NOD: First quarter results 2023

20 Apr 2023 07:00 CEST

(Oslo, Norway – April 20, 2023) Nordic Semiconductor ASA reported revenue of USD
145 million for the first quarter 2023, a decline of 21% from the first quarter
last year. Bluetooth Low Energy (BLE) revenue declined by a more moderate 13%,
with a stronger decline for proprietary products. Gross profit was USD 78
million with a gross margin of 53.3%, whereas the EBITDA of USD 15 million
corresponded to an EBITDA-margin of 10%.

“We have seen slowing demand in the broad market for some quarters, and now also
see tier-1 customers adjusting their inventories. This has a negative effect on
our revenue and order levels, and we expect second quarter revenue at roughly
the same level as in the first quarter. Looking further ahead we expect to
return to year-on-year revenue growth towards the end of the year,” says CEO
Svenn-Tore Larsen in Nordic Semiconductor.

Nordic’s revenue guidance for the second quarter 2023 is USD 140-160 million,
with a gross margin exceeding 52%. The supply of wafers for Nordic’s BLE
products has been constrained over the past years, although the currently lower
demand means that the strain on the supply chain is easing. The first quarter
was the last quarter with supply constraints, and given current demand and
supply forecasts Nordic expects the supply of wafers to be sufficient to meet
demand requirements for the remainder of 2023.

Nordic will continue to invest in building a leadership position in markets with
significant growth potential and maintaining a positive long-term market
outlook. The company acknowledges the increased uncertainty regarding the
economic environment and product demand, particularly in the consumer segment.
In view of the challenging short-term revenue outlook, targeted cost initiatives
expected to impact financials from the second half of the year are currently
being assessed.

Practical arrangements
The management team will host a webcast presenting the first quarter results
today at 08:00 CEST. The presentation will be held in English. For Q&A there
will be a call-in function. A live webcast of the presentation and call-in
instructions can be found at https://www.nordicsemi.com/Investor-Relations , and
a recorded version of the presentation will also be available after the event.

In addition to asking questions by following the link on the webcast,
participants can call in and ask questions live. The dial-in details are only
applicable if you want to ask questions.

Please see the details below.
PIN Code for all countries: 286203

NO: +47-21-956342
UK: +44-203-7696819
US: +1 646-787-0157
DK: +45 78768490
SE: +46-8-1241-0952
DE: +49-89-61429299
FR: +33-1-81221259

For further information, please contact:
Pål Elstad, CFO / EVP Finance - Nordic Semiconductor ASA
Phone: +47 991 66 293
Ståle Ytterdal, SVP IR - Nordic Semiconductor ASA
Phone: +47 930 37 430

About Nordic Semiconductor:
Nordic Semiconductor has been a pioneer in ultra- low power wireless solutions,
from proprietary technologies for PC accessories to today’s Bluetooth low energy
and multiprotocol products and long-range cellular IoT solutions. Nordic
Semiconductor is the clear market leader in the ultra-low power wireless
segment, serving a growing market in consumer electronics, wearables, building
and retail, healthcare and an increasing number of other verticals and
applications. Nordic Semiconductor (NOD) is a public company listed on the Oslo
stock exchange in Norway.

For more information go to www.nordicsemi.com

This information is subject to the disclosure requirements according to §5-12 in
the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

587996_NOD Q1 2023_Presentation.pdf
587996_NOD Q1 2023_Report.pdf