Nordic Unmanned today announced first quarter 2022 results demonstrating revenue growth as well as preparations to execute on a substantial contract backlog, in accordance with previously communicated plans.
“Our mature verticals, Maritime and Security, continued to grow in the first quarter, while the Logistics vertical was boosted by the strategically important contract with Equinor. As previously communicated, we have spent considerable resources during the quarter preparing for strong expansion during the rest of 2022, and we have already surpassed the Q1 revenues in Q2 as of the 11th of May,”
Knut Roar Wiig, CEO Nordic Unmanned
54 per cent revenue growth
Revenues in the first quarter amounted to EUR 2.5 million, an increase of 54 percent from the first quarter of last year. EBITDA was negative EUR 1.9 million, compared to negative EUR 0.7 million in the first quarter of last year. The first quarter tends to be seasonally slower than the following quarters. Nordic Unmanned has changed accounting standards from NGAAP to IFRS from January 1st, 2022. Please see the attachment for details on the impact of the change. The change is part of the preparation to uplist the company to the Oslo Stock Exchange. At the end of the first quarter, the total contract backlog was EUR 59 million, roughly double the year-ago level. The company has a liquidity position of EUR 5.1 million, including cash and available overdraft and credit lines.
Building organisation and capabilities
Nordic Unmanned continues to expand its organisation and capabilities. The number of flight hours in the quarter increased by 60 percent compared to the same quarter last year, and the staff expanded from 123 to 140 during the quarter. During the quarter, Nordic Unmanned started operations with the Textron Aerosonde fixed-wing drones in Europe, increasing the company’s ability to conduct long-range Beyond Visual Line of Sight (BVLOS) surveillance operations by adding this fixed-wing drone capability. Adding additional capacity, a third Camcopter system was delivered in the quarter.
After the end of the quarter, Nordic Unmanned announced the acquisition of a majority of DroneMatrix of Belgium, offering a fully autonomous AI-powered Drone-In-A-Box solution. “Integrating first-class niche players such as DroneMatrix, Ecoxy, AirRobot and NUAer to the Nordic Unmanned growth platform broadens our offering for a drone market which is growing strongly, partly due to the changed security situation in Europe, but also to the general acceptance of unmanned flights as a superior alternative in several markets,” says Mr. Wiig.
Outlook
For 2022, Nordic Unmanned expects revenues to be about EUR 30m, three times the 2021 level. The EBITDA margin is expected to be in the range of 10 to 20 percent.
The company works off a strong backlog and is expecting significant opportunities to materialise throughout the rest of the year.
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.
