Nordic Unmanned ASA

Earnings Release • May 19, 2021

Nordic Unmanned (NUMND) reports growth and strong outlook

Nordic Unmanned (NUMND) reports growth and strong outlook

19.5.2021 06:30:01 CEST | Nordic Unmanned | Half yearly financial reports and

audit reports / limited reviews

Nordic Unmanned today announced first quarter 2021 results, maintaining the

growth and EBITDA outlook for 2021 and setting a longer-term growth target.

Revenues in the first quarter amounted to NOK 16.6 million, an increase of 73

percent from the first quarter 2020.

Postponed operations due to implementation of new drone regulation as well as

delays of commercial decisions led to postponed and delayed revenue of

approximately NOK 11 million, which is expected to be recovered in the second

and third quarter.

"During the first quarter we took crucial operational steps as planned to

prepare for expected strong growth. We raised additional capital, hired more

staff, implemented new systems and took the necessary steps to get certified for

operations in all EU member states. This makes me very confident in our

deliveries over the coming months, and we expect first half 2021 revenues to be

around 200 percent higher than the same period last year," says Knut Roar Wiig,

CEO of Nordic Unmanned.

Operating profit (EBITDA) adjusted for Covid-19 and extraordinary costs was

negative NOK 0.5 million, compared to negative NOK 1.6 million in the same

quarter the year before.

The contract backlog at the end of the quarter was NOK 284 million, and total

available cash and credit lines was NOK 166 million.

Expanding operations

Nordic Unmanned's operations continued to grow. The company performed 281

flights during the quarter, an increase of 190 percent compared to the same

quarter one year earlier. Nordic Unmanned continues to build the organization

for further growth.

The organization is strengthened to handle expected growth, and the staff is

expected to reach 70 employees by the end of the first half and about 100 by the

end of the year.

Capital raise and updated strategy

During the first quarter, Nordic Unmanned carried out a private placement

raising NOK 100 million to accelerate the pursuit of several potential M&A

opportunities in the fragmented drone industry. In April, the company announced

the first M&A initiative, a joint venture with Finnish emission monitoring

technology company Aeromon.

The company is also working on an updated strategy, setting a revenue target of

NOK 4 billion for 2025. The updated strategy and execution plan will be

presented in the third quarter.

"We see tremendous growth opportunities as we enter the era of drone logistics.

Our new strategy implies that Nordic Unmanned will move beyond the European

market, entering North and South America as well as the Middle East, leveraging

both organic growth,M&A opportunities and strategic partnerships in a fragmented

fast growing industry," says Mr. Wiig.

Outlook

Nordic Unmanned expects to significantly increase the 2020 growth rate in 2021.

The full-year adjusted EBITDA margin is expected to be around 20 percent.

The first quarter 2021 presentation is enclosed and will be livestreamed at

10:00 CEST today. To register:

https://register.gotowebinar.com/register/6236132399733590798

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, +4795990879,

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 Q1 2021.pdf -

https://kommunikasjon.ntb.no/ir-files/17847587/575/754/Nordic%20Unmanned%20Q1%20

2021.pdf