(Copenhagen ,28 February 2024 )Napatech A/S ("Napatech ", OSE: NAPA) reported revenues ofDKK 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 atDKK 8.0 million (-4.2 million in the fourth quarter of 2022).Napatech expects revenues ofDKK 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," saysLars Boilesen , CEO ofNapatech , 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 inDecember 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 ofDKK 182.7 million in 2023, representing a growth of 15% fromDKK 158.6 million in 2022, with an EBITDA* ofDKK -0.4 million (-20.1). The net cash flow from operating activities ended atDKK -6.8 million (-24.0) for the year. At the end of 2023,Napatech had cash and cash equivalents ofDKK 42.4 million (12.0). The company provides an outlook for 2024: - Revenue in the range ofDKK 170 - 180 million - Gross margin 69-71% - Staff expenses and other external costs in the range ofDKK 145-155 million - Staff costs transferred to capitalized development costsDKK 10-15 million With performance in the middle of the guided ranges, EBITDA would be negativeDKK 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 byLars Boilesen (CEO) andHeine 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 1960UK : +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. Thisstock exchange announcement was published byHeine Thorsgaard , CFO,Napatech A/S , on28 February 2024 at08:00 CET .
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