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2. December 2021

First orders for Elop Insight and Insight Crawler and strong MRR growth for Simplifai | Q3 2021 financial results

2 December 2021 – Elop Technology received the first orders for its “Elop Insight” and “Insight Crawler” in Q3. The first “Elop Insight” units have been shipped to customers in the fourth quarter. Simplifai wins multiple important contracts resulting in contracted monthly recurring revenue (MRR) of NOK 1 million at end of Q3, a growth of 208 percent year-on-year.

Simplifai delivers strong MRR growth

Simplifai won several important contracts during the third quarter, for example with Upstox, India’s second largest stockbroker and with Van Ameyde, a leading European insurance company. Simplifai has during the quarter entered strategic partnerships with Easy2You, a company delivering logistics services to online retailers, and with Avans Soma, a health care solution provider.

“Simplifai delivers a strong quarter with year-on-year growth of 208 percent. We have been successfully benchmarked, tested and compared against other solutions. We have won contracts due to our unique solutions and we are experiencing increased recognition and acceptance in the market for our solutions,” says Bård Myrstad, COO of Elop and Managing Director of Simplifai.

First orders received for Elop Insight and Insight Crawler

Elop Technology received its first orders for the hand-held “Elop Insight” ultrasound scanner, and a pre order for the robotic solution “Insight Crawler” during the third quarter. The first Elop Insights units have been delivered in the fourth quarter. The first orders have come from giant infrastructure markets such as USA and Japan.

“I am very excited that our first Elop Insight units are now out in field with our clients. Our first customers will be important product ambassadors. We are experiencing increasing interest for our products as we now mature Elop Technology gradually from the field testing phase to the commercialization phase.” says Øivind Horpestad, CEO and chairman of Elop.

Commercialization of Elop Insight progressing

Multiple field tests of Elop Insight have been completed with industrial partners during Q3 2021 to verify that the ultrasound technology can deliver on infrastructure owners’ requirements in order to meet safety and environmental regulations, reduce infrastructure lifecycle cost as well as ensure optimised operations. The field tests are an important part of the ongoing work to create awareness and demonstrate the use of Elop’s patented technology.

Elop Technology has during the quarter successfully recruited An experienced top management team to develop its global sale and business development capabilities. This will be an important enabler for the successful commercialization of the technology.

“We are experiencing increased focus on infrastructure and interest for how our unique technology can help extend the lifetime, reduce risk, reduce cost and the environmental impact. We are optimistic about the future. Partner discussions are on-going covering 12 countries in Europe and Southeast Asia, and we have multiple discussions ongoing with potential new clients and customers” says Øivind Horpestad.

Development of Insight Crawler according to plan

The partnership with DEKRA Visatec and ICM and the development of our ultrasound robot “Insight Crawler” is progressing according to plan. Successful tests of the prototype have been conducted.

“We are pleased that the development of the Insight Crawler is progressing well. We have some very exciting weeks and months ahead of us with continued testin. We target to launch the Insight Crawler at the end of Q1 2022,” says Øivind Horpestad.

Outlook

Elop Technology’s ultrasound technology is expected to continue to attract market interest and Elop expects to close additional sales orders for its ultrasound scanner during Q4 2021. Simplifai targets three to five times contracted MRR at year-end 2021 vs year-end 2020. Based on the progress made in Q3 2021, Elop retains its long term target.

Q3 2021 results

Elop Group delivered operating revenues of NOK 4.1 million in in Q3 2021, versus NOK 0 million in the same quarter last year. For the first three quarters of 2021, Elop delivered revenues of NOK 8.4 million, compared to NOK 0.0 million in the same period 2020.

Elop held cash and cash equivalents of NOK 57 million at end of Q3 2021. Elop completed a private placement raising gross proceeds of NOK 100 million at the start of Q4 2021.

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