Key highlights: 

Revenue for the third quarter 2022 came in at NOK 46.6m (excl. Promed), with 94%
recurring revenues. Our cloud revenues continue to grow steadily with MRR
increase of 38% compared to last year. Variable-recurring revenues saw a
decline, as expected in the quarter, due to summer holiday. Total revenues are
down compared to 3Q21 due to shut down of Promed and lower non-recurring
revenues, but core cloud products grew by 43% YTD.

The gross margin for 3Q was in line with previous quarters. The cost base, pre
capitalization but after adjusting for one offs, is down with NOK 9.6m compared
to 2Q22. 

Adjusted cash EBITDA came in at NOK -13.6m, which is NOK 6.9m better than
previous quarter.

The quarter is characterized by finalization of the reorganization as well as
reallocating resources between the business units. Focus on cost efficiency
measures has been important and expected to materialize with financial effect
early 2023. 

Please join our webcast at 09:00 (CEST) today (Nov 11th) on the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20221111_3/

The presentation and report will be available for download from the Investor
Relations page.