Cyviz AS — Earnings Release 2025

May 15, 2025

Cyviz May 15th, 2025

Agenda and Presenters

Q1'25 in brief

Performance 2020 – 2025

Business Highlights

Q1 Financials

Outlook

Q&A

Karl Peter Gombrii | CFO

Espen Gylvik | CEO

Solid revenue and bookings growth; EBITDA slightly impacted as gross margins ease from last year's peak

Q1-25 in brief

Revenue of NOK 136 million in Q1, up 29 million compared to last year (27%)

Gross profit of NOK 74 million (54% margin), up NOK 2 million vs. last year (67% margin)

EBITDA of NOK 1.2 million in Q1, down NOK 3.9 million vs. last year

Order intake of NOK 112 million in Q1, up 29 million compared to last year (23%)

Cyviz Group ROLLING 12-MONTHS TREND 2020-2024

102 100

Q4-20

Q1-21

Q2-21

Q3-21

Q4-21

Q1-22

Q2-22

Q3-22

122 122

142 147

156 185

CAGR vs Q4 2020 (LTM)
ORDER INTAKE	REVENUE	GROSS PROFIT
37%	30%	33%

Q1-25

30

Q1-24

Q2-24

Q3-24

Q4-24

21

36 36

+6%

32

Positive gross margin trend

• Drift driven by larger projects with repeat accounts, and ARR
• Gross profit fluctuates due to product mix and timing effects impacting quarterly performance
• Gross margin 2024 is above average trend over time reversal in 2025 anticipated

Business Highlights

Business Highlights

Q1 2025

-

Q1 Financials

Q1 Financial highlights

Revenues

• NOK 29 million revenue growth (27%)
• Rolling 12-months trend at NOK 624 million versus NOK 555 million in Q1 2024 (+12%)

Gross profit

• NOK 1.9 million growth (+5%)
• Gross margin 54.1% vs 67.2% last year

EBITDA

• NOK -3.9 million decline (-77%)
• Rolling 12-months trend at NOK 32.2 million versus NOK 30.3 million in Q1 2024 (+6%)

Bookings

• NOK 21 million increase (+23%)
• Rolling 12-months trend at NOK 641 million versus NOK 642 million in Q1 2024 (unchanged)

Operating cash flow

Operating cash flow Q1

Key drivers Q1

• Pre-tax loss driven by NOK 6.3 million FX loss (disagio)
• Increase in receivables (AR) reflects project activity and geographical mix with longer collection cycles
• Procurement for ongoing and upcoming deliveries increased inventory levels slightly
• Payables increased with procurement activity, but timing differences limited the offsetting effect

Operating cash flow

Outlook

ly 1 2 3

Outlook

Profitable growth driven by growing core business, new products and services, and cost optimization

Profitable growth & cash management

Continues focus on profitability through cost optimization, new services, and continued revenue growth. Putting new tighter processes in place for collecting cash, improved contractual terms and conditions.

Scaling through a partner ecosystem

Scale through a global partner ecosystem by providing the Cyviz Core Technology and Cyviz Management & Monitoring Software Platform, to drive ARR and subscription-based revenue.

Capitalize on increased defense budgets in Europe and within NATO

Capitalize on rising defense budgets in Europe and NATO countries, building on Cyviz' established presence in mission-critical operations centers and command and control solutions.