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 2026, driven by strong core infrastructure performance and initial AI infrastructure orders. Gross margins remain robust, but future quarters may see pressure from higher AI revenue share and memory costs. Guidance for 2026 is unchanged.
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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.