19.5.2021 06:30:01 CEST | Nordic Unmanned | Half yearly financial reports and
audit reports / limited reviews
Nordic Unmanned today announced first quarter 2021 results, maintaining the
growth and EBITDA outlook for 2021 and setting a longer-term growth target.
Revenues in the first quarter amounted to NOK 16.6 million, an increase of 73
percent from the first quarter 2020.
Postponed operations due to implementation of new drone regulation as well as
delays of commercial decisions led to postponed and delayed revenue of
approximately NOK 11 million, which is expected to be recovered in the second
and third quarter.
"During the first quarter we took crucial operational steps as planned to
prepare for expected strong growth. We raised additional capital, hired more
staff, implemented new systems and took the necessary steps to get certified for
operations in all EU member states. This makes me very confident in our
deliveries over the coming months, and we expect first half 2021 revenues to be
around 200 percent higher than the same period last year," says Knut Roar Wiig,
CEO of Nordic Unmanned.
Operating profit (EBITDA) adjusted for Covid-19 and extraordinary costs was
negative NOK 0.5 million, compared to negative NOK 1.6 million in the same
quarter the year before.
The contract backlog at the end of the quarter was NOK 284 million, and total
available cash and credit lines was NOK 166 million.
Expanding operations
Nordic Unmanned's operations continued to grow. The company performed 281
flights during the quarter, an increase of 190 percent compared to the same
quarter one year earlier. Nordic Unmanned continues to build the organization
for further growth.
The organization is strengthened to handle expected growth, and the staff is
expected to reach 70 employees by the end of the first half and about 100 by the
end of the year.
Capital raise and updated strategy
During the first quarter, Nordic Unmanned carried out a private placement
raising NOK 100 million to accelerate the pursuit of several potential M&A
opportunities in the fragmented drone industry. In April, the company announced
the first M&A initiative, a joint venture with Finnish emission monitoring
technology company Aeromon.
The company is also working on an updated strategy, setting a revenue target of
NOK 4 billion for 2025. The updated strategy and execution plan will be
presented in the third quarter.
"We see tremendous growth opportunities as we enter the era of drone logistics.
Our new strategy implies that Nordic Unmanned will move beyond the European
market, entering North and South America as well as the Middle East, leveraging
both organic growth,M&A opportunities and strategic partnerships in a fragmented
fast growing industry," says Mr. Wiig.
Outlook
Nordic Unmanned expects to significantly increase the 2020 growth rate in 2021.
The full-year adjusted EBITDA margin is expected to be around 20 percent.
The first quarter 2021 presentation is enclosed and will be livestreamed at
10:00 CEST today. To register:
https://register.gotowebinar.com/register/6236132399733590798
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
* Knut Roar Wiig, CEO, +47 92 66 66 59, krw@nordicunmanned.com
* Trond Østherhus, Chief Financial Officer, Nordic Unmanned AS, +4795990879,
to@nordicunmanned.com
ABOUT NORDIC UNMANNED
Nordic Unmanned delivers comprehensive data solutions through industry leading
expertise, to assist both public and private customers in the transition to
unmanned technology. The focus is to support demanding clients by collecting
time-critical data with the use of unmanned technology.
Founded in 2014, the company has offices in Sandnes, Oslo, and Frankfurt, and
has quickly become one of Europe's leading providers of unmanned systems and
services, with operations across the continent.The company is ISO 9001-2015
certified by DNV-GL for the operation, maintenance and sales of unmanned systems
and sensor technology.
For more information visit nordicunmanned.com - https://nordicunmanned.com/
ATTACHMENTS
Nordic Unmanned Q1 2021.pdf -
https://kommunikasjon.ntb.no/ir-files/17847587/575/754/Nordic%20Unmanned%20Q1%20
2021.pdf