CrayoNano : Q1 2021 Financial Summary

First quarter 2021 Financial summary CrayoNano

Interim profit & loss (unaudited)
	Q1	Q1	FY
(Figures in NOK thousands)	2021	2020	2020
Sales revenue	303	76	76
Other revenue and public grants	881	1,010	1,979
Total revenues	1,185	1,086	2,055
COGS	289
Gross margin commercial revenue	14	76	76
Payroll and related costs	4,887	2,284	12,122
Other operating costs	2,875	2,261	10,205
EBITDA	-6,867	-3,459	-20,272
Depreciation	1,499	1,241	4,953
EBIT	-8,366	-4,700	-25,225
Net financial items	-173	-73	-844
Net profit before tax	-8,538	-4,773	-26,069
Tax expense	-1,878	-1,050	-6,230
Net profit (loss)	-6,660	-3,723	-19,839
# shares in 1000	27,229	17,104	26,790
Earnings pr share (NOK)	-0.24	-0.22	-0.74
# shares fully diluted in 1000	30,716
Earnings pr share diluted (NOK)	-0.22

The profit and loss is net of capitalized development expenses. Gross capitalized development expenses in 1Q 2021 was 3.5 MNOK compared to 2.3 MNOK in 1Q 2020. Net of funding capitalized development was 2.0 MNOK in 1Q 2021 compared to 1.3 MNOK in 1Q 2020.

Interim Balance Sheet (unaudited)
	Q1	Q1	FY
(Figures in NOK thousands)	31.03.2021	31.03.2020	31.12.2021
Assets
Development, patents and licenses	42,165	28,870	34,312
Deferred tax assets	16,172	8,535	16,172
Tangible fixed assets	16,152	17,797	16,053
Financial fixed assets	2,061	1,210	2,061
Total non-current assets	76,550	56,412	68,598
Current assets
Trade and other receivables	7,233	4,520	5,218
Cash and cash equivalents	116,532	3,472	131,583
Total current assets	123,765	7,992	136,801
Total assets	200,314	64,404	205,399
Equity and liabilities
Equity
Share capital	545	342	536
Share premium account	215,630	80,630	209,156
Additional paid-in capital	2,596	1,523	2,596
Retained earnings	-46,398	-22,893	-37,860
Total equity	172,373	59,602	174,428
Liabilities
Convertible loans	9,753	820	11,649
Liabilities to finance institutions	10,400		10,400
Trade payables	1,585	1,010	2,927
Government charges	2,133	168	569
Other liabilities	4,070	2,804	5,426
Total liabilities	27,941	4,802	30,971
Total equity and liabilities	200,314	64,404	205,399

Interim Cash Flow Statement (unaudited)
	Q1	Q1	FY
(Figures in NOK thousands)	2021	2020	2020
Operating activities
Net profit before tax	-8,538	-4,773	-26,069
Depreciation	1,499	1,241	4,953
Changes payables	-3,358	2,201	-1,676
Changes in other balance sheet items	208	236	7,046
Net cash flow from operating activities	-10,188	-1,095	-15,745
Cash flows from investing activities
PPE and capitalized development	-9,451	-958	-8,660
Other investments			-558
Net cash flow from investing activities	-9,451	-958	-9,218
Cash flows from financing activities
Proceeds from issuance of shares	4,587		129,793
Net from long term debt		-2,880	18,349
Net cash flow from financing activities	4,587	-2,880	148,142
Net change in cash and cash equivalents	-15,052	-4,934	123,178
Cash and cash equivalents at the BOP	131,583	8,405	8,405
Cash and cash equivalents at the EOP	116,531	3,471	131,583