Presentation from our head office in Sandnes, Norway. Today I have with me Tarjei Lode, which is our CFO, and we will run through the presentation for you. First, before we start, we'll start with a short movie about a project that we did during last quarter. We'll talk a bit more about the content of the movie later in the presentation. I'll start with highlights of the quarter first of all. Okay. Looking at the Q3 quarter, it's been a very busy quarter for us. We have a increase in our revenue of more than 100% up to EUR 5.5 million in the quarter compared to the same quarter last year. Year to date, we are now at a revenue that is giving us 91% increase. On the other side, our backlog is still strong. We are closing the quarter with EUR 65 million in contract backlog. We have EUR 157 million in awaiting tender decisions over the next six months. If you look at what we have done during the quarter, we have done 471 SOx or NOx measurements of vessels and industrial plants. During the quarter, we have supported more than 3,000 people in search and rescue activity. Our flight hours have increased with 179%, which is also driving quite a bit of the revenue increase. In the quarter, we covered a flight distance of 139,000 km, which is around 3.5x Around the globe if you compare it. Going over to the financials, Tarjei Lode. Morning I will give you the group financials for the quarter. The third quarter ended at EUR 5.5 million in revenue. That's 100% growth. A new record for us. 100% growth from last year. Also a 13% growth from the previous quarter, second quarter this year. The year to date, we are at EUR 13 million in revenue. That's 90% growth from last year, and we passed full year 2021 in August and are now 40% ahead of full year 2021. The trailing growth of Nordic Unmanned is continuing and accelerating. More important this quarter was the big step towards profitability for us. We, with a much larger structure, we performed a better EBITDA margin than last year. If more relevant to compare with the previous quarter, the second quarter, so with the same balance sheet, the same assets, the same organization and salary costs, we were able to improve EBITDA with EUR 1.8 million and net losses with EUR 1.4 million. That's the scalability in the Nordic Unmanned platform. The business units in aggregate are close to a break-even EBITDA level. In the addition, we saw a reduction in overhead costs last quarter of EUR 0.6 million. We are now more on a normalized level of between EUR 1 million and EUR 1.2 million in quarterly overhead cost. In the third quarter, we concluded a cost saving program that will have an annual effect of EUR 2 million. We would start to see the effects in the fourth quarter and with full effect from first quarter 2023. Liquidity. Our liquidity position was EUR 4.7 million. Included in that was EUR 3.5 million in a credit line through AirRobot for the financing of the MIKADO II project with Bundeswehr. Nordic Unmanned will partly use this credit to re-refund the financing of the project, which we have done from May until now. It was a very busy quarter, high activity, and we are doing the flights and take the cost ahead of the payments. Towards our biggest client in third quarter, EMSA, we had receivables of EUR 3 million that are now received. We are also looking at a potential adjustment of the drone fleet composition and also looking at the financial structure that may give us a positive liquidity effect. Finally, we have a solid balance sheet with a 50% equity ratio. Okay thank you for that Tarjei Lode w e'll start looking into our business units. This is just a reminder for some of you and for those of you that hasn't been following us so closely. I'll do a quick recap. We divide our business unit into four different areas. We have Norrøn, which is our drone-as-a-service company. It's a pure-play drone airline which is doing everything from A to Z on running drone operations, and our permit to fly is also within that area. We have our NUMAR business as a data-as-a-service business and it's driven around the maritime industry. We have NUTech, where we have all our own products collected in there. It's where we act as original equipment manufacturer, OEM. We have our sales and distribution in the NU Global business unit. We'll start with Norrøn. As mentioned, Norrøn has record high activity, which was also planned for and expected. Our revenue in the quarter ended up at EUR 4.1 million, giving us a positive EBITDA in the business unit of EUR 500,000. In the business unit, total investments is above EUR 20 million in our drone fleet, including sensors, ground control stations, antenna systems, and other elements needed to run the type of operation we are running. If you look at the flight hours, our revenue is highly driven by deployments and flight hours. With the flight hour increase of 179% is also giving us a reasoning behind the increase in revenue. If you look at the distance we've been flying, as mentioned, it's 139,000 km. Bear in mind that when we are flying, we are flying with several sensors at the same time, covering areas on both sides of the drone when it's flying. The footprint of our flights, it's considerable in the period. Last quarter, we talked about difficulties with the implementation of the then new OP46 contract. During the third quarter, we have significantly improved the profitability of the contract, and it's now a profitable contract. The improvements have been done simply by learning from the issues we had to start with and delivering a higher quality service. The improvement will also continue over the next quarters as well. We are up and running in the beginning of next year at the level where we should be with this contract. Our permit to fly, LUC, as many of you are tracking, we are constantly updating at the privileges we hold under the LUC. During the quarter, we added dangerous goods to the LUC, which means that we can fly the drones from a logistical point of view with dangerous goods on board. Dangerous goods in this context is oil and gas samples, medical samples, and so on. Especially on the oil and gas sector, the current manned options are not allowed to fly dangerous goods, which needs to be carried by vessel. For us, it's a significant update, but it's also on the path of making these air vehicles more relevant for the operation we want to run. As I mentioned, we have been in a lot of search and rescue operations, more than 90 year-to-date. That involves more than 3,000 people. Out to the right corner, there is a press cutting from our customer, which was the search and rescue after a plane crash outside Latvia, where we was tasked to support the Latvian search and rescue operation. It was the first time when a drone was tasked in that way. We were moved to a new airspace that was not cleared before, and that was decided by the search and rescue operation. We were fully integrated, and we were flying a lot of hours to try and to find the plane that went down. We are doing a lot of general maritime surveillance. The longest general maritime surveillance missions we're doing is up to eight hours per flight. The number here is representing a lot of flight hours. On the emission monitoring side and general maritime pollution side, we have been overflying more than 800 vessels. We have done a lot of measurements, both from the air and on the ground as well. If we look at the CO2 saving we are contributing with, we compare it with the manned alternative, we represent an average 175x less emission than the manned alternative. We announced a couple of weeks ago the conditional award of the OP5 contract, which we've been tracking for some time. We sent an update for this contract in July. It's been a period of clarifications before we've received the letter. The value of the contract is the highest in the group history with EUR 20.5 million over four years, and it's a VTOL, so vertical take-off and landing, service for multi-purpose maritime surveillance. It also includes flying from vessels and flying from land. It's a quite upgrade of what we've had before. The current crew and part of the current fleet will be used on this contract as there are considerable synergies with our existing operation. There is currently a initial configuration test that will be held before the end of this month. We're quite confident that that will run smoothly. Based on that, we expect the contract to be signed early January and have our initial effect from Q1 2023, which is our data implementation phase for the contract. The full utilization of the contract we don't expect before 2024. It allows us to scale further on the OP46 contract before we start the operation on this contract. For our NUTech business, products are now getting ready for market. We had a EUR 0.6 million revenue in the quarter. The main milestones we're talking about here, it's the MIKADO contract, so we are progressing according to plan on that. Also, we are seeing increased development in maintenance and repair for the old MIKADO fleet, meaning that there is increased activity from our customer in using those old assets that we didn't think that will be maintained in that high manner it does now. We have installed our first two drone-in-a-box systems in the Port of Antwerp according to the contract. Next four will be installed soon. The Staaker logistical drone completed its offshore qualification test. You can see the image from that on the right-hand side here. As we described earlier, this was an operation for Equinor, and we ended up flying between three platforms in the North Sea, the Gullfaks A, B, and C platform, and the standby vessel, fully autonomous and fully integrated into the aviation helicopter operations in the area, so scheduled flights. It proved the robustness of the platform, the robustness of our operation, and also operating in the harsh environment of the North Sea. It's very important for us as we believe very much in logistical operations in those areas. It also proved quite a bit when it comes to the business case of doing this. What is the business case of replacing vessels, replacing current operations, and how could you quantify that during the period? We did delivery of live objects that was needed in the operation while we were deployed out in the North Sea. On the NUMAR side, we are continuing with growing the business. It's our newest business unit, and we have taken major steps in taking the strategy of this area into a more commercial phase. The image you see is from a emission monitoring demonstration that was on board a container vessel outside California during the quarter. The NUMAR achieved a commercial breakthrough for integrating the emission monitoring sensor into the Camcopter system, which is important both for us internally, but also for external customer, which is the case here. Our Ecoxy business delivered steady growth and solid margins in the third quarter. That's driven by the maritime industry's interest of understanding and improving the level of NOx emissions they are having. We also saw that the Norwegian funding, so there is a NOx Fund in Norway, has prolonged its activity, which means that the funding available for these activities is now prolonged for five years. Interestingly enough, we are achieving some synergies that we hope to achieve when we did the acquisition of Ecoxy, when we performed parallel NOx measurements on a gas turbine plant. Basically both doing measurements in the air and doing measurements on the ground at the same time to understand the difference between the two and build further on the business case when would you do a air-based measurement, or when would you do a ground-based measurement? On the NU Global side, we had a revenue of EUR 0.3 million. We were not satisfied with the revenue in this business unit for the quarter. We had much higher expectations, as we have communicated before. The negative EBITDA is driven by the cost of doing business development in this area. We did establish a office in the U.S. during the quarter. It's in Baltimore, Maryland. We are actually seeing good traction after the establishment from relevant big potential customers in the U.S. market, both reaching out to us and also our existing leads that are excited about the opportunities we see in the U.S. We also started the establishment of the distributor network both in the U.S. and Canada and Australia, New Zealand, Indonesia and Japan for the quarter. The revenue in the quarter was mainly related to sales of small drones to law enforcement agencies in Norway and Sweden. There is some very strong tender activity related to drone systems within this area that we will come back to when we talk about a bit of the outlook. What also has happened, as we have all been exposed for through the media, is a big change in the way many of our customers are looking at their vulnerability for drones that are flying without permit, without any planned flights, and with hostile intents. Based on that, we have increased our focus towards the new segment, which is counter-drone. It's becoming very clear for many infrastructure owners and for different governmental agencies that drones can fly in the air and there needs to be a detection or monitoring of what's in the air. What you see here is basically a counter-drone system that was installed on our office that gave us full understanding of anything that was flying 10 km around the city center of Sandnes, which means including the airport at Sola, including the head office of Equinor, including the NATO Training Centre. All of that was within what we could detect. These are the types of systems that we believe and strongly recommend that many needs to invest in. You need to understand what's flying up in the air. Actually, we have been working in this market for some time, both DroneMatrix out of Belgium and Nordic Unmanned, but we haven't considered the market to be very big. It's been a niche market up until now. We have several commercial proposals that is out there. At the same time, these customers needs to also build their strategy of what type of systems, how to handle this, and so on. Is it sales of systems, or is it a service? It could be both. Let's see. We also hosted a counter-drone seminar at our headquarter together with some partners to give more information to the relevant potential customers and users and authorities within the energy sector in Norway. If we look at the commercial side, as mentioned, our closing backlog for the quarter is EUR 65 million. In the quarter, EUR 3.5 million was added with new contracts and orders. That means that the reduction in the quarter was EUR 2 million. If you look at the composition of the backlog, we have the highest backlog for 2023. Um that's that is now uh, expected, uh, to be representing EUR 25.7 million. Um, and the... it's very important to understand that the, that the, uh, OP5 contract is not included in the backlog that we're talking about. It will be included once the contract has been signed. Um, and if you look at the business unit composition of our backlog, um, Norrøn still represents, uh, the by far larg-largest part of it with 62%, uh, with NU Global 14%, um, uh, and, uh, NUTech 23%, and NUMAR is only 1%. We expect to see that changing where NUTech and NU Global will become a lot bigger within this area. If you look at the potential awards in the near future, this late winter and the start of the war in Ukraine, we saw a big shift in interest and demand. We did think that interest and shift in demand would quicker lead to POs and real sales. We have been somewhat disappointed about the speed that decisions have been taken in and the sense of urgency that the decision-makers and politicians are actually looking at. We are seeing some changes in that now. For maritime surveillance, we have several opportunities that we are awaiting potential awards for, which is obviously a market where we have a strong footprint today and strong experience. Within the offshore energy, we have a focus on offshore energy and especially logistical concepts within that area. We are working on several tenders for this and are awaiting some news there as well, hopefully. Some good news, hopefully. Obviously, what we have done for Equinor is a showcase for us as a technology provider, is a showcase for us as a drone operator. It's also a showcase of the maturity of our industry and how disruptive the introduction and use of this technology is for these large energy majors. We are continuing to working hard in that field. On the urgent request for drones, there is and there has been urgent requests for drones for quite some months now. It's been a challenging process because we have been offering and bidding on urgent requests that then have been sent back and decision has not been made, and budget was not available or priority has shifted. We are now seeing a different approach with a bit more formality and a bit more transparency for us as a supplier. This represents in our short-term potential decisions, the urgent request for drones represents a total of more than EUR 100 million. It's a considerable opportunity in there. On the AirRobot AR100-H payload sensor, it's been there for some time, and it's basically how we can scale the current technology with AirRobot into new platforms that we are following up there. Additional triggers, counter-drone technology, we have several opportunities that we are waiting for decisions on within that area. We are saying within the next six months, it's a total of EUR 157 million that we are waiting award for. Within the next two months, with the amount of those EUR 157 million, around 120 of them, we expect a decision to be made within the next two months. Our CRM pipeline is EUR 1.3 billion, and the value-adjusted win rate is more or less unchanged from before with 55%. If we sum up the quarter, we have achieved a significant EBITDA improvement. The revenue is record high in the quarter and obviously the annual revenue as well. When we are comparing our revenue with the market peers, we have a very high revenue, which is good comparison to understand what role we are playing in this global market. We continue to see a healthy market growth, and we have additional capacity to scale. The market growth is not a stable line as we talked about before. It's a brutal increase sometimes, and sometimes opportunities take longer time. It is a high level, a healthy market growth. We are in a phase where our product lines are becoming more and more mature, those that are under development, and they are becoming commercial products. As I said, the tender decision potential is EUR 157 million. If you look at the outlook, many of you are asking about our outlook. We are focusing in this quarter on our 2023 outlook in growth and profitability. On the growth side, we are simply saying we are starting at EUR 25.7 million. That's our backlog. There are additional awards expected, and the OP5 contract is not included. We are more guiding based on where we are and where the current opportunity could take us. On the profitability, based on the current outlook, we do expect to be profitable and cash positive from operations in 2023. That's our very clear message to all of you. Obviously, we did not at all like the numbers we saw back in Q2. We are very satisfied to see the improvements we have done over to Q3. Going into 2023, we do expect to be profitable and cash positive from operations. Okay. I guess that was the presentation part. We'll go over to the Q&A session here. I have one question here. It's about the Danish Tactical UAV tender that we've talked about historically. That is not included in the tender award numbers. The process is not concluded. That's the comment I have on that one. Which means that the tender has gone a bit back to a start again. Do we have other questions? Yeah we have a question regarding the backlog. Is the total backlog value adjusted like the win rate, or is it not? If you can know that. No, the total backlog value is the value we could get out of the backlog. It's not adjusted like the win rate. It's 100% value in the backlog. What we see is that on the framework contracts, some of the call offs or the usage of the contracts could shift from one quarter to the other or slide from one year to the other if it's the end of the year. We are each quarter updating and adjusting the usage of the backlog based on what we expect. Another question you mentioned EUR 120 million decisions next two months. Does that mean that you expect a win rate of 50%, 53% or 55%, the value-adjusted win rate? Yeah the mathematics would be great to apply. Obviously, some huge numbers. There are several opportunities within that area. Our historic win rate is based on several principles. It's based on an assessment of what we believe we can win a lot, what we believe we can deliver on within the customer timeline a lot, and also how well-positioned we would be for a potential bid. We would not bid if we didn't believe that we could win. That is for sure. What the probability of winning is, it's normally driven by having more information than what we have at this point. We would not bid if we didn't believe we had a fair opportunity to win. Yeah we have a similar question. The potential EUR 157 million revenue from tenders, is that expected share you're expecting? Is that the expected share you are expecting, or is it the full value of the tenders? If so, what's your expectation on success? Yeah that is the full value of the tenders we are bidding on, that number. Our win rate is value adjusted, so winning or losing those big ones is changing the win rate more than smaller tenders. We tend to focus on the big tenders and not the small ones. It's a question about which month or quarter do you expect to reach profitability next year? We haven't given our guiding on that, but traditionally the beginning of the year. Well, if you go backwards and look at our numbers for this year and last year, you will see there is a seasonality to our business. Normally, we will have on the operational side a slow start of the year, and then it ramps up from March on. The profitability expectation is driven by that, but it's also could be heavily affected in the other direction if any of the short-term opportunities will come through. We don't give a clear guidance on that. I would look at our numbers to understand the seasonality of the business, first of all, to see when this would be. Okay do we have? There's another one on the same topic. What's your expected success on the tenders in percentage if you want to? Yeah as I said, we do a gating structure, and we don't want to waste our time or money on tenders we don't believe we're gonna win. That means that we need to have a p-win that is acceptable for us to start the tendering process internally. That doesn't mean that it needs to be 55%, but it needs to be at a reasonable percentage that we're comfortable that we have a fair chance of winning. We haven't done a average assessment or that we want to communicate on this one, but it's not something we are bidding on just to show a great number. For sure that's not the approach we have. We are quite serious when we're putting in a bid, and that means that we need to believe that we can win it. Okay we have a question about is there any news on the huge Danish contract? Yeah as I said, we don't have any news to share on that just now. Okay. As we have said before, if you have more questions, please forward it to ir@nordicunmanned.com, and we will answer best as we can. We're very grateful for all of you following live on this presentation. The presentation will also be shared on our nordicunmanned.com pages as well. Thanks a lot for listening and have a great day.