Cyviz : 2023 Annual Report

ANNUAL REPORT

2023

Our Business | Organization | R&D | ESG | Outlook | Financials

Contents

Our Business

Key Figures

Global Presence

Letter from the CEO

Board of Directors' Report

Cyviz in Brief

Financial Review

Organization

Research & Development

Environmental, Social and Governance (ESG)

Outlook

Financials

Cyviz Group Accounts

Cyviz AS Company Accounts

Independent Auditors' Report

Our Business | Organization | R&D | ESG | Outlook | Financials

Key Figures

Rolling 12-months trend

Order Intake			Gross Profit (MNOK)		EBITDA (MNOK)

289		28		25		35+
MNOK Gross Profit		MNOK EBITDA		Years of Next Level		Global Fortune 500
				Collaboration		Customers
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Our Business | Organization | R&D | ESG | Outlook | Financials

Order Highlights 2023

USD 6.4m			USD 5.3m		USD 2.8m
3 deals for delivery of high-end meeting	Refresh and upgrades on 9	Control room & operations center
rooms, board rooms and collaboration	different sites in the US and UK	for energy customer in the
spaces to energy customer	for Fortune 500 customer		Middle East
USD 9.1m	USD 1.4m			USD 0.8m	USD 25.1m
+60 meeting rooms and	Multiple projects for upgrades of	Cyviz' technology and solutions to a	Multi-purpose operation center &
operations centers for large	innovation labs for Fortune 500	new Microsoft Envisioning Theatre	remote-controlled offshore
customer in the Middle East	corporate customer				facilities with Aker BP

Other 4%	APAC 3%
	Corporate 18%

North America 19%

Europe 42%

Government & Defense 22%

Energy 56%

Middle East 36%

ORDER INTAKE 2023 | INDUSTRIES

ORDER INTAKE 2023 | REGIONS

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Our Business | Organization | R&D | ESG | Outlook | Financials

Global Presence

Cyviz has "Cyviz Experience Centers" (CEC) in Atlanta, Dubai, London, Oslo, Paris, Riyadh, Singapore, Stavanger, and Washington DC.

With employees at 17 locations in four regions

Portland

Stavanger Oslo

ChicagoEdinburgh

Global Support

Centre

worldwide, Cyviz has a powerful local presence in

our markets.

Cyviz is among the leading visualization and collaboration technology providers worldwide, with various key global accounts, including Microsoft,

Atlanta

Houston

London

Washington

Tampa

Utrecht

Paris

Qatar

Delhi

Aker BP, Boeing, IBM, DNV, Smart Innovation Norway, and Accenture.

Riyadh

Dubai

Singapore

• Cyviz Experience Centers (CEC)	• Microsoft Technology Centers incorporating Cyviz
• Partner Showrooms	• Selected Cyviz Customer Locations

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Our Business | Organization | R&D | ESG | Outlook | Financials

Cyviz is next level collaboration. We bring

communication, control and interaction together, powered by advanced technology but driven by one important thing: people. Cyviz makes life better by simplifying the complex, ensuring work is more immersive, productive and ultimately

more enjoyable.

This is Cyviz. The future at work,

right here, right now.

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Our Business | Organization | R&D | ESG | Outlook | Financials

Selected Customer Cases in 2023

INCOIS | Operation Center

INCOIS, established in 1999 under the Ministry of Earth Sciences, plays a crucial role in providing ocean information and advisory services to society, government agencies, and the scientific community. The project aims to set up a Network Operation Centre (NOC) at INCOIS's new facilities at their Hyderabad

Headquarters in India, which will focus on enhancing disaster

mitigation capabilities. The delivery and implementation of this project are expected to be completed in early 2024, in alignment with INCOIS's 25th anniversary celebrations.

READ MORE >>

Microsoft | Envisioning Theatre

& Holosuite

In 2023, Cyviz was awarded two strategic, important orders from Microsoft - Microsoft's Envisioning Theatre in Paris and reshaping the Holosuite in Amsterdam. Both of these projects follow the strategic partnership that started in 2020 when Microsoft involved Cyviz in the "Lifecycle Refresh" initiative, covering all

Envisioning Theatres in Microsoft Technology Center (MTC)

locations worldwide. Since 2020, Microsoft has deployed Cyviz'

technology to 28 centers, and the Redmond Executive Briefing

Center at Microsoft's HQ.

READ MORE >>

Aker BP | Operation Center

In 2023, Cyviz was awarded a strategic frame agreement with

Aker BP with subsequent orders of USD 20 million. These are the first orders for Aker BP's new Integrated Operations Center (IOC) to be built in their new office building in Stavanger. This project will be remotely operated from the IOC and control room onshore.

Cyviz solutions will be installed throughout the IOC and the Hugin

A platform, including onshore and offshore control rooms,

collaboration rooms, auditoriums, new digital technology, and

other spaces optimized for critical operations.

READ MORE >>

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Our Business | Organization | R&D | ESG | Outlook | Financials

Letter from the CEO

2023 has been a year of positive growth for Cyviz. With an all-time high order intake and a strong year-end revenue and EBITDA, we met our expectations and set new benchmarks in our

industry. Cyviz' success is a testament to the support and trust of our partners and customers, a reflection of the dedication and efforts of our colleagues throughout the year.

Our success results from collective efforts, underscored by numerous deals across our four regions and a substantial strategic agreement with Aker BP. Revenue met expectations, and we achieved a positive EBITDA development.

While celebrating our achievements, we must acknowledge the challenges we encountered along the way. Europe and the Middle East sustained strong performance, gaining market share in a challenging industry year. However, our US business faced challenges due to fewer private sector projects and extended lead times in some larger public projects.

Our presence across multiple industries and regions have been vital to overcome these obstacles.

Furthermore, our diversification strategy, initiated in late 2021 to broaden our market approach and mitigate regional and vertical market fluctuations, has proven instrumental. We are strengthening our position as the partner of choice among key global accounts. Thanks to our customers and their continued investment in our partnerships, we can continue developing solutions for Next Level

Collaboration.

Our 25th anniversary celebration in Geiranger marks a significant milestone in our journey. Gathering our global team to celebrate our success and honor our most valuable asset - our people - was an unforgettable experience. It reaffirmed that our success is intrinsically linked to the dedication and passion of each member of our team.

We are excited about the opportunities that lie ahead. Progress in developing Cyviz' new software platform for Monitoring and Remote Management is promising, with several global and regional partners signing agreements, advancing our strategic goal of increasing recurring revenue. Also, strengthening our Executive Leadership team with new roles and team members underscores our commitment to driving innovation and excellence.

I'm proud of what we've accomplished in 2023: our solid financial results, the strength of our culture, and our continued efforts to help our customers work better by delivering advanced technology to create business value.

Thank you all for what Cyviz achieved in 2023. I look forward to continued success in 2024.

Espen Gylvik

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The Board of

Directors' Report

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Our Business | Organization | R&D | ESG | Outlook | Financials

Cyviz in Brief

Cyviz AS ("Cyviz" or the "Company") was

established in 1998 and is headquartered in Stavanger, Norway. Cyviz is listed on Euronext Growth at the Oslo Stock Exchange (ticker: CYVIZ)

Cyviz is a global technology provider for comprehensive conference and control rooms as well as command and experience centers. Since 1998, the Company has created next level collaboration spaces, assuring inclusive meeting experiences for in-person and remote attendance.

The technology provider serves global enterprises and governments with the highest requirements for usability, security, and quality. The cross-platform experience Cyviz delivers to manage and control systems and resources across the enterprise makes Cyviz the preferred choice for customers with complex needs.

The Company has 100% ownership of the following subsidiaries: Cyviz LLC (USA), Cyviz Limited (United Kingdom), Cyviz BV (The Netherlands), Cyviz Pty Ltd (Australia) and Cyviz Pte Ltd (Singapore). Cyviz is represented in United Arab Emirates and Saudi Arabia through branch offices.

Going Concern

The Company's Board of Directors has concluded

that it is appropriate for the financial statements to continue to be prepared under the going concern basis of accounting.

Pursuant to section 3-3 (a) of the Norwegian Accounting Act, it is confirmed that the conditions for assuming that the Company and the Group are a going concern are present and that the financial statements have been prepared based on this assumption.

Cyviz Celebrates 25 Years in 2023

Started in 1998, Cyviz changed the way that the world looked at visualization and content sharing. 25 years later, our mission remains unchanged: providing Next Level Collaboration to help the

world work better.

To celebrate this milestone, team Cyviz from all over the world headed to Norway and the Geirangerfjord, a UNESCO World Heritage site, in September 2023 to celebrate our journey and our achievements.

WATCH OUR TIMELINE VIDEO >>	10