Norway · Delayed Price · Currency is NOK Napatech Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 55% in Q2 and 61% in H1 year-over-year, driven by higher value products and strong core infrastructure performance. AI infrastructure is progressing from design wins to production orders, with a growing pipeline and operational readiness for scale. Gross margin remains strong but faces pressure from rising component costs.
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Q1 2026 delivered 69% year-over-year revenue growth and strong gross margins, driven by core infrastructure demand and new design wins. AI infrastructure is expected to contribute 20% of 2026 revenue, with guidance unchanged and seasonality anticipated.
Fiscal Year 2025
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Revenue grew 48% year-over-year in Q4 2025 and 33% for the full year, with strong gross margins and disciplined cost management. 2026 guidance targets 50% revenue growth, balanced between core and AI infrastructure, and no need for additional capital.
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Q3 2025 saw 25% year-over-year revenue growth, stable 70% gross margin, and improved EBITDA. Strategic partnerships and new AI/cloud products are driving a robust pipeline, with guidance reaffirmed for Q4 and 2026. Risks remain around customer order timing and adoption.
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Q2 2025 saw 43% YoY revenue growth, improved margins, and a strengthened design win pipeline, especially in AI and 5G. Guidance for 2025 and 2026 remains positive, with cost reductions and strong cash position supporting future growth.
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Q1 2025 revenue grew 8% year-over-year with a 70.3% gross margin, driven by major design wins in AI, cybersecurity, and financial services. Strong partnerships and a shift to order-based manufacturing support scalable growth, while a capital increase and improved working capital management position the company for future expansion.
Fiscal Year 2024
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Revenue grew 11% sequentially in Q4 but fell 22% year-over-year, with adjusted gross margin at 75%. Guidance for 2025 anticipates ~30% growth in existing business, stable gross margins, and high-volume design wins moving to production in 2026.
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Q3 revenue rose 47% sequentially to $5M, with gross margin at 71.3%, but year-over-year revenue declined 31% due to OEM inventory reductions. Strong progress in design wins and partnerships, especially in AI and 5G, positions the business for growth as market normalization is expected in H1 2025.
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H1 2024 saw lower revenues and increased costs, but key strategic milestones were achieved, including new design wins and an expanded Intel-Altera partnership. Despite short-term revenue uncertainty, the company is fully funded and maintains strong growth prospects in AI, cloud, and 5G markets.