(Copenhagen, 22 August 2024) Napatech A/S (“Napatech”, OSE: NAPA) reported revenues of DKK 23.2 million in the second quarter of 2024, a decrease of 39% from 37.8 million in the second quarter of 2023. The company’s EBITDA came in at negative DKK 27.4 million (-3.5 million in the second quarter of 2023).
“The first half of 2024 has progressed largely according to expectations, particularly good progress in reaching important design wins and mileposts of our strategic plan that have clearly strengthened our position as an early leader in the new and evolving market for programmable NICs. However, the revenues in Q1 and Q2 have clearly been weaker than expected, creating high uncertainty for our annual revenue guidance. We are very pleased with our partnership with Intel Altera, which has exceeded our expectations in terms of progress in our design win efforts and the number of promising opportunities,” says Lars Boilesen, CEO of Napatech.
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Napatech is a leading global provider of Programmable NICs, including Smart Network Interface Cards (SmartNIC) and Infrastructure Processing Units (IPU), used by cloud, enterprise, and telecommunication network operators to dramatically improve the performance and economics of servers and appliances.
The company’s strategy is anchored in three areas. Firstly, servicing Napatech’s valuable customers who are early adopters of Programmable NICs. Secondly, accelerating Napatech’s engineering investments into hardware and software that extend the company’s offering into new, high-growth segments. Finally, developing a robust ecosystem that extends Napatech’s own go-to-market reach via marketing, business development and sales partnerships.
One of the key developments in the second quarter was the May 7 private placement, above the market price at the time. The private placement was significantly oversubscribed and attracted interest from high-quality accounts, as well as receiving strong support from existing shareholders. In parallel, the company increased the guidance on the impact of design wins for these new products from 30,000-40,000 units to 50,000-60,000 units in their peak annual production years.
“The SigmaX.AI design win represents another new customer for our company, created by our business development partnership with Intel and from our new Intel-based IPU products. The strategic and operational progress in our key areas allows us today to reaffirm our design-win guidance for 2024,” Boilesen adds and continues:
“The second half of the year promises new product development milestones, along with collaborative business opportunities that will push the boundaries of what we can achieve. With your continued support, we are poised to make Napatech’s future even brighter,” Boilesen concludes.
For more information, please see the attached report for the second quarter and first half of 2024.
Napatech will host a webcast presentation and a conference call of its second quarter and first half of 2024 report today at 09:00 (CET). The presentation will be given by Lars Boilesen (CEO) and Heine Thorsgaard (CFO).
The presentation will be delivered by webcast on:
webinar.net
Dial-in details for the conference call are:
DK: +45 89 87 50 45
NO: +47 81 50 33 08
UK: +44 20 3936 2999
US: +1 646 787 9445
Access Code: 308507
*EBITDA and other alternative performance measures (APMs) are defined on page 3 in the attached report for the second quarter and first half of 2024.
For additional information, please contact:
Heine Thorsgaard, Chief Financial Officer
Phone: +45 4596 1500
E-mail: htg@napatech.com
Media inquiries:
Geir Bjørlo, Corporate Communications AS
Telephone: +47 915 40 000
E-mail: geir.bjorlo@corpcom.no
About Napatech
Napatech is a leading supplier of programmable FPGA-based SmartNIC solutions used in telecom, cloud, enterprise, cybersecurity and financial applications worldwide. Through commercial-grade software suites integrated with robust, high-performance hardware, Napatech accelerates telecom, networking and security workloads to deliver best-in-class system-level performance while maximizing the availability of server compute resources for running applications and services.
www.napatech.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Heine Thorsgaard, CFO, Napatech A/S, on 22 August 2024 at 08:00 CET.
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