(Copenhagen, 28 February 2024) Napatech A/S ("Napatech", OSE: NAPA) reported
revenues of DKK 58.1 million in the fourth quarter of 2023, an increase of 71%
from 33.9 million in the fourth quarter of 2022. The company's EBITDA came in at
DKK 8.0 million (-4.2 million in the fourth quarter of 2022). Napatech expects
revenues of DKK 170-180 million in 2024, targeting 4-6 design wins with a total
annual unit potential of 30-40,000 at peak years.

"We are pleased to deliver financial results within our outlook for the year in
parallel to building a solid platform for transformational growth. This platform
is anchored in deliveries of programmable NICs to our valuable customers,
expansion of our offering targeting high-growth segments and development of a
robust ecosystem that extends our go-to-market reach," says Lars Boilesen, CEO
of Napatech, and continues.

"An important part of our strategy execution is our partnership with Intel,
which leverages Intel's market-maker position behind FPGA-based SmartNICs and
IPUs. The partnership is progressing well and continues to expand, with first
customer orders accepted in December 2023". 

Napatech is a global leader of FPGA-based SmartNICs and IPUs focused on
high-speed solutions for cloud, mobile, telecom and enterprises with a goal of
putting a SmartNIC in every server requiring faster applications, better
networking and more effective security. 

Napatech reported revenues of DKK 182.7 million in 2023, representing a growth
of 15% from DKK 158.6 million in 2022, with an EBITDA* of DKK -0.4 million
(-20.1). The net cash flow from operating activities ended at DKK -6.8 million
(-24.0) for the year. At the end of 2023, Napatech had cash and cash equivalents
of DKK 42.4 million (12.0).

The company provides an outlook for 2024:

-	Revenue in the range of DKK 170 - 180 million 
-	Gross margin 69-71%
-	Staff expenses and other external costs in the range of DKK 145-155 million 
-	Staff costs transferred to capitalized development costs DKK 10-15 million 

With performance in the middle of the guided ranges, EBITDA would be negative
DKK 15.0 million in 2024.

"Napatech starts 2024 in a position of strength. Coming from a year where we
focused on acceleration of our investment in IPUs to unlock access to new market
opportunities, this year will be focused on winning new design wins. We
recognize that our industry has long design win cycles, but our work so far has
displayed positive results and unlocked a transformational pipeline of
opportunities into new high-growth segments," Boilesen says.

In 2024, Napatech targets 4-6 IPU design wins with a total annual unit potential
of 30-40,000 units at peak years.

For more information, please see the attached report for the fourth quarter of
2023. 

Napatech will host a webcast presentation and a conference call of its
fourth quarter 2023 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:

https://eu-app.webinar.net/5ODpgdDgRrB

Dial-in details for the conference call are: 

DK: +45 89 87 50 45 
NO: +47 81 50 33 08 
US: +1 646 664 1960 
UK: +44 20 3936 2999 

Participant Access Code: 396571

*EBITDA and other alternative performance measures (APMs) are defined on page 3
in the attached report for the fourth quarter of 2023.

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


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 28
February 2024 at 08:00 CET.

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