Nordic Unmanned ASA

Earnings Release • Nov 10, 2023

Nordic Unmanned ASA announces Q3 2023 results

Nordic Unmanned ASA announces Q3 2023 results

10.11.2023 07:00:00 CET | Nordic Unmanned | Additional regulated information

required to be disclosed under the laws of a member state

The third quarter 2023 saw higher revenues than the same quarter last year,

effects from cost reductions and positive cashflow from operations.

* Revenues of EUR 6.1 million in the quarter and EUR 14.9 million year to date

2023, compared to EUR 5.5 and EUR 12.8 million respectively in the same

periods in 2022. AirRobot revenue growth in Q3 2023 of EUR 1.8 million, an

increase of 323% YoY with the Tiquila and Mikado 2 contracts progressing.

Flight Services had EUR 1.2 million lower revenues in Q3 2023. Flight hours

increased with 22%, however revenue was lower due to contract and fleet mix.

* Adjusted EBITDA of EUR 0.9 million in the quarter, which is an improvement of

EUR 2.2 million compared to the same period last year. This is due in

particular to contract execution and progress related to the Tiquila and the

Mikado 2 contracts in AirRobot, efficiency improvements in Flight Services,

reduced group costs and higher activity in DroneMatrix.

* A total of 1,768 flight hours was delivered from Flight Services in the

quarter, an increase of 22% compared to the same quarter last year. Per Q3

2023 total flight hours surpassed 3,800 hours on the EMSA OP 46 contract

based on the Aerosonde UAS operations in Estonia, Denmark and Spain in

addition to EMSA OP1 lightweight UAS activity on 12 fishery inspection and

oil spill prevention vessels in Europe.

* The product delivery projects for German Bundeswehr (Mikado 2) and Lockheed

Martin/UK Ministry of Defence (Tiquila) represent the main activities in OEM

AirRobot, with sensor deliveries on the Tiquila contract which commenced in

Q3 2023 and UAS deliveries under Mikado 2 contract starting in Q4 2023.

* The main activities in the OEM DroneMatrix are product related services

provided to the Port of Antwerp in Belgium. In addition, the company achieved

successful deployment of first drone-in-a-box for a Belgian railway operator

in the third quarter.

* Contract backlog at the end of the quarter was EUR 57.6 million, of which EUR

41.9 million relate to framework contracts and EUR 15.7 million relate to

firm purchase orders and contracts.

Nordic Unmanned announced on 12th October 2023 (after quarter end) refinancing

of the Group based on a new bank agreement with a 5-year tenure and reduced

interest margins combined with an equity raise that provided gross proceeds of

NOK 70 million. A subsequent offering ("repair issue") of up NOK 35 million is

contemplated before year end 2023. Following the refinancing the Group has

secured a strengthened capital structure and financial flexibility and completed

the strategic review announced 27th March 2023.

There will be a livestreamed presentation as well as a Q&A session at 10:00 CET.

Register here to view it:

https://attendee.gotowebinar.com/register/523768191601053272 -

https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fattendee.gotow

ebinar.com%2Fregister%2F523768191601053272&data=05%7C01%7Cll%40nordicunmanned.co

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SxBN%2BU8VB1KtwEvoFSU%3D&reserved=0

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Lars A Landsnes, CFO, Nordic Unmanned ASA, +47 951 40 370,

ll@nordicunmanned.com

* Stig H. Christiansen, CEO, Nordic Unmanned ASA, +47 478 07 813,

shc@nordicunmanned.com

ABOUT NORDIC UNMANNED

Nordic Unmanned is a leading European manufacturer (OEM) and certified operator

of unmanned aircraft systems ("UAS").

We are serving large corporations, government agencies and security customers by

offering systems, solutions and flight services for environmentally friendly

delivery of productivity improvements and time critical, actionable data

insights and logistics services.

Our solutions and services are organized in the three business segments as

follows:

Flight Services: is a technology-agnostic flight services operator providing

time-critical actionable data to large corporate and governmental customers. The

segment also includes NUAer AS and Resale.

AirRobot: is an Equipment Manufacturer (OEM) with a leading product platform in

lightweight drones and sensors (payloads) tailored for defense and security.

DroneMatrix: is an Equipment Manufacturer (OEM) offering a fully integrated and

autonomous drone system with proprietary software for surveillance and security.

Nordic Unmanned is ISO 9001:2015 and ISO 14001:2015 certified for the operation,

maintenance, and sales of unmanned systems and sensor technology. AirRobot is

ISO 9001:2015 and EN 9100:2018 certified for its development and production

capabilities of unmanned systems.

Founded in Norway in 2014, Nordic Unmanned has offices in Sandnes (NO),

Cranfield (UK), Hasselt (BE) and Arnsberg (GER). Nordic Unmanned also comprise

joint venture - Omni Unmanned SA with OHI Group SA (registered in Luxemburg) and

joint venture - NUAer AS with Aeromon OY (registered in Norway).

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

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847587/2731/3823/Download%20announcement

%20as%20PDF.pdf

Nordic Unmanned ASA Q3 2023 Report.pdf -

https://kommunikasjon.ntb.no/ir-files/17847587/2731/3817/Nordic%20Unmanned%20ASA

%20Q3%202023%20Report.pdf

Nordic Unmanned ASA Q3 2023 Presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847587/2731/3822/Nordic%20Unmanned%20ASA

%20Q3%202023%20Presentation.pdf