Nordic Unmanned today announced record-high revenue and flight hours in the third quarter of 2022, demonstrating the potential of the company’s established growth platform.
Revenues in the third quarter amounted to EUR 5.5 million compared to EUR 2.7 million, an increase of 101 percent from the same quarter last year. EBITDA was negative EUR 1.2 million, compared to negative EUR 0.8 million in the third quarter of last year on an IFRS basis. Compared to the preceding quarter, EBITDA improved by EUR 1.8 million.
“Nordic Unmanned entered a new phase in the third quarter. Over the previous quarters, we have invested heavily in a platform for further growth. Our performance in the third quarter illustrates that we are now able to leverage this platform. We grew the topline rapidly without increasing the size of the organisation, and we took decisive action on cost control, leading us substantially closer to breaking even”Knut Roar Wiig, CEO Nordic Unmanned
At the end of the third quarter, the total contract backlog was approximately EUR 65 million. EUR 157 million of opportunities in the commercial pipeline is currently awaiting tender decision, of this EUR 120 million is expected to reach a decision in the next two months. A commercial highlight for the quarter was the logistics operations performed by the Staaker Logistics Drone between installations in the North Sea. The company also performed a number of advanced operations, including four simultaneous BVLOS (Beyond Visual Line of Sight) deployments.
A North American office was opened in Baltimore during the quarter to serve American and Canadian customers, while a joint venture was formed with an operational base in Rio de Janeiro to serve Latin American clients.
Shortly after the end of the quarter, Nordic Unmanned received a conditional letter of award from the European Maritime Safety Agency (EMSA) regarding drone services for multipurpose maritime surveillance with medium range and endurance. The official value of the framework contract is up to EUR 20.5 million over a period of up to four years.
Record number of flight hours
The number of flight hours in the quarter was 1450, an increase of 179 percent compared to the same quarter last year and an increase of 78 percent from the preceding quarter. During the quarter, substantial support has been provided to our customers, with air pollution measured on 471 vessels and participation in 90+ search and rescue operations. So far in 2022, Nordic Unmanned has participated in search and rescue activities involving more than 3000 people
Over the first nine months of 2022, Nordic Unmanned exceeded full-year 2021 revenue by 40 percent. Profitability is improving and is expected to continue to improve through cost control and as operations keep scaling.
The current contract backlog is expected to contribute revenues of EUR 25.7 million in 2023. A significant portion of the backlog is coming from framework agreements. With the current high market activity and demand, additional awards are expected, and these would further increase 2023 revenues accordingly.
Based on the current outlook, Nordic Unmanned expects to be profitable and cash-positive from operations in 2023. The third quarter report and presentation are enclosed.
There will be a live-streamed presentation as well as a Q&A session at 10:00 CET. Register here to view it: https://register.gotowebinar.com/register/5564828885478288143
About Nordic Unmanned
Nordic Unmanned is a global leader of high-end products and services related to drones and data capture. Through worldwide 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 (NO), Molde (NO), Odense (DK), Cranfield (UK), Hasselt (BE), Arnsberg (GER) and Baltimore (US) and has quickly become one of the leading providers of unmanned systems and services, with operations across Europe. Nordic Unmanned has one of the world’s most comprehensive permits to fly beyond visual line of sight (BVLOS), through the EASA-approved Light UAS operator Certificate (LUC).
The Group is an Original Equipment Manufacturer (OEM) for the drone product lines Staaker, AirRobot and DroneMatrix, and is also world-leading in the collection of vessel emission data. It is ISO 9001-2015 and AS9100 certified for the operation, maintenance, sale, design, development, and production of unmanned systems and sensor technology.