Napatech A/S: Q4 2025 Financial Results

26 Feb 2026 09:14 CET

(Copenhagen, 26 February 2026) Napatech A/S (“Napatech”, OSE: NAPA) reported
revenues of USD 7.9 million in Q4 2025, up 48% compared to Q4 2024. This
corresponds to DKK 51.1 million in revenue in Q4 2025 and DKK 146.6m for
FY-2025. Gross margins for the year were in line with expectations at 69%. The
company’s EBITDA came in at negative DKK 58.6m for the full year, which is an
improvement of DKK 27.7 million compared to the previous year.

2025 was a defining year for Napatech—one that validated our strategy and set
the stage for an exciting future. We committed to transforming Napatech into an
indispensable acceleration platform for the AI data center era, and our results
show clear and measurable momentum. This year, we delivered strong financial
performance, expanded our technology leadership, deepened our ecosystem, and
reinforced the foundation for scalable, long‑term growth.

We ended 2025 with excellent financial execution, delivering Q4 revenue of
$7.9m, a 48% year‑over‑year increase and 26% sequential growth. Full‑year
revenue reached $22.4m, up 33% from 2024. Gross margins remained robust at
69.5%, driven by a strong product mix and disciplined operations. We continued
to strengthen our financial position with improved EBITDA, positive free cash
flow, reduced net working capital, and a cash position that nearly doubled.
Successfully completing a NOK 200m capital raise further enables us to support
our rapidly expanding design‑win pipeline.

2025 also marked significant advances in our product and technology leadership.
We expanded our SmartNIC and DPU portfolio with new Altera- and Intel‑based
solutions, including products specified by a tier‑1 server OEM. Our
collaboration with d-Matrix positions us at the center of next‑generation AI
inferencing architectures.

We grew our presence across AI, storage, networking, cybersecurity, and fintech,
adding new customers in high‑growth segments and strengthening our ecosystem
with leading partners. With 27 new design wins, we have built a durable
foundation for multi‑year growth.

As we enter 2026, we do so with confidence, momentum, and a clear path forward.
Napatech is scaling for the AI data center era—and we are just getting started.

Napatech’s financial guidance for 2026 is:
Units sold: 8,700–10,700
Revenue: DKK 200–240 million
Gross Margin: 60–70%
Staff Expenses & Other External Costs: DKK 170–180 million
Staff Costs Capitalized to Development: DKK 5–8 million

For more information, please see the attached report for the fourth quarter of
2025.

Napatech will host a webcast presentation and a conference call to discuss its
fourth-quarter 2025 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:

https://events.q4inc.com/attendee/767139777

Dial-in details for the conference call are:

DK: +45 89 87 50 45
NO: +47 81 50 33 08
US: +1 646 233 4753
UK, and all other locations: +44 20 3936 2999

Access Code: 791391

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

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 Klaus H. Skovrup, CFO, Napatech A/S, on 26
February 2026 at 08:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

666908_Napatech Q4 2025 Interim Management Statement.pdf
666908_Napatech Q4 2025 IMS Presentation.pdf