Napatech (NAPA) Q2 2026 earnings summary

Executive summary

• Achieved strong, profitable revenue growth in Q2 and H1 2026, driven by Core Infrastructure and initial AI Infrastructure orders, with the latter transitioning from design wins to production.

• Expanded customer and partner ecosystem, with 12 new design wins and strategic relationships broadening market reach.

• Strategic investments in AI Infrastructure are positioning the business for future high-volume deployments and margin expansion.

• Maintained financial discipline, reducing staff and external costs, and improving EBITDA loss compared to H1 2025.

Financial highlights

• Q2 2026 revenue: $7.4M (DKK 48.1M), up 55% year-over-year; H1 2026 revenue: $13.1M (DKK 84.7M), up 61% in USD and 53% in DKK; gross margin: 67% in Q2, 68% in H1.

• EBITDA improved to -DKK 6.6M in Q2 from -DKK 19.6M last year; H1 EBITDA loss narrowed to -DKK 24.8M from -DKK 48.7M in H1 2025.

• Free cash flow in Q2 was -DKK 35.3M; H1 free cash flow was -DKK 41.1M, both improved from prior year.

• Cash and equivalents at Q2 end: DKK 62.7M; total available liquidity: DKK 84.3M.

Outlook and guidance

• 2026 revenue guidance maintained at DKK 200–240M ($32–38M); gross margin expected at 60–70%.

• Unit guidance for 2026 lowered to 7,700–9,700 units due to higher-value product mix and lower anticipated AI Infrastructure unit sales.

• EBITDA projected negative at around DKK 25M for the year if performance is mid-range.

• First commercial AI Infrastructure orders planned for delivery in H2 2026.