NORDIC UNMANNED ASA 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
Postponed operations due to implementation of new drone regulation as well as delays of commercial decisions led to postponed and delayed revenue of approximately
"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
Operating profit (EBITDA) adjusted for Covid-19 and extraordinary costs was negative
The contract backlog at the end of the quarter was
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
The company is also working on an updated strategy, setting a revenue target of
“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
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
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,
For more information visit nordicunmanned.com
Attachments
- Nordic Unmanned Q1 2021.pdf
© NTB Norway, source
