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Napatech (NAPA) investor relations material

Napatech Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary26 Aug, 2025

Executive summary

  • Q2 2025 revenue rose 43% year-over-year to $4.8 million, with gross margin at 67% and H1 2025 revenue up 26% to $8.2 million, reflecting strong progress on strategic milestones and mass market positioning for advanced NICs.

  • Notable design wins in AI inferencing, cybersecurity, and 5G, including partnerships with dMatrix, Broadcom Symantec, and a North American 5G operator, have expanded the pipeline and increased customer commitments.

  • Completed a NOK210 million (DKK 130 million) private placement to finance growth opportunities, attracting new and existing investors.

  • Board of Directors expanded with experienced industry leaders, and lead customer Netscout increased product volume commitments.

  • Improved visibility and reduced risk in growth trajectory, with a robust design win pipeline and enhanced base business performance.

Financial highlights

  • Q2 2025 revenue: $4.8 million (DKK 31.6m), up 43% year-over-year; H1 2025 revenue: DKK 55.4m, up 24–26% year-over-year.

  • Q2 gross margin: 67% (up from 65% last year); H1 gross margin: 68.4%.

  • Q2 EBITDA: negative DKK 19.6m, improved by DKK 7.7m year-over-year; H1 EBITDA: negative DKK 48.7m, improved from negative DKK 51.7m.

  • Free cash flow in Q2: negative DKK 21.2m, an improvement of DKK 23.4m year-over-year; net cash flow from operating activities in H1: negative DKK 44.3m.

  • Cash and cash equivalents at Q2/H1 end: DKK 133.4m (up from DKK 103.2m last year).

Outlook and guidance

  • 2025 revenue guidance: DKK 150–190m; gross margin: 69–71%; staff expenses and other external costs: DKK 170–180m; DKK 8–12m to be capitalized.

  • Q3 2025 revenue expected to exceed both Q2 2025 and Q3 2024, with unit sales projected to rise and gross margins supported by software components.

  • EBITDA for 2025 expected to be negative DKK 46m if performance is in the middle of guided ranges.

  • Net working capital expected to improve due to a new business model focused on pre-ordering and inventory reduction.

  • Confident in achieving unit shipment targets and improved cash flow, with ongoing cost reduction measures.

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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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