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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Nordic Unmanned
Nordic Unmanned (NUMND) investor relations material
Nordic Unmanned has been delisted
Nordic Unmanned Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary19 Nov, 2024
Executive summary
Q3 2024 marked by higher activity, strong adjusted EBITDA, and a clarified focus on defense, security, and consolidation, with record flight hours in Flight Services.
Strategic turnaround underway, including cost cuts, organizational right-sizing, and clarified focus on defense and security.
Financial and legal restructuring completed, including NOK 47 million share capital increase, EUR 6 million debt reduction conversion, and ongoing legal restructuring to establish a holding company with Flight Services and OEM as separate segments.
Transition to an asset-light model in Flight Services and ongoing efforts to strengthen sales and partnerships.
Significant cost reductions implemented, with personnel costs down 13% in Q3 and 20% YTD year-over-year.
Financial highlights
Q3 2024 revenue reached EUR 6.6 million, up from EUR 6.1 million year-over-year; YTD 2024 revenue EUR 13.9 million, slightly down from EUR 14.9 million YTD 2023, adjusted for discontinued business.
Adjusted EBITDA improved to EUR 2.0 million from EUR 0.9 million year-over-year; YTD 2024 adjusted EBITDA negative EUR 1.0 million, improved from negative EUR 1.6 million YTD 2023.
Q3 2024 net loss of EUR 7.2 million after EUR 6.3 million non-cash impairments; YTD 2024 net loss EUR 15.5 million.
Significant asset impairment of EUR 6.3 million related to the drone park and fleet.
Cash and cash equivalents at quarter end EUR 0.1 million, with EUR 1.3 million available in undrawn overdraft facilities.
Outlook and guidance
Ongoing capital raise expected to complete by November or early December to further strengthen the balance sheet.
2024 defined as a transition year, focusing on OEM growth in defense and security and structural options for Flight Services.
Legal restructuring to create a holding company with two pureplay segments expected by year-end 2024.
Estimated contract backlog at EUR 44 million, with a significant pipeline of opportunities.
Strategic review of Flight Services ongoing, with potential for merger, partial or full sale.
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Frequently asked questions
Nordic Unmanned AS provides remotely piloted aircraft system services via UAVs, specializing in Northern- and Arctic-specific solutions for commercial, environmental and safety applications. With a focus on developing tailor-made and cost-efficient solutions designed to maximize aviation safety, Nordic's solutions extend from the maritime sector to inland & oceanic surveillance, oil & gas operations & more. Nordic Unmanned AS is based in Sandnes, Norway.