HansaMatrix — Investor Presentation 2023

Feb 21, 2023

Nasdaq Webinar Q4 and 12m 2022 results

February 21, 2023

Table of Contents ¹⁵

Business, operational and financial highlights Detailed financial results Q4 2022 Detailed financial results 12m 2022 TTM results as at the end of Q4 2022 Questions

Lightspace Technologies business update

Business, Operational and Financial Highlights

Jānis Sams, CEO

3

Business Trends and Operations

• Semiconductor availability is improving as market demand in some sectors decreases (Q4 2022 14.7% YoY decrease in global component sales), thus stabilazing the overall situation.
• General inflation (20.8% YoY in Dec 2022) continues to influence profitability.
• Order book as at the end of Q4 2022 24.2 MEUR, 26% up compared to Q3 2022 figure, determined by increased demand for manufactured product mix.
• Focus on inventory level and cash flow management.

Q4 2022 Financial Result Summary

• 7.8 MEUR historically highest quarterly revenue, 61% increase compared to Q4 2021, 3% increase compared to Q3 2022.
• 1.2 MEUR EBITDA, +186% YoY, 15% EBITDA margin.
• Margin increase compared to Q4 2021 explained by manufactured product mix changes and improvements in semiconductor availability

Indicator/EUR'000	Q4 2021	Q3 2022	Q4 2022	QoQa Q4	YoYb Q4	Q4 2022 TTM
Revenue	4 838	7 586	7 797	+3%	+61%	27 968
EBITDA	410	430	1 170	+5%	+186%	2 838
EBITDA margin	8.47%	5.67%	15.00%			10.15%
Net profit	-1 966	-562	-922			-2 215c
Normalized net profit	-310	-29	388			390
Normalized net profit margin	-6.41%	-0.38%	4.98%			1.39%
Earnings per share (EPS)	-1.07	-0.31	-0.5			-1.21
Diluted EPS	-0.96	-0.27	-0.45			-1.08

^a – Q4 2022 vs Q3 2022, ^b– Q4 2022 vs Q4 2021, c - includes 0.8 M EUR Zinātnes parks one-off fair value write off and other non-cash items

Peer Company Analysis

• HansaMatrix EBITDA margin top 3 among selected peers.
• HansaMatrix Enterprise Value (EV) to EBITDA multiple 9 versus 14 peer average.

Company/MEUR	Current EV to	TTM	TTM	TTM net	TTM EBITDA	Net profit
	TTM EBITDA	revenue	EBITDA	profit	margin	margin
Incap Oyj	17	170	29.3	21.0	17.2%	12.4%
Note AB	17	347	40.2	23.9	11.6%	6.9%
HansaMatrix AS	9	28	2.8	(2.2)*	10.2%	(7.9)
Kitron ASA	13	642	61.5	28.4	9.6%	4.4%
Hanza AB	10	334	29.7	11.4	8.9%	3.4%
Inission AB	14	99	6.8	(0.9)	6.9%	(0.9)

Source: Bloomberg, February 17, 2023, ranked by EBITDA margin

* - includes 1.4M EUR losses from associates and 0.8 M EUR Zinātnes parks one-off fair value write off and other non-cash items + global component deficit effect

New manufacturing order from aerospace industry customer

HansaMatrix as EMS partner for high complexity electronic system production

Revenue amount: 4.4 million USD in 3 years

Supply period from Q4 2023 to Q1 2025

Q4 2022 business development news

Investments

• 0.7 M EUR investments in machinery made in Q4 2022
• Largest investments in Q4 2022: X-ray and CNC turning machine

X-ray

CNC turning machine

Voluntary takover bid for HansaMatrix shares

• On February 17, 2023 Baltcap controlled SIA Emsco published voluntary takeover bid for HansaMatrix shares .
• Plan to acquire at least 75% HansaMatrix shares .
• In case the takeover bid is successful, it is planned to delist the Company .
• Offered price – 8.5 EUR per share .
• Term of the takeover bid: 30 (thirty) days from prospectus publishing .

Detailed Financial Results Q4 2022

Māris Macijevskis, CFO

Historically highest quarterly revenue

In Q4 2022 HansaMatrix consolidated revenue amounted to 7.8 MEUR demonstrating 61% increase compared to Q4 2021 and 3% increase compared to Q3 2022

- 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000

Quarterly Revenue, th EUR

› Baltic sales – 31% 3% from Q4 2021

• › Nordic sales – 39% 77% from Q4 2021
• › The rest of EU sales – 23% 285% from Q4 2021
• › Outside EU – 7% 84% from Q4 2021

Quarterly Revenue by Region, th EUR

› Data network products – 28% 7% from Q4 2021

• › Industrial – 52% 155% from Q4 2021
• › Internet of Things – 15% 92% from Q4 2021
• › Other – 4% 171% from Q4 2021

*Net profitability influenced by non-cash charges: a) Losses from investments in associates b) Zinatnes parks asset fair value changes c) EIB loan and warrant fair value changes .

Quarterly Profitability Results, th EUR

› Q4 2022 EBITDA – 1.2 MEUR 186% from 2021 Q4 172% from 2022 Q3

• › Net profit – negative 0.9 M EUR* Vs net loss 1.9 MEUR in 2021 Q4 Vs net loss 0.6 MEUR in 2022 Q3
• › Normalized net profit – 0.4 MEUR Vs loss 0.3 MEUR in 2021 Q4 Vs loss 0.03 MEUR in 2022 Q3
• › Q4 2022 EBITDA margin – 15%
• › Profitability improvements explained by product mix changes and better component availability

Detailed Financial Results 12m 2022

Māris Macijevskis, CFO

Historically highest full year revenue

In 2022 HansaMatrix consolidated revenue amounted to 27.9 MEUR demonstrating 27% increase compared to 2021

12m revenue, th EUR

• › Baltic sales – 37% 9% from 2021
• › Nordic sales – 31% 47% from 2021
• › The rest of EU sales – 25% 422% from 2021
• › Outside EU – 6% 46% from 2021

12m Revenue by Region, th EUR

› Data network products – 30% 27% from 2021

• › Industrial – 50% 104% from 2021
• › Internet of Things – 13% 107% from 9m 2021
• › Optics and photonics – 4% 3% from 2021

12m Revenue by Sector, th EUR

• 24% from 2021
• › Net profit – negative 2.2 M EUR* Vs net loss 1.9 MEUR in 2021
• › Normalized net profit – 0.4 MEUR 67% from 2021
• › 2022 EBITDA margin – 10.1%
• › Profitability deterioration YoY explained by product mix changes and component deficit

*Net profitability influenced by non-cash charges: a) Losses from investments in associates b) Zinatnes parks asset fair value changes c) EIB loan and warrant fair value changes .

Trailing Twelve Months (TTM) Results as at the end of Q4 2022

Māris Macijevskis, CFO

TTM Revenue, EBITDA and Margins, th EUR

TTM (trailing twelve months) period ending Q4 2022 indicator dynamics compared to TTM period ending Q3 2022:

• › TTM revenue 27.9 MEUR – 12%
• › TTM EBITDA 2.8 M EUR – 37%
• › TTM net profit – negative 2.2 M EUR* from negative 3.2M EUR in Q3 2022
• › TTM normalized net profit 0.4 M EUR from negative 0.3M EUR in Q3 2022
• › TTM EBITDA margin 10.1%

* Includes 1.4 M EUR loss from associates, 0.8M EUR Zinātnes parks one-off fair value write off and other non-cash charges

Thank You!

Questions

Questions

1. What is the biggest risk out for company not to reach 2023 profitability target?

Answer: Inflation persistance coupled with demand development (decrease due to potental purchasing power decrease and due to potential postponed company investments) for the manufatured product mix could be considered as biggerst risks for 2023.

Lightspace Technologies business update

February 21, 2023 Ilmars Osmanis, Founder & CEO E-mail: invest@lightspace3d.com

Copyright © 2023 Lightspace Labs, Inc. All Rights Reserved.

Business development

• First product upgrade completed. AR headset IG1055 R&D kits will be released in March
• Business focus of Company have shifted to defence sector due to urgent products demand. Evaluation projects been prepared with 4 major defense organizations
• Application projects on going with two large MedTech, headsets been shipped, to Switzerland, France, USA, South Korea and Japan.
• Zebra prism technology gets traction with several BigTech

Fundrising news:

• Bridge round funding has reached 3.0 M EUR, 400 th EUR added in Q4 2022
• Due to collapse of SPAC and CPC listing valuations at Nasdaq and TMX, listing process postponed minimum by 12 months
• As a alternative launched Series A fundraising round currently 6 VC's and CVC's are in negotiations
• Before of Series A Company looking to rise internediate (pre-series A) venture round of 2…3m EUR. For any interested parties – contact at invest@lightspace3d.com

Update on Lightspace listing process:

• Due to collapsed SPAC and CPC market. Listing process has been postponed by period of 12 months to wait for recovery of market
• Lightspace has started fundrising process from private funds by min 15M \$ new capital
• Usage of funds business development, ramp up of manufacturing and further development of technology