Oslo, February 28th,
Key Highlights:
The Group had net cash of NOK 20m at end of December.
A volatile period where Uniscale commercialization showed very promising KPIs in
the third quarter, but the long-term adoption and conversion from trial to
paying customers were too low.
In order to protect the shareholders' values, significant cost reduction
initiatives were implemented during 2nd half of 2024 to increase runway,
including shutting down the commercial efforts during fourth quarter, reducing
staff to a minimum and file for bankruptcy in the Danish subsidiary (all
intellectual property remains in Uniscale AS - the Norwegian company).
The CodeLab board continues to pursue strategic processes to find a long term
solution for Uniscale and potentially CodeLab.
The financial accounts are largely impacted by the above mentioned items with
large one-offs (including write-downs).
More information about 2H 2024 and the financials can be found in the attached
report.