Good morning. I'm pleased to welcome you all to Napatec's 3rd Quarter 2021 Interim Management Report web presentation webcast. I'm Ray Smith, CEO of Napatec. I'm located in Copenhagen today and joined by Heine Thorsgard, our Chief Financial Officer. Today's Q3 2021 IMS was released earlier this morning on the OSC and is available for the investors on our Investor Relations page of our website at napatec.com.
For your information, a recording of this webcast will also be available on the Napatec website as soon as possible later today. As always, we will answer your questions at the end of the presentation via text, which you can submit on the webcast page using the button below the presentation. We can take your questions on the phone if you prefer. If you'd like to ask a question, follow the instructions on this slide and we'll come back to it soon. Please note that this presentation contains forward looking statements that are subject to a number of risks and uncertainties.
Our actual results may differ from those discussed in forward looking statements. As always, Heine and I will cover our Q3 results and review our guidance for 2021. But it's a great time to talk about our future. I will share some exciting developments about the progress in key markets, key evolutionary steps the SmartNIC market is going through and where we are navigating Napatec to seize a key role in the evolving market and catch the growing and compelling opportunities that are ahead of us. So the future is bright for Napatec.
So let's get into it. Napatec has built a solid business making SmartNICs, which has emerged as key components of the rapidly evolving networks, clouds and data center markets. These smart NICs are made to easily plug into any standard server, which are the fundamental building blocks for all new networks designed and deployed. They are built with super powerful reconfigurable microprocessors called FPGAs, which combined with our software accelerate applications across multiple application segments such as cybersecurity, monitoring, Infrastructure, Cloud and Edge and Mobile. These application areas require more and more compute power to operate and perform faster and securely.
The demand for higher performing compute from these applications creates demands for SmartNIC. But the key strategic advantage to our success is Napatec's software that runs on these smart NICs that delivers the real value for our customers. The software provides the features that make our customers' software solutions work better, smarter and more securely. But when it's married to our hardware, we add the benefit of hardware FPGA performance to accelerate these applications even further. But it doesn't end there.
SmartNICs are evolving even more to meet the unstoppable rise of digital business. Even with the backdrop of the global pandemic over the past few years, the world has become even more dependent on data applications in the cloud. Add to this the architectural evolution of mobile networks to roll out 5 gs, the explosion of artificial intelligence and the catalyst of the Internet of Things, the need for performance in the data center has become even more intense. In highly virtualized environments where our market is evolving fast, server computing resources are being stretched to their technical limits to process more complex applications along with hypervisors, container engines, network and storage functions, security and greater amounts of network traffic. Server technology just can't keep up, so more infrastructure tasks need to be offloaded from the server to, you guessed it, to the SmartNIC.
So the SmartNIC needs more and more compute horsepower. In our design, the FPGA carries a generous load of compute. But the industry giants like Intel, Xilinx, NVIDIA and others have designed a new class of processors called DPUs or IPUs, Infrastructure Processing Units, that include general purpose computing cores. The difference between the IPU and a SmartNIC is that the SmartNIC can effectively accelerate infrastructure applications, which is what we at Napatec do every day. But the IPU is designed to go further and offload and run the entire network stack, which will give service providers a new option to deploy network and security functions.
So how does Napatec participate in this evolution? Well, we already are. We will expand our software on the SmartNIC solutions to include IPUs and we have already created partnerships including the one with Silicon and Intel. It is our ambition to win new business in 2022 and beyond in this expanding space. So we at Napatec believe we have never been in a more compelling position to take advantage of this growing opportunity.
According to the industry analysts that track our space, the total NIC market is expected to approach $2,800,000,000 this year, growing to about $5,600,000,000 by 2025. The SmartNIC segment alone in this market where Napatec is focused is expected to grow to $3,600,000,000 and accounts for the fastest growing segment of the overall NIC market. This growth is being driven by deployments by hyperscalers, Tier 2 cloud operators, telecom service providers and enterprises driving the need for smart NICs. Combine this with the evolution of the SmartNIC to the IPU to offload the entire network stack and the SmartNIC market is more lucrative and compelling for us than ever before. We see this evolution taking place and we are navigating Napatec to be a key player in this evolution, leveraging what we do best, accelerating applications and virtual network functions on FPGA based smart NICs.
And we are going deeper with key partnerships to get access to the new and growing IPU market opportunity by bringing our best in class high performance software to the IPU. We have already revealed partnerships as part of this effort and what we have communicated about Lenovo as becoming their OBS accelerator solution, importing our software to Silicom's to Intel based IPU, while building on longstanding partnerships with Xilinx, Intel and our newest partnership in the space, Achronix, Napatec is in a better position than ever before to seize these opportunities. Napatec will announce new products in this space and we will sign new important deals soon to keep up this momentum. And if we are successful, the revenues from these opportunities will be transformational to Napatec. But in order to achieve this, we need to invest for success and the time is now.
We have been successful building a solid base of revenue and profits in our core product line, but we are also keenly focused on executing to build new product capabilities and solutions with our in line and linked virtualization product offers to unlock faster areas for growth. This multipronged approach in our product strategy assures that we are building core revenues on a solid foundation while enthusiastically building new revenues in areas where we believe we can win. Our SmartNIC Link Virtualization Software will improve performance on SmartNICs and IPUs by offloading virtual workloads, improving server performance and overall network economics. As such, management has taken a decision to increase investments in software development to accelerate feature development within this evolving market. We have already begun expanding our engineering capacity by hiring full time engineers and subcontractors to help us leverage the business and get revenue faster with competitive solution.
We expect by the end of Q2, 2022 that we will have added more than 30 additional engineering headcount subcontractors compared to Q2 2021, which is about a 70% increase in engineering capacity year over year. This is substantial. This investment will impact our cash flow over the coming quarters as we accelerate this investment, but we fully expect these investments will enable new 2022 design wins, which will drive revenue expansion for years to come. We believe using this resource now is the best thing for our customers and our investors. The timing of this investment is strategic and now is the time to accelerate this effort.
So with all of this enthusiasm as a backdrop, let's provide an update on our Q3 performance. As we address a growing market and navigate a complex global business environment, we are pleased to report our continued streak of solid business performance. We delivered our 12th quarter in a row of year over year revenue growth and we delivered a combination of year over year revenue growth and profit for the 6th quarter in a row. We delivered 3rd quarter revenue of $7,500,000 for a year over year growth of 7%. As Hain and I highlight in other areas of our Q3 results, you will see that across the board our performance was solid, but we know we can do much better on revenue growth as we execute on our strategy as I just reviewed.
Even without significant revenues from our link virtualization efforts so far in 2021, results were solid and more importantly our strategy for long term growth potential will be much more interesting. We generated solid gross margins of 73% plus in Q3 and within our annual guidance range. The strength of our gross margin is a continued validation of our value proposition and our software value proposition in the marketplace. On the earnings front, overall earnings were significantly up and growing year over year demonstrating the overall strength from our business from the top line to the bottom line. We have been navigating a very difficult global supply chain challenge in semiconductors and other vital technology components.
We have done well to stay ahead of this worldwide challenge by stocking up on component supplies all year despite the shifts we have encountered with supply chain stability. We continue to deploy more working capital than normal as we secure component supply well into 2022 to ensure that we have them in place to support our demand and our planned revenue goals in 2022. Although this wasn't expected even at the beginning of 2021, we have shown resilience with how we have managed to do this to the best of our abilities. Despite this challenge, we handled the situation well. We delivered positive free cash flow in Q3.
Free cash flow year to date is positive DKK 12,100,000 when adjusted for early deployment of working capital due to supply chain impacts. So, so far so good. This slide shows our solid positive results on a year to date basis year over year. Even though we are not generating any of the new virtualization revenues, thus we didn't get the higher growth that we had hoped for, we still continue to build on a solid and profitable core business as we keep working on our strategy to unlock growth. Q3 'twenty one year to date revenue was US22.6 million dollars which is up 6% year over year from 2020 and up over the prior year to date periods.
From an overall results perspective. The chart on the right shows that with well managed expenses and careful product cost structure, we delivered record earnings over this period. This is by far the strongest earnings report in the history of Napatec. This demonstrates our business leverage and the potential for long term profitability. So I am pleased with the earnings results in 2021 despite the tougher than normal global environment, but rest assured we have much higher aspirations for revenue growth than what we have experienced so far in 2021 and we are optimistic about it.
Here is a sampling of logos of customers from all over the world who put their trust into Napatec's smart NICs and software in Q3. The logos are categorized into key market segments, Networking and Security, Telecom and Cloud, Government and Defense, and Financial Technology or Other. We had important sales across all these segments with solid revenue business customers in the networking and security sector, including key growing markets and customers like IBM, Live Action, Emergent, VIAVI, Arteza Networks and Polystar just to name a few. We have also had revenue from Intel in support of a very important effort to showcase our joint product solutions within their centers. Networking and security is where performance against evolving threats take center stage.
On the telecom and cloud side, we again saw ongoing business with Orange, Nokia and Mobileyeum, for example, all focused on Telecom. We saw renewed business with Triveni, NeoMetrix and others where higher speeds and the need for better performance is driven by 5 gs, increasing security threats and the need for greater visibility and faster packet processing. Q3 is an important quarter for government and defense segments in any industry, which has been a growing focus for us too. With returning OEM customers like Rheinmetall, Exelio and Dell, but also agencies such as NASA Ames Research Center, the Japanese Ministry of Defense, NIST also known as the National Institute of Standards and Technology and NATO's Cooperative Cyber Defense Center of Excellence. All of these in all of these use cases, mission critical apps need higher performance with 0 packet loss but with greater network visibility and control.
In the FinTech sector and the other category, we continue to earn business with OEM customers like Pico CorVel, Velocimetrics and Refinitiv and a very important end user customer business win over the last couple of quarters with Bank of America and Europe's international exchange. We had business with a handful of top universities too such as Carnegie Mellon and Emory University. It was good to extend business with several key pharmaceuticals too like Gilead and Novo Nordisk all fighting the battle in the pandemic. We are pleased overall with our customer wins in Q3 as we build our progress year over year. As I have mentioned earlier in this presentation, we have been operating our business in a changing and complex global supply chain situation.
The cost of components that we buy to build our products have been escalating all year long. Coupled with the lack of historical available supply, Napatec has been aggressive at securing component supply to protect our customers' needs and to assure our long term supply support our planned revenues going into 2022. It is unusual for us to now have to compete for components on technology marketplaces where we have seen the availability and their prices change literally on a day to day basis. So far, we have done well to maintain our margins and prices. However, we did receive word a few weeks ago about a significant price increase for a key component of our product line, namely the FPGA.
We needed to react by issuing a price increase, which is now effective for January of 2022 for all Napatec impacted products. Given the environment, this is the right decision to make. We have thus communicated this to our customers. We are not out of the woods, so to speak, as we continue to see the global situation evolve. Other areas that we are closely monitoring are industry server availability where we have reports of tighter supply for servers for data centers, which can impact SmartNIC availability.
Another area where we have heard reports are around shortages of customer personnel to deploy projects, which has caused some project delays and increasing time when customers need our products. So we are being cautious. But on the positive side, we are seeing strong backlog development as customers also respond to their own concerns about SmartNIC supply. So let's get into the financial details. I'd like to now turn the call over to Heine Thorsgard to review more details about our Q3 2021 results.
Heine?
Thank you. Revenue in Q3 was up 7% compared to Q3 last year. Revenue year to date in USD was up 6% compared to last year and amounted to €22,600,000 In DKK, Revenue year to date amounted to $140,500,000 Gross margins in Q3 ended at 73.1%, up 3 basis points compared to Q3 last year. Gross margins in the 1st 3 quarters of 'twenty one was 71.7%, up 0.3 basis points compared to last year. Our staff costs and other external costs in Q3 amounted to $28,300,000 compared to $25,300,000 in Q3 last year.
Year to date, staff costs and other external costs amounted to 88.6 $6,000,000 compared to $86,300,000 last year. EBITDA in Q3 amounted to 6,200,000 compared to €5,400,000 in Q3 last year. EBITDA for the 1st 3 quarters of 'twenty one amounted to €12,100,000 compared to 14 €900,000 in 2020. Staff costs transferred to capitalized development costs in Q3 amounted to £6,100,000 compared to £2,500,000 in Q3 last year. And transferred costs year to date amounted to £17,800,000 compared to $8,700,000 last year.
EBITDA in Q3 amounted to $12,400,000 $29,800,000 for the 1st 3 quarters compared to €8,000,000 in Q3 and €23,600,000 year to date last year. Results for the period in Q3 amounted to €7,600,000 up $6,700,000 compared to 2020. And for the 1st 3 quarters, the result for the period amounted to 18,600,000 compared to €3,400,000 last year. Net cash flows from operating activities in Q3 amounted to €12,700,000 compared to €14,800,000,000 last year. End of Q3, net working capital was €36,400,000 compared to €6,600,000 at the end of Q3 2020.
Compared to end of Q3 last year, our inventories are up €14,000,000 and receivables of €15,000,000 As we mentioned earlier, we've proactively been sourcing components for some time due to the uncertainty around the supply chain, and this conscious choice is reflected in the net working capital level. Net cash used in investing activities in Q3 amounted to 8 €400,000 compared to €3,400,000 in Q3 of 2020. And year to date, net cash used in investing activities amounted to €18,800,000 compared to €9,200,000 last year. This is reflecting our acceleration of investments in our new product development and as Ray mentioned earlier. Free cash flow in Q3 amounted to $4,300,000 and reported free cash flow year to date is negative $19,100,000 When adjusted for the increases in working capital, free cash flow year to date is positive $12,200,000 And we've now managed to produce a positive adjusted free cash flow for the last 9 quarters in a row.
Cash and cash equivalents end of Q3 amounted to $40,600,000 compared to €70,700,000 at the end of Q3 2020. Now back to you, Ray.
Thanks, Heine. Let's take a look at our outlook for 2021. We have a robust pipeline of opportunities in 2021. Given our pipeline of opportunities within Q4, we remain committed to our current guidance for 2021. We are confident in partner and customer opportunities within our pipeline for Q4 and we are working very hard and we are going forward to deliver on our annual revenue goals.
We feel good about our gross margin development against the backdrop of the global supply chain challenge and our increase in engineering investment is fully accounted for and our annual plan. So we hope to demonstrate good results in Q4 along with interesting key developments with our strategic partnerships. So watch this space. We will remain diligent on the risks for us in Q4 as well. As I've already said related to the global supply chain challenge situation, areas we are closely monitoring our industry server availability, reports of shortages of customer personnel to deploy projects and other things which can cause some project delays.
So in conclusion, we are a stable and growing business chasing a very lucrative opportunity for growth within a very important market for data center expansion. Our core business is sound which is an important foundation that we're building on as we navigate our way to a bigger and very compelling market opportunity of accelerating applications, offloading functions in virtual networks in catching the wave with IPUs through partnerships and new ways to get to the market. Overall, we remain very optimistic about the potential for growth and are striving every day to unlock that growth potential with innovative technology, SmartNIC solutions and features that deliver market leading performance for our customers. As they say, timing is everything. We have the smarts.
We have the team. We have the technology. We have the ability and the potential for success. The time is now to invest more to get the success we and our investors deserve. So we remain committed to our growth strategy.
And now we need to go get the job done. So now I'd like to invite Heine Thorsgard to join me and begin to take your questions. If you'd like to ask a question, you can submit it now on the live webcast page using the button below or you may dial into one of our phone numbers on the screen where an operator will answer your call and place you in a queue. Please keep your questions to 1 or 2 per caller and we'll do our best to respond to as many text questions as we receive. Operator, I'll let you take it from here.
Do we have any calls in the queue? Operator, I've got a few questions that have been texted in. So I think we could start with a few text questions here. All right. Thank you very much for your questions.
So far, Chyna and I are just peeking at some of the ones that just popped in. We've got 5 good ones. I think we'll cover quite a lot of ground here and most likely a few others will pop in. We just see one just popped in. So I'm going to just take it from the top.
We had one question regarding a status on how we're doing with Lenovo. I see another question also popped in on the same regard, how going? How are the discussions with other brands going as well? And maybe provide a little color in terms of how things are going since we've articulated our anticipation for initial design wins with Lenovo in 2021. So far things are going very well with Lenovo.
We're fully engaged with 2 very significant customers that we've communicated last quarter, what those customers are in the telecom and the cloud sector space. It's our ambition to continue with the testing process. As you guys know, in China, The annual vendor selection process is a rather structured and laborious process. Customers typically get into multiple rounds of testing all of the features and functionalities of the solution that they're looking to acquire from Lenovo. These are Lenovo end user customers.
And we support them from a remote basis obviously here from Copenhagen and anywhere else we are. We have local people also in Asia supporting this process. But But we don't get to talk to the end user customer. We get interactions through Lenovo about how things are going. And we're very, very excited about the potential to see both of these customers come to fruition, but specifically in Q4 we're hopeful that one in particular with high probability for completing the testing process in Q4 is going actually quite well according to Lenovo and we're very hopeful to see a new design win there.
We know this typically does take long. We know there can be some frustrations. Obviously, we share those same frustrations as long as it takes to get into these new design wins. But they're extremely important overall to Napatec. We are executing nose to the grinding wheel.
We are focused on success. We feel very confident about our product solution and our solutions ability and we feel very good about the relationship with Lenovo. We're just working very diligently to make that initial design win happen. We did communicate in the second half or I should say after our Q2 report that we anticipate seeing some revenue in 2021 from Lenovo, we have not seen it yet. We said that the revenue range to be anywhere between $1,000,000 $2,000,000 Initial deals will typically be small and more significant deals will happen in the coming years.
But the real hurdle for us is getting the initial design win and that is what we are focused on right now. So thank you for those questions on Lenovo. We had a let me go ahead and jump into question number 2 regarding our year to date revenue, our revenue guidance for the year and the growth rates associated with the revenue expectations for Q4, it looks like there was about 2 questions that came in along the way here. So I'm going to go ahead and jump on that. So first of all, we always guide in DKK and we provide the U.
S. Dollar ranges. As referenced, we have a moving target on foreign exchange. If you notice we reiterated the guidance around DKK 210,000,000 to DKK230 1,000,000 which given the assumed foreign exchange trends is somewhere between 30 $3,600,000 $36,800,000 in USD. So if you look at us getting into the range, we're going to need to do about $11,000,000 Q4 to get into the range and we're going for it.
This is in comparison to Q4 of last year, which was around 8,500,000 So it is a pretty significant number and we're fully aware of that. And we should be very transparent that there are a number of factors that we're looking at in order to achieve success in Q4. Obviously, some of the things that I look at are quarter to date bookings and revenue for the quarter so far. How does linearity look? And we are on track for linearity.
From a backlog perspective, we also at that very carefully, what kind of backlog did we have going into Q4 and what kind of backlog have we developed in Q4 for forward looking quarters, because all of that is pipeline to us, because we do have ways of sometimes negotiating some of those deals into the Q4 timeline. But overall pipeline visibility is still developing. It is good, but we are just finished with month 1. So we have 2 months to go in Q4 and Q4 tends to be our most volatile quarter. So we will see pipeline develop in the course of the next couple of weeks as we get further into this process.
And as you already know, we have a couple of very strategic partnership activities underway, inclusive of the Lenovo one that we just talked about, which also can provide forward progress on revenue. So we did say we're hopeful in Q3 that we're going to see about $1,000,000 to $2,000,000 in virtual revenue, a virtual link virtualization revenue. We haven't seen that revenue yet. We're working very hard to get that in Q4. But we have a lot of balls in the air and we feel pretty confident that we can pull these things in.
There was a commentary here that's worth mentioning and it's also one of the questions regarding the supply chain kind of challenges and if we see any sort of impact in the near term and what that impact could be in the long term associated with the changes in pricing that we're assigning. 1st and foremost, in Q4, we do have some moving targets. Supply chain is a challenge, but we feel very confident that we can fulfill the revenue range with our current component supply. And we are very ambitious and working very hard to make sure we have all the components in place to achieve our revenue objectives for Q4. It's a pretty challenging environment.
Every company is reporting it. We are seeing it as well. Very, very tried and true suppliers have components applied today. They don't have it tomorrow and we see immediate price adjustments based on availability and demand for those components. So we are moving through the paces there, but we feel like we're in a good position.
We did announce as a result of our prices going up for components, key components within our price and our BOM, we did announce to our customers a price adjustment that goes into effect on the 1st January 2022. So we have components in supply already that we purchased at a lower price. So we're not going to penalize our customers, but we're going to strongly encourage our customers to place orders early to get access to a better price point in Q4. That can create an impact of order pull ins. And if we have the ability to fulfill those orders, we will ship them for revenue.
So that is an incentive. On the opposite end of the spectrum, of course, and this was related to one of the questions that we saw come in, is there are other delays out there that can have a negative impact as we move through Q4. We're watching these very carefully. Server availability and server delays are certainly out there. We are hearing those from certain customers.
Customers have had to be very resourceful to get servers for their projects from different sources and from different server makers. So we're definitely seeing that activity in the marketplace, we're also seeing some projects delayed as a result of either lack of server availability or in some cases we've heard of extended project timelines because of availability of resources getting into the lab. So there's nothing, obviously nothing guaranteed, obviously with these market forces. We're impacted by these market forces like every company is. But we're working through the paces and we've got enough targets to shoot at to deliver within the range.
We do provide annual guidance. We do not provide quarterly guidance, and we are reiterating our annual guidance. And I think you can assume from that reiteration that we're working to get into the range. So, hi, Nat, before I jump into the next question, any additional commentary on that front from your end?
Yes. Maybe just a small comment to one of the questions around Adjustment of prices also is commenting on our expectations to be able to sustain our Gross profit margins going forward. And there's another question in there as well around the same topic. We do expect these adjustments to cover the costs that we're impacted by. And as also commented on at earlier occasions, we are expecting to be able to sustain gross margin levels at around 70% going forward.
We had A strong quarter margin wise in Q3. That's also one of the questions are commenting. And When you look through the previous report, you'll see our gross margins vary from quarter to quarter. That's depending on what type of products We are shipping it in that specific quarter and how basically how much software is part of the deals being sold. So we will have fluctuations going forward as well, but we are expecting to be able to maintain the levels of around 70%.
Thanks. That was good. I'm glad you covered those questions as we go through this. Operator, we have a few more text questions here, but I'll take a pause any that we have on hold.
For the moment, we have no question by phone.
Okay. Then we'll keep responding to the text questions and thanks to our viewers for submitting them. We have two questions related to our investments in engineering. Can we say something about our increased R and D investments? Is this driven by customer feedbacks, for example, from Lenovo or others?
For their missing features that are crucial for design wins? And also there was another question regarding in terms of a fairly heavy investment, can you elaborate on what's necessary and whether this is being aggressive to expand our lead position or is it to catch up? So what we've been articulating is that you have to rest assured that management is making good solid decisions on behalf of its investors and that's Heine and my and the rest of the management team's job here at Napatec is to try to do the best with the resources we have. We've you know that we put a 3 pronged strategy in place to really re energize the core product line specifically in the packet capture and the in line solution while we develop kind of long term revenues with the investment we're making in virtualization. And that strategy has really served us well.
The investment that we've made in the new product areas, the virtualization product areas, has been fully funded from the solid execution we've had in the core part of our product line. But as we get further into this and as we get deeper into this opportunity, our optimism continues to grow. You heard me say in the presentation and I'll express it once again. Napotek's really never been in a better position than it has been now to really strike for a significant opportunity in the marketplace. We've developed a solution that we believe has a key competitive advantage.
We are competing with others in the marketplace that have solutions that may have additional features, but we believe we have a competitive edge on performance given our SmartNIC design with the FPGA. We have seen the evolution of the SmartNIC towards the IPU, which we unveiled just a little bit more about in this report today, which basically means the SmartNIC is getting horsepower, additional horsepower with a co processor attached to it. And we fully intend to exploit that ability within virtualized networking by moving our software to run on the SmartNIC with the IPU. So we believe that the right time is now to make an additional investment to make sure that our investment is both competitive in the market today. We are closing gaps every day.
Every single customer has specific requirements that need to be addressed. We're seeing this with the Lenovo engagement. Each customer says, well, gosh, I would really like this feature to do this or that, whatever it can be. Typically, service providers tend to be very selective about their feature content. So we have to be responsive in that particular case.
So there's a little bit of a catch up game. There's a little bit of a competitive response game. But we're also looking at the long term gain here. If we can get our product positioned with some key design wins and fund this development over time with additional revenue. I think there's a very compelling opportunity for revenue growth for Napatec and right now is the time to go get.
It isn't easy for a company like us to go hire 30 additional headcount or contractors, that's a 70% increase in engineering capacity. But we have the cash in the current 2021 operating plan because of our solid performance to go after those headcount, bring those headcount in and make them productive. And that's already happening and we're making good progress towards our goal there. So we fully intend that that headcount will be funded by the new design wins and revenue that we'll see from the success here in 2022 and beyond. And we just feel like time is now.
We have to execute. If we're going to win, we got to execute and we got to execute fast. So it's a sense of urgency for us. We take this very seriously and we're doing it in the most fiduciary responsible way that we can. So good questions there.
Heine, I took my eye off the question list. Any questions in particular that we have not addressed in your mind?
I think we've covered all of it, I think.
Yes. I think we have. Operator, any questions on hold?
1 on your telephone keypad. Thank you.
All right. I'll give it a few more seconds in case another question comes in.
Yes. No question by phone.
Okay. Then I guess we'll bring this meeting to a close. First of all, thank you very much for the investors who've dialed in to listen to this presentation. I do consider this presentation to be extraordinarily important. I want to be honest, I want to be transparent and I want to be very pragmatic.
Our revenue growth in the year has not been as big as we'd like to that we aspire for. We have much higher aspirations for revenue growth at Napatec than what we've been able to deliver so far in the year and we're going to go for We feel very confident about the future of this business. And really, we believe that Napatec is in a better position now than it's ever been to really go for the goal, go for the win. And we're going to do our best to achieve that. So we are optimistic about the business.
We've done everything we can to navigate this business towards the potential future that we have. We're going to continue to strive for greater growth and execute faster to get those partnerships that are super key to get us access to those customers and get that customer revenue stream in place in the near term, hopefully in 2022, you'll begin to see the benefits of that. I hope you'll also notice we're a little bit more optimistic about our ability to achieve success. This is because we've learned a lot over the last year in terms of where we're at. So I want to thank you for your attention today.
I want to thank all of our employees at Napatec for their efforts to drive this business faster. And I hope everybody has a great day.