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Napatech (NAPA) investor relations material
Napatech Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue reached $6.3 million, up 25% year-over-year and 31% sequentially, with YTD revenue up 26% year-over-year.
Gross margin for Q3 2025 was 70%, stable year-over-year and up 3.6 basis points from Q2.
EBITDA loss narrowed to minus DKK 6.1 million, an improvement of DKK 11.5 million compared to last year.
Net cash flow for Q3 2025 was neutral, improving by DKK 22.5 million from Q3 2024; cash and cash equivalents at quarter-end were DKK 117.7 million.
Strategic partnerships, notably with Intel-Altera and d-Matrix, are driving new product launches and expanding market reach.
Financial highlights
Q3 2025 revenue: $6.3m (DKK 40.1m), up 25% in USD and 18% in DKK year-over-year; YTD revenue: $14.5m (DKK 95.6m), up 26% in USD and 21% in DKK.
Gross margin for Q3 was 70.5%, up 3.6 basis points from Q2.
Q3 EBITDA was negative DKK 6.1 million, a significant improvement from the prior year.
Free cash flow for Q3 was negative DKK 1.7 million, DKK 24.3 million better than last year.
Ended Q3 with DKK 117.7 million in cash and cash equivalents; net working capital at Q3 end was DKK 91.2 million.
Outlook and guidance
Q4 expected to continue positive trends, maintaining guided revenue range and stable high gross margins.
2025 guidance remains unchanged: revenue DKK 150–190m, gross margin 69–71%, staff and external costs DKK 170–180m, and staff costs capitalized DKK 8–12m.
Non-NetScout clients expected to deliver 20%-25% growth in Q4; NetScout may be lower.
2026 guidance remains at 10,700 units, with several thousand units expected from d-Matrix.
Optimism for growth driven by expanding design win pipeline and strengthening base business.
AI partnerships' impact on Q3 revenue growth?
Net working capital: Q3 2025 vs Q3 2024 increase?
Increased new product development investment YTD?
Impact of new strategic deals on 2026 growth?
Strategy to replicate Tier 1/d-Matrix success?
Path to sustainable profitability?
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Frequently asked questions
Napatech A/S is a Danish company which develops reconfigurable computing solutions for networking, cybersecurity and remote sensing applications in the US and Europe. Napatech is currently developing technology for the US Department of Defense. The core of the technology is a reconfigurable computing platform, based on the FPGA microchip. This technology will enable new classes of advanced network management and security applications. The company is based in Copenhagen, Denmark.
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