HansaMatrix — Earnings Release 2022

May 16, 2022

Nasdaq Webinar Q1 2022 results May 16, 2022

Contents

Business, operational and financial highlights Detailed Q1 2022 financial results Business development and outlook Questions

Lightspace Technologies business update

Business, operational and financial highlights

Jānis Sams, CEO

Business trends and operations

• Strong and growing demand in data networks and industrial sectors.
• Manufacturing revenue growth constrained by the global component deficit.
• Growing energy prices and general inflation influence margins.
• Operations to be balanced between customer ecpectations and semiconductor availability.
• Focus on inventory level and cash flow management.

Q1 2022 financial result summary

• 6 MEUR revenue, 3% increase compared to Q1 2021, 25% increase compared to Q4 2021, 13.4% EBITDA margin.
• 0.8 MEUR EBITDA, 35% decrease compared to Q1 2021, 98% increase compared to Q4 2021, 13.4% EBITDA margin.
• 0.1 MEUR normalized net profit, 77% decrease compared to Q1 2021, significant inprovement compared to Q4 2021.
• Margins decreased compared to Q1 2021, which is explained by manufactured product mix changes, but improved significantly compared to Q4 2021.

Indicator/EUR'000	Q1 2021	Q4 2021	Q1 2022	Q1 QoQa	Q1 YoYb	Q1 2022 TTM
Revenue	5 828	4 838	6 030	+25%	+3%	22 164
EBITDA	1 241	410	809	+98%	-35%	3 300
EBITDA margin	21.29%	8.47%	13.42%			14.89%
Net profit	45	966c -1	-46			-2 043c
Normalized net profit	556	-398	129		-77%	502
Normalized net profit margin	9.53%	-8.22%	2.15%			2.27%
Earnings per share (EPS)	0.02	-1.07	-0.03			-1.11
Diluted EPS	0.02	-0.96	-0.02			-1.00

a - Q1 2022 vs Q4 2021, b -Q1 2022 vs Q1 2021, c - includes 1.4 M EUR Zinatnes parks one-off fair value write off

Peer company analysis

• HansaMatrix share price undervalued by market: Enterprise Value (EV) to EBITDA multiple 6 versus 12 peer average.
• Value of investment in Lightspace Technologies currently is not fully represented in HansaMatrix share price.
• HansaMatrix EBITDA margin second highest among peers 14.9%.

Company/MEUR	Current EV to	TTM	TTM	TTM net	EBITDA	Net profit
	TTM EBITDA	revenue	EBITDA	profit	margin	margin
Incap Oyj	13	170	29.3	21.1	17.3%	12.4%
HansaMatrix AS	6	22	3.3	(2.0)*	14.9%	(9.22%)
Note AB	17	289	35.2	21.4	12.2%	7.4%
HANZA Holding	8	271	25.2	8.8	9.3%	3.3%
Kitron ASA	14	417	36.5	15.1	8.8%	3.6%
Inission AB	9	108	5.9	0.1	5.5%	0.1%

Source: Bloomberg, May 13, 2022, ranked by EBITDA margin

* - includes 1.4 M EUR Zinatnes parks one-off fair value write off

6

Detailed financial results Q1 2022

Māris Macijevskis, CFO

Quarterly revenue, th EUR

In Q1 2022 HansaMatrix consolidated revenue amounted to 6.030 MEUR demonstrating 3% increase compared to Q1 2021 and significant 25% increase compared to Q4 2021

• Baltic sales 44% ✓ 23% down from Q1 2021
• Nordic sales 25% ✓ 31% up from Q1 2021
• The rest of EU sales 23% ✓ 264% up from Q1 2021
• Outside EU 8% ✓ 43% down from Q1 2021

Quarterly revenue by region, th EUR

• Data network products 35% ✓ 32% down from Q1 2021
• Industrial segment 40% ✓ 28% up from Q1 2021
• Internet-of-things 16% ✓ 104% up from Q1 2021
• Optics and photonics 6% ✓ 73% up from Q1 2021

Quarterly revenue by sector, th EUR

• Q1 2022 EBITDA 0.809 MEUR
  • ✓ 98% up from 2021 Q4
  • ✓ 35% down from 2021 Q1
• Net profit negative 0.046 M EUR*
  • ✓ Vs net profit 0.045 MEUR in 2021 Q4

1,400

• Normalized net profit 0.129 MEUR
  • ✓ Vs negative 0.398 MEUR in 2021 Q4 ✓ 77% down from 2021 Q1
• Q1 2022 EBITDA margin 13.42%, normalized net profit margin – 2.15%

*Net profitability influenced by non-cash charges: a) Losses from investments in associates b) EIB loan and warrant fair value changes c) Interest related to leases.

• TTM (trailing twelve months) period ending Q1 2022 indicator dynamics compared to TTM period ending Q4 2021:
• TTM revenue 22.16 M EUR 1% up
• TTM EBITDA 3.30 M EUR 12% down
• TTM net profit negative 2 M EUR*
• TTM normalized net profit 0.50 M EUR
• TTM EBITDA margin 14.9%

* Includes 1.4 M EUR Zinatnes parks one-off fair value write off

TTM revenue, EBITDA and margins, th EUR

Business development and outlook

Jānis Sams, CEO

New large PO from industrial sector customer in Nordics

Manufacture of electricity overhead distribution line fault indication systems

HansaMatrix as EMS partner for the full range of electronics in the customer product portfolios

The planned revenue amount 5.3 million EUR in 2022 and 2023

Supply period from Q4 2022 to Q4 2023

Q1 2022 business development news

Investments

• 0.1 M EUR investments made in Q1 2022
• 0.5 M EUR investments planned in Q2 and Q3 2022, including the following equipment:
  • ✓ X-ray
  • ✓ CNC turning machine

Thank You! Questions

Lightspace Technologies business update

May 16, 2022 Ilmars Osmanis, Founder E-mail: invest@lightspace3d.com

Copyright © 2022 Lightspace Labs, Inc. All Rights Reserved.

Business development.

Product news:

• Medical AR headset IG1050-OR1 has been released
• Industrial use AR headset IG1050-GP1 has been released
• Company started small series production of both models
• Lightspace is accepting shipment orders with 6…8 weeks lead time

IP news:

• Patent applications submitted in Q1
• CN 202080049049.X
• EP20733781.7
• US17581169
• US17670584
• EP22162134.5
• EP22162141.0
• CN3641301
• CN370459472
• Received patent number
• US11323691

Funding news:

• Pre-listing bridge round funding has reached 2.0 M EUR
• Pre-listing bridge round is closing now.
• Pre-listing investment round will start in 2 weeks in USA and Canada America
• Interested parties contact at invest@lightspace3d.com

Update on Lightspace listing process:

• Chosen trading platform Toronto Stock Exchange http://tsx.com
• Listing process expected to take 7…8 months to complete listing
• Lightspace is planning to raise min 10M \$ new capital
• Usage of funds business development, ramp up of manufacturing and further development of technology

Q&A:

• Q: What is Lightspace Net Profit projection for 2022 & 2023? Can you capitalize as fixed asset most of expenses?