Nordic Unmanned ASA

Earnings Release • Dec 22, 2021

Nordic Unmanned reduces financial guiding for 2021 following contract award

Nordic Unmanned reduces financial guiding for 2021 following contract award

22.12.2021 16:31:20 CET | Nordic Unmanned | Additional regulated information

required to be disclosed under the laws of a member state

Reference is made to the separate stock exchange notice today regarding a

logistic contract award with Equinor.

In order to fulfil this strategically important and demanding contract, the

allocation of a Schiebel Camcopter system intended to support our Brazilian

opportunities has been rescheduled. The allocation to Brazil was announced in

our third quarter report and with an expectation of sales revenue in 2021.

The company still expects to carry out work in Brazil through a joint venture

with operational revenue effect at the earliest from the second quarter 2022. To

ensure capacity for the Brazilian operation and future growth, the procurement

negotiations of Nordic Unmanned's fourth Schiebel S-100 CAMCOPTER system will be

initiated.

The deliberately postponed system sale will impact the balance sheet, revenues

and earnings in 2021, and consequently Nordic Unmanned will not achieve its

previously stated financial guidance. Revenue for 2021 is expected to be

slightly above NOK 100 million, and the adjusted EBITDA margin will be lower

than previously indicated. The system held for sale with an inventory value of

NOK 44.6 million at the end of the third quarter 2021, will be reclassified as a

fixed asset as per year end.

"We continue to have strong underlying momentum in our business. In this case,

we have chosen to prioritize our long-term development over short-term revenue.

The outlook for Nordic Unmanned remains very positive, and we are entering 2022

with an exciting backlog, hence placing us at an almost sold-out situation for

the first half of the year," said Knut Roar Wiig.

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 delivers comprehensive data solutions through industry leading

expertise, to assist both public and private customers in the transition to

unmanned technology. The focus is to support demanding clients by collecting

time-critical data with the use of unmanned technology.

Founded in 2014, the company has offices in Sandnes, Oslo, Molde, Trondheim,

Frankfurt and Arnsberg, and has quickly become one of Europe's leading providers

of unmanned systems and services, with operations across the continent. The

company is ISO 9001-2015 certified by DNV-GL for the operation, maintenance,

sale, design, development and production of unmanned systems and sensor

technology. and sensor technology.

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