NU Group – Lifting of “stop work order” and restart of ongoing project

25.10.2024 08:00:01 CEST | Nordic Unmanned | Additional regulated information required to be disclosed under the laws of a member state

NU refers to information provided earlier this year, latest in the Q2 2024 report where the following was disclosed: “Stop of workorder for ongoing project effecting revenue for AirRobot. Discussions are in process with the client about the next steps”. NU is pleased to confirm that the stop work order is now lifted and it is foreseen that the project deliveries will restart later this year and be income and cash generating from early 2025.

An on-going project relates to NU delivering our advanced payload sensor for drones produced by our 100% owned subsidiary, AirRobot, in Germany, to a major European corporate client.

“We are pleased with having reached agreement with our client to restart the project and deliveries. We faced several challenges during our financial restructuring in the spring and summer, including project delays, supply chain disruptions, and the stop work order. It is of paramount importance that we resume our deliveries to this major client. Most importantly, it demonstrates our commitment to collaboratively addressing and overcoming these challenges with the client. Additionally, it highlights our value as a provider of advanced technology solutions for the defence and security sectors. Notwithstanding this means adding income generating activity and cashflow to NU”, says Stig H. Christiansen, CEO of Nordic Unmanned.

NU Group is a leading European provider of advanced, drones, sensors, AI-powered drone solutions, and UAS-agnostic drone-as-a-service operations. The company serves government agencies, Ministries of Defence, security clients, and corporate clients, offering cutting-edge technology solutions for a wide range of applications, including:

Empowering defenders and protect lives
Autonomous efficiency and optimized operations
Safe and environmentally friendly collection of live, actionable data insights

Founded in Norway in 2014, NU Group has offices in Sandnes (NO), Cranfield (UK), Hasselt (BE) and Arnsberg (GER). Nordic Unmanned ASA employs approx. 100 FTEs and is listed on Euronext Growth with the ticker NUMND. The Group’s operating history is 20 years based on AirRobot in Germany.