Nordic Unmanned ASA - Higher activity and strong EBITDA

19 Nov 2024 07:00 CET

19.11.2024 07:00:01 CET | Nordic Unmanned | Half yearly financial reports and
audit reports / limited reviews

Nordic Unmanned ASA announces Q3 2024 results

The third quarter of 2024 and subsequent period to date was eventful with good
performance and several important developments including higher activity and
strong EBITDA. It marks what is intended to be the beginning of a new era for NU
Group.

* The company launched a clarified and focused strategy towards defense and
security and consolidation combined with a new profile, web and communication
strategy to support the clarification of strategy and identity.
* The share capital increase of NOK 47 million and the ca. EUR 6 million debt
reduction conversion, first announced in Q2 2024, were both completed in
September.
* The company has in Q4 initiated a process to raise NOK 45 million in new
equity through a private placement to complete the transition and turnaround.
An Extraordinary General Meeting will be held on 19 November to enact the
resolution for the private placement and the subsequent repair offering. The
subsequent repair offering of up to NOK 10 million directed towards the
existing shareholders in the Company is expected to be carried out in
November 2024.
* The legal restructuring to establish NU ASA as a holding company with two
separate strategic business segments, respectively Flight Services and OEM,
is ongoing with a target to be completed on or around year end 2024.
* Q3 2024 revenue of EUR 6.6 million (EUR 6.1 million) 1 with YTD 2024 revenue
of EUR 13.9 million (14.9 million), on par with same periods last year when
adjusted for discontinued business (Ecoxy) and insurance claims. Q3 2024 saw
record high activity in the Flight Services segment with four concurrent
deployments.
* Personnel costs were reduced by 13% in Q3 2024 compared to Q3 2023, and 20%
year to date compared to comparative periods last year.
* Q3 2024 adjusted EBITDA of EUR 2.0 million (EUR 0.9 million) with YTD 2024
adjusted EBITDA of negative 1.0 million (negative EUR 1.6 million).
* Q3 2024 non-cash Impairments of EUR 6.3 million (EUR 0 million) related to
the fleet of assets. This reflects current contracts and activity patterns
for existing assetsand does not reflect the company's view on future
potential in the industry.
* Q3 2024 net loss of EUR 7.2 million after non-cash impairments (negative EUR
1.5 million) with YTD 2024 net loss of EUR 15.5 million (negative EUR 13.3
million). This is an improvement of EUR 2.4 million YTD adjusted for non-cash
impairments.
* Stop of workorder for the Tiquila contract affected revenue for AirRobot
negatively in the quarter. The stop work order was lifted in October 2024
after an agreement was reached with the client to recontinue deliveries, with
product deliveries recommencing from early 2025.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Stig H. Christiansen, CEO, Nordic Unmanned ASA, +47 478 07 813,
shc@nordicunmanned.com
* Tarjei Lode, CFO, Nordic Unmanned ASA, +47 46937008, tl@nordicunmanned.com

ABOUT NORDIC UNMANNED

NU Group is a leading European provider of advanced, drones, sensors, AI-powered
drone solutions, and UAS-agnostic drone-as-a-service operations. The company
serves government agencies, Ministries of Defence, security clients, and
corporate clients, offering cutting-edge technology solutions for a wide range
of applications, including:

* Empowering defenders and protect lives?
* Autonomous efficiency and optimized operations?
* Safe and environmentally friendly collection of live, actionable data
insights?

Founded in Norway in 2014, NU Group has offices in Sandnes (NO), Cranfield (UK),
Hasselt (BE) and Arnsberg (GER). Nordic Unmanned ASA employs approx. 100 FTEs
and is listed on Euronext Growth with the ticker NUMND. The Group's operating
history is 20 years based on AirRobot in Germany.

For more information visit - https://www.nugroup.eu/

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847587/18327782/5288/Download%20announce
ment%20as%20PDF.pdf

NU Group Q3 2024 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847587/18327782/5286/NU%20Group%20Q3%202
024%20Presentation.pdf

NU Group Q3 2024 Report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847587/18327782/5287/NU%20Group%20Q3%202
024%20Report.pdf

More information:
Access the news on Oslo Bors NewsWeb site

632578_NU Group Q3 2024 Report.pdf
632578_NU Group Q3 2024 Presentation.pdf
632578_Download announcement as PDF.pdf