PiezoMotor Uppsala : Jan-Mar 2022 (ENG)

Growth and positive cash flow

• • Continued strong sales growth

• • Strong cash flow from operating activities

• • Positive operating profit*

The Group's first-quarter 2022

• · Net sales totalled SEK 43.1 (7.1) million

• · Operating loss was SEK -29.3 (-5.7) million

• · Cash as at 31 March amounted to SEK 17.7 million, an increase of SEK 9.1 million compa-red with 31 December 2021

* Excluding amortisation of goodwill and non-recurring items

Adjusted profit/loss

• · Gross profit/loss was SEK 14.4 (0.7) million

• · EBITDA totalled SEK 5.1 (-5.3) million equivalent to a margin of 12 percent

• · Operating loss was SEK 3.9 (-5.7) million

Events during the first quarter

27 January 2022 PiezoMotor initiates the next phase in the mobile camera collaboration

PiezoMotor announces that the exclusive licensing agreement which the Company ente-red into in August 2021 with an Asian company for the commercialisation of PiezoMotor's PiezoWave® technology has entered the next phase in which the camera solution is pre-sented to potential customers and partners - including leading camera module manufactu-rers. This phase is expected to run throughout the first and second quarters of 2022, with the intention of entering into commercial col-laboration with one or more camera module manufacturers. PiezoMotor's Asian partner is a quoted, well-established supplier of integrated solutions in very high volumes for consumer electronics and other applications.

7 March 2022 PiezoMotor announces its intention to change the Group's name to Acuvi

The proposed name change is the result of extensive strategy and branding efforts. Under Acuvi, the business today consists of three main companies - PiezoMotor and the compa-nies Sensapex and TPA Motion both acquired in 2021. These three company names will be retain-ed since they constitute well-known brands in the companies' respective markets. The Group's strategy is to create a global leader providing solutions for many applications through profitable organic growth in combi-nation with acquisitions, in line with increasing demands for precision and miniaturisation.

Events after the end of the period

7 April 2022 PiezoMotor is renamed Acuvi

At an extraordinary general meeting of PiezoMotor Uppsala AB (publ) held on 7 April 2022, it was resolved, among other things, that the Company's business name be changed to Acuvi AB, that the series A share class be dele-ted, that all series B shares be converted to shares without a series designation, that the Board of Directors may resolve that sharehol-ders may exercise their voting rights by post before a general meeting, and that the Board of Directors may resolve that general meetings be held in Stockholm, even though the Com-pany's registered office is in Uppsala.

The CEO's view

Sales growth, profitability and recruitment

We are building a global leader in solutions for applications with increasing requirements for precision and miniaturisation.

- Anders Koenauer, CEO

The high level of activity in the market con-tinued in the first quarter of 2022, and our growth has been highly satisfactory, with pro forma growth of over 30 percent compared with the first quarter of 2021. There are variations in sales trends between quarters, but we see very good underlying growth and, alongside the positive result of the expansion of direct sales, we have also seen substantial activity and inflow of orders from our retailers.

The integration of the various operations of PiezoMotor, TPA Motion and Sensapex has progressed rapidly and we are already seeing major opportunities for increased sales poten-tial both through existing customers and within new areas of application. We have previously taken major steps towards increasing our internal efficiency through common product platforms, the integration of customer systems and the establishment of a joint commercial organisation.

We are in a very expansionary phase with on-going recruitment in areas including sales, pro-duct development and product management, so that we can most effectively take advantage of the potential we see in the market. Our focus is on growth with profitability, taking advantageof the major synergies between the Group's companies.

After the end of the quarter, we renamed the company Acuvi. We aim to become a leading global player in solutions for applications which have ever-increasing requirements for precision and miniaturisation. A single joint name for the Group gives us greater opportu-nities to position what the whole Group can offer, while retaining and further developing our well-established brands. Inparallel with organic growth, we are continuing to implement an active acquisition agenda, focusing on growth within aractive market segments.

We have made an exceptionally good start to 2022, and we are now continuing our efforts to expand our own presence in the market and to broaden our product offering to enable us to take full advantage of the potential we see in the market and to offer our global customer base the best possible support.

Anders Koenauer, CEO

The Group's first-quarter 2022

Net sales and profit/loss

Net sales for the Group during the first quarter of 2022 amounted to SEK 43.1 (7.1) million. The Group's pro forma sales in the first quarter of 2021 totalled SEK 32.4 million. This represents pro forma growth of 31 percent. Around 75 percent of the Group's sales were in the USA. Adjusted for currency effects, our growth was around 24 percent. Other important markets are Western Europe, primarily Germany, and Japan, Singapore and China.

The Group's depreciation/amortisation during the quarter amounted to SEK 18.9 million, of which SEK 17.7 million represented amortisation of goodwill following from completed acqui-sitions. The greater part of the amortisation of goodwill is recognised as a part of the cost of goods sold. The gross margin fell during the quarter due to the net sales value of TPA Motion's order book being entered at a value of SEK 29.0 million on the acquisition date. As at 31 December 2021, this item had been reduced to SEK 28.0 million and by 31 March 2022 to SEK 14.0 million. A reduced balance sheet item involves a cost in profit or loss. During the first quarter, this affected the cost of goods sold by SEK 14 million. Goodwill is amortised over five years, while the net sales value in TPA Motion is expected to be fully expensed during the third quarter of 2022.

The gross profit/loss excluding amortisation of goodwill and the effects of the net sales value in TPA Motion during the first quarter of 2022 amounted toSEK 14.4 (1.0) million, which is

equivalent to a gross margin of 33 percent. The recognised total gross profit/loss was SEK -17.3 (1.0) million.