(Copenhagen, 25 August 2026) Napatech A/S (“Napatech”, OSE: NAPA) reported revenues of USD 7.4 million in Q2 2026, corresponding to DKK 48.1 million, representing 55% growth in USD and 52% growth in DKK compared to Q2 2025. Gross margin for the quarter was 67%, reflecting continued discipline in pricing, product mix, and execution.
The company’s EBITDA in Q2 2026 improved to negative DKK 6.6 million from negative DKK 19.6 million in Q2 2025, driven by higher revenue, stable gross margin, and continued cost discipline. Cash flow from operating activities was negative DKK 32.1 million in Q2 2026, impacted by backloaded invoicing and inventory ramp-up to meet expected demand in H2 2026. Cash available at the end of H1 2026 amounted to DKK 84.3 million.
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Commercial momentum in H1 reflected strong growth in the Core Infrastructure business and encouraging progress in AI Infrastructure, where a major AI inference design win progressed into production with an initial production order. Following the end of the period, Napatech received a significant follow-on production order, signaling the start of scaling to higher production volumes.
Napatech continues to see a differentiated role for its programmable NIC technology in the evolving AI data center architecture, combining high-performance hardware and software to enable efficient, programmable data movement across increasingly heterogeneous AI systems.
Napatech remains focused on maintaining momentum in its Core Infrastructure business, converting the growing pipeline into production revenue, supporting the scaling of AI Infrastructure programs, and executing with financial discipline. Based on current performance and visibility, the financial guidance for 2026 is:
Revenue: DKK 200–240 million
Units sold: 7,700–9,700 (previously 8,700-10,700)
Gross Margin: 60–70%
Staff Expenses & Other External Costs: DKK 170–180 million
Staff Costs Capitalized to Development: DKK 5–8 million
While the revenue guidance is maintained, the guidance for units sold has been adjusted based on the results for the first half year and expectations for the second half year of 2026. The demand moves towards higher-speed, higher-value products, which carry higher average selling prices. As that mix continues to evolve, revenue growth will not necessarily translate proportionally into unit growth. Furthermore, we are expecting lower units to be sold within the AI Infrastructure segment in 2026 than originally anticipated.
For more information, please see the attached report for the first half year of 2026.
Napatech will host a webcast presentation and a conference call to discuss its first half year 2026 report today at 09:00 (CET). The presentation will be given by Kartik Srinivasan (CEO) and Klaus H. Skovrup (CFO).
The presentation will be delivered by webcast on:
Events Platform - Q4
Dial-in details for the conference call are:
DK: +45 32 74 07 10
NO: +47 57 98 94 30
US: +1 646 307 1963
UK, and all other locations: +44 20 3481 4247
Access Code: 4258574
For additional information, please contact: Klaus H. Skovrup, Chief Financial Officer Phone: +45 4596 1500 E-mail: ksk@napatech.com
About Napatech
Napatech is a leading supplier of programmable FPGA-based Data Processing Unit and 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
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