(Copenhagen, 26 February 2025) Napatech A/S (“Napatech”, OSE: NAPA) reported revenues of DKK 37.7 million in the fourth quarter of 2024 and DKK 116.4m for FY-2024. Gross margins for the year were in line with expectations at 68%. The company’s EBITDA came in at negative DKK 92.5m for the full year.
“As I look back on my first full-year as the CEO of Napatech, I am pleased with what we accomplished in 2024 and excited about where we are heading in 2025. We made considerable strides in our strategic plan that strengthens our position as an early leader in the emerging market for programmable NICs,” 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 2024 strategy was 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.
Napatech’s financial results improved in the second half of the year, but the base business for the year was lower than normal primarily because customers have been handling inventory corrections to deplete a covid-driven safety stocks. We have clear visibility into their consumption rates and expect that they and others will return to normal buying patterns in 2025. As a consequence, some of our operating targets for the year were not met. However, we are pleased that our core customers are returning to long-term historical norms and our new design win efforts have met expectations, combining to give us confidence in achieving our growth ambitions.
In addition to the stability returning to the core business, Napatech continued to expand the pipeline of opportunities across a wide set of customer types, applications, and geographies. While still in the earliest phases of customer development, the year ended with the largest pipeline in company history and with a record-breaking number of design wins and associated unit volume when they reach peak annual production.
“We finished 2024 just as we began – clear in our vision, focused on our goals, and confident in our plans to achieve them. There are undeniable signs that programmable NICs are changing the way modern datacenters are designed. The early adopters have already decided, and many of them have standardized on the Intel-Altera architecture. The mass market is emerging in their wake. We know that it takes time to secure new design wins and move them from ideas to production within our customers. We know how advantageous our starting position is from our own long history, combined with the trajectory-boost provided by our partnership with Intel-Altera. As each new segment of the mass market unfolds, Napatech has made the investments in people, products, and partnerships to be in the best position to capitalize on this new demand,” Boilesen added.
For more information, please see the attached report for the fourth quarter of 2024.
Napatech will host a webcast presentation and a conference call of its fourth quarter 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:
Events Platform - Q4
Dial-in details for the conference call are:
DK: +45 89 87 50 45
NO: +47 81 50 33 08
US: +1 646 787 9445
UK: +44 20 3936 2999
Participant Access Code: 645165
*EBITDA and other alternative performance measures (APMs) are defined on page 3 in the attached report for the fourth quarter of 2024.
For additional information, please contact:
Heine Thorsgaard, Chief Financial Officer
Phone: +45 4596 1500
E-mail: htg@napatech.com
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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