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Nordic Unmanned reports expanding backlog and strong growth outlook

Nordic Unmanned today announced fourth quarter 2021 results underpinning the strong growth outlook for 2022.

“During 2021, we have laid the foundation for accelerating growth. We combine a strong position within our established maritime and security vertical with exciting upside in the other verticals, as illustrated by the breakthrough logistics contract with Equinor announced in December. We are also well-positioned for major contracts expected to be awarded within the security vertical, a position which we significantly strengthened through the acquisition of AirRobot. In total, we are awaiting awards with a total value of around EUR 228 million”

Knut Roar Wiig, CEO Nordic Unmanned

At the end of the fourth quarter, the total contract backlog was EUR 59 million, an increase of 87 percent during 2021. EUR 18.5 million of the backlog is for 2022, supporting the growth outlook.

Full-year 2021 revenue amounted to EUR 10.4 million, an increase of 60 percent from 2020. Revenues in the fourth quarter amounted to EUR 2.5 million, in line with  fourth quarter 2020. As previously announced, fourth quarter revenue was negatively impacted by the deliberate delay of a system sale in order to retain available assets for the awarded Equinor contract.

Adjusted operating profit (EBITDA) for the fourth quarter was negative EUR 1.5 million. Full year adjusted EBITDA was negative EUR 1.3 million. The figures are adjusted for Covid-19 related personnel cost.

At the end of 2021, the company had a liquidity position of EUR 11.1 million, including cash and available overdraft and credit lines.

Breakthrough logistics contract

Photograph taken at Mongstad in August 2020, before world’s first cargo drone delivery to an active offshore platform

In December, Equinor awarded Nordic Unmanned a contract for offshore drone cargo services on the Norwegian Continental Shelf. Fully utilized, the contract value is EUR 2.7 million over the next 12 months. The award represents one of the largest drone logistics contracts awarded in the European market and is the largest and most ambitious drone logistics award in the offshore energy industry. Work on the contract was initiated in early January 2022.

Strengthening organization for growth

Nordic Unmanned’s operations continued to grow during 2021. At the end of 2021, the company had 123 employees, up from 43 at the end of 2020. The company targets a staff of 210 by the end of 2022. The new positions will largely be operational and commercial and directly linked to expected growth.

“The market is maturing alongside our technology, and 2022 will be the year for the commercial introduction for many of our new products, such as the Staaker Railway Drone, Staaker Cargo Drone, the AR 100H drone and the Nordic Unmanned data platform. In short, this is going to be an extremely exciting year for Nordic Unmanned,” says Mr. Wiig.

Outlook For 2022, Nordic Unmanned expects revenues to be about three times the 2021 level. The EBITDA margin is expected to be in the range of 10 to 20 percent.

There will be a livestreamed presentation as well as a Q&A session on Friday 18th of February 2022 at 10:00 CET which you can register for here:

Disclosure regulation

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

About Nordic Unmanned

Nordic Unmanned is global leader of high-end products and services related to drones and data capture. Through world-wide operational experience and industry leading expertise, Nordic Unmanned supports large governmental and industrial clients in the adaption of unmanned systems and services.

Founded in 2014, the Group has offices in Sandnes, Oslo, Molde, Odense (DK), Cranfield (UK) and Arnsberg (GER) and has quickly become one of Europe’s leading providers of unmanned systems and services, with operations across the continent. The Group is ISO 9001-2015 and certified by for the operation, maintenance, sale, design, development, and production, with of unmanned systems and sensor technology. and sensor technology. The production is also AS9100 certified.

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