CodeLab Capital AS – 3Q update

14 Oct 2025 11:46 CEST

Oslo, 14 October 2025

3Q update summary
- In final phase of acquiring 50% of Cloudya AS, a high growth AWS reseller
- Cash position end of Sept of NOK 14 million
- Kuba all time high sales numbers in Sept adding NOK 450k ARR in one month
- Positive operational CF in Kuba YTD

CodeLab Capital
The last 5 months have been active for the “new” CodeLab, with several strategic
transactions:
- Acquisition of Kuba Norge adding NOK ~13m in ARR. Payment in shares at NOK
5.12 (~77% premium to share price)
- Share issue of NOK 14.4m at 16% premium to share price to fund acquisitions
and increase runway
- Acquisition of 50% of Cloudya AS adding NOK ~23m in ARR (closing pending).
Payment in shares at NOK 3.3 (~22% premium to share price)

CodeLab is pleased to see that several stakeholders believe in the future of the
company with all 3 transactions being done at accretive levels for our existing
shareholders.

CodeLab is in final stages of acquiring 50% of Cloudya AS (see Newsweb link:
https://newsweb.oslobors.no/message/656756). Post a potential closing of the
Cloudya transaction CodeLab will be majority owner of businesses with financial
diversification and with inherent risk mitigation.

Operational and - financial update
- Cash end of Sept for CodeLab was NOK 14m
- Underlying cash burn in CodeLab expected to be approx. NOK 600k / month
- The core team is now in place with the last important hire starting in
December
- From beginning of 2026 CodeLab will increase focus on its investor relations
efforts


Kuba
Focus on capitalizing on a great product, brand and organization:
- All time high sales month in Sept adding NOK 450k ARR
- Increased growth expected:
o Reallocated costs to more commercial efforts
o Increased sales team (+2) and changed culture / methodology
o Pursuing partnership strategy and optimizing digital presence
- Investing in systems enabling data driven decisions
- Positive operational cash flow

The initial plan is progressing as envisaged, and the investments in improved
sales have just recently been initiated. Sales are evenly spread across OHS and
HSE licenses, and it’s a healthy mix of small and large enterprises.

From a cash flow perspective the company has had a positive operational cash
flow YTD, but servicing and repaying bank loans lead to a negative net cash
flow. CodeLab has in total contributed with NOK 3 million in funding, which is
believed to be sufficient to fund the operational investments and to bring the
company through the trough. As part of optimizing cash flow and value creation
Kuba has initiated cost optimization programs which is expected to yield effects
soon.

For further information, please contact:
Anton Bondesen, CEO, alb@codelabcapital.com
Christoffer Mathiesen, CFO, cm@codelabcapital.com

More information:
Access the news on Oslo Bors NewsWeb site