Nordic Unmanned ASA

Earnings Release • Feb 18, 2022

Nordic Unmanned reports expanding backlog and strong growth outlook

Nordic Unmanned reports expanding backlog and strong growth outlook

18.2.2022 07:30:00 CET | Nordic Unmanned | Half yearly financial reports and

audit reports / limited reviews

Nordic Unmanned today announced fourth quarter 2021 results underpinning the

strong growth outlook for 2022.

"During 2021, we have laid the foundation for accelerating growth. We combine a

strong position within our established maritime and security vertical with

exciting upside in the other verticals, as illustrated by the breakthrough

logistics contract with Equinor announced in December. We are also

well-positioned for major contracts expected to be awarded within the security

vertical, a position which we significantly strengthened through the acquisition

of AirRobot. In total, we are awaiting awards with a total value of around EUR

228 million," says Knut Roar Wiig, CEO of Nordic Unmanned.

At the end of the fourth quarter, the total contract backlog was EUR 59 million,

an increase of 87 percent during 2021. EUR 18.5 million of the backlog is for

2022, supporting the growth outlook.

Full-year 2021 revenue amounted to EUR 10.4 million, an increase of 60 percent

from 2020. Revenues in the fourth quarter amounted to EUR 2.5 million, in line

with fourth quarter 2020. As previously announced, fourth quarter revenue was

negatively impacted by the deliberate delay of a system sale in order to retain

available assets for the awarded Equinor contract.

Adjusted operating profit (EBITDA) for the fourth quarter was negative EUR 1.5

million. Full year adjusted EBITDA was negative EUR 1.3 million. The figures are

adjusted for Covid-19 related personnel cost.

At the end of 2021, the company had a liquidity position of EUR 11.1 million,

including cash and available overdraft and credit lines.

Breakthrough logistics contract

In December, Equinor awarded Nordic Unmanned a contract for offshore drone cargo

services on the Norwegian Continental Shelf. Fully utilized, the contract value

is EUR 2.7 million over the next 12 months. The award represents one of the

largest drone logistics contracts awarded in the European market and is the

largest and most ambitious drone logistics award in the offshore energy

industry. Work on the contract was initiated in early January 2022.

Strengthening organization for growth

Nordic Unmanned's operations continued to grow during 2021. At the end of 2021,

the company had 123 employees, up from 43 at the end of 2020. The company

targets a staff of 210 by the end of 2022. The new positions will largely be

operational and commercial and directly linked to expected growth.

"The market is maturing alongside our technology, and 2022 will be the year for

the commercial introduction for many of our new products, such as the Staaker

Railway Drone, Staaker Cargo Drone, the AR 100H drone and the Nordic Unmanned

data platform. In short, this is going to be an extremely exciting year for

Nordic Unmanned," says Mr. Wiig.

Outlook

For 2022, Nordic Unmanned expects revenues to be about three times the 2021

level. The EBITDA margin is expected to be in the range of 10 to 20 percent.

The fourth quarter presentation is enclosed. There will be a livestreamed

presentation as well as a Q&A session at 10:00 CET:

https://register.gotowebinar.com/register/8707725693678022927

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 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 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 and certified by for the operation,

maintenance, sale, design, development, and production, with of unmanned systems

and sensor technology. and sensor technology. The production is also AS9100

certified.

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

ATTACHMENTS

Nordic Unmanned Q4 2021.pdf -

https://kommunikasjon.ntb.no/ir-files/17847587/1213/1616/Nordic%20Unmanned%20Q4%

202021.pdf