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Napatech
Napatech (NAPA) investor relations material
Napatech Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Leadership transition completed with new CEO and CFO, strengthening the executive team and operational discipline.
Strategic focus on programmable networking and AI infrastructure, with expanding market opportunities and improved execution.
2025 marked by significant design wins, new product launches, and deepened ecosystem partnerships, especially with d-Matrix and Altera.
Achieved strong revenue growth in Q4 2025, up 48% year-over-year to $7.9m, and FY2025 revenue up 33% to $22.4m.
Financial highlights
Q4 2025 revenue reached $7.9 million, up 48% year-over-year and 26% sequentially; full-year revenue was $22.4 million, up 33% year-over-year.
Gross margin in Q4 was 70%, up 5 points year-over-year; full-year gross margin was 69%, up 1 point.
Q4 EBITDA was negative DKK 3.8 million, improving by DKK 13 million year-over-year; full-year EBITDA was DKK -58.6 million.
Staff and external costs declined by 10% in Q4 and 3% for the year.
Net cash flow in Q4 was positive DKK 10 million; year-end cash position was DKK 127 million.
Outlook and guidance
2026 revenue guidance: DKK 200–240 million, implying ~50% growth at midpoint; gross margin expected between 60%–70%.
2026 unit sales guidance: 8,700–10,700 units, split equally between core and AI infrastructure.
Staff and external costs planned at DKK 170–180 million, with no significant workforce expansion.
EBITDA for 2026 guided at DKK -25 million at midpoint.
First orders from AI infrastructure anticipated in H2 2026, with lower gross margins for these products.
Impact of high-value product shift on unit sales
Quantify 2025 design wins' revenue contribution
How will Napatech achieve positive EBITDA?
Napatech's moat against NVIDIA's Ethernet push
Impact of AI infra on 2026 gross margin guidance
Tier 1 server OEM: timeline for broader deployment
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Next Napatech earnings date
Q1 20267 May, 2026
Napatech
Next Napatech earnings date
Q1 20267 May, 2026
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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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