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    ELOP   NO0010864036

ELOP AS

(ELOP)
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Elop AS: First orders for Elop Insight and Insight Crawler and strong MRR growth for Simplifai |Q3 2021 financial results

12/02/2021 | 01:01am EST
2 December 2021 - Elop Technology received the first orders for its "Elop
Insight" and "Insight Crawler" in Q3. The first "Elop Insight" units have been
shipped to customers in the fourth quarter. Simplifai wins multiple important
contracts resulting in contracted monthly recurring revenue (MRR) of NOK 1
million at end of Q3, a growth of 208 percent year-on-year. 

Simplifai delivers strong MRR growth 
Simplifai won several important contracts during the third quarter, for example
with Upstox, India's second largest stockbroker and with Van Ameyde, a leading
European insurance company. Simplifai has during the quarter entered strategic
partnerships with Easy2You, a company delivering logistics services to online
retailers, and with Avans Soma, a health care solution provider. 

"Simplifai delivers a strong quarter with year-on-year growth of 208 percent. We
have been successfully benchmarked, tested and compared against other solutions.
We have won contracts due to our unique solutions and we are experiencing
increased recognition and acceptance in the market for our solutions," says Bård
Myrstad, COO of Elop and Managing Director of Simplifai.

First orders received for Elop Insight and Insight Crawler
Elop Technology received its first orders for the hand-held "Elop Insight"
ultrasound scanner, and a pre order for the robotic solution "Insight Crawler"
during the third quarter. The first Elop Insights units have been delivered in
the fourth quarter. The first orders have come from giant infrastructure markets
such as USA and Japan.

"I am very excited that our first Elop Insight units are now out in field with
our clients. Our first customers will be important product ambassadors. We are
experiencing increasing interest for our products as we now mature Elop
Technology gradually from the field testing phase to the commercialization
phase." says Øivind Horpestad, CEO and chairman of Elop.

Commercialization of Elop Insight progressing
Multiple field tests of Elop Insight have been completed with industrial
partners during Q3 2021 to verify that the ultrasound technology can deliver on
infrastructure owners' requirements  in order to meet safety and environmental
regulations, reduce infrastructure lifecycle cost as well as ensure optimised
operations. The field tests are an important part of the ongoing work to create
awareness and demonstrate the use of Elop's patented technology.

Elop Technology has during the quarter successfully recruited an experienced top
management team to develop its global sale and business development
capabilities. This will be an important enabler for the successful
commercialization of the technology. 

"We are experiencing increased focus on infrastructure and interest for how our
unique technology can help extend the lifetime, reduce risk, reduce cost and the
environmental impact. We are optimistic about the future. Partner discussions
are on-going covering 12 countries in Europe and Southeast Asia, and we have
multiple discussions ongoing with potential new clients and customers" says
Øivind Horpestad.
 
Development of Insight Crawler according to plan 
The partnership with DEKRA Visatec and ICM and the development of our ultrasound
robot "Insight Crawler" is progressing according to plan. Successful tests of
the prototype have been conducted.

"We are pleased that the development of the Insight Crawler is progressing well.
We have some very exciting weeks and months ahead of us with continued testin.
We target to launch the Insight Crawler at the end of Q1 2022," says Øivind
Horpestad.

Outlook
Elop Technology's ultrasound technology is expected to continue to attract
market interest and Elop expects to close additional sales orders for its
ultrasound scanner during Q4 2021. Simplifai targets three to five times
contracted MRR at year-end 2021 vs year-end 2020. Based on the progress made in
Q3 2021, Elop retains its long term target.

Q3 2021 results
Elop Group delivered operating revenues of NOK 4.1 million in in Q3 2021, versus
NOK 0 million in the same quarter last year. For the first three quarters of
2021, Elop delivered revenues of NOK 8.4 million, compared to NOK 0.0 million in
the same period 2020. 

Elop held cash and cash equivalents of NOK 57 million at end of Q3 2021. Elop
completed a private placement raising gross proceeds of NOK 100 million at the
start of Q4 2021.

Live webcast presentation at 08:30 CET
Elop AS invites to a live company update today at 08:30 (CET). Investors,
analysts and media are invited to follow the webcast on:
https://channel.royalcast.com/landingpage/hegnarmedia/20211202_2/
ENDS


For further information, please contact: 
Media 
Øivind Horpestad, Executive Chairman of Elop, tel: +47 910 00 626

Investors 
Øivind Horpestad, CEO and chairman, tel: +47 910 00 626 
Kim Boman, CFO, tel: +47 959 63 912

About Elop 
Elop is a Norwegian holding company with two operating subsidiaries. Elop
Technology develops tools and digital solutions to inspect, monitor and manage
infrastructure worldwide using patented ultrasound technology. Through
data-driven and AI-based solutions for inspection and predictive maintenance of
concrete infrastructure, the vision is to provide asset owners with solutions
that improve safety, extend asset lifetime, minimise total lifecycle cost and
environmental footprint. Simplifai offers automation solutions using artificial
intelligence. Simplifai's Digital Employee solutions automate labour intensive
work process where natural language communication including email, chat or
documents are central.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2021 6,68 M 0,76 M 0,76 M
Net income 2021 -60,8 M -6,91 M -6,91 M
Net cash 2021 265 M 30,1 M 30,1 M
P/E ratio 2021 -4,03x
Yield 2021 -
Capitalization 326 M 37,1 M 37,1 M
EV / Sales 2021 9,20x
EV / Sales 2022 2,68x
Nbr of Employees 14
Free-Float -
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Number of Analysts 1
Last Close Price 2,78 
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Spread / Average Target -
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Managers and Directors
Kjersti Kanne Chief Executive Officer
Kim Boman Group Chief Financial Officer
Øivind Omar Horpestad Chairman
Imran Tamboli Chief Technology Officer
Ketil Melandsø Skaget Director
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