4 082 534	-	-6 195 133
YTD 2021	Nordun	NUTech	NUMar	NUGlobal	Overhead	Eliminations	Total
Revenues	5 036 989	647 387	32 025	959 346	10 457	-	6 686 204
Costs of goods sold	170 072	78 512	4 490	669 637	6 741	-	929 452
Personnel Expenses	2 329 037	376 092	13 753	287 728	1 019 211	-	4 025 821
Other Operating Expenses	2 611 178	109 752	9 903	175 476	1 243 976	-	4 150 284
EBITDA	-73 297	83 032	3 879	-173 495	-2 259 471	-	-2 419 352

Note 5 Property, plant and equipment

No indicators for impairment of property, plant and equipment were identified in the current or prior period.

	Fixtures, fittings and tools	Aircraft and spareparts	Assets under construction	Total
Cost as at 31 December 2021	2 638 209	10 408 449	5 814 778	24 676 213
Additions	214 973	4 767 533	418 648	5 401 153
Transfer	-	6 233 425	-6 233 425	-
Currency translation effects	14 101	-	-	14 101
Cost as at 31 March 2022	2 867 283	21 409 406	0	24 276 689
Additions	134 548	1 436 631	60 643	1 631 822
Currency translation effects	-23 568	-	-	-23 568
Cost as at 30 June 2022	2 978 262	22 846 038	60 644	25 884 944
Additions	66 303	446 561	87 711	600 574
Disposals	-	-34 893	-	-34 893
Currency translation effects	-22 612	-	-	-22 612
Cost as at 30 September 2022	3 021 953	23 257 705	148 355	26 428 012
Depreciation and impairment as at 31 December 2021	849 271	1 429 505	-	2 278 776
Depreciation	103 751	279 034	-	382 785
Currency translation effects	359	-	-	359
Depreciation and impairment as at 31 March 2022	953 380	1 708 539	-	2 661 919
Depreciation	112 015	556 247	-	668 262
Currency translation effects	-490	-	-	-490
Depreciation and impairment as at 30 June 2022	1 064 906	2 264 786	-	3 329 692
Depreciation	120 119	590 927	-	711 046
Disposals	-	-5 809	-	-5 809
Currency translation effects	775	-	-	775
Depreciation and impairment as at 30 September 2022	1 185 799	2 849 904	-	4 035 703

Net book value:
At 31 December 2021	1 788 938	8 978 943	5 814 778	16 582 659
At 31 March 2022	1 913 902	19 700 867	-	21 614 770
At 30 June 2022	1 913 357	20 581 252	60 644	22 555 252
At 30 September 2022	1 836 154	20 407 801	148 355	22 392 310

Economic life (years) 3-5 5-10 Depreciation plan Straight-line method Straight-line method No depreciation

Note 6 Intangible assets

The Goodwill additions in Q3 2022 related to the acquisition in AirRobot.

During 2022, no indicators for impairment of goodwill or other intangible assets were identified.

	Development	patents and	Goodwill	Total
		licenses
Cost as at 31 December 2021	6 586 216	6 254 330	1 747 064	14 588 901
Additions	859 867	258 732	-	1 118 599
Currency translation effects	32 004	10 883	58 187	101 074
Cost as at 31 March 2022	7 478 087	6 523 944	1 805 251	15 807 282
Additions	3 086 895	182 579	1 507 952	4 777 426
Disposals	-	-	-	-
Currency translation effects	-54 103	-17 140	-25 064	-96 307
Cost as at 30 June 2022	10 510 879	6 689 383	3 288 139	20 488 401
Additions	750 773	15 183	142 562	908 517
Currency translation effects	-16 984	-7 304	-8 489	-32 778
Cost as at 30 September 2022	11 244 667	6 697 262	3 422 212	21 364 141
Depreciation and impairment as at 31 December 2021	605 023	422 849	-	1 027 873
Amortization	307 121	119 133	-	426 254
Currency translation effects	-1 069	-460	-	-1 529
Amortization and impairment as at 31 March 2022	911 076	541 522	-	1 452 598
Amortization	323 677	241 740	-	565 418
Currency translation effects	1 460	628	-	2 088
Amortization and impairment as at 30 June 2022	1 236 213	783 891	-	2 020 104
Amortization	423 487	241 743	-	665 229
Currency translation effects	2 308	993	-	3 300
Amortization and impairment as at 30 September 2022	1 662 008	1 026 626	-	2 688 634

At 31 December 2021	5 981 192	5 831 481	1 747 064	13 561 029
At 31 March 2022	6 567 011	5 982 422	1 805 251	14 354 684
At 30 June 2022	9 274 666	5 905 493	3 288 139	18 468 297
At 30 September 2022	9 582 660	5 670 636	3 422 212	18 675 507

Economic life (years) 5-10 5-10 Amortization plan Straight-line method Straight-line method No depreciation

Note 7 Financial income and expenses

Finance income	Q3 2022	Q3 2021	YTD 2022	YTD 2021
Other finance income	1 401	-	8 277	3 846
Gain on foreign exchange	206 349	170 560	466 794	566 326
Total finance income	207 750	170 560	475 071	570 172
Finance costs	Q3 2022	Q3 2021	YTD 2022	YTD 2021
Interest expenses	167 510	62 067	454 596	95 691
Interest expense on lease liabilities	13 128	10 997	41 252	14 178
Other finance costs	67 623	15 978	71 803	72 966
Loss on foreign exchange	176 919	99 724	782 710	236 519
Total finance costs	425 181	188 765	1 350 361	419 355

Nordic Unmanned AS Rådhusgata 3 4306 Sandnes, Norway

+47 51 20 94 44

post@nordicunmanned.com

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