Nordic Unmanned ASA

Earnings Release • May 20, 2022

Nordic Unmanned reports growth and repeats strong outlook

Nordic Unmanned reports growth and repeats strong outlook

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, krw@nordicunmanned.com

* Trond Østerhus, CFO, +47 95 99 08 79, to@nordicunmanned.com

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