CrayoNano : Update Q4 2021

Condensed profit and loss statement (unaudited)

		Q4	Q4	FY	FY
	(Figures in NOK thousands)	2021	2020	2021	2020
	Sales revenue	0	0	303	76
	Other revenue and public grants	1 984	495	8 022	1 979
	Total revenues	1 984	495	8 325	2 055
	COGS			289
	Gross margin commercial revenue	0	0	14	76
				0
	Payroll and related costs	8 635	5 488	27 260	12 122
	Other operating costs	3 282	2 625	15 655	10 205
	EBITDA	-9 933	-7 618	-34 879	-20 272
	Depreciation	1 503	1 235	6 008	4 953
	EBIT	-11 436	-8 853	-40 887	-25 225
	Net financial items	- 60	- 502	- 215	- 844
	Net profit before tax	-11 496	-9 355	-41 102	-26 069
	Tax expense	-3 223	-2 058	-9 736	-6 230
	Net profit (loss)	-8 273	-7 297	-31 366	-19 839
	# shares in 1000			0
	28 401	26 790	28 401	26 790
	Earnings pr share (NOK)	-0.29	-0.27	-1.10	-0.74
	# shares fully diluted in 1000	30 691		30 691
	Earnings pr share diluted (NOK)	-0.27		-1.02

The profit and loss is net of capitalized development activities. Gross capitalized development expenses in 4Q 2021 was 4.8 MNOK compared to 2.3 MNOK in 4Q 2020. Net of funding, capitalized development was 2.2 MNOK in 4Q 2021 compared to 1.3 MNOK in 4Q 2020.

Accumulated gross capitalized development expenses in FY2021 was 16.6 MNOK, compared to 9.0 MNOK in FY2020. Net of funding, capitalized development was 6.2 MNOK in FY2021, compared to 5.0 MNOK in FY2020.

Condensed balance sheet (unaudited)
	FY	FY
(Figures in NOK thousands)	31.12.2021	31.12.2020
Assets
Development, patents and licenses	58 581	34 312
Deferred tax assets	25 909	16 172
Tangible fixed assets	14 042	16 053
Financial fixed assets	2 061	2 061
Total non-current assets	100 593	68 598
Current assets
Trade and other receivables	6 093	5 218
Cash and cash equivalents	100 092	131 583
Total current assets	106 185	136 801
Total assets	206 778	205 399
Equity and liabilities
Equity
Share capital	568	536
Share premium account	234 362	209 156
Additional paid-in capital	2 596	2 596
Retained earnings	-69 224	-37 860
Total equity	168 302	174 428
Liabilities
Convertible loans	0	11 649
Liabilities to finance institutions	10 593	10 400
Trade payables	3 518	2 927
Government charges	1 486	569
Other liabilities	22 878	5 426
Total liabilities	38 476	30 971
Total equity and liabilities	206 778	205 399

	Cash Flow Statement (unaudited)
		Q4	Q4	FY	FY
	(Figures in NOK thousands)	2021	2020	2021	2020
	Operating activities
	Net profit (loss)	-8 273	-7 297	-33 937	-26 069
	Depreciation	1 503	1 235	6 008	4 953
	Changes payables	-1 563	-1 986	- 285	-1 676
	Changes in other balance sheet items	12 496	4 960	18 592	7 046
	Net cash flow from operating activities	4 163	-3 089	-9 622	-15 746
	Cash flows from investing activities
	PPE and capitalized development	-19 101	-8 869	-36 125	-8 660
	Other investments	0	0	0	- 558
	Net cash flow from investing activities	-19 101	-8 869	-36 125	-9 218
	Cash flows from financing activities			0
			0
	Proceeds from issuance of shares	0	126 809	23 342	129 793
	Net from long term debt	- 757	4 506	-9 784	18 349
	Net cash flow from financing activities	- 757	131 315	13 558	148 142
	Net change in cash and cash equivalents	-15 694	119 358	-32 189	123 178
	Cash and cash equivalents at the BOP	115 785	11 728	131 583	8 405
	Cash and cash equivalents at the EOP	100 092	131 583	100 092	131 583