Key highlights: 

Revenue for the fourth quarter 2022 came in at NOK 50.3m, exceeding guidance of
NOK 48m. Although the quarter contained solid contribution from project
revenues, the recurring revenues constitute 94% of total sales. Our cloud
revenues continue to grow steadily with MRR increase of 26% year-over-year.
Variable-recurring revenues bounced back from a weak 3Q (due to summer holiday)
yielding NOK 5.7m. Total revenues are up 8.7% compared to last quarter.

The cost base, pre capitalization, is down with NOK 3m in the quarter as the
cost initiatives are starting to materialize. 

Adjusted cash EBITDA came in at NOK -24.4.

The quarter had important milestones for the Group as it contained the first
months with new business units formally in place. In addition, we announced
end-of-life for SystemX with effect by 2024. Continued focus on cost efficiency
measures starting to yield results with run rate costs in line with previously
announced plans. 

Please join our webcast at 09:00 (CEST) today (Feb 28th) on the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20230228_9/

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