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's activity report 2022

Defendec OÜ's main activity is the development and improvement of sensor network solutions that increase situational awareness (EMTAK code 32991).

Defendec OÜ's main activity is the development, implementation, and sale of Smartdec devices based on sensor networks, as well as the provision of support services worldwide.

2022 was a successful year for the company. As a result of the selection of new products and business direction that began in 2019, the company was able to increase its turnover for the 3rd consecutive year during 2022. From a product group perspective, the focus continued

on the development of Reconeyez services and devices, according to the needs of target markets. For the Smartdec product series, the emphasis was on updating the existing software solution and automating integrations.

2022 was a productive year for the company and met the set goals.

Sales and business activities were developed and continued in existing markets through direct contact creation and participation in trade fairs. In 2022, the focus was only on existing partners and existing cooperation agreements and relationship development for the Smartdec product series. In 2022, the development of the Reconeyez service aimed at the UK, EU, and US markets for critical infrastructure protection continued. The main focus of the development team was to ensure the reliability of the software platform and create necessary updates.

The focus of software development was still on updating the backend and core systems and modifying them.

The design of the new generation of mass-market security devices, which was started last year, was also further developed. The hardware development process was successful, and as a result, prototypes were produced that were tested with customers in a real environment.

As a result of all the steps mentioned above, the sales of Reconeyez services were able to grow, mainly in the main target markets. By the end of 2022, there were nearly 50 users of Reconeyez in countries.

The turnover for 2022 amounted to 7,139,198 euros (2021: 4,093,541 euros). The rapid growth in demand for Reconeyez services and products had an impact on the company's results.

The operating profit for 2022 was 1,423,364 euros (2021: operating profit 421,132) and the profit for the financial year was 1,230,423 euros (2021: profit 263,589 euros).

During the reporting year, Defendec OÜ invested 76,453 euros (2021: 59,505 euros) in tangible fixed assets and 994,387 euros (2021: 640,491 euros) in intangible fixed assets. The main investments in tangible fixed assets went to the acquisition of tools and inventory. Investment in intangible fixed assets for the development of company products.

No significant changes in the competitive situation occurred during 2022. At the time of preparing the company's activity report, the main target markets have been affected by the COVID-19 crisis over the past year, which is mainly reflected in long delivery times and volatile prices. As a result of the growth achieved under the current pandemic conditions, the company's management sees that this crisis continues to increase the need for monitoring systems as a whole, as there is a desire of countries to increase the capacity of border guards and other defense institutions.

The company has made agreements with its main long-term cooperation partners to fulfill obligations.

The parent company's investors have also confirmed the continuity of investments in 2023, and in parallel, the company's management is actively working on attracting additional investment to support the current rapid growth. After the balance sheet date, the company has started negotiations with venture capitalists and has also received an indicative Termsheet for raising capital. As a result of the above, the company's management assesses that Defendec

OÜ is capable of covering short-term obligations and continuing business operations.

Financial ratios 2022 2021

Sales revenue 7,139,198 4,093,541

Turnover growth (%) 74.40 49.21

Short-term obligation coverage ratio: current assets/ 1.41 1.16 short-term obligations in times