Nordic Unmanned ASA

Earnings Release • Aug 19, 2021

Nordic Unmanned (NUMND) reports accelerating growth

Nordic Unmanned (NUMND) reports accelerating growth

19.8.2021 06:30:00 CEST | Nordic Unmanned | Half yearly financial reports and

audit reports / limited reviews

Nordic Unmanned today announced second quarter and first half 2021 results,

showing accelerating growth and positive EBITDA.

"At the beginning of the year, Covid-19 limited our operations, but growth came

roaring back in the second quarter. The trend continues in the second half, and

in August we passed our 2020 revenue level, I'm extremely proud of the team

managing to deliver this unseen type of growth under still challenging times,"

says Knut Roar Wiig, CEO of Nordic Unmanned.

Operating profit (EBITDA) for the second quarter was NOK 1.3 million, compared

to negative NOK 1.9 million in the same quarter the year before. EBITDA adjusted

for Covid-19 personnel cost was NOK 3.1 million.

The contract backlog at the end of the quarter was NOK 364 million, and total

available cash and credit lines was NOK 124 million.

Expanding operations

Nordic Unmanned's operations grew substantially in the second quarter. The

company performed 545 flights during the quarter, an increase of 250 percent

compared to the same quarter one year earlier.

In May, Nordic Unmanned took delivery of its second CAMCOPTER S-100 system,

which started operations in France. A third CAMCOPTER S-100 system will be

delivered in the third quarter and will be used for environmental monitoring,

maritime surveillance services and offshore logistics.

This spring, Nordic Unmanned teamed up with Textron Systems Corporation to enter

the fixed-wing segment of the market, resulting in a letter of award for a EUR

20 million framework contract from the European Maritime Safety Agency in July.

The official signing is expected before end of September.

Long-range fixed-wing solutions will more than double the size of Nordic

Unmanned's accessible market, supporting the company's growth strategy in 2022

and onwards.

Pursuing strategic M&A

In addition to strong organic growth, Nordic Unmanned is pursuing an M&A

strategy aimed at consolidating the fragmented drone industry.

Shortly after the end of the quarter, Nordic Unmanned announced the EUR 4,45

million acquisition of the leading German drone developer and manufacturer

AirRobot.

"As a listed company with an international presence, we aim to present customers

with the industry's most complete offering. We see tremendous opportunities in

integrating smaller players in order to leverage our position. It's a win-win

proposition, for them and for us," says Mr. Wiig.

Outlook

Nordic Unmanned expects 2021 revenues to more than double from 2020. Our growth

plans for 2022 is under full execution, but still we expect full year 2021

adjusted EBITDA margin to be significantly higher than in the first half-year of

The second quarter presentation is enclosed. Nordic Unmanned will present the

results and give a strategic update at the Rogaland Investor Forum at 10:00 CEST

today: https://vimeo.com/587751472

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 Østherhus, Chief Financial Officer, Nordic Unmanned AS, +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, and Frankfurt, 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 and sales of unmanned systems

and sensor technology.

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

ATTACHMENTS

Nordic Unmanned Q2 2021.pdf -

https://kommunikasjon.ntb.no/ir-files/17847587/769/996/Nordic%20Unmanned%20Q2%20

2021.pdf