High Activity and Best Results in History for Nordic Unmanned
The third quarter for NU Group was characterised by a new strategy and profile, financial and legal restructuring, consolidation efforts, ongoing turnaround activities, high activity, and strong results, as well as an issuance to support the execution of ongoing activities and lay the groundwork for the future.
The result for the quarter amounts to over 20,000,000kroner (€1.71 million).
"We see the effect of everything we have done over the past 15-24 months and believe that the ongoing activities are the right ones to best position NU Group to come through and eventually make money. The drone industry is constantly evolving, and over the past year, we have made significant strides to take a leading role as a European OEM and airline, i.e., operator of drones or 'Drone-As-A-Service'," says CEO Stig Harry Christiansen.
With the strategic decision made in August to focus the business towards the defence and security sector, the company has worked through the third quarter on consolidating the flight operations.
NU DroneMatrix and NU AirRobot are pure OEM companies that produce drones, including the NATO-approved AR100-H. NU Flight Services represents the other business area, which is within Drone-As-A-Service – one of the world's leading drone operators towards governments, the maritime sector, and the offshore industry.
NU Flight Services delivered the best quarterly result in history in Q3 2024 with nearly 30,000,000 kroner (€2.56 million).
"We saw in Q3 that the business benefits from high activity in combination with the efficiency process we have been through. Now we 'just' need more volume, for example through consolidation, to ensure sufficient volume throughout the year and thus a sustainable business," says Stig Harry Christiansen.
"The work to adapt strategy, profile, organisation, and cost structure makes us optimistic about the future."
The OEM companies have also had high activity, but a "stop work order" has led to a negative result in Q3 for NU AirRobot. Both there and in NU DroneMatrix, there is a steadily growing pipeline and strong concentration on the defence and security sector.
"The money from the capital raising gives us the opportunity to weed the garden and carry out some work around process improvements and integration of the OEM companies that should have been done already at the time of acquisition. The goal is that such measures over time will contribute to more stable results for the OEM companies through continuous improvement," says CFO Tarjei Lode.
On Tuesday 19 November, a general meeting will be held with the approval of the already announced and ongoing issuance on the agenda. The issuance is fully subscribed, and a repair issuance for existing shareholders will be proposed to ensure equal treatment.
